EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 25, 2016 BEA 16-16 GDP: Lisa Mataloni (202) 606-5304 gdpniwd@bea.gov Profits: Kate Pinard (202) 606-5564 cpniwd@bea.gov News Media: Jeannine Aversa (202) 606-2649 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2015 (THIRD ESTIMATE) CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2015 Real gross domestic product -- the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 1.4 percent in the fourth quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.0 percent. With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) increased more than previously estimated (see "Revisions" on page 2). The increase in real GDP in the fourth quarter reflected positive contributions from PCE, residential fixed investment, and federal government spending that were partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased. The deceleration in real GDP in the fourth quarter primarily reflected downturns in nonresidential fixed investment and in state and local government spending, a deceleration in PCE, and a downturn in exports that were partly offset by a smaller decrease in private inventory investment, a downturn in imports, and an acceleration in federal government spending. Real gross domestic income (GDI), which measures the value of the production of goods and services in the United States as the costs incurred and the incomes earned in production, increased 0.9 percent in the fourth quarter, compared with an increase of 2.0 percent in the third. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 1.1 percent in the fourth quarter, compared with an increase of 2.0 percent in the third. _____ FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. 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). _____ Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.5 percent in the fourth quarter, compared with an increase of 2.2 percent in the third. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.4 percent in the fourth quarter, compared with an increase of 1.3 percent in the third. Excluding food and energy prices, the price index for gross domestic purchases increased 1.0 percent, compared with an increase of 1.3 percent. Current-dollar GDP -- the market value of the goods and services produced by the nation's economy less the value of the goods and services used up in production -- increased 2.3 percent, or $104.6 billion, in the fourth quarter to a level of $18,164.8 billion. In the third quarter, current-dollar GDP increased 3.3 percent, or $146.5 billion. Revisions The upward revision to the percent change in real GDP primarily reflected upward revisions to personal consumption expenditures (PCE) and to exports that were partly offset by a downward revision to private inventory investment. For more information, see the Technical Note. For information on revisions, see "The Revisions to GDP, GDI, and Their Major Components." Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) Real GDP............................... 0.7 1.0 1.4 Current-dollar GDP..................... 1.5 2.0 2.3 Real GDI............................... -- -- 0.9 Average of Real GDP and Real GDI....... -- -- 1.1 Gross domestic purchases price index... 0.2 0.4 0.4 2015 GDP Real GDP increased 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same rate as in 2014. The increase in real GDP in 2015 primarily reflected positive contributions from PCE, nonresidential fixed investment, residential fixed investment, private inventory investment, exports, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Comparing real GDP growth in 2015 with growth in 2014, real GDP increased 2.4 percent in both years, though there were offsetting movements in the components. Decelerations in nonresidential fixed investment and in exports and an acceleration in imports were offset by accelerations in PCE and in residential fixed investment, a smaller decrease in federal government spending, and accelerations in private inventory investment and in state and local government spending. The price index for gross domestic purchases increased 0.4 percent in 2015, compared with an increase of 1.5 percent in 2014. Current-dollar GDP increased 3.5 percent, or $598.9 billion, in 2015 to a level of $17,947.0 billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014. During 2015 (that is, measured from the fourth quarter of 2014 to the fourth quarter of 2015), real GDP increased 2.0 percent, compared with an increase of 2.5 percent during 2014. The price index for gross domestic purchases increased 0.4 percent during 2015, compared with an increase of 1.2 percent during 2014. Corporate Profits Profits from current production Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) decreased $159.6 billion in the fourth quarter, compared with a decrease of $33.0 billion in the third. Profits of domestic financial corporations decreased $24.0 billion in the fourth quarter, in contrast to an increase of $1.8 billion in the third. Profits of domestic nonfinancial corporations decreased $129.2 billion, compared with a decrease of $11.8 billion. The rest-of-the-world component of profits decreased $6.5 billion, compared with a decrease of $23.1 billion. This measure is calculated as the difference between receipts from the rest of the world and payments to the rest of the world. In the fourth quarter, receipts decreased $22.4 billion, and payments decreased $16.0 billion. Taxes on corporate income decreased $32.2 billion in the fourth quarter, compared with a decrease of $6.9 billion in the third. Profits after tax with IVA and CCAdj decreased $127.4 billion, compared with a decrease of $26.2 billion. Dividends decreased $15.1 billion in the fourth quarter, in contrast to an increase of $26.0 billion in the third. Undistributed profits decreased $112.2 billion, compared with a decrease of $52.2 billion. Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased $101.6 billion, compared with a decrease of $35.1 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. The IVA increased $13.3 billion in the fourth quarter, compared with an increase of $35.9 billion in the third. The CCAdj increased $3.6 billion, in contrast to a decrease of $1.3 billion. For the year 2015, profits from current production decreased $64.0 billion, in contrast to an increase of $35.6 billion in 2014. Profits of domestic financial corporations decreased $2.3 billion and profits of domestic nonfinancial corporations decreased $32.6 billion. The rest-of-the-world component of profits decreased $29.1 billion in 2015. For the year 2015, taxes on corporate income increased $15.9 billion, compared with an increase of $45.0 billion in 2014. Profits after tax with IVA and CCAdj decreased $79.9 billion, compared with a decrease of $9.4 billion. Dividends increased $28.5 billion, in contrast to a decrease of $64.0 billion. Undistributed profits decreased $108.4 billion, in contrast to an increase of $54.6 billion. Corporate profits with IVA Profits of domestic financial corporations decreased $24.0 billion in the fourth quarter, in contrast to an increase of $2.5 billion in the third. Profits of domestic nonfinancial corporations decreased $132.7 billion, compared with a decrease of $11.1 billion. The fourth-quarter decrease in profits of nonfinancial corporations primarily reflected a decrease in manufacturing of nondurable goods, specifically petroleum and coal products. For the year 2015, profits of domestic financial corporations increased $19.4 billion, in contrast to a decrease of $0.2 billion in 2014. Profits of domestic nonfinancial corporations increased $146.8 billion in 2015, compared with an increase of $36.8 billion. The 2015 increase in profits of domestic nonfinancial corporations was widespread across most industries. Notable offsets include decreases in manufacturing of petroleum and coal products and in utilities. Gross value added of nonfinancial domestic corporate business Real gross value added of nonfinancial corporations increased in the fourth quarter. Units profits from current production (profits per unit of real gross value added) decreased, reflecting increases in unit labor and nonlabor costs; unit prices were unchanged in the fourth quarter. * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- April 28, 2016 at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2016 (Advance Estimate) Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015\r\ ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- -------------2012------------- -------------2013------------- -------------2014------------- -------------2015------------- I II III IV I II III IV I II III IV I II III IV\r\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)..... 1.5 2.4 2.4 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 Personal consumption expenditures...... 1.7 2.7 3.1 2.4 0.7 1.1 1.1 2.5 1.4 1.7 3.5 1.3 3.8 3.5 4.3 1.8 3.6 3.0 2.4 Goods................................ 3.1 3.3 3.7 4.9 1.1 2.7 2.3 6.1 1.2 2.6 3.1 1.1 6.7 4.1 4.1 1.1 5.5 5.0 1.6 Durable goods...................... 5.8 5.9 6.0 11.4 2.8 6.8 8.1 8.8 2.2 3.2 4.1 2.6 13.9 7.5 6.1 2.0 8.0 6.6 3.8 Nondurable goods................... 1.9 2.1 2.6 2.0 0.4 0.9 -0.3 4.8 0.7 2.3 2.6 0.4 3.4 2.4 3.2 0.7 4.3 4.2 0.6 Services............................. 1.0 2.4 2.8 1.2 0.5 0.2 0.5 0.7 1.5 1.2 3.7 1.4 2.4 3.1 4.3 2.1 2.7 2.1 2.8 Gross private domestic investment...... 4.5 5.4 4.9 9.7 10.2 -1.1 -3.2 7.1 5.2 13.7 4.2 -2.5 12.6 7.4 2.1 8.6 5.0 -0.7 -1.0 Fixed investment..................... 4.2 5.3 4.0 14.7 6.9 0.1 6.9 4.9 2.6 3.8 5.1 6.0 5.6 7.9 2.5 3.3 5.2 3.7 0.4 Nonresidential..................... 3.0 6.2 2.8 12.2 7.5 -2.1 3.7 4.0 1.0 3.5 8.7 8.3 4.4 9.0 0.7 1.6 4.1 2.6 -2.1 Structures....................... 1.6 8.1 -1.5 19.9 10.3 -4.0 -7.3 -6.0 11.7 17.9 4.0 19.1 -0.2 -1.9 4.3 -7.4 6.2 -7.2 -5.1 Equipment........................ 3.2 5.8 3.1 16.0 8.8 -3.3 7.3 6.3 -0.8 -3.8 14.7 3.5 6.5 16.4 -4.9 2.3 0.3 9.9 -2.1 Intellectual property products... 3.8 5.2 5.7 1.9 3.8 1.4 6.8 7.8 -3.2 5.2 3.5 7.8 4.8 6.6 6.9 7.4 8.3 -0.8 -0.2 Residential........................ 9.5 1.8 8.9 27.5 3.7 10.7 22.3 9.1 9.1 4.9 -8.1 -2.8 10.4 3.4 10.0 10.1 9.3 8.2 10.1 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 2.8 3.4 1.1 2.7 4.6 2.0 -0.5 1.0 4.9 4.2 10.9 -6.7 9.8 1.8 5.4 -6.0 5.1 0.7 -2.0 Goods.............................. 2.8 4.4 -0.2 1.8 4.7 2.2 -3.8 0.4 7.5 5.0 14.9 -9.4 12.2 6.0 3.9 -11.7 6.5 -0.9 -5.4 Services........................... 2.7 1.2 4.0 4.8 4.2 1.5 7.5 2.2 -0.6 2.4 2.6 -0.3 4.7 -7.1 8.9 7.3 2.3 3.9 5.0 Imports.............................. 1.1 3.8 4.9 2.4 2.0 0.6 -3.8 0.8 5.5 2.4 1.0 2.8 9.6 -0.8 10.3 7.1 3.0 2.3 -0.7 Goods.............................. 1.0 4.3 4.8 2.5 1.7 0.6 -4.3 1.1 5.3 2.6 0.7 4.7 9.9 -0.8 9.9 7.2 3.2 1.4 -1.3 Services........................... 1.5 1.6 5.6 1.6 3.5 0.7 -0.9 -0.6 6.0 1.5 2.7 -6.0 8.2 -0.6 11.9 6.7 2.0 6.4 1.9 Government consumption expenditures and gross investment.................. -2.9 -0.6 0.7 -1.9 -1.9 -1.2 -3.8 -4.5 -2.0 -2.2 -2.7 0.0 1.2 1.8 -1.4 -0.1 2.6 1.8 0.1 Federal.............................. -5.7 -2.4 -0.3 -0.4 -2.9 0.5 -5.5 -9.3 -5.6 -5.8 -6.6 0.3 -1.2 3.7 -5.7 1.1 0.0 0.2 2.3 National defense................... -6.7 -3.8 -1.2 -3.7 -4.4 0.8 -8.1 -10.3 -5.8 -7.6 -5.8 -4.6 -0.5 4.5 -10.3 1.0 0.3 -1.4 2.8 Nondefense......................... -4.0 -0.1 1.2 5.6 -0.4 -0.1 -1.1 -7.6 -5.4 -2.6 -7.9 8.9 -2.2 2.5 2.1 1.2 -0.5 2.8 1.5 State and local...................... -1.0 0.6 1.4 -3.0 -1.2 -2.3 -2.6 -1.1 0.4 0.2 -0.1 -0.2 2.6 0.6 1.3 -0.8 4.3 2.8 -1.2 Addenda: Gross domestic income (GDI)\1\....... 1.3 2.6 2.3 7.7 0.6 -0.1 3.5 -0.5 2.9 0.4 2.7 0.6 4.8 5.1 2.9 0.4 2.2 2.0 0.9 Average of GDP and GDI............... 1.4 2.5 2.4 5.2 1.2 0.2 1.8 0.7 2.0 1.7 3.2 -0.2 4.7 4.7 2.5 0.5 3.0 2.0 1.1 Final sales of domestic product...... 1.4 2.4 2.3 3.3 1.4 0.7 1.6 1.6 0.7 1.5 4.0 0.4 3.5 4.3 2.1 -0.2 3.9 2.7 1.6 Gross domestic purchases............. 1.2 2.5 3.0 2.6 1.5 0.3 -0.5 1.8 1.3 2.7 2.5 0.5 4.7 3.8 2.9 2.5 3.6 2.2 1.5 Final sales to domestic purchasers... 1.2 2.5 2.8 3.2 1.1 0.5 1.0 1.5 0.9 1.3 2.6 1.8 3.6 3.8 3.0 1.7 3.7 2.9 1.7 Final sales to private domestic purchasers.......................... 2.2 3.2 3.3 4.5 1.8 0.9 2.2 3.0 1.6 2.1 3.8 2.2 4.2 4.3 3.9 2.0 3.9 3.2 2.0 Gross national product (GNP)......... 1.5 2.5 2.1 2.1 1.3 0.6 -0.1 1.6 1.7 3.3 3.9 -1.2 4.4 4.5 1.9 -0.2 3.9 1.3 1.1 Disposable personal income........... -1.4 2.7 3.4 6.7 3.1 -0.2 10.9 -15.9 2.7 2.2 0.6 4.0 3.0 2.7 4.7 3.9 2.6 3.2 2.3 Current-dollar measures: GDP................................ 3.1 4.1 3.5 4.9 3.8 2.7 1.7 3.6 2.1 4.9 5.6 0.6 6.9 6.0 2.2 0.8 6.1 3.3 2.3 GDI................................ 2.9 4.3 3.3 10.0 2.4 2.0 5.2 1.1 3.9 2.3 4.4 2.2 7.1 6.8 3.0 0.5 4.4 3.4 1.9 Average of GDP and GDI............. 3.0 4.2 3.4 7.4 3.1 2.3 3.4 2.3 3.0 3.6 5.0 1.4 7.0 6.4 2.6 0.6 5.2 3.3 2.1 Final sales of domestic product.... 3.1 4.1 3.3 5.6 3.2 3.1 3.1 3.1 1.8 3.5 5.9 1.9 5.8 6.0 2.2 -0.1 6.2 4.1 2.5 Gross domestic purchases........... 2.7 4.1 3.3 5.1 2.8 1.5 1.6 3.4 2.0 4.4 4.3 2.1 6.7 5.4 2.8 0.9 5.2 3.5 1.9 Final sales to domestic purchasers........................ 2.6 4.1 3.2 5.8 2.2 1.8 2.9 2.9 1.7 3.1 4.5 3.4 5.6 5.4 2.8 0.0 5.2 4.2 2.1 Final sales to private domestic purchasers........................ 3.6 4.7 3.6 6.9 3.1 2.3 4.1 4.4 2.4 3.8 5.4 4.0 6.2 5.8 3.8 0.4 5.5 4.5 2.5 GNP................................ 3.2 4.1 3.1 4.2 3.2 2.8 1.5 3.3 2.7 5.3 5.7 0.4 6.8 6.2 2.0 -0.1 6.1 2.7 2.1 Disposable personal income......... -0.1 4.2 3.7 9.2 4.4 1.1 13.3 -14.7 3.1 3.9 2.0 5.6 5.2 3.9 4.2 1.9 4.9 4.5 2.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ r Revised 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- -------------2012------------- -------------2013------------- -------------2014------------- -------------2015------------- I II III IV I II III IV I II III IV I II III IV\r\ -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 1.5 2.4 2.4 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 Percentage points at annual rates: Personal consumption expenditures....... 1.16 1.84 2.11 1.63 0.45 0.72 0.78 1.74 0.96 1.17 2.36 0.85 2.60 2.34 2.86 1.19 2.42 2.04 1.66 Goods................................. 0.71 0.75 0.83 1.11 0.26 0.63 0.53 1.39 0.28 0.60 0.70 0.25 1.49 0.91 0.91 0.25 1.20 1.08 0.36 Durable goods....................... 0.42 0.43 0.43 0.79 0.20 0.48 0.58 0.64 0.17 0.24 0.30 0.19 0.96 0.54 0.44 0.14 0.57 0.47 0.28 Motor vehicles and parts.......... 0.11 0.14 0.09 0.28 0.05 0.15 0.22 0.23 -0.02 -0.04 0.06 0.10 0.41 0.19 0.11 -0.09 0.24 0.08 -0.15 Furnishings and durable household equipment........................ 0.09 0.11 0.10 0.13 -0.07 0.04 0.09 0.13 0.07 0.16 0.07 0.03 0.21 0.10 0.10 0.08 0.07 0.14 0.09 Recreational goods and vehicles... 0.18 0.14 0.19 0.32 0.18 0.20 0.19 0.25 0.12 0.12 0.08 0.04 0.26 0.25 0.17 0.13 0.17 0.20 0.26 Other durable goods............... 0.04 0.04 0.05 0.06 0.04 0.08 0.08 0.03 0.00 0.00 0.09 0.01 0.08 0.01 0.06 0.02 0.09 0.06 0.08 Nondurable goods.................... 0.29 0.32 0.39 0.32 0.06 0.14 -0.05 0.75 0.11 0.36 0.40 0.06 0.52 0.37 0.47 0.10 0.62 0.61 0.09 Food and beverages purchased for off-premises consumption......... 0.05 0.03 0.00 0.07 0.02 0.02 0.03 0.15 -0.09 0.12 0.10 0.03 -0.01 -0.04 -0.04 -0.04 0.14 0.01 -0.02 Clothing and footwear............. 0.03 0.03 0.07 0.14 -0.14 0.14 -0.08 0.12 0.06 -0.05 0.03 -0.06 0.15 0.06 0.15 -0.02 0.14 0.03 0.00 Gasoline and other energy goods... 0.04 0.02 0.07 -0.17 0.22 -0.02 -0.18 0.17 0.08 0.05 0.03 -0.01 -0.05 0.01 0.18 0.11 -0.01 0.09 -0.04 Other nondurable goods............ 0.17 0.25 0.26 0.28 -0.04 0.00 0.18 0.30 0.07 0.25 0.24 0.11 0.43 0.34 0.18 0.06 0.36 0.48 0.14 Services.............................. 0.45 1.09 1.28 0.52 0.20 0.10 0.25 0.36 0.68 0.57 1.66 0.61 1.11 1.42 1.95 0.94 1.23 0.96 1.30 Household consumption expenditures (for services)..................... 0.42 1.06 1.27 0.37 -0.15 0.08 -0.01 0.54 0.73 0.48 1.51 0.65 1.08 1.34 2.00 1.09 1.20 0.71 1.10 Housing and utilities............. 0.06 0.14 0.10 -0.42 0.45 0.15 -0.31 0.28 0.01 -0.15 0.30 0.54 -0.17 -0.13 0.22 0.43 -0.10 0.10 -0.19 Health care....................... 0.11 0.31 0.53 0.59 -0.13 0.13 -0.01 -0.13 0.44 0.24 0.38 -0.25 0.63 0.57 0.80 0.52 0.34 0.40 0.30 Transportation services........... 0.06 0.10 0.11 -0.08 0.16 0.05 -0.03 0.10 0.09 0.08 0.00 0.16 0.08 0.14 0.13 0.07 0.14 0.08 0.14 Recreation services............... 0.05 0.07 0.06 0.01 0.12 0.02 0.08 0.04 -0.08 0.16 0.10 0.08 -0.03 0.13 0.15 -0.05 0.06 0.00 0.35 Food services and accommodations 0.07 0.13 0.20 0.19 0.08 0.09 0.12 0.13 -0.14 0.05 0.27 -0.05 0.28 0.17 0.26 0.12 0.31 0.08 0.19 Financial services and insurance 0.05 0.06 0.06 -0.25 -0.69 -0.39 -0.03 0.39 0.24 0.00 0.23 -0.10 0.04 0.16 0.05 0.00 0.12 -0.05 0.16 Other services.................... 0.02 0.24 0.21 0.33 -0.14 0.04 0.16 -0.27 0.17 0.10 0.23 0.26 0.24 0.30 0.40 0.01 0.32 0.10 0.15 Final consumption expenditures of nonprofit institutions serving households......................... 0.03 0.04 0.01 0.15 0.35 0.02 0.26 -0.19 -0.05 0.09 0.14 -0.04 0.03 0.09 -0.06 -0.15 0.03 0.25 0.19 Gross output of nonprofit institutions..................... 0.09 0.10 0.18 0.44 0.08 0.27 0.05 -0.15 0.27 0.09 0.31 -0.44 0.36 0.28 0.39 0.05 0.05 0.11 0.20 Less: Receipts from sales of goods and services by nonprofit institutions..................... 0.06 0.07 0.17 0.30 -0.26 0.25 -0.21 0.03 0.32 0.00 0.17 -0.40 0.33 0.20 0.45 0.20 0.02 -0.14 0.01 Gross private domestic investment....... 0.70 0.87 0.82 1.47 1.53 -0.18 -0.51 1.05 0.78 2.07 0.71 -0.38 1.99 1.22 0.36 1.39 0.85 -0.11 -0.16 Fixed investment...................... 0.64 0.82 0.64 2.00 0.98 0.00 1.03 0.77 0.40 0.59 0.79 0.91 0.87 1.23 0.39 0.52 0.83 0.60 0.06 Nonresidential...................... 0.38 0.77 0.36 1.37 0.88 -0.27 0.46 0.51 0.14 0.44 1.05 1.00 0.56 1.12 0.09 0.20 0.53 0.33 -0.27 Structures........................ 0.04 0.23 -0.04 0.48 0.27 -0.12 -0.21 -0.16 0.30 0.46 0.11 0.50 0.00 -0.05 0.12 -0.22 0.18 -0.21 -0.14 Equipment......................... 0.19 0.34 0.18 0.81 0.47 -0.21 0.41 0.38 -0.04 -0.22 0.80 0.20 0.38 0.92 -0.30 0.14 0.03 0.57 -0.12 Information processing equipment...................... 0.07 0.07 0.08 0.37 -0.08 -0.12 0.25 0.17 -0.05 0.10 -0.10 0.08 0.28 -0.14 0.32 -0.07 -0.08 0.43 0.04 Computers and peripheral equipment.................... 0.02 -0.02 0.00 0.14 -0.05 -0.13 0.17 0.06 -0.08 0.05 0.05 -0.14 0.05 0.02 -0.02 -0.10 0.11 0.08 -0.16 Other......................... 0.05 0.08 0.09 0.22 -0.03 0.01 0.09 0.12 0.03 0.05 -0.14 0.22 0.24 -0.15 0.34 0.03 -0.18 0.35 0.20 Industrial equipment............ -0.03 0.09 0.06 -0.05 0.16 -0.14 0.11 -0.08 -0.12 0.02 -0.07 0.25 0.18 0.11 -0.07 -0.02 0.26 -0.05 0.14 Transportation equipment........ 0.15 0.17 0.11 0.14 0.17 -0.07 0.14 0.12 0.37 -0.10 0.49 -0.05 0.07 0.58 -0.14 0.18 -0.07 0.29 -0.18 Other equipment................. 0.01 0.01 -0.07 0.36 0.22 0.13 -0.09 0.16 -0.25 -0.24 0.47 -0.09 -0.16 0.37 -0.41 0.05 -0.09 -0.10 -0.13 Intellectual property products.... 0.15 0.20 0.22 0.07 0.14 0.05 0.26 0.30 -0.13 0.20 0.13 0.30 0.19 0.25 0.27 0.29 0.33 -0.03 -0.01 Software........................ 0.06 0.11 0.11 0.03 0.10 0.00 0.12 0.13 -0.15 0.14 0.09 0.14 0.13 0.17 0.10 0.16 0.11 -0.02 0.03 Research and development........ 0.08 0.08 0.10 0.03 0.04 0.05 0.12 0.16 0.01 0.06 0.03 0.14 0.04 0.07 0.15 0.12 0.21 -0.03 -0.03 Entertainment, literary, and artistic originals............. 0.01 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.02 0.01 0.01 0.02 0.00 Residential......................... 0.27 0.05 0.28 0.63 0.10 0.27 0.57 0.26 0.27 0.15 -0.26 -0.09 0.31 0.11 0.31 0.32 0.30 0.27 0.33 Change in private inventories......... 0.06 0.05 0.17 -0.53 0.56 -0.18 -1.54 0.28 0.38 1.48 -0.08 -1.29 1.12 -0.01 -0.03 0.87 0.02 -0.71 -0.22 Farm................................ 0.19 -0.02 0.02 -0.30 -0.12 -0.29 0.15 0.53 0.15 0.13 0.04 -0.26 0.09 0.08 -0.05 0.10 -0.09 0.08 -0.10 Nonfarm............................. -0.13 0.07 0.16 -0.23 0.68 0.11 -1.69 -0.24 0.23 1.35 -0.12 -1.03 1.03 -0.09 0.02 0.77 0.11 -0.79 -0.12 Net exports of goods and services....... 0.20 -0.18 -0.64 -0.02 0.28 0.16 0.58 -0.01 -0.24 0.16 1.26 -1.39 -0.24 0.39 -0.89 -1.92 0.18 -0.26 -0.14 Exports............................... 0.38 0.46 0.15 0.37 0.61 0.27 -0.07 0.12 0.64 0.55 1.42 -0.95 1.28 0.24 0.71 -0.81 0.64 0.09 -0.25 Goods............................... 0.26 0.41 -0.01 0.18 0.44 0.20 -0.37 0.03 0.67 0.45 1.31 -0.94 1.09 0.55 0.36 -1.10 0.55 -0.07 -0.45 Services............................ 0.11 0.05 0.17 0.19 0.17 0.06 0.30 0.09 -0.02 0.10 0.11 -0.01 0.20 -0.31 0.35 0.30 0.10 0.16 0.20 Imports............................... -0.18 -0.63 -0.79 -0.40 -0.33 -0.10 0.65 -0.13 -0.89 -0.39 -0.16 -0.44 -1.52 0.15 -1.60 -1.12 -0.46 -0.35 0.11 Goods............................... -0.14 -0.59 -0.64 -0.35 -0.23 -0.09 0.62 -0.15 -0.72 -0.35 -0.09 -0.61 -1.30 0.13 -1.29 -0.93 -0.41 -0.18 0.17 Services............................ -0.04 -0.05 -0.15 -0.05 -0.10 -0.02 0.03 0.02 -0.16 -0.04 -0.07 0.17 -0.22 0.02 -0.31 -0.18 -0.05 -0.17 -0.05 Government consumption expenditures and gross investment....................... -0.58 -0.11 0.13 -0.40 -0.39 -0.22 -0.75 -0.88 -0.38 -0.42 -0.51 0.00 0.21 0.33 -0.26 -0.01 0.46 0.32 0.02 Federal............................... -0.46 -0.18 -0.02 -0.03 -0.24 0.04 -0.45 -0.75 -0.43 -0.44 -0.49 0.02 -0.08 0.26 -0.41 0.08 0.00 0.02 0.15 National defense.................... -0.34 -0.18 -0.05 -0.20 -0.23 0.04 -0.42 -0.53 -0.28 -0.36 -0.27 -0.21 -0.02 0.19 -0.47 0.04 0.01 -0.06 0.11 Consumption expenditures.......... -0.27 -0.14 -0.03 0.00 -0.18 0.11 -0.28 -0.45 -0.18 -0.42 -0.24 -0.03 -0.12 0.23 -0.43 0.13 -0.03 -0.02 0.04 Gross investment.................. -0.07 -0.04 -0.02 -0.20 -0.05 -0.07 -0.14 -0.07 -0.10 0.06 -0.03 -0.18 0.10 -0.04 -0.04 -0.09 0.05 -0.04 0.07 Nondefense.......................... -0.12 0.00 0.03 0.16 -0.01 0.00 -0.03 -0.23 -0.16 -0.07 -0.23 0.23 -0.06 0.07 0.06 0.03 -0.01 0.08 0.04 Consumption expenditures.......... -0.08 0.01 0.02 0.17 0.00 0.02 -0.02 -0.15 -0.12 -0.06 -0.20 0.24 -0.05 0.07 0.02 0.04 -0.04 0.06 0.02 Gross investment.................. -0.04 -0.01 0.01 -0.01 -0.01 -0.03 -0.01 -0.08 -0.04 -0.02 -0.03 -0.01 -0.01 0.00 0.04 0.00 0.03 0.01 0.02 State and local....................... -0.12 0.07 0.15 -0.36 -0.14 -0.26 -0.30 -0.12 0.05 0.02 -0.01 -0.03 0.29 0.07 0.15 -0.09 0.46 0.30 -0.13 Consumption expenditures............ -0.04 0.06 0.07 -0.11 -0.09 -0.05 -0.10 -0.07 0.00 0.01 0.07 0.07 0.11 0.05 0.06 0.06 0.04 0.14 0.03 Gross investment.................... -0.08 0.01 0.09 -0.25 -0.05 -0.21 -0.20 -0.06 0.05 0.01 -0.08 -0.10 0.19 0.02 0.09 -0.14 0.42 0.17 -0.16 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See 'Explanatory Note' at the end of the tables. Table 3. Gross Domestic Product: Level and Change From Preceding Period ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------Billions of dollars---------------- ----------------------Billions of chained (2009) dollars---------------------- 2015\r\ ----Seasonally adjusted at annual rates---- 2015\r\ ----Seasonally adjusted at annual rates---- Change from preceding period 2014 ---------------2015--------------- 2014 ---------------2015--------------- 2015\r\ ------2015------ IV I II III IV\r\ IV I II III IV\r\ III IV\r\ ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 17,947.0 17,615.9 17,649.3 17,913.7 18,060.2 18,164.8 16,348.9 16,151.4 16,177.3 16,333.6 16,414.0 16,470.6 387.2 80.4 56.6 Personal consumption expenditures........ 12,271.9 12,061.4 12,055.5 12,228.4 12,359.0 12,444.7 11,213.3 11,033.3 11,081.2 11,178.9 11,262.4 11,330.7 337.6 83.5 68.3 Goods.................................. 3,978.8 3,980.1 3,901.5 3,978.1 4,024.1 4,011.5 3,869.6 3,793.2 3,803.7 3,855.0 3,902.0 3,917.9 138.5 47.0 16.0 Durable goods........................ 1,328.7 1,303.5 1,301.8 1,326.4 1,339.6 1,346.9 1,466.5 1,423.5 1,430.4 1,458.3 1,481.7 1,495.5 82.4 23.4 13.8 Motor vehicles and parts........... 456.6 451.6 447.8 460.4 462.8 455.3 411.3 407.7 404.1 413.6 416.7 410.6 14.5 3.1 -6.1 Furnishings and durable household equipment......................... 298.9 292.3 293.8 298.0 301.0 302.9 344.3 332.5 336.7 340.5 347.7 352.3 20.4 7.2 4.7 Recreational goods and vehicles.... 371.3 361.1 361.7 366.7 373.0 383.7 526.5 500.4 508.2 518.6 531.4 548.0 44.9 12.8 16.5 Other durable goods................ 201.9 198.6 198.5 201.2 202.8 205.0 202.0 195.7 196.8 200.9 203.3 206.9 9.0 2.5 3.6 Nondurable goods..................... 2,650.1 2,676.6 2,599.7 2,651.8 2,684.4 2,664.6 2,430.0 2,393.7 2,397.8 2,423.0 2,447.9 2,451.5 62.2 24.9 3.6 Food and beverages purchased for off-premises consumption.......... 896.8 893.8 891.5 895.1 900.7 899.9 808.3 805.7 804.1 809.5 810.1 809.4 0.7 0.6 -0.7 Clothing and footwear.............. 376.4 374.0 372.3 377.5 379.2 376.6 359.7 355.8 354.8 360.5 361.7 361.7 11.3 1.2 0.1 Gasoline and other energy goods.... 306.6 371.4 293.7 317.6 320.4 294.9 285.9 280.8 284.8 284.5 288.1 286.3 9.2 3.7 -1.8 Other nondurable goods............. 1,070.3 1,037.4 1,042.2 1,061.6 1,084.1 1,093.3 986.3 961.7 964.1 978.6 998.3 1,004.3 41.3 19.6 6.0 Services............................... 8,293.1 8,081.3 8,153.9 8,250.2 8,334.9 8,433.1 7,345.3 7,240.4 7,277.4 7,325.3 7,363.4 7,415.0 200.7 38.1 51.6 Household consumption expenditures (for services)...................... 7,955.3 7,752.3 7,828.0 7,921.2 7,992.5 8,079.6 7,037.6 6,934.9 6,977.6 7,024.3 7,052.4 7,096.3 198.1 28.1 43.9 Housing and utilities.............. 2,214.8 2,165.4 2,197.6 2,204.5 2,225.4 2,231.6 1,977.8 1,963.5 1,980.5 1,976.7 1,980.7 1,973.1 16.6 4.0 -7.6 Health care........................ 2,059.8 2,003.5 2,023.8 2,049.0 2,073.8 2,092.5 1,875.4 1,832.9 1,853.8 1,867.5 1,884.0 1,896.2 83.8 16.5 12.1 Transportation services............ 375.3 364.1 366.2 373.7 377.1 384.0 341.4 331.3 334.0 339.8 342.9 348.8 17.5 3.1 5.9 Recreation services................ 473.9 463.8 463.5 470.2 472.6 489.3 426.1 422.8 420.7 423.1 423.2 437.5 10.0 0.1 14.3 Food services and accommodations... 807.1 776.1 787.1 803.4 810.7 827.1 701.9 684.8 689.3 701.4 704.6 712.2 30.8 3.2 7.6 Financial services and insurance... 921.2 897.4 904.7 920.4 925.5 934.1 730.8 727.4 727.4 731.4 729.5 735.0 8.0 -1.8 5.5 Other services..................... 1,103.4 1,081.9 1,085.2 1,099.9 1,107.4 1,121.1 987.1 974.1 974.4 986.8 990.7 996.7 33.1 3.8 6.0 Final consumption expenditures of nonprofit institutions serving households.......................... 337.7 329.0 325.9 329.0 342.4 353.5 308.0 306.0 300.0 301.2 311.5 319.4 2.2 10.2 7.9 Gross output of nonprofit institutions...................... 1,336.5 1,309.9 1,319.0 1,330.2 1,341.4 1,355.5 1,187.0 1,179.3 1,181.2 1,183.2 1,187.6 1,195.8 28.2 4.5 8.2 Less: Receipts from sales of goods and services by nonprofit institutions...................... 998.8 980.9 993.1 1,001.2 999.0 1,002.0 879.3 873.7 881.4 882.1 876.7 877.1 25.7 -5.4 0.5 Gross private domestic investment........ 3,020.6 2,937.2 2,995.9 3,025.5 3,030.6 3,030.6 2,851.9 2,772.5 2,830.2 2,864.8 2,859.7 2,852.7 134.2 -5.1 -7.0 Fixed investment....................... 2,911.4 2,848.7 2,868.6 2,897.9 2,935.3 2,943.7 2,740.2 2,679.7 2,701.4 2,735.5 2,760.7 2,763.2 106.4 25.2 2.5 Nonresidential....................... 2,301.9 2,274.1 2,280.7 2,297.9 2,319.4 2,309.5 2,209.3 2,180.0 2,188.6 2,210.6 2,224.9 2,213.0 61.0 14.2 -11.9 Structures......................... 497.2 512.0 499.3 503.8 496.0 489.5 457.7 467.1 458.2 465.2 456.6 450.7 -6.9 -8.6 -5.9 Equipment.......................... 1,076.1 1,055.0 1,063.5 1,064.6 1,090.9 1,085.3 1,057.8 1,040.0 1,046.0 1,046.9 1,072.0 1,066.4 31.7 25.1 -5.6 Information processing equipment....................... 322.7 318.4 316.4 312.1 330.5 331.6 342.2 337.6 334.2 330.5 351.0 352.9 15.8 20.5 1.8 Computers and peripheral equipment..................... 77.8 79.6 75.0 79.1 82.3 74.9 88.3 89.3 84.3 89.6 93.7 85.6 -0.7 4.1 -8.1 Other.......................... 244.8 238.8 241.4 233.0 248.2 256.7 252.8 247.5 248.8 240.3 256.6 265.7 16.0 16.3 9.2 Industrial equipment............. 233.8 226.1 224.9 236.2 234.1 240.0 218.7 210.8 210.0 220.9 219.0 224.9 9.8 -1.9 6.0 Transportation equipment......... 295.4 283.9 292.2 289.4 303.9 296.3 290.2 280.4 288.1 285.1 297.8 290.0 18.5 12.7 -7.8 Other equipment.................. 224.2 226.5 230.0 226.8 222.4 217.6 213.5 217.9 220.0 216.1 211.7 206.1 -11.3 -4.5 -5.5 Intellectual property products..... 728.6 707.2 717.8 729.6 732.4 734.6 696.8 675.0 687.1 701.0 699.6 699.4 37.3 -1.3 -0.3 Software......................... 327.2 319.4 324.1 326.7 328.3 329.8 334.1 323.4 330.6 335.4 334.6 335.8 19.1 -0.8 1.2 Research and development......... 319.3 308.1 313.0 321.1 321.4 321.7 282.7 272.8 277.4 285.7 284.4 283.1 15.9 -1.3 -1.3 Entertainment, literary, and artistic originals.............. 82.1 79.6 80.7 81.8 82.7 83.2 80.4 79.2 79.7 80.0 80.9 81.0 2.3 0.9 0.1 Residential.......................... 609.5 574.6 588.0 600.0 615.9 634.2 529.6 500.2 512.4 524.0 534.4 547.4 43.1 10.4 13.0 Change in private inventories.......... 109.2 88.5 127.3 127.5 95.3 86.9 97.5 78.2 112.8 113.5 85.5 78.3 29.5 -28.0 -7.2 Farm................................. 6.2 5.4 9.0 4.3 8.0 3.5 5.2 4.2 7.0 4.1 6.6 3.1 1.5 2.4 -3.5 Nonfarm.............................. 103.0 83.1 118.3 123.2 87.3 83.4 93.2 74.9 106.8 111.0 79.2 76.0 28.2 -31.8 -3.2 Net exports of goods and services........ -528.9 -545.2 -551.6 -519.3 -530.4 -514.3 -543.4 -463.6 -541.2 -534.6 -546.1 -551.9 -100.9 -11.5 -5.8 Exports................................ 2,253.4 2,349.5 2,257.3 2,280.0 2,259.8 2,216.6 2,110.1 2,123.9 2,091.4 2,117.5 2,121.1 2,110.3 23.7 3.5 -10.8 Goods................................ 1,504.9 1,616.5 1,517.5 1,535.5 1,508.9 1,457.8 1,439.7 1,474.3 1,429.3 1,452.0 1,448.8 1,428.9 -3.3 -3.1 -19.9 Services............................. 748.5 732.9 739.8 744.5 750.9 758.8 668.7 649.1 660.6 664.4 670.7 678.9 25.8 6.3 8.2 Imports................................ 2,782.3 2,894.6 2,808.9 2,799.3 2,790.2 2,730.9 2,653.5 2,587.5 2,632.5 2,652.1 2,667.2 2,662.2 124.6 15.1 -5.0 Goods................................ 2,280.6 2,400.0 2,311.7 2,299.9 2,285.4 2,225.3 2,176.1 2,123.8 2,161.1 2,178.4 2,186.0 2,178.7 99.5 7.6 -7.3 Services............................. 501.8 494.6 497.2 499.5 504.7 505.7 475.8 462.2 469.8 472.1 479.5 481.8 25.0 7.4 2.3 Government consumption expenditures and gross investment........................ 3,183.4 3,162.5 3,149.5 3,179.2 3,201.0 3,203.9 2,858.9 2,839.0 2,838.5 2,856.9 2,869.7 2,870.6 20.7 12.8 0.9 Federal................................ 1,224.6 1,214.7 1,218.2 1,220.7 1,224.3 1,235.2 1,113.2 1,108.3 1,111.3 1,111.3 1,112.0 1,118.3 -3.1 0.7 6.3 National defense..................... 740.8 738.2 739.0 740.1 738.2 745.7 680.6 678.6 680.3 680.8 678.4 683.1 -8.4 -2.4 4.7 Consumption expenditures........... 595.9 590.4 595.2 595.2 594.8 598.6 543.8 539.3 544.7 543.4 542.7 544.4 -5.1 -0.7 1.7 Gross investment................... 144.8 147.8 143.9 144.9 143.4 147.2 136.6 139.1 135.3 137.1 135.4 138.5 -3.4 -1.7 3.1 Nondefense........................... 483.9 476.5 479.2 480.6 486.1 489.5 432.2 429.4 430.7 430.2 433.2 434.8 5.2 3.0 1.6 Consumption expenditures........... 364.7 358.6 361.5 362.0 366.5 368.7 322.2 320.4 321.9 320.4 322.8 323.8 3.1 2.5 0.9 Gross investment................... 119.2 117.8 117.7 118.6 119.6 120.8 110.0 109.0 108.8 109.8 110.4 111.0 2.2 0.5 0.7 State and local........................ 1,958.8 1,947.8 1,931.3 1,958.4 1,976.6 1,968.7 1,744.3 1,729.3 1,725.9 1,744.1 1,756.2 1,750.9 23.5 12.1 -5.2 Consumption expenditures............. 1,611.4 1,609.5 1,599.5 1,608.4 1,618.9 1,618.6 1,431.1 1,424.8 1,427.0 1,428.5 1,433.9 1,435.1 10.2 5.4 1.2 Gross investment..................... 347.4 338.3 331.8 350.0 357.8 350.0 312.4 303.7 298.1 314.9 321.6 315.1 13.4 6.7 -6.5 Residual................................. --- --- --- --- --- --- -82.6 -72.6 -74.2 -78.4 -86.1 -91.8 --- --- --- Addenda: Gross domestic income (GDI)\1\......... 18,142.2 17,877.8 17,901.6 18,094.0 18,244.5 18,328.7 16,526.7 16,391.5 16,408.6 16,498.0 16,581.5 16,619.2 369.9 83.5 37.7 Average of GDP and GDI................. 18,044.6 17,746.8 17,775.4 18,003.9 18,152.3 18,246.8 16,437.8 16,271.5 16,293.0 16,415.8 16,497.7 16,544.9 378.6 82.0 47.1 Final sales of domestic product........ 17,837.7 17,527.4 17,522.0 17,786.2 17,964.9 18,077.9 16,241.9 16,062.9 16,053.8 16,209.7 16,319.3 16,385.0 360.2 109.6 65.8 Gross domestic purchases............... 18,475.9 18,161.1 18,200.9 18,433.0 18,590.6 18,679.1 16,894.7 16,617.2 16,720.8 16,870.7 16,962.4 17,025.0 488.9 91.7 62.6 Final sales to domestic purchasers..... 18,366.6 18,072.6 18,073.6 18,305.5 18,495.3 18,592.3 16,788.3 16,529.2 16,597.7 16,747.2 16,868.3 16,940.0 462.0 121.0 71.8 Final sales to private domestic purchasers............................ 15,183.3 14,910.1 14,924.1 15,126.3 15,294.3 15,388.4 13,940.8 13,700.8 13,770.1 13,901.6 14,010.1 14,081.2 443.0 108.5 71.1 Gross domestic product................. 17,947.0 17,615.9 17,649.3 17,913.7 18,060.2 18,164.8 16,348.9 16,151.4 16,177.3 16,333.6 16,414.0 16,470.6 387.2 80.4 56.6 Plus: Income receipts from the rest of the world............................. 830.5 857.0 817.0 845.3 841.2 818.4 695.5 717.4 687.3 708.5 703.0 683.3 -21.0 -5.5 -19.7 Less: Income payments to the rest of the world............................. 616.9 592.3 589.5 614.7 637.6 625.7 514.6 494.8 494.2 513.3 530.6 520.1 19.3 17.4 -10.5 Equals: Gross national product......... 18,160.6 17,880.6 17,876.8 18,144.3 18,263.8 18,357.5 16,529.5 16,377.7 16,371.4 16,529.7 16,585.1 16,631.7 342.8 55.4 46.6 Net domestic product................... 15,125.7 14,831.7 14,856.6 15,109.3 15,227.6 15,309.2 13,721.9 13,561.3 13,573.0 13,714.4 13,779.5 13,820.9 327.8 65.2 41.4 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Real gross domestic income is 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 gross domestic product, use table 2. See 'Explanatory Note' at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- -------------2012------------- -------------2013------------- -------------2014------------- -------------2015------------- I II III IV I II III IV I II III IV I II III IV\r\ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 1.6 1.6 1.0 2.1 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 Personal consumption expenditures...... 1.4 1.4 0.3 2.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 1.3 0.3 Goods................................ -0.5 -0.4 -2.8 2.1 -0.8 0.2 1.5 -0.9 -3.0 0.9 -0.9 -0.1 1.4 -0.4 -4.6 -8.7 2.5 -0.3 -2.8 Durable goods...................... -1.8 -2.3 -2.1 -0.9 -1.8 -2.3 -1.5 -1.1 -2.1 -2.6 -2.3 -2.5 -1.6 -2.3 -3.3 -2.4 -0.2 -2.4 -1.5 Nondurable goods................... 0.2 0.6 -3.2 3.5 -0.4 1.4 2.9 -0.8 -3.4 2.6 -0.2 1.0 2.8 0.6 -5.3 -11.6 3.8 0.8 -3.5 Services............................. 2.3 2.3 1.9 2.4 2.3 1.9 2.5 2.5 2.2 2.1 2.6 2.5 2.5 2.0 1.7 1.6 2.1 2.0 1.9 Gross private domestic investment...... 1.5 1.8 0.6 1.6 1.8 1.7 1.0 1.2 2.2 1.4 1.8 2.1 1.1 2.2 1.8 -0.4 -1.0 1.5 0.6 Fixed investment..................... 1.6 1.9 0.6 2.1 1.7 1.6 0.9 1.4 2.2 1.6 2.3 2.4 1.1 2.4 1.4 -0.4 -1.0 1.5 0.8 Nonresidential..................... 0.8 1.0 0.2 2.7 1.7 1.2 0.2 0.2 1.4 0.7 0.9 0.9 1.1 1.2 0.6 -0.4 -1.0 1.2 0.4 Structures....................... 1.6 1.5 -0.5 5.0 4.6 1.4 -0.4 1.3 3.1 1.2 2.2 1.2 0.7 1.7 1.0 -2.3 -2.4 1.3 -0.1 Equipment........................ 0.4 0.7 0.7 1.6 0.3 1.1 1.3 -0.3 0.4 0.3 0.0 0.9 1.5 0.9 1.1 1.0 0.0 0.3 0.0 Intellectual property products... 0.7 0.9 0.0 2.6 1.7 1.1 -1.0 0.4 2.0 0.8 1.3 0.6 0.8 1.4 -0.5 -1.1 -1.5 2.3 1.4 Residential........................ 5.1 6.1 2.0 -0.7 1.6 3.5 4.0 6.4 5.4 5.5 7.9 8.9 1.0 7.1 4.6 -0.4 -0.8 2.6 2.1 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 0.2 0.1 -4.9 2.7 1.1 -0.2 1.3 1.3 -2.8 0.7 0.1 3.0 0.0 -1.0 -6.9 -9.4 -1.0 -4.1 -5.5 Goods.............................. -0.5 -0.7 -6.8 2.3 0.3 -0.2 0.6 0.8 -4.2 0.1 -1.0 3.4 -0.9 -2.4 -9.6 -12.1 -1.6 -6.0 -7.9 Services........................... 1.7 1.9 -0.6 3.6 2.8 -0.4 2.9 2.4 0.3 1.8 2.6 2.1 2.2 2.2 -0.7 -3.3 0.2 -0.4 -0.6 Imports.............................. -0.8 -0.2 -7.7 4.3 -2.4 -5.7 4.1 0.7 -3.8 -0.8 0.7 3.3 -1.3 -0.9 -6.8 -17.2 -4.2 -3.5 -7.5 Goods.............................. -1.1 -0.5 -8.9 4.6 -3.1 -7.0 4.5 0.6 -4.6 -1.0 -0.1 3.7 -1.7 -1.0 -7.9 -19.7 -5.1 -3.8 -8.9 Services........................... 1.1 1.2 -1.7 2.8 1.0 0.9 2.1 0.7 0.0 0.4 4.6 1.3 0.5 -0.1 -1.3 -4.3 -0.2 -2.0 -1.1 Government consumption expenditures and gross investment.................. 1.6 1.8 0.3 3.4 0.4 1.2 1.9 1.6 1.0 2.2 3.4 0.9 1.9 2.2 -0.4 -1.6 1.2 0.9 0.2 Federal.............................. 1.0 1.6 0.7 2.2 0.9 0.5 0.1 0.7 0.6 1.4 6.1 -1.2 1.9 1.7 -0.2 0.1 0.8 0.9 1.3 National defense................... 0.6 1.4 0.2 3.0 0.8 0.5 0.1 0.4 0.0 1.1 4.1 0.2 1.4 1.5 -0.5 -0.6 0.3 0.4 1.3 Nondefense......................... 1.6 2.0 1.4 0.7 1.0 0.6 0.0 1.3 1.5 2.0 9.6 -3.5 2.7 2.0 0.3 1.1 1.6 1.8 1.3 State and local...................... 2.0 1.9 0.0 4.3 0.1 1.6 3.1 2.2 1.2 2.7 1.7 2.3 2.0 2.5 -0.6 -2.6 1.4 1.0 -0.4 Addenda: Final sales of domestic product...... 1.6 1.7 1.0 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.9 1.5 2.2 1.6 0.0 0.1 2.1 1.3 0.9 Gross domestic purchases............. 1.4 1.5 0.4 2.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.5 1.3 0.4 Final sales to domestic purchasers... 1.4 1.6 0.3 2.5 1.1 1.3 1.9 1.4 0.8 1.7 1.9 1.6 1.9 1.5 -0.2 -1.6 1.5 1.3 0.4 Final sales to private domestic purchasers.......................... 1.4 1.5 0.4 2.3 1.3 1.4 1.9 1.4 0.8 1.7 1.6 1.8 1.9 1.4 -0.1 -1.6 1.6 1.3 0.4 Gross national product (GNP)......... 1.6 1.6 1.0 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 Implicit price deflators: GDP................................ 1.6 1.6 1.0 2.1 1.8 2.2 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 2.1 1.3 0.9 Gross domestic purchases........... 1.4 1.5 0.4 2.4 1.2 1.1 2.1 1.5 0.7 1.6 1.8 1.7 1.9 1.6 -0.1 -1.6 1.5 1.2 0.4 GNP................................ 1.6 1.6 1.0 2.1 1.8 2.1 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 2.1 1.3 0.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See 'Explanatory Note' at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015\r\ --------------Seasonally adjusted-------------- 2014 -----------------2015----------------- IV I II III IV\r\ ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 108.077 110.701 113.386 112.017 112.196 113.280 113.838 114.230 Personal consumption expenditures........... 107.550 110.448 113.876 112.047 112.535 113.527 114.374 115.068 Goods..................................... 112.954 116.656 120.985 118.595 118.924 120.526 121.996 122.495 Durable goods........................... 127.777 135.256 143.304 139.104 139.785 142.503 144.790 146.139 Nondurable goods........................ 106.653 108.858 111.719 110.048 110.238 111.396 112.539 112.705 Services.................................. 104.941 107.462 110.480 108.902 109.459 110.180 110.752 111.529 Gross private domestic investment........... 137.226 144.702 151.847 147.623 150.696 152.535 152.265 151.893 Fixed investment.......................... 123.507 130.018 135.273 132.288 133.355 135.040 136.285 136.410 Nonresidential.......................... 123.895 131.517 135.253 133.460 133.986 135.336 136.208 135.482 Structures............................ 98.052 106.027 104.444 106.602 104.567 106.157 104.201 102.851 Equipment............................. 150.473 159.269 164.181 161.419 162.344 162.485 166.380 165.516 Intellectual property products........ 113.791 119.708 126.472 122.525 124.718 127.235 126.992 126.944 Residential............................. 121.876 124.014 135.009 127.530 130.642 133.591 136.240 139.563 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 127.105 131.404 132.897 133.770 131.719 133.368 133.590 132.911 Imports of goods and services............... 122.812 127.516 133.800 130.473 132.742 133.730 134.489 134.239 Government consumption expenditures and gross investment........................... 92.418 91.880 92.550 91.904 91.889 92.483 92.898 92.928 Federal................................... 93.959 91.676 91.421 91.018 91.265 91.265 91.320 91.836 State and local........................... 91.383 91.953 93.207 92.408 92.226 93.198 93.843 93.562 Addenda: Final sales of domestic product........... 106.488 109.031 111.503 110.274 110.212 111.282 112.034 112.486 Gross domestic purchases.................. 108.014 110.744 114.044 112.171 112.870 113.882 114.501 114.924 Final sales to domestic purchasers........ 106.470 109.120 112.208 110.476 110.934 111.934 112.743 113.222 Final sales to private domestic purchasers............................... 110.191 113.688 117.419 115.398 115.982 117.089 118.003 118.602 Gross national product.................... 108.439 111.098 113.450 112.408 112.365 113.452 113.832 114.152 ------------------------------------------------------------------------------------------------------------------------------ r Revised See 'Explanatory Note' at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015\r\ --------------Seasonally adjusted-------------- 2014 -----------------2015----------------- IV I II III IV\r\ ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 106.935 108.694 109.782 109.081 109.112 109.685 110.045 110.287 Personal consumption expenditures (PCE)..... 107.572 109.105 109.440 109.322 108.795 109.391 109.740 109.834 Goods..................................... 106.200 105.823 102.817 104.924 102.567 103.191 103.125 102.385 Durable goods........................... 94.665 92.494 90.595 91.558 90.993 90.939 90.396 90.051 Nondurable goods........................ 112.031 112.688 109.053 111.818 108.417 109.441 109.663 108.691 Services.................................. 108.292 110.818 112.905 111.620 112.051 112.632 113.200 113.737 Gross private domestic investment........... 103.442 105.288 105.957 106.004 105.910 105.652 106.050 106.218 Fixed investment.......................... 103.652 105.663 106.254 106.313 106.200 105.946 106.331 106.539 Nonresidential.......................... 102.993 103.977 104.195 104.322 104.211 103.953 104.251 104.364 Structures............................ 107.541 109.120 108.617 109.597 108.951 108.286 108.623 108.609 Equipment............................. 100.290 101.030 101.733 101.442 101.685 101.694 101.774 101.780 Intellectual property products........ 103.671 104.618 104.576 104.764 104.479 104.088 104.690 105.049 Residential............................. 106.458 112.903 115.121 114.896 114.773 114.538 115.286 115.888 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 112.147 112.250 106.785 110.607 107.925 107.661 106.528 105.027 Imports of goods and services............... 113.798 113.566 104.846 111.852 106.685 105.535 104.596 102.567 Government consumption expenditures and gross investment........................... 109.086 111.057 111.350 111.397 110.959 111.284 111.547 111.611 Federal................................... 107.562 109.274 110.011 109.600 109.623 109.850 110.108 110.461 State and local........................... 110.143 112.287 112.296 112.637 111.901 112.290 112.556 112.437 Addenda: PCE excluding food and energy\1\.......... 106.355 107.981 109.412 108.498 108.758 109.264 109.636 109.992 Market-based PCE\2\....................... 107.031 108.255 108.255 108.348 107.652 108.240 108.541 108.588 Market-based PCE excluding food and energy\2\................................ 105.543 106.826 108.026 107.242 107.418 107.903 108.222 108.560 Final sales of domestic product........... 106.963 108.747 109.826 109.121 109.150 109.730 110.088 110.336 Gross domestic purchases.................. 107.319 108.982 109.366 109.304 108.864 109.271 109.614 109.716 Final sales to domestic purchasers........ 107.344 109.033 109.402 109.341 108.896 109.308 109.649 109.757 Final sales to private domestic purchasers............................... 106.902 108.528 108.914 108.830 108.384 108.814 109.170 109.287 Gross national product.................... 107.058 108.809 109.875 109.191 109.208 109.778 110.138 110.376 Implicit price deflators: Gross domestic product.................. 106.929 108.686 109.775 109.067 109.099 109.674 110.029 110.286 Final sales of domestic product......... 106.963 108.747 109.825 109.117 109.146 109.726 110.084 110.332 Gross domestic purchases................ 107.313 108.974 109.359 109.291 108.852 109.260 109.599 109.716 Final sales to domestic purchasers...... 107.344 109.033 109.401 109.338 108.892 109.304 109.645 109.753 Gross national product.................. 107.052 108.800 109.868 109.177 109.195 109.768 110.122 110.376 ------------------------------------------------------------------------------------------------------------------------------ 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. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See 'Explanatory Note' at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year ------------------------------------------------------------------------------------------------------------------------------------------ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015\r\ ------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)...... 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -0.3 -2.8 2.5 1.6 2.2 1.5 2.4 2.4 Personal consumption expenditures (PCE).................................. 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -0.3 -1.6 1.9 2.3 1.5 1.7 2.7 3.1 Goods................................. 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.1 2.7 3.1 3.3 3.7 Durable goods....................... 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.1 7.4 5.8 5.9 6.0 Nondurable goods.................... 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.8 0.6 1.9 2.1 2.6 Services.............................. 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 0.8 -0.9 1.2 1.8 0.8 1.0 2.4 2.8 Gross private domestic investment....... 6.5 -6.1 -0.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 10.6 4.5 5.4 4.9 Fixed investment...................... 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.3 9.8 4.2 5.3 4.0 Nonresidential...................... 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -0.7 -15.6 2.5 7.7 9.0 3.0 6.2 2.8 Structures........................ 7.8 -1.5 -17.7 -3.9 -0.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 12.9 1.6 8.1 -1.5 Equipment......................... 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 13.6 10.8 3.2 5.8 3.1 Intellectual property products.... 8.9 0.5 -0.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.8 5.2 5.7 Residential......................... 0.7 0.9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 0.5 13.5 9.5 1.8 8.9 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 8.6 -5.8 -1.7 1.8 9.8 6.3 9.0 9.3 5.7 -8.8 11.9 6.9 3.4 2.8 3.4 1.1 Goods............................... 10.1 -6.2 -3.4 1.9 8.6 7.3 9.4 7.5 6.1 -12.1 14.4 6.5 3.6 2.8 4.4 -0.2 Services............................ 4.7 -5.0 2.7 1.5 12.7 3.8 8.1 13.7 4.8 -1.1 6.8 7.6 3.0 2.7 1.2 4.0 Imports............................... 13.0 -2.8 3.7 4.5 11.4 6.3 6.3 2.5 -2.6 -13.7 12.7 5.5 2.2 1.1 3.8 4.9 Goods............................... 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 1.0 4.3 4.8 Services............................ 12.6 -0.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.0 1.5 1.6 5.6 Government consumption expenditures and gross investment....................... 1.9 3.8 4.4 2.2 1.6 0.6 1.5 1.6 2.8 3.2 0.1 -3.0 -1.9 -2.9 -0.6 0.7 Federal............................... 0.3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.9 -5.7 -2.4 -0.3 National defense.................... -0.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.4 -6.7 -3.8 -1.2 Nondefense.......................... 2.3 4.7 7.4 4.1 2.0 1.3 3.5 0.3 5.5 6.2 6.4 -3.4 0.9 -4.0 -0.1 1.2 State and local....................... 2.8 3.7 2.9 -0.4 -0.1 0.0 0.9 1.5 0.3 1.6 -2.7 -3.3 -1.9 -1.0 0.6 1.4 Addenda: Gross domestic income (GDI)\1\........ 4.7 1.1 1.4 2.3 3.7 3.6 4.0 0.1 -0.8 -2.6 2.7 2.2 3.3 1.3 2.6 2.3 Average of GDP and GDI................ 4.4 1.0 1.6 2.5 3.8 3.4 3.3 0.9 -0.6 -2.7 2.6 1.9 2.7 1.4 2.5 2.4 Final sales of domestic product....... 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 0.2 -2.0 1.1 1.7 2.1 1.4 2.4 2.3 Gross domestic purchases.............. 4.8 1.2 2.3 3.1 4.3 3.5 2.6 1.1 -1.3 -3.8 2.9 1.6 2.1 1.2 2.5 3.0 Final sales to domestic purchasers.... 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -0.9 -3.1 1.5 1.7 1.9 1.2 2.5 2.8 Final sales to private domestic purchasers........................... 5.5 1.7 1.3 3.3 4.4 4.2 2.8 1.3 -1.7 -4.6 1.9 2.9 2.9 2.2 3.2 3.3 Gross national product................ 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 0.0 -2.9 2.8 1.8 2.1 1.5 2.5 2.1 Real disposable personal income....... 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -0.4 1.0 2.5 3.2 -1.4 2.7 3.4 Price indexes: Gross domestic purchases............ 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -0.2 1.5 2.4 1.8 1.4 1.5 0.4 Gross domestic purchases excluding food and energy\2\................. 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 0.5 1.3 1.8 1.8 1.5 1.6 1.0 GDP................................. 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 0.8 1.2 2.1 1.8 1.6 1.6 1.0 GDP excluding food and energy\2\.... 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 0.5 1.4 1.9 1.8 1.7 1.7 1.1 PCE................................. 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -0.1 1.7 2.5 1.9 1.4 1.4 0.3 PCE excluding food and energy\2\.... 1.7 1.8 1.7 1.5 1.9 2.2 2.2 2.2 2.1 1.2 1.3 1.5 1.9 1.5 1.5 1.3 Market-based PCE\3\................. 2.4 1.9 1.1 1.9 2.4 2.8 2.7 2.5 3.4 0.4 1.5 2.5 1.8 1.1 1.1 0.0 Market-based PCE excluding food and energy\3\.......................... 1.5 1.8 1.5 1.4 1.7 2.0 2.2 2.0 2.3 1.9 1.0 1.4 1.8 1.2 1.2 1.1 ------------------------------------------------------------------------------------------------------------------------------------------ 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. See 'Explanatory Note' at the end of the tables. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ---------------------------------------------------------------------------------------------------------------------------------------------------------- -----------2012----------- -----------2013----------- -----------2014----------- -----------2015----------- I II III IV I II III IV I II III IV I II III IV\r\ ---------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)...... 2.8 2.5 2.4 1.3 1.1 0.9 1.5 2.5 1.7 2.6 2.9 2.5 2.9 2.7 2.1 2.0 Personal consumption expenditures (PCE).................................. 1.6 1.6 1.4 1.3 1.3 1.5 1.7 2.3 2.0 2.6 3.0 3.2 3.3 3.3 3.1 2.7 Goods................................. 2.2 2.7 3.2 2.8 3.0 3.1 3.0 3.2 2.0 3.4 3.7 4.0 4.0 3.7 3.9 3.3 Durable goods....................... 6.3 7.7 8.2 7.2 6.6 6.4 5.6 4.6 3.1 5.9 7.0 7.5 7.3 5.9 5.6 5.1 Nondurable goods.................... 0.4 0.5 0.9 0.8 1.4 1.5 1.9 2.6 1.5 2.2 2.2 2.3 2.4 2.6 3.1 2.4 Services.............................. 1.3 1.0 0.5 0.6 0.5 0.7 1.0 1.8 1.9 2.2 2.7 2.8 3.0 3.0 2.8 2.4 Gross private domestic investment....... 14.3 12.7 12.1 3.7 3.1 1.9 5.5 7.5 5.0 6.8 5.3 4.7 7.6 5.7 3.7 2.9 Fixed investment...................... 12.5 12.1 7.8 7.0 4.7 3.6 4.5 4.1 4.4 5.1 6.1 5.5 4.8 4.7 3.6 3.1 Nonresidential...................... 12.4 12.1 6.7 5.2 3.2 1.6 3.0 4.2 5.3 6.2 7.6 5.5 3.9 3.8 2.2 1.5 Structures........................ 22.3 17.2 9.6 4.1 -2.0 -1.7 3.5 6.5 13.0 9.9 5.0 5.0 -1.4 0.2 -1.2 -3.5 Equipment......................... 14.0 15.2 7.5 6.9 4.6 2.3 2.1 3.9 3.2 5.0 10.2 5.1 4.8 3.3 1.8 2.5 Intellectual property products.... 4.2 4.4 3.5 3.4 4.9 3.1 4.1 3.2 3.3 5.3 5.7 6.5 6.4 7.3 5.4 3.6 Residential......................... 12.8 12.4 13.1 15.7 11.2 12.7 11.2 3.5 0.6 0.9 0.5 5.1 8.4 8.2 9.4 9.4 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 4.3 3.9 3.3 2.2 1.8 1.8 2.4 5.2 3.1 4.3 3.7 2.4 2.6 1.5 1.2 -0.6 Goods............................... 4.6 4.5 4.2 1.2 0.8 1.5 2.2 6.8 4.1 5.2 5.5 2.9 2.2 0.9 -0.8 -3.1 Services............................ 3.8 2.5 1.4 4.5 3.8 2.6 2.8 1.6 1.0 2.3 -0.1 1.4 3.3 2.7 5.6 4.6 Imports............................... 3.3 3.0 2.4 0.3 -0.1 0.7 1.2 2.4 2.9 3.9 3.1 5.4 6.5 4.8 5.6 2.9 Goods............................... 2.7 3.0 2.6 0.1 -0.3 0.6 1.1 2.4 3.3 4.4 3.5 5.8 6.5 4.8 5.4 2.6 Services............................ 6.2 3.4 1.4 1.2 0.7 1.3 1.5 2.4 1.0 1.5 0.9 3.1 6.5 4.9 6.7 4.2 Government consumption expenditures and gross investment....................... -1.6 -2.0 -1.6 -2.2 -2.9 -2.9 -3.2 -2.9 -1.8 -1.0 0.0 0.4 0.4 0.7 0.7 1.1 Federal............................... -1.4 -2.5 -1.4 -2.1 -4.4 -5.1 -6.6 -6.8 -4.5 -3.4 -1.0 -0.8 -0.6 -0.3 -1.1 0.9 National defense.................... -1.3 -4.0 -4.3 -3.9 -5.6 -5.9 -8.0 -7.4 -6.0 -4.7 -1.7 -2.9 -1.5 -1.3 -2.7 0.7 Nondefense.......................... -1.5 0.2 4.0 1.0 -2.3 -3.6 -4.2 -5.9 -2.0 -1.2 0.1 2.7 0.9 1.3 1.4 1.3 State and local....................... -1.8 -1.6 -1.8 -2.3 -1.8 -1.4 -0.8 -0.2 0.1 0.6 0.7 1.1 1.0 1.4 1.9 1.2 Addenda: Gross domestic income (GDI)\1\........ 3.9 3.5 2.8 2.8 0.8 1.4 1.6 1.4 1.6 2.1 3.3 3.3 3.3 2.6 1.9 1.4 Average of GDP and GDI................ 3.3 3.0 2.6 2.1 1.0 1.2 1.5 1.9 1.7 2.3 3.1 2.9 3.1 2.7 2.0 1.7 Final sales of domestic product....... 2.5 2.4 1.8 1.7 1.3 1.1 1.3 1.9 1.6 2.3 3.0 2.6 2.4 2.5 2.1 2.0 Gross domestic purchases.............. 2.6 2.4 2.3 1.0 0.8 0.7 1.3 2.1 1.7 2.6 2.8 2.9 3.5 3.2 2.8 2.5 Final sales to domestic purchasers.... 2.4 2.3 1.7 1.4 1.0 1.0 1.2 1.6 1.6 2.3 3.0 3.0 3.0 3.0 2.8 2.5 Final sales to private domestic purchasers........................... 3.4 3.3 2.5 2.3 1.9 1.9 2.2 2.6 2.4 3.0 3.6 3.6 3.6 3.5 3.2 2.8 Gross national product................ 2.8 2.4 2.2 1.0 0.9 1.0 1.6 2.6 1.9 2.6 2.9 2.4 2.7 2.5 1.7 1.6 Real disposable personal income....... 2.1 3.0 2.4 5.1 -1.0 -1.1 -0.5 -2.9 2.3 2.4 2.5 3.6 3.6 3.5 3.6 3.0 Price indexes: Gross domestic purchases............ 2.3 1.6 1.5 1.7 1.5 1.4 1.5 1.4 1.5 1.8 1.7 1.2 0.4 0.3 0.3 0.4 Gross domestic purchases excluding food and energy\2\................. 2.0 1.7 1.6 1.7 1.5 1.5 1.5 1.7 1.6 1.7 1.8 1.4 1.1 1.0 0.9 0.9 GDP................................. 2.0 1.7 1.7 1.9 1.8 1.6 1.5 1.6 1.6 1.9 1.8 1.3 1.0 1.0 0.9 1.1 GDP excluding food and energy\2\.... 2.0 1.7 1.6 1.8 1.6 1.6 1.8 1.9 1.8 1.9 1.8 1.5 1.2 1.1 1.1 1.1 PCE................................. 2.5 1.8 1.6 1.8 1.5 1.3 1.4 1.2 1.3 1.7 1.6 1.1 0.2 0.3 0.3 0.5 PCE excluding food and energy\2\.... 2.1 1.9 1.7 1.8 1.7 1.5 1.5 1.5 1.4 1.6 1.6 1.4 1.3 1.3 1.3 1.4 Market-based PCE\3\................. 2.5 1.7 1.5 1.6 1.3 1.0 1.1 0.9 0.9 1.5 1.3 0.9 -0.1 -0.1 0.0 0.2 Market-based PCE excluding food and energy\3\.......................... 2.0 1.9 1.7 1.5 1.4 1.1 1.1 1.2 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.2 ---------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised 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. See 'Explanatory Note' at the end of the tables. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ----Seasonally adjusted at annual rates---- 2014 ---------------2015--------------- IV I II III IV\r\ ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)................ 16,663.2 17,348.1 17,947.0 17,615.9 17,649.3 17,913.7 18,060.2 18,164.8 Plus: Income receipts from the rest of the world...................................... 826.2 854.3 830.5 857.0 817.0 845.3 841.2 818.4 Less: Income payments to the rest of the world...................................... 575.8 591.2 616.9 592.3 589.5 614.7 637.6 625.7 Equals: Gross national product.............. 16,913.5 17,611.2 18,160.6 17,880.6 17,876.8 18,144.3 18,263.8 18,357.5 Less: Consumption of fixed capital.......... 2,632.8 2,746.7 2,821.3 2,784.2 2,792.7 2,804.3 2,832.6 2,855.7 Less: Statistical discrepancy............... -177.6 -212.0 -195.2 -261.8 -252.3 -180.4 -184.4 -163.9 Equals: National income..................... 14,458.3 15,076.5 15,534.5 15,358.2 15,336.4 15,520.3 15,615.6 15,665.7 Compensation of employees................. 8,839.7 9,248.9 9,654.9 9,424.9 9,487.9 9,615.2 9,709.5 9,806.9 Wages and salaries...................... 7,114.4 7,477.8 7,824.0 7,632.6 7,682.4 7,791.8 7,870.0 7,951.7 Supplements to wages and salaries....... 1,725.3 1,771.2 1,830.9 1,792.3 1,805.5 1,823.4 1,839.5 1,855.2 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,285.1 1,346.7 1,388.3 1,377.9 1,369.4 1,377.0 1,400.1 1,406.7 Rental income of persons with capital consumption adjustment................... 563.4 610.8 656.6 628.4 637.0 654.1 663.6 671.7 Corporate profits with inventory valuation and capital consumption adjustments.............................. 2,037.4 2,072.9 2,008.9 2,135.5 2,012.5 2,083.0 2,049.9 1,890.3 Net interest and miscellaneous payments... 513.5 532.3 523.8 521.9 561.3 506.6 508.3 519.0 Taxes on production and imports less subsidies................................ 1,118.6 1,155.8 1,177.3 1,169.5 1,169.2 1,175.7 1,179.0 1,185.5 Business current transfer payments (net) 119.4 127.3 141.2 118.7 115.6 124.9 121.2 203.0 Current surplus of government enterprises.............................. -18.8 -18.3 -16.5 -18.6 -16.6 -16.1 -16.0 -17.4 Addenda: Gross domestic income (GDI)............... 16,840.8 17,560.1 18,142.2 17,877.8 17,901.6 18,094.0 18,244.5 18,328.7 Average of GDP and GDI.................... 16,752.0 17,454.1 18,044.6 17,746.8 17,775.4 18,003.9 18,152.3 18,246.8 Statistical discrepancy as a percentage of GDP................................... -1.1 -1.2 -1.1 -1.5 -1.4 -1.0 -1.0 -0.9 ---------------------------------------------------------------------------------------------------------------------- r Revised Table 10. Personal Income and Its Disposition [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ----Seasonally adjusted at annual rates---- 2014 ---------------2015--------------- IV I II III IV\r\ ---------------------------------------------------------------------------------------------------------------------- Personal income\1\.......................... 14,068.4 14,694.2 15,340.4 14,955.7 15,079.8 15,277.0 15,443.7 15,561.1 Compensation of employees................. 8,839.7 9,248.9 9,654.9 9,424.9 9,487.9 9,615.2 9,709.5 9,806.9 Wages and salaries...................... 7,114.4 7,477.8 7,824.0 7,632.6 7,682.4 7,791.8 7,870.0 7,951.7 Supplements to wages and salaries....... 1,725.3 1,771.2 1,830.9 1,792.3 1,805.5 1,823.4 1,839.5 1,855.2 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,285.1 1,346.7 1,388.3 1,377.9 1,369.4 1,377.0 1,400.1 1,406.7 Farm.................................... 88.8 78.1 59.9 74.8 60.5 56.9 65.2 57.1 Nonfarm................................. 1,196.3 1,268.6 1,328.4 1,303.0 1,308.9 1,320.1 1,334.9 1,349.7 Rental income of persons with capital consumption adjustment................... 563.4 610.8 656.6 628.4 637.0 654.1 663.6 671.7 Personal income receipts on assets........ 2,060.4 2,117.5 2,180.5 2,130.6 2,145.5 2,178.3 2,202.8 2,195.3 Personal interest income................ 1,271.3 1,302.0 1,312.3 1,289.8 1,282.6 1,313.4 1,335.0 1,318.3 Personal dividend income................ 789.0 815.5 868.2 840.8 863.0 864.9 867.8 876.9 Personal current transfer receipts........ 2,426.6 2,529.2 2,662.7 2,571.0 2,625.8 2,651.3 2,675.7 2,698.0 Less: Contributions for government social insurance, domestic...................... 1,106.8 1,159.0 1,202.5 1,177.2 1,185.8 1,198.9 1,207.9 1,217.6 Less: Personal current taxes................ 1,672.8 1,780.2 1,945.4 1,838.8 1,900.1 1,938.7 1,957.3 1,985.7 Equals: Disposable personal income.......... 12,395.6 12,913.9 13,395.0 13,116.8 13,179.8 13,338.3 13,486.4 13,575.4 Less: Personal outlays...................... 11,805.7 12,293.7 12,717.5 12,502.5 12,492.2 12,674.5 12,806.2 12,897.1 Equals: Personal saving..................... 589.9 620.2 677.5 614.3 687.6 663.9 680.2 678.3 Personal saving as a percentage of disposable personal income............... 4.8 4.8 5.1 4.7 5.2 5.0 5.0 5.0 Addenda: Personal income excluding current transfer receipts, billions of chained ( fyr) dollars\2\.......................... 10,822.3 11,149.8 11,584.1 11,329.0 11,447.6 11,542.2 11,635.1 11,711.7 Disposable personal income, billions of chained (2009) dollars\2\................ 11,523.1 11,836.3 12,239.5 11,998.7 12,114.7 12,193.6 12,289.8 12,360.2 ---------------------------------------------------------------------------------------------------------------------- r Revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), 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---------------- 2013 2014 2015 ------Seasonally adjusted at annual rates------ 2014 2015 -----------Quarterly rates----------- Quarter one year ago 2014 -----------------2015----------------- -----------------2015----------------- 2015 IV I II III IV I II III IV IV ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments............................ 2,037.4 2,072.9 2,008.9 2,135.5 2,012.5 2,083.0 2,049.9 1,890.3 1.7 -3.1 -5.8 3.5 -1.6 -7.8 -11.5 Less: Taxes on corporate income......... 468.9 513.9 529.7 512.3 517.8 549.0 542.2 509.9 9.6 3.1 1.1 6.0 -1.2 -5.9 -0.5 Equals: Profits after tax with inventory valuation and capital consumption adjustments................ 1,568.5 1,559.1 1,479.2 1,623.2 1,494.7 1,533.9 1,507.7 1,380.4 -0.6 -5.1 -7.9 2.6 -1.7 -8.4 -15.0 Net dividends......................... 924.0 860.0 888.6 872.2 878.5 879.6 905.7 890.5 -6.9 3.3 0.7 0.1 3.0 -1.7 2.1 Undistributed profits with inventory valuation and capital consumption adjustments.......................... 644.5 699.0 590.6 751.0 616.3 654.3 602.1 489.9 8.5 -15.5 -17.9 6.2 -8.0 -18.6 -34.8 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................. 2,055.2 2,163.0 2,106.2 2,248.5 2,113.0 2,161.1 2,126.1 2,024.5 5.2 -2.6 -6.0 2.3 -1.6 -4.8 -10.0 Undistributed profits with inventory valuation and capital consumption adjustments............ 644.5 699.0 590.6 751.0 616.3 654.3 602.1 489.9 8.5 -15.5 -17.9 6.2 -8.0 -18.6 -34.8 Consumption of fixed capital........ 1,405.0 1,467.3 1,512.3 1,489.4 1,493.7 1,502.5 1,520.3 1,532.7 4.4 3.1 0.3 0.6 1.2 0.8 2.9 Less: Capital transfers paid (net) -5.7 3.3 -3.2 -8.1 -3.0 -4.3 -3.7 -1.9 --- --- --- --- --- --- --- Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)......................... 2,161.6 2,207.8 2,280.4 2,212.8 2,252.3 2,393.7 2,326.0 2,149.5 2.1 3.3 1.8 6.3 -2.8 -7.6 -2.9 Profits after tax (without inventory valuation and capital consumption adjustments)......................... 1,692.7 1,693.9 1,750.6 1,700.5 1,734.5 1,844.6 1,783.8 1,639.6 0.1 3.3 2.0 6.4 -3.3 -8.1 -3.6 Inventory valuation adjustment........ 3.2 -2.9 61.5 53.5 99.2 20.5 56.5 69.7 --- --- --- --- --- --- --- Capital consumption adjustment........ -127.5 -131.9 -332.9 -130.8 -338.9 -331.3 -332.6 -329.0 --- --- --- --- --- --- --- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------Level------------------------------------ ---------------Change from preceding period--------------- 2013 2014 2015 ------Seasonally adjusted at annual rates------ 2014 -----------------2015----------------- 2014 2015 -----------------2015----------------- IV I II III IV I II III IV ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments....................... 2,037.4 2,072.9 2,008.9 2,135.5 2,012.5 2,083.0 2,049.9 1,890.3 35.6 -64.0 -123.0 70.4 -33.0 -159.6 Domestic industries.................... 1,622.6 1,654.7 1,619.9 1,712.8 1,618.9 1,677.9 1,667.9 1,514.8 32.1 -34.9 -93.9 59.0 -10.0 -153.1 Financial............................ 385.8 383.6 381.3 383.8 360.4 395.1 396.9 372.9 -2.2 -2.3 -23.4 34.6 1.8 -24.0 Nonfinancial......................... 1,236.8 1,271.1 1,238.5 1,329.0 1,258.5 1,282.8 1,271.0 1,141.8 34.3 -32.6 -70.5 24.3 -11.8 -129.2 Rest of the world...................... 414.8 418.2 389.1 422.7 393.6 405.1 382.0 375.6 3.4 -29.1 -29.0 11.4 -23.1 -6.5 Receipts from the rest of the world 668.7 690.3 661.3 690.0 650.0 674.9 671.4 648.9 21.6 -29.0 -40.0 24.9 -3.5 -22.4 Less: Payments to the rest of the world............................... 253.9 272.1 272.2 267.4 256.4 269.8 289.3 273.4 18.2 0.2 -11.0 13.4 19.5 -16.0 Corporate profits with inventory valuation adjustment.............. 2,164.9 2,204.9 2,341.9 2,266.3 2,351.5 2,414.2 2,382.5 2,219.3 40.0 137.0 85.2 62.7 -31.7 -163.2 Domestic industries.................... 1,750.1 1,786.6 1,952.8 1,843.6 1,957.8 2,009.1 2,000.4 1,843.7 36.6 166.2 114.2 51.3 -8.7 -156.7 Financial............................ 423.6 423.4 442.8 424.9 421.9 456.2 458.6 434.6 -0.2 19.4 -3.1 34.3 2.5 -24.0 Federal Reserve banks.............. 79.6 103.4 102.9 104.8 100.5 103.2 106.4 101.4 23.8 -0.5 -4.3 2.7 3.2 -5.0 Other financial.................... 344.1 320.0 339.9 320.1 321.4 352.9 352.2 333.1 -24.0 19.9 1.3 31.6 -0.8 -19.1 Nonfinancial......................... 1,326.4 1,363.2 1,510.0 1,418.7 1,536.0 1,553.0 1,541.8 1,409.1 36.8 146.8 117.3 17.0 -11.1 -132.7 Utilities.......................... 26.4 27.7 19.0 16.9 24.9 28.4 13.2 9.5 1.3 -8.7 8.0 3.5 -15.3 -3.7 Manufacturing...................... 426.4 439.8 499.5 466.1 534.6 537.0 532.9 393.6 13.4 59.7 68.5 2.3 -4.1 -139.2 Durable goods.................... 213.8 223.3 279.7 238.4 276.4 296.2 280.6 265.6 9.5 56.4 38.0 19.9 -15.6 -15.0 Fabricated metal products...... 23.1 23.8 28.8 24.1 28.5 28.5 28.1 29.9 0.8 4.9 4.3 0.0 -0.4 1.7 Machinery...................... 33.8 31.9 31.0 30.7 36.8 33.3 28.1 25.9 -1.9 -0.8 6.1 -3.5 -5.3 -2.2 Computer and electronic products...................... 51.1 52.6 74.6 60.0 72.7 78.4 75.2 72.2 1.5 22.0 12.7 5.7 -3.1 -3.0 Electrical equipment, appliances, and components.... 14.0 16.2 20.0 15.9 19.8 20.1 19.5 20.5 2.3 3.7 3.8 0.4 -0.7 1.0 Motor vehicles, bodies and trailers, and parts........... 22.0 24.8 45.8 30.0 37.8 54.8 47.6 43.1 2.8 21.0 7.8 17.0 -7.1 -4.6 Other durable goods............ 69.9 73.9 79.5 77.6 80.8 81.1 82.1 74.1 4.0 5.6 3.2 0.3 1.0 -8.0 Nondurable goods................. 212.6 216.5 219.8 227.7 258.3 240.7 252.2 128.0 4.0 3.3 30.6 -17.6 11.5 -124.2 Food and beverage and tobacco products...................... 54.6 55.2 73.3 63.5 75.2 69.5 72.7 75.7 0.5 18.1 11.7 -5.8 3.3 2.9 Petroleum and coal products.... 48.4 53.4 12.9 57.3 42.2 39.8 46.9 -77.5 5.1 -40.6 -15.1 -2.3 7.0 -124.3 Chemical products.............. 74.8 75.1 88.4 74.7 95.8 87.3 89.4 81.0 0.3 13.3 21.1 -8.6 2.1 -8.4 Other nondurable goods......... 34.7 32.8 45.3 32.2 45.0 44.2 43.3 48.8 -1.9 12.5 12.8 -0.9 -0.9 5.5 Wholesale trade.................... 145.5 147.7 170.1 160.5 169.1 163.5 168.2 179.5 2.2 22.4 8.5 -5.6 4.8 11.3 Retail trade....................... 159.4 158.4 181.1 178.8 189.4 175.1 180.6 179.4 -1.0 22.7 10.6 -14.3 5.5 -1.1 Transportation and warehousing..... 53.0 65.3 92.0 60.6 83.3 86.3 97.4 101.0 12.3 26.7 22.7 3.1 11.0 3.6 Information........................ 129.4 126.5 148.3 120.9 142.9 150.6 146.7 153.1 -2.9 21.8 22.0 7.8 -3.9 6.4 Other nonfinancial................. 386.3 397.7 399.9 414.9 391.8 412.0 402.9 393.0 11.5 2.2 -23.0 20.2 -9.2 -9.9 Rest of the world...................... 414.8 418.2 389.1 422.7 393.6 405.1 382.0 375.6 3.4 -29.1 -29.0 11.4 -23.1 -6.5 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ------Seasonally adjusted at annual rates------ 2014 -----------------2015----------------- IV I II III IV\r\ ------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Gross value added of nonfinancial corporate business...................... 8,316.8 8,641.0 8,886.4 8,802.3 8,777.7 8,873.1 8,932.1 8,962.7 Consumption of fixed capital................. 1,232.2 1,285.7 1,326.1 1,303.8 1,311.4 1,318.0 1,332.6 1,342.5 Net value added.............................. 7,084.6 7,355.2 7,560.3 7,498.5 7,466.3 7,555.1 7,599.5 7,620.2 Compensation of employees.................. 4,747.4 4,995.8 5,207.4 5,080.9 5,109.8 5,186.7 5,237.5 5,295.5 Wages and salaries....................... 3,953.5 4,178.9 4,361.7 4,249.3 4,277.7 4,344.8 4,387.4 4,436.9 Supplements to wages and salaries........ 793.9 816.9 845.7 831.6 832.1 841.9 850.2 858.6 Taxes on production and imports less subsidies................................. 724.9 745.2 754.1 753.4 749.1 753.0 755.1 759.2 Net operating surplus...................... 1,612.3 1,614.3 1,598.8 1,664.2 1,607.4 1,615.4 1,606.8 1,565.4 Net interest and miscellaneous payments 280.4 258.1 259.5 253.6 269.8 252.8 255.3 260.2 Business current transfer payments (net)................................... 95.1 85.1 100.7 81.7 79.1 79.8 80.5 163.4 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,236.8 1,271.1 1,238.5 1,329.0 1,258.5 1,282.8 1,271.0 1,141.8 Taxes on corporate income.............. 284.6 316.2 346.6 324.2 341.4 362.3 353.4 329.3 Profits after tax with inventory valuation and capital consumption adjustments........................... 952.2 954.9 891.9 1,004.8 917.0 920.5 917.6 812.5 Net dividends........................ 525.2 573.8 585.8 577.9 588.6 579.7 589.4 585.7 Undistributed profits with inventory valuation and capital consumption adjustments......................... 427.0 381.1 306.1 426.9 328.5 340.9 328.2 226.8 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).............................. 1,323.2 1,366.1 1,448.5 1,365.2 1,436.8 1,532.4 1,485.4 1,339.4 Profits after tax (without inventory valuation and capital consumption adjustments).............................. 1,038.6 1,049.9 1,101.9 1,041.0 1,095.3 1,170.2 1,132.0 1,010.1 Inventory valuation adjustment............. 3.2 -2.9 61.5 53.5 99.2 20.5 56.5 69.7 Capital consumption adjustment............. -89.6 -92.1 -271.4 -89.7 -277.5 -270.2 -270.8 -267.3 Billions of chained (2009) dollars Gross value added of nonfinancial corporate business\1\................... 7,954.8 8,207.3 8,456.1 8,401.6 8,394.6 8,436.4 8,482.5 8,510.4 Consumption of fixed capital\2\.............. 1,177.1 1,212.8 1,255.1 1,228.1 1,238.8 1,249.8 1,260.8 1,271.1 Net value added\3\........................... 6,777.7 6,994.5 7,201.0 7,173.4 7,155.8 7,186.6 7,221.7 7,239.3 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\..... 1.046 1.053 1.051 1.048 1.046 1.052 1.053 1.053 Compensation of employees (unit labor cost)..................................... 0.597 0.609 0.616 0.605 0.609 0.615 0.617 0.622 Unit nonlabor cost......................... 0.293 0.289 0.289 0.285 0.287 0.285 0.286 0.297 Consumption of fixed capital............. 0.155 0.157 0.157 0.155 0.156 0.156 0.157 0.158 Taxes on production and imports less subsidies plus business current transfer payments (net)................. 0.103 0.101 0.101 0.099 0.099 0.099 0.099 0.108 Net interest and miscellaneous payments 0.035 0.031 0.031 0.030 0.032 0.030 0.030 0.031 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production).......... 0.155 0.155 0.146 0.158 0.150 0.152 0.150 0.134 Taxes on corporate income................ 0.036 0.039 0.041 0.039 0.041 0.043 0.042 0.039 Profits after tax with inventory valuation and capital consumption adjustments............................. 0.120 0.116 0.105 0.120 0.109 0.109 0.108 0.095 ------------------------------------------------------------------------------------------------------------------------------- r Revised 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 fyr 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015\r\ ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- -------------2012------------- -------------2013------------- -------------2014------------- -------------2015------------- I II III IV I II III IV I II III IV I II III IV\r\ -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period Gross domestic product (GDP) and related aggregates: GDP.................................. 1.5 2.4 2.4 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 Goods................................ 3.9 3.7 2.5 3.6 5.4 1.2 -0.7 7.4 1.2 7.5 9.2 -7.3 10.3 9.1 -0.2 -1.8 5.9 2.2 -0.7 Services............................. 0.2 1.7 2.2 1.2 0.0 0.4 0.3 -0.4 0.3 0.2 2.1 1.7 1.7 2.4 2.7 2.1 2.0 1.8 2.5 Structures........................... 2.5 3.6 4.0 12.6 3.6 -1.3 2.2 -0.9 8.3 8.2 -3.6 4.5 6.3 0.6 6.8 -0.9 12.2 2.5 0.6 Motor vehicle output................. 4.9 7.2 4.7 27.5 7.1 0.0 -2.0 17.0 8.5 -13.7 19.9 2.1 16.5 19.8 -11.3 1.4 14.5 19.2 -21.1 GDP excluding motor vehicle output... 1.4 2.3 2.4 2.1 1.7 0.5 0.1 1.5 0.9 3.5 3.4 -1.0 4.2 3.8 2.5 0.6 3.6 1.5 2.2 Final sales of computers\1\.......... 14.7 2.1 9.9 19.4 -2.1 18.8 46.3 13.8 11.5 -6.1 4.4 5.1 8.2 4.3 -26.7 29.8 41.5 5.0 9.8 GDP excluding final sales of computers........................... 1.4 2.4 2.4 2.6 1.9 0.4 -0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.2 0.5 3.8 2.0 1.4 Research and development............. 2.5 1.8 4.3 -2.4 -0.1 0.8 4.7 6.0 -0.6 1.4 -0.5 4.3 0.7 1.9 5.5 5.2 9.7 -0.7 -0.5 GDP excluding research and development......................... 1.5 2.4 2.4 2.8 1.9 0.5 0.0 1.8 1.2 3.0 3.9 -1.1 4.7 4.3 2.0 0.5 3.8 2.1 1.4 Farm gross value added\2\............ 22.7 2.3 10.3 -27.0 -9.4 -29.5 -1.8 87.6 38.4 35.4 1.2 -31.8 28.6 6.9 7.0 9.8 -4.9 41.8 4.6 Nonfarm business gross value added\3\............................ 1.7 3.0 2.9 3.9 2.7 1.0 0.2 1.7 1.1 3.5 5.2 -1.2 5.4 5.5 2.6 0.5 5.1 1.8 1.5 Price indexes: GDP.................................. 1.6 1.6 1.0 2.1 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 GDP excluding food and energy\4\..... 1.7 1.7 1.1 2.6 1.6 1.3 1.8 1.8 1.5 2.0 2.2 1.5 1.9 1.8 0.8 0.5 1.5 1.4 1.1 GDP excluding final sales of computers........................... 1.7 1.7 1.0 2.2 1.8 2.4 1.5 1.5 1.2 2.0 1.8 1.5 2.2 1.6 0.2 0.2 2.1 1.3 0.9 Gross domestic purchases............. 1.4 1.5 0.4 2.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.5 1.3 0.4 Gross domestic purchases excluding food and energy\4\.................. 1.5 1.6 1.0 2.4 1.6 1.3 1.6 1.6 1.3 1.6 2.1 1.5 1.8 1.7 0.8 0.2 1.2 1.3 1.0 Gross domestic purchases excluding final sales of computers to domestic purchasers................. 1.5 1.6 0.4 2.5 1.2 1.4 2.0 1.4 0.8 1.8 1.9 1.6 2.0 1.6 0.0 -1.6 1.5 1.3 0.4 Personal consumption expenditures (PCE)............................... 1.4 1.4 0.3 2.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 1.3 0.3 PCE excluding food and energy\4\..... 1.5 1.5 1.3 2.3 1.9 1.2 1.7 1.7 1.2 1.4 1.7 1.4 2.0 1.4 1.0 1.0 1.9 1.4 1.3 Market-based PCE\5\.................. 1.1 1.1 0.0 2.2 1.0 1.3 1.7 1.2 -0.2 1.6 0.9 1.4 1.9 1.1 -0.9 -2.5 2.2 1.1 0.2 Market-based PCE excluding food and energy\5\........................... 1.2 1.2 1.1 2.1 1.7 1.2 1.1 1.6 0.6 1.3 1.2 1.1 1.7 1.3 0.7 0.7 1.8 1.2 1.3 Contributions to percent change in real gross domestic product Percent change at annual rate: Gross domestic product............. 1.5 2.4 2.4 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 Percentage points at annual rates: Goods.................................. 1.17 1.13 0.77 1.12 1.64 0.36 -0.24 2.17 0.34 2.23 2.77 -2.30 3.07 2.74 -0.06 -0.57 1.79 0.67 -0.20 Services............................... 0.13 1.03 1.35 0.73 -0.01 0.22 0.17 -0.20 0.20 0.16 1.32 1.04 1.03 1.49 1.63 1.28 1.24 1.12 1.54 Structures............................. 0.18 0.27 0.31 0.83 0.25 -0.10 0.15 -0.06 0.58 0.59 -0.27 0.33 0.47 0.05 0.50 -0.07 0.90 0.19 0.05 Motor vehicle output................... 0.13 0.20 0.13 0.64 0.19 0.00 -0.05 0.43 0.23 -0.41 0.50 0.06 0.44 0.53 -0.35 0.04 0.40 0.53 -0.71 Final sales of computers............... 0.06 0.01 0.04 0.07 -0.01 0.07 0.16 0.06 0.05 -0.03 0.02 0.02 0.03 0.02 -0.12 0.10 0.13 0.02 0.04 Research and development............... 0.06 0.05 0.11 -0.06 0.00 0.02 0.12 0.15 -0.01 0.04 -0.01 0.11 0.02 0.05 0.14 0.13 0.25 -0.02 -0.01 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.