EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 30, 2010 Lisa S. Mataloni: (202) 606-5304 BEA 10-37 Recorded message: (202) 606-5306 Brent Moulton: (202) 606-9606 (Annual Revision) Carol Moylan: (202) 606-9715 NATIONAL INCOME AND PRODUCT ACCOUNTS GROSS DOMESTIC PRODUCT: SECOND QUARTER 2010 (ADVANCE ESTIMATE) REVISED ESTIMATES: 2007 THROUGH FIRST QUARTER 2010 Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.4 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent. The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2010. __________________ BOX.-- The estimates released today reflect the regular annual revision to the national income and product accounts (NIPAs), beginning with the estimates for the first quarter of 2007. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the revision. The August 2010 Survey of Current Business will contain NIPA tables and an article describing the revisions. The revised estimates will be available on BEA’s Web site at www.bea.gov. ___________________ FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. ____________________ The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, exports, personal consumption expenditures, private inventory investment, federal government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the second quarter primarily reflected an acceleration in imports and a deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending. Final sales of computers added 0.04 percentage point to the second-quarter change in real GDP after adding 0.10 percentage point to the first-quarter change. Motor vehicle output subtracted 0.01 percentage point from the second-quarter change in real GDP after adding 0.74 percentage point to the first-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.1 percent in the second quarter, compared with an increase of 2.1 percent in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 0.9 percent in the second quarter, compared with an increase of 1.6 percent in the first. Real personal consumption expenditures increased 1.6 percent in the second quarter, compared with an increase of 1.9 percent in the first. Durable goods increased 7.5 percent, compared with an increase of 8.8 percent. Nondurable goods increased 1.6 percent, compared with an increase of 4.2 percent. Services increased 0.8 percent, compared with an increase of 0.1 percent. Real nonresidential fixed investment increased 17.0 percent in the second quarter, compared with an increase of 7.8 percent in the first. Nonresidential structures increased 5.2 percent, in contrast to a decrease of 17.8 percent. Equipment and software increased 21.9 percent, compared with an increase of 20.4 percent. Real residential fixed investment increased 27.9 percent, in contrast to a decrease of 12.3 percent. Real exports of goods and services increased 10.3 percent in the second quarter, compared with an increase of 11.4 percent in the first. Real imports of goods and services increased 28.8 percent, compared with an increase of 11.2 percent. Real federal government consumption expenditures and gross investment increased 9.2 percent in the second quarter, compared with an increase of 1.8 percent in the first. National defense increased 7.4 percent, compared with an increase of 0.4 percent. Nondefense increased 13.0 percent, compared with an increase of 5.0 percent. Real state and local government consumption expenditures and gross investment increased 1.3 percent, in contrast to a decrease of 3.8 percent. The change in real private inventories added 1.05 percentage points to the second-quarter change in real GDP after adding 2.64 percentage points to the first-quarter change. Private businesses increased inventories $75.7 billion in the second quarter, following an increase of $44.1 billion in the first quarter and a decrease of $36.7 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.3 percent in the second quarter, compared with an increase of 1.1 percent in the first. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 5.1 percent in the second quarter, compared with an increase of 3.9 percent in the first. Disposition of personal income Current-dollar personal income increased $123.9 billion (4.1 percent) in the second quarter, compared with an increase of $122.8 billion (4.1 percent) in the first. Personal current taxes increased $1.3 billion in the second quarter, compared with an increase of $19.6 billion in the first. Disposable personal income increased $122.6 billion (4.4 percent) in the second quarter, compared with an increase of $103.3 billion (3.8 percent) in the first. Real disposable personal income increased 4.4 percent, compared with an increase of 1.7 percent. Personal outlays increased $36.6 billion (1.4 percent) in the second quarter, compared with an increase of $98.2 billion (3.8 percent) in the first. Personal saving -- disposable personal income less personal outlays -- was $707.1 billion in the second quarter, compared with $621.1 billion in the first. The personal saving rate -- saving as a percentage of disposable personal income -- was 6.2 percent in the second quarter, compared with 5.5 percent in the first. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa- Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.3 percent, or $151.3 billion, in the second quarter to a level of $14,597.7 billion. In the first quarter, current-dollar GDP increased 4.8 percent, or $169.1 billion. _______________ BOX.-- Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news releae on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." _______________ Revision of the National Income and Product Accounts The revised estimates, which begin for most statistics with 2007, reflect the results of the regular annual revision of the national income and product accounts (NIPAs). These revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimating methodologies. In this annual revision, the notable revisions primarily reflect the incorporation of newly available and revised source data. For example, the revised estimates of profits reflect newly available Internal Revenue Service tabulations of tax returns for corporations for 2008 and revised tabulations for 2007. A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income will be published in the August 2010 issue of the Survey of Current Business. Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that compare the revised and previously published estimates for selected periods: table 1A shows the percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to national income, and to disposition of personal income; table 2A shows contributions to the percent change in real GDP; table 4A shows the percent change in the chain-type price indexes for GDP and related measures; and table 12C shows revisions to corporate profits by industry. This section of the release discusses the highlights of the revisions and describes their sources. Summary of revisions * For 2006-2009, real GDP decreased at an average annual rate of 0.2 percent; in the previously published estimates, the growth rate of real GDP was 0.0 percent. From the fourth quarter of 2006 to the first quarter of 2010, real GDP increased at an average annual rate of 0.2 percent; in the previously published estimates, real GDP had increased at an average annual rate of 0.4 percent. * For the revision period, the change in real GDP was revised down for all 3 years: 0.2 percentage point for 2007, 0.4 percentage point for 2008, and 0.2 percentage point for 2009. * The downward revisions to the annual estimates for 2007 and 2009 reflect partly offsetting revisions to the quarters within a year. For example, for 2009, the annual rate of change in GDP for the first quarter was revised up 1.5 percentage points from a large decrease to a smaller decrease, while the growth rates for the third and fourth quarters were each revised down 0.6 percentage point. The second quarter of 2009 was unrevised. For 2008, the downward revision to the change in real GDP reflects downward revisions for the second, third, and fourth quarters. * For the 13 quarters from the first quarter of 2007 to the first quarter of 2010, the average revision (without regard to sign) was 0.7 percentage point. The revisions did not change the direction of the change in real GDP (increase or decrease) for any quarter. * For 2006-2009, the average annual rate of growth of real disposable personal income was revised up 0.3 percentage point, from 1.2 percent to 1.5 percent. * From the fourth quarter of 2006 to the first quarter of 2010, the average annual rate of increase in the price index for gross domestic purchases was revised down from 2.0 percent to 1.9 percent. The average annual rate of increase in the price index for personal consumption expenditures (PCE) was revised up from 2.1 percent to 2.2 percent, and the “core” PCE price index (which excludes food and energy) was revised up from 1.9 percent to 2.0 percent. * For the revision period, national income was revised down for all 3 years: 0.4 percent for 2007, 0.6 percent for 2008, and 0.4 percent for 2009. * For the revision period, corporate profits was revised down for all 3 years: 2.0 percent for 2007, 7.2 percent for 2008, and 3.9 percent for 2009. Revisions to 2007-2009 estimates The percent change from the preceding year in real GDP was revised down for all 3 years: from 2.1 percent to 1.9 percent for 2007, from an increase of 0.4 percent to 0.0 percent for 2008, and from a decrease of 2.4 percent to a decrease of 2.6 percent for 2009. For 2007, the largest contributors to the revision to real GDP growth were a downward revision to PCE, an upward revision to imports, and a downward revision to state and local government spending; these revisions were partly offset by upward revisions to inventory investment, to exports, and to nonresidential fixed investment. For 2008, the largest contributors to the revision were a downward revision to nonresidential fixed investment, a downward revision to inventory investment, and an upward revision to imports; these revisions were partly offset by an upward revision to exports. Within PCE, a downward revision to PCE for goods was mostly offset by an upward revision to PCE for services. For 2009, the largest contributors to the revision were downward revisions to PCE, to state and local government spending, and to residential fixed investment; these revisions were partly offset by upward revisions to inventory investment and to nonresidential fixed investment, and a downward revision to imports. The revision to PCE was in PCE for services. The percent change from fourth quarter to fourth quarter in real GDP was revised down from 2.5 percent to 2.3 percent for 2007, was revised down from a decrease of 1.9 percent to a decrease of 2.8 percent for 2008, and was revised up from an increase of 0.1 percent to an increase of 0.2 percent for 2009. For the period of contraction from the fourth quarter of 2007 to the second quarter of 2009, real GDP decreased at an average annual rate of 2.8 percent; in the previously published estimates, it had decreased 2.5 percent. The percent change from the preceding year in real gross domestic income (GDI) was revised down from 0.6 percent to 0.1 percent for 2007, was revised down from a decrease of 0.4 percent to a decrease of 0.8 percent for 2008, and was revised up from a decrease of 3.2 percent to a decrease of 2.9 percent for 2009. The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 2.9 percent for 2007, was unrevised at 3.2 percent for 2008, and was revised down from a change of 0.0 percent to a decrease of 0.2 percent for 2009. For the quarters of 2007 to 2009, the percent change in the price index was revised down for five quarters and was revised up for seven quarters; the largest downward revision was 0.8 percentage point (for the fourth quarter of 2007). Current-dollar GDP was revised down for all 3 years: $15.8 billion, or 0.1 percent, for 2007; $72.3 billion, or 0.5 percent, for 2008; and $137.3 billion, or 1.0 percent, for 2009. The percent change from the preceding year was revised down from 5.1 percent to 4.9 percent for 2007; was revised down from 2.6 percent to 2.2 percent for 2008; and was revised down from a decrease of 1.3 percent to a decrease of 1.7 percent for 2009. Current-dollar gross national product (GNP) (GDP plus net receipts of income from the rest of the world) was revised down $8.2 billion, or 0.1 percent, for 2007; was revised down $39.7 billion, or 0.3 percent, for 2008; and was revised down $95.9 billion, or 0.7 percent, for 2009. Net receipts of income was revised up for all 3 years: $7.5 billion for 2007, $32.6 billion for 2008, and $41.3 billion for 2009. The revisions to net receipts of income -- which affect GNP, national income, corporate profits, net interest and miscellaneous payments, and personal income receipts on assets -- resulted from the revisions to BEA's international transactions accounts (ITAs) that were released in June. Although the revisions to the ITAs extended back to 1999, the revisions prior to 2007 were not incorporated into the NIPAs at this time. (An article describing the revisions to the ITAs was published in the July 2010 issue of the Survey of Current Business.) National income was revised down for all 3 years: $51.8 billion, or 0.4 percent, for 2007; $77.4 billion, or 0.6 percent, for 2008; and $55.0 billion, or 0.4 percent, for 2009. For 2007, downward revisions to corporate profits and to supplements to wages and salaries were partly offset by an upward revision to wages and salaries. For 2008, downward revisions to corporate profits and to the current surplus of government enterprises were partly offset by upward revisions to wages and salaries, to rental income of persons, and to supplements to wages and salaries. For 2009, downward revisions to corporate profits and to nonfarm proprietors’ income were partly offset by an upward revision to supplements to wages and salaries. Corporate profits from current production -- profits before tax with inventory valuation and capital consumption adjustments -- was revised down for all 3 years: $31.1 billion, or 2.0 percent, for 2007; $97.6 billion, or 7.2 percent, for 2008; and $50.9 billion, or 3.9 percent, for 2009. For all 3 years, downward revisions to corporate profits before tax more than accounted for the revision. These downward revisions were partly offset by upward revisions to the capital consumption adjustment. For 2007 and 2009, downward revisions to profits of domestic financial and domestic nonfinancial corporations were partly offset by an upward revision to profits from the rest of the world. For 2008, downward revisions to profits of domestic financial corporations was partly offset by upward revisions to profits of domestic nonfinancial corporations and to profits from the rest of the world. Personal income was revised up for all 3 years: $18.2 billion, or 0.2 percent, for 2007; $152.3 billion, or 1.2 percent, for 2008; and $155.9 billion, or 1.3 percent, for 2009. For 2007, upward revisions to personal dividend income and to wages and salaries were partly offset by a downward revision to supplements to wages and salaries. For 2008, upward revisions to personal dividend income, to wages and salaries, to rental income of persons, and to supplements to wages and salaries were partly offset by a downward revision to nonfarm proprietors’ income. For 2009, upward revisions to personal dividend income, to supplements to wages and salaries, and to government social benefits to persons were partly offset by a downward revision to nonfarm proprietors’ income and to personal interest income. Disposable personal income (DPI) (personal income less personal current taxes) was revised up all 3 years: $20.5 billion, or 0.2 percent, for 2007; $146.5 billion, or 1.4 percent, for 2008; and $117.6 billion, or 1.1 percent, for 2009. Personal current taxes was revised down $2.2 billion for 2007, was revised up $5.8 billion for 2008, and was revised up $38.3 billion for 2009. The percent change from the preceding year in real DPI was revised up from 2.2 percent to 2.3 percent for 2007, was revised up from 0.5 percent to 1.7 percent for 2008, and was revised down from 0.8 percent to 0.6 percent for 2009. Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- was revised down for all 3 years: $15.4 billion for 2007, $15.0 billion for 2008, and $79.1 billion for 2009. For all 3 years, downward revisions to PCE more than accounted for the revisions to personal outlays. The personal saving rate (personal saving as a percentage of DPI) was revised up for all 3 years: from 1.7 percent to 2.1 percent for 2007, from 2.7 percent to 4.1 percent for 2008, and from 4.2 percent to 5.9 percent for 2009. The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI). It arises because most components of GDP and of GDI are estimated independently. GDP measures final expenditures -- the sum of consumer spending, private investment, net exports, and government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is equal to GDI. In practice, they differ because they are estimated using different source data and different methods. As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised from a negative 0.1 percent to a positive 0.2 percent for 2007, was revised up from 0.7 percent to 1.0 percent for 2008, and was revised down from 1.5 percent to 1.3 percent for 2009. For 2007 and 2008, the revisions to the discrepancy reflected downward revisions to GDP that were smaller than the downward revisions to GDI. For 2009, the revision to the discrepancy reflected a downward revision to GDP that was larger than the downward revision to GDI. New source data The annual revision incorporated data from the following major federal statistical sources: Census Bureau new and revised manufacturing economic census data for 2007; Census Bureau annual survey of manufactures for 2008; Census Bureau annual surveys of merchant wholesale trade and of retail trade for 2007 (revised) and for 2008; Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2007-2009; Census Bureau annual surveys of services for 2007 (revised), 2008 (revised), and 2009 (preliminary), and of state and local government finances for fiscal years 2006 (revised), 2007 (revised), and 2008 (preliminary); Census Bureau monthly survey of construction spending (value put in place) for 2007-2009 (revised); Census Bureau quarterly services survey for 2007-2009 (revised); Census Bureau current population survey/housing vacancy survey for 2009; federal government budget data for fiscal years 2009 and 2010; Internal Revenue Service tabulations of tax returns for corporations for 2007 (revised) and 2008 (preliminary) and for sole proprietorships and partnerships for 2008; Bureau of Labor Statistics (BLS) quarterly census of employment and wages for 2007-2009 (revised); new BLS occupational employment survey data for 2009; Department of Agriculture farm statistics for 2007-2009; and BEA's ITAs for 2007-2009 (revised). Changes in methodology The annual revision also incorporated improvements to estimating methodologies, including the following: * Beginning with the first quarter of 2010, data from the Census Bureau’s expanded quarterly services survey (QSS) are incorporated into the quarterly estimates of personal consumption expenditures (PCE) categories for health care, transportation, recreation, and other services. As a result, the percentage of quarterly PCE services that are based on the QSS has increased from 16 percent to 39 percent. * Quality-adjusted communications equipment price indexes from the Federal Reserve Board are incorporated into the estimates of communication equipment within private fixed investment and into the estimates of “other” capital goods within exports and imports of goods. The Federal Reserve Board’s price index for data networking equipment, currently used in the estimates of communication equipment within private fixed investment, is incorporated into the estimates of “other” capital goods within exports and imports. * The deflator for command-basis GNP -- a measure of the goods and services produced by the U.S. economy in terms of the purchasing power of the income generated from those goods and services -- has changed to the price index for gross domestic purchases, which better reflects the uses rather than the sources of income. In addition, the gross domestic purchases index is used to deflate the trade balance in calculating command-basis GDP, which was not previously published. These changes are carried back to 1929 for annual estimates and to 1947 for quarterly estimates. * The NIPA measures of saving and investment are improved. The NIPA tables are expanded to provide additional detail on national saving and investment, such as estimates of net lending and borrowing by sector. Migrants’ transfers are excluded from the capital account beginning with 1982. (This definitional change is consistent with the change made in the annual revision of BEA’s international transactions accounts that was released in June.) * Other definitional changes in the international transactions accounts, such as the reclassification of certain goods and services, are incorporated in the NIPAs beginning with 2007. These reclassifications have little effect on overall GDP, though they affect the goods and services composition of exports and imports. BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – August 27, 2010, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2010 (Second Estimate) Corporate Profits: Second Quarter (Preliminary Estimate) * * * Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: the “advance” estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, the “second” and “third” estimates are released near the end of the second and third months, respectively. The “latest” estimate reflects the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Average Average without Standard deviation of compared regard to sign revisions without regard to sign ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.2 0.5 0.4 Advance to third..................... .2 .7 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .5 1.2 .9 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .3 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2006. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 2.7 1.9 .0 -2.6 3.0 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 2.4 Personal consumption expenditures... 2.9 2.4 -.3 -1.2 4.1 2.4 1.5 1.7 1.4 -.8 .1 -3.5 -3.3 -.5 -1.6 2.0 .9 1.9 1.6 Goods............................. 3.3 2.8 -2.5 -2.0 5.9 2.3 1.4 2.4 1.1 -5.8 .3 -7.7 -10.8 1.8 -1.5 7.2 1.7 5.7 3.4 Durable goods................... 4.1 4.2 -5.2 -3.7 5.6 4.6 4.6 3.8 2.4 -10.8 -2.9 -12.0 -22.3 4.8 -3.1 20.1 -1.1 8.8 7.5 Nondurable goods................ 2.8 2.0 -1.1 -1.2 6.1 1.1 -.2 1.7 .5 -3.0 2.0 -5.5 -4.9 .4 -.7 1.7 3.1 4.2 1.6 Services.......................... 2.7 2.2 .9 -.8 3.1 2.4 1.6 1.4 1.5 1.9 .0 -1.3 .6 -1.6 -1.7 -.5 .5 .1 .8 Gross private domestic investment... 2.7 -3.1 -9.5 -22.6 -10.9 -3.6 9.5 -2.9 -9.4 -9.4 -7.6 -12.5 -36.8 -42.2 -18.5 11.8 26.7 29.1 28.8 Fixed investment.................. 2.3 -1.8 -6.4 -18.3 -5.3 -1.0 3.7 -1.2 -4.8 -6.2 -4.6 -11.9 -24.9 -35.4 -10.1 .7 -1.3 3.3 19.1 Nonresidential.................. 7.9 6.7 .3 -17.1 2.3 6.8 11.1 9.4 5.7 2.0 -1.6 -8.6 -22.7 -35.2 -7.5 -1.7 -1.4 7.8 17.0 Structures.................... 9.2 14.1 5.9 -20.4 1.5 10.7 28.0 24.3 7.4 -.1 7.5 -3.6 -8.9 -41.0 -20.2 -12.4 -29.2 -17.8 5.2 Equipment and software........ 7.4 3.7 -2.4 -15.3 2.8 5.1 4.3 2.9 4.8 3.0 -6.0 -11.1 -29.5 -31.6 .2 4.2 14.6 20.4 21.9 Residential..................... -7.3 -18.7 -24.0 -22.9 -19.7 -16.4 -12.0 -24.1 -29.3 -27.9 -14.0 -22.6 -32.6 -36.2 -19.7 10.6 -.8 -12.3 27.9 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 9.0 9.3 6.0 -9.5 17.8 6.4 6.8 15.8 11.6 5.7 13.2 -5.0 -21.9 -27.8 -1.0 12.2 24.4 11.4 10.3 Goods........................... 9.4 9.8 6.3 -12.0 13.1 12.9 7.6 12.8 9.9 9.6 14.5 -4.3 -26.6 -34.1 -3.7 18.7 31.7 14.0 14.1 Services........................ 7.9 8.3 5.3 -3.9 29.1 -6.9 4.9 23.0 15.7 -2.8 10.2 -6.6 -9.8 -12.3 4.7 .1 10.2 5.8 2.3 Imports........................... 6.1 2.7 -2.6 -13.8 -.5 4.6 4.6 5.0 -10.6 -1.4 2.9 -.1 -22.9 -35.3 -10.6 21.9 4.9 11.2 28.8 Goods........................... 5.9 2.9 -3.5 -15.8 -2.3 6.8 4.8 5.1 -11.8 -3.3 4.6 -1.0 -28.3 -38.9 -10.6 27.4 6.2 12.0 35.4 Services........................ 7.1 1.4 2.4 -4.2 10.0 -6.3 3.6 4.4 -4.0 9.4 -6.0 5.0 11.7 -16.8 -10.9 1.5 -.5 7.8 1.6 Government consumption expenditures and gross investment............... 1.4 1.3 2.8 1.6 1.1 -.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 -3.0 6.1 1.6 -1.4 -1.6 4.4 Federal........................... 2.1 1.2 7.3 5.7 1.1 -4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 -5.0 14.9 5.7 .0 1.8 9.2 National defense................ 1.6 2.2 7.5 5.4 8.5 -7.2 8.3 10.2 .0 6.8 6.9 19.7 5.2 -8.4 16.8 9.0 -2.5 .4 7.4 Nondefense...................... 3.2 -.8 6.7 6.5 -12.7 .5 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 -.9 5.6 5.0 13.0 State and local................... .9 1.4 .3 -.9 1.1 2.1 1.3 .2 1.3 -.3 .8 .3 -2.4 -1.7 1.0 -1.0 -2.3 -3.8 1.3 Addenda: Final sales of domestic product... 2.6 2.2 .5 -2.1 4.1 1.3 2.3 2.6 3.7 -.2 1.1 -3.9 -4.6 -3.9 .2 .4 2.1 1.1 1.3 Gross domestic purchases.......... 2.6 1.3 -1.1 -3.6 1.0 .9 3.1 1.3 -.4 -1.6 -.5 -3.2 -7.7 -7.2 -2.1 3.0 3.0 3.9 5.1 Final sales to domestic purchasers....................... 2.5 1.5 -.6 -3.1 2.0 1.3 2.2 1.6 .4 -1.1 .0 -3.1 -5.7 -6.3 -1.2 1.8 .2 1.3 4.1 Gross national product (GNP)...... 2.4 2.3 .3 -2.8 3.2 .8 3.5 4.1 4.4 -.9 .1 -3.2 -8.6 -4.9 -.5 2.6 4.9 4.4 ..... Disposable personal income........ 4.0 2.3 1.7 .6 5.3 1.8 .6 1.5 2.2 1.4 9.2 -8.4 2.7 .4 5.9 -4.4 .0 1.7 4.4 Current-dollar measures: GDP............................. 6.0 4.9 2.2 -1.7 4.8 5.3 6.5 4.4 3.8 1.0 4.1 .4 -7.9 -3.9 -.4 2.3 4.7 4.8 4.3 Final sales of domestic product. 6.0 5.2 2.7 -1.1 6.0 5.8 5.6 4.6 4.6 1.8 4.3 .5 -6.1 -2.7 .6 1.2 1.8 2.1 3.2 Gross domestic purchases........ 6.0 4.3 2.1 -3.8 1.9 5.4 6.3 3.4 3.4 2.1 4.2 .6 -11.7 -9.2 -1.5 4.3 5.1 6.2 5.2 Final sales to domestic purchasers..................... 6.0 4.5 2.5 -3.2 3.0 5.8 5.5 3.6 4.1 2.9 4.5 .8 -10.1 -8.1 -.5 3.3 2.2 3.5 4.2 GNP............................. 5.8 5.3 2.5 -1.9 5.1 5.3 6.7 6.3 5.3 .9 3.5 1.1 -9.8 -4.0 -.2 3.4 4.6 5.5 ..... Disposable personal income...... 6.9 5.1 5.1 .7 5.3 5.8 4.1 3.9 6.5 5.4 14.3 -4.4 -3.3 -1.2 8.0 -1.6 2.7 3.8 4.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 2.7 1.9 .0 -2.6 3.0 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 Previously published....... 2.7 2.1 .4 -2.4 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4 -.7 2.2 5.6 2.7 Personal consumption expenditures... 2.9 2.4 -.3 -1.2 4.1 2.4 1.5 1.7 1.4 -.8 .1 -3.5 -3.3 -.5 -1.6 2.0 .9 1.9 Previously published.............. 2.9 2.6 -.2 -.6 4.1 3.7 1.1 1.9 1.2 -.6 .1 -3.5 -3.1 .6 -.9 2.8 1.6 3.0 Goods............................. 3.3 2.8 -2.5 -2.0 5.9 2.3 1.4 2.4 1.1 -5.8 .3 -7.7 -10.8 1.8 -1.5 7.2 1.7 5.7 Previously published............ 3.3 3.1 -2.1 -1.9 5.9 3.9 .2 3.1 3.0 -5.1 -.5 -7.7 -10.0 2.5 -3.1 7.2 2.8 6.3 Durable goods................... 4.1 4.2 -5.2 -3.7 5.6 4.6 4.6 3.8 2.4 -10.8 -2.9 -12.0 -22.3 4.8 -3.1 20.1 -1.1 8.8 Previously published.......... 4.1 4.3 -4.5 -3.9 5.6 5.5 2.1 5.2 5.5 -8.9 -5.7 -11.7 -20.3 3.9 -5.6 20.4 .4 12.0 Nondurable goods................ 2.8 2.0 -1.1 -1.2 6.1 1.1 -.2 1.7 .5 -3.0 2.0 -5.5 -4.9 .4 -.7 1.7 3.1 4.2 Previously published.......... 2.8 2.5 -.8 -1.0 6.1 3.1 -.8 2.1 1.8 -3.0 2.2 -5.6 -4.9 1.9 -1.9 1.5 4.0 3.9 Services.......................... 2.7 2.2 .9 -.8 3.1 2.4 1.6 1.4 1.5 1.9 .0 -1.3 .6 -1.6 -1.7 -.5 .5 .1 Previously published............ 2.7 2.4 .7 .1 3.1 3.6 1.6 1.3 .3 1.8 .4 -1.3 .5 -.3 .2 .8 1.0 1.4 Gross private domestic investment... 2.7 -3.1 -9.5 -22.6 -10.9 -3.6 9.5 -2.9 -9.4 -9.4 -7.6 -12.5 -36.8 -42.2 -18.5 11.8 26.7 29.1 Previously published.............. 2.7 -3.8 -7.3 -23.2 -10.9 -6.0 5.7 .8 -7.7 -7.4 -10.4 -6.9 -24.2 -50.5 -23.7 5.0 46.1 16.3 Fixed investment.................. 2.3 -1.8 -6.4 -18.3 -5.3 -1.0 3.7 -1.2 -4.8 -6.2 -4.6 -11.9 -24.9 -35.4 -10.1 .7 -1.3 3.3 Previously published............ 2.3 -2.1 -5.1 -18.3 -5.3 -2.6 3.6 -.4 -4.2 -6.3 -2.7 -8.3 -20.2 -39.0 -12.5 -1.3 5.0 -.5 Nonresidential.................. 7.9 6.7 .3 -17.1 2.3 6.8 11.1 9.4 5.7 2.0 -1.6 -8.6 -22.7 -35.2 -7.5 -1.7 -1.4 7.8 Previously published.......... 7.9 6.2 1.6 -17.8 2.3 4.2 11.4 9.6 6.7 1.9 1.4 -6.1 -19.5 -39.2 -9.6 -5.9 5.3 2.2 Structures.................... 9.2 14.1 5.9 -20.4 1.5 10.7 28.0 24.3 7.4 -.1 7.5 -3.6 -8.9 -41.0 -20.2 -12.4 -29.2 -17.8 Previously published........ 9.2 14.9 10.3 -19.8 1.5 15.6 22.7 26.6 11.2 6.8 14.5 -.1 -7.2 -43.6 -17.3 -18.4 -18.0 -15.5 Equipment and software........ 7.4 3.7 -2.4 -15.3 2.8 5.1 4.3 2.9 4.8 3.0 -6.0 -11.1 -29.5 -31.6 .2 4.2 14.6 20.4 Previously published........ 7.4 2.6 -2.6 -16.6 2.8 -.5 6.5 2.2 4.5 -.5 -5.0 -9.4 -25.9 -36.4 -4.9 1.5 19.0 11.4 Residential..................... -7.3 -18.7 -24.0 -22.9 -19.7 -16.4 -12.0 -24.1 -29.3 -27.9 -14.0 -22.6 -32.6 -36.2 -19.7 10.6 -.8 -12.3 Previously published.......... -7.3 -18.5 -22.9 -20.5 -19.7 -16.2 -12.9 -22.4 -29.5 -28.2 -15.8 -15.9 -23.2 -38.2 -23.3 18.9 3.8 -10.3 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 9.0 9.3 6.0 -9.5 17.8 6.4 6.8 15.8 11.6 5.7 13.2 -5.0 -21.9 -27.8 -1.0 12.2 24.4 11.4 Previously published............ 9.0 8.7 5.4 -9.6 17.8 3.5 5.2 18.5 14.5 -.1 12.1 -3.6 -19.5 -29.9 -4.1 17.8 22.8 11.3 Goods........................... 9.4 9.8 6.3 -12.0 13.1 12.9 7.6 12.8 9.9 9.6 14.5 -4.3 -26.6 -34.1 -3.7 18.7 31.7 14.0 Previously published.......... 9.4 7.4 5.9 -12.2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 -1.8 -25.5 -36.9 -6.3 24.6 34.1 14.3 Services........................ 7.9 8.3 5.3 -3.9 29.1 -6.9 4.9 23.0 15.7 -2.8 10.2 -6.6 -9.8 -12.3 4.7 .1 10.2 5.8 Previously published.......... 7.9 11.8 4.2 -4.1 29.1 4.7 2.8 27.2 19.2 -9.0 7.8 -7.7 -4.3 -13.6 .1 5.6 2.6 5.0 Imports........................... 6.1 2.7 -2.6 -13.8 -.5 4.6 4.6 5.0 -10.6 -1.4 2.9 -.1 -22.9 -35.3 -10.6 21.9 4.9 11.2 Previously published............ 6.1 2.0 -3.2 -13.9 -.5 4.3 -.5 3.7 -3.6 -2.5 -5.0 -2.2 -16.7 -36.4 -14.7 21.3 15.8 14.8 Goods........................... 5.9 2.9 -3.5 -15.8 -2.3 6.8 4.8 5.1 -11.8 -3.3 4.6 -1.0 -28.3 -38.9 -10.6 27.4 6.2 12.0 Previously published.......... 5.9 1.7 -3.9 -16.0 -2.3 5.0 -1.0 2.8 -3.8 -3.5 -4.6 -3.7 -19.6 -41.0 -16.5 25.1 20.3 16.6 Services........................ 7.1 1.4 2.4 -4.2 10.0 -6.3 3.6 4.4 -4.0 9.4 -6.0 5.0 11.7 -16.8 -10.9 1.5 -.5 7.8 Previously published.......... 7.1 3.5 .7 -3.6 10.0 .4 2.1 8.6 -2.9 3.0 -7.1 6.1 -.9 -11.5 -7.5 7.0 -1.9 7.3 Government consumption expenditures and gross investment............... 1.4 1.3 2.8 1.6 1.1 -.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 -3.0 6.1 1.6 -1.4 -1.6 Previously published............. 1.4 1.7 3.1 1.8 1.1 .0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 -2.6 6.7 2.6 -1.3 -1.9 Federal........................... 2.1 1.2 7.3 5.7 1.1 -4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 -5.0 14.9 5.7 .0 1.8 Previously published............ 2.1 1.3 7.7 5.2 1.1 -5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 -4.3 11.4 8.0 .0 1.2 National defense................ 1.6 2.2 7.5 5.4 8.5 -7.2 8.3 10.2 .0 6.8 6.9 19.7 5.2 -8.4 16.8 9.0 -2.5 .4 Previously published.......... 1.6 2.2 7.8 5.4 8.5 -7.6 8.6 10.0 .5 8.2 7.0 19.8 3.8 -5.1 14.0 8.4 -3.6 1.0 Nondefense...................... 3.2 -.8 6.7 6.5 -12.7 .5 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 -.9 5.6 5.0 Previously published.......... 3.2 -.6 7.3 4.8 -12.7 .3 5.0 7.9 7.6 8.1 9.6 .1 12.7 -2.5 6.1 7.0 8.3 1.5 State and local................... .9 1.4 .3 -.9 1.1 2.1 1.3 .2 1.3 -.3 .8 .3 -2.4 -1.7 1.0 -1.0 -2.3 -3.8 Previously published............ .9 2.0 .5 -.2 1.1 3.1 2.7 .9 1.0 -.5 1.2 .1 -2.0 -1.5 3.9 -.6 -2.2 -3.8 Addenda: Final sales of domestic product... 2.6 2.2 .5 -2.1 4.1 1.3 2.3 2.6 3.7 -.2 1.1 -3.9 -4.6 -3.9 .2 .4 2.1 1.1 Previously published............ 2.6 2.5 .8 -1.7 4.1 1.8 2.9 3.4 2.8 -.5 2.7 -2.9 -4.7 -4.1 .7 1.5 1.7 .8 Gross domestic purchases.......... 2.6 1.3 -1.1 -3.6 1.0 .9 3.1 1.3 -.4 -1.6 -.5 -3.2 -7.7 -7.2 -2.1 3.0 3.0 3.9 Previously published............ 2.6 1.4 -.7 -3.4 1.0 1.4 2.4 2.1 -.2 -1.1 -.9 -2.5 -5.5 -8.6 -2.3 3.0 5.2 3.5 Final sales to domestic purchasers....................... 2.5 1.5 -.6 -3.1 2.0 1.3 2.2 1.6 .4 -1.1 .0 -3.1 -5.7 -6.3 -1.2 1.8 .2 1.3 Previously published........... 2.5 1.7 -.4 -2.7 2.0 2.0 2.1 1.9 .4 -.9 .3 -2.7 -4.9 -6.4 -.9 2.3 1.4 1.6 Gross national product (GNP)...... 2.4 2.3 .3 -2.8 3.2 .8 3.5 4.1 4.4 -.9 .1 -3.2 -8.6 -4.9 -.5 2.6 4.9 4.4 Previously published............ 2.4 2.4 .6 -2.7 3.2 .9 3.6 5.4 3.4 -1.1 .2 -1.8 -6.7 -6.6 -1.0 3.0 5.0 3.5 Disposable personal income........ 4.0 2.3 1.7 .6 5.3 1.8 .6 1.5 2.2 1.4 9.2 -8.4 2.7 .4 5.9 -4.4 .0 1.7 Previously published............ 4.0 2.2 .5 .8 5.3 1.7 .5 1.7 .1 -2.4 9.8 -8.5 3.4 .2 6.2 -3.6 .0 2.1 Current-dollar measures: GDP............................. 6.0 4.9 2.2 -1.7 4.8 5.3 6.5 4.4 3.8 1.0 4.1 .4 -7.9 -3.9 -.4 2.3 4.7 4.8 Previously published.......... 6.0 5.1 2.6 -1.3 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 -5.4 -4.6 -.8 2.6 6.1 3.9 Final sales of domestic product. 6.0 5.2 2.7 -1.1 6.0 5.8 5.6 4.6 4.6 1.8 4.3 .5 -6.1 -2.7 .6 1.2 1.8 2.1 Previously published.......... 6.0 5.4 3.0 -.7 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 -5.2 -2.4 .6 2.0 2.2 1.9 Gross domestic purchases........ 6.0 4.3 2.1 -3.8 1.9 5.4 6.3 3.4 3.4 2.1 4.2 .6 -11.7 -9.2 -1.5 4.3 5.1 6.2 Previously published.......... 6.0 4.4 2.4 -3.3 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 -9.2 -9.8 -1.8 4.3 7.3 5.3 Final sales to domestic purchasers..................... 6.0 4.5 2.5 -3.2 3.0 5.8 5.5 3.6 4.1 2.9 4.5 .8 -10.1 -8.1 -.5 3.3 2.2 3.5 Previously published......... 6.0 4.7 2.8 -2.7 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 -9.0 -7.7 -.5 3.7 3.4 3.4 GNP............................. 5.8 5.3 2.5 -1.9 5.1 5.3 6.7 6.3 5.3 .9 3.5 1.1 -9.8 -4.0 -.2 3.4 4.6 5.5 Previously published.......... 5.8 5.4 2.7 -1.5 5.1 5.3 6.3 7.1 5.8 .6 2.3 2.2 -6.7 -4.8 -1.0 3.4 5.6 4.6 Disposable personal income...... 6.9 5.1 5.1 .7 5.3 5.8 4.1 3.9 6.5 5.4 14.3 -4.4 -3.3 -1.2 8.0 -1.6 2.7 3.8 Previously published.......... 6.9 4.9 3.9 1.0 5.3 5.5 3.7 4.1 5.2 1.2 14.1 -4.2 -1.8 -1.2 7.7 -1.2 2.5 3.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ See "Explanatory Note" at the end of the tables. Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income --------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2007 2008 2009 2007 2008 2009 2007 2008 2009 --------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 14,061.8 14,369.1 14,119.0 -15.8 -72.3 -137.3 -.1 -.5 -1.0 Personal consumption expenditures...... 9,806.3 10,104.5 10,001.3 -20.1 -25.4 -87.8 -.2 -.3 -.9 Goods................................ 3,357.7 3,379.5 3,230.7 -7.3 -23.7 -24.5 -.2 -.7 -.8 Durable goods...................... 1,159.4 1,083.5 1,026.5 -1.1 -11.7 -8.5 -.1 -1.1 -.8 Nondurable goods................... 2,198.2 2,296.0 2,204.2 -6.3 -12.0 -16.0 -.3 -.5 -.7 Services............................. 6,448.6 6,725.0 6,770.6 -12.8 -1.8 -63.3 -.2 .0 -.9 Gross private domestic investment...... 2,295.2 2,096.7 1,589.2 6.7 -39.4 -39.6 .3 -1.8 -2.4 Fixed investment..................... 2,266.1 2,137.8 1,716.4 -3.0 -33.0 -33.3 -.1 -1.5 -1.9 Nonresidential..................... 1,637.5 1,665.3 1,364.4 -2.7 -28.3 -24.4 -.2 -1.7 -1.8 Structures....................... 524.9 582.4 451.6 -10.5 -27.1 -28.4 -2.0 -4.4 -5.9 Equipment and software........... 1,112.6 1,082.9 912.8 7.8 -1.2 4.0 .7 -.1 .4 Residential........................ 628.6 472.5 352.1 -.4 -4.7 -8.9 -.1 -1.0 -2.5 Change in private inventories........ 29.1 -41.1 -127.2 9.7 -6.3 -6.3 ..... ..... ..... Net exports of goods and services...... -714.0 -710.4 -386.4 -.2 -2.6 6.0 ..... ..... ..... Exports.............................. 1,661.7 1,843.4 1,578.4 5.8 12.3 14.2 .4 .7 .9 Goods.............................. 1,162.0 1,295.1 1,063.1 22.6 28.2 24.7 2.0 2.2 2.4 Services........................... 499.7 548.3 515.3 -16.8 -15.9 -10.6 -3.3 -2.8 -2.0 Imports.............................. 2,375.7 2,553.8 1,964.7 6.0 14.9 8.1 .3 .6 .4 Goods.............................. 2,001.6 2,148.8 1,587.8 13.9 22.4 12.4 .7 1.1 .8 Services........................... 374.0 405.0 376.9 -8.1 -7.4 -4.3 -2.1 -1.8 -1.1 Government consumption expenditures and gross investment.................. 2,674.2 2,878.3 2,914.9 -2.3 -4.9 -15.8 -.1 -.2 -.5 Federal.............................. 976.3 1,079.9 1,139.6 -.4 -2.7 -5.2 .0 -.2 -.5 National defense................... 662.3 737.3 771.6 .2 -.6 -7.4 .0 -.1 -1.0 Nondefense......................... 314.0 342.5 368.0 -.5 -2.2 2.2 -.2 -.6 .6 State and local...................... 1,697.9 1,798.5 1,775.3 -1.9 -2.1 -10.6 -.1 -.1 -.6 Relation of GDP and national income Gross domestic product................. 14,061.8 14,369.1 14,119.0 -15.8 -72.3 -137.3 -.1 -.5 -1.0 Plus: Income receipts from the rest of the world............ 871.0 839.2 629.8 9.2 30.0 40.4 1.1 3.7 6.9 Less: Income payments to the rest of the world................. 747.7 664.7 483.6 1.7 -2.6 -.9 .2 -.4 -.2 Equals: Gross national product......... 14,185.1 14,543.6 14,265.3 -8.2 -39.7 -95.9 -.1 -.3 -.7 Less: Consumption of fixed capital..... 1,767.5 1,849.2 1,861.1 7.5 2.1 -2.9 .4 .1 -.2 Less: Statistical discrepancy.......... 21.1 136.6 179.1 35.9 35.6 -38.2 ..... ..... ..... Equals: National income................ 12,396.4 12,557.8 12,225.0 -51.8 -77.4 -55.0 -.4 -.6 -.4 Compensation of employees............ 7,855.9 8,060.8 7,811.7 -.6 23.4 28.2 .0 .3 .4 Wage and salary accruals........... 6,415.5 6,554.0 6,279.1 12.9 13.2 -2.4 .2 .2 .0 Supplements to wages and salaries.......................... 1,440.4 1,506.8 1,532.6 -13.4 10.2 30.7 -.9 .7 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............. 1,090.4 1,102.0 1,011.9 -6.0 -4.3 -29.1 -.5 -.4 -2.8 Rental income of persons with capital consumption adjustment...... 143.7 222.0 274.0 -1.2 11.6 5.9 -.8 5.5 2.2 Corporate profits with inventory valuation and capital consumption adjustments............. 1,510.6 1,262.8 1,258.0 -31.1 -97.6 -50.9 -2.0 -7.2 -3.9 Net interest and miscellaneous payments............................ 731.6 812.8 784.3 -7.6 -2.3 -3.9 -1.0 -.3 -.5 Taxes on production and imports less subsidies...................... 972.6 992.3 964.4 -1.4 -1.5 .1 -.1 -.2 .0 Business current transfer payments (net)...................... 103.3 121.7 134.0 1.1 2.9 -.1 1.1 2.4 -.1 Current surplus of government enterprises......................... -11.8 -16.7 -13.2 -5.2 -9.8 -5.1 ..... ..... ..... Disposition of personal income Personal income........................ 11,912.3 12,391.1 12,174.9 18.2 152.3 155.9 .2 1.2 1.3 Compensation of employees, received............................ 7,862.2 8,065.8 7,806.7 -.5 23.4 28.2 .0 .3 .4 Wage and salary disbursements...... 6,421.7 6,559.0 6,274.1 12.8 13.1 -2.4 .2 .2 .0 Supplements to wages and salaries.......................... 1,440.4 1,506.8 1,532.6 -13.4 10.2 30.7 -.9 .7 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............. 1,090.4 1,102.0 1,011.9 -6.0 -4.3 -29.1 -.5 -.4 -2.8 Farm............................... 37.8 50.8 30.5 -1.6 2.1 1.2 -4.1 4.3 4.1 Nonfarm............................ 1,052.6 1,051.2 981.5 -4.3 -6.3 -30.2 -.4 -.6 -3.0 Rental income of persons with capital consumption adjustment...... 143.7 222.0 274.0 -1.2 11.6 5.9 -.8 5.5 2.2 Personal income receipts on assets... 2,057.0 2,109.3 1,919.7 25.5 114.9 127.1 1.3 5.8 7.1 Personal interest income........... 1,265.1 1,314.7 1,222.3 -1.3 6.7 -16.2 -.1 .5 -1.3 Personal dividend income........... 791.9 794.6 697.4 26.8 108.2 143.2 3.5 15.8 25.8 Personal current transfer receipts............................ 1,718.5 1,879.2 2,132.8 .5 3.3 28.0 .0 .2 1.3 Less: Contributions for government social insurance, domestic.......... 959.5 987.2 970.3 .2 -3.4 4.4 .0 -.3 .5 Less: Personal current taxes........... 1,488.7 1,438.2 1,140.0 -2.2 5.8 38.3 -.1 .4 3.5 Equals: Disposable personal income..... 10,423.6 10,952.9 11,034.9 20.5 146.5 117.6 .2 1.4 1.1 Less: Personal outlays................. 10,208.9 10,505.0 10,379.6 -15.4 -15.0 -79.1 -.2 -.1 -.8 Equals: Personal saving................ 214.7 447.9 655.3 35.8 161.5 196.7 ..... ..... ..... Personal saving as a percentage of disposable personal income....... 2.1 4.1 5.9 .4 1.4 1.7 ..... ..... ..... Addenda: Statistical discrepancy as a percentage of GDP..................... .2 1.0 1.3 .3 .3 -.2 ..... ..... ..... Gross domestic income.................. 14,040.7 14,232.5 13,939.9 -51.8 -107.9 -99.1 -.4 -.8 -.7 --------------------------------------------------------------------------------------------------------------------------------- Table 2. Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 2.7 1.9 .0 -2.6 3.0 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 2.4 Percentage points at annual rates: Personal consumption expenditures.. 2.01 1.65 -.18 -.84 2.79 1.64 1.08 1.20 .98 -.54 .08 -2.46 -2.26 -.34 -1.12 1.41 .69 1.33 1.15 Goods............................ .78 .66 -.60 -.46 1.39 .56 .34 .57 .27 -1.42 .08 -1.86 -2.57 .41 -.32 1.62 .42 1.29 .79 Durable goods.................. .35 .35 -.42 -.27 .46 .38 .38 .31 .20 -.92 -.23 -.95 -1.79 .35 -.21 1.35 -.07 .62 .53 Motor vehicles and parts..... -.10 .05 -.39 -.17 -.02 .06 .17 -.08 -.07 -.53 -.57 -.60 -.85 .26 -.10 .83 -.56 -.06 .21 Furnishings and durable household equipment......... .11 .03 -.07 -.12 .04 .10 -.07 .04 .02 -.18 .09 -.20 -.33 -.15 -.12 .12 .16 .23 .16 Recreational goods and vehicles.................... .30 .26 .08 .03 .44 .21 .20 .32 .23 -.13 .28 -.09 -.39 .19 -.05 .36 .34 .28 .17 Other durable goods.......... .04 .01 -.04 -.02 .01 .01 .07 .03 .01 -.09 -.02 -.06 -.22 .06 .05 .05 -.01 .18 -.01 Nondurable goods............... .44 .31 -.18 -.18 .93 .17 -.03 .27 .07 -.50 .31 -.91 -.78 .06 -.11 .27 .49 .67 .25 Food and beverages purchased for off-premises consumption .17 .09 -.04 -.05 .33 -.01 -.11 .09 .19 -.07 -.01 -.26 -.50 .01 .20 .22 .28 .20 -.15 Clothing and footwear........ .12 .09 -.01 -.10 .17 .12 .04 .08 -.02 -.05 .23 -.27 -.28 -.07 -.10 .01 .13 .26 .15 Gasoline and other energy goods....................... -.05 -.02 -.13 .03 .00 -.05 -.07 -.01 -.12 -.22 -.13 -.41 .30 .14 -.01 -.04 -.05 .02 .02 Other nondurable goods....... .20 .16 .01 -.06 .43 .11 .11 .11 .02 -.15 .22 .03 -.29 -.02 -.20 .08 .14 .18 .24 Services......................... 1.22 .99 .41 -.38 1.40 1.08 .74 .62 .71 .88 .00 -.59 .30 -.75 -.79 -.21 .27 .03 .36 Household consumption expenditures (for services)... 1.06 .92 .25 -.30 1.38 1.16 .84 .36 .42 .74 -.04 -.79 .08 -.29 -.46 -.37 .12 .01 .29 Housing and utilities........ .27 .08 .09 .14 -.16 .10 -.03 .12 -.07 .31 .04 -.20 .60 .01 .06 .24 .23 -.06 -.09 Health care.................. .19 .24 .29 .23 .37 .47 .16 .14 .29 .58 .29 -.02 .23 .40 .38 -.01 .21 -.04 .08 Transportation services...... -.01 .02 -.12 -.18 .09 .05 .00 -.04 -.06 -.11 -.15 -.18 -.31 -.23 -.10 -.07 -.02 .07 .10 Recreation services.......... .08 .11 -.01 -.06 .22 .05 .10 .11 .00 -.01 -.03 -.12 -.09 .02 -.08 -.12 -.03 .00 -.12 Food services and accommodations.............. .13 .07 -.03 -.16 .18 -.01 .15 .12 .16 -.23 .06 -.15 -.30 -.19 -.16 -.06 .02 .29 .11 Financial services and insurance................... .18 .24 .03 -.21 .40 .21 .30 .13 .14 .02 -.08 .03 -.26 -.30 -.23 -.21 -.21 -.16 .17 Other services............... .21 .16 -.02 -.07 .28 .28 .15 -.22 -.04 .18 -.16 -.14 .22 .00 -.34 -.14 -.08 -.08 .04 Final consumption expenditures of nonprofit institutions serving households............ .17 .08 .16 -.08 .01 -.08 -.10 .27 .29 .14 .04 .20 .22 -.46 -.34 .16 .15 .02 .07 Gross output of nonprofit institutions................ .21 .17 .18 .04 .19 .29 .00 .07 .27 .30 .11 .08 .32 -.11 -.05 -.02 .12 -.07 .10 Less: Receipts from sales of goods and services by nonprofit institutions...... .04 .09 .02 .12 .18 .37 .10 -.20 -.02 .17 .07 -.11 .10 .34 .28 -.18 -.03 -.09 .03 Gross private domestic investment.. .46 -.53 -1.53 -3.24 -1.99 -.65 1.51 -.46 -1.53 -1.47 -1.17 -1.95 -6.32 -6.80 -2.30 1.22 2.70 3.04 3.14 Fixed investment................. .39 -.30 -1.02 -2.69 -.91 -.15 .62 -.18 -.76 -.98 -.69 -1.83 -4.01 -5.71 -1.26 .12 -.12 .39 2.09 Nonresidential................. .84 .75 .03 -1.96 .27 .75 1.23 1.06 .67 .25 -.16 -1.00 -2.84 -4.49 -.72 -.13 -.10 .71 1.50 Structures................... .27 .46 .22 -.81 .05 .35 .88 .82 .28 .00 .30 -.14 -.36 -1.99 -.76 -.41 -1.01 -.53 .14 Equipment and software....... .58 .29 -.19 -1.15 .22 .40 .35 .24 .39 .25 -.46 -.86 -2.47 -2.50 .04 .28 .91 1.24 1.36 Information processing equipment and software.... .31 .33 .23 .01 .11 .64 .11 .32 .61 .38 .25 -.19 -.52 -.25 .36 .52 .79 .32 .51 Computers and peripheral equipment............... .13 .08 .08 -.01 .01 .15 -.03 .11 .15 .19 .11 -.12 -.19 -.07 .09 .12 .36 .03 .27 Software................. .07 .10 .10 .03 .13 .18 .01 .06 .09 .26 .04 .04 -.04 -.12 .16 .13 .25 .17 .13 Other.................... .10 .14 .05 -.02 -.03 .30 .13 .15 .38 -.07 .10 -.11 -.30 -.07 .12 .27 .18 .12 .11 Industrial equipment....... .10 .05 -.06 -.31 .03 -.09 .38 .01 -.27 .04 -.04 -.11 -.30 -.78 -.17 -.11 -.03 .00 .44 Transportation equipment... .12 -.08 -.31 -.54 .05 -.01 -.32 -.08 .04 -.02 -.67 -.59 -1.16 -.92 .22 -.05 .20 .62 .32 Other equipment............ .05 -.01 -.05 -.30 .03 -.13 .18 -.01 .00 -.14 .01 .04 -.50 -.55 -.38 -.07 -.05 .30 .10 Residential.................... -.45 -1.05 -1.05 -.74 -1.18 -.91 -.62 -1.24 -1.43 -1.23 -.53 -.84 -1.18 -1.22 -.54 .25 -.02 -.32 .59 Change in private inventories.... .07 -.23 -.51 -.55 -1.08 -.49 .90 -.28 -.77 -.49 -.48 -.12 -2.31 -1.09 -1.03 1.10 2.83 2.64 1.05 Farm........................... -.03 .03 .01 .02 .08 .25 -.31 .08 .06 -.19 .37 -.08 .13 -.11 .12 -.19 .21 .07 .09 Nonfarm........................ .10 -.26 -.53 -.57 -1.15 -.74 1.21 -.36 -.82 -.30 -.85 -.04 -2.44 -.97 -1.15 1.29 2.62 2.57 .97 Net exports of goods and services.. -.05 .57 1.18 1.13 1.94 -.02 .01 .87 3.21 .84 1.04 -.63 1.50 2.88 1.47 -1.37 1.90 -.31 -2.78 Exports.......................... .93 1.02 .72 -1.18 1.84 .71 .76 1.71 1.32 .67 1.61 -.66 -3.03 -3.61 -.08 1.30 2.56 1.30 1.22 Goods.......................... .68 .75 .53 -1.04 .96 .95 .58 .98 .78 .78 1.24 -.41 -2.65 -3.14 -.26 1.29 2.19 1.09 1.13 Services....................... .25 .28 .19 -.15 .87 -.24 .17 .74 .54 -.11 .37 -.25 -.38 -.47 .18 .01 .37 .21 .09 Imports.......................... -.98 -.45 .46 2.32 .10 -.73 -.75 -.84 1.89 .18 -.57 .03 4.53 6.48 1.55 -2.67 -.66 -1.61 -4.00 Goods.......................... -.80 -.42 .52 2.20 .35 -.89 -.65 -.72 1.78 .42 -.75 .15 4.82 5.95 1.23 -2.64 -.68 -1.41 -3.96 Services....................... -.18 -.04 -.07 .12 -.25 .16 -.10 -.12 .11 -.24 .18 -.12 -.29 .53 .33 -.03 .02 -.20 -.04 Government consumption expenditures and gross investment.............. .26 .25 .54 .32 .21 -.09 .64 .66 .24 .44 .65 1.04 .31 -.61 1.24 .33 -.28 -.32 .88 Federal.......................... .15 .09 .51 .43 .08 -.33 .48 .64 .08 .47 .55 1.00 .61 -.40 1.11 .45 .01 .15 .72 National defense............... .07 .10 .36 .27 .38 -.34 .38 .47 .01 .32 .34 .93 .28 -.45 .85 .48 -.13 .02 .40 Consumption expenditures..... .03 .07 .27 .23 .24 -.27 .20 .45 .01 .31 .02 .81 .26 -.29 .67 .37 -.17 .02 .25 Gross investment............. .04 .03 .09 .04 .14 -.08 .17 .01 .00 .01 .32 .12 .02 -.17 .17 .12 .04 .01 .15 Nondefense..................... .07 -.02 .15 .16 -.30 .01 .10 .18 .07 .15 .21 .07 .33 .06 .26 -.03 .14 .13 .33 Consumption expenditures..... .05 -.02 .13 .14 -.30 .02 .08 .15 .08 .13 .17 .04 .30 .09 .25 -.07 .12 .07 .28 Gross investment............. .02 .00 .02 .01 .00 -.01 .03 .02 -.01 .02 .04 .03 .03 -.03 .01 .04 .02 .06 .05 State and local.................. .11 .17 .04 -.11 .14 .25 .16 .02 .16 -.04 .10 .04 -.30 -.21 .13 -.12 -.29 -.48 .16 Consumption expenditures....... .07 .15 .00 -.07 .24 .17 .14 .02 .09 -.06 -.05 .04 -.11 -.07 -.03 -.17 -.03 -.11 -.07 Gross investment............... .04 .02 .03 -.05 -.10 .07 .02 .00 .07 .02 .14 .00 -.19 -.15 .16 .05 -.25 -.36 .23 Addenda: Goods............................ 1.40 1.11 -.13 -.99 1.94 .55 1.69 .89 2.52 -.36 -.09 -3.01 -5.19 -.62 -.17 1.67 5.74 4.90 .57 Services......................... 1.45 1.43 .94 -.10 2.19 .92 1.23 1.87 1.53 .92 .69 -.08 .08 -.95 .61 -.10 .57 .02 .86 Structures....................... -.18 -.60 -.81 -1.54 -1.18 -.59 .32 -.49 -1.16 -1.28 -.01 -.91 -1.66 -3.30 -1.14 .02 -1.30 -1.18 .95 Motor vehicle output............. -.04 .00 -.53 -.56 -.33 .29 .13 -.06 -.45 -.23 -1.09 -.53 -1.72 -1.18 -.04 1.56 .25 .74 -.01 Final sales of computers......... .14 .10 .14 .03 .13 .02 .07 .26 .19 .11 .19 .04 .08 .05 -.06 -.02 .09 .10 .04 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 2.7 1.9 .0 -2.6 3.0 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 Previously published........... 2.7 2.1 .4 -2.4 3.0 1.2 3.2 3.6 2.1 -.7 1.5 -2.7 -5.4 -6.4 -.7 2.2 5.6 2.7 Percentage points at annual rates: Personal consumption expenditures.. 2.01 1.65 -.18 -.84 2.79 1.64 1.08 1.20 .98 -.54 .08 -2.46 -2.26 -.34 -1.12 1.41 .69 1.33 Previously published............. 2.01 1.84 -.17 -.42 2.79 2.54 .81 1.35 .86 -.39 .06 -2.49 -2.15 .44 -.62 1.96 1.16 2.13 Goods............................ .78 .66 -.60 -.46 1.39 .56 .34 .57 .27 -1.42 .08 -1.86 -2.57 .41 -.32 1.62 .42 1.29 Previously published........... .78 .75 -.50 -.46 1.39 .93 .05 .75 .71 -1.24 -.12 -1.89 -2.41 .56 -.71 1.59 .66 1.44 Durable goods.................. .35 .35 -.42 -.27 .46 .38 .38 .31 .20 -.92 -.23 -.95 -1.79 .35 -.21 1.35 -.07 .62 Previously published......... .35 .36 -.36 -.30 .46 .45 .18 .42 .44 -.75 -.46 -.95 -1.64 .28 -.41 1.36 .03 .83 Motor vehicles and parts..... -.10 .05 -.39 -.17 -.02 .06 .17 -.08 -.07 -.53 -.57 -.60 -.85 .26 -.10 .83 -.56 -.06 Previously published....... -.10 .04 -.38 -.21 -.02 .08 .05 -.10 .06 -.50 -.63 -.64 -.84 .14 -.14 .81 -.53 -.02 Furnishings and durable household equipment......... .11 .03 -.07 -.12 .04 .10 -.07 .04 .02 -.18 .09 -.20 -.33 -.15 -.12 .12 .16 .23 Previously published...... .11 .04 -.06 -.11 .04 .15 -.08 .07 .06 -.13 .05 -.22 -.27 -.13 -.15 .12 .19 .25 Recreational goods and vehicles.................... .30 .26 .08 .03 .44 .21 .20 .32 .23 -.13 .28 -.09 -.39 .19 -.05 .36 .34 .28 Previously published...... .30 .26 .13 .05 .44 .22 .16 .38 .33 -.04 .25 -.06 -.30 .20 -.11 .37 .35 .30 Other durable goods.......... .04 .01 -.04 -.02 .01 .01 .07 .03 .01 -.09 -.02 -.06 -.22 .06 .05 .05 -.01 .18 Previously published....... .04 .01 -.05 -.03 .01 .00 .05 .07 -.01 -.07 -.13 -.03 -.21 .07 -.02 .06 .02 .29 Nondurable goods............... .44 .31 -.18 -.18 .93 .17 -.03 .27 .07 -.50 .31 -.91 -.78 .06 -.11 .27 .49 .67 Previously published......... .44 .39 -.13 -.16 .93 .48 -.13 .33 .27 -.49 .35 -.94 -.78 .29 -.29 .23 .63 .60 Food and beverages purchased for off-premises consumption .17 .09 -.04 -.05 .33 -.01 -.11 .09 .19 -.07 -.01 -.26 -.50 .01 .20 .22 .28 .20 Previously published...... .17 .11 .00 -.03 .33 .10 -.14 .09 .22 .05 .03 -.29 -.41 .03 .20 .21 .27 .17 Clothing and footwear........ .12 .09 -.01 -.10 .17 .12 .04 .08 -.02 -.05 .23 -.27 -.28 -.07 -.10 .01 .13 .26 Previously published....... .12 .11 -.01 -.10 .17 .19 -.02 .11 .05 -.04 .16 -.27 -.21 -.04 -.20 -.01 .17 .26 Gasoline and other energy goods....................... -.05 -.02 -.13 .03 .00 -.05 -.07 -.01 -.12 -.22 -.13 -.41 .30 .14 -.01 -.04 -.05 .02 Previously published...... -.05 .02 -.12 .03 .00 .05 -.01 .01 -.10 -.23 -.11 -.42 .27 .17 .02 -.04 -.05 .00 Other nondurable goods....... .20 .16 .01 -.06 .43 .11 .11 .11 .02 -.15 .22 .03 -.29 -.02 -.20 .08 .14 .18 Previously published....... .20 .16 -.01 -.06 .43 .14 .03 .11 .10 -.27 .27 .04 -.43 .12 -.32 .07 .25 .18 Services......................... 1.22 .99 .41 -.38 1.40 1.08 .74 .62 .71 .88 .00 -.59 .30 -.75 -.79 -.21 .27 .03 Previously published........... 1.22 1.09 .32 .04 1.40 1.61 .76 .60 .15 .85 .17 -.60 .26 -.13 .09 .37 .49 .69 Household consumption expenditures (for services)... 1.06 .92 .25 -.30 1.38 1.16 .84 .36 .42 .74 -.04 -.79 .08 -.29 -.46 -.37 .12 .01 Previously published........ 1.06 1.02 .16 .11 1.38 1.69 .88 .34 -.14 .70 .13 -.79 .06 .34 .30 .24 .38 .61 Housing and utilities........ .27 .08 .09 .14 -.16 .10 -.03 .12 -.07 .31 .04 -.20 .60 .01 .06 .24 .23 -.06 Previously published....... .27 .12 .12 .07 -.16 .21 .03 .14 -.04 .33 .11 -.18 .46 .02 -.16 .07 .33 .09 Health care.................. .19 .24 .29 .23 .37 .47 .16 .14 .29 .58 .29 -.02 .23 .40 .38 -.01 .21 -.04 Previously published....... .19 .27 .31 .23 .37 .53 .20 .18 .30 .65 .28 -.06 .19 .37 .44 .02 .25 .20 Transportation services...... -.01 .02 -.12 -.18 .09 .05 .00 -.04 -.06 -.11 -.15 -.18 -.31 -.23 -.10 -.07 -.02 .07 Previously published....... -.01 .03 -.11 -.08 .09 .05 .01 -.03 -.07 -.17 -.15 -.11 -.17 -.15 .02 .08 .02 -.02 Recreation services.......... .08 .11 -.01 -.06 .22 .05 .10 .11 .00 -.01 -.03 -.12 -.09 .02 -.08 -.12 -.03 .00 Previously published....... .08 .10 .00 -.03 .22 .08 .04 .08 .00 -.01 .04 -.08 -.10 .05 -.04 -.08 .00 .02 Food services and accommodations.............. .13 .07 -.03 -.16 .18 -.01 .15 .12 .16 -.23 .06 -.15 -.30 -.19 -.16 -.06 .02 .29 Previously published...... .13 .05 -.02 -.12 .18 .03 .04 .05 .09 -.10 .11 -.11 -.35 -.07 -.10 -.09 -.04 .26 Financial services and insurance................... .18 .24 .03 -.21 .40 .21 .30 .13 .14 .02 -.08 .03 -.26 -.30 -.23 -.21 -.21 -.16 Previously published...... .18 .28 -.10 -.02 .40 .43 .42 .08 -.25 -.13 -.07 -.16 -.24 .03 .14 .17 -.15 .06 Other services............... .21 .16 -.02 -.07 .28 .28 .15 -.22 -.04 .18 -.16 -.14 .22 .00 -.34 -.14 -.08 -.08 Previously published....... .21 .18 -.04 .06 .28 .36 .14 -.16 -.17 .13 -.18 -.09 .27 .10 .01 .07 -.02 .01 Final consumption expenditures of nonprofit institutions serving households............ .17 .08 .16 -.08 .01 -.08 -.10 .27 .29 .14 .04 .20 .22 -.46 -.34 .16 .15 .02 Previously published........ .17 .07 .16 -.07 .01 -.08 -.12 .26 .28 .15 .05 .18 .20 -.46 -.21 .13 .11 .08 Gross output of nonprofit institutions................ .21 .17 .18 .04 .19 .29 .00 .07 .27 .30 .11 .08 .32 -.11 -.05 -.02 .12 -.07 Previously published...... .21 .18 .24 .01 .19 .30 .01 .13 .34 .44 .17 .07 .24 -.22 .01 -.04 .11 .03 Less: Receipts from sales of goods and services by nonprofit institutions...... .04 .09 .02 .12 .18 .37 .10 -.20 -.02 .17 .07 -.11 .10 .34 .28 -.18 -.03 -.09 Previously published...... .04 .11 .09 .08 .18 .37 .13 -.14 .06 .29 .12 -.11 .04 .24 .22 -.17 .00 -.04 Gross private domestic investment.. .46 -.53 -1.53 -3.24 -1.99 -.65 1.51 -.46 -1.53 -1.47 -1.17 -1.95 -6.32 -6.80 -2.30 1.22 2.70 3.04 Previously published............. .46 -.65 -1.18 -3.45 -1.99 -1.05 .92 .14 -1.29 -1.20 -1.66 -1.04 -3.91 -8.98 -3.10 .54 4.39 1.82 Fixed investment................. .39 -.30 -1.02 -2.69 -.91 -.15 .62 -.18 -.76 -.98 -.69 -1.83 -4.01 -5.71 -1.26 .12 -.12 .39 Previously published........... .39 -.35 -.81 -2.74 -.91 -.43 .59 -.04 -.66 -.99 -.41 -1.30 -3.28 -6.62 -1.68 -.15 .61 -.06 Nonresidential................. .84 .75 .03 -1.96 .27 .75 1.23 1.06 .67 .25 -.16 -1.00 -2.84 -4.49 -.72 -.13 -.10 .71 Previously published......... .84 .70 .19 -2.08 .27 .46 1.25 1.10 .78 .25 .19 -.73 -2.47 -5.29 -1.01 -.59 .51 .21 Structures................... .27 .46 .22 -.81 .05 .35 .88 .82 .28 .00 .30 -.14 -.36 -1.99 -.76 -.41 -1.01 -.53 Previously published....... .27 .49 .39 -.83 .05 .50 .75 .91 .42 .27 .56 .00 -.31 -2.28 -.69 -.68 -.62 -.49 Equipment and software....... .58 .29 -.19 -1.15 .22 .40 .35 .24 .39 .25 -.46 -.86 -2.47 -2.50 .04 .28 .91 1.24 Previously published....... .58 .20 -.20 -1.25 .22 -.04 .51 .19 .36 -.02 -.38 -.73 -2.15 -3.01 -.32 .10 1.13 .71 Information processing equipment and software.... .31 .33 .23 .01 .11 .64 .11 .32 .61 .38 .25 -.19 -.52 -.25 .36 .52 .79 .32 Previously published.... .31 .29 .22 -.21 .11 .46 .19 .32 .53 .39 .26 -.17 -.70 -.79 .19 .27 .92 .23 Computers and peripheral equipment............... .13 .08 .08 -.01 .01 .15 -.03 .11 .15 .19 .11 -.12 -.19 -.07 .09 .12 .36 .03 Previously published.. .13 .11 .05 -.03 .01 .18 .02 .13 .20 .12 .03 -.19 -.19 -.08 .08 .05 .37 .02 Software................. .07 .10 .10 .03 .13 .18 .01 .06 .09 .26 .04 .04 -.04 -.12 .16 .13 .25 .17 Previously published... .07 .11 .11 -.12 .13 .07 .12 .11 .20 .22 .09 -.06 -.17 -.47 .02 .09 .35 .18 Other.................... .10 .14 .05 -.02 -.03 .30 .13 .15 .38 -.07 .10 -.11 -.30 -.07 .12 .27 .18 .12 Previously published... .10 .08 .06 -.06 -.03 .22 .05 .08 .12 .05 .14 .07 -.34 -.24 .09 .13 .19 .03 Industrial equipment....... .10 .05 -.06 -.31 .03 -.09 .38 .01 -.27 .04 -.04 -.11 -.30 -.78 -.17 -.11 -.03 .00 Previously published..... .10 .06 -.05 -.32 .03 -.10 .45 -.03 -.22 .02 -.02 -.15 -.20 -.82 -.18 -.15 -.07 .01 Transportation equipment... .12 -.08 -.31 -.54 .05 -.01 -.32 -.08 .04 -.02 -.67 -.59 -1.16 -.92 .22 -.05 .20 .62 Previously published..... .12 -.14 -.35 -.45 .05 -.22 -.30 -.18 .00 -.27 -.58 -.54 -.87 -.92 .09 .10 .31 .17 Other equipment............ .05 -.01 -.05 -.30 .03 -.13 .18 -.01 .00 -.14 .01 .04 -.50 -.55 -.38 -.07 -.05 .30 Previously published..... .05 -.01 -.03 -.27 .03 -.18 .16 .08 .05 -.16 -.04 .13 -.38 -.48 -.42 -.12 -.03 .30 Residential.................... -.45 -1.05 -1.05 -.74 -1.18 -.91 -.62 -1.24 -1.43 -1.23 -.53 -.84 -1.18 -1.22 -.54 .25 -.02 -.32 Previously published......... -.45 -1.05 -1.00 -.66 -1.18 -.89 -.66 -1.14 -1.44 -1.24 -.60 -.57 -.81 -1.33 -.67 .43 .10 -.27 Change in private inventories.... .07 -.23 -.51 -.55 -1.08 -.49 .90 -.28 -.77 -.49 -.48 -.12 -2.31 -1.09 -1.03 1.10 2.83 2.64 Previously published........... .07 -.30 -.37 -.71 -1.08 -.61 .32 .19 -.63 -.21 -1.25 .26 -.64 -2.36 -1.42 .69 3.79 1.88 Farm........................... -.03 .03 .01 .02 .08 .25 -.31 .08 .06 -.19 .37 -.08 .13 -.11 .12 -.19 .21 .07 Previously published......... -.03 .03 -.04 .04 .08 .27 -.31 .06 .03 -.29 .34 -.09 .10 .05 .05 -.01 -.22 .06 Nonfarm........................ .10 -.26 -.53 -.57 -1.15 -.74 1.21 -.36 -.82 -.30 -.85 -.04 -2.44 -.97 -1.15 1.29 2.62 2.57 Previously published......... .10 -.33 -.33 -.75 -1.15 -.88 .64 .13 -.66 .08 -1.59 .35 -.74 -2.41 -1.47 .70 4.01 1.82 Net exports of goods and services.. -.05 .57 1.18 1.13 1.94 -.02 .01 .87 3.21 .84 1.04 -.63 1.50 2.88 1.47 -1.37 1.90 -.31 Previously published............. -.05 .63 1.20 1.07 1.94 -.29 .66 1.36 2.24 .36 2.35 -.10 .45 2.64 1.65 -.81 .27 -.82 Exports.......................... .93 1.02 .72 -1.18 1.84 .71 .76 1.71 1.32 .67 1.61 -.66 -3.03 -3.61 -.08 1.30 2.56 1.30 Previously published........... .93 .96 .64 -1.18 1.84 .39 .58 1.99 1.65 -.02 1.47 -.48 -2.67 -3.95 -.45 1.78 2.36 1.27 Goods.......................... .68 .75 .53 -1.04 .96 .95 .58 .98 .78 .78 1.24 -.41 -2.65 -3.14 -.26 1.29 2.19 1.09 Previously published......... .68 .57 .48 -1.02 .96 .23 .48 1.11 .97 .34 1.17 -.17 -2.50 -3.41 -.45 1.58 2.26 1.08 Services....................... .25 .28 .19 -.15 .87 -.24 .17 .74 .54 -.11 .37 -.25 -.38 -.47 .18 .01 .37 .21 Previously published......... .25 .39 .16 -.16 .87 .16 .10 .88 .68 -.36 .30 -.31 -.17 -.54 .00 .20 .10 .19 Imports.......................... -.98 -.45 .46 2.32 .10 -.73 -.75 -.84 1.89 .18 -.57 .03 4.53 6.48 1.55 -2.67 -.66 -1.61 Previously published........... -.98 -.33 .56 2.24 .10 -.68 .08 -.63 .60 .38 .88 .38 3.12 6.58 2.09 -2.59 -2.09 -2.09 Goods.......................... -.80 -.42 .52 2.20 .35 -.89 -.65 -.72 1.78 .42 -.75 .15 4.82 5.95 1.23 -2.64 -.68 -1.41 Previously published......... -.80 -.24 .58 2.15 .35 -.67 .13 -.41 .51 .46 .67 .55 3.09 6.25 1.89 -2.41 -2.14 -1.90 Services....................... -.18 -.04 -.07 .12 -.25 .16 -.10 -.12 .11 -.24 .18 -.12 -.29 .53 .33 -.03 .02 -.20 Previously published......... -.18 -.09 -.02 .10 -.25 -.01 -.05 -.22 .08 -.08 .21 -.17 .03 .34 .21 -.18 .05 -.19 Government consumption expenditures and gross investment.............. .26 .25 .54 .32 .21 -.09 .64 .66 .24 .44 .65 1.04 .31 -.61 1.24 .33 -.28 -.32 Previously published............ .26 .32 .59 .37 .21 .00 .82 .75 .31 .51 .71 .95 .24 -.52 1.33 .55 -.26 -.39 Federal.......................... .15 .09 .51 .43 .08 -.33 .48 .64 .08 .47 .55 1.00 .61 -.40 1.11 .45 .01 .15 Previously published........... .15 .09 .53 .39 .08 -.36 .50 .63 .19 .56 .55 .93 .49 -.33 .85 .62 .01 .10 National defense............... .07 .10 .36 .27 .38 -.34 .38 .47 .01 .32 .34 .93 .28 -.45 .85 .48 -.13 .02 Previously published......... .07 .10 .37 .28 .38 -.37 .39 .46 .03 .39 .34 .93 .20 -.27 .70 .45 -.20 .06 Consumption expenditures..... .03 .07 .27 .23 .24 -.27 .20 .45 .01 .31 .02 .81 .26 -.29 .67 .37 -.17 .02 Previously published....... .03 .07 .27 .22 .24 -.31 .24 .43 .03 .27 .10 .81 .15 -.22 .53 .36 -.06 .03 Gross investment............. .04 .03 .09 .04 .14 -.08 .17 .01 .00 .01 .32 .12 .02 -.17 .17 .12 .04 .01 Previously published....... .04 .04 .10 .06 .14 -.06 .15 .03 .00 .11 .24 .13 .05 -.05 .17 .09 -.14 .03 Nondefense..................... .07 -.02 .15 .16 -.30 .01 .10 .18 .07 .15 .21 .07 .33 .06 .26 -.03 .14 .13 Previously published......... .07 -.01 .16 .11 -.30 .01 .11 .17 .16 .17 .21 .00 .29 -.06 .15 .17 .21 .04 Consumption expenditures..... .05 -.02 .13 .14 -.30 .02 .08 .15 .08 .13 .17 .04 .30 .09 .25 -.07 .12 .07 Previously published....... .05 -.02 .14 .10 -.30 .02 .08 .14 .16 .18 .16 -.02 .16 .06 .12 .14 .19 .05 Gross investment............. .02 .00 .02 .01 .00 -.01 .03 .02 -.01 .02 .04 .03 .03 -.03 .01 .04 .02 .06 Previously published....... .02 .00 .02 .01 .00 -.01 .03 .03 .00 -.01 .05 .02 .13 -.11 .03 .04 .02 -.01 State and local.................. .11 .17 .04 -.11 .14 .25 .16 .02 .16 -.04 .10 .04 -.30 -.21 .13 -.12 -.29 -.48 Previously published........... .11 .23 .06 -.02 .14 .36 .32 .11 .12 -.05 .15 .01 -.25 -.19 .48 -.08 -.27 -.48 Consumption expenditures....... .07 .15 .00 -.07 .24 .17 .14 .02 .09 -.06 -.05 .04 -.11 -.07 -.03 -.17 -.03 -.11 Previously published......... .07 .17 .07 -.02 .24 .18 .21 .09 .07 .07 .02 .08 .04 -.04 .01 -.20 -.01 -.08 Gross investment............... .04 .02 .03 -.05 -.10 .07 .02 .00 .07 .02 .14 .00 -.19 -.15 .16 .05 -.25 -.36 Previously published......... .04 .06 -.01 -.01 -.10 .18 .11 .02 .05 -.13 .14 -.06 -.28 -.15 .47 .12 -.26 -.41 Addenda: Goods............................ 1.40 1.11 -.13 -.99 1.94 .55 1.69 .89 2.52 -.36 -.09 -3.01 -5.19 -.62 -.17 1.67 5.74 4.90 Previously published........... 1.40 1.01 .11 -1.28 1.94 -.22 1.64 1.88 1.95 -.55 .36 -1.91 -4.54 -2.19 -.84 1.60 5.68 3.22 Services......................... 1.45 1.43 .94 -.10 2.19 .92 1.23 1.87 1.53 .92 .69 -.08 .08 -.95 .61 -.10 .57 .02 Previously published........... 1.45 1.61 .94 .28 2.19 1.65 1.34 1.92 1.17 .94 .96 -.22 .46 -.53 .96 .70 .76 .69 Structures....................... -.18 -.60 -.81 -1.54 -1.18 -.59 .32 -.49 -1.16 -1.28 -.01 -.91 -1.66 -3.30 -1.14 .02 -1.30 -1.18 Previously published........... -.18 -.49 -.61 -1.44 -1.18 -.23 .24 -.21 -1.00 -1.12 .13 -.55 -1.30 -3.70 -.86 -.06 -.89 -1.17 Motor vehicle output............. -.04 .00 -.53 -.56 -.33 .29 .13 -.06 -.45 -.23 -1.09 -.53 -1.72 -1.18 -.04 1.56 .25 .74 Previously published........... -.04 -.04 -.52 -.53 -.33 -.03 .17 .10 -.30 -.64 -1.08 -.15 -1.41 -1.69 .19 1.45 .45 .40 Final sales of computers......... .14 .10 .14 .03 .13 .02 .07 .26 .19 .11 .19 .04 .08 .05 -.06 -.02 .09 .10 Previously published........... .14 .13 .12 .01 .13 .02 .15 .29 .19 .06 .16 -.02 .02 .06 -.04 -.08 .01 .09 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 3A. Gross Domestic Product and Related Measures--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 -------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 13,398.9 14,061.8 14,369.1 14,119.0 13,183.5 13,347.8 13,452.9 13,611.5 13,789.5 14,008.2 Personal consumption expenditures... 9,322.7 9,806.3 10,104.5 10,001.3 9,148.2 9,266.6 9,391.8 9,484.1 9,632.8 9,753.2 Goods............................. 3,221.7 3,357.7 3,379.5 3,230.7 3,180.8 3,206.5 3,250.5 3,249.1 3,293.8 3,343.4 Durable goods................... 1,133.0 1,159.4 1,083.5 1,026.5 1,132.5 1,125.1 1,132.4 1,142.2 1,149.8 1,158.7 Motor vehicles and parts...... 397.1 402.5 343.2 319.7 395.5 394.5 400.4 398.1 399.1 405.3 Furnishings and durable household equipment.......... 276.5 277.7 266.0 248.1 278.1 275.0 276.0 277.0 280.0 277.8 Recreational goods and vehicles..................... 323.4 336.4 331.6 317.5 322.7 320.3 320.9 329.9 331.0 333.5 Other durable goods........... 136.0 142.8 142.6 141.1 136.2 135.4 135.0 137.2 139.7 142.0 Nondurable goods................ 2,088.7 2,198.2 2,296.0 2,204.2 2,048.3 2,081.4 2,118.1 2,106.9 2,143.9 2,184.7 Food and beverages purchased for off-premises consumption. 698.0 737.4 775.2 777.9 684.9 692.3 699.8 714.8 724.0 730.2 Clothing and footwear......... 330.1 338.9 334.1 322.2 326.3 327.2 330.7 336.0 340.1 337.9 Gasoline and other energy goods........................ 336.9 366.6 411.4 303.7 324.5 343.3 363.3 316.7 332.6 365.1 Other nondurable goods........ 723.7 755.3 775.4 800.4 712.6 718.6 724.4 739.3 747.2 751.5 Services.......................... 6,100.9 6,448.6 6,725.0 6,770.6 5,967.4 6,060.1 6,141.3 6,235.0 6,339.0 6,409.8 Household consumption expenditures (for services).... 5,860.6 6,194.5 6,446.1 6,511.8 5,740.2 5,822.9 5,893.1 5,986.2 6,089.8 6,164.2 Housing and utilities......... 1,686.0 1,755.8 1,833.1 1,876.3 1,645.8 1,677.0 1,705.7 1,715.3 1,737.3 1,748.8 Health care................... 1,380.7 1,465.4 1,547.2 1,623.2 1,360.6 1,374.4 1,383.6 1,404.4 1,441.0 1,455.0 Transportation services....... 297.0 307.1 306.9 290.1 292.5 296.6 297.8 301.0 305.0 306.2 Recreation services........... 348.8 373.2 383.4 378.8 339.5 344.2 351.4 360.2 364.5 371.4 Food services and accommodations............... 559.7 592.0 611.3 603.6 555.9 555.0 558.9 569.2 574.9 586.6 Financial services and insurance.................... 752.4 818.9 848.1 813.8 733.4 745.0 753.0 778.1 795.6 811.5 Other services................ 836.0 882.2 916.0 925.9 812.5 830.7 842.7 858.0 871.5 884.8 Final consumption expenditures of nonprofit institutions serving households............. 240.4 254.2 278.8 258.9 227.2 237.2 248.1 248.8 249.2 245.6 Gross output of nonprofit institutions................. 933.6 985.6 1,037.6 1,058.1 912.8 928.6 940.5 952.5 972.3 977.9 Less: Receipts from sales of goods and services by nonprofit institutions....... 693.3 731.4 758.8 799.2 685.6 691.4 692.4 703.6 723.1 732.3 Gross private domestic investment... 2,327.2 2,295.2 2,096.7 1,589.2 2,336.5 2,352.1 2,333.5 2,286.5 2,277.4 2,329.6 Fixed investment.................. 2,267.2 2,266.1 2,137.8 1,716.4 2,270.6 2,279.7 2,264.4 2,254.2 2,260.4 2,282.1 Nonresidential.................. 1,505.3 1,637.5 1,665.3 1,364.4 1,457.2 1,495.3 1,522.7 1,546.1 1,579.6 1,624.9 Structures.................... 433.7 524.9 582.4 451.6 396.8 428.6 447.6 461.7 479.5 512.3 Equipment and software........ 1,071.7 1,112.6 1,082.9 912.8 1,060.5 1,066.7 1,075.1 1,084.4 1,100.1 1,112.6 Information processing equipment and software..... 505.2 536.6 549.9 530.7 498.7 500.5 510.1 511.6 531.4 532.1 Computers and peripheral equipment................ 84.9 87.0 88.6 80.0 84.0 84.1 86.7 84.8 88.1 84.7 Software.................. 229.8 245.0 259.7 260.2 223.3 227.5 232.1 236.2 242.8 243.3 Other..................... 190.6 204.6 201.6 190.4 191.4 188.9 191.4 190.5 200.6 204.2 Industrial equipment........ 178.4 193.0 193.7 150.4 168.0 180.7 181.4 183.7 182.7 197.8 Transportation equipment.... 198.2 190.2 147.2 76.4 203.8 195.5 195.3 198.2 199.0 188.8 Other equipment............. 189.8 192.8 192.1 155.4 190.0 190.0 188.2 191.0 187.0 193.9 Residential..................... 761.9 628.6 472.5 352.1 813.3 784.4 741.7 708.1 680.7 657.2 Change in private inventories..... 60.0 29.1 -41.1 -127.2 66.0 72.4 69.1 32.3 17.0 47.5 Farm............................ -3.6 -.7 1.6 3.8 3.7 -8.1 -6.3 -3.6 5.2 -5.0 Nonfarm......................... 63.6 29.8 -42.7 -131.1 62.3 80.6 75.4 36.0 11.8 52.5 Net exports of goods and services... -769.3 -714.0 -710.4 -386.4 -775.8 -781.4 -805.7 -714.3 -725.1 -730.7 Exports........................... 1,471.0 1,661.7 1,843.4 1,578.4 1,414.0 1,456.0 1,476.0 1,538.2 1,575.5 1,619.1 Goods........................... 1,024.4 1,162.0 1,295.1 1,063.1 985.1 1,016.5 1,030.6 1,065.4 1,105.4 1,138.3 Services........................ 446.6 499.7 548.3 515.3 428.9 439.6 445.3 472.8 470.2 480.8 Imports........................... 2,240.3 2,375.7 2,553.8 1,964.7 2,189.8 2,237.4 2,281.7 2,252.5 2,300.6 2,349.8 Goods........................... 1,884.9 2,001.6 2,148.8 1,587.8 1,842.9 1,884.3 1,925.0 1,887.5 1,939.0 1,978.9 Services........................ 355.4 374.0 405.0 376.9 346.9 353.1 356.6 365.0 361.6 370.9 Government consumption expenditures and gross investment............... 2,518.4 2,674.2 2,878.3 2,914.9 2,474.5 2,510.5 2,533.3 2,555.2 2,604.4 2,656.0 Federal........................... 931.7 976.3 1,079.9 1,139.6 928.5 930.3 932.2 935.9 944.0 968.7 National defense................ 624.9 662.3 737.3 771.6 615.5 624.1 623.3 636.6 637.6 657.0 Consumption expenditures...... 543.9 575.4 635.7 664.1 538.3 541.2 543.7 552.3 555.8 569.0 Gross investment.............. 81.0 86.9 101.7 107.5 77.2 82.8 79.6 84.3 81.8 88.0 Nondefense...................... 306.8 314.0 342.5 368.0 313.0 306.2 308.9 299.3 306.4 311.7 Consumption expenditures...... 267.1 273.5 299.0 323.0 272.1 267.2 269.4 259.8 267.0 271.4 Gross investment.............. 39.7 40.5 43.6 45.0 40.9 39.0 39.4 39.5 39.4 40.3 State and local................... 1,586.7 1,697.9 1,798.5 1,775.3 1,546.1 1,580.2 1,601.2 1,619.4 1,660.3 1,687.3 Consumption expenditures........ 1,282.3 1,368.9 1,448.2 1,424.4 1,254.5 1,274.6 1,292.7 1,307.6 1,337.8 1,360.6 Gross investment................ 304.4 329.0 350.3 351.0 291.6 305.6 308.5 311.8 322.6 326.7 Addenda: Final sales of domestic product... 13,339.0 14,032.7 14,410.2 14,246.3 13,117.5 13,275.4 13,383.8 13,579.2 13,772.5 13,960.6 Gross domestic purchases.......... 14,168.2 14,775.8 15,079.5 14,505.4 13,959.3 14,129.2 14,258.6 14,325.8 14,514.6 14,738.8 Final sales to domestic purchasers 14,108.3 14,746.6 15,120.6 14,632.7 13,893.3 14,056.8 14,189.5 14,293.5 14,497.6 14,691.3 Gross domestic product............ 13,398.9 14,061.8 14,369.1 14,119.0 13,183.5 13,347.8 13,452.9 13,611.5 13,789.5 14,008.2 Plus: Income receipts from the rest of the world....... 721.1 871.0 839.2 629.8 659.0 716.4 741.6 767.2 797.6 862.6 Less: Income payments to the rest of the world............ 648.6 747.7 664.7 483.6 578.5 640.9 679.7 695.5 727.4 783.1 Equals: Gross national product.... 13,471.3 14,185.1 14,543.6 14,265.3 13,264.0 13,423.3 13,514.8 13,683.2 13,859.8 14,087.6 Net domestic product.............. 11,738.2 12,294.3 12,519.9 12,257.9 11,565.5 11,699.7 11,777.7 11,910.2 12,055.6 12,250.5 -------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 3A. Gross Domestic Product and Related Measures--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 -------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 14,158.2 14,291.3 14,328.4 14,471.8 14,484.9 14,191.2 14,049.7 14,034.5 14,114.7 14,277.3 14,446.4 14,597.7 Personal consumption expenditures... 9,850.8 9,988.4 10,065.7 10,183.0 10,202.0 9,967.2 9,913.0 9,920.1 10,040.7 10,131.5 10,230.8 10,273.6 Goods............................. 3,369.8 3,423.8 3,415.4 3,458.7 3,450.0 3,194.0 3,158.4 3,175.4 3,276.1 3,312.9 3,380.0 3,377.3 Durable goods................... 1,163.2 1,166.0 1,131.1 1,117.1 1,080.2 1,005.6 1,012.2 1,004.7 1,045.2 1,043.9 1,060.7 1,075.8 Motor vehicles and parts...... 403.4 402.2 381.5 358.4 334.9 298.1 306.2 306.5 339.1 327.0 328.3 338.0 Furnishings and durable household equipment.......... 277.1 275.9 270.6 272.8 266.6 254.2 249.8 246.4 246.9 249.3 255.3 258.5 Recreational goods and vehicles..................... 338.6 342.5 334.7 340.5 334.5 316.8 317.8 311.4 317.1 323.9 328.8 330.9 Other durable goods........... 144.1 145.5 144.3 145.5 144.2 136.5 138.4 140.3 142.1 143.7 148.3 148.3 Nondurable goods................ 2,206.6 2,257.8 2,284.3 2,341.6 2,369.9 2,188.4 2,146.2 2,170.7 2,231.0 2,269.0 2,319.3 2,301.5 Food and beverages purchased for off-premises consumption. 740.6 755.0 762.6 777.6 785.2 775.4 773.8 774.2 777.0 786.5 797.4 795.2 Clothing and footwear......... 338.2 339.3 336.4 342.0 335.6 322.3 321.8 319.1 322.4 325.5 333.8 335.6 Gasoline and other energy goods........................ 369.5 399.1 419.7 444.4 467.0 314.4 264.8 279.9 326.2 344.1 364.1 338.1 Other nondurable goods........ 758.3 764.4 765.6 777.5 782.0 776.3 785.7 797.6 805.5 812.9 824.1 832.6 Services.......................... 6,481.1 6,564.6 6,650.3 6,724.3 6,751.9 6,773.3 6,754.6 6,744.7 6,764.6 6,818.6 6,850.9 6,896.3 Household consumption expenditures (for services).... 6,224.3 6,299.5 6,378.9 6,449.8 6,469.3 6,486.5 6,489.6 6,493.8 6,507.5 6,556.2 6,589.6 6,631.9 Housing and utilities......... 1,762.0 1,775.0 1,802.1 1,827.0 1,839.7 1,863.8 1,870.2 1,870.0 1,877.5 1,887.6 1,887.1 1,884.1 Health care................... 1,470.3 1,495.3 1,524.0 1,543.5 1,552.8 1,568.5 1,594.4 1,618.9 1,629.5 1,650.1 1,657.5 1,670.9 Transportation services....... 307.9 309.4 309.8 310.3 308.0 299.6 293.2 288.8 288.3 290.2 294.6 299.8 Recreation services........... 376.3 380.5 383.5 385.3 384.8 380.2 381.4 378.5 377.9 377.3 376.8 374.5 Food services and accommodations............... 598.1 608.3 605.9 613.3 616.1 610.0 606.0 602.6 601.2 604.7 615.2 623.6 Financial services and insurance.................... 826.1 842.3 848.3 856.3 850.5 837.5 816.5 813.3 809.3 816.3 824.9 836.1 Other services................ 883.7 888.7 905.4 914.1 917.5 926.9 927.9 921.8 923.8 930.1 933.3 943.0 Final consumption expenditures of nonprofit institutions serving households............. 256.7 265.1 271.4 274.5 282.6 286.7 265.0 250.9 257.1 262.4 261.3 264.4 Gross output of nonprofit institutions................. 987.5 1,004.6 1,021.6 1,033.0 1,042.4 1,053.5 1,050.4 1,052.2 1,059.0 1,070.7 1,071.5 1,082.4 Less: Receipts from sales of goods and services by nonprofit institutions....... 730.8 739.5 750.2 758.5 759.7 766.8 785.4 801.3 801.9 808.3 810.2 818.0 Gross private domestic investment... 2,313.4 2,260.4 2,198.8 2,170.9 2,111.3 1,905.8 1,640.4 1,530.2 1,548.5 1,637.7 1,739.7 1,848.7 Fixed investment.................. 2,274.0 2,247.9 2,212.5 2,194.1 2,140.8 2,003.8 1,782.3 1,709.8 1,691.8 1,681.9 1,689.8 1,762.8 Nonresidential.................. 1,660.7 1,684.6 1,695.4 1,697.5 1,678.2 1,590.1 1,415.2 1,367.5 1,343.8 1,330.9 1,349.6 1,404.4 Structures.................... 545.5 562.2 567.1 584.4 590.4 587.9 507.5 464.0 436.6 398.2 380.1 387.5 Equipment and software........ 1,115.1 1,122.4 1,128.3 1,113.2 1,087.9 1,002.2 907.8 903.5 907.2 932.7 969.5 1,016.9 Information processing equipment and software..... 534.9 548.0 556.9 562.8 552.2 527.9 511.5 518.6 533.7 559.0 568.0 584.4 Computers and peripheral equipment................ 86.1 89.3 92.6 94.4 88.1 79.4 75.0 76.0 78.9 90.1 90.5 99.2 Software.................. 245.3 248.7 257.7 260.2 261.9 259.1 253.6 257.7 260.0 269.4 274.7 279.2 Other..................... 203.5 210.0 206.6 208.1 202.1 189.4 182.8 184.8 194.7 199.5 202.8 206.1 Industrial equipment........ 199.7 191.9 195.3 197.2 196.5 185.7 157.1 150.8 147.1 146.4 146.8 163.0 Transportation equipment.... 186.2 186.6 184.9 161.3 141.6 100.9 70.9 79.8 76.0 78.8 97.0 108.0 Other equipment............. 194.4 195.8 191.3 191.8 197.6 187.7 168.3 154.4 150.5 148.6 157.7 161.5 Residential..................... 613.3 563.3 517.1 496.6 462.5 413.7 367.0 342.2 348.0 351.0 340.2 358.5 Change in private inventories..... 39.4 12.6 -13.7 -23.3 -29.4 -98.0 -141.9 -179.5 -143.3 -44.2 50.0 85.9 Farm............................ -2.3 -.8 -7.3 5.0 2.3 6.5 2.4 6.6 -.7 7.1 9.3 11.8 Nonfarm......................... 41.6 13.4 -6.4 -28.3 -31.7 -104.5 -144.2 -186.1 -142.6 -51.3 40.7 74.1 Net exports of goods and services... -704.4 -695.7 -738.5 -751.9 -763.1 -588.4 -375.7 -335.2 -408.3 -426.4 -479.9 -518.2 Exports........................... 1,690.3 1,761.8 1,819.9 1,925.3 1,927.3 1,700.9 1,521.2 1,520.2 1,582.1 1,689.9 1,757.8 1,823.7 Goods........................... 1,179.3 1,225.1 1,279.4 1,364.9 1,367.6 1,168.3 1,014.5 1,011.7 1,068.6 1,157.6 1,213.0 1,270.4 Services........................ 511.0 536.7 540.5 560.4 559.6 532.6 506.7 508.5 513.6 532.3 544.8 553.3 Imports........................... 2,394.7 2,457.5 2,558.4 2,677.2 2,690.4 2,289.3 1,896.9 1,855.3 1,990.5 2,116.3 2,237.6 2,341.9 Goods........................... 2,013.7 2,074.9 2,161.1 2,273.4 2,276.9 1,883.8 1,519.9 1,485.7 1,613.8 1,731.8 1,843.5 1,941.9 Services........................ 381.0 382.6 397.3 403.7 413.5 405.5 377.0 369.7 376.6 384.5 394.1 399.9 Government consumption expenditures and gross investment............... 2,698.4 2,738.2 2,802.3 2,869.8 2,934.7 2,906.5 2,872.0 2,919.3 2,933.8 2,934.5 2,955.7 2,993.5 Federal........................... 992.1 1,000.6 1,033.4 1,065.2 1,105.5 1,115.4 1,103.2 1,139.8 1,155.4 1,159.9 1,178.1 1,206.6 National defense................ 674.7 679.9 702.1 724.9 762.1 760.2 743.9 769.9 787.3 785.4 796.3 812.9 Consumption expenditures...... 585.8 590.9 612.2 622.8 655.1 652.5 642.8 663.4 676.9 673.5 684.0 695.1 Gross investment.............. 88.9 89.0 89.9 102.1 107.0 107.7 101.0 106.5 110.4 111.9 112.4 117.8 Nondefense...................... 317.4 320.7 331.3 340.3 343.4 355.1 359.4 369.8 368.1 374.5 381.8 393.7 Consumption expenditures...... 276.2 279.6 289.7 297.3 299.2 309.8 315.3 325.6 322.8 328.3 333.3 343.6 Gross investment.............. 41.2 41.1 41.7 43.0 44.2 45.4 44.1 44.2 45.3 46.2 48.4 50.1 State and local................... 1,706.4 1,737.6 1,768.9 1,804.6 1,829.2 1,791.2 1,768.8 1,779.5 1,778.4 1,774.7 1,777.6 1,787.0 Consumption expenditures........ 1,376.2 1,401.0 1,427.8 1,455.0 1,474.2 1,435.7 1,415.7 1,424.0 1,425.6 1,432.2 1,447.4 1,447.3 Gross investment................ 330.2 336.7 341.1 349.6 355.0 355.5 353.0 355.5 352.8 342.4 330.2 339.7 Addenda: Final sales of domestic product... 14,118.8 14,278.8 14,342.1 14,495.1 14,514.3 14,289.2 14,191.6 14,214.0 14,258.0 14,321.5 14,396.4 14,511.8 Gross domestic purchases.......... 14,862.6 14,987.0 15,066.8 15,223.7 15,248.0 14,779.5 14,425.4 14,369.6 14,523.0 14,703.7 14,926.3 15,115.9 Final sales to domestic purchasers 14,823.3 14,974.4 15,080.6 15,247.0 15,277.4 14,877.5 14,567.2 14,549.1 14,666.3 14,748.0 14,876.3 15,030.0 Gross domestic product............ 14,158.2 14,291.3 14,328.4 14,471.8 14,484.9 14,191.2 14,049.7 14,034.5 14,114.7 14,277.3 14,446.4 14,597.7 Plus: Income receipts from the rest of the world....... 905.6 918.0 890.0 881.0 855.8 730.0 615.6 611.7 627.4 664.7 693.7 ..... Less: Income payments to the rest of the world............ 760.8 719.4 697.6 705.5 651.5 604.0 493.1 482.0 460.1 499.1 502.6 ..... Equals: Gross national product.... 14,302.9 14,489.9 14,520.7 14,647.3 14,689.2 14,317.2 14,172.2 14,164.2 14,281.9 14,442.8 14,637.6 ..... Net domestic product.............. 12,380.0 12,491.1 12,513.5 12,633.4 12,620.9 12,311.6 12,168.1 12,172.1 12,266.4 12,425.1 12,594.0 12,737.4 -------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 3B. Real Gross Domestic Product and Related Measures--Continues [Billions of chained (2005) dollars; quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 -------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 12,976.2 13,228.9 13,228.8 12,880.6 12,915.9 12,962.5 12,965.9 13,060.7 13,089.3 13,194.1 Personal consumption expenditures... 9,073.5 9,289.5 9,265.0 9,153.9 8,986.6 9,035.0 9,090.7 9,181.6 9,235.2 9,270.5 Goods............................. 3,173.9 3,261.6 3,180.3 3,117.4 3,145.7 3,150.8 3,176.4 3,222.5 3,241.1 3,252.4 Durable goods................... 1,150.4 1,198.6 1,136.4 1,094.6 1,142.3 1,139.4 1,152.1 1,167.9 1,181.2 1,194.5 Motor vehicles and parts...... 396.6 403.9 348.2 324.0 393.3 393.2 400.3 399.7 401.6 407.4 Furnishings and durable household equipment.......... 277.9 281.5 271.4 253.9 279.3 276.2 277.6 278.8 282.4 280.0 Recreational goods and vehicles..................... 343.2 381.2 393.7 399.3 334.5 336.6 343.0 358.8 366.6 374.4 Other durable goods........... 133.4 134.9 129.9 126.9 135.5 133.8 131.9 132.2 132.5 134.9 Nondurable goods................ 2,023.6 2,064.3 2,041.2 2,017.4 2,003.7 2,011.6 2,024.5 2,054.7 2,060.2 2,059.0 Food and beverages purchased for off-premises consumption. 686.2 697.5 691.6 685.1 676.7 684.2 686.6 697.5 697.3 693.5 Clothing and footwear......... 331.5 343.8 341.7 326.8 329.5 327.2 331.7 337.5 341.7 342.9 Gasoline and other energy goods........................ 298.4 295.9 282.0 285.5 296.4 297.2 300.0 299.9 298.4 296.4 Other nondurable goods........ 708.4 729.5 731.3 723.1 701.9 703.7 706.9 721.1 724.7 728.5 Services.......................... 5,899.7 6,028.3 6,082.3 6,032.7 5,841.0 5,884.2 5,914.3 5,959.4 5,994.4 6,018.3 Household consumption expenditures (for services).... 5,664.4 5,783.2 5,816.1 5,777.0 5,618.2 5,652.1 5,671.4 5,716.0 5,753.7 5,780.8 Housing and utilities......... 1,616.7 1,626.4 1,638.6 1,656.9 1,598.9 1,617.8 1,627.6 1,622.5 1,625.8 1,624.8 Health care................... 1,340.0 1,371.6 1,410.0 1,440.4 1,337.3 1,339.2 1,335.8 1,347.7 1,362.9 1,368.2 Transportation services....... 285.0 288.0 273.1 250.9 283.2 284.7 284.5 287.5 289.2 289.1 Recreation services........... 337.5 351.2 350.0 341.8 332.4 334.0 338.1 345.2 346.9 350.2 Food services and accommodations............... 541.6 551.2 547.6 527.7 544.7 538.7 538.7 544.4 544.1 549.1 Financial services and insurance.................... 735.4 766.4 770.9 743.0 726.0 731.3 735.6 748.8 755.9 765.7 Other services................ 808.3 828.8 826.5 817.0 795.8 806.3 811.0 820.1 829.3 834.1 Final consumption expenditures of nonprofit institutions serving households............. 235.4 245.3 267.3 256.0 222.8 232.1 243.1 243.6 240.9 237.5 Gross output of nonprofit institutions................. 901.0 922.6 946.8 952.1 891.5 899.0 903.7 909.8 919.1 919.2 Less: Receipts from sales of goods and services by nonprofit institutions....... 665.8 677.5 680.6 696.0 668.7 667.0 660.9 666.5 678.4 681.7 Gross private domestic investment... 2,230.4 2,161.6 1,957.3 1,515.7 2,264.7 2,261.2 2,229.6 2,166.0 2,146.1 2,195.1 Fixed investment.................. 2,171.3 2,132.7 1,997.0 1,630.7 2,200.2 2,189.9 2,162.2 2,132.9 2,127.7 2,147.2 Nonresidential.................. 1,453.9 1,552.0 1,556.6 1,290.8 1,424.9 1,450.3 1,466.0 1,474.5 1,499.0 1,539.1 Structures.................... 384.0 438.2 464.2 369.6 364.8 383.7 393.2 394.6 404.8 430.6 Equipment and software........ 1,069.6 1,109.0 1,082.0 916.3 1,060.7 1,066.3 1,072.0 1,079.3 1,093.0 1,104.6 Information processing equipment and software..... 514.8 560.5 594.7 595.8 505.7 508.9 520.4 524.1 546.5 550.2 Computers and peripheral equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Software.................. 227.1 240.9 254.9 259.3 222.4 224.8 228.5 232.8 238.9 239.2 Other..................... 191.2 210.6 217.9 215.5 192.2 189.8 191.9 191.0 201.4 205.8 Industrial equipment........ 172.9 179.9 172.2 132.2 165.1 176.2 174.7 175.6 172.6 185.0 Transportation equipment.... 196.5 185.8 143.0 69.4 202.6 194.1 193.7 195.5 195.1 184.1 Other equipment............. 185.5 184.2 177.5 137.8 187.3 187.0 183.4 184.3 179.9 185.8 Residential..................... 718.2 584.2 444.2 342.7 775.2 740.1 697.4 660.2 631.3 611.4 Change in private inventories..... 59.4 27.7 -37.6 -113.1 65.8 72.5 67.5 31.8 17.3 44.9 Farm............................ -3.7 -.8 1.0 3.4 3.8 -8.2 -6.3 -4.1 5.2 -5.0 Nonfarm......................... 63.2 28.7 -39.0 -116.9 62.3 80.4 73.9 36.2 12.0 50.3 Net exports of goods and services... -729.2 -654.9 -504.1 -363.0 -732.6 -732.8 -756.5 -694.9 -696.4 -696.2 Exports........................... 1,422.0 1,554.4 1,647.7 1,490.7 1,388.8 1,412.1 1,414.1 1,473.2 1,496.4 1,521.3 Goods........................... 991.4 1,088.1 1,156.6 1,018.2 970.3 987.8 988.3 1,019.2 1,050.5 1,070.0 Services........................ 430.6 466.3 491.1 472.0 418.5 424.3 425.8 453.9 445.9 451.3 Imports........................... 2,151.2 2,209.3 2,151.7 1,853.8 2,121.3 2,144.9 2,170.5 2,168.1 2,192.7 2,217.5 Goods........................... 1,808.8 1,862.2 1,796.6 1,513.5 1,782.7 1,804.7 1,829.3 1,818.6 1,848.9 1,870.5 Services........................ 342.4 347.1 355.5 340.5 338.6 340.1 341.3 349.5 343.8 346.9 Government consumption expenditures and gross investment............... 2,402.1 2,434.2 2,502.7 2,542.6 2,397.1 2,399.1 2,402.7 2,409.4 2,406.7 2,426.8 Federal........................... 894.9 906.1 971.8 1,027.6 900.5 892.8 892.0 894.4 883.6 898.9 National defense................ 598.4 611.8 657.7 693.0 595.6 597.2 594.3 606.5 595.3 607.3 Consumption expenditures...... 519.1 528.0 562.1 591.7 519.2 515.9 516.7 524.5 515.9 522.3 Gross investment.............. 79.4 84.0 96.1 101.9 76.4 81.4 77.6 82.1 79.5 85.3 Nondefense...................... 296.6 294.2 314.0 334.6 305.0 295.7 297.7 287.8 288.2 291.5 Consumption expenditures...... 257.5 254.7 271.8 290.6 264.4 257.3 259.0 249.2 249.7 252.2 Gross investment.............. 39.1 39.5 42.3 44.0 40.5 38.4 38.7 38.7 38.5 39.4 State and local................... 1,507.2 1,528.1 1,532.6 1,518.8 1,496.6 1,506.3 1,510.8 1,515.0 1,522.9 1,527.8 Consumption expenditures........ 1,220.7 1,239.8 1,240.2 1,232.1 1,214.1 1,216.5 1,222.3 1,230.0 1,235.5 1,239.8 Gross investment................ 286.4 288.3 292.3 286.8 282.5 289.7 288.4 285.1 287.4 288.0 Residual............................ -4.1 -9.9 -5.7 2.3 -4.0 -2.8 -3.8 -6.3 -9.6 -6.9 Addenda: Final sales of domestic product... 12,917.1 13,200.0 13,268.1 12,992.8 12,851.3 12,891.0 12,898.3 13,027.8 13,071.1 13,146.4 Gross domestic purchases.......... 13,705.7 13,883.9 13,729.4 13,233.6 13,648.7 13,695.5 13,722.8 13,755.7 13,786.2 13,891.2 Final sales to domestic purchasers 13,646.5 13,855.0 13,768.2 13,345.0 13,584.1 13,624.1 13,655.2 13,722.8 13,768.0 13,843.4 Gross domestic product............ 12,976.2 13,228.9 13,228.8 12,880.6 12,915.9 12,962.5 12,965.9 13,060.7 13,089.3 13,194.1 Plus: Income receipts from the rest of the world....... 697.8 819.6 765.9 575.5 644.6 694.7 714.0 737.8 758.8 814.4 Less: Income payments to the rest of the world............ 628.0 704.1 606.3 441.6 566.4 621.9 654.9 668.9 692.4 739.6 Equals: Gross national product.... 13,046.1 13,344.4 13,388.7 13,014.7 12,994.2 13,035.4 13,025.1 13,129.5 13,155.8 13,269.0 Net domestic product.............. 11,377.8 11,567.8 11,514.3 11,137.3 11,340.8 11,371.7 11,359.6 11,439.0 11,450.7 11,539.9 -------------------------------------------------------------------------------------------------------------------------------- Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See "Explanatory Note" at the end of the tables. Table 3B. Real Gross Domestic Product and Related Measures--Table Ends [Billions of chained (2005) dollars; quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 -------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 13,268.5 13,363.5 13,339.2 13,359.0 13,223.5 12,993.7 12,832.6 12,810.0 12,860.8 13,019.0 13,138.8 13,216.5 Personal consumption expenditures... 9,310.0 9,342.3 9,324.1 9,326.2 9,243.5 9,166.3 9,154.1 9,117.0 9,161.6 9,182.9 9,225.4 9,262.7 Goods............................. 3,271.9 3,281.0 3,232.6 3,235.2 3,171.4 3,082.3 3,095.7 3,084.0 3,138.2 3,151.8 3,195.4 3,222.4 Durable goods................... 1,205.7 1,212.9 1,178.6 1,170.0 1,133.2 1,063.9 1,076.6 1,068.2 1,118.3 1,115.1 1,138.9 1,159.6 Motor vehicles and parts...... 404.4 402.0 383.0 362.1 339.8 307.9 317.1 313.5 342.7 322.7 320.6 328.0 Furnishings and durable household equipment.......... 281.3 282.1 275.7 279.1 271.4 259.1 253.6 249.3 253.5 259.3 267.9 274.1 Recreational goods and vehicles..................... 387.2 396.7 391.3 403.0 398.9 381.5 389.4 387.2 402.8 417.9 430.7 439.0 Other durable goods........... 136.0 136.2 133.3 132.6 130.5 123.3 125.1 126.5 128.1 127.8 133.4 133.0 Nondurable goods................ 2,067.7 2,070.3 2,054.5 2,064.6 2,035.6 2,010.1 2,012.0 2,008.3 2,016.9 2,032.3 2,053.5 2,061.7 Food and beverages purchased for off-premises consumption. 696.4 702.7 700.3 699.8 691.2 675.1 675.2 681.2 687.8 696.3 702.7 698.1 Clothing and footwear......... 345.7 345.0 343.1 351.6 341.4 330.8 328.2 324.6 324.9 329.5 339.0 344.4 Gasoline and other energy goods........................ 296.1 292.8 287.2 284.0 274.7 282.2 287.0 286.5 285.1 283.5 284.0 284.5 Other nondurable goods........ 732.1 732.8 727.7 735.2 736.1 726.1 725.6 719.2 721.7 726.0 731.9 739.4 Services.......................... 6,038.7 6,061.7 6,090.6 6,090.2 6,070.0 6,078.5 6,053.6 6,027.7 6,020.7 6,028.7 6,029.6 6,041.0 Household consumption expenditures (for services).... 5,792.4 5,805.9 5,830.2 5,828.5 5,802.1 5,803.6 5,793.5 5,778.4 5,766.5 5,769.7 5,769.9 5,779.1 Housing and utilities......... 1,628.6 1,626.2 1,636.3 1,637.6 1,630.9 1,649.7 1,650.1 1,652.0 1,659.4 1,666.3 1,664.3 1,661.4 Health care................... 1,372.9 1,382.3 1,401.5 1,411.0 1,410.1 1,417.4 1,430.0 1,442.1 1,441.6 1,447.9 1,446.7 1,449.0 Transportation services....... 287.8 285.9 282.2 277.2 271.3 261.5 254.4 251.3 249.3 248.6 250.8 253.8 Recreation services........... 353.9 354.0 353.7 352.6 348.5 345.4 345.8 343.3 339.5 338.6 338.5 334.6 Food services and accommodations............... 553.1 558.4 551.0 552.9 548.1 538.3 532.2 527.2 525.4 526.1 535.0 538.6 Financial services and insurance.................... 769.8 774.2 774.9 772.1 772.8 763.9 753.9 746.2 739.4 732.5 727.4 732.8 Other services................ 826.7 825.3 831.2 825.8 821.1 828.1 827.9 817.2 812.7 810.1 807.7 808.8 Final consumption expenditures of nonprofit institutions serving households............. 246.5 256.4 261.1 262.4 269.1 276.7 260.7 249.0 254.6 259.9 260.6 263.1 Gross output of nonprofit institutions................. 921.5 930.4 940.3 943.8 946.4 956.7 952.8 951.0 950.3 954.1 952.0 955.3 Less: Receipts from sales of goods and services by nonprofit institutions....... 675.3 674.7 680.0 682.2 678.5 681.7 692.4 701.2 695.6 694.7 692.0 693.0 Gross private domestic investment... 2,178.9 2,126.1 2,074.3 2,033.8 1,967.2 1,753.8 1,529.5 1,453.2 1,494.5 1,585.7 1,690.2 1,800.6 Fixed investment.................. 2,140.8 2,114.9 2,081.6 2,057.3 1,993.3 1,855.6 1,663.4 1,619.6 1,622.4 1,617.1 1,630.5 1,703.3 Nonresidential.................. 1,574.1 1,595.9 1,603.7 1,597.0 1,561.5 1,464.2 1,313.7 1,288.3 1,282.9 1,278.3 1,302.6 1,354.7 Structures.................... 454.6 462.9 462.7 471.2 466.9 456.1 399.7 377.8 365.5 335.3 319.3 323.3 Equipment and software........ 1,112.6 1,125.7 1,134.0 1,116.5 1,084.1 993.3 903.4 903.8 913.1 944.7 989.7 1,039.9 Information processing equipment and software..... 561.5 583.8 597.4 606.2 598.1 577.2 567.3 581.4 601.8 632.9 645.7 666.5 Computers and peripheral equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Software.................. 241.1 244.2 253.4 254.8 256.3 255.0 250.7 256.2 260.7 269.5 275.4 280.0 Other..................... 210.9 224.5 221.0 224.1 219.3 207.4 204.8 209.5 220.3 227.4 232.3 237.1 Industrial equipment........ 185.4 176.5 177.6 176.2 172.4 162.8 138.2 132.8 129.3 128.3 128.4 142.2 Transportation equipment.... 181.3 182.6 182.1 158.1 136.5 95.3 64.2 70.5 68.5 74.5 95.8 107.3 Other equipment............. 185.6 185.6 180.8 181.1 182.3 165.7 148.1 136.4 134.1 132.7 142.4 145.6 Residential..................... 570.6 523.3 482.2 464.4 435.6 394.7 352.7 333.9 342.4 341.7 330.7 351.6 Change in private inventories..... 36.1 12.6 -8.2 -20.6 -27.4 -94.3 -125.8 -161.8 -128.2 -36.7 44.1 75.7 Farm............................ -2.5 -.9 -7.6 4.4 1.6 5.7 2.0 6.0 -.6 6.4 7.6 9.9 Nonfarm......................... 38.9 13.7 .2 -25.6 -29.4 -101.1 -128.6 -168.5 -127.7 -43.0 36.5 65.7 Net exports of goods and services... -666.6 -560.4 -529.9 -493.8 -514.8 -477.7 -389.2 -342.0 -390.8 -330.1 -338.4 -425.9 Exports........................... 1,578.0 1,622.0 1,644.7 1,696.6 1,675.0 1,574.5 1,451.6 1,447.8 1,490.0 1,573.5 1,616.4 1,656.7 Goods........................... 1,102.7 1,129.1 1,155.3 1,195.1 1,181.9 1,094.1 985.8 976.4 1,019.1 1,091.7 1,128.0 1,165.8 Services........................ 475.3 492.9 489.4 501.5 493.1 480.5 465.0 470.4 470.5 482.0 488.9 491.6 Imports........................... 2,244.6 2,182.4 2,174.6 2,190.4 2,189.8 2,052.2 1,840.8 1,789.9 1,880.8 1,903.6 1,954.8 2,082.6 Goods........................... 1,893.9 1,835.4 1,820.1 1,840.9 1,836.1 1,689.3 1,493.3 1,452.0 1,542.7 1,566.1 1,611.0 1,737.8 Services........................ 350.6 347.1 355.0 349.6 353.8 363.7 347.4 337.5 338.7 338.3 344.6 346.0 Government consumption expenditures and gross investment............... 2,447.9 2,455.3 2,469.2 2,489.4 2,521.5 2,530.7 2,511.5 2,549.3 2,559.3 2,550.3 2,540.2 2,567.5 Federal........................... 919.7 922.2 937.6 955.3 987.5 1,006.9 994.1 1,029.2 1,043.5 1,043.6 1,048.4 1,071.6 National defense................ 622.3 622.4 632.7 643.4 673.0 681.6 666.8 693.2 708.3 703.8 704.4 717.0 Consumption expenditures...... 536.8 537.0 547.0 547.4 573.0 581.0 571.7 592.6 604.0 598.5 598.9 606.8 Gross investment.............. 85.7 85.5 85.8 96.7 100.7 101.2 95.5 101.1 104.8 106.0 106.2 111.2 Nondefense...................... 297.3 299.8 304.8 311.9 314.2 325.2 327.3 335.9 335.2 339.8 344.0 354.6 Consumption expenditures...... 257.1 259.8 264.3 270.1 271.4 281.4 284.5 292.7 290.7 294.5 296.6 305.6 Gross investment.............. 40.2 40.0 40.6 41.9 42.9 43.9 42.8 43.1 44.5 45.3 47.5 49.2 State and local................... 1,528.4 1,533.3 1,532.2 1,535.1 1,536.2 1,526.8 1,520.1 1,523.8 1,520.0 1,511.2 1,496.8 1,501.5 Consumption expenditures........ 1,240.6 1,243.4 1,241.6 1,240.2 1,241.3 1,237.8 1,235.7 1,234.7 1,229.5 1,228.4 1,225.1 1,222.9 Gross investment................ 287.9 290.0 290.5 294.8 294.7 289.0 284.7 289.1 290.4 282.9 272.1 278.9 Residual............................ -8.6 -14.4 -12.5 -17.7 -7.9 14.9 7.6 11.0 4.7 -13.7 -22.1 -35.7 Addenda: Final sales of domestic product... 13,230.4 13,352.2 13,346.2 13,382.4 13,249.6 13,094.1 12,964.2 12,971.4 12,984.5 13,051.1 13,085.5 13,128.7 Gross domestic purchases.......... 13,935.8 13,922.4 13,866.9 13,850.1 13,737.2 13,463.3 13,212.6 13,143.7 13,239.8 13,338.2 13,467.6 13,636.0 Final sales to domestic purchasers 13,897.7 13,911.1 13,873.8 13,873.2 13,763.0 13,562.7 13,343.2 13,304.3 13,362.6 13,369.9 13,414.3 13,548.4 Gross domestic product............ 13,268.5 13,363.5 13,339.2 13,359.0 13,223.5 12,993.7 12,832.6 12,810.0 12,860.8 13,019.0 13,138.8 13,216.5 Plus: Income receipts from the rest of the world....... 850.8 854.6 820.5 803.5 772.8 666.8 564.8 560.4 572.7 604.0 627.8 ..... Less: Income payments to the rest of the world............ 714.8 669.7 643.1 642.9 588.1 551.2 452.2 441.3 419.9 453.1 454.0 ..... Equals: Gross national product.... 13,404.4 13,548.5 13,516.8 13,519.7 13,408.7 13,109.5 12,945.5 12,929.4 13,013.8 13,170.1 13,313.0 ..... Net domestic product.............. 11,599.7 11,680.8 11,643.8 11,650.2 11,501.9 11,261.3 11,093.3 11,068.1 11,116.7 11,271.2 11,384.8 11,454.6 -------------------------------------------------------------------------------------------------------------------------------------------------- Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See "Explanatory Note" at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 3.3 2.9 2.2 .9 1.8 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.8 Personal consumption expenditures... 2.7 2.7 3.3 .2 -.1 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .1 Goods............................. 1.5 1.4 3.2 -2.5 -5.8 3.2 4.7 .8 5.4 5.1 4.9 7.2 -17.7 -6.0 3.7 5.7 2.8 2.6 -3.6 Durable goods................... -1.5 -1.8 -1.4 -1.6 -2.0 -1.8 -1.4 -2.1 -1.4 -.7 -2.0 -.7 -3.4 -2.1 .1 -2.5 .7 -2.0 -1.6 Nondurable goods................ 3.2 3.2 5.6 -2.9 -7.7 6.1 8.1 2.3 9.1 8.1 8.3 11.0 -23.5 -7.9 5.4 9.7 3.8 4.7 -4.6 Services.......................... 3.4 3.4 3.4 1.5 3.1 4.4 2.9 3.1 3.7 3.3 4.5 3.0 .7 .5 1.1 1.7 2.7 1.8 1.9 Gross private domestic investment... 4.4 1.8 .7 -2.0 3.8 2.1 .1 -.2 .4 -.2 1.0 1.9 4.8 -4.1 -6.7 -6.0 -.7 -2.0 -.9 Fixed investment.................. 4.4 1.8 .8 -1.7 3.7 2.1 .2 -.2 .2 .0 1.3 2.8 2.2 -3.0 -5.7 -4.8 -1.0 -1.4 -.6 Nonresidential.................. 3.5 1.9 1.4 -1.2 3.9 2.0 .7 -.3 .2 .6 2.1 4.5 4.3 -3.1 -5.7 -5.1 -2.4 -1.9 .2 Structures.................... 12.9 6.1 4.7 -2.6 11.5 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 -5.6 -12.2 -10.5 -2.1 .9 2.7 Equipment and software........ .2 .1 -.2 -.5 .7 .7 .3 -2.0 -2.1 -.9 .8 2.6 2.2 -1.6 -2.0 -2.4 -2.5 -3.1 -.7 Residential..................... 6.1 1.4 -1.2 -3.4 3.4 2.2 -1.2 .1 .7 -1.4 -1.1 -2.8 -5.2 -2.9 -6.0 -3.3 4.3 .6 -3.6 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 3.4 3.3 4.7 -5.4 .2 3.4 4.4 2.6 5.8 7.8 10.6 5.7 -22.3 -11.5 .7 4.6 4.6 5.1 5.0 Goods........................... 3.3 3.4 4.8 -6.8 .9 2.7 4.5 2.2 6.1 8.6 13.2 5.4 -27.5 -13.8 2.7 4.8 4.6 5.8 5.5 Services........................ 3.7 3.3 4.2 -2.2 -1.6 5.1 4.2 3.7 5.1 5.8 4.8 6.4 -9.0 -6.6 -3.2 4.0 4.7 3.7 4.0 Imports........................... 4.1 3.3 10.4 -10.7 -4.6 3.9 4.0 2.8 24.3 19.4 16.6 2.2 -32.1 -27.3 2.3 8.6 21.8 12.4 -6.9 Goods........................... 4.2 3.1 11.3 -12.3 -5.4 4.1 3.5 2.1 28.0 22.0 17.3 1.7 -34.6 -30.7 2.0 9.2 24.8 14.6 -9.1 Services........................ 3.8 3.8 5.7 -2.8 -.2 2.8 6.8 6.6 5.9 6.2 13.4 4.8 -17.2 -10.2 3.8 6.2 9.2 2.5 4.4 Government consumption expenditures and gross investment............... 4.8 4.8 4.7 -.3 2.4 8.4 4.6 2.9 4.7 7.3 6.5 3.9 -5.2 -1.7 .6 .4 1.5 4.6 .8 Federal........................... 4.1 3.5 3.1 -.2 .5 8.7 3.5 .4 2.3 6.5 4.7 1.6 -4.2 .7 -.8 -.1 1.5 4.5 .8 National defense................ 4.4 3.7 3.6 -.7 .3 8.4 4.1 .9 3.1 6.4 6.3 2.0 -5.9 .1 -1.8 .3 1.6 5.3 1.1 Nondefense...................... 3.5 3.2 2.2 .8 .9 9.3 2.3 -.6 .8 6.6 1.6 .6 -.4 2.2 1.1 -1.0 1.5 2.8 .1 State and local................... 5.3 5.5 5.6 -.4 3.4 8.3 5.3 4.4 6.2 7.7 7.5 5.3 -5.8 -3.2 1.5 .8 1.5 4.6 .8 Addenda: Final sales of domestic product... 3.3 2.9 2.2 1.0 1.8 4.4 3.2 2.0 .8 2.0 3.2 4.6 -1.5 1.3 .4 .8 -.3 1.0 1.9 Gross domestic purchases.......... 3.4 2.9 3.2 -.2 1.0 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 Final sales to domestic purchasers....................... 3.4 3.0 3.2 -.2 1.0 4.5 3.2 2.0 3.7 4.0 4.5 4.1 -4.6 -1.9 .7 1.5 2.0 2.2 .1 Gross national product (GNP)...... 3.3 2.9 2.2 .9 1.8 4.4 3.1 2.0 .9 2.0 3.2 4.5 -1.3 1.1 .3 .8 -.2 1.0 ..... Implicit price deflators: GDP............................. 3.3 2.9 2.2 .9 1.8 4.4 3.2 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.1 1.8 Gross domestic purchases........ 3.4 2.9 3.2 -.2 .9 4.4 3.1 2.1 3.8 3.8 4.7 4.0 -4.3 -2.2 .5 1.3 2.0 2.2 .1 GNP............................. 3.3 2.9 2.2 .9 1.8 4.4 3.1 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.0 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 3.3 2.9 2.2 .9 1.8 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 Previously published....... 3.3 2.9 2.1 1.2 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 .1 1.9 .0 .4 .5 1.1 Personal consumption expenditures... 2.7 2.7 3.3 .2 -.1 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 Previously published.............. 2.7 2.7 3.3 .2 -.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 -5.0 -1.5 1.4 2.6 2.5 1.6 Goods............................. 1.5 1.4 3.2 -2.5 -5.8 3.2 4.7 .8 5.4 5.1 4.9 7.2 -17.7 -6.0 3.7 5.7 2.8 2.6 Previously published............ 1.5 1.3 3.3 -2.5 -5.8 3.2 3.7 .3 7.0 5.2 3.8 6.8 -16.1 -6.0 2.7 5.4 2.6 2.0 Durable goods................... -1.5 -1.8 -1.4 -1.6 -2.0 -1.8 -1.4 -2.1 -1.4 -.7 -2.0 -.7 -3.4 -2.1 .1 -2.5 .7 -2.0 Previously published.......... -1.5 -1.8 -1.2 -1.6 -2.0 -1.6 -1.4 -2.8 -1.4 .0 -.9 -1.2 -3.3 -1.7 .3 -3.1 -.1 -3.6 Nondurable goods................ 3.2 3.2 5.6 -2.9 -7.7 6.1 8.1 2.3 9.1 8.1 8.3 11.0 -23.5 -7.9 5.4 9.7 3.8 4.7 Previously published.......... 3.2 2.9 5.6 -2.8 -7.7 5.9 6.6 1.9 11.5 7.8 6.1 10.8 -21.5 -7.9 3.8 9.6 3.9 4.7 Services.......................... 3.4 3.4 3.4 1.5 3.1 4.4 2.9 3.1 3.7 3.3 4.5 3.0 .7 .5 1.1 1.7 2.7 1.8 Previously published............ 3.4 3.4 3.4 1.5 3.1 4.0 2.9 3.4 4.2 2.9 4.0 3.6 1.0 .7 .7 1.3 2.4 1.4 Gross private domestic investment... 4.4 1.8 .7 -2.0 3.8 2.1 .1 -.2 .4 -.2 1.0 1.9 4.8 -4.1 -6.7 -6.0 -.7 -2.0 Previously published.............. 4.4 2.2 .6 -.8 3.8 2.8 .6 .8 1.0 -1.6 .6 2.3 5.3 -1.8 -4.5 -5.7 -.7 -1.3 Fixed investment.................. 4.4 1.8 .8 -1.7 3.7 2.1 .2 -.2 .2 .0 1.3 2.8 2.2 -3.0 -5.7 -4.8 -1.0 -1.4 Previously published............ 4.4 2.2 .8 -1.3 3.7 2.7 .8 .8 1.1 -.7 1.1 2.5 1.3 -2.0 -4.4 -4.4 -.5 -1.2 Nonresidential.................. 3.5 1.9 1.4 -1.2 3.9 2.0 .7 -.3 .2 .6 2.1 4.5 4.3 -3.1 -5.7 -5.1 -2.4 -1.9 Previously published.......... 3.5 2.6 1.6 -.3 3.9 3.2 1.6 .9 1.3 -.3 2.1 4.4 4.4 -1.3 -4.2 -4.9 -1.4 -1.8 Structures.................... 12.9 6.1 4.7 -2.6 11.5 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 -5.6 -12.2 -10.5 -2.1 .9 Previously published........ 12.9 7.4 3.2 -1.9 11.5 9.2 3.7 3.3 3.4 .6 2.7 6.7 7.9 -3.5 -10.2 -10.1 -1.5 .9 Equipment and software........ .2 .1 -.2 -.5 .7 .7 .3 -2.0 -2.1 -.9 .8 2.6 2.2 -1.6 -2.0 -2.4 -2.5 -3.1 Previously published........ .2 .5 .7 .5 .7 .6 .6 -.2 .2 -.7 1.7 3.1 2.5 .1 -.6 -1.9 -1.3 -2.9 Residential..................... 6.1 1.4 -1.2 -3.4 3.4 2.2 -1.2 .1 .7 -1.4 -1.1 -2.8 -5.2 -2.9 -6.0 -3.3 4.3 .6 Previously published.......... 6.1 1.3 -1.6 -4.8 3.4 1.5 -1.1 .6 .9 -1.5 -1.6 -3.8 -9.5 -4.9 -5.2 -2.7 2.7 .8 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 3.4 3.3 4.7 -5.4 .2 3.4 4.4 2.6 5.8 7.8 10.6 5.7 -22.3 -11.5 .7 4.6 4.6 5.1 Previously published............ 3.4 3.5 4.9 -5.5 .2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 -21.4 -12.6 .1 4.6 5.8 4.8 Goods........................... 3.3 3.4 4.8 -6.8 .9 2.7 4.5 2.2 6.1 8.6 13.2 5.4 -27.5 -13.8 2.7 4.8 4.6 5.8 Previously published.......... 3.3 3.6 5.0 -6.6 .9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 -25.4 -14.8 1.9 4.6 5.7 5.2 Services........................ 3.7 3.3 4.2 -2.2 -1.6 5.1 4.2 3.7 5.1 5.8 4.8 6.4 -9.0 -6.6 -3.2 4.0 4.7 3.7 Previously published.......... 3.7 3.5 4.8 -2.9 -1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 -11.9 -8.1 -3.3 4.5 5.9 4.0 Imports........................... 4.1 3.3 10.4 -10.7 -4.6 3.9 4.0 2.8 24.3 19.4 16.6 2.2 -32.1 -27.3 2.3 8.6 21.8 12.4 Previously published............ 4.1 3.7 10.7 -10.5 -4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 -34.3 -28.3 4.2 11.4 16.5 8.8 Goods........................... 4.2 3.1 11.3 -12.3 -5.4 4.1 3.5 2.1 28.0 22.0 17.3 1.7 -34.6 -30.7 2.0 9.2 24.8 14.6 Previously published.......... 4.2 3.7 11.4 -11.8 -5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 -37.0 -31.6 5.5 12.9 18.2 10.1 Services........................ 3.8 3.8 5.7 -2.8 -.2 2.8 6.8 6.6 5.9 6.2 13.4 4.8 -17.2 -10.2 3.8 6.2 9.2 2.5 Previously published.......... 3.8 3.9 7.2 -4.1 -.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 -19.1 -12.1 -.7 5.5 9.8 2.8 Government consumption expenditures and gross investment............... 4.8 4.8 4.7 -.3 2.4 8.4 4.6 2.9 4.7 7.3 6.5 3.9 -5.2 -1.7 .6 .4 1.5 4.6 Previously published............. 4.8 4.5 4.5 -.2 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 -5.8 -1.1 .4 .9 1.8 4.1 Federal........................... 4.1 3.5 3.1 -.2 .5 8.7 3.5 .4 2.3 6.5 4.7 1.6 -4.2 .7 -.8 -.1 1.5 4.5 Previously published............ 4.1 3.5 3.0 .5 .5 8.6 3.5 .6 2.5 5.6 4.4 1.9 -4.1 1.7 .5 1.4 2.0 4.4 National defense................ 4.4 3.7 3.6 -.7 .3 8.4 4.1 .9 3.1 6.4 6.3 2.0 -5.9 .1 -1.8 .3 1.6 5.3 Previously published.......... 4.4 3.7 3.3 .2 .3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 -6.0 .9 .3 1.9 2.5 5.2 Nondefense...................... 3.5 3.2 2.2 .8 .9 9.3 2.3 -.6 .8 6.6 1.6 .6 -.4 2.2 1.1 -1.0 1.5 2.8 Previously published.......... 3.5 3.1 2.1 1.3 .9 9.0 2.3 -.7 .9 6.0 1.7 .8 .2 3.3 .9 .3 .8 2.8 State and local................... 5.3 5.5 5.6 -.4 3.4 8.3 5.3 4.4 6.2 7.7 7.5 5.3 -5.8 -3.2 1.5 .8 1.5 4.6 Previously published............ 5.3 5.1 5.4 -.6 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 -6.9 -2.8 .4 .6 1.8 3.9 Addenda: Final sales of domestic product... 3.3 2.9 2.2 1.0 1.8 4.4 3.2 2.0 .8 2.0 3.2 4.6 -1.5 1.3 .4 .8 -.3 1.0 Previously published............ 3.3 2.9 2.1 1.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 -.5 1.8 -.1 .5 .5 1.1 Gross domestic purchases.......... 3.4 2.9 3.2 -.2 1.0 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 Previously published............ 3.4 2.9 3.2 .0 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 -3.8 -1.4 .5 1.3 2.0 1.7 Final sales to domestic purchasers....................... 3.4 3.0 3.2 -.2 1.0 4.5 3.2 2.0 3.7 4.0 4.5 4.1 -4.6 -1.9 .7 1.5 2.0 2.2 Previously published........... 3.4 2.9 3.2 -.1 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 -4.3 -1.5 .5 1.4 2.0 1.8 Gross national product (GNP)...... 3.3 2.9 2.2 .9 1.8 4.4 3.1 2.0 .9 2.0 3.2 4.5 -1.3 1.1 .3 .8 -.2 1.0 Previously published............ 3.3 2.9 2.1 1.2 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 .0 1.8 .0 .4 .5 1.1 Implicit price deflators: GDP............................. 3.3 2.9 2.2 .9 1.8 4.4 3.2 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.1 Previously published.......... 3.3 2.9 2.1 1.2 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 .0 1.9 .0 .4 .5 1.1 Gross domestic purchases........ 3.4 2.9 3.2 -.2 .9 4.4 3.1 2.1 3.8 3.8 4.7 4.0 -4.3 -2.2 .5 1.3 2.0 2.2 Previously published.......... 3.4 2.9 3.2 .1 .9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 -3.9 -1.4 .5 1.3 2.0 1.8 GNP............................. 3.3 2.9 2.2 .9 1.8 4.4 3.1 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.0 Previously published.......... 3.3 2.9 2.1 1.2 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 -.1 1.9 .0 .4 .5 1.1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------ See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes--Continues [Index numbers, 2005=100; quarters seasonally adjusted] --------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 --------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 102.673 104.672 104.672 101.917 102.196 102.564 102.592 103.341 103.568 104.398 Personal consumption expenditures.......... 102.886 105.335 105.057 103.797 101.901 102.450 103.081 104.112 104.719 105.119 Goods.................................... 103.251 106.105 103.462 101.416 102.335 102.501 103.334 104.835 105.437 105.808 Durable goods.......................... 104.064 108.418 102.798 99.011 103.327 103.064 104.216 105.647 106.844 108.049 Nondurable goods....................... 102.805 104.872 103.698 102.487 101.793 102.191 102.851 104.383 104.663 104.601 Services................................. 102.692 104.929 105.870 105.006 101.670 102.421 102.945 103.731 104.340 104.756 Gross private domestic investment.......... 102.678 99.509 90.105 69.778 104.258 104.098 102.643 99.712 98.798 101.054 Fixed investment......................... 102.309 100.490 94.096 76.835 103.670 103.186 101.880 100.499 100.254 101.176 Nonresidential......................... 107.913 115.193 115.532 95.804 105.759 107.643 108.811 109.440 111.257 114.234 Structures........................... 109.180 124.578 131.976 105.064 103.696 109.068 111.771 112.185 115.080 122.401 Equipment and software............... 107.434 111.389 108.681 92.035 106.542 107.101 107.681 108.414 109.783 110.948 Residential............................ 92.679 75.380 57.324 44.220 100.031 95.502 89.988 85.194 81.468 78.895 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 108.962 119.106 126.255 114.228 106.415 108.200 108.353 112.882 114.659 116.567 Imports of goods and services.............. 106.086 108.951 106.113 91.418 104.613 105.774 107.040 106.917 108.133 109.354 Government consumption expenditures and gross investment.......................... 101.359 102.713 105.605 107.287 101.147 101.232 101.386 101.670 101.552 102.401 Federal.................................. 102.127 103.399 110.900 117.266 102.763 101.887 101.792 102.066 100.828 102.582 State and local.......................... 100.910 102.311 102.611 101.688 100.205 100.851 101.149 101.437 101.960 102.288 Addenda: Final sales of domestic product.......... 102.611 104.858 105.399 103.212 102.088 102.403 102.462 103.490 103.835 104.432 Gross domestic purchases................. 102.579 103.913 102.756 99.045 102.153 102.503 102.707 102.953 103.182 103.967 Final sales to domestic purchasers....... 102.520 104.086 103.433 100.254 102.051 102.351 102.585 103.092 103.432 103.998 Gross national product................... 102.438 104.781 105.129 102.192 102.032 102.354 102.274 103.094 103.300 104.189 --------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes--Table Ends [Index numbers, 2005=100; quarters seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.985 105.737 105.545 105.702 104.630 102.811 101.537 101.358 101.760 103.012 103.960 104.575 Personal consumption expenditures.......... 105.568 105.933 105.727 105.752 104.813 103.938 103.800 103.379 103.885 104.126 104.608 105.032 Goods.................................... 106.440 106.737 105.163 105.245 103.171 100.271 100.709 100.328 102.092 102.533 103.952 104.830 Durable goods.......................... 109.061 109.717 106.617 105.835 102.503 96.239 97.385 96.629 101.159 100.870 103.025 104.899 Nondurable goods....................... 105.046 105.178 104.372 104.887 103.414 102.118 102.215 102.025 102.460 103.247 104.321 104.736 Services................................. 105.110 105.512 106.014 106.007 105.655 105.803 105.370 104.919 104.797 104.936 104.952 105.151 Gross private domestic investment.......... 100.309 97.874 95.494 93.629 90.563 80.735 70.410 66.901 68.800 73.000 77.811 82.893 Fixed investment......................... 100.875 99.653 98.082 96.940 93.924 87.437 78.380 76.316 76.447 76.198 76.826 80.260 Nonresidential......................... 116.829 118.450 119.026 118.533 115.899 108.673 97.501 95.618 95.216 94.879 96.677 100.546 Structures........................... 129.246 131.584 131.551 133.949 132.731 129.672 113.638 107.399 103.911 95.310 90.761 91.921 Equipment and software............... 111.756 113.069 113.906 112.151 108.890 99.775 90.745 90.786 91.716 94.895 99.408 104.453 Residential............................ 73.633 67.526 62.228 59.929 56.206 50.934 45.515 43.089 44.185 44.092 42.670 45.374 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 120.914 124.286 126.025 130.003 128.343 120.649 111.229 110.941 114.174 120.569 123.858 126.941 Imports of goods and services.............. 110.690 107.624 107.240 108.019 107.988 101.204 90.780 88.266 92.752 93.874 96.401 102.703 Government consumption expenditures and gross investment.......................... 103.292 103.606 104.191 105.042 106.400 106.787 105.977 107.569 107.991 107.613 107.185 108.338 Federal.................................. 104.950 105.236 106.995 109.014 112.686 114.906 113.444 117.447 119.085 119.091 119.634 122.285 State and local.......................... 102.334 102.661 102.585 102.781 102.852 102.225 101.777 102.024 101.770 101.179 100.213 100.533 Addenda: Final sales of domestic product.......... 105.100 106.067 106.019 106.307 105.253 104.017 102.985 103.042 103.146 103.676 103.948 104.292 Gross domestic purchases................. 104.301 104.201 103.786 103.660 102.815 100.765 98.889 98.373 99.092 99.829 100.797 102.057 Final sales to domestic purchasers....... 104.406 104.507 104.227 104.222 103.395 101.890 100.241 99.948 100.386 100.441 100.775 101.782 Gross national product................... 105.252 106.384 106.135 106.158 105.286 102.936 101.649 101.523 102.185 103.413 104.534 ..... ------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product--Continues [Index numbers, 2005=100; quarters seasonally adjusted] --------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 --------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 103.263 106.301 108.598 109.618 102.071 102.980 103.763 104.237 105.366 106.188 Personal consumption expenditures (PCE)..................................... 102.746 105.564 109.061 109.258 101.803 102.567 103.316 103.298 104.311 105.212 Goods.................................... 101.508 102.946 106.262 103.634 101.116 101.765 102.329 100.822 101.626 102.798 Durable goods.......................... 98.488 96.736 95.340 93.782 99.141 98.742 98.281 97.789 97.339 96.995 Nondurable goods....................... 103.215 106.487 112.484 109.262 102.229 103.472 104.621 102.539 104.064 106.107 Services................................. 103.411 106.973 110.566 112.233 102.171 102.998 103.844 104.630 105.754 106.510 Gross private domestic investment.......... 104.371 106.211 106.977 104.873 103.139 104.026 104.666 105.653 106.195 106.220 Fixed investment......................... 104.419 106.256 107.053 105.260 103.195 104.089 104.713 105.677 106.237 106.287 Nonresidential......................... 103.534 105.505 106.984 105.700 102.279 103.112 103.878 104.868 105.393 105.586 Structures........................... 112.922 119.780 125.460 122.187 108.823 111.791 113.962 117.111 118.548 119.067 Equipment and software............... 100.194 100.326 100.083 99.620 99.977 100.042 100.285 100.472 100.659 100.728 Residential............................ 106.081 107.613 106.361 102.736 104.890 105.940 106.295 107.199 107.793 107.480 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 103.447 106.902 111.874 105.877 101.828 103.125 104.395 104.438 105.319 106.465 Imports of goods and services.............. 104.144 107.531 118.685 105.987 103.243 104.322 105.121 103.889 104.892 105.936 Government consumption expenditures and gross investment.......................... 104.842 109.863 115.009 114.644 103.232 104.644 105.437 106.055 108.223 109.453 Federal.................................. 104.107 107.753 111.119 110.895 103.101 104.187 104.502 104.637 106.849 107.773 State and local.......................... 105.276 111.112 117.349 116.892 103.307 104.916 105.990 106.892 109.033 110.445 Addenda: PCE excluding food and energy\1\......... 102.292 104.696 107.151 108.774 101.325 102.057 102.630 103.154 103.905 104.344 Market-based PCE\2\...................... 102.762 105.405 109.016 109.372 101.845 102.612 103.387 103.202 104.152 105.093 Market-based PCE excluding food and energy\2\........................... 102.234 104.365 106.778 108.826 101.295 102.024 102.599 103.018 103.652 104.060 Final sales of domestic product.......... 103.266 106.308 108.608 109.647 102.075 102.985 103.767 104.237 105.371 106.200 Gross domestic purchases................. 103.380 106.428 109.813 109.614 102.275 103.173 103.910 104.162 105.297 106.118 Final sales to domestic purchasers....... 103.384 106.435 109.823 109.649 102.280 103.179 103.914 104.161 105.302 106.129 Gross national product................... 103.265 106.304 108.605 109.612 102.075 102.983 103.766 104.237 105.370 106.190 Implicit price deflators: Gross domestic product................. 103.257 106.296 108.619 109.615 102.071 102.973 103.756 104.218 105.349 106.169 Final sales of domestic product........ 103.266 106.308 108.608 109.647 102.071 102.982 103.764 104.233 105.366 106.194 Gross domestic purchases............... 103.375 106.424 109.834 109.611 102.275 103.167 103.904 104.145 105.283 106.102 Final sales to domestic purchasers..... 103.384 106.435 109.823 109.649 102.276 103.177 103.913 104.159 105.299 106.125 Gross national product................. 103.260 106.300 108.626 109.609 102.076 102.976 103.760 104.217 105.351 106.169 --------------------------------------------------------------------------------------------------------------------------- 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 6. Price Indexes for Gross Domestic Product--Table Ends [Index numbers, 2005=100; quarters seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 106.709 106.940 107.454 108.295 109.488 109.154 109.465 109.555 109.759 109.693 109.959 110.459 Personal consumption expenditures (PCE)..................................... 105.813 106.919 107.954 109.185 110.367 108.736 108.290 108.810 109.598 110.333 110.901 110.916 Goods.................................... 102.997 104.362 105.670 106.929 108.807 103.643 102.039 102.974 104.403 105.120 105.784 104.814 Durable goods.......................... 96.474 96.138 95.981 95.503 95.345 94.532 94.028 94.046 93.450 93.603 93.121 92.753 Nondurable goods....................... 106.718 109.061 111.196 113.427 116.433 108.882 106.676 108.097 110.624 111.651 112.949 111.641 Services................................. 107.330 108.298 109.191 110.412 111.234 111.428 111.579 111.894 112.355 113.102 113.620 114.158 Gross private domestic investment.......... 106.164 106.264 106.211 106.482 106.981 108.235 107.111 105.259 103.656 103.466 102.952 102.712 Fixed investment......................... 106.221 106.279 106.267 106.617 107.365 107.961 107.140 105.575 104.294 104.030 103.661 103.515 Nonresidential......................... 105.499 105.541 105.686 106.248 107.431 108.571 107.726 106.162 104.768 104.144 103.639 103.695 Structures........................... 120.038 121.466 122.516 123.978 126.424 128.922 127.071 123.006 119.654 119.017 119.291 120.075 Equipment and software............... 100.220 99.696 99.476 99.668 100.320 100.868 100.461 99.953 99.344 98.721 97.954 97.780 Residential............................ 107.500 107.681 107.296 107.012 106.268 104.867 104.094 102.503 101.637 102.712 102.869 101.939 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 107.154 108.672 110.719 113.553 115.137 108.089 104.841 105.031 106.212 107.424 108.771 110.111 Imports of goods and services.............. 106.671 112.623 117.728 122.345 122.999 111.669 103.127 103.719 105.879 111.222 114.514 112.495 Government consumption expenditures and gross investment.......................... 110.245 111.529 113.500 115.290 116.391 114.853 114.356 114.516 114.635 115.067 116.358 116.595 Federal.................................. 107.882 108.509 110.230 111.515 111.958 110.772 110.979 110.743 110.716 111.141 112.375 112.594 State and local.......................... 111.644 113.326 115.451 117.555 119.075 117.313 116.356 116.779 116.998 117.434 118.760 119.009 Addenda: PCE excluding food and energy\1\......... 104.901 105.633 106.301 106.998 107.569 107.735 107.973 108.583 108.990 109.551 109.887 110.201 Market-based PCE\2\...................... 105.605 106.769 107.854 109.036 110.438 108.736 108.431 108.951 109.752 110.356 110.824 110.763 Market-based PCE excluding food and energy\2\........................... 104.505 105.243 105.907 106.455 107.180 107.568 108.086 108.708 109.066 109.445 109.626 109.901 Final sales of domestic product.......... 106.720 106.941 107.460 108.310 109.539 109.123 109.466 109.579 109.809 109.736 110.020 110.537 Gross domestic purchases................. 106.653 107.644 108.693 109.887 110.953 109.720 109.163 109.326 109.702 110.265 110.838 110.862 Final sales to domestic purchasers....... 106.663 107.646 108.698 109.900 111.001 109.693 109.173 109.357 109.757 110.309 110.900 110.937 Gross national product................... 106.709 106.947 107.466 108.305 109.499 109.151 109.456 109.547 109.753 109.691 109.957 ..... Implicit price deflators: Gross domestic product................. 106.706 106.943 107.416 108.330 109.539 109.216 109.484 109.558 109.750 109.665 109.952 110.450 Final sales of domestic product........ 106.715 106.940 107.462 108.315 109.545 109.127 109.468 109.579 109.808 109.734 110.018 110.535 Gross domestic purchases............... 106.651 107.647 108.653 109.917 110.997 109.776 109.179 109.327 109.693 110.238 110.831 110.853 Final sales to domestic purchasers..... 106.660 107.644 108.698 109.902 111.003 109.695 109.174 109.357 109.756 110.308 110.899 110.935 Gross national product................. 106.703 106.949 107.427 108.340 109.550 109.213 109.476 109.550 109.744 109.664 109.950 ..... ------------------------------------------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 3.4 2.9 4.1 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 .0 -2.6 Personal consumption expenditures...... 3.4 3.6 3.8 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.4 -.3 -1.2 Goods................................ 3.2 4.2 5.3 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 2.8 -2.5 -2.0 Durable goods...................... 5.7 7.5 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.2 -5.2 -3.7 Nondurable goods................... 1.9 2.5 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.0 -1.1 -1.2 Services............................. 3.6 3.2 3.0 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.2 .9 -.8 Gross private domestic investment...... 8.1 8.9 13.6 3.1 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.1 -9.5 -22.6 Fixed investment..................... 5.9 8.6 9.4 6.4 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -1.8 -6.4 -18.3 Nonresidential..................... 3.2 8.7 9.2 10.5 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.7 .3 -17.1 Structures....................... -6.0 -.6 1.8 6.4 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.1 5.9 -20.4 Equipment and software........... 7.3 12.5 11.9 12.0 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 3.7 -2.4 -15.3 Residential........................ 13.8 8.2 9.7 -3.3 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.7 -24.0 -22.9 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 6.9 3.3 8.7 10.1 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 9.3 6.0 -9.5 Goods.............................. 7.5 3.3 9.7 11.7 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 9.8 6.3 -12.0 Services........................... 5.4 3.3 6.4 6.3 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.3 -3.9 Imports.............................. 7.0 8.6 11.9 8.0 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.7 -2.6 -13.8 Goods.............................. 9.4 10.0 13.4 9.0 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 2.9 -3.5 -15.8 Services........................... -2.7 2.7 5.3 3.0 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 1.4 2.4 -4.2 Government consumption expenditures and gross investment.................. .5 -.8 .0 .6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.3 2.8 1.6 Federal.............................. -1.8 -3.9 -3.8 -2.7 -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.3 5.7 National defense................... -5.0 -5.3 -4.9 -3.7 -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.4 Nondefense......................... 6.6 -.7 -1.4 -.4 -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.8 6.7 6.5 State and local...................... 2.2 1.5 2.6 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 1.4 .3 -.9 Addenda: Final sales of domestic product...... 3.1 2.8 3.5 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.2 .5 -2.1 Gross domestic purchases............. 3.4 3.4 4.5 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.3 -1.1 -3.6 Final sales to domestic purchasers... 3.1 3.3 3.8 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.5 -.6 -3.1 Gross national product............... 3.4 2.8 3.9 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.3 .3 -2.8 Real disposable personal income...... 3.5 1.7 3.2 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.3 1.7 .6 Price indexes: Gross domestic purchases........... 2.4 2.1 2.1 2.1 1.8 1.5 .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 -.2 Gross domestic purchases excluding food and energy\1\................ 2.6 2.2 2.2 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 .7 GDP................................ 2.4 2.2 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 .9 GDP excluding food and energy\1\... 2.5 2.2 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 .8 Personal consumption expenditures.. 2.9 2.2 2.1 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago --------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 06 II 06 III 06 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 3.0 3.0 2.2 2.4 1.3 1.8 2.3 2.3 1.9 1.2 -.3 -2.8 -3.8 -4.1 -2.7 .2 2.4 3.2 Personal consumption expenditures (PCE) 3.1 2.6 2.5 3.3 2.8 2.6 2.4 1.7 1.0 .6 -.7 -1.9 -1.8 -2.2 -.9 .2 .8 1.6 Goods................................ 3.7 2.5 2.5 4.3 3.0 3.2 3.0 1.8 -.3 -.5 -3.1 -6.1 -4.2 -4.7 -1.0 2.3 3.2 4.5 Durable goods...................... 5.4 2.3 2.3 6.3 3.4 4.8 4.6 3.9 -.2 -2.0 -6.0 -12.3 -8.7 -8.7 -1.3 4.8 5.8 8.6 Nondurable goods................... 2.8 2.6 2.7 3.2 2.8 2.4 2.1 .8 -.3 .3 -1.6 -2.9 -2.1 -2.7 -.9 1.1 2.1 2.7 Services............................. 2.7 2.7 2.6 2.8 2.6 2.3 2.1 1.7 1.6 1.2 .5 .3 -.6 -1.0 -.8 -.8 -.4 .2 Gross private domestic investment...... 4.4 6.1 3.5 -3.0 -5.2 -2.9 -2.3 -1.8 -3.3 -7.3 -9.7 -17.5 -26.3 -28.5 -24.0 -9.6 10.5 23.9 Fixed investment..................... 5.8 3.5 .9 -.8 -3.3 -1.9 -1.0 -.8 -2.2 -4.2 -6.9 -12.3 -20.1 -21.3 -18.6 -12.9 -2.0 5.2 Nonresidential..................... 7.8 8.2 7.8 7.8 5.2 6.1 7.4 8.2 7.0 3.8 -.8 -8.3 -18.1 -19.3 -17.8 -12.7 -.8 5.2 Structures....................... 2.5 8.2 13.2 13.0 11.0 12.2 15.6 17.3 14.3 9.4 2.7 -1.5 -13.6 -19.8 -21.7 -26.5 -20.1 -14.4 Equipment and software........... 9.8 8.1 5.9 6.0 3.0 3.6 3.8 4.3 3.8 1.1 -2.6 -11.8 -20.3 -19.1 -15.8 -4.9 9.5 15.1 Residential........................ 2.3 -4.5 -11.0 -15.7 -18.6 -17.4 -18.2 -20.7 -23.6 -24.0 -23.7 -24.6 -26.9 -28.1 -21.4 -13.4 -6.3 5.3 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 8.8 8.3 8.5 10.2 7.7 7.7 11.6 10.1 9.9 11.5 6.1 -2.9 -11.7 -14.7 -11.0 -.1 11.4 14.4 Goods.............................. 10.4 8.8 9.1 9.4 8.3 8.3 11.6 10.8 10.0 11.7 7.2 -3.1 -14.7 -18.3 -13.8 -.2 14.4 19.4 Services........................... 5.4 7.3 6.9 12.0 6.5 6.4 11.6 8.6 9.8 11.1 3.7 -2.5 -5.0 -6.2 -4.6 .3 5.1 4.5 Imports.............................. 6.5 6.6 7.2 4.1 3.4 3.4 3.4 .7 -.8 -1.2 -2.4 -6.0 -15.3 -18.3 -14.1 -7.2 6.2 16.4 Goods.............................. 6.4 6.5 7.2 3.6 3.7 3.6 3.5 .9 -1.6 -1.6 -3.1 -8.0 -18.0 -21.1 -16.0 -7.3 7.9 19.7 Services........................... 7.2 7.0 7.0 7.1 1.5 2.0 2.7 -.7 3.3 .8 .9 4.8 -2.1 -3.4 -4.3 -7.0 -.8 2.5 Government consumption expenditures and gross investment.................. 1.6 1.6 .8 1.5 .4 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 .8 1.1 .7 Federal.............................. 3.6 2.6 .2 2.2 -1.9 .7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 National defense................... 2.1 1.6 -1.6 4.4 .0 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 Nondefense......................... 6.8 4.8 3.9 -2.3 -5.5 -1.4 -.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.6 State and local...................... .4 .9 1.2 1.2 1.8 1.4 1.2 1.2 .6 .5 .5 -.4 -.8 -.7 -1.1 -1.0 -1.5 -1.5 Addenda: Final sales of domestic product...... 3.3 2.5 1.8 2.8 1.7 2.0 2.6 2.5 2.1 1.8 .1 -1.9 -2.9 -3.1 -2.0 -.3 .9 1.2 Gross domestic purchases............. 3.0 3.0 2.4 1.9 1.0 1.4 1.6 1.2 .6 -.3 -1.4 -3.3 -4.7 -5.1 -3.6 -.9 1.9 3.7 Final sales to domestic purchasers... 3.2 2.6 2.0 2.3 1.4 1.6 1.8 1.4 .8 .2 -1.0 -2.5 -3.8 -4.1 -2.9 -1.4 .5 1.8 Gross national product............... 2.8 2.8 1.8 2.4 1.2 1.8 2.9 3.2 2.7 1.9 .0 -3.2 -4.2 -4.4 -2.9 .5 2.8 ..... Real disposable personal income...... 3.7 3.9 3.8 4.6 3.1 2.4 2.3 1.5 1.4 3.5 .9 1.0 .8 .0 1.1 .4 .7 .4 Price indexes: Gross domestic purchases........... 3.8 3.9 3.4 2.6 3.0 2.9 2.6 3.3 3.2 3.6 4.0 1.9 .4 -.5 -1.1 .5 1.5 1.4 Gross domestic purchases excluding food and energy\1\................ 3.2 3.4 3.2 2.9 3.1 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 .7 .2 .6 1.1 1.1 GDP................................ 3.3 3.6 3.3 2.9 3.2 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 .2 .5 .5 .8 GDP excluding food and energy\1\... 3.4 3.6 3.3 3.0 3.2 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 .8 .3 .8 1.1 1.2 PCE................................ 3.1 3.2 2.8 1.9 2.5 2.6 2.4 3.5 3.5 3.8 4.3 1.7 .3 -.3 -.7 1.5 2.4 1.9 PCE excluding food and energy\1\... 2.1 2.3 2.5 2.3 2.5 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 Market-based PCE\2\................ 3.1 3.3 2.9 1.8 2.3 2.4 2.1 3.5 3.6 3.8 4.6 1.8 .5 -.1 -.6 1.5 2.2 1.7 Market-based PCE excluding food and energy\2\..................... 2.0 2.2 2.5 2.2 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ----------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 13,398.9 14,061.8 14,369.1 14,119.0 13,183.5 13,347.8 13,452.9 13,611.5 13,789.5 14,008.2 Plus: Income receipts from the rest of the world..................................... 721.1 871.0 839.2 629.8 659.0 716.4 741.6 767.2 797.6 862.6 Less: Income payments to the rest of the world..................................... 648.6 747.7 664.7 483.6 578.5 640.9 679.7 695.5 727.4 783.1 Equals: Gross national product............. 13,471.3 14,185.1 14,543.6 14,265.3 13,264.0 13,423.3 13,514.8 13,683.2 13,859.8 14,087.6 Less: Consumption of fixed capital......... 1,660.7 1,767.5 1,849.2 1,861.1 1,618.0 1,648.2 1,675.2 1,701.3 1,733.9 1,757.6 Less: Statistical discrepancy.............. -220.6 21.1 136.6 179.1 -192.2 -190.7 -253.4 -246.0 -135.6 -30.9 Equals: National income.................... 12,031.2 12,396.4 12,557.8 12,225.0 11,838.2 11,965.9 12,093.0 12,227.9 12,261.4 12,360.9 Compensation of employees................ 7,477.0 7,855.9 8,060.8 7,811.7 7,353.7 7,419.9 7,484.1 7,650.3 7,756.4 7,814.4 Wage and salary accruals............... 6,070.1 6,415.5 6,554.0 6,279.1 5,958.9 6,018.6 6,075.4 6,227.6 6,328.1 6,382.8 Supplements to wages and salaries...... 1,406.9 1,440.4 1,506.8 1,532.6 1,394.8 1,401.3 1,408.7 1,422.6 1,428.3 1,431.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,133.0 1,090.4 1,102.0 1,011.9 1,126.9 1,133.2 1,131.2 1,140.6 1,103.0 1,090.0 Rental income of persons with capital consumption adjustment.................. 146.5 143.7 222.0 274.0 161.3 153.2 140.3 131.2 122.4 139.8 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,608.3 1,510.6 1,262.8 1,258.0 1,590.9 1,597.7 1,655.1 1,589.6 1,515.5 1,565.3 Net interest and miscellaneous payments.. 652.2 731.6 812.8 784.3 608.9 654.4 661.6 684.0 703.9 693.7 Taxes on production and imports less subsidies............................... 935.5 972.6 992.3 964.4 916.0 931.9 941.9 952.1 964.7 965.8 Business current transfer payments (net). 83.0 103.3 121.7 134.0 82.8 79.3 83.6 86.1 105.6 102.9 Current surplus of government enterprises............................. -4.2 -11.8 -16.7 -13.2 -2.4 -3.8 -4.7 -6.0 -10.1 -11.0 Addendum: Gross domestic income.................... 13,619.5 14,040.7 14,232.5 13,939.9 13,375.7 13,538.5 13,706.3 13,857.5 13,925.1 14,039.1 ----------------------------------------------------------------------------------------------------------------------------------------------- Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 14,158.2 14,291.3 14,328.4 14,471.8 14,484.9 14,191.2 14,049.7 14,034.5 14,114.7 14,277.3 14,446.4 14,597.7 Plus: Income receipts from the rest of the world..................................... 905.6 918.0 890.0 881.0 855.8 730.0 615.6 611.7 627.4 664.7 693.7 ..... Less: Income payments to the rest of the world..................................... 760.8 719.4 697.6 705.5 651.5 604.0 493.1 482.0 460.1 499.1 502.6 ..... Equals: Gross national product............. 14,302.9 14,489.9 14,520.7 14,647.3 14,689.2 14,317.2 14,172.2 14,164.2 14,281.9 14,442.8 14,637.6 ..... Less: Consumption of fixed capital......... 1,778.2 1,800.3 1,814.8 1,838.4 1,864.0 1,879.6 1,881.6 1,862.3 1,848.3 1,852.2 1,852.4 1,860.3 Less: Statistical discrepancy.............. 117.6 133.4 77.9 189.0 138.7 140.7 140.4 172.2 228.9 175.2 151.0 ..... Equals: National income.................... 12,407.1 12,556.3 12,628.0 12,619.9 12,686.4 12,296.9 12,150.3 12,129.7 12,204.8 12,415.5 12,634.1 ..... Compensation of employees................ 7,868.5 7,984.3 8,082.2 8,077.3 8,082.9 8,000.7 7,797.7 7,819.0 7,798.7 7,831.4 7,871.2 7,934.5 Wage and salary accruals............... 6,427.6 6,523.4 6,595.9 6,575.1 6,567.9 6,477.3 6,280.0 6,287.7 6,263.9 6,284.9 6,303.7 6,356.1 Supplements to wages and salaries...... 1,441.0 1,460.9 1,486.2 1,502.2 1,515.1 1,523.5 1,517.7 1,531.4 1,534.8 1,546.5 1,567.5 1,578.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,079.3 1,089.1 1,107.3 1,116.1 1,111.5 1,073.0 1,018.7 1,000.5 1,006.4 1,022.1 1,030.7 1,049.5 Rental income of persons with capital consumption adjustment.................. 146.8 165.9 182.4 206.0 237.1 262.6 264.7 269.4 279.1 282.8 292.7 300.9 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,501.0 1,460.8 1,376.3 1,329.0 1,350.8 995.0 1,138.2 1,178.0 1,297.5 1,418.2 1,566.6 ..... Net interest and miscellaneous payments.. 743.3 785.6 787.4 794.3 804.7 864.9 847.4 773.4 750.7 765.6 765.9 747.4 Taxes on production and imports less subsidies............................... 975.1 984.9 990.0 1,000.1 1,000.1 979.1 959.9 961.6 959.2 976.8 988.5 1,000.2 Business current transfer payments (net). 104.4 100.4 118.4 114.0 115.7 138.8 139.7 141.8 124.9 129.8 130.5 131.1 Current surplus of government enterprises............................. -11.2 -14.8 -16.0 -17.0 -16.5 -17.3 -15.8 -14.2 -11.7 -11.3 -12.1 -13.1 Addendum: Gross domestic income.................... 14,040.6 14,157.9 14,250.5 14,282.8 14,346.1 14,050.4 13,909.3 13,862.3 13,885.8 14,102.1 14,295.4 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ----------------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,268.1 11,912.3 12,391.1 12,174.9 11,026.7 11,204.0 11,336.9 11,504.8 11,714.3 11,839.0 Compensation of employees, received...... 7,475.7 7,862.2 8,065.8 7,806.7 7,373.7 7,419.9 7,484.1 7,625.3 7,781.4 7,814.4 Wage and salary disbursements.......... 6,068.9 6,421.7 6,559.0 6,274.1 5,978.9 6,018.6 6,075.4 6,202.6 6,353.1 6,382.8 Supplements to wages and salaries...... 1,406.9 1,440.4 1,506.8 1,532.6 1,394.8 1,401.3 1,408.7 1,422.6 1,428.3 1,431.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,133.0 1,090.4 1,102.0 1,011.9 1,126.9 1,133.2 1,131.2 1,140.6 1,103.0 1,090.0 Farm................................... 29.3 37.8 50.8 30.5 28.4 28.4 28.4 32.2 36.2 34.1 Nonfarm................................ 1,103.6 1,052.6 1,051.2 981.5 1,098.5 1,104.8 1,102.8 1,108.4 1,066.8 1,056.0 Rental income of persons with capital consumption adjustment.................. 146.5 143.7 222.0 274.0 161.3 153.2 140.3 131.2 122.4 139.8 Personal income receipts on assets....... 1,829.7 2,057.0 2,109.3 1,919.7 1,711.1 1,817.2 1,881.3 1,909.0 1,959.2 2,050.4 Personal interest income............... 1,127.5 1,265.1 1,314.7 1,222.3 1,067.2 1,128.7 1,156.8 1,157.2 1,205.4 1,248.5 Personal dividend income............... 702.2 791.9 794.6 697.4 643.9 688.5 724.5 751.9 753.8 801.8 Personal current transfer receipts....... 1,605.0 1,718.5 1,879.2 2,132.8 1,569.0 1,597.9 1,620.7 1,632.4 1,701.6 1,698.6 Less: Contributions for government social insurance, domestic.............. 921.8 959.5 987.2 970.3 915.4 917.4 920.8 933.8 953.4 954.2 Less: Personal current taxes............... 1,352.4 1,488.7 1,438.2 1,140.0 1,321.5 1,340.2 1,354.3 1,393.5 1,458.7 1,480.4 Equals: Disposable personal income......... 9,915.7 10,423.6 10,952.9 11,034.9 9,705.2 9,863.8 9,982.5 10,111.2 10,255.5 10,358.6 Less: Personal outlays..................... 9,680.7 10,208.9 10,505.0 10,379.6 9,493.5 9,618.2 9,754.9 9,856.4 10,014.9 10,153.8 Equals: Personal saving.................... 235.0 214.7 447.9 655.3 211.7 245.6 227.7 254.8 240.6 204.8 Personal saving as a percentage of disposable personal income.............. 2.4 2.1 4.1 5.9 2.2 2.5 2.3 2.5 2.3 2.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,404.8 9,656.5 9,638.5 9,191.1 9,290.6 9,366.1 9,404.7 9,557.5 9,599.3 9,638.5 Disposable personal income, billions of chained (2005) dollars\2\............... 9,650.7 9,874.2 10,042.9 10,099.8 9,533.8 9,617.3 9,662.5 9,788.8 9,832.1 9,845.9 ----------------------------------------------------------------------------------------------------------------------------------------------- 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 10. Personal Income and Its Disposition--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,954.4 12,141.4 12,300.4 12,460.9 12,447.0 12,356.3 12,093.2 12,203.4 12,164.0 12,239.0 12,361.8 12,485.7 Compensation of employees, received...... 7,868.5 7,984.3 8,082.2 8,077.3 8,082.9 8,020.7 7,777.7 7,819.0 7,798.7 7,831.4 7,871.2 7,934.5 Wage and salary disbursements.......... 6,427.6 6,523.4 6,595.9 6,575.1 6,567.9 6,497.3 6,260.0 6,287.7 6,263.9 6,284.9 6,303.7 6,356.1 Supplements to wages and salaries...... 1,441.0 1,460.9 1,486.2 1,502.2 1,515.1 1,523.5 1,517.7 1,531.4 1,534.8 1,546.5 1,567.5 1,578.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,079.3 1,089.1 1,107.3 1,116.1 1,111.5 1,073.0 1,018.7 1,000.5 1,006.4 1,022.1 1,030.7 1,049.5 Farm................................... 35.0 45.9 60.7 52.7 50.5 39.5 29.6 28.0 28.0 36.2 36.8 36.6 Nonfarm................................ 1,044.3 1,043.3 1,046.6 1,063.4 1,061.1 1,033.5 989.0 972.5 978.4 985.9 994.0 1,012.9 Rental income of persons with capital consumption adjustment.................. 146.8 165.9 182.4 206.0 237.1 262.6 264.7 269.4 279.1 282.8 292.7 300.9 Personal income receipts on assets....... 2,098.7 2,119.8 2,123.6 2,114.7 2,129.8 2,069.1 1,972.7 1,925.9 1,891.1 1,889.2 1,911.1 1,915.2 Personal interest income............... 1,291.6 1,315.0 1,313.7 1,315.3 1,334.0 1,295.9 1,240.5 1,229.5 1,213.3 1,205.8 1,208.7 1,206.0 Personal dividend income............... 807.1 804.8 809.9 799.4 795.7 773.2 732.2 696.4 677.8 683.4 702.4 709.3 Personal current transfer receipts....... 1,719.8 1,753.8 1,793.2 1,934.4 1,875.2 1,914.2 2,023.7 2,160.2 2,159.3 2,188.2 2,245.5 2,282.9 Less: Contributions for government social insurance, domestic.............. 958.7 971.6 988.3 987.7 989.5 983.4 964.2 971.6 970.6 974.8 989.4 997.3 Less: Personal current taxes............... 1,497.5 1,518.0 1,535.8 1,331.6 1,442.4 1,443.0 1,213.4 1,112.5 1,117.0 1,117.2 1,136.8 1,138.1 Equals: Disposable personal income......... 10,456.9 10,623.4 10,764.6 11,129.2 11,004.7 10,913.3 10,879.8 11,090.9 11,047.0 11,121.7 11,225.0 11,347.6 Less: Personal outlays..................... 10,267.2 10,399.7 10,475.2 10,591.6 10,608.0 10,345.3 10,291.6 10,297.4 10,423.6 10,505.7 10,603.9 10,640.5 Equals: Personal saving.................... 189.7 223.7 289.3 537.7 396.7 568.0 588.2 793.5 623.4 616.0 621.1 707.1 Personal saving as a percentage of disposable personal income.............. 1.8 2.1 2.7 4.8 3.6 5.2 5.4 7.2 5.6 5.5 5.5 6.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,672.7 9,715.5 9,733.1 9,640.7 9,578.6 9,602.9 9,298.7 9,230.2 9,128.7 9,109.7 9,122.1 9,198.9 Disposable personal income, billions of chained (2005) dollars\2\............... 9,882.8 9,936.1 9,971.4 10,192.8 9,970.8 10,036.3 10,046.9 10,193.0 10,079.7 10,080.4 10,121.8 10,231.1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11A. Corporate Profits--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ----------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,608.3 1,510.6 1,262.8 1,258.0 1,590.9 1,597.7 1,655.1 1,589.6 1,515.5 1,565.3 Less: Taxes on corporate income...... 473.3 445.5 308.4 254.9 460.7 475.1 496.6 460.7 474.1 467.9 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 1,135.0 1,065.2 954.4 1,003.1 1,130.2 1,122.6 1,158.5 1,128.8 1,041.4 1,097.4 Net dividends...................... 704.8 794.5 797.7 718.9 646.4 691.1 727.1 754.5 756.5 804.4 Undistributed profits with inventory valuation and capital consumption adjustments....................... 430.3 270.7 156.7 284.2 483.9 431.5 431.4 374.3 284.9 293.0 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1,356.1 1,244.1 1,239.4 1,427.9 1,388.0 1,350.5 1,364.6 1,321.5 1,244.1 1,262.0 Undistributed profits with inventory valuation and capital consumption adjustments..................... 430.3 270.7 156.7 284.2 483.9 431.5 431.4 374.3 284.9 293.0 Consumption of fixed capital..... 925.9 973.4 1,018.5 1,019.8 904.1 918.9 933.3 947.1 959.2 968.9 Less: Capital transfers paid (net)...................... .0 .0 -64.1 -123.9 .0 .0 .0 .0 .0 .0 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,822.7 1,738.4 1,333.2 1,316.7 1,815.3 1,819.8 1,865.1 1,790.7 1,738.6 1,783.5 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,349.5 1,292.9 1,024.8 1,061.8 1,354.6 1,344.7 1,368.5 1,330.0 1,264.4 1,315.6 Inventory valuation adjustment..... -38.0 -47.2 -44.1 11.9 -33.4 -48.4 -42.3 -28.0 -50.3 -34.8 Capital consumption adjustment..... -176.4 -180.5 -26.3 -70.6 -191.0 -173.7 -167.7 -173.2 -172.8 -183.3 ----------------------------------------------------------------------------------------------------------------------------------------- Table 11A. Corporate Profits--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 --------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,501.0 1,460.8 1,376.3 1,329.0 1,350.8 995.0 1,138.2 1,178.0 1,297.5 1,418.2 1,566.6 Less: Taxes on corporate income...... 431.0 408.8 356.7 343.0 313.3 220.4 222.0 222.8 255.7 319.1 403.2 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 1,070.0 1,052.0 1,019.6 986.0 1,037.5 774.6 916.2 955.3 1,041.8 1,099.2 1,163.3 Net dividends...................... 809.7 807.4 812.7 802.1 798.4 777.5 747.8 719.7 699.6 708.5 720.3 Undistributed profits with inventory valuation and capital consumption adjustments....................... 260.2 244.6 206.9 183.9 239.0 -2.9 168.5 235.5 342.2 390.6 443.0 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1,237.6 1,232.6 1,203.6 1,195.4 1,252.6 1,305.9 1,428.0 1,394.1 1,405.6 1,484.0 1,517.3 Undistributed profits with inventory valuation and capital consumption adjustments..................... 260.2 244.6 206.9 183.9 239.0 -2.9 168.5 235.5 342.2 390.6 443.0 Consumption of fixed capital..... 977.4 988.0 996.7 1,011.4 1,027.9 1,038.1 1,036.6 1,021.2 1,010.6 1,010.8 1,008.0 Less: Capital transfers paid (net)...................... .0 .0 .0 .0 14.3 -270.7 -223.0 -137.3 -52.8 -82.6 -66.3 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,715.1 1,716.3 1,534.8 1,493.3 1,442.7 861.9 1,130.0 1,219.2 1,369.2 1,548.4 1,772.9 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,284.1 1,307.5 1,178.1 1,150.4 1,129.4 641.5 908.0 996.5 1,113.5 1,229.3 1,369.7 Inventory valuation adjustment..... -29.1 -74.8 -128.7 -140.0 -66.7 159.1 93.0 30.6 -8.7 -67.2 -36.4 Capital consumption adjustment..... -185.1 -180.7 -29.8 -24.3 -25.2 -26.1 -84.8 -71.8 -63.0 -63.0 -169.9 --------------------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Continues [Quarters at quarterly rates] ----------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ----------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 10.5 -6.1 -16.4 -.4 3.8 .4 3.6 -4.0 -4.7 3.3 Less: Taxes on corporate income...... 14.8 -5.9 -30.8 -17.3 3.3 3.1 4.5 -7.2 2.9 -1.3 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 8.8 -6.2 -10.4 5.1 4.0 -.7 3.2 -2.6 -7.7 5.4 Net dividends...................... 26.5 12.7 .4 -9.9 8.3 6.9 5.2 3.8 .3 6.3 Undistributed profits with inventory valuation and capital consumption adjustments....................... -11.5 -37.1 -42.1 81.3 -1.3 -10.8 .0 -13.2 -23.9 2.9 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1.4 -8.3 -.4 15.2 .3 -2.7 1.0 -3.2 -5.9 1.4 Undistributed profits with inventory valuation and capital consumption adjustments..................... -11.5 -37.1 -42.1 81.3 -1.3 -10.8 .0 -13.2 -23.9 2.9 Consumption of fixed capital..... 7.3 5.1 4.6 .1 1.7 1.6 1.6 1.5 1.3 1.0 Less: Capital transfers paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 11.1 -4.6 -23.3 -1.2 3.9 .2 2.5 -4.0 -2.9 2.6 Profits after tax (without inventory valuation and capital consumption adjustments).......... 9.9 -4.2 -20.7 3.6 4.1 -.7 1.8 -2.8 -4.9 4.0 Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ----------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Table Ends [Quarterly rates] --------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 --------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... -4.1 -2.7 -5.8 -3.4 1.6 -26.3 14.4 3.5 10.1 9.3 10.5 Less: Taxes on corporate income...... -7.9 -5.2 -12.7 -3.9 -8.6 -29.7 .7 .4 14.8 24.8 26.4 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. -2.5 -1.7 -3.1 -3.3 5.2 -25.3 18.3 4.3 9.1 5.5 5.8 Net dividends...................... .7 -.3 .7 -1.3 -.5 -2.6 -3.8 -3.7 -2.8 1.3 1.7 Undistributed profits with inventory valuation and capital consumption adjustments....................... -11.2 -6.0 -15.4 -11.1 29.9 ..... ..... 39.8 45.3 14.2 13.4 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. -1.9 -.4 -2.4 -.7 4.8 4.3 9.3 -2.4 .8 5.6 2.2 Undistributed profits with inventory valuation and capital consumption adjustments..................... -11.2 -6.0 -15.4 -11.1 29.9 ..... ..... 39.8 45.3 14.2 13.4 Consumption of fixed capital..... .9 1.1 .9 1.5 1.6 1.0 -.2 -1.5 -1.0 .0 -.3 Less: Capital transfers paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... -3.8 .1 -10.6 -2.7 -3.4 -40.3 31.1 7.9 12.3 13.1 14.5 Profits after tax (without inventory valuation and capital consumption adjustments).......... -2.4 1.8 -9.9 -2.4 -1.8 -43.2 41.5 9.7 11.7 10.4 11.4 Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... --------------------------------------------------------------------------------------------------------------------------------------------------- Table 12A. Corporate Profits by Industry--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 1,608.3 1,510.6 1,262.8 1,258.0 1,590.9 1,597.7 1,655.1 1,589.6 1,515.5 1,565.3 Domestic industries................. 1,351.5 1,159.8 851.5 905.7 1,344.0 1,342.4 1,404.1 1,315.4 1,227.5 1,252.8 Financial......................... 427.6 323.8 128.0 242.4 442.0 447.5 416.5 404.4 345.1 358.9 Nonfinancial...................... 923.9 835.9 723.5 663.3 902.0 894.9 987.6 911.1 882.4 893.9 Rest of the world................... 256.8 350.9 411.3 352.3 246.9 255.3 251.0 274.1 288.0 312.5 Receipts from the rest of the world............................ 434.4 510.6 571.8 480.6 410.6 436.0 441.2 450.0 465.8 498.7 Less: Payments to the rest of the world............................ 177.6 159.7 160.5 128.3 163.6 180.7 190.2 175.9 177.8 186.2 Corporate profits with inventory valuation adjustment. 1,784.7 1,691.1 1,289.1 1,328.6 1,781.9 1,771.4 1,822.8 1,762.7 1,688.3 1,748.7 Domestic industries................. 1,527.8 1,340.2 877.8 976.3 1,535.0 1,516.1 1,571.8 1,488.6 1,400.3 1,436.2 Financial......................... 448.0 345.5 139.9 258.0 466.5 467.8 434.8 422.8 364.0 379.9 Federal Reserve banks........... 33.8 36.0 35.1 47.3 31.0 33.6 35.8 34.9 36.0 36.6 Other financial................. 414.1 309.5 104.9 210.6 435.5 434.2 399.0 387.8 328.0 343.3 Nonfinancial...................... 1,079.9 994.7 737.9 718.4 1,068.5 1,048.3 1,137.0 1,065.8 1,036.3 1,056.3 Utilities....................... 54.4 50.3 28.3 30.0 45.2 53.1 60.8 58.4 54.7 50.6 Manufacturing................... 304.5 271.3 183.7 150.9 294.4 302.3 336.4 285.0 289.5 303.2 Durable goods................. 118.9 96.1 51.4 53.3 125.3 94.9 134.1 121.2 108.5 95.6 Fabricated metal products... 18.7 20.5 16.6 16.4 19.6 16.7 18.1 20.4 18.7 19.8 Machinery................... 19.2 22.1 15.6 12.4 18.8 18.7 20.1 19.3 22.5 23.9 Computer and electronic products................... 17.4 11.0 8.9 13.4 10.1 19.1 22.6 17.7 16.4 8.8 Electrical equipment, appliances, and components. 11.5 -1.2 3.6 6.1 12.6 8.8 12.3 12.1 2.8 -2.9 Motor vehicles, bodies and trailers, and parts........ -6.8 -16.4 -34.6 -23.5 1.2 -13.9 -5.6 -8.8 -13.5 -9.3 Other durable goods......... 58.9 60.2 41.3 28.5 63.0 45.5 66.7 60.6 61.6 55.4 Nondurable goods.............. 185.7 175.2 132.3 97.5 169.1 207.4 202.3 163.8 181.0 207.6 Food and beverage and tobacco products........... 32.5 30.7 28.4 35.4 30.3 32.7 33.7 33.1 30.1 33.7 Petroleum and coal products. 76.6 73.5 78.2 15.7 73.4 89.1 84.1 59.9 68.2 110.1 Chemical products........... 52.5 48.3 22.2 36.4 46.3 59.9 61.5 42.3 57.2 42.6 Other nondurable goods...... 24.0 22.7 3.4 10.1 19.0 25.6 23.0 28.5 25.5 21.2 Wholesale trade................. 103.7 99.9 84.0 80.4 104.4 100.7 107.4 102.2 105.1 108.9 Retail trade.................... 133.2 117.8 75.0 99.0 132.3 123.3 136.4 140.7 121.0 131.1 Transportation and warehousing.. 42.1 27.7 28.1 24.7 43.4 45.3 40.3 39.6 28.1 29.7 Information..................... 92.4 93.6 75.2 83.5 84.1 92.6 100.8 92.1 95.3 87.8 Other nonfinancial.............. 349.6 334.2 263.6 250.0 364.8 331.0 354.9 347.8 342.6 344.9 Rest of the world................... 256.8 350.9 411.3 352.3 246.9 255.3 251.0 274.1 288.0 312.5 ---------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12A. Corporate Profits by Industry--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 -------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 1,501.0 1,460.8 1,376.3 1,329.0 1,350.8 995.0 1,138.2 1,178.0 1,297.5 1,418.2 1,566.6 Domestic industries................. 1,127.1 1,031.6 946.2 916.8 906.6 636.4 789.0 844.8 933.2 1,055.7 1,178.1 Financial......................... 343.8 247.5 242.6 230.6 103.9 -65.2 123.6 227.4 286.1 332.4 337.6 Nonfinancial...................... 783.3 784.2 703.6 686.2 802.7 701.6 665.4 617.4 647.1 723.2 840.4 Rest of the world................... 373.9 429.1 430.1 412.3 444.2 358.5 349.1 333.2 364.2 362.6 388.5 Receipts from the rest of the world............................ 528.4 549.5 593.0 607.5 587.8 498.8 447.9 457.7 487.8 529.1 561.4 Less: Payments to the rest of the world............................ 154.6 120.3 162.9 195.3 143.5 140.3 98.8 124.4 123.6 166.5 172.9 Corporate profits with inventory valuation adjustment. 1,686.0 1,641.5 1,406.1 1,353.3 1,376.0 1,021.0 1,223.0 1,249.8 1,360.5 1,481.2 1,736.5 Domestic industries................. 1,312.2 1,212.4 976.0 941.1 931.8 662.5 873.8 916.6 996.2 1,118.6 1,348.0 Financial......................... 366.3 271.8 253.5 242.5 116.5 -52.7 141.6 243.4 300.2 346.7 362.7 Federal Reserve banks........... 36.2 35.2 33.3 33.6 35.0 38.4 43.6 47.0 49.2 49.6 56.9 Other financial................. 330.1 236.6 220.2 208.9 81.5 -91.1 98.0 196.4 251.0 297.1 305.8 Nonfinancial...................... 945.8 940.6 722.5 698.6 815.3 715.2 732.3 673.2 696.0 771.9 985.3 Utilities....................... 57.3 38.6 15.6 -18.0 66.0 49.6 37.7 33.4 22.4 26.4 41.5 Manufacturing................... 229.8 262.7 196.7 161.6 211.2 165.2 141.0 139.7 151.8 170.9 250.4 Durable goods................. 79.5 100.7 76.4 35.9 65.6 27.5 30.7 43.6 55.0 83.9 140.1 Fabricated metal products... 20.6 22.8 17.3 12.7 14.7 21.6 21.5 17.6 14.4 12.0 17.4 Machinery................... 21.8 20.1 16.8 13.5 13.7 18.3 12.6 11.1 11.4 14.3 19.9 Computer and electronic products................... 11.0 7.6 14.1 5.1 6.6 9.8 5.3 11.4 12.9 24.1 44.8 Electrical equipment, appliances, and components. -4.8 .2 .5 4.1 6.8 3.1 7.1 5.6 5.6 6.3 9.2 Motor vehicles, bodies and trailers, and parts........ -27.9 -15.1 -22.8 -43.3 -24.3 -48.0 -47.1 -30.5 -11.9 -4.6 5.7 Other durable goods......... 58.6 65.2 50.6 43.7 48.0 22.8 31.4 28.4 22.5 31.8 43.2 Nondurable goods.............. 150.3 161.9 120.3 125.7 145.5 137.7 110.3 96.1 96.7 87.0 110.3 Food and beverage and tobacco products........... 29.6 29.6 23.2 28.4 32.7 29.4 35.3 36.7 38.1 31.5 36.6 Petroleum and coal products. 60.4 55.3 72.6 60.3 89.5 90.6 38.6 6.4 8.1 9.7 33.5 Chemical products........... 37.8 55.4 15.1 33.3 25.1 15.4 29.4 42.2 38.8 35.1 28.7 Other nondurable goods...... 22.5 21.6 9.4 3.8 -1.8 2.3 7.0 10.9 11.7 10.7 11.6 Wholesale trade................. 104.7 80.9 58.1 65.4 88.2 124.5 103.9 73.8 70.8 73.0 91.5 Retail trade.................... 114.1 105.0 71.2 74.0 74.2 80.4 97.7 99.7 101.3 97.1 129.1 Transportation and warehousing.. 28.9 24.1 22.7 30.3 29.3 30.0 26.9 20.3 22.0 29.5 39.4 Information..................... 89.3 102.0 93.3 106.8 80.1 20.7 69.6 74.0 81.3 109.0 112.9 Other nonfinancial.............. 321.7 327.4 264.9 278.5 266.3 244.8 255.4 232.1 246.6 266.0 320.4 Rest of the world................... 373.9 429.1 430.1 412.3 444.2 358.5 349.1 333.2 364.2 362.6 388.5 -------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12B. Corporate Profits by Industry: Change From Preceding Period--Continues [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ---------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 152.2 -97.7 -247.8 -4.8 58.4 6.8 57.4 -65.5 -74.1 49.8 Domestic industries................. 134.9 -191.7 -308.3 54.2 48.8 -1.6 61.7 -88.7 -87.9 25.3 Financial......................... 8.6 -103.8 -195.8 114.4 22.3 5.5 -31.0 -12.1 -59.3 13.8 Nonfinancial...................... 126.3 -88.0 -112.4 -60.2 26.6 -7.1 92.7 -76.5 -28.7 11.5 Rest of the world................... 17.4 94.1 60.4 -59.0 9.5 8.4 -4.3 23.1 13.9 24.5 Receipts from the rest of the world............................ 50.3 76.2 61.2 -91.2 6.5 25.4 5.2 8.8 15.8 32.9 Less: Payments to the rest of the world............................ 33.0 -17.9 .8 -32.2 -3.2 17.1 9.5 -14.3 1.9 8.4 Corporate profits with inventory valuation adjustment. 175.2 -93.6 -402.0 39.5 73.4 -10.5 51.4 -60.1 -74.4 60.4 Domestic industries................. 157.8 -187.6 -462.4 98.5 63.9 -18.9 55.7 -83.2 -88.3 35.9 Financial......................... 4.4 -102.5 -205.6 118.1 20.7 1.3 -33.0 -12.0 -58.8 15.9 Federal Reserve banks........... 7.2 2.2 -.9 12.2 .0 2.6 2.2 -.9 1.1 .6 Other financial................. -2.9 -104.6 -204.6 105.7 20.8 -1.3 -35.2 -11.2 -59.8 15.3 Nonfinancial...................... 153.5 -85.2 -256.8 -19.5 43.1 -20.2 88.7 -71.2 -29.5 20.0 Utilities....................... 24.6 -4.1 -22.0 1.7 6.1 7.9 7.7 -2.4 -3.7 -4.1 Manufacturing................... 57.3 -33.2 -87.6 -32.8 29.5 7.9 34.1 -51.4 4.5 13.7 Durable goods................. 23.3 -22.8 -44.7 1.9 19.7 -30.4 39.2 -12.9 -12.7 -12.9 Fabricated metal products... .6 1.8 -3.9 -.2 2.1 -2.9 1.4 2.3 -1.7 1.1 Machinery................... 4.7 2.9 -6.5 -3.2 -1.1 -.1 1.4 -.8 3.2 1.4 Computer and electronic products................... 8.4 -6.4 -2.1 4.5 -.9 9.0 3.5 -4.9 -1.3 -7.6 Electrical equipment, appliances, and components. 12.9 -12.7 4.8 2.5 9.7 -3.8 3.5 -.2 -9.3 -5.7 Motor vehicles, bodies and trailers, and parts........ -7.9 -9.6 -18.2 11.1 4.2 -15.1 8.3 -3.2 -4.7 4.2 Other durable goods......... 4.7 1.3 -18.9 -12.8 5.6 -17.5 21.2 -6.1 1.0 -6.2 Nondurable goods.............. 34.0 -10.5 -42.9 -34.8 9.8 38.3 -5.1 -38.5 17.2 26.6 Food and beverage and tobacco products........... 5.2 -1.8 -2.3 7.0 1.8 2.4 1.0 -.6 -3.0 3.6 Petroleum and coal products. -2.8 -3.1 4.7 -62.5 -16.1 15.7 -5.0 -24.2 8.3 41.9 Chemical products........... 26.8 -4.2 -26.1 14.2 24.2 13.6 1.6 -19.2 14.9 -14.6 Other nondurable goods...... 4.7 -1.3 -19.3 6.7 -.2 6.6 -2.6 5.5 -3.0 -4.3 Wholesale trade................. 11.5 -3.8 -15.9 -3.6 15.2 -3.7 6.7 -5.2 2.9 3.8 Retail trade.................... 10.6 -15.4 -42.8 24.0 -11.0 -9.0 13.1 4.3 -19.7 10.1 Transportation and warehousing.. 13.1 -14.4 .4 -3.4 9.7 1.9 -5.0 -.7 -11.5 1.6 Information..................... 11.1 1.2 -18.4 8.3 -.7 8.5 8.2 -8.7 3.2 -7.5 Other nonfinancial.............. 25.3 -15.4 -70.6 -13.6 -5.6 -33.8 23.9 -7.1 -5.2 2.3 Rest of the world................... 17.4 94.1 60.4 -59.0 9.5 8.4 -4.3 23.1 13.9 24.5 ---------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12B. Corporate Profits by Industry: Change From Preceding Period--Table Ends [Billions of dollars] -------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 -------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... -64.3 -40.2 -84.5 -47.3 21.8 -355.8 143.2 39.8 119.5 120.7 148.4 Domestic industries................. -125.7 -95.5 -85.4 -29.4 -10.2 -270.2 152.6 55.8 88.4 122.5 122.4 Financial......................... -15.1 -96.3 -4.9 -12.0 -126.7 -169.1 188.8 103.8 58.7 46.3 5.2 Nonfinancial...................... -110.6 .9 -80.6 -17.4 116.5 -101.1 -36.2 -48.0 29.7 76.1 117.2 Rest of the world................... 61.4 55.2 1.0 -17.8 31.9 -85.7 -9.4 -15.9 31.0 -1.6 25.9 Receipts from the rest of the world............................ 29.7 21.1 43.5 14.5 -19.7 -89.0 -50.9 9.8 30.1 41.3 32.3 Less: Payments to the rest of the world............................ -31.6 -34.3 42.6 32.4 -51.8 -3.2 -41.5 25.6 -.8 42.9 6.4 Corporate profits with inventory valuation adjustment. -62.7 -44.5 -235.4 -52.8 22.7 -355.0 202.0 26.8 110.7 120.7 255.3 Domestic industries................. -124.0 -99.8 -236.4 -34.9 -9.3 -269.3 211.3 42.8 79.6 122.4 229.4 Financial......................... -13.6 -94.5 -18.3 -11.0 -126.0 -169.2 194.3 101.8 56.8 46.5 16.0 Federal Reserve banks........... -.4 -1.0 -1.9 .3 1.4 3.4 5.2 3.4 2.2 .4 7.3 Other financial................. -13.2 -93.5 -16.4 -11.3 -127.4 -172.6 189.1 98.4 54.6 46.1 8.7 Nonfinancial...................... -110.5 -5.2 -218.1 -23.9 116.7 -100.1 17.1 -59.1 22.8 75.9 213.4 Utilities....................... 6.7 -18.7 -23.0 -33.6 84.0 -16.4 -11.9 -4.3 -11.0 4.0 15.1 Manufacturing................... -73.4 32.9 -66.0 -35.1 49.6 -46.0 -24.2 -1.3 12.1 19.1 79.5 Durable goods................. -16.1 21.2 -24.3 -40.5 29.7 -38.1 3.2 12.9 11.4 28.9 56.2 Fabricated metal products... .8 2.2 -5.5 -4.6 2.0 6.9 -.1 -3.9 -3.2 -2.4 5.4 Machinery................... -2.1 -1.7 -3.3 -3.3 .2 4.6 -5.7 -1.5 .3 2.9 5.6 Computer and electronic products................... 2.2 -3.4 6.5 -9.0 1.5 3.2 -4.5 6.1 1.5 11.2 20.7 Electrical equipment, appliances, and components. -1.9 5.0 .3 3.6 2.7 -3.7 4.0 -1.5 .0 .7 2.9 Motor vehicles, bodies and trailers, and parts........ -18.6 12.8 -7.7 -20.5 19.0 -23.7 .9 16.6 18.6 7.3 10.3 Other durable goods......... 3.2 6.6 -14.6 -6.9 4.3 -25.2 8.6 -3.0 -5.9 9.3 11.4 Nondurable goods.............. -57.3 11.6 -41.6 5.4 19.8 -7.8 -27.4 -14.2 .6 -9.7 23.3 Food and beverage and tobacco products........... -4.1 .0 -6.4 5.2 4.3 -3.3 5.9 1.4 1.4 -6.6 5.1 Petroleum and coal products. -49.7 -5.1 17.3 -12.3 29.2 1.1 -52.0 -32.2 1.7 1.6 23.8 Chemical products........... -4.8 17.6 -40.3 18.2 -8.2 -9.7 14.0 12.8 -3.4 -3.7 -6.4 Other nondurable goods...... 1.3 -.9 -12.2 -5.6 -5.6 4.1 4.7 3.9 .8 -1.0 .9 Wholesale trade................. -4.2 -23.8 -22.8 7.3 22.8 36.3 -20.6 -30.1 -3.0 2.2 18.5 Retail trade.................... -17.0 -9.1 -33.8 2.8 .2 6.2 17.3 2.0 1.6 -4.2 32.0 Transportation and warehousing.. -.8 -4.8 -1.4 7.6 -1.0 .7 -3.1 -6.6 1.7 7.5 9.9 Information..................... 1.5 12.7 -8.7 13.5 -26.7 -59.4 48.9 4.4 7.3 27.7 3.9 Other nonfinancial.............. -23.2 5.7 -62.5 13.6 -12.2 -21.5 10.6 -23.3 14.5 19.4 54.4 Rest of the world................... 61.4 55.2 1.0 -17.8 31.9 -85.7 -9.4 -15.9 31.0 -1.6 25.9 -------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12C. Revisions to Corporate Profits by Industry --------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2007 2008 2009 2007 2008 2009 2007 2008 2009 --------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 1,510.6 1,262.8 1,258.0 -31.1 -97.6 -50.9 -2.0 -7.2 -3.9 Domestic industries.................. 1,159.8 851.5 905.7 -34.1 -131.7 -91.4 -2.9 -13.4 -9.2 Financial.......................... 323.8 128.0 242.4 -23.2 -143.6 -74.4 -6.7 -52.9 -23.5 Nonfinancial....................... 835.9 723.5 663.3 -11.0 11.9 -17.0 -1.3 1.7 -2.5 Rest of the world.................... 350.9 411.3 352.3 3.1 34.1 40.5 .9 9.0 13.0 Receipts from the rest of the world............................. 510.6 571.8 480.6 6.1 27.6 50.3 1.2 5.1 11.7 Less: Payments to the rest of the world............................. 159.7 160.5 128.3 2.9 -6.5 9.8 1.8 -3.9 8.3 Corporate profits with inventory valuation adjustment........ 1,691.1 1,289.1 1,328.6 -39.3 -135.4 -108.1 -2.3 -9.5 -7.5 Domestic industries.................. 1,340.2 877.8 976.3 -42.4 -169.5 -148.6 -3.1 -16.2 -13.2 Financial.......................... 345.5 139.9 258.0 -22.3 -139.0 -73.2 -6.1 -49.8 -22.1 Federal Reserve banks............ 36.0 35.1 47.3 -1.7 -.6 -2.8 -4.5 -1.7 -5.6 Other financial.................. 309.5 104.9 210.6 -20.6 -138.3 -70.5 -6.2 -56.9 -25.1 Nonfinancial....................... 994.7 737.9 718.4 -20.2 -30.5 -75.3 -2.0 -4.0 -9.5 Utilities........................ 50.3 28.3 30.0 1.2 -11.8 -24.1 2.4 -29.4 -44.5 Manufacturing.................... 271.3 183.7 150.9 -7.3 8.2 14.9 -2.6 4.7 11.0 Durable goods.................. 96.1 51.4 53.3 .0 20.7 38.4 .0 67.4 257.7 Nondurable goods............... 175.2 132.3 97.5 -7.4 -12.6 -23.6 -4.1 -8.7 -19.5 Wholesale trade.................. 99.9 84.0 80.4 -2.3 8.9 -7.5 -2.3 11.9 -8.5 Retail trade..................... 117.8 75.0 99.0 -3.8 -3.2 7.8 -3.1 -4.1 8.6 Transportation and warehousing... 27.7 28.1 24.7 -2.3 16.7 18.8 -7.7 146.5 318.6 Information...................... 93.6 75.2 83.5 3.3 -9.5 -25.4 3.7 -11.2 -23.3 Other nonfinancial............... 334.2 263.6 250.0 -8.8 -39.8 -59.7 -2.6 -13.1 -19.3 Rest of the world.................... 350.9 411.3 352.3 3.1 34.1 40.5 .9 9.0 13.0 Corporate profits before tax without inventory valuation and capital consumption adjustments............... 1,738.4 1,333.2 1,316.7 -36.0 -129.5 -110.9 -2.0 -8.9 -7.8 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments............. 1,065.2 954.4 1,003.1 -25.0 -113.8 9.0 -2.3 -10.7 .9 Net cash flow with inventory valuation adjustment................ 1,244.1 1,239.4 1,427.9 -59.3 -239.0 -156.1 -4.5 -16.2 -9.9 Undistributed profits with inventory valuation and capital consumption adjustments....................... 270.7 156.7 284.2 -51.7 -221.6 -134.2 -16.0 -58.6 -32.1 Consumption of fixed capital....... 973.4 1,018.5 1,019.8 -7.6 -18.3 -21.9 -.8 -1.8 -2.1 Less: Capital transfers paid (net). 0.0 -64.1 -123.9 0.0 -.8 0.0 ..... ..... ..... --------------------------------------------------------------------------------------------------------------------------------- Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------ 2006 2007 2008 2009 I 06 II 06 III 06 IV 06 I 07 II 07 ------------------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 6,740.3 6,946.0 6,990.5 6,625.2 6,629.5 6,668.1 6,811.8 6,851.8 6,896.9 6,965.5 Consumption of fixed capital................ 800.9 840.1 878.8 879.0 781.1 794.8 807.8 820.1 829.3 836.4 Net value added............................. 5,939.4 6,106.0 6,111.7 5,746.3 5,848.5 5,873.3 6,004.0 6,031.7 6,067.6 6,129.0 Compensation of employees................. 4,182.3 4,361.0 4,435.3 4,193.6 4,131.8 4,153.0 4,180.3 4,264.2 4,309.2 4,340.0 Wage and salary accruals................ 3,462.3 3,636.2 3,684.9 3,441.0 3,414.7 3,435.2 3,460.7 3,538.6 3,586.8 3,619.7 Supplements to wages and salaries....... 720.0 724.8 750.5 752.5 717.2 717.7 719.6 725.6 722.5 720.3 Taxes on production and imports less subsidies................................ 593.3 607.7 615.3 590.2 583.7 591.1 596.3 602.0 599.6 605.6 Net operating surplus..................... 1,163.7 1,137.4 1,061.1 962.5 1,132.9 1,129.2 1,227.3 1,165.5 1,158.8 1,183.4 Net interest and miscellaneous payments............................... 164.0 232.3 271.3 220.1 152.6 157.8 164.8 180.9 204.5 219.8 Business current transfer payments (net)......................... 75.8 69.1 66.2 79.1 78.4 76.4 74.9 73.5 71.9 69.8 Corporate profits with inventory valuation and capital consumption adjustments............................ 923.9 835.9 723.5 663.3 902.0 894.9 987.6 911.1 882.4 893.9 Taxes on corporate income............. 307.6 293.8 226.4 170.3 294.1 308.8 329.3 298.3 311.2 302.4 Profits after tax with inventory valuation and capital consumption adjustments.......................... 616.2 542.2 497.1 492.9 607.8 586.2 658.3 612.7 571.2 591.5 Net dividends....................... 471.1 484.6 482.8 511.4 399.4 413.0 488.0 584.1 478.1 481.0 Undistributed profits with inventory valuation and capital consumption adjustments............ 145.1 57.6 14.4 -18.5 208.4 173.1 170.3 28.6 93.1 110.5 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 1,117.9 1,042.0 782.0 706.4 1,101.8 1,096.7 1,179.3 1,093.8 1,086.5 1,091.1 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 810.3 748.2 555.6 536.1 807.7 787.9 850.0 795.5 775.3 788.7 Inventory valuation adjustment............ -38.0 -47.2 -44.1 11.9 -33.4 -48.4 -42.3 -28.0 -50.3 -34.8 Capital consumption adjustment............ -156.0 -158.8 -14.4 -55.1 -166.5 -153.3 -149.4 -154.8 -153.9 -162.4 ---------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 6,536.5 6,626.5 6,686.4 6,284.3 6,505.1 6,480.0 6,567.2 6,593.8 6,598.8 6,620.3 Consumption of fixed capital\2\............. 773.7 794.1 819.9 830.5 762.2 769.4 777.3 785.8 788.1 791.1 Net value added\3\.......................... 5,762.9 5,832.4 5,866.5 5,453.8 5,743.0 5,710.5 5,789.9 5,808.0 5,810.7 5,829.2 ---------------------------------------------------------------------------------------------------- Dollars; quarters seasonally adjusted ---------------------------------------------------------------------------------------------------- Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business\4\.... 1.031 1.048 1.045 1.054 1.019 1.029 1.037 1.039 1.045 1.052 Compensation of employees (unit labor cost).................................... .640 .658 .663 .667 .635 .641 .637 .647 .653 .656 Unit nonlabor cost........................ .250 .264 .274 .282 .245 .250 .250 .253 .259 .261 Consumption of fixed capital............ .123 .127 .131 .140 .120 .123 .123 .124 .126 .126 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .102 .102 .102 .107 .102 .103 .102 .102 .102 .102 Net interest and miscellaneous payments. .025 .035 .041 .035 .023 .024 .025 .027 .031 .033 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .141 .126 .108 .106 .139 .138 .150 .138 .134 .135 Taxes on corporate income............... .047 .044 .034 .027 .045 .048 .050 .045 .047 .046 Profits after tax with inventory valuation and capital consumption adjustments............................ .094 .082 .074 .078 .093 .090 .100 .093 .087 .089 ------------------------------------------------------------------------------------------------------------------------------------------------ 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Table Ends [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------------- III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 ---------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 6,908.6 7,013.2 6,971.4 6,971.5 7,087.3 6,932.0 6,694.3 6,580.4 6,558.4 6,667.8 6,813.6 Consumption of fixed capital................ 842.9 851.6 859.5 872.5 887.2 896.1 894.0 880.1 871.0 870.7 868.2 Net value added............................. 6,065.7 6,161.6 6,111.8 6,099.0 6,200.1 6,035.9 5,800.3 5,700.3 5,687.4 5,797.1 5,945.4 Compensation of employees................. 4,361.9 4,432.8 4,459.5 4,456.8 4,444.5 4,380.5 4,217.2 4,189.6 4,175.0 4,192.4 4,214.4 Wage and salary accruals................ 3,638.6 3,699.6 3,716.5 3,707.3 3,689.9 3,625.8 3,469.5 3,438.3 3,421.8 3,434.6 3,446.2 Supplements to wages and salaries....... 723.3 733.1 743.0 749.6 754.6 754.7 747.7 751.3 753.2 757.9 768.2 Taxes on production and imports less subsidies................................ 610.1 615.3 613.8 619.5 619.5 608.2 588.5 589.4 584.5 598.3 604.8 Net operating surplus..................... 1,093.7 1,113.5 1,038.5 1,022.7 1,136.0 1,047.1 994.5 921.3 927.9 1,006.4 1,126.3 Net interest and miscellaneous payments............................... 242.6 262.4 269.9 273.0 270.3 272.1 250.5 219.0 205.5 205.3 208.3 Business current transfer payments (net)......................... 67.8 66.9 65.0 63.5 63.1 73.4 78.6 84.9 75.2 77.8 77.5 Corporate profits with inventory valuation and capital consumption adjustments............................ 783.3 784.2 703.6 686.2 802.7 701.6 665.4 617.4 647.1 723.2 840.4 Taxes on corporate income............. 278.9 282.6 250.6 252.0 247.1 156.0 160.8 155.1 163.7 201.8 265.2 Profits after tax with inventory valuation and capital consumption adjustments.......................... 504.5 501.5 453.0 434.2 555.6 545.6 504.6 462.3 483.5 521.4 575.3 Net dividends....................... 502.0 477.1 443.4 481.6 493.8 512.2 546.1 532.5 469.8 497.3 515.5 Undistributed profits with inventory valuation and capital consumption adjustments............ 2.5 24.4 9.7 -47.4 61.8 33.4 -41.5 -70.3 13.6 24.1 59.7 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 974.9 1,015.4 851.2 838.6 882.0 556.1 639.3 642.6 704.8 839.1 1,021.8 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 696.0 732.8 600.6 586.6 635.0 400.1 478.4 487.5 541.1 637.3 756.6 Inventory valuation adjustment............ -29.1 -74.8 -128.7 -140.0 -66.7 159.1 93.0 30.6 -8.7 -67.2 -36.4 Capital consumption adjustment............ -162.5 -156.4 -18.9 -12.4 -12.6 -13.6 -66.9 -55.9 -48.9 -48.7 -144.9 -------------------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 6,558.8 6,728.0 6,724.4 6,717.5 6,721.9 6,581.9 6,309.3 6,216.4 6,210.3 6,401.0 6,576.6 Consumption of fixed capital\2\............. 795.5 801.6 809.1 817.0 824.2 829.4 831.3 830.5 829.8 830.3 833.6 Net value added\3\.......................... 5,763.3 5,926.4 5,915.2 5,900.4 5,897.8 5,752.5 5,478.1 5,385.9 5,380.5 5,570.7 5,743.0 -------------------------------------------------------------------------------------------------------------- Dollars; quarters seasonally adjusted -------------------------------------------------------------------------------------------------------------- Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business\4\.... 1.053 1.042 1.037 1.038 1.054 1.053 1.061 1.059 1.056 1.042 1.036 Compensation of employees (unit labor cost).................................... .665 .659 .663 .663 .661 .666 .668 .674 .672 .655 .641 Unit nonlabor cost........................ .269 .267 .269 .273 .274 .281 .288 .285 .279 .274 .268 Consumption of fixed capital............ .129 .127 .128 .130 .132 .136 .142 .142 .140 .136 .132 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .103 .101 .101 .102 .102 .104 .106 .108 .106 .106 .104 Net interest and miscellaneous payments. .037 .039 .040 .041 .040 .041 .040 .035 .033 .032 .032 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .119 .117 .105 .102 .119 .107 .105 .099 .104 .113 .128 Taxes on corporate income............... .043 .042 .037 .038 .037 .024 .025 .025 .026 .032 .040 Profits after tax with inventory valuation and capital consumption adjustments............................ .077 .075 .067 .065 .083 .083 .080 .074 .078 .081 .087 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006 2007 2008 2009 IV 06 I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... 2.7 1.9 .0 -2.6 3.0 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 2.4 Goods............................. 5.2 4.1 -.5 -3.8 7.2 2.0 6.3 3.3 9.6 -1.2 -.1 -10.8 -18.6 -2.4 -.4 6.8 23.9 19.5 2.0 Services.......................... 2.3 2.3 1.5 -.2 3.6 1.5 2.0 3.0 2.5 1.5 1.1 -.2 .0 -1.5 .8 -.2 .8 .0 1.3 Structures........................ -1.6 -5.5 -7.9 -16.6 -10.5 -5.5 3.1 -4.7 -10.9 -12.3 -.2 -9.4 -16.9 -31.9 -13.4 -.1 -15.9 -15.2 14.4 Motor vehicle output.............. -1.2 .0 -18.6 -24.7 -10.2 10.2 4.4 -2.0 -14.6 -8.4 -35.1 -20.7 -58.0 -51.1 -2.0 145.5 13.7 42.3 -.5 GDP excluding motor vehicle output........................... 2.8 2.0 .5 -2.1 3.4 .6 3.2 2.4 3.5 -.5 1.7 -3.6 -5.2 -3.8 -.7 .0 4.8 3.0 2.4 Final sales of computers\1\....... 25.2 18.4 26.5 5.0 22.4 2.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 -10.5 -4.0 17.3 19.2 7.6 GDP excluding final sales of computers........................ 2.5 1.9 -.1 -2.7 2.8 .9 3.2 2.0 2.7 -.8 .4 -4.1 -6.9 -4.9 -.6 1.6 5.0 3.7 2.4 Farm gross value added\2\......... -2.8 -8.9 13.3 6.1 -13.2 -9.4 -15.6 -19.3 41.9 55.4 -14.5 6.7 13.8 16.3 -7.3 19.3 -13.9 -.8 6.6 Nonfarm business gross value added\3\......................... 3.1 2.1 -1.1 -3.8 4.2 .3 4.2 2.5 2.5 -2.5 -.3 -6.2 -9.5 -6.4 -.2 1.4 6.7 5.0 2.6 Gross domestic income\4\.......... 3.7 .1 -.8 -2.9 2.6 -2.3 .2 -2.0 2.5 .8 -2.5 -2.6 -6.9 -4.9 -1.6 .0 6.7 4.5 ..... Price indexes: GDP............................... 3.3 2.9 2.2 .9 1.8 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.8 GDP excluding food and energy\5\.. 3.3 2.8 2.3 .8 2.4 4.1 2.0 1.7 2.7 2.9 2.5 2.7 -.6 .3 .8 .6 1.5 1.7 1.0 GDP excluding final sales of computers........................ 3.4 3.1 2.3 1.0 1.9 4.5 3.3 2.1 1.0 2.0 3.3 4.6 -1.1 1.2 .4 .9 -.2 1.0 1.9 Gross domestic purchases.......... 3.4 2.9 3.2 -.2 1.0 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 Gross domestic purchases excluding food and energy\5\............... 3.2 2.7 2.6 .7 2.4 3.8 2.0 1.9 2.8 3.1 3.2 2.6 -.4 -.2 .8 .4 1.5 1.6 .9 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 3.6 3.1 3.3 -.1 1.1 4.6 3.3 2.2 3.9 4.1 4.6 4.1 -4.3 -1.9 .7 1.5 2.1 2.2 .1 Personal consumption expenditures (PCE)............................ 2.7 2.7 3.3 .2 -.1 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .1 Personal consumption expenditures excluding food and energy\5\..... 2.3 2.4 2.3 1.5 2.1 2.9 1.7 2.2 2.8 2.6 2.6 2.2 .6 .9 2.3 1.5 2.1 1.2 1.1 Market-based PCE\6\............... 2.8 2.6 3.4 .3 -.7 3.7 3.7 2.0 4.5 4.1 4.5 5.2 -6.0 -1.1 1.9 3.0 2.2 1.7 -.2 Market-based PCE excluding food and energy\6\.................... 2.2 2.1 2.3 1.9 1.6 2.5 1.6 1.7 2.9 2.5 2.1 2.8 1.5 1.9 2.3 1.3 1.4 .7 1.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See "Explanatory Note" at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.