EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 27, 2012 Lisa Mataloni: (202) 606-5304 gdpniwd@bea.gov BEA 12-32 Recorded message: (202) 606-5306 Brent Moulton: (202) 606-9606 (Annual Revision) Nicole Mayerhauser: (202) 606-9285 NATIONAL INCOME AND PRODUCT ACCOUNTS GROSS DOMESTIC PRODUCT: SECOND QUARTER 2012 (ADVANCE ESTIMATE) REVISED ESTIMATES: 2009 THROUGH FIRST QUARTER 2012 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 1.5 percent in the second quarter of 2012, (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 2.0 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 29, 2012. BOX._____ The estimates released today reflect the regular annual revision of the national income and product accounts (NIPAs), beginning with the estimates for the first quarter of 2009. 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 2012 Survey of Current Business will contain NIPA tables and an article describing the revisions. These NIPA tables will be available on BEA’s Web site at www.bea.gov by August 3, 2012. _________ 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 personal consumption expenditures (PCE), exports, nonresidential fixed investment, private inventory investment, and residential fixed investment that were partly offset by a negative contribution from state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the second quarter primarily reflected a deceleration in PCE, an acceleration in imports, and decelerations in residential fixed investment and in nonresidential fixed investment that were partly offset by an upturn in private inventory investment, a smaller decrease in federal government spending, and an acceleration in exports. Motor vehicle output added 0.13 percentage point to the second-quarter change in real GDP after adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.07 percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the first-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.7 percent in the second quarter, compared with an increase of 2.5 percent in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in the second quarter, compared with an increase of 2.4 percent in the first. Real personal consumption expenditures increased 1.5 percent in the second quarter, compared with an increase of 2.4 percent in the first. Durable goods decreased 1.0 percent, in contrast to an increase of 11.5 percent. Nondurable goods increased 1.5 percent, compared with an increase of 1.6 percent. Services increased 1.9 percent, compared with an increase of 1.3. Real nonresidential fixed investment increased 5.3 percent in the second quarter, compared with an increase of 7.5 percent in the first. Nonresidential structures increased 0.9 percent, compared with an increase of 12.9 percent. Equipment and software increased 7.2 percent, compared with an increase of 5.4 percent. Real residential fixed investment increased 9.7 percent, compared with an increase of 20.5 percent. Real exports of goods and services increased 5.3 percent in the second quarter, compared with an increase of 4.4 percent in the first. Real imports of goods and services increased 6.0 percent, compared with an increase of 3.1 percent. Real federal government consumption expenditures and gross investment decreased 0.4 percent in the second quarter, compared with a decrease of 4.2 percent in the first. National defense decreased 0.4 percent, compared with a decrease of 7.1 percent. Nondefense decreased 0.3 percent, in contrast to an increase of 1.8 percent. Real state and local government consumption expenditures and gross investment decreased 2.1 percent, compared with a decrease of 2.2. The change in real private inventories added 0.32 percentage point to the second-quarter change in real GDP after subtracting 0.39 percentage point from the first-quarter change. Private businesses increased inventories $66.3 billion in the second quarter, following increases of $56.9 billion in the first quarter and $70.5 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.2 percent in the second quarter, compared with an increase of 2.4 percent in the first. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.8 percent in the second quarter, the same increase as in the first quarter. Disposition of personal income Current-dollar personal income increased $140.5 billion (4.3 percent) in the second quarter, compared with an increase of $199.9 billion (6.3 percent) in the first. Personal current taxes increased $24.9 billion in the second quarter, compared with an increase of $30.0 billion in the first. Disposable personal income increased $115.6 billion (4.0 percent) in the second quarter, compared with an increase of $169.9 billion (6.0 percent) in the first. Real disposable personal income increased 3.2 percent, compared with an increase of 3.4 percent. Personal outlays increased $59.9 billion (2.1 percent) in the second quarter, compared with an increase of $143.1 billion (5.2 percent) in the first. Personal saving -- disposable personal income less personal outlays -- was $475.3 billion in the second quarter, compared with $419.5 billion in the first. The personal saving rate -- saving as a percentage of disposable personal income -- was 4.0 percent in the second quarter, compared with 3.6 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 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 3.1 percent, or $117.6 billion, in the second quarter to a level of $15,595.9 billion. In the first quarter, current-dollar GDP increased 4.2 percent, or $157.3 billion. BOX._________ Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release 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 with 2009, reflect the results of the 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 estimation 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 2010 and revised tabulations for 2009. 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 the 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. With the release of the annual revision, statistics for selected NIPA tables will be available on BEA’s Web site (www.bea.gov). Shortly after the GDP release, BEA will post a table on its Web site showing the sources of major current-dollar revisions to the annual estimates for 2009–2011 for each component of GDP, national income, and personal income. The August 2012 Survey of Current Business will contain NIPA tables and an article describing the revisions. The August 2012 issue will also contain an analysis of the "advance" GDP estimate for the second quarter of 2012 ("GDP and the Economy"). This section of the release discusses the highlights of annual revision, including the newly incorporated source data and changes in methodology and presentation. Summary of revisions For this annual revision, the revisions are limited to the period from 2009 to the first quarter of 2012. * For 2008–2011, real GDP increased at an average annual rate of 0.3 percent; in the previously published estimates, real GDP had increased at an average annual rate of 0.4 percent. From the fourth quarter of 2008 to the first quarter of 2012, real GDP increased at an average annual rate of 1.5 percent; in the previously published estimates, real GDP had increased 1.4 percent. * The percent change in real GDP was revised up 0.4 percentage point for 2009, was revised down 0.6 percentage point for 2010, and was revised up 0.1 percentage point for 2011. * The revisions to the annual estimates for 2009–2011 reflect partly offsetting revisions to the quarters within the year. For example, for 2009, the annual rate of change in GDP was revised up 1.4 percentage points for the first quarter, was revised up 0.4 percentage point for the second quarter, and was revised up 0.2 percentage point for the fourth quarter, while the growth rate for the third quarter was revised down 0.3 percentage point. For 2010, the annual rate of change in GDP was revised down 1.6 percentage points for both the first and second quarters, while the growth rates for the third and fourth quarters were each revised up 0.1 percentage point. For 2011, the annual rate of change in GDP was revised up 1.2 percentage points for the second quarter and was revised up 1.1 percentage points for the fourth quarter, while the growth rates for the first and third quarters were revised down 0.3 percentage point and 0.5 percentage point, respectively. * For the 13 quarters from the first quarter of 2009 to the first quarter of 2012, the average revision (without regard to sign) was 0.7 percentage point. The revisions did not change the direction of change in real GDP (increase or decrease) for any quarter. * For 2008–2011, the average annual rate of growth of real disposable personal income was revised down 0.1 percentage point, from 0.2 percent to 0.1 percent. * From the fourth quarter of 2008 to the first quarter of 2012, the average annual rate of increase in the price index for gross domestic purchases was 1.6 percent, the same rate of increase as in the previously published estimates. The average annual rate of increase in the price index for personal consumption expenditures (PCE) was 1.8 percent; in the previously published estimates, the price index for PCE had increased 1.9 percent. The average annual rate of increase in the "core" PCE price index (which excludes food and energy) was 1.5 percent; in the previously published estimates, the "core" PCE price index had increased 1.6 percent. * The percent change in real gross domestic income (GDI) was revised up 0.1 percentage point for 2009, was revised down 0.5 percentage point for 2010, and was revised down 0.2 percentage point for 2011. * National income was revised down for all 3 years: 0.1 percent for 2009, 0.2 percent for 2010, and 0.5 percent for 2011. * Corporate profits was revised down for all 3 years: 1.4 percent for 2009, 5.4 percent for 2010, and 6.0 percent for 2011. Revisions to the 2009-2011 estimates The percent change from the preceding year in real GDP was revised up from a decrease of 3.5 percent to a decrease of 3.1 percent for 2009, was revised down from an increase of 3.0 percent to an increase of 2.4 percent for 2010, and was revised up from an increase of 1.7 percent to an increase of 1.8 percent for 2011. For 2009, the largest contributors to the revision to the change in real GDP were upward revisions to state and local government spending and to inventory investment. For 2010, the largest contributors to the revision were downward revisions to nonresidential fixed investment, to PCE, and to inventory investment. For 2011, the largest contributors to the revision were upward revisions to PCE and to inventory investment; these revisions were partly offset by downward revisions to state and local government spending, to federal government spending, and to nonresidential fixed investment. The percent change from fourth quarter to fourth quarter in real GDP was revised up from a decrease of 0.5 percent to a decrease of 0.1 percent during 2009, was revised down from an increase of 3.1 percent to an increase of 2.4 percent during 2010, and was revised up from an increase of 1.6 percent to an increase of 2.0 percent during 2011. 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 3.2 percent; in the previously published estimates, it had decreased 3.5 percent. The cumulative decrease in real GDP (not at an annual rate) was 4.7 percent; in the previously published estimates, the cumulative decrease was 5.1 percent. For the period of expansion from the second quarter of 2009 to the first quarter of 2012, real GDP increased at an average annual rate of 2.3 percent; in the previously published estimates, it had increased 2.4 percent. The percent change from the preceding year in real gross domestic income (GDI) was revised up from a decrease of 4.0 percent to a decrease of 3.9 percent for 2009, was revised down from an increase of 3.6 percent to an increase of 3.1 percent for 2010, and was revised down from an increase of 2.0 percent to an increase of 1.8 percent for 2011. The percent change from the preceding year in the price index for gross domestic purchases was revised down from a decrease of 0.1 percent to a decrease of 0.2 percent for 2009, was revised up from an increase of 1.5 percent to an increase of 1.6 percent for 2010, and was unrevised at 2.5 percent for 2011. For the corresponding quarters, the largest downward revision was 0.6 percentage point for the first quarter of 2011; the largest upward revision was 0.4 percentage point (for both the third and fourth quarters of 2010). Current-dollar GDP was revised up $34.7 billion, or 0.2 percent, for 2009; was revised down $27.6 billion, or 0.2 percent, for 2010; and was revised down $18.3 billion, or 0.1 percent, for 2011. The percent change from the preceding year was revised up from a decrease of 2.5 percent to a decrease of 2.2 percent for 2009, was revised down from an increase of 4.2 percent to an increase of 3.8 percent for 2010, and was revised up from an increase of 3.9 percent to an increase of 4.0 percent for 2011. Current-dollar gross national product (GNP) (GDP plus net receipts of income from the rest of the world) was revised up $26.0 billion, or 0.2 percent, for 2009; was revised down $7.7 billion, or 0.1 percent, for 2010; and was revised down $12.0 billion, or 0.1 percent, for 2011. Net receipts of income from the rest of the world was revised down $8.8 billion for 2009, was revised up $19.9 billion for 2010, and was revised up $6.4 billion for 2011. 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. (An article describing the revisions to the ITAs was published in the July 2012 issue of the Survey of Current Business.) National income was revised down for all 3 years: $15.0 billion, or 0.1 percent, for 2009; $28.7 billion, or 0.2 percent, for 2010; and $62.3 billion, or 0.5 percent, for 2011. For 2009, downward revisions to corporate profits, to net interest, and to rental income of persons were partly offset by an upward revision to nonfarm proprietors’ income. For 2010, a downward revision to corporate profits was partly offset by an upward revision to nonfarm proprietors’ income. For 2011, a downward revision to corporate profits was partly offset by upward revisions to nonfarm proprietors’ income and 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: $19.7 billion, or 1.4 percent, for 2009; $97.7 billion, or 5.4 percent, for 2010; and $115.8 billion, or 6.0 percent, for 2011. For 2009, downward revisions to profits of domestic financial corporations and to profits from the rest of the world were partly offset by an upward revision to profits of domestic nonfinancial corporations. For 2010 and 2011, downward revisions to profits of domestic financial and nonfinancial corporations were partly offset by an upward revision to profits from the rest of the world. Profits before tax was revised down for all 3 years: $15.2 billion for 2009, $3.2 billion for 2010, and $42.2 billion for 2011. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment was revised down for all 3 years: $7.0 billion for 2009, $94.9 billion for 2010, and $71.2 billion for 2011. The inventory valuation adjustment was revised up $2.6 billion for 2009, was revised up $0.4 billion for 2010, and was revised down $2.5 billion for 2011. Personal income was revised down for all 3 years: $63.2 billion, or 0.5 percent, for 2009; $51.6 billion, or 0.4 percent, for 2010; and $43.9 billion, or 0.3 percent, for 2011. For 2009, downward revisions to personal dividend income, to rental income of persons, and to personal interest income were partly offset by an upward revision to nonfarm proprietors’ income. For 2010, a downward revision to personal dividend income was partly offset by upward revisions to nonfarm proprietors’ income and to personal interest income. For 2011, downward revisions to personal dividend income, to government social benefits to persons, and to farm proprietors’ income were partly offset by upward revisions to nonfarm proprietors’ income, to supplements to wages and salaries, and to personal interest income. Disposable personal income (DPI) (personal income less personal current taxes) was revised down for all 3 years: $66.4 billion, or 0.6 percent, for 2009; $52.6 billion, or 0.5 percent, for 2010; and $44.2 billion, or 0.4 percent, for 2011. Personal current taxes was revised up for all 3 years: $3.2 billion for 2009, $0.9 billion for 2010, and $0.3 billion for 2011. The percent change from the preceding year in real DPI was revised down from a decrease of 2.3 percent to a decrease of 2.8 percent for 2009, was unrevised at 1.8 percent for 2010, and was revised up from an increase of 1.2 percent to an increase of 1.3 percent for 2011. Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- was revised down $22.0 billion for 2009, was revised down $26.5 billion for 2010, and was revised up $4.8 billion for 2011. For 2009 and 2010, downward revisions to PCE accounted for most of the revisions to personal outlays. For 2011, upward revisions to personal interest payments and to PCE were partly offset by a downward revision to personal current transfer payments to government. The personal saving rate (personal saving as a percentage of DPI) was revised down for all 3 years: from 5.1 percent to 4.7 percent for 2009, from 5.3 percent to 5.1 percent for 2010, and from 4.6 percent to 4.2 percent for 2011. 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 up for all 3 years: from 0.6 percent to 0.8 percent for 2009, from less than 0.1 percent to 0.2 percent for 2010, and from a negative 0.2 percent to a positive 0.2 percent for 2011. For 2009, the revision to the discrepancy reflected an upward revision to GDP and a downward revision to GDI. For 2010 and 2011, the revisions to the discrepancy reflected downward revisions to GDI that were larger than the downward revisions to GDP. New source data The annual revision incorporated data from the following major federal statistical sources: Census Bureau annual survey of manufactures for 2009 (revised) and 2010 (preliminary); Census Bureau annual surveys of merchant wholesale trade and of retail trade for 2009 (revised) and for 2010 (preliminary); Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2009–2011; Census Bureau annual surveys of services for 2009 (revised), 2010 (revised), and 2011 (preliminary), and of state and local government finances for fiscal years 2008 (revised), 2009 (revised), and 2010 (preliminary); Census Bureau monthly survey of construction spending (value put in place) for 2009–2011 (revised); Census Bureau quarterly services survey for 2009–2011 (revised); Census Bureau current population survey/housing vacancy survey for 2011; federal government budget data for fiscal years 2011 and 2012; Internal Revenue Service tabulations of tax returns for corporations for 2009 (revised) and 2010 (preliminary) and for sole proprietorships and partnerships for 2010; Bureau of Labor Statistics quarterly census of employment and wages for 2009– 2011 (revised); Department of Agriculture farm statistics for 2009–2011 (revised); and BEA's ITAs for 2009–2011 (revised). Changes in methodology and presentation The annual revision also incorporated improvements to estimating methodologies, including the following: * Beginning with the estimates for 2010, data from the Census Bureau’s expanded service annual survey (SAS) are incorporated into the annual estimates of PCE categories for ground transportation for intercity buses, taxicabs, private urban transit systems, school bus transportation, and "other" road transportation. Newly available SAS data are also incorporated into the PCE estimates of water transportation; both ground transportation and water transportation are included in the PCE category public transportation. In addition, newly available SAS data are incorporated into the PCE estimates of commercial and vocational schools and into the PCE estimates of water supply and sanitation services. Similarly, beginning with the estimates for the first quarter of 2011, data from the Census Bureau’s expanded quarterly services survey (QSS) are incorporated into the quarterly estimates of most of these same PCE categories. As a result, the percentage of quarterly PCE services that are based on the QSS has increased to 42 percent. * Beginning with the estimates for 2010, retail motor vehicle inventory investment is derived using a weighted average of private industry data on motor vehicle unit inventories and of inventory data from the Census Bureau’s retail trade surveys. This methodology is used for both the annual inventory investment estimates and the current quarterly extrapolations of inventory investment. Prior to this methodology change, estimates of annual inventory investment were based solely on retail trade inventory data from the Census Bureau, and the current quarterly extrapolations were based solely on the unit inventory data. This new approach takes into account differences in the scope and coverage of these two data sources and makes the annual and current quarterly methodologies more consistent and should result in smaller revisions during annual revisions. * Beginning with the estimates for the second quarter of 2012, data for the "preliminary" composite refiner acquisition cost of crude oil from the Energy Information Administration are used in place of the producer price index for crude petroleum as the indicator for the estimates of the refiner crude acquisition cost, which is used in the estimation of a number of important series of private inventory investment and their corresponding inventory valuation adjustments. * Beginning with the estimates for the first quarter of 2009, revised seasonally adjusted foreign trade prices are incorporated on a "best-level" basis into BEA’s chained-dollar estimates of exports and imports. The revised prices reflect BEA’s work with the Census Bureau’s Foreign Trade Division to develop more consistent measures of chained-dollar exports and imports. * A new group of tables is introduced on BEA’s Web site to show GDP, GDI, and other major NIPA aggregates (including GNP and various command-basis measures) side-by-side. Most of the measures in these tables are already available in other NIPA tables. The new tables are intended to facilitate comparison of these major aggregates. * * * 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 29, 2012, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2012 (Second Estimate) Corporate Profits: Second Quarter 2012 (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 generally 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 0.2 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 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-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 0.6 0.4 Advance to third..................... .2 .7 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .3 1.2 1.0 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .5 Second to third...................... .0 .2 .2 Advance to latest.................... .2 1.3 1.0 NOTE. These comparisons are based on the period from 1983 through 2008. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). -.3 -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 Personal consumption expenditures... -.6 -1.9 1.8 2.5 -5.1 -1.6 -1.8 2.1 .0 Goods............................. -2.5 -3.0 3.6 3.8 -12.6 .2 -2.1 7.5 -.5 Durable goods................... -4.9 -5.4 6.2 7.2 -25.4 1.3 -2.0 20.9 -6.1 Nondurable goods................ -1.2 -1.8 2.3 2.3 -5.8 -.3 -2.1 1.7 2.3 Services.......................... .4 -1.4 1.0 1.9 -1.2 -2.5 -1.6 -.4 .2 Gross private domestic investment... -10.2 -24.8 13.7 5.2 -33.9 -43.0 -27.1 -1.7 41.4 Fixed investment.................. -7.1 -19.0 -.2 6.6 -25.2 -30.2 -18.5 -3.1 -6.0 Nonresidential.................. -.8 -18.1 .7 8.6 -22.9 -28.9 -17.5 -7.8 -6.4 Structures.................... 6.4 -21.1 -15.6 2.7 -10.2 -30.5 -31.4 -26.7 -28.8 Equipment and software........ -4.3 -16.4 8.9 11.0 -29.3 -27.9 -8.6 3.6 6.0 Residential..................... -23.9 -22.4 -3.7 -1.4 -33.2 -35.1 -22.2 17.2 -4.8 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.1 -9.1 11.1 6.7 -21.4 -28.7 .6 13.8 24.0 Goods........................... 6.3 -12.0 14.3 7.2 -27.4 -35.3 -2.6 21.1 30.4 Services........................ 5.6 -2.6 4.7 5.6 -5.6 -12.6 7.4 .4 11.4 Imports........................... -2.7 -13.5 12.5 4.8 -14.9 -33.9 -15.9 17.2 19.3 Goods........................... -3.8 -15.6 14.9 5.2 -18.5 -37.3 -18.5 21.1 23.7 Services........................ 3.6 -3.3 2.5 2.8 5.6 -17.2 -4.7 2.8 2.4 Government consumption expenditures and gross investment............... 2.6 3.7 .6 -3.1 1.6 1.8 9.6 3.7 1.1 Federal........................... 7.2 6.1 4.5 -2.8 9.1 -3.0 13.7 6.3 4.2 National defense................ 7.5 6.0 3.0 -2.6 8.3 -7.0 16.1 7.6 1.3 Nondefense...................... 6.5 6.5 7.7 -3.1 10.9 6.1 8.8 3.5 10.5 State and local................... .0 2.2 -1.8 -3.4 -2.8 4.9 7.2 2.2 -.9 Addenda: Final sales of domestic product... .2 -2.3 .9 2.0 -7.4 -3.1 .6 1.2 -.6 Gross domestic purchases.......... -1.5 -4.0 2.8 1.7 -8.3 -7.3 -2.7 2.1 4.0 Final sales to domestic purchasers....................... -1.0 -3.3 1.3 1.8 -6.9 -5.2 -1.8 1.8 -.5 Gross national product (GNP)...... ..... -3.2 2.8 2.0 -10.8 -5.2 -.4 2.8 4.4 Disposable personal income........ 2.4 -2.8 1.8 1.3 -.2 -4.7 -.5 -6.1 -.6 Current-dollar measures: GDP............................. 1.9 -2.2 3.8 4.0 -8.4 -4.4 -1.1 1.9 5.3 Final sales of domestic product. 2.4 -1.4 2.2 4.1 -7.4 -2.1 -.1 1.8 .8 Gross domestic purchases........ 1.8 -4.3 4.5 4.2 -12.0 -9.6 -2.5 3.8 6.3 Final sales to domestic purchasers..................... 2.2 -3.5 3.0 4.4 -11.0 -7.4 -1.5 3.7 1.9 GNP............................. 2.2 -2.4 4.2 4.2 -10.4 -4.4 -1.1 3.3 5.7 Disposable personal income...... 5.8 -2.7 3.8 3.8 -5.8 -6.8 1.1 -3.3 2.5 ------------------------------------------------------------------------------------------------------------ See "Explanatory Note" at the end of the tables. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 -------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.5 Personal consumption expenditures... 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 1.5 Goods............................. 5.2 3.3 3.8 7.9 5.4 -1.0 1.4 5.4 4.7 .7 Durable goods................... 5.5 10.5 7.2 15.2 7.3 -2.3 5.4 13.9 11.5 -1.0 Nondurable goods................ 5.1 .1 2.2 4.5 4.6 -.3 -.4 1.8 1.6 1.5 Services.......................... 1.2 2.3 1.9 2.3 2.0 1.9 1.8 .3 1.3 1.9 Gross private domestic investment... 19.8 14.6 16.4 -5.9 -5.3 12.5 5.9 33.9 6.1 8.5 Fixed investment.................. -.9 14.5 -1.0 7.6 -1.3 12.4 15.5 10.0 9.8 6.1 Nonresidential.................. 2.1 12.3 7.7 9.2 -1.3 14.5 19.0 9.5 7.5 5.3 Structures.................... -23.0 13.1 -2.2 9.3 -28.2 35.2 20.7 11.5 12.9 .9 Equipment and software........ 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 7.2 Residential..................... -11.4 23.1 -28.6 1.5 -1.4 4.1 1.4 12.1 20.5 9.7 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 5.3 Goods........................... 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 6.0 Services........................ -2.2 4.5 11.1 7.4 5.8 5.1 6.1 -8.8 5.2 3.6 Imports........................... 10.4 20.2 13.9 .0 4.3 .1 4.7 4.9 3.1 6.0 Goods........................... 12.2 24.7 14.1 1.1 5.2 -.7 2.9 6.3 2.0 6.0 Services........................ 2.4 1.2 12.9 -5.0 -.6 4.2 13.8 -1.7 9.0 5.5 Government consumption expenditures and gross investment............... -3.1 2.8 -.3 -4.4 -7.0 -.8 -2.9 -2.2 -3.0 -1.4 Federal........................... .6 9.7 3.7 -4.1 -10.3 2.8 -4.3 -4.4 -4.2 -.4 National defense................ -3.7 7.3 7.2 -6.1 -14.3 8.3 2.6 -10.6 -7.1 -.4 Nondefense...................... 10.1 14.6 -3.1 .0 -1.7 -7.5 -17.4 10.2 1.8 -.3 State and local................... -5.5 -1.4 -2.9 -4.6 -4.7 -3.2 -2.0 -.7 -2.2 -2.1 Addenda: Final sales of domestic product... .1 2.2 .6 4.1 .6 2.4 2.3 1.5 2.4 1.2 Gross domestic purchases.......... 3.1 3.9 3.5 1.1 .0 1.9 1.2 4.6 1.8 1.8 Final sales to domestic purchasers....................... .9 3.9 1.5 2.7 .5 1.8 2.2 2.1 2.2 1.5 Gross national product (GNP)...... 2.7 2.9 2.6 2.2 .6 2.8 1.4 4.1 .6 ..... Disposable personal income........ 5.7 6.3 1.2 1.0 4.4 -1.5 -1.3 -.2 3.4 3.2 Current-dollar measures: GDP............................. 3.9 4.1 4.6 4.5 2.2 5.2 4.3 4.2 4.2 3.1 Final sales of domestic product. 1.6 3.8 2.7 6.2 2.6 5.2 5.4 1.9 4.4 2.8 Gross domestic purchases........ 5.2 4.8 4.8 3.5 3.5 5.5 3.6 5.3 4.6 2.5 Final sales to domestic purchasers..................... 3.0 4.6 2.9 5.1 3.9 5.4 4.6 3.0 4.8 2.2 GNP............................. 4.3 4.7 4.6 4.3 2.7 5.5 4.5 4.3 2.8 ..... Disposable personal income...... 7.6 6.9 2.5 3.1 7.7 2.0 1.1 .9 6.0 4.0 -------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). -.3 -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 Previously published....... -.3 -3.5 3.0 1.7 -8.9 -6.7 -.7 1.7 3.8 Personal consumption expenditures... -.6 -1.9 1.8 2.5 -5.1 -1.6 -1.8 2.1 .0 Previously published.............. -.6 -1.9 2.0 2.2 -5.1 -1.5 -1.9 2.3 .4 Goods............................. -2.5 -3.0 3.6 3.8 -12.6 .2 -2.1 7.5 -.5 Previously published............ -2.5 -3.0 4.3 3.7 -12.6 .1 -2.3 7.6 .5 Durable goods................... -4.9 -5.4 6.2 7.2 -25.4 1.3 -2.0 20.9 -6.1 Previously published.......... -4.9 -5.4 7.2 8.2 -25.4 2.4 -4.0 20.3 -4.8 Nondurable goods................ -1.2 -1.8 2.3 2.3 -5.8 -.3 -2.1 1.7 2.3 Previously published.......... -1.2 -1.8 2.9 1.7 -5.8 -1.0 -1.5 2.0 3.1 Services.......................... .4 -1.4 1.0 1.9 -1.2 -2.5 -1.6 -.4 .2 Previously published............ .4 -1.4 .9 1.4 -1.2 -2.3 -1.7 -.1 .4 Gross private domestic investment... -10.2 -24.8 13.7 5.2 -33.9 -43.0 -27.1 -1.7 41.4 Previously published.............. -10.2 -25.0 17.9 4.8 -33.9 -46.7 -22.8 2.9 36.8 Fixed investment.................. -7.1 -19.0 -.2 6.6 -25.2 -30.2 -18.5 -3.1 -6.0 Previously published............ -7.1 -18.8 2.6 6.8 -25.2 -32.2 -17.0 .7 -3.8 Nonresidential.................. -.8 -18.1 .7 8.6 -22.9 -28.9 -17.5 -7.8 -6.4 Previously published.......... -.8 -17.8 4.4 8.8 -22.9 -31.3 -15.8 -3.3 -3.7 Structures.................... 6.4 -21.1 -15.6 2.7 -10.2 -30.5 -31.4 -26.7 -28.8 Previously published........ 6.4 -21.2 -15.8 4.6 -10.2 -32.1 -33.3 -20.1 -30.8 Equipment and software........ -4.3 -16.4 8.9 11.0 -29.3 -27.9 -8.6 3.6 6.0 Previously published........ -4.3 -16.0 14.6 10.4 -29.3 -30.8 -4.2 6.4 11.7 Residential..................... -23.9 -22.4 -3.7 -1.4 -33.2 -35.1 -22.2 17.2 -4.8 Previously published.......... -23.9 -22.2 -4.3 -1.3 -33.2 -35.4 -21.3 17.8 -3.8 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.1 -9.1 11.1 6.7 -21.4 -28.7 .6 13.8 24.0 Previously published............ 6.1 -9.4 11.3 6.7 -21.4 -29.0 -.5 13.9 23.5 Goods........................... 6.3 -12.0 14.3 7.2 -27.4 -35.3 -2.6 21.1 30.4 Previously published.......... 6.3 -12.0 14.4 7.4 -27.4 -34.9 -2.9 21.3 28.4 Services........................ 5.6 -2.6 4.7 5.6 -5.6 -12.6 7.4 .4 11.4 Previously published.......... 5.6 -3.5 5.0 4.9 -5.6 -14.7 4.7 .1 13.7 Imports........................... -2.7 -13.5 12.5 4.8 -14.9 -33.9 -15.9 17.2 19.3 Previously published............ -2.7 -13.6 12.5 4.9 -14.9 -34.0 -15.0 16.3 17.4 Goods........................... -3.8 -15.6 14.9 5.2 -18.5 -37.3 -18.5 21.1 23.7 Previously published.......... -3.8 -15.6 14.8 5.7 -18.5 -37.1 -17.9 19.6 21.8 Services........................ 3.6 -3.3 2.5 2.8 5.6 -17.2 -4.7 2.8 2.4 Previously published.......... 3.6 -3.5 2.9 1.1 5.6 -19.3 -2.5 4.2 .4 Government consumption expenditures and gross investment............... 2.6 3.7 .6 -3.1 1.6 1.8 9.6 3.7 1.1 Previously published............. 2.6 1.7 .7 -2.1 1.6 -1.7 5.9 1.3 -.9 Federal........................... 7.2 6.1 4.5 -2.8 9.1 -3.0 13.7 6.3 4.2 Previously published............ 7.2 6.0 4.5 -1.9 9.1 -3.3 14.4 5.9 2.2 National defense................ 7.5 6.0 3.0 -2.6 8.3 -7.0 16.1 7.6 1.3 Previously published.......... 7.5 5.8 3.3 -2.3 8.3 -7.5 16.3 8.2 -1.3 Nondefense...................... 6.5 6.5 7.7 -3.1 10.9 6.1 8.8 3.5 10.5 Previously published.......... 6.5 6.5 7.1 -1.2 10.9 6.5 10.4 1.0 9.9 State and local................... .0 2.2 -1.8 -3.4 -2.8 4.9 7.2 2.2 -.9 Previously published............ .0 -.9 -1.8 -2.2 -2.8 -.8 .9 -1.5 -2.9 Addenda: Final sales of domestic product... .2 -2.3 .9 2.0 -7.4 -3.1 .6 1.2 -.6 Previously published............ .2 -2.6 1.4 2.0 -7.4 -4.2 -.2 1.4 -.2 Gross domestic purchases.......... -1.5 -4.0 2.8 1.7 -8.3 -7.3 -2.7 2.1 4.0 Previously published............ -1.5 -4.4 3.4 1.6 -8.3 -8.6 -2.8 2.2 3.5 Final sales to domestic purchasers....................... -1.0 -3.3 1.3 1.8 -6.9 -5.2 -1.8 1.8 -.5 Previously published........... -1.0 -3.6 1.8 1.8 -6.9 -6.2 -2.3 1.9 -.3 Gross national product (GNP)...... ..... -3.2 2.8 2.0 -10.8 -5.2 -.4 2.8 4.4 Previously published............ .0 -3.6 3.3 2.1 -10.8 -6.2 -.5 2.3 4.0 Disposable personal income........ 2.4 -2.8 1.8 1.3 -.2 -4.7 -.5 -6.1 -.6 Previously published............ 2.4 -2.3 1.8 1.2 -.2 -3.8 .3 -5.4 -.6 Current-dollar measures: GDP............................. 1.9 -2.2 3.8 4.0 -8.4 -4.4 -1.1 1.9 5.3 Previously published.......... 1.9 -2.5 4.2 3.9 -8.4 -5.2 -1.1 1.9 4.9 Final sales of domestic product. 2.4 -1.4 2.2 4.1 -7.4 -2.1 -.1 1.8 .8 Previously published.......... 2.4 -1.6 2.6 4.1 -7.4 -2.5 -.5 1.8 1.0 Gross domestic purchases........ 1.8 -4.3 4.5 4.2 -12.0 -9.6 -2.5 3.8 6.3 Previously published.......... 1.8 -4.5 5.0 4.2 -12.0 -10.4 -2.4 3.9 5.6 Final sales to domestic purchasers..................... 2.2 -3.5 3.0 4.4 -11.0 -7.4 -1.5 3.7 1.9 Previously published......... 2.2 -3.7 3.3 4.3 -11.0 -7.9 -1.8 3.7 1.9 GNP............................. 2.2 -2.4 4.2 4.2 -10.4 -4.4 -1.1 3.3 5.7 Previously published.......... 2.2 -2.6 4.4 4.2 -10.4 -4.8 -.9 2.6 5.1 Disposable personal income...... 5.8 -2.7 3.8 3.8 -5.8 -6.8 1.1 -3.3 2.5 Previously published.......... 5.8 -2.1 3.6 3.7 -5.8 -5.4 2.2 -2.6 2.2 ------------------------------------------------------------------------------------------------------------ See "Explanatory Note" at the end of the tables. Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 Previously published....... 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 1.9 Personal consumption expenditures... 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 Previously published.............. 2.7 2.9 2.6 3.6 2.1 .7 1.7 2.1 2.5 Goods............................. 5.2 3.3 3.8 7.9 5.4 -1.0 1.4 5.4 4.7 Previously published............ 6.4 3.8 4.8 8.3 4.7 -1.6 1.4 5.4 5.7 Durable goods................... 5.5 10.5 7.2 15.2 7.3 -2.3 5.4 13.9 11.5 Previously published.......... 9.9 7.8 8.8 17.2 11.7 -5.3 5.7 16.1 13.7 Nondurable goods................ 5.1 .1 2.2 4.5 4.6 -.3 -.4 1.8 1.6 Previously published.......... 4.8 1.9 3.0 4.3 1.6 .2 -.5 .8 2.1 Services.......................... 1.2 2.3 1.9 2.3 2.0 1.9 1.8 .3 1.3 Previously published............ 1.0 2.5 1.6 1.3 .8 1.9 1.9 .4 .8 Gross private domestic investment... 19.8 14.6 16.4 -5.9 -5.3 12.5 5.9 33.9 6.1 Previously published.............. 31.5 26.4 9.2 -7.1 3.8 6.4 1.3 22.1 6.5 Fixed investment.................. -.9 14.5 -1.0 7.6 -1.3 12.4 15.5 10.0 9.8 Previously published............ 1.2 19.5 2.3 7.5 1.2 9.2 13.0 6.3 6.0 Nonresidential.................. 2.1 12.3 7.7 9.2 -1.3 14.5 19.0 9.5 7.5 Previously published.......... 6.0 18.6 11.3 8.7 2.1 10.3 15.7 5.2 3.1 Structures.................... -23.0 13.1 -2.2 9.3 -28.2 35.2 20.7 11.5 12.9 Previously published........ -24.7 7.5 4.2 10.5 -14.3 22.6 14.4 -.9 1.9 Equipment and software........ 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 Previously published........ 21.7 23.2 14.1 8.1 8.7 6.2 16.2 7.5 3.5 Residential..................... -11.4 23.1 -28.6 1.5 -1.4 4.1 1.4 12.1 20.5 Previously published.......... -15.3 22.8 -27.7 2.5 -2.4 4.2 1.3 11.6 20.0 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 Previously published............ 7.2 10.0 10.0 7.8 7.9 3.6 4.7 2.7 4.2 Goods........................... 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 Previously published.......... 12.1 11.8 8.9 9.2 10.6 2.5 5.0 3.6 3.8 Services........................ -2.2 4.5 11.1 7.4 5.8 5.1 6.1 -8.8 5.2 Previously published.......... -2.7 6.1 12.6 4.7 1.7 6.2 4.0 .4 5.3 Imports........................... 10.4 20.2 13.9 .0 4.3 .1 4.7 4.9 3.1 Previously published............ 12.5 21.6 12.3 -2.3 8.3 1.4 1.2 3.7 2.7 Goods........................... 12.2 24.7 14.1 1.1 5.2 -.7 2.9 6.3 2.0 Previously published.......... 14.4 26.0 12.4 -.5 9.5 1.6 .5 3.3 1.6 Services........................ 2.4 1.2 12.9 -5.0 -.6 4.2 13.8 -1.7 9.0 Previously published.......... 4.6 3.3 11.6 -10.4 2.2 .4 4.8 5.6 8.9 Government consumption expenditures and gross investment............... -3.1 2.8 -.3 -4.4 -7.0 -.8 -2.9 -2.2 -3.0 Previously published............. -1.2 3.7 1.0 -2.8 -5.9 -.9 -.1 -4.2 -4.0 Federal........................... .6 9.7 3.7 -4.1 -10.3 2.8 -4.3 -4.4 -4.2 Previously published............ 2.8 8.8 3.2 -3.0 -9.4 1.9 2.1 -6.9 -5.9 National defense................ -3.7 7.3 7.2 -6.1 -14.3 8.3 2.6 -10.6 -7.1 Previously published.......... .5 6.0 5.7 -5.9 -12.6 7.0 5.0 -12.1 -8.3 Nondefense...................... 10.1 14.6 -3.1 .0 -1.7 -7.5 -17.4 10.2 1.8 Previously published.......... 7.8 14.7 -1.8 3.1 -2.7 -7.6 -3.8 4.5 -.8 State and local................... -5.5 -1.4 -2.9 -4.6 -4.7 -3.2 -2.0 -.7 -2.2 Previously published............ -3.9 .4 -.5 -2.7 -3.4 -2.8 -1.6 -2.2 -2.7 Addenda: Final sales of domestic product... .1 2.2 .6 4.1 .6 2.4 2.3 1.5 2.4 Previously published............ .8 3.0 1.7 4.2 .0 1.6 3.2 1.1 1.8 Gross domestic purchases.......... 3.1 3.9 3.5 1.1 .0 1.9 1.2 4.6 1.8 Previously published............ 4.8 5.6 3.1 .9 .7 1.0 1.3 3.1 1.7 Final sales to domestic purchasers....................... .9 3.9 1.5 2.7 .5 1.8 2.2 2.1 2.2 Previously published........... 1.7 4.9 2.3 2.7 .4 1.3 2.7 1.3 1.6 Gross national product (GNP)...... 2.7 2.9 2.6 2.2 .6 2.8 1.4 4.1 .6 Previously published............ 3.8 4.5 2.8 1.7 1.5 2.2 1.9 1.8 .5 Disposable personal income........ 5.7 6.3 1.2 1.0 4.4 -1.5 -1.3 -.2 3.4 Previously published............ 4.9 5.6 2.3 1.5 1.2 -.5 .7 .2 .7 Current-dollar measures: GDP............................. 3.9 4.1 4.6 4.5 2.2 5.2 4.3 4.2 4.2 Previously published.......... 5.5 5.4 3.9 4.2 3.1 4.0 4.4 3.8 3.9 Final sales of domestic product. 1.6 3.8 2.7 6.2 2.6 5.2 5.4 1.9 4.4 Previously published.......... 2.3 4.5 3.1 6.1 2.5 4.2 5.9 2.0 3.9 Gross domestic purchases........ 5.2 4.8 4.8 3.5 3.5 5.5 3.6 5.3 4.6 Previously published.......... 7.0 6.2 4.0 2.9 4.9 4.5 3.3 4.3 4.3 Final sales to domestic purchasers..................... 3.0 4.6 2.9 5.1 3.9 5.4 4.6 3.0 4.8 Previously published......... 3.8 5.3 3.2 4.8 4.3 4.7 4.7 2.5 4.2 GNP............................. 4.3 4.7 4.6 4.3 2.7 5.5 4.5 4.3 2.8 Previously published.......... 5.4 6.1 4.1 3.5 4.2 4.8 4.5 2.7 2.6 Disposable personal income...... 7.6 6.9 2.5 3.1 7.7 2.0 1.1 .9 6.0 Previously published.......... 6.8 5.9 3.3 3.5 5.2 2.8 3.1 1.3 3.3 ------------------------------------------------------------------------------------------------------------ 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 ------------------------ ------------------------ ------------------------ 2009 2010 2011 2009 2010 2011 2009 2010 2011 --------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 13,973.7 14,498.9 15,075.7 34.7 -27.6 -18.3 .2 -.2 -.1 Personal consumption expenditures...... 9,845.9 10,215.7 10,729.0 -20.2 -29.8 3.0 -.2 -.3 .0 Goods................................ 3,194.4 3,364.9 3,624.8 -3.1 -22.1 -21.8 -.1 -.7 -.6 Durable goods...................... 1,029.6 1,079.4 1,146.4 .0 -6.1 -16.5 .0 -.6 -1.4 Nondurable goods................... 2,164.8 2,285.5 2,478.4 -3.0 -16.0 -5.3 -.1 -.7 -.2 Services............................. 6,651.5 6,850.9 7,104.2 -17.2 -7.6 24.8 -.3 -.1 .4 Gross private domestic investment...... 1,549.3 1,737.3 1,854.9 2.5 -57.8 -61.3 .2 -3.2 -3.2 Fixed investment..................... 1,703.5 1,679.0 1,818.3 -4.1 -49.2 -51.7 -.2 -2.8 -2.8 Nonresidential..................... 1,349.3 1,338.4 1,479.6 -3.7 -51.7 -52.9 -.3 -3.7 -3.5 Structures....................... 451.1 376.3 404.8 1.2 1.9 -4.7 .3 .5 -1.1 Equipment and software........... 898.2 962.1 1,074.7 -4.8 -53.6 -48.3 -.5 -5.3 -4.3 Residential........................ 354.1 340.6 338.7 -.6 2.5 1.2 -.2 .7 .4 Change in private inventories........ -154.2 58.4 36.6 6.6 -8.5 -9.7 ..... ..... ..... Net exports of goods and services...... -388.7 -511.6 -568.1 2.8 5.3 10.6 ..... ..... ..... Exports.............................. 1,587.4 1,844.4 2,094.2 4.4 4.6 8.7 .3 .3 .4 Goods.............................. 1,064.7 1,278.5 1,474.5 .0 .7 1.1 .0 .1 .1 Services........................... 522.7 565.9 619.7 4.3 3.9 7.6 .8 .7 1.2 Imports.............................. 1,976.2 2,356.1 2,662.3 1.6 -.6 -1.9 .1 .0 -.1 Goods.............................. 1,587.5 1,947.0 2,229.2 .2 -.3 -8.7 .0 .0 -.4 Services........................... 388.7 409.1 433.0 1.4 -.3 6.7 .4 -.1 1.6 Government consumption expenditures and gross investment.................. 2,967.2 3,057.5 3,059.8 49.7 54.7 29.2 1.7 1.8 1.0 Federal.............................. 1,143.6 1,223.1 1,222.1 .9 .3 -10.8 .1 .0 -.9 National defense................... 776.0 817.7 820.8 1.1 -1.5 -4.1 .1 -.2 -.5 Nondefense......................... 367.6 405.3 401.3 -.2 1.7 -6.6 -.1 .4 -1.6 State and local...................... 1,823.6 1,834.4 1,837.7 48.8 54.4 40.0 2.7 3.1 2.2 Relation of GDP and national income Gross domestic product................. 13,973.7 14,498.9 15,075.7 34.7 -27.6 -18.3 .2 -.2 -.1 Plus: Income receipts from the rest of the world............ 642.4 716.5 783.7 2.6 13.6 4.4 .4 1.9 .6 Less: Income payments to the rest of the world................. 498.9 507.2 531.8 11.4 -6.3 -2.0 2.3 -1.2 -.4 Equals: Gross national product......... 14,117.2 14,708.2 15,327.5 26.0 -7.7 -12.0 .2 -.1 -.1 Less: Consumption of fixed capital..... 1,866.3 1,873.4 1,936.8 .1 -1.5 -13.3 .0 -.1 -.7 Less: Statistical discrepancy.......... 118.3 23.3 31.9 40.9 22.5 63.7 ..... ..... ..... Equals: National income................ 12,132.6 12,811.4 13,358.9 -15.0 -28.7 -62.3 -.1 -.2 -.5 Compensation of employees............ 7,799.4 7,970.0 8,295.2 -7.0 -1.4 18.6 -.1 .0 .2 Wage and salary accruals........... 6,275.3 6,404.6 6,661.3 .0 -3.6 -6.9 .0 -.1 -.1 Supplements to wages and salaries.......................... 1,524.0 1,565.4 1,633.9 -7.1 2.3 25.5 -.5 .1 1.6 Proprietors' income with inventory valuation and capital consumption adjustments............. 979.4 1,103.4 1,157.3 38.2 67.0 48.4 4.1 6.5 4.4 Rental income of persons with capital consumption adjustment...... 289.7 349.2 409.7 -16.2 -1.0 5.8 -5.3 -.3 1.4 Corporate profits with inventory valuation and capital consumption adjustments............. 1,342.3 1,702.4 1,827.0 -19.7 -97.7 -115.8 -1.4 -5.4 -6.0 Net interest and miscellaneous payments............................ 640.5 567.9 527.4 -16.2 3.6 -7.7 -2.5 .6 -1.4 Taxes on production and imports less subsidies...................... 963.5 998.0 1,036.2 5.3 1.3 1.1 .6 .1 .1 Business current transfer payments (net)...................... 133.4 140.0 132.6 1.4 3.3 -1.5 1.1 2.4 -1.1 Current surplus of government enterprises......................... -15.6 -19.5 -26.5 -.7 -3.8 -11.2 ..... ..... ..... Disposition of personal income Personal income........................ 11,867.0 12,321.9 12,947.3 -63.2 -51.6 -43.9 -.5 -.4 -.3 Compensation of employees, received............................ 7,794.4 7,970.0 8,295.2 -7.0 -1.4 18.6 -.1 .0 .2 Wage and salary disbursements...... 6,270.3 6,404.6 6,661.3 .0 -3.6 -6.9 .0 -.1 -.1 Supplements to wages and salaries.......................... 1,524.0 1,565.4 1,633.9 -7.1 2.3 25.5 -.5 .1 1.6 Proprietors' income with inventory valuation and capital consumption adjustments............. 979.4 1,103.4 1,157.3 38.2 67.0 48.4 4.1 6.5 4.4 Farm............................... 39.9 44.3 54.6 .7 -7.9 -11.3 1.8 -15.1 -17.1 Nonfarm............................ 939.5 1,059.1 1,102.8 37.5 74.9 59.8 4.2 7.6 5.7 Rental income of persons with capital consumption adjustment...... 289.7 349.2 409.7 -16.2 -1.0 5.8 -5.3 -.3 1.4 Personal income receipts on assets... 1,626.5 1,598.3 1,685.1 -81.2 -122.9 -104.9 -4.8 -7.1 -5.9 Personal interest income........... 1,093.3 1,016.6 1,008.8 -15.6 13.2 10.7 -1.4 1.3 1.1 Personal dividend income........... 533.2 581.7 676.3 -65.6 -136.0 -115.6 -11.0 -18.9 -14.6 Personal current transfer receipts............................ 2,140.1 2,284.3 2,319.2 2.0 3.1 -17.0 .1 .1 -.7 Less: Contributions for government social insurance, domestic.......... 963.1 983.3 919.3 -1.0 -3.5 -5.1 -.1 -.4 -.6 Less: Personal current taxes........... 1,144.6 1,194.8 1,398.0 3.2 .9 .3 .3 .1 .0 Equals: Disposable personal income..... 10,722.4 11,127.1 11,549.3 -66.4 -52.6 -44.2 -.6 -.5 -.4 Less: Personal outlays................. 10,214.3 10,560.4 11,059.9 -22.0 -26.5 4.8 -.2 -.3 .0 Equals: Personal saving................ 508.2 566.7 489.4 -44.4 -26.1 -49.1 ..... ..... ..... Personal saving as a percentage of disposable personal income....... 4.7 5.1 4.2 -.4 -.2 -.4 ..... ..... ..... Addenda: Statistical discrepancy as a percentage of GDP..................... .8 .2 .2 .2 .2 .4 ..... ..... ..... Gross domestic income.................. 13,855.4 14,475.6 15,043.8 -6.1 -50.1 -82.0 .0 -.3 -.5 --------------------------------------------------------------------------------------------------------------------------------- Table 2. Contributions to Percent Change in Real Gross Domestic Product--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... -.3 -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 Percentage points at annual rates: Personal consumption expenditures.. -.39 -1.36 1.28 1.79 -3.53 -1.06 -1.21 1.50 -.01 Goods............................ -.59 -.69 .82 .89 -3.04 .06 -.46 1.68 -.10 Durable goods.................. -.41 -.41 .45 .53 -2.12 .11 -.14 1.43 -.47 Motor vehicles and parts..... -.38 -.16 .05 .13 -.98 .25 .03 .96 -.89 Furnishings and durable household equipment......... -.08 -.15 .11 .10 -.35 -.22 -.10 .08 .11 Recreational goods and vehicles.................... .09 -.03 .24 .25 -.51 .10 -.11 .34 .32 Other durable goods.......... -.04 -.06 .05 .05 -.29 -.03 .05 .04 .00 Nondurable goods............... -.18 -.28 .37 .36 -.92 -.05 -.32 .26 .37 Food and beverages purchased for off-premises consumption -.05 -.09 .11 .13 -.51 -.12 .20 .15 .21 Clothing and footwear........ -.01 -.12 .12 .08 -.32 -.10 -.18 .09 .10 Gasoline and other energy goods....................... -.13 .02 -.01 -.09 .27 .26 -.16 -.09 -.08 Other nondurable goods....... .02 -.09 .14 .25 -.36 -.09 -.18 .10 .14 Services......................... .21 -.67 .46 .90 -.49 -1.12 -.75 -.18 .09 Household consumption expenditures (for services)... .00 -.70 .44 .82 -.80 -.94 -.62 -.24 -.08 Housing and utilities........ .09 .14 .11 .07 .48 .21 .05 .07 .12 Health care.................. .25 .19 .15 .39 .02 .25 .34 .20 -.09 Transportation services...... -.12 -.21 -.02 .04 -.33 -.27 -.14 -.11 -.07 Recreation services.......... -.03 -.11 .03 .07 -.18 -.09 -.10 -.09 .05 Food services and accommodations.............. -.04 -.17 .11 .16 -.23 -.31 -.17 -.04 -.02 Financial services and insurance................... -.06 -.39 .02 -.02 -.59 -.58 -.30 -.25 -.13 Other services............... -.08 -.13 .04 .11 .02 -.15 -.30 -.03 .05 Final consumption expenditures of nonprofit institutions serving households............ .20 .03 .02 .07 .31 -.18 -.13 .06 .17 Gross output of nonprofit institutions................ .22 .13 .11 .20 .22 .05 .09 .14 .03 Less: Receipts from sales of goods and services by nonprofit institutions...... .02 .10 .08 .13 -.09 .24 .22 .09 -.14 Gross private domestic investment.. -1.66 -3.59 1.50 .62 -5.59 -7.02 -3.52 -.14 3.85 Fixed investment................. -1.15 -2.80 -.03 .76 -4.05 -4.73 -2.49 -.32 -.69 Nonresidential................. -.09 -2.08 .07 .80 -2.84 -3.54 -1.86 -.73 -.57 Structures................... .24 -.85 -.50 .07 -.41 -1.39 -1.31 -.98 -.98 Equipment and software....... -.34 -1.23 .56 .72 -2.43 -2.16 -.54 .25 .40 Information processing equipment and software.... .08 -.15 .16 .18 -.80 -.17 .10 .40 .28 Computers and peripheral equipment............... .05 -.03 .02 .06 -.22 .04 .05 .00 .13 Software................. .07 .01 .05 .12 -.09 -.02 .09 .09 .11 Other.................... -.04 -.13 .10 -.01 -.49 -.20 -.04 .31 .04 Industrial equipment....... -.05 -.29 -.01 .14 -.23 -.70 -.24 -.11 -.06 Transportation equipment... -.31 -.54 .38 .26 -.99 -.93 -.01 .11 .21 Other equipment............ -.05 -.25 .04 .14 -.41 -.36 -.39 -.14 -.03 Residential.................... -1.05 -.73 -.09 -.03 -1.21 -1.18 -.63 .40 -.12 Change in private inventories.... -.51 -.78 1.52 -.14 -1.54 -2.29 -1.03 .19 4.55 Farm........................... .01 -.02 -.04 .02 -.08 -.07 -.03 -.10 .14 Nonfarm........................ -.52 -.76 1.56 -.17 -1.46 -2.22 -1.00 .29 4.41 Net exports of goods and services.. 1.21 1.14 -.52 .07 -.12 2.45 2.47 -.70 -.05 Exports.......................... .73 -1.14 1.29 .87 -2.97 -3.78 .10 1.48 2.55 Goods.......................... .53 -1.05 1.11 .65 -2.75 -3.29 -.17 1.46 2.14 Services....................... .20 -.10 .18 .22 -.21 -.49 .27 .02 .42 Imports.......................... .47 2.28 -1.81 -.80 2.84 6.24 2.37 -2.18 -2.60 Goods.......................... .57 2.19 -1.74 -.72 2.98 5.68 2.22 -2.12 -2.55 Services....................... -.10 .09 -.07 -.08 -.14 .56 .15 -.06 -.05 Government consumption expenditures and gross investment.............. .50 .74 .14 -.67 .35 .37 1.94 .79 .23 Federal.......................... .50 .46 .37 -.23 .69 -.23 1.04 .51 .34 National defense............... .36 .31 .17 -.15 .44 -.37 .83 .42 .07 Consumption expenditures..... .25 .25 .15 -.09 .37 -.21 .62 .37 .08 Gross investment............. .11 .05 .02 -.06 .07 -.16 .21 .04 -.01 Nondefense..................... .15 .16 .20 -.09 .25 .14 .21 .09 .27 Consumption expenditures..... .12 .15 .15 -.08 .23 .15 .23 .04 .22 Gross investment............. .02 .01 .05 -.01 .02 -.01 -.02 .04 .05 State and local.................. .00 .28 -.23 -.43 -.34 .60 .90 .28 -.12 Consumption expenditures....... -.02 .31 -.14 -.24 -.10 .63 .74 .31 .16 Gross investment............... .02 -.04 -.09 -.19 -.24 -.03 .17 -.03 -.28 Addenda: Goods............................ -.21 -1.54 2.33 1.37 -6.83 -2.17 .21 1.50 4.51 Services......................... .66 .04 .72 .62 -.35 -.48 1.26 .50 .91 Structures....................... -.78 -1.57 -.65 -.19 -1.72 -2.59 -1.78 -.56 -1.40 Motor vehicle output............. -.53 -.55 .50 .25 -1.73 -1.38 .35 1.41 .34 Final sales of computers......... .11 -.01 -.06 .12 .02 .18 -.08 -.24 -.19 ------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product--Table Ends [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 --------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.5 Percentage points at annual rates: Personal consumption expenditures.. 1.72 1.81 1.75 2.84 2.22 .70 1.18 1.45 1.72 1.05 Goods............................ 1.18 .76 .86 1.78 1.27 -.22 .33 1.29 1.11 .18 Durable goods.................. .40 .74 .52 1.07 .53 -.17 .40 1.00 .85 -.08 Motor vehicles and parts..... -.11 .34 .20 .55 .14 -.53 .05 .63 .31 -.29 Furnishings and durable household equipment......... .17 .18 .04 .14 .07 .07 .10 .16 .14 -.03 Recreational goods and vehicles.................... .23 .23 .21 .28 .31 .20 .23 .25 .28 .13 Other durable goods.......... .12 -.01 .07 .10 .03 .08 .02 -.04 .11 .11 Nondurable goods............... .79 .02 .35 .71 .73 -.05 -.06 .29 .26 .25 Food and beverages purchased for off-premises consumption .19 -.20 .09 .33 .19 .10 .00 .02 .00 -.02 Clothing and footwear........ .21 .13 .05 .28 .05 .06 -.14 .08 .13 -.13 Gasoline and other energy goods....................... .29 -.13 -.02 -.20 .18 -.42 -.09 .02 -.07 .38 Other nondurable goods....... .10 .22 .23 .30 .31 .20 .16 .18 .20 .02 Services......................... .54 1.05 .88 1.06 .95 .92 .85 .16 .61 .87 Household consumption expenditures (for services)... .60 .96 .95 1.07 .90 .76 .52 .26 .64 .77 Housing and utilities........ .11 .08 .24 .04 -.04 .22 .22 -.45 -.28 .40 Health care.................. -.20 .35 .51 .59 .48 .33 -.10 .42 .42 .20 Transportation services...... -.02 .05 .07 .04 .03 .06 .06 -.02 .03 .02 Recreation services.......... .09 -.06 .12 .13 -.03 .16 .05 .02 -.02 .00 Food services and accommodations.............. .26 .20 .12 .15 .22 .13 .10 .21 .21 .04 Financial services and insurance................... .35 .25 -.25 -.06 .02 -.08 .24 -.11 .20 .11 Other services............... .01 .10 .14 .18 .22 -.06 -.06 .19 .07 .02 Final consumption expenditures of nonprofit institutions serving households............ -.07 .09 -.07 -.01 .05 .16 .33 -.10 -.02 .10 Gross output of nonprofit institutions................ -.14 .32 .28 .28 .14 .21 .07 .24 .31 .23 Less: Receipts from sales of goods and services by nonprofit institutions...... -.08 .23 .35 .29 .09 .05 -.26 .34 .33 .13 Gross private domestic investment.. 2.13 1.65 1.87 -.75 -.68 1.40 .68 3.72 .78 1.08 Fixed investment................. -.10 1.58 -.10 .87 -.14 1.39 1.75 1.19 1.18 .76 Nonresidential................. .20 1.07 .70 .83 -.11 1.30 1.71 .93 .74 .54 Structures................... -.70 .31 -.06 .23 -.84 .77 .51 .31 .35 .03 Equipment and software....... .90 .76 .76 .60 .72 .53 1.20 .62 .39 .51 Information processing equipment and software.... .04 .02 .24 .28 .02 .30 .13 .23 .21 .07 Computers and peripheral equipment............... -.04 .01 -.04 .05 .01 .21 .06 .06 .07 -.03 Software................. -.02 -.04 .12 .12 .14 .13 .14 .16 .04 .12 Other.................... .11 .04 .16 .11 -.13 -.04 -.07 .02 .10 -.01 Industrial equipment....... -.10 .25 -.01 .11 .18 .01 .38 .25 -.18 .19 Transportation equipment... .73 .44 .49 .08 .26 .13 .40 .32 .22 .16 Other equipment............ .23 .06 .04 .13 .27 .09 .30 -.17 .14 .09 Residential.................... -.30 .51 -.80 .03 -.03 .09 .03 .26 .43 .22 Change in private inventories.... 2.23 .07 1.97 -1.61 -.54 .01 -1.07 2.53 -.39 .32 Farm........................... .01 -.10 -.19 .03 .11 -.02 .11 .05 -.03 .04 Nonfarm........................ 2.22 .17 2.16 -1.64 -.65 .03 -1.18 2.48 -.37 .28 Net exports of goods and services.. -.83 -1.81 -.95 1.24 .03 .54 .02 -.64 .06 -.31 Exports.......................... .70 1.14 1.18 1.24 .75 .56 .83 .21 .60 .73 Goods.......................... .79 .97 .76 .96 .52 .35 .59 .58 .39 .58 Services....................... -.09 .17 .41 .28 .23 .21 .25 -.38 .21 .15 Imports.......................... -1.53 -2.95 -2.13 -.01 -.72 -.02 -.81 -.85 -.54 -1.04 Goods.......................... -1.46 -2.92 -1.79 -.15 -.73 .10 -.43 -.90 -.29 -.88 Services....................... -.06 -.03 -.34 .15 .01 -.12 -.38 .05 -.25 -.16 Government consumption expenditures and gross investment.............. -.69 .59 -.06 -.94 -1.49 -.16 -.60 -.43 -.60 -.28 Federal.......................... .04 .78 .31 -.35 -.89 .23 -.36 -.35 -.34 -.03 National defense............... -.22 .40 .40 -.35 -.84 .45 .15 -.60 -.39 -.02 Consumption expenditures..... -.10 .25 .31 -.29 -.56 .36 .26 -.66 -.22 -.11 Gross investment............. -.12 .14 .09 -.05 -.28 .09 -.11 .05 -.16 .09 Nondefense..................... .26 .38 -.09 .00 -.05 -.22 -.51 .25 .05 -.01 Consumption expenditures..... .19 .29 -.09 .01 -.07 -.18 -.47 .28 .08 -.02 Gross investment............. .08 .09 .00 -.01 .01 -.04 -.04 -.02 -.03 .01 State and local.................. -.73 -.19 -.37 -.59 -.60 -.39 -.24 -.08 -.26 -.26 Consumption expenditures....... -.45 -.43 -.37 -.29 -.19 -.20 -.17 -.08 -.05 -.09 Gross investment............... -.28 .24 .00 -.30 -.40 -.19 -.08 -.01 -.21 -.16 Addenda: Goods............................ 3.58 -.26 2.65 1.57 .99 .91 .58 4.23 1.09 .86 Services......................... .02 1.32 .80 .92 .37 .98 .33 -.62 .38 .65 Structures....................... -1.27 1.19 -.85 -.09 -1.29 .59 .37 .49 .50 .03 Motor vehicle output............. .51 .48 .34 -.32 .75 .05 .03 .55 .72 .13 Final sales of computers......... .01 -.12 .11 .21 .16 .08 .12 .12 .02 -.07 --------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... -.3 -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 Previously published........... -.3 -3.5 3.0 1.7 -8.9 -6.7 -.7 1.7 3.8 Percentage points at annual rates: Personal consumption expenditures.. -.39 -1.36 1.28 1.79 -3.53 -1.06 -1.21 1.50 -.01 Previously published............. -.39 -1.32 1.44 1.53 -3.53 -1.02 -1.28 1.66 .33 Goods............................ -.59 -.69 .82 .89 -3.04 .06 -.46 1.68 -.10 Previously published........... -.59 -.69 .99 .87 -3.04 .05 -.52 1.70 .12 Durable goods.................. -.41 -.41 .45 .53 -2.12 .11 -.14 1.43 -.47 Previously published......... -.41 -.41 .53 .60 -2.12 .19 -.29 1.39 -.36 Motor vehicles and parts..... -.38 -.16 .05 .13 -.98 .25 .03 .96 -.89 Previously published....... -.38 -.17 .05 .19 -.98 .35 -.10 .92 -.79 Furnishings and durable household equipment......... -.08 -.15 .11 .10 -.35 -.22 -.10 .08 .11 Previously published...... -.08 -.15 .13 .09 -.35 -.21 -.12 .08 .13 Recreational goods and vehicles.................... .09 -.03 .24 .25 -.51 .10 -.11 .34 .32 Previously published...... .09 -.04 .27 .26 -.51 .07 -.11 .34 .33 Other durable goods.......... -.04 -.06 .05 .05 -.29 -.03 .05 .04 .00 Previously published....... -.04 -.06 .07 .06 -.29 -.01 .04 .04 -.03 Nondurable goods............... -.18 -.28 .37 .36 -.92 -.05 -.32 .26 .37 Previously published......... -.18 -.28 .46 .27 -.92 -.15 -.23 .31 .48 Food and beverages purchased for off-premises consumption -.05 -.09 .11 .13 -.51 -.12 .20 .15 .21 Previously published...... -.05 -.07 .13 .08 -.51 -.10 .26 .20 .20 Clothing and footwear........ -.01 -.12 .12 .08 -.32 -.10 -.18 .09 .10 Previously published....... -.01 -.11 .13 .07 -.32 -.07 -.17 .09 .10 Gasoline and other energy goods....................... -.13 .02 -.01 -.09 .27 .26 -.16 -.09 -.08 Previously published...... -.13 .01 .00 -.12 .27 .14 -.10 -.06 -.01 Other nondurable goods....... .02 -.09 .14 .25 -.36 -.09 -.18 .10 .14 Previously published....... .02 -.10 .20 .24 -.36 -.12 -.22 .08 .19 Services......................... .21 -.67 .46 .90 -.49 -1.12 -.75 -.18 .09 Previously published........... .21 -.63 .46 .66 -.49 -1.07 -.76 -.04 .21 Household consumption expenditures (for services)... .00 -.70 .44 .82 -.80 -.94 -.62 -.24 -.08 Previously published........ .00 -.66 .43 .68 -.80 -.94 -.59 -.10 .06 Housing and utilities........ .09 .14 .11 .07 .48 .21 .05 .07 .12 Previously published....... .09 .13 .12 .01 .48 .13 .05 .17 .16 Health care.................. .25 .19 .15 .39 .02 .25 .34 .20 -.09 Previously published....... .25 .21 .16 .24 .02 .21 .41 .25 .12 Transportation services...... -.12 -.21 -.02 .04 -.33 -.27 -.14 -.11 -.07 Previously published....... -.12 -.19 .02 .01 -.33 -.25 -.11 -.08 -.01 Recreation services.......... -.03 -.11 .03 .07 -.18 -.09 -.10 -.09 .05 Previously published....... -.03 -.11 .05 .08 -.18 -.07 -.09 -.09 .05 Food services and accommodations.............. -.04 -.17 .11 .16 -.23 -.31 -.17 -.04 -.02 Previously published...... -.04 -.15 .14 .17 -.23 -.24 -.17 -.03 .01 Financial services and insurance................... -.06 -.39 .02 -.02 -.59 -.58 -.30 -.25 -.13 Previously published...... -.06 -.43 -.07 .08 -.59 -.59 -.41 -.28 -.30 Other services............... -.08 -.13 .04 .11 .02 -.15 -.30 -.03 .05 Previously published....... -.08 -.12 .02 .09 .02 -.13 -.27 -.03 .03 Final consumption expenditures of nonprofit institutions serving households............ .20 .03 .02 .07 .31 -.18 -.13 .06 .17 Previously published........ .20 .03 .02 -.02 .31 -.13 -.17 .06 .14 Gross output of nonprofit institutions................ .22 .13 .11 .20 .22 .05 .09 .14 .03 Previously published...... .22 .12 .15 .09 .22 .02 .06 .14 .17 Less: Receipts from sales of goods and services by nonprofit institutions...... .02 .10 .08 .13 -.09 .24 .22 .09 -.14 Previously published...... .02 .09 .13 .11 -.09 .15 .23 .08 .02 Gross private domestic investment.. -1.66 -3.59 1.50 .62 -5.59 -7.02 -3.52 -.14 3.85 Previously published............. -1.66 -3.61 1.96 .60 -5.59 -7.76 -2.84 .35 3.51 Fixed investment................. -1.15 -2.80 -.03 .76 -4.05 -4.73 -2.49 -.32 -.69 Previously published........... -1.15 -2.77 .32 .81 -4.05 -5.09 -2.26 .13 -.42 Nonresidential................. -.09 -2.08 .07 .80 -2.84 -3.54 -1.86 -.73 -.57 Previously published......... -.09 -2.05 .42 .84 -2.84 -3.90 -1.66 -.29 -.33 Structures................... .24 -.85 -.50 .07 -.41 -1.39 -1.31 -.98 -.98 Previously published....... .24 -.85 -.51 .12 -.41 -1.47 -1.41 -.71 -1.07 Equipment and software....... -.34 -1.23 .56 .72 -2.43 -2.16 -.54 .25 .40 Previously published....... -.34 -1.20 .93 .72 -2.43 -2.43 -.25 .42 .74 Information processing equipment and software.... .08 -.15 .16 .18 -.80 -.17 .10 .40 .28 Previously published.... .08 -.14 .35 .23 -.80 -.28 .15 .48 .54 Computers and peripheral equipment............... .05 -.03 .02 .06 -.22 .04 .05 .00 .13 Previously published.. .05 -.02 .16 .10 -.22 -.04 .06 .13 .34 Software................. .07 .01 .05 .12 -.09 -.02 .09 .09 .11 Previously published... .07 -.01 .05 .11 -.09 -.11 .09 .06 .12 Other.................... -.04 -.13 .10 -.01 -.49 -.20 -.04 .31 .04 Previously published... -.04 -.11 .14 .02 -.49 -.13 .00 .30 .08 Industrial equipment....... -.05 -.29 -.01 .14 -.23 -.70 -.24 -.11 -.06 Previously published..... -.05 -.28 .08 .15 -.23 -.73 -.20 -.07 .00 Transportation equipment... -.31 -.54 .38 .26 -.99 -.93 -.01 .11 .21 Previously published..... -.31 -.53 .36 .22 -.99 -.97 .15 .04 .21 Other equipment............ -.05 -.25 .04 .14 -.41 -.36 -.39 -.14 -.03 Previously published..... -.05 -.25 .14 .13 -.41 -.44 -.35 -.04 .00 Residential.................... -1.05 -.73 -.09 -.03 -1.21 -1.18 -.63 .40 -.12 Previously published......... -1.05 -.72 -.11 -.03 -1.21 -1.19 -.60 .42 -.10 Change in private inventories.... -.51 -.78 1.52 -.14 -1.54 -2.29 -1.03 .19 4.55 Previously published........... -.51 -.84 1.64 -.21 -1.54 -2.66 -.58 .21 3.93 Farm........................... .01 -.02 -.04 .02 -.08 -.07 -.03 -.10 .14 Previously published......... .01 -.02 .00 -.04 -.08 -.06 -.03 -.12 .13 Nonfarm........................ -.52 -.76 1.56 -.17 -1.46 -2.22 -1.00 .29 4.41 Previously published......... -.52 -.82 1.64 -.17 -1.46 -2.60 -.55 .33 3.80 Net exports of goods and services.. 1.21 1.14 -.52 .07 -.12 2.45 2.47 -.70 -.05 Previously published............. 1.21 1.11 -.51 .05 -.12 2.44 2.21 -.59 .15 Exports.......................... .73 -1.14 1.29 .87 -2.97 -3.78 .10 1.48 2.55 Previously published........... .73 -1.18 1.31 .86 -2.97 -3.82 -.02 1.49 2.51 Goods.......................... .53 -1.05 1.11 .65 -2.75 -3.29 -.17 1.46 2.14 Previously published......... .53 -1.04 1.12 .67 -2.75 -3.25 -.20 1.48 2.01 Services....................... .20 -.10 .18 .22 -.21 -.49 .27 .02 .42 Previously published......... .20 -.13 .19 .19 -.21 -.57 .18 .01 .49 Imports.......................... .47 2.28 -1.81 -.80 2.84 6.24 2.37 -2.18 -2.60 Previously published........... .47 2.29 -1.82 -.81 2.84 6.26 2.24 -2.08 -2.36 Goods.......................... .57 2.19 -1.74 -.72 2.98 5.68 2.22 -2.12 -2.55 Previously published......... .57 2.19 -1.74 -.78 2.98 5.63 2.15 -1.98 -2.36 Services....................... -.10 .09 -.07 -.08 -.14 .56 .15 -.06 -.05 Previously published......... -.10 .10 -.08 -.03 -.14 .63 .09 -.10 .00 Government consumption expenditures and gross investment.............. .50 .74 .14 -.67 .35 .37 1.94 .79 .23 Previously published............ .50 .34 .14 -.44 .35 -.33 1.21 .28 -.18 Federal.......................... .50 .46 .37 -.23 .69 -.23 1.04 .51 .34 Previously published........... .50 .45 .37 -.17 .69 -.25 1.09 .48 .18 National defense............... .36 .31 .17 -.15 .44 -.37 .83 .42 .07 Previously published......... .36 .30 .18 -.13 .44 -.40 .84 .45 -.07 Consumption expenditures..... .25 .25 .15 -.09 .37 -.21 .62 .37 .08 Previously published....... .25 .25 .14 -.05 .37 -.23 .64 .38 .04 Gross investment............. .11 .05 .02 -.06 .07 -.16 .21 .04 -.01 Previously published....... .11 .05 .04 -.08 .07 -.17 .20 .07 -.11 Nondefense..................... .15 .16 .20 -.09 .25 .14 .21 .09 .27 Previously published......... .15 .16 .19 -.03 .25 .15 .25 .03 .25 Consumption expenditures..... .12 .15 .15 -.08 .23 .15 .23 .04 .22 Previously published....... .12 .14 .14 -.04 .23 .17 .26 -.03 .20 Gross investment............. .02 .01 .05 -.01 .02 -.01 -.02 .04 .05 Previously published....... .02 .01 .05 .00 .02 -.02 .00 .05 .05 State and local.................. .00 .28 -.23 -.43 -.34 .60 .90 .28 -.12 Previously published........... .00 -.11 -.23 -.28 -.34 -.08 .12 -.19 -.37 Consumption expenditures....... -.02 .31 -.14 -.24 -.10 .63 .74 .31 .16 Previously published......... -.02 -.07 -.13 -.12 -.10 -.04 -.03 -.15 -.09 Gross investment............... .02 -.04 -.09 -.19 -.24 -.03 .17 -.03 -.28 Previously published......... .02 -.05 -.10 -.16 -.24 -.05 .15 -.04 -.27 Addenda: Goods............................ -.21 -1.54 2.33 1.37 -6.83 -2.17 .21 1.50 4.51 Previously published........... -.21 -1.56 3.01 1.24 -6.83 -2.82 .82 1.91 4.44 Services......................... .66 .04 .72 .62 -.35 -.48 1.26 .50 .91 Previously published........... .66 -.34 .72 .62 -.35 -1.11 .37 .07 .84 Structures....................... -.78 -1.57 -.65 -.19 -1.72 -2.59 -1.78 -.56 -1.40 Previously published........... -.78 -1.59 -.69 -.12 -1.72 -2.73 -1.88 -.29 -1.48 Motor vehicle output............. -.53 -.55 .50 .25 -1.73 -1.38 .35 1.41 .34 Previously published........... -.53 -.55 .49 .28 -1.73 -1.32 .26 1.48 .20 Final sales of computers......... .11 -.01 -.06 .12 .02 .18 -.08 -.24 -.19 Previously published........... .11 .01 .10 .16 .02 .09 -.08 -.06 .02 ------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Table Ends [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 ------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 Previously published........... 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 1.9 Percentage points at annual rates: Personal consumption expenditures.. 1.72 1.81 1.75 2.84 2.22 .70 1.18 1.45 1.72 Previously published............. 1.92 2.05 1.85 2.48 1.47 .49 1.24 1.47 1.74 Goods............................ 1.18 .76 .86 1.78 1.27 -.22 .33 1.29 1.11 Previously published........... 1.45 .87 1.09 1.87 1.10 -.38 .33 1.29 1.35 Durable goods.................. .40 .74 .52 1.07 .53 -.17 .40 1.00 .85 Previously published......... .70 .56 .63 1.20 .85 -.42 .42 1.16 1.01 Motor vehicles and parts..... -.11 .34 .20 .55 .14 -.53 .05 .63 .31 Previously published....... -.02 .16 .19 .76 .37 -.74 .04 .83 .52 Furnishings and durable household equipment......... .17 .18 .04 .14 .07 .07 .10 .16 .14 Previously published...... .22 .17 .06 .14 .06 .05 .09 .15 .15 Recreational goods and vehicles.................... .23 .23 .21 .28 .31 .20 .23 .25 .28 Previously published...... .32 .21 .27 .24 .32 .20 .26 .27 .22 Other durable goods.......... .12 -.01 .07 .10 .03 .08 .02 -.04 .11 Previously published....... .18 .02 .11 .05 .10 .07 .03 -.09 .12 Nondurable goods............... .79 .02 .35 .71 .73 -.05 -.06 .29 .26 Previously published......... .75 .30 .47 .67 .25 .04 -.09 .13 .34 Food and beverages purchased for off-premises consumption .19 -.20 .09 .33 .19 .10 .00 .02 .00 Previously published...... .15 -.14 .18 .25 .04 .06 -.01 -.07 .08 Clothing and footwear........ .21 .13 .05 .28 .05 .06 -.14 .08 .13 Previously published....... .26 .15 .01 .27 .07 .05 -.19 .08 .13 Gasoline and other energy goods....................... .29 -.13 -.02 -.20 .18 -.42 -.09 .02 -.07 Previously published...... .09 .01 .02 -.15 -.17 -.24 -.04 -.08 -.09 Other nondurable goods....... .10 .22 .23 .30 .31 .20 .16 .18 .20 Previously published....... .24 .29 .26 .30 .30 .16 .15 .19 .22 Services......................... .54 1.05 .88 1.06 .95 .92 .85 .16 .61 Previously published........... .47 1.18 .75 .61 .36 .87 .90 .19 .39 Household consumption expenditures (for services)... .60 .96 .95 1.07 .90 .76 .52 .26 .64 Previously published........ .42 1.11 .89 .76 .35 .85 .73 .20 .39 Housing and utilities........ .11 .08 .24 .04 -.04 .22 .22 -.45 -.28 Previously published....... .07 .07 .30 -.10 -.19 .09 .35 -.41 -.25 Health care.................. -.20 .35 .51 .59 .48 .33 -.10 .42 .42 Previously published....... -.28 .45 .28 .49 .06 .32 -.07 .25 .39 Transportation services...... -.02 .05 .07 .04 .03 .06 .06 -.02 .03 Previously published....... .06 .08 .05 .00 -.01 .00 .01 .00 .04 Recreation services.......... .09 -.06 .12 .13 -.03 .16 .05 .02 -.02 Previously published....... .07 .11 .20 -.03 -.05 .23 .19 -.04 -.13 Food services and accommodations.............. .26 .20 .12 .15 .22 .13 .10 .21 .21 Previously published...... .35 .18 .13 .16 .30 .05 .12 .25 .23 Financial services and insurance................... .35 .25 -.25 -.06 .02 -.08 .24 -.11 .20 Previously published...... .20 .12 -.16 .05 .23 .07 .19 -.16 .14 Other services............... .01 .10 .14 .18 .22 -.06 -.06 .19 .07 Previously published....... -.04 .10 .09 .19 .02 .09 -.05 .31 -.02 Final consumption expenditures of nonprofit institutions serving households............ -.07 .09 -.07 -.01 .05 .16 .33 -.10 -.02 Previously published........ .05 .07 -.14 -.15 .01 .01 .18 -.01 -.01 Gross output of nonprofit institutions................ -.14 .32 .28 .28 .14 .21 .07 .24 .31 Previously published...... -.09 .44 .14 .27 -.13 .10 -.02 .24 .26 Less: Receipts from sales of goods and services by nonprofit institutions...... -.08 .23 .35 .29 .09 .05 -.26 .34 .33 Previously published...... -.14 .37 .28 .43 -.15 .09 -.20 .25 .27 Gross private domestic investment.. 2.13 1.65 1.87 -.75 -.68 1.40 .68 3.72 .78 Previously published............. 3.25 2.92 1.14 -.91 .47 .79 .17 2.59 .84 Fixed investment................. -.10 1.58 -.10 .87 -.14 1.39 1.75 1.19 1.18 Previously published........... .15 2.12 .28 .88 .15 1.07 1.52 .78 .74 Nonresidential................. .20 1.07 .70 .83 -.11 1.30 1.71 .93 .74 Previously published......... .56 1.62 1.04 .82 .20 .98 1.49 .53 .32 Structures................... -.70 .31 -.06 .23 -.84 .77 .51 .31 .35 Previously published....... -.76 .18 .10 .26 -.40 .54 .37 -.02 .05 Equipment and software....... .90 .76 .76 .60 .72 .53 1.20 .62 .39 Previously published....... 1.32 1.45 .94 .56 .60 .44 1.12 .55 .27 Information processing equipment and software.... .04 .02 .24 .28 .02 .30 .13 .23 .21 Previously published.... .18 .38 .31 .39 .01 .32 .04 .35 .12 Computers and peripheral equipment............... -.04 .01 -.04 .05 .01 .21 .06 .06 .07 Previously published.. .07 .23 .06 .14 -.05 .27 .08 .10 -.01 Software................. -.02 -.04 .12 .12 .14 .13 .14 .16 .04 Previously published... -.06 .03 .12 .14 .04 .14 .14 .17 .08 Other.................... .11 .04 .16 .11 -.13 -.04 -.07 .02 .10 Previously published... .17 .12 .13 .11 .02 -.09 -.18 .07 .05 Industrial equipment....... -.10 .25 -.01 .11 .18 .01 .38 .25 -.18 Previously published..... .02 .39 .09 .11 .14 -.01 .36 .22 -.22 Transportation equipment... .73 .44 .49 .08 .26 .13 .40 .32 .22 Previously published..... .75 .47 .34 .00 .30 .14 .30 .19 .22 Other equipment............ .23 .06 .04 .13 .27 .09 .30 -.17 .14 Previously published..... .36 .21 .20 .05 .15 -.01 .42 -.21 .15 Residential.................... -.30 .51 -.80 .03 -.03 .09 .03 .26 .43 Previously published......... -.41 .50 -.76 .06 -.06 .09 .03 .25 .42 Change in private inventories.... 2.23 .07 1.97 -1.61 -.54 .01 -1.07 2.53 -.39 Previously published........... 3.10 .79 .86 -1.79 .32 -.28 -1.35 1.81 .10 Farm........................... .01 -.10 -.19 .03 .11 -.02 .11 .05 -.03 Previously published......... .17 -.11 -.20 .01 -.09 -.02 .11 .01 -.03 Nonfarm........................ 2.22 .17 2.16 -1.64 -.65 .03 -1.18 2.48 -.37 Previously published......... 2.92 .90 1.06 -1.80 .41 -.26 -1.46 1.80 .13 Net exports of goods and services.. -.83 -1.81 -.95 1.24 .03 .54 .02 -.64 .06 Previously published............. -.97 -1.94 -.68 1.37 -.34 .24 .43 -.26 .10 Exports.......................... .70 1.14 1.18 1.24 .75 .56 .83 .21 .60 Previously published........... .86 1.19 1.21 .98 1.01 .48 .64 .37 .58 Goods.......................... .79 .97 .76 .96 .52 .35 .59 .58 .39 Previously published......... .96 .97 .75 .79 .94 .24 .48 .36 .37 Services....................... -.09 .17 .41 .28 .23 .21 .25 -.38 .21 Previously published......... -.10 .23 .46 .18 .07 .24 .16 .02 .21 Imports.......................... -1.53 -2.95 -2.13 -.01 -.72 -.02 -.81 -.85 -.54 Previously published........... -1.83 -3.13 -1.89 .39 -1.35 -.24 -.21 -.63 -.48 Goods.......................... -1.46 -2.92 -1.79 -.15 -.73 .10 -.43 -.90 -.29 Previously published......... -1.71 -3.05 -1.58 .08 -1.29 -.23 -.08 -.48 -.24 Services....................... -.06 -.03 -.34 .15 .01 -.12 -.38 .05 -.25 Previously published......... -.12 -.08 -.31 .31 -.06 -.01 -.13 -.15 -.24 Government consumption expenditures and gross investment.............. -.69 .59 -.06 -.94 -1.49 -.16 -.60 -.43 -.60 Previously published............ -.26 .77 .20 -.58 -1.23 -.18 -.02 -.84 -.80 Federal.......................... .04 .78 .31 -.35 -.89 .23 -.36 -.35 -.34 Previously published........... .23 .71 .26 -.26 -.82 .16 .17 -.58 -.48 National defense............... -.22 .40 .40 -.35 -.84 .45 .15 -.60 -.39 Previously published......... .03 .33 .31 -.34 -.74 .37 .27 -.70 -.46 Consumption expenditures..... -.10 .25 .31 -.29 -.56 .36 .26 -.66 -.22 Previously published....... -.01 .23 .26 -.40 -.36 .42 .19 -.58 -.29 Gross investment............. -.12 .14 .09 -.05 -.28 .09 -.11 .05 -.16 Previously published....... .04 .10 .05 .06 -.38 -.04 .08 -.12 -.17 Nondefense..................... .26 .38 -.09 .00 -.05 -.22 -.51 .25 .05 Previously published......... .21 .38 -.05 .09 -.08 -.22 -.10 .12 -.02 Consumption expenditures..... .19 .29 -.09 .01 -.07 -.18 -.47 .28 .08 Previously published....... .17 .29 -.06 .06 -.06 -.20 -.12 .14 -.01 Gross investment............. .08 .09 .00 -.01 .01 -.04 -.04 -.02 -.03 Previously published....... .04 .09 .01 .02 -.02 -.02 .01 -.02 -.01 State and local.................. -.73 -.19 -.37 -.59 -.60 -.39 -.24 -.08 -.26 Previously published........... -.49 .05 -.06 -.33 -.41 -.34 -.19 -.26 -.32 Consumption expenditures....... -.45 -.43 -.37 -.29 -.19 -.20 -.17 -.08 -.05 Previously published......... -.18 -.14 -.13 -.11 .00 -.14 -.20 -.28 -.07 Gross investment............... -.28 .24 .00 -.30 -.40 -.19 -.08 -.01 -.21 Previously published......... -.32 .20 .07 -.22 -.41 -.20 .01 .02 -.25 Addenda: Goods............................ 3.58 -.26 2.65 1.57 .99 .91 .58 4.23 1.09 Previously published........... 5.19 1.12 2.12 1.63 1.36 -.17 .62 3.49 1.68 Services......................... .02 1.32 .80 .92 .37 .98 .33 -.62 .38 Previously published........... .23 1.69 .98 .65 -.05 1.18 .81 -.67 -.02 Structures....................... -1.27 1.19 -.85 -.09 -1.29 .59 .37 .49 .50 Previously published........... -1.48 .97 -.59 .07 -.95 .33 .38 .14 .21 Motor vehicle output............. .51 .48 .34 -.32 .75 .05 .03 .55 .72 Previously published........... .73 .34 .33 -.43 1.08 -.10 .12 .47 1.16 Final sales of computers......... .01 -.12 .11 .21 .16 .08 .12 .12 .02 Previously published........... .16 .06 .29 .29 .08 .07 .22 .12 -.05 ------------------------------------------------------------------------------------------------------------- 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] -------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 -------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 14,291.5 13,973.7 14,498.9 15,075.7 14,273.9 14,415.5 14,395.1 14,081.7 13,923.4 13,885.4 Personal consumption expenditures... 10,035.5 9,845.9 10,215.7 10,729.0 10,018.5 10,126.5 10,135.8 9,861.3 9,768.4 9,763.9 Goods............................. 3,381.7 3,194.4 3,364.9 3,624.8 3,422.3 3,466.9 3,456.1 3,181.4 3,125.5 3,142.0 Durable goods................... 1,108.9 1,029.6 1,079.4 1,146.4 1,163.0 1,146.6 1,106.6 1,019.3 1,016.3 1,010.4 Motor vehicles and parts...... 339.3 316.0 342.7 373.6 378.9 354.1 332.6 291.5 299.2 303.6 Furnishings and durable household equipment.......... 257.9 235.4 241.3 251.7 264.2 265.1 257.5 244.7 237.8 234.6 Recreational goods and vehicles..................... 344.0 317.3 326.7 340.1 349.9 355.7 346.7 323.7 321.1 311.9 Other durable goods........... 167.7 160.8 168.7 181.0 170.0 171.6 169.8 159.4 158.2 160.2 Nondurable goods................ 2,272.8 2,164.8 2,285.5 2,478.4 2,259.4 2,320.3 2,349.4 2,162.2 2,109.2 2,131.6 Food and beverages purchased for off-premises consumption. 746.4 742.3 760.6 810.2 732.5 749.2 757.1 746.7 739.7 739.8 Clothing and footwear......... 330.9 317.0 331.6 349.2 332.5 339.1 333.3 318.9 317.6 313.2 Gasoline and other energy goods........................ 410.5 299.3 352.4 428.3 418.3 444.0 466.9 312.6 261.4 275.7 Other nondurable goods........ 785.1 806.1 840.8 890.7 776.1 788.0 792.1 784.0 790.4 802.9 Services.......................... 6,653.8 6,651.5 6,850.9 7,104.2 6,596.2 6,659.6 6,679.7 6,679.9 6,642.9 6,621.9 Household consumption expenditures (for services).... 6,369.3 6,372.0 6,571.2 6,812.3 6,325.0 6,377.8 6,389.2 6,385.1 6,360.5 6,345.5 Housing and utilities......... 1,831.0 1,871.6 1,891.9 1,929.9 1,802.0 1,825.2 1,838.6 1,858.4 1,870.2 1,868.8 Health care................... 1,532.6 1,601.6 1,663.0 1,751.6 1,513.0 1,526.5 1,539.0 1,552.0 1,573.5 1,595.4 Transportation services....... 305.9 284.5 287.6 302.0 309.3 309.4 306.9 297.9 289.8 283.5 Recreation services........... 381.9 370.7 378.5 394.5 384.8 385.6 382.3 375.0 372.8 369.1 Food services and accommodations............... 618.3 607.2 631.0 670.9 612.4 620.0 622.0 618.6 610.8 606.0 Financial services and insurance.................... 807.0 741.8 796.3 807.1 817.0 819.7 807.7 783.6 746.8 733.9 Other services................ 892.6 894.7 922.8 956.2 886.5 891.4 892.6 899.7 896.7 888.9 Final consumption expenditures of nonprofit institutions serving households............. 284.6 279.5 279.7 291.9 271.2 281.8 290.5 294.8 282.4 276.4 Gross output of nonprofit institutions................. 1,046.5 1,078.7 1,113.4 1,164.5 1,025.9 1,041.3 1,055.4 1,063.4 1,066.4 1,073.1 Less: Receipts from sales of goods and services by nonprofit institutions....... 761.9 799.2 833.7 872.5 754.7 759.5 764.9 768.6 784.0 796.8 Gross private domestic investment... 2,087.6 1,549.3 1,737.3 1,854.9 2,185.7 2,165.4 2,086.3 1,913.0 1,645.8 1,495.3 Fixed investment.................. 2,128.7 1,703.5 1,679.0 1,818.3 2,205.2 2,183.7 2,130.5 1,995.5 1,812.5 1,698.0 Nonresidential.................. 1,656.3 1,349.3 1,338.4 1,479.6 1,689.3 1,689.0 1,665.9 1,580.9 1,442.9 1,356.0 Structures.................... 586.3 451.1 376.3 404.8 570.9 589.6 594.7 590.0 530.5 467.1 Equipment and software........ 1,070.0 898.2 962.1 1,074.7 1,118.4 1,099.4 1,071.2 990.9 912.4 888.9 Information processing equipment and software..... 536.4 502.1 517.7 539.6 550.3 550.2 538.6 506.4 495.5 494.1 Computers and peripheral equipment................ 84.9 73.5 72.8 78.3 90.6 90.8 84.1 74.2 73.8 73.4 Software.................. 257.2 256.9 260.9 278.7 256.0 258.2 259.5 255.2 253.7 255.6 Other..................... 194.3 171.7 183.9 182.6 203.6 201.2 195.1 177.0 168.0 165.2 Industrial equipment........ 194.5 155.2 155.3 181.2 194.5 196.7 197.5 189.2 163.8 155.2 Transportation equipment.... 146.9 75.9 123.2 164.7 183.6 161.6 138.9 103.6 73.5 74.4 Other equipment............. 192.2 165.0 165.9 189.2 190.1 191.0 196.2 191.7 179.5 165.2 Residential..................... 472.4 354.1 340.6 338.7 515.9 494.6 464.6 414.6 369.6 342.0 Change in private inventories..... -41.1 -154.2 58.4 36.6 -19.5 -18.3 -44.1 -82.5 -166.7 -202.7 Farm............................ 1.6 -1.7 -7.3 -6.1 -6.5 4.0 6.2 2.7 .5 -.5 Nonfarm......................... -42.7 -152.5 65.7 42.7 -13.0 -22.3 -50.3 -85.2 -167.2 -202.1 Net exports of goods and services... -709.7 -388.7 -511.6 -568.1 -742.3 -746.1 -756.9 -593.7 -385.4 -331.6 Exports........................... 1,846.8 1,587.4 1,844.4 2,094.2 1,819.3 1,922.8 1,933.8 1,711.1 1,523.5 1,525.3 Goods........................... 1,297.5 1,064.7 1,278.5 1,474.5 1,279.1 1,363.7 1,374.5 1,172.6 1,012.0 1,010.6 Services........................ 549.3 522.7 565.9 619.7 540.2 559.1 559.3 538.6 511.5 514.7 Imports........................... 2,556.5 1,976.2 2,356.1 2,662.3 2,561.6 2,668.9 2,690.6 2,304.8 1,908.9 1,856.9 Goods........................... 2,146.3 1,587.5 1,947.0 2,229.2 2,162.3 2,261.9 2,270.0 1,891.3 1,521.5 1,475.1 Services........................ 410.1 388.7 409.1 433.0 399.4 407.0 420.7 413.5 387.4 381.8 Government consumption expenditures and gross investment............... 2,878.1 2,967.2 3,057.5 3,059.8 2,812.0 2,869.6 2,929.8 2,901.1 2,894.6 2,957.8 Federal........................... 1,080.1 1,143.6 1,223.1 1,222.1 1,042.7 1,066.0 1,100.6 1,111.2 1,104.9 1,135.9 National defense................ 737.8 776.0 817.7 820.8 706.0 724.7 758.4 762.1 748.0 772.0 Consumption expenditures...... 633.3 664.4 702.5 712.1 614.2 620.9 648.5 649.6 642.2 659.4 Gross investment.............. 104.5 111.5 115.3 108.7 91.8 103.8 109.9 112.6 105.7 112.5 Nondefense...................... 342.3 367.6 405.3 401.3 336.7 341.3 342.1 349.0 356.9 364.0 Consumption expenditures...... 298.5 322.5 353.3 349.4 294.4 297.8 297.7 303.9 312.3 320.1 Gross investment.............. 43.8 45.1 52.1 51.8 42.3 43.5 44.4 45.1 44.6 43.8 State and local................... 1,798.0 1,823.6 1,834.4 1,837.7 1,769.3 1,803.7 1,829.2 1,789.9 1,789.7 1,821.9 Consumption expenditures........ 1,449.2 1,473.3 1,496.2 1,518.0 1,428.4 1,455.1 1,475.6 1,437.8 1,436.1 1,465.8 Gross investment................ 348.8 350.3 338.2 319.7 340.9 348.6 353.6 352.1 353.6 356.1 Addenda: Final sales of domestic product... 14,332.7 14,127.9 14,440.6 15,039.0 14,293.4 14,433.8 14,439.2 14,164.2 14,090.2 14,088.1 Gross domestic purchases.......... 15,001.3 14,362.4 15,010.6 15,643.7 15,016.2 15,161.5 15,151.9 14,675.4 14,308.9 14,217.0 Final sales to domestic purchasers 15,042.4 14,516.6 14,952.2 15,607.1 15,035.7 15,179.8 15,196.0 14,757.9 14,475.6 14,419.7 Gross domestic product............ 14,291.5 13,973.7 14,498.9 15,075.7 14,273.9 14,415.5 14,395.1 14,081.7 13,923.4 13,885.4 Plus: Income receipts from the rest of the world....... 856.1 642.4 716.5 783.7 905.6 899.3 875.3 744.2 627.8 615.0 Less: Income payments to the rest of the world............ 686.9 498.9 507.2 531.8 726.9 718.0 676.3 626.4 509.6 499.2 Equals: Gross national product.... 14,460.7 14,117.2 14,708.2 15,327.5 14,452.5 14,596.8 14,594.0 14,199.5 14,041.7 14,001.3 Net domestic product.............. 12,437.5 12,107.4 12,625.5 13,138.9 12,456.5 12,572.7 12,525.4 12,195.2 12,038.0 12,017.7 -------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 -------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 13,952.2 14,133.6 14,270.3 14,413.5 14,576.0 14,735.9 14,814.9 15,003.6 15,163.2 15,321.0 15,478.3 15,595.9 Personal consumption expenditures... 9,888.8 9,962.5 10,069.1 10,148.3 10,243.6 10,401.9 10,566.3 10,684.9 10,791.2 10,873.8 11,007.2 11,067.5 Goods............................. 3,244.4 3,265.5 3,318.2 3,321.7 3,361.0 3,458.6 3,561.4 3,604.3 3,643.6 3,690.0 3,755.9 3,745.0 Durable goods................... 1,052.7 1,038.9 1,049.1 1,070.2 1,082.6 1,115.7 1,133.9 1,131.8 1,144.8 1,175.1 1,204.6 1,198.1 Motor vehicles and parts...... 341.3 320.0 321.1 336.5 346.3 367.0 374.5 362.2 367.4 390.3 402.1 395.1 Furnishings and durable household equipment.......... 234.0 235.2 238.9 242.4 240.7 243.4 245.9 249.6 253.5 257.9 264.6 263.3 Recreational goods and vehicles..................... 315.8 320.4 323.0 325.4 327.0 331.3 336.5 338.7 341.0 344.2 350.2 350.0 Other durable goods........... 161.6 163.2 166.1 165.9 168.7 174.0 177.1 181.3 182.9 182.7 187.7 189.6 Nondurable goods................ 2,191.7 2,226.7 2,269.1 2,251.5 2,278.4 2,342.9 2,427.5 2,472.4 2,498.7 2,515.0 2,551.3 2,546.9 Food and beverages purchased for off-premises consumption. 741.1 748.7 758.0 753.3 757.7 773.5 791.8 807.3 817.3 824.4 827.0 827.7 Clothing and footwear......... 317.3 319.8 327.1 329.4 331.0 339.1 342.3 347.5 351.1 355.9 363.1 362.5 Gasoline and other energy goods........................ 321.5 338.7 357.9 335.2 344.2 372.2 419.2 431.4 435.0 427.6 440.5 434.2 Other nondurable goods........ 811.8 819.5 826.0 833.5 845.5 858.2 874.2 886.3 895.3 907.1 920.6 922.5 Services.......................... 6,644.4 6,697.0 6,750.9 6,826.6 6,882.6 6,943.3 7,004.9 7,080.6 7,147.6 7,183.8 7,251.3 7,322.5 Household consumption expenditures (for services).... 6,366.6 6,415.4 6,472.5 6,546.3 6,603.6 6,662.4 6,722.1 6,790.5 6,848.1 6,888.5 6,956.4 7,024.1 Housing and utilities......... 1,870.1 1,877.2 1,882.5 1,885.6 1,896.8 1,902.8 1,909.7 1,926.0 1,945.2 1,938.9 1,935.2 1,957.9 Health care................... 1,613.1 1,624.3 1,626.8 1,648.3 1,674.7 1,702.2 1,726.7 1,749.6 1,754.2 1,775.9 1,800.4 1,815.0 Transportation services....... 282.0 282.6 283.3 286.5 288.8 291.9 296.6 301.1 304.4 306.1 309.4 311.4 Recreation services........... 369.6 371.3 374.3 374.5 380.3 384.9 385.9 394.3 397.6 400.3 404.6 406.5 Food services and accommodations............... 604.6 607.6 617.9 628.1 634.8 643.2 654.8 666.3 676.3 686.4 700.5 708.6 Financial services and insurance.................... 735.2 751.2 779.8 804.5 800.4 800.4 800.1 800.6 815.0 812.5 827.5 838.6 Other services................ 892.0 901.3 907.9 918.7 927.8 937.0 948.4 952.6 955.3 968.4 978.7 986.2 Final consumption expenditures of nonprofit institutions serving households............. 277.8 281.5 278.4 280.3 279.0 280.9 282.8 290.1 299.6 295.3 295.0 298.4 Gross output of nonprofit institutions................. 1,084.2 1,091.2 1,090.7 1,105.8 1,121.0 1,135.9 1,146.7 1,162.8 1,167.8 1,180.5 1,198.4 1,211.8 Less: Receipts from sales of goods and services by nonprofit institutions....... 806.4 809.7 812.3 825.5 842.0 855.0 864.0 872.7 868.2 885.2 903.5 913.4 Gross private domestic investment... 1,465.6 1,590.4 1,660.4 1,724.7 1,793.3 1,770.9 1,755.9 1,819.0 1,853.8 1,991.1 2,032.2 2,077.8 Fixed investment.................. 1,666.1 1,637.2 1,627.2 1,683.0 1,683.8 1,721.9 1,722.3 1,784.2 1,857.8 1,909.0 1,959.7 1,994.5 Nonresidential.................. 1,312.9 1,285.4 1,285.8 1,325.2 1,353.8 1,388.8 1,390.8 1,448.0 1,519.4 1,560.1 1,595.5 1,620.7 Structures.................... 421.0 385.6 362.7 376.6 377.1 389.0 362.4 397.0 421.8 438.2 454.7 458.9 Equipment and software........ 891.9 899.8 923.1 948.6 976.8 999.8 1,028.4 1,051.0 1,097.6 1,122.0 1,140.8 1,161.8 Information processing equipment and software..... 505.4 513.5 511.9 511.1 518.5 529.1 529.8 538.6 541.6 548.5 556.3 558.3 Computers and peripheral equipment................ 71.9 75.1 73.1 73.3 71.7 73.1 72.3 79.0 80.3 81.6 84.3 82.4 Software.................. 256.8 261.5 259.5 257.5 261.3 265.5 271.1 275.8 281.1 286.9 288.1 292.4 Other..................... 176.7 177.0 179.4 180.4 185.5 190.4 186.5 183.8 180.3 180.0 183.9 183.5 Industrial equipment........ 151.7 149.9 146.9 156.4 156.5 161.3 169.6 171.6 187.0 196.6 190.7 198.9 Transportation equipment.... 76.5 79.4 101.9 117.3 135.1 138.6 149.2 155.6 170.7 183.1 193.6 199.6 Other equipment............. 158.3 156.9 162.4 163.8 166.7 170.9 179.8 185.2 198.2 193.7 200.1 205.1 Residential..................... 353.1 351.9 341.3 357.8 330.0 333.1 331.4 336.2 338.5 348.8 364.2 373.8 Change in private inventories..... -200.5 -46.8 33.2 41.7 109.5 49.0 33.7 34.8 -4.1 82.1 72.6 83.3 Farm............................ -5.0 -1.6 -1.3 -4.8 -11.3 -11.8 -7.9 -8.6 -4.8 -3.1 -4.1 -4.2 Nonfarm......................... -195.4 -45.2 34.6 46.6 120.8 60.8 41.6 43.5 .7 85.2 76.7 87.5 Net exports of goods and services... -398.6 -439.3 -490.2 -521.1 -533.1 -502.1 -555.4 -572.5 -549.5 -594.8 -615.8 -597.8 Exports........................... 1,594.7 1,706.3 1,751.9 1,814.3 1,861.2 1,950.4 2,030.5 2,092.8 2,133.3 2,120.3 2,157.9 2,187.0 Goods........................... 1,073.7 1,162.5 1,206.1 1,257.3 1,288.1 1,362.6 1,425.8 1,471.8 1,498.5 1,501.9 1,525.8 1,546.0 Services........................ 521.1 543.8 545.7 557.0 573.0 587.7 604.7 621.0 634.8 618.4 632.1 641.0 Imports........................... 1,993.3 2,145.5 2,242.0 2,335.4 2,394.3 2,452.5 2,585.9 2,665.3 2,682.8 2,715.1 2,773.7 2,784.8 Goods........................... 1,605.1 1,748.1 1,841.2 1,932.6 1,978.3 2,035.8 2,165.2 2,234.9 2,239.6 2,277.3 2,324.3 2,328.2 Services........................ 388.2 397.4 400.8 402.8 416.0 416.7 420.7 430.4 443.2 437.8 449.3 456.6 Government consumption expenditures and gross investment............... 2,996.4 3,020.0 3,030.9 3,061.7 3,072.3 3,065.2 3,048.1 3,072.2 3,067.7 3,051.0 3,054.6 3,048.4 Federal........................... 1,157.6 1,175.9 1,193.7 1,225.1 1,239.8 1,233.8 1,215.2 1,234.3 1,227.5 1,211.2 1,207.7 1,210.2 National defense................ 788.5 795.5 799.3 815.5 831.6 824.5 804.9 827.7 837.8 812.8 806.4 807.3 Consumption expenditures...... 674.6 681.5 689.4 700.3 713.2 707.0 697.3 716.7 730.5 704.0 703.5 700.4 Gross investment.............. 113.9 114.0 109.9 115.3 118.4 117.5 107.6 111.0 107.3 108.8 102.9 106.9 Nondefense...................... 369.1 380.4 394.3 409.6 408.1 409.3 410.3 406.6 389.7 398.4 401.3 402.9 Consumption expenditures...... 324.1 333.5 344.8 356.7 355.1 356.6 356.9 354.3 338.5 348.0 352.1 353.3 Gross investment.............. 45.0 46.9 49.6 52.8 53.0 52.8 53.5 52.3 51.2 50.4 49.2 49.6 State and local................... 1,838.8 1,844.1 1,837.2 1,836.6 1,832.5 1,831.4 1,832.8 1,837.9 1,840.2 1,839.7 1,846.9 1,838.2 Consumption expenditures........ 1,487.9 1,503.5 1,505.2 1,494.2 1,488.6 1,496.9 1,511.4 1,520.3 1,522.0 1,518.4 1,531.4 1,526.7 Gross investment................ 350.9 340.6 332.0 342.4 343.9 334.5 321.5 317.7 318.3 321.3 315.5 311.6 Addenda: Final sales of domestic product... 14,152.7 14,180.5 14,237.0 14,371.8 14,466.6 14,686.9 14,781.2 14,968.7 15,167.3 15,238.9 15,405.7 15,512.6 Gross domestic purchases.......... 14,350.8 14,572.9 14,760.4 14,934.7 15,109.2 15,238.0 15,370.3 15,576.1 15,712.7 15,915.9 16,094.0 16,193.7 Final sales to domestic purchasers 14,551.3 14,619.7 14,727.2 14,892.9 14,999.7 15,189.0 15,336.6 15,541.3 15,716.8 15,833.8 16,021.5 16,110.4 Gross domestic product............ 13,952.2 14,133.6 14,270.3 14,413.5 14,576.0 14,735.9 14,814.9 15,003.6 15,163.2 15,321.0 15,478.3 15,595.9 Plus: Income receipts from the rest of the world....... 639.2 687.6 687.1 705.1 726.1 747.9 761.4 797.4 788.9 787.1 769.6 ..... Less: Income payments to the rest of the world............ 476.2 510.5 495.6 489.3 509.1 534.9 526.1 547.4 530.6 523.1 554.7 ..... Equals: Gross national product.... 14,115.2 14,310.8 14,461.7 14,629.3 14,793.0 14,948.9 15,050.1 15,253.6 15,421.5 15,585.0 15,693.2 ..... Net domestic product.............. 12,097.8 12,276.0 12,407.2 12,546.0 12,700.6 12,848.2 12,910.6 13,076.2 13,214.3 13,354.5 13,493.4 13,592.0 -------------------------------------------------------------------------------------------------------------------------------------------------- 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] -------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 -------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 13,161.9 12,757.9 13,063.0 13,299.1 13,266.8 13,310.5 13,186.9 12,883.5 12,711.0 12,701.0 Personal consumption expenditures... 9,211.7 9,032.6 9,196.2 9,428.8 9,289.1 9,285.8 9,196.0 9,076.0 9,039.5 8,999.3 Goods............................. 3,192.9 3,098.2 3,209.1 3,331.0 3,249.0 3,252.7 3,187.9 3,082.0 3,083.2 3,067.0 Durable goods................... 1,171.8 1,109.1 1,178.3 1,262.6 1,218.7 1,209.8 1,170.8 1,088.0 1,091.4 1,085.8 Motor vehicles and parts...... 346.8 322.6 329.5 347.4 381.9 360.7 340.8 303.8 312.8 313.7 Furnishings and durable household equipment.......... 262.8 240.7 257.5 272.5 268.9 271.4 261.9 248.9 241.1 237.3 Recreational goods and vehicles..................... 416.2 410.2 455.5 508.6 415.8 428.4 421.8 398.8 403.0 397.8 Other durable goods........... 153.7 145.7 152.1 158.4 157.9 157.2 154.7 145.1 144.0 145.5 Nondurable goods................ 2,019.1 1,982.8 2,029.3 2,075.2 2,032.1 2,043.5 2,015.4 1,985.3 1,983.7 1,973.3 Food and beverages purchased for off-premises consumption. 666.0 654.8 668.8 685.3 672.9 674.5 666.5 650.2 646.4 652.3 Clothing and footwear......... 338.1 321.0 338.1 350.0 338.7 347.7 339.0 327.0 323.2 316.9 Gasoline and other energy goods........................ 280.6 282.4 281.3 271.5 286.3 282.7 273.4 280.0 289.0 282.9 Other nondurable goods........ 739.7 727.7 745.6 777.4 737.5 744.5 744.5 732.2 729.4 723.7 Services.......................... 6,017.0 5,930.6 5,987.6 6,101.5 6,039.7 6,032.9 6,006.5 5,988.8 5,951.5 5,926.9 Household consumption expenditures (for services).... 5,745.6 5,656.3 5,710.2 5,814.3 5,775.9 5,765.1 5,734.4 5,707.1 5,676.1 5,655.8 Housing and utilities......... 1,637.8 1,655.2 1,668.7 1,677.7 1,637.3 1,637.0 1,630.9 1,646.1 1,652.3 1,653.6 Health care................... 1,396.5 1,420.8 1,439.0 1,488.5 1,385.7 1,395.7 1,401.9 1,402.5 1,410.4 1,421.0 Transportation services....... 272.0 246.0 243.5 248.9 281.6 276.6 270.1 259.7 251.5 247.1 Recreation services........... 348.6 333.9 337.4 345.9 354.7 352.9 346.4 340.5 337.4 334.2 Food services and accommodations............... 553.9 531.7 545.1 565.2 556.7 559.2 553.6 546.1 536.4 531.2 Financial services and insurance.................... 732.3 680.6 683.7 681.8 746.3 738.3 732.2 712.5 693.3 683.1 Other services................ 805.0 788.2 793.0 806.1 813.9 805.9 799.9 800.2 795.2 785.9 Final consumption expenditures of nonprofit institutions serving households............. 272.9 276.4 279.5 290.1 264.8 269.0 273.6 284.0 277.4 272.9 Gross output of nonprofit institutions................. 954.9 971.3 984.6 1,010.8 944.2 951.4 958.6 965.6 966.9 969.5 Less: Receipts from sales of goods and services by nonprofit institutions....... 683.4 696.2 706.3 722.5 680.4 683.6 686.3 683.5 691.0 697.6 Gross private domestic investment... 1,939.8 1,458.1 1,658.0 1,744.0 2,055.7 2,024.0 1,934.7 1,744.6 1,516.0 1,400.7 Fixed investment.................. 1,978.6 1,602.2 1,598.7 1,704.5 2,066.4 2,039.1 1,973.5 1,835.4 1,677.3 1,593.7 Nonresidential.................. 1,537.6 1,259.8 1,268.5 1,378.2 1,589.1 1,580.0 1,539.2 1,442.3 1,324.3 1,262.0 Structures.................... 466.4 368.1 310.6 319.2 463.8 474.4 469.9 457.5 417.7 380.1 Equipment and software........ 1,059.4 885.2 963.9 1,070.0 1,117.2 1,094.6 1,056.8 969.0 892.9 873.2 Information processing equipment and software..... 569.7 546.4 571.7 600.2 583.0 583.3 571.7 540.7 533.9 537.3 Computers and peripheral equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Software.................. 250.8 252.9 259.4 277.2 251.0 251.4 251.9 248.8 248.2 251.2 Other..................... 202.4 182.4 197.6 196.7 211.8 209.8 203.3 184.8 177.5 176.0 Industrial equipment........ 172.9 136.2 134.6 152.6 176.9 175.6 173.1 165.8 143.9 136.6 Transportation equipment.... 142.7 69.1 119.6 156.7 180.6 158.2 133.6 98.3 66.8 65.8 Other equipment............. 177.8 145.5 149.9 168.6 180.0 181.1 181.9 168.3 157.0 144.9 Residential..................... 444.4 344.8 332.2 327.6 481.3 462.8 437.8 395.8 355.3 333.7 Change in private inventories..... -36.3 -139.0 50.9 31.0 -12.5 -14.2 -38.1 -80.3 -150.2 -185.5 Farm............................ 1.0 -1.4 -6.2 -3.8 -6.9 3.5 5.1 2.3 .0 -1.1 Nonfarm......................... -37.6 -137.9 58.0 36.5 -4.8 -18.1 -44.2 -83.3 -150.9 -185.0 Net exports of goods and services... -494.8 -355.2 -419.7 -408.0 -550.2 -486.2 -464.6 -478.0 -403.5 -322.8 Exports........................... 1,649.3 1,498.7 1,665.6 1,776.9 1,643.9 1,693.9 1,678.7 1,580.6 1,452.5 1,454.6 Goods........................... 1,157.0 1,018.6 1,164.1 1,247.6 1,154.3 1,193.0 1,185.9 1,094.8 982.0 975.4 Services........................ 492.3 479.6 501.9 529.8 489.6 500.9 492.9 485.8 469.7 478.2 Imports........................... 2,144.0 1,853.8 2,085.2 2,184.9 2,194.1 2,180.1 2,143.3 2,058.6 1,856.0 1,777.4 Goods........................... 1,784.8 1,506.4 1,730.3 1,820.0 1,836.4 1,825.9 1,783.1 1,694.0 1,507.1 1,432.0 Services........................ 359.8 347.8 356.6 366.6 357.8 354.0 361.1 366.1 349.2 345.0 Government consumption expenditures and gross investment............... 2,497.4 2,589.4 2,605.8 2,523.9 2,473.9 2,484.5 2,510.7 2,520.5 2,531.6 2,590.4 Federal........................... 971.1 1,030.6 1,076.8 1,047.0 943.8 955.1 982.0 1,003.5 995.8 1,028.2 National defense................ 657.7 696.9 717.6 699.1 634.7 643.1 669.7 683.2 670.8 696.3 Consumption expenditures...... 559.6 592.1 610.0 599.0 547.3 545.6 567.2 578.4 571.5 590.4 Gross investment.............. 98.7 105.6 108.4 100.4 87.6 98.2 103.3 105.6 99.9 106.7 Nondefense...................... 313.3 333.7 359.2 347.9 309.1 312.1 312.0 320.2 325.0 331.8 Consumption expenditures...... 271.0 289.8 308.8 298.4 268.0 270.0 269.2 276.7 281.8 289.2 Gross investment.............. 42.5 43.9 50.7 49.9 41.1 42.2 42.9 43.6 43.2 42.5 State and local................... 1,528.1 1,561.8 1,534.1 1,482.0 1,530.9 1,530.5 1,530.8 1,520.1 1,538.3 1,565.2 Consumption expenditures........ 1,237.1 1,275.9 1,258.9 1,229.4 1,240.7 1,236.6 1,237.2 1,233.9 1,253.2 1,275.5 Gross investment................ 291.0 286.3 275.8 253.6 290.2 293.8 293.5 286.3 285.4 290.0 Residual............................ -4.5 11.4 -17.5 -57.4 -15.6 -15.9 -2.8 17.0 14.5 18.2 Addenda: Final sales of domestic product... 13,200.5 12,899.7 13,010.3 13,265.3 13,277.8 13,325.9 13,225.6 12,972.9 12,870.3 12,890.0 Gross domestic purchases.......... 13,653.1 13,102.3 13,473.0 13,698.8 13,818.0 13,794.5 13,646.5 13,353.3 13,103.7 13,014.4 Final sales to domestic purchasers 13,691.2 13,243.0 13,419.7 13,664.2 13,828.8 13,809.7 13,684.6 13,441.5 13,261.8 13,202.3 Gross domestic product............ 13,161.9 12,757.9 13,063.0 13,299.1 13,266.8 13,310.5 13,186.9 12,883.5 12,711.0 12,701.0 Plus: Income receipts from the rest of the world....... 781.3 586.2 644.8 688.2 834.8 820.1 790.3 679.9 575.5 562.9 Less: Income payments to the rest of the world............ 626.6 455.3 454.6 465.7 670.0 654.2 610.4 571.7 467.2 457.3 Equals: Gross national product.... 13,316.9 12,889.0 13,253.4 13,522.0 13,431.7 13,476.6 13,367.4 12,991.9 12,819.5 12,806.8 Net domestic product.............. 11,451.7 11,022.1 11,313.3 11,522.4 11,573.9 11,605.2 11,470.2 11,157.4 10,978.2 10,965.7 -------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 -------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......... 12,746.7 12,873.1 12,947.6 13,019.6 13,103.5 13,181.2 13,183.8 13,264.7 13,306.9 13,441.0 13,506.4 13,558.0 Personal consumption expenditures... 9,046.2 9,045.4 9,100.8 9,159.4 9,216.0 9,308.5 9,380.9 9,403.2 9,441.9 9,489.3 9,546.8 9,582.0 Goods............................. 3,123.1 3,119.5 3,159.5 3,185.4 3,215.1 3,276.5 3,320.3 3,312.2 3,323.5 3,367.9 3,406.6 3,412.8 Durable goods................... 1,138.6 1,120.7 1,135.9 1,164.5 1,184.9 1,227.7 1,249.4 1,242.3 1,258.6 1,300.1 1,336.1 1,332.8 Motor vehicles and parts...... 347.7 316.3 312.4 324.2 331.0 350.3 355.0 336.6 338.1 360.1 371.2 360.9 Furnishings and durable household equipment.......... 240.2 244.2 250.3 257.0 258.6 264.1 266.6 269.6 273.7 280.2 286.0 284.9 Recreational goods and vehicles..................... 412.8 427.3 438.2 449.4 460.0 474.3 490.5 501.3 514.0 528.5 545.0 553.1 Other durable goods........... 146.8 146.7 150.5 150.1 152.3 155.6 156.5 159.1 159.8 158.3 162.1 165.7 Nondurable goods................ 1,981.4 1,992.9 2,017.7 2,018.3 2,029.4 2,052.0 2,075.3 2,073.5 2,071.4 2,080.5 2,088.9 2,096.9 Food and beverages purchased for off-premises consumption. 657.0 663.5 669.4 663.2 666.1 676.7 682.8 686.0 685.9 686.4 686.4 685.7 Clothing and footwear......... 320.1 323.6 331.3 335.8 337.5 348.0 350.0 352.4 347.3 350.2 355.3 350.4 Gasoline and other energy goods........................ 280.0 277.6 285.9 282.2 281.5 275.6 280.2 269.9 267.9 268.2 266.5 275.7 Other nondurable goods........ 726.7 731.1 734.3 741.2 748.7 758.2 768.4 775.0 780.3 786.2 792.9 793.6 Services.......................... 5,920.7 5,923.2 5,940.4 5,973.6 6,001.4 6,034.9 6,064.8 6,094.0 6,121.1 6,126.0 6,145.9 6,174.5 Household consumption expenditures (for services).... 5,647.9 5,645.2 5,664.3 5,694.5 5,724.2 5,757.8 5,786.1 5,810.1 5,826.6 5,834.5 5,855.1 5,880.2 Housing and utilities......... 1,655.7 1,659.3 1,662.7 1,665.2 1,672.8 1,673.9 1,672.4 1,679.6 1,686.7 1,672.0 1,662.7 1,676.0 Health care................... 1,427.2 1,424.6 1,418.3 1,429.1 1,445.1 1,463.7 1,478.8 1,489.3 1,486.2 1,499.7 1,513.3 1,519.8 Transportation services....... 243.7 241.6 241.0 242.5 244.5 245.9 246.9 248.6 250.4 249.7 250.6 251.2 Recreation services........... 331.4 332.9 335.9 334.0 337.9 341.9 341.0 346.2 347.9 348.5 347.9 347.8 Food services and accommodations............... 529.8 529.4 537.3 543.5 547.3 552.2 559.0 563.0 566.2 572.8 579.5 580.6 Financial services and insurance.................... 675.0 670.9 682.2 690.0 682.2 680.3 680.8 678.3 685.8 682.2 688.6 692.0 Other services................ 785.0 786.5 787.0 790.2 794.5 800.1 807.0 805.0 803.2 809.2 811.5 812.0 Final consumption expenditures of nonprofit institutions serving households............. 274.8 280.7 278.4 281.6 279.3 278.9 280.6 286.3 298.6 294.8 293.9 297.9 Gross output of nonprofit institutions................. 973.9 974.8 970.3 980.4 989.3 998.3 1,002.7 1,009.3 1,011.6 1,019.5 1,029.7 1,037.3 Less: Receipts from sales of goods and services by nonprofit institutions....... 700.2 696.0 693.6 700.5 711.1 720.0 722.7 724.2 716.2 726.7 737.2 741.1 Gross private domestic investment... 1,394.8 1,521.1 1,591.4 1,646.4 1,710.1 1,684.3 1,661.6 1,711.3 1,735.8 1,867.3 1,895.1 1,934.0 Fixed investment.................. 1,581.2 1,556.8 1,553.1 1,606.5 1,602.7 1,632.3 1,627.0 1,675.4 1,736.8 1,778.7 1,820.6 1,848.0 Nonresidential.................. 1,236.7 1,216.4 1,222.7 1,258.6 1,282.1 1,310.5 1,306.3 1,351.3 1,411.3 1,443.7 1,470.0 1,489.3 Structures.................... 351.7 323.1 302.6 312.1 310.4 317.4 292.2 315.0 330.2 339.3 349.7 350.5 Equipment and software........ 880.8 893.8 925.0 951.6 978.7 1,000.4 1,027.0 1,046.5 1,091.5 1,114.8 1,129.6 1,149.3 Information processing equipment and software..... 551.9 562.4 563.7 564.1 573.7 585.1 585.9 598.2 603.5 613.4 622.2 625.5 Computers and peripheral equipment................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Software.................. 254.1 258.0 257.1 255.7 260.1 264.5 269.5 274.3 279.5 285.4 286.8 291.3 Other..................... 187.4 188.7 192.5 193.9 200.0 204.2 199.1 197.5 194.6 195.4 199.4 199.1 Industrial equipment........ 133.2 131.2 128.3 135.9 135.6 138.9 144.5 144.7 156.6 164.4 158.5 164.6 Transportation equipment.... 68.6 75.0 99.4 114.2 131.0 133.8 143.1 147.9 162.3 173.6 181.7 187.7 Other equipment............. 140.4 139.6 146.9 148.7 149.9 154.1 162.9 165.8 175.7 169.9 174.7 177.6 Residential..................... 347.2 343.0 332.7 350.5 322.2 323.3 322.2 325.5 326.6 336.0 352.1 360.4 Change in private inventories..... -181.5 -38.8 30.5 33.2 94.9 45.0 30.3 27.5 -4.3 70.5 56.9 66.3 Farm............................ -4.6 .2 -1.0 -4.1 -10.3 -9.5 -5.0 -5.9 -2.8 -1.6 -2.6 -1.8 Nonfarm......................... -176.9 -38.9 31.6 37.6 106.5 56.4 36.9 35.6 -.9 74.4 62.0 70.7 Net exports of goods and services... -346.9 -347.5 -372.7 -428.7 -458.9 -418.3 -416.6 -399.6 -397.9 -418.0 -415.5 -424.3 Exports........................... 1,502.3 1,585.2 1,608.2 1,645.4 1,683.9 1,724.7 1,748.8 1,766.4 1,792.9 1,799.3 1,818.7 1,842.4 Goods........................... 1,023.3 1,093.6 1,119.7 1,151.6 1,176.8 1,208.5 1,225.4 1,236.5 1,255.1 1,273.6 1,286.3 1,305.3 Services........................ 478.6 491.8 489.0 494.4 507.6 516.7 524.0 530.5 538.4 526.2 532.9 537.7 Imports........................... 1,849.3 1,932.7 1,980.9 2,074.2 2,142.8 2,143.0 2,165.4 2,166.0 2,190.8 2,217.3 2,234.2 2,266.8 Goods........................... 1,502.3 1,584.3 1,630.8 1,723.3 1,781.2 1,786.1 1,808.9 1,805.7 1,818.8 1,846.7 1,855.8 1,883.2 Services........................ 347.4 349.5 351.6 352.6 363.5 358.8 358.3 362.0 373.9 372.3 380.4 385.5 Government consumption expenditures and gross investment............... 2,614.3 2,621.1 2,600.4 2,618.7 2,616.7 2,587.4 2,540.7 2,535.4 2,516.6 2,502.7 2,483.7 2,474.8 Federal........................... 1,043.9 1,054.6 1,056.2 1,081.0 1,090.7 1,079.4 1,050.4 1,057.5 1,045.9 1,034.2 1,023.1 1,022.2 National defense................ 709.1 711.4 704.8 717.3 729.9 718.6 691.3 705.2 709.8 690.1 677.6 677.0 Consumption expenditures...... 601.9 604.4 601.5 609.5 619.2 609.8 591.9 602.9 611.0 590.0 582.9 579.4 Gross investment.............. 108.1 107.7 103.8 108.6 111.5 109.6 99.7 102.7 98.8 100.6 94.8 98.0 Nondefense...................... 334.7 343.2 351.5 363.7 360.8 360.8 359.3 352.3 335.9 344.1 345.6 345.3 Consumption expenditures...... 290.7 297.5 303.2 312.4 309.6 309.8 307.8 302.4 287.3 296.1 298.7 298.2 Gross investment.............. 44.0 45.7 48.4 51.5 51.6 51.3 51.8 50.3 49.1 48.2 47.0 47.2 State and local................... 1,573.6 1,570.2 1,548.3 1,542.7 1,531.6 1,513.6 1,495.3 1,483.4 1,475.9 1,473.3 1,465.3 1,457.4 Consumption expenditures........ 1,285.1 1,289.9 1,276.4 1,263.6 1,252.2 1,243.3 1,237.3 1,231.0 1,225.8 1,223.5 1,221.9 1,219.1 Gross investment................ 288.9 280.9 272.7 279.7 279.9 271.0 258.9 253.4 251.1 250.8 244.5 239.5 Residual............................ 10.7 3.1 -3.9 -14.4 -18.2 -33.4 -45.1 -53.4 -61.9 -68.8 -83.5 -83.9 Addenda: Final sales of domestic product... 12,928.3 12,910.2 12,914.7 12,985.4 13,005.5 13,135.6 13,154.4 13,234.1 13,311.2 13,361.4 13,440.1 13,481.1 Gross domestic purchases.......... 13,082.0 13,209.3 13,309.3 13,438.9 13,553.4 13,590.5 13,592.1 13,655.2 13,696.4 13,851.4 13,914.4 13,975.9 Final sales to domestic purchasers 13,262.3 13,245.6 13,275.9 13,403.9 13,454.8 13,544.1 13,561.9 13,623.8 13,699.6 13,771.3 13,847.5 13,898.5 Gross domestic product............ 12,746.7 12,873.1 12,947.6 13,019.6 13,103.5 13,181.2 13,183.8 13,264.7 13,306.9 13,441.0 13,506.4 13,558.0 Plus: Income receipts from the rest of the world....... 582.6 623.6 620.1 635.9 653.4 669.7 675.1 701.0 690.2 686.5 667.0 ..... Less: Income payments to the rest of the world............ 434.2 462.4 446.1 439.4 456.2 476.9 464.9 479.9 462.8 455.1 479.7 ..... Equals: Gross national product.... 12,895.3 13,034.5 13,121.9 13,216.5 13,301.1 13,374.2 13,394.3 13,486.1 13,534.7 13,672.9 13,693.8 ..... Net domestic product.............. 11,009.9 11,134.4 11,206.3 11,273.8 11,351.3 11,421.8 11,419.0 11,493.1 11,527.0 11,650.7 11,706.6 11,748.4 -------------------------------------------------------------------------------------------------------------------------------------------------- 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 --Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 2.2 .9 1.3 2.1 .5 1.0 -.8 .5 1.3 Personal consumption expenditures... 3.3 .1 1.9 2.4 -5.6 -2.1 1.6 3.1 3.1 Goods............................. 3.1 -2.7 1.7 3.8 -17.8 -7.0 4.3 5.7 3.1 Durable goods................... -1.9 -1.9 -1.3 -.9 -3.5 -2.4 -.3 -2.6 1.0 Nondurable goods................ 5.7 -3.0 3.2 6.0 -23.8 -9.2 6.5 9.9 4.1 Services.......................... 3.4 1.4 2.0 1.8 1.2 .3 .4 1.8 3.0 Gross private domestic investment... 1.1 -1.1 -1.3 1.5 6.9 -2.8 -6.4 -5.7 -1.3 Fixed investment.................. 1.2 -1.2 -1.2 1.6 2.9 -2.3 -5.4 -4.3 -.8 Nonresidential.................. 2.0 -.6 -1.5 1.7 5.3 -2.2 -5.3 -4.6 -1.9 Structures.................... 4.9 -2.5 -1.1 4.7 8.2 -5.4 -12.1 -9.9 -1.4 Equipment and software........ .5 .5 -1.6 .6 3.6 -.2 -1.4 -2.1 -2.3 Residential..................... -1.2 -3.4 -.2 .9 -5.2 -2.8 -5.9 -3.0 3.4 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 4.7 -5.4 4.5 6.4 -22.0 -11.9 -.1 5.0 5.7 Goods........................... 5.0 -6.8 5.1 7.6 -27.1 -14.4 2.1 5.1 5.4 Services........................ 4.1 -2.3 3.4 3.8 -8.9 -6.9 -4.5 4.7 6.4 Imports........................... 10.6 -10.6 6.0 7.8 -36.7 -28.8 6.4 13.3 12.4 Goods........................... 11.6 -12.4 6.8 8.9 -40.8 -33.1 8.3 15.7 13.6 Services........................ 5.8 -2.0 2.6 3.0 -11.6 -7.0 -.9 3.9 7.2 Government consumption expenditures and gross investment............... 4.9 -.6 2.4 3.3 -5.4 -2.6 -.5 1.5 2.1 Federal........................... 3.2 -.2 2.4 2.8 -4.7 .8 -1.7 1.5 2.2 National defense................ 3.6 -.7 2.3 3.0 -5.8 -.2 -2.2 1.2 2.3 Nondefense...................... 2.3 .9 2.4 2.2 -2.3 3.1 -.6 2.3 2.1 State and local................... 5.9 -.8 2.4 3.7 -5.7 -4.7 .2 1.5 2.0 Addenda: Final sales of domestic product... 2.2 .9 1.3 2.1 .0 1.1 -.7 .7 1.4 Gross domestic purchases.......... 3.2 -.2 1.6 2.5 -4.0 -2.4 .2 1.7 2.4 Final sales to domestic purchasers....................... 3.3 -.2 1.6 2.5 -4.4 -2.3 .3 1.8 2.4 Gross national product (GNP)...... 2.2 .9 1.3 2.1 .4 1.0 -.7 .5 1.3 Implicit price deflators: GDP............................. 2.2 .9 1.3 2.1 .5 .9 -.8 .5 1.2 Gross domestic purchases........ 3.3 -.2 1.6 2.5 -4.0 -2.5 .2 1.7 2.3 GNP............................. 2.2 .9 1.3 2.1 .4 .9 -.8 .5 1.2 ------------------------------------------------------------------------------------------------------------ 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--Table Ends [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 -------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 1.6 Personal consumption expenditures... 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 .7 Goods............................. 1.3 -2.8 1.0 4.0 6.6 5.9 3.0 -.2 2.5 -1.9 Durable goods................... -1.5 -2.0 -2.3 -2.1 -.5 1.6 -.6 -2.5 -1.0 -1.2 Nondurable goods................ 2.6 -3.2 2.6 7.0 10.1 8.0 4.7 .8 4.2 -2.2 Services.......................... 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 2.1 Gross private domestic investment... -1.2 .4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 1.1 Fixed investment.................. -1.6 -.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 1.1 Nonresidential.................. -2.0 .4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 1.1 Structures.................... 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 2.8 Equipment and software........ -3.4 -.4 .4 .6 .8 1.2 .5 .4 1.4 .4 Residential..................... .0 -2.0 1.4 2.4 -.6 1.7 1.4 .6 -1.4 1.1 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 4.9 5.0 .9 9.6 11.1 8.4 1.7 -3.8 2.8 .2 Goods........................... 5.5 5.5 1.0 12.6 13.3 9.4 1.2 -4.8 2.4 -.6 Services........................ 3.8 3.9 .8 3.0 5.9 5.9 2.9 -1.3 3.8 2.0 Imports........................... 7.9 -2.1 -3.1 10.1 18.6 12.8 -1.9 .0 5.6 -4.1 Goods........................... 9.5 -2.8 -3.8 10.9 21.7 14.3 -2.0 .6 6.4 -5.1 Services........................ 1.0 .8 .8 6.0 4.5 5.1 -1.3 -3.1 1.7 1.0 Government consumption expenditures and gross investment............... 4.7 1.2 1.7 3.6 5.2 4.1 2.4 .0 3.6 .6 Federal........................... 5.5 1.1 1.2 2.3 4.9 3.6 2.2 -.9 3.2 1.2 National defense................ 5.9 1.0 .9 2.8 6.1 3.3 2.3 -.9 4.2 .8 Nondefense...................... 4.9 1.5 1.7 1.2 2.8 4.2 2.1 -.8 1.2 1.9 State and local................... 4.2 1.3 2.0 4.6 5.3 4.4 2.6 .6 3.8 .3 Addenda: Final sales of domestic product... 1.5 1.6 2.0 2.1 2.0 2.7 3.0 .4 2.0 1.6 Gross domestic purchases.......... 2.1 .7 1.4 2.5 3.4 3.5 2.3 .9 2.5 .7 Final sales to domestic purchasers....................... 2.0 .6 1.4 2.4 3.4 3.5 2.3 .9 2.5 .7 Gross national product (GNP)...... 1.5 1.6 2.0 2.1 2.0 2.6 2.9 .4 2.0 ..... Implicit price deflators: GDP............................. 1.6 1.8 1.9 2.0 2.1 2.6 3.0 .1 2.2 1.5 Gross domestic purchases........ 2.1 .8 1.3 2.3 3.5 3.5 2.3 .6 2.7 .7 GNP............................. 1.5 1.8 1.9 2.0 2.1 2.7 3.0 .2 2.2 ..... -------------------------------------------------------------------------------------------------------------------- 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--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 2.2 .9 1.3 2.1 .5 1.0 -.8 .5 1.3 Previously published....... 2.2 1.1 1.2 2.1 .5 1.7 -.4 .3 1.1 Personal consumption expenditures... 3.3 .1 1.9 2.4 -5.6 -2.1 1.6 3.1 3.1 Previously published.............. 3.3 .2 1.8 2.5 -5.6 -1.7 1.9 3.0 2.8 Goods............................. 3.1 -2.7 1.7 3.8 -17.8 -7.0 4.3 5.7 3.1 Previously published............ 3.1 -2.6 1.6 3.8 -17.8 -6.3 4.1 5.6 2.5 Durable goods................... -1.9 -1.9 -1.3 -.9 -3.5 -2.4 -.3 -2.6 1.0 Previously published.......... -1.9 -1.8 -1.7 -1.0 -3.5 -2.1 -.1 -2.7 .5 Nondurable goods................ 5.7 -3.0 3.2 6.0 -23.8 -9.2 6.5 9.9 4.1 Previously published.......... 5.7 -2.9 3.2 6.1 -23.8 -8.3 6.1 9.8 3.5 Services.......................... 3.4 1.4 2.0 1.8 1.2 .3 .4 1.8 3.0 Previously published............ 3.4 1.6 1.9 1.8 1.2 .6 .9 1.8 2.9 Gross private domestic investment... 1.1 -1.1 -1.3 1.5 6.9 -2.8 -6.4 -5.7 -1.3 Previously published.............. 1.1 -1.0 -1.6 1.6 6.9 -2.2 -6.4 -5.8 -1.7 Fixed investment.................. 1.2 -1.2 -1.2 1.6 2.9 -2.3 -5.4 -4.3 -.8 Previously published............ 1.2 -1.2 -1.4 1.3 2.9 -2.3 -5.3 -4.4 -1.0 Nonresidential.................. 2.0 -.6 -1.5 1.7 5.3 -2.2 -5.3 -4.6 -1.9 Previously published.......... 2.0 -.6 -1.6 1.3 5.3 -2.2 -5.2 -4.7 -2.0 Structures.................... 4.9 -2.5 -1.1 4.7 8.2 -5.4 -12.1 -9.9 -1.4 Previously published........ 4.9 -2.6 -1.1 4.5 8.2 -5.6 -12.0 -10.0 -1.5 Equipment and software........ .5 .5 -1.6 .6 3.6 -.2 -1.4 -2.1 -2.3 Previously published........ .5 .5 -1.8 .1 3.6 -.2 -1.3 -2.2 -2.5 Residential..................... -1.2 -3.4 -.2 .9 -5.2 -2.8 -5.9 -3.0 3.4 Previously published.......... -1.2 -3.4 -.4 1.2 -5.2 -2.9 -5.9 -3.1 3.1 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 4.7 -5.4 4.5 6.4 -22.0 -11.9 -.1 5.0 5.7 Previously published............ 4.7 -5.4 4.4 6.3 -22.0 -11.9 .1 5.0 5.5 Goods........................... 5.0 -6.8 5.1 7.6 -27.1 -14.4 2.1 5.1 5.4 Previously published.......... 5.0 -6.8 4.9 7.3 -27.1 -14.4 2.1 5.1 5.3 Services........................ 4.1 -2.3 3.4 3.8 -8.9 -6.9 -4.5 4.7 6.4 Previously published.......... 4.1 -2.2 3.2 3.9 -8.9 -6.7 -3.8 4.6 5.8 Imports........................... 10.6 -10.6 6.0 7.8 -36.7 -28.8 6.4 13.3 12.4 Previously published............ 10.6 -10.6 6.1 7.7 -36.7 -29.2 6.6 14.4 11.5 Goods........................... 11.6 -12.4 6.8 8.9 -40.8 -33.1 8.3 15.7 13.6 Previously published.......... 11.6 -12.4 6.8 8.7 -40.8 -33.4 8.5 17.1 12.5 Services........................ 5.8 -2.0 2.6 3.0 -11.6 -7.0 -.9 3.9 7.2 Previously published.......... 5.8 -2.2 2.7 3.0 -11.6 -7.9 -.8 4.0 7.1 Government consumption expenditures and gross investment............... 4.9 -.6 2.4 3.3 -5.4 -2.6 -.5 1.5 2.1 Previously published............. 4.9 -.3 2.2 3.1 -5.4 -1.8 .0 1.2 2.0 Federal........................... 3.2 -.2 2.4 2.8 -4.7 .8 -1.7 1.5 2.2 Previously published............ 3.2 -.2 2.4 2.8 -4.7 1.2 -2.0 1.4 2.3 National defense................ 3.6 -.7 2.3 3.0 -5.8 -.2 -2.2 1.2 2.3 Previously published.......... 3.6 -.7 2.4 3.1 -5.8 .2 -2.5 1.1 2.5 Nondefense...................... 2.3 .9 2.4 2.2 -2.3 3.1 -.6 2.3 2.1 Previously published.......... 2.3 .9 2.4 2.3 -2.3 3.5 -1.0 2.2 1.9 State and local................... 5.9 -.8 2.4 3.7 -5.7 -4.7 .2 1.5 2.0 Previously published............ 5.9 -.4 2.1 3.3 -5.7 -3.6 1.3 1.0 1.7 Addenda: Final sales of domestic product... 2.2 .9 1.3 2.1 .0 1.1 -.7 .7 1.4 Previously published............ 2.2 1.0 1.2 2.1 .0 1.7 -.3 .4 1.2 Gross domestic purchases.......... 3.2 -.2 1.6 2.5 -4.0 -2.4 .2 1.7 2.4 Previously published............ 3.2 -.1 1.5 2.5 -4.0 -1.9 .5 1.6 2.1 Final sales to domestic purchasers....................... 3.3 -.2 1.6 2.5 -4.4 -2.3 .3 1.8 2.4 Previously published........... 3.3 -.1 1.5 2.5 -4.4 -1.8 .6 1.7 2.2 Gross national product (GNP)...... 2.2 .9 1.3 2.1 .4 1.0 -.7 .5 1.3 Previously published............ 2.2 1.1 1.1 2.1 .4 1.7 -.4 .3 1.1 Implicit price deflators: GDP............................. 2.2 .9 1.3 2.1 .5 .9 -.8 .5 1.2 Previously published.......... 2.2 1.1 1.2 2.1 .5 1.5 -.4 .2 1.0 Gross domestic purchases........ 3.3 -.2 1.6 2.5 -4.0 -2.5 .2 1.7 2.3 Previously published.......... 3.3 -.1 1.5 2.5 -4.0 -2.0 .5 1.6 2.0 GNP............................. 2.2 .9 1.3 2.1 .4 .9 -.8 .5 1.2 Previously published.......... 2.2 1.0 1.1 2.1 .4 1.5 -.4 .2 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--Table Ends [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP). 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 Previously published....... 1.5 1.5 1.4 1.9 2.5 2.5 2.6 .9 2.0 Personal consumption expenditures... 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 Previously published.............. 1.9 .3 1.0 1.9 3.9 3.3 2.3 1.2 2.6 Goods............................. 1.3 -2.8 1.0 4.0 6.6 5.9 3.0 -.2 2.5 Previously published............ 2.1 -3.4 .8 3.4 8.0 5.1 2.9 .0 2.5 Durable goods................... -1.5 -2.0 -2.3 -2.1 -.5 1.6 -.6 -2.5 -1.0 Previously published.......... -2.1 -2.4 -2.5 -2.4 -.6 1.7 -.5 -2.5 -1.0 Nondurable goods................ 2.6 -3.2 2.6 7.0 10.1 8.0 4.7 .8 4.2 Previously published.......... 4.1 -3.9 2.4 6.2 12.4 6.7 4.5 1.2 4.2 Services.......................... 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 Previously published............ 1.7 2.2 1.1 1.2 1.9 2.4 2.1 1.8 2.6 Gross private domestic investment... -1.2 .4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 Previously published.............. -1.2 .0 .9 1.7 2.1 2.2 1.1 1.4 1.1 Fixed investment.................. -1.6 -.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 Previously published............ -1.3 -.5 .5 .8 1.4 2.4 1.5 1.3 1.1 Nonresidential.................. -2.0 .4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 Previously published.......... -1.7 .2 .5 .4 1.4 2.5 1.8 1.6 1.7 Structures.................... 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 Previously published........ 1.3 2.4 2.5 3.6 5.0 6.1 5.6 4.3 2.6 Equipment and software........ -3.4 -.4 .4 .6 .8 1.2 .5 .4 1.4 Previously published........ -3.1 -.7 -.3 -.8 .2 1.2 .4 .6 1.4 Residential..................... .0 -2.0 1.4 2.4 -.6 1.7 1.4 .6 -1.4 Previously published.......... .5 -3.0 .6 2.5 1.5 2.0 .3 .2 -1.4 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 4.9 5.0 .9 9.6 11.1 8.4 1.7 -3.8 2.8 Previously published............ 4.8 5.0 .6 8.6 11.0 8.8 1.9 -3.7 3.2 Goods........................... 5.5 5.5 1.0 12.6 13.3 9.4 1.2 -4.8 2.4 Previously published.......... 5.5 5.5 .6 11.5 12.9 9.7 1.4 -4.6 2.9 Services........................ 3.8 3.9 .8 3.0 5.9 5.9 2.9 -1.3 3.8 Previously published.......... 3.5 3.9 .6 2.2 6.5 6.5 3.2 -1.6 3.9 Imports........................... 7.9 -2.1 -3.1 10.1 18.6 12.8 -1.9 .0 5.6 Previously published............ 8.3 -2.2 -2.2 8.4 19.1 12.5 -1.3 -1.2 6.1 Goods........................... 9.5 -2.8 -3.8 10.9 21.7 14.3 -2.0 .6 6.4 Previously published.......... 9.9 -2.9 -3.0 8.9 22.3 14.0 -1.5 -.7 6.9 Services........................ 1.0 .8 .8 6.0 4.5 5.1 -1.3 -3.1 1.7 Previously published.......... 1.0 .8 1.6 5.8 4.2 5.2 -.4 -4.0 2.1 Government consumption expenditures and gross investment............... 4.7 1.2 1.7 3.6 5.2 4.1 2.4 .0 3.6 Previously published............. 4.7 1.3 .9 3.1 5.4 4.2 1.3 .9 3.6 Federal........................... 5.5 1.1 1.2 2.3 4.9 3.6 2.2 -.9 3.2 Previously published............ 5.6 1.3 1.1 2.0 5.3 3.8 1.8 -.4 4.0 National defense................ 5.9 1.0 .9 2.8 6.1 3.3 2.3 -.9 4.2 Previously published.......... 5.7 1.3 .9 2.5 6.3 3.8 1.5 -.6 5.0 Nondefense...................... 4.9 1.5 1.7 1.2 2.8 4.2 2.1 -.8 1.2 Previously published.......... 5.5 1.2 1.5 1.1 3.4 3.7 2.3 .1 2.0 State and local................... 4.2 1.3 2.0 4.6 5.3 4.4 2.6 .6 3.8 Previously published............ 4.1 1.3 .7 3.8 5.5 4.5 .9 1.8 3.3 Addenda: Final sales of domestic product... 1.5 1.6 2.0 2.1 2.0 2.7 3.0 .4 2.0 Previously published............ 1.4 1.4 1.4 1.8 2.4 2.5 2.6 .9 2.0 Gross domestic purchases.......... 2.1 .7 1.4 2.5 3.4 3.5 2.3 .9 2.5 Previously published............ 2.1 .5 1.0 2.1 4.0 3.3 2.0 1.1 2.6 Final sales to domestic purchasers....................... 2.0 .6 1.4 2.4 3.4 3.5 2.3 .9 2.5 Previously published........... 2.1 .4 .9 2.0 3.9 3.4 2.0 1.1 2.6 Gross national product (GNP)...... 1.5 1.6 2.0 2.1 2.0 2.6 2.9 .4 2.0 Previously published............ 1.5 1.4 1.4 1.9 2.5 2.5 2.6 .9 2.0 Implicit price deflators: GDP............................. 1.6 1.8 1.9 2.0 2.1 2.6 3.0 .1 2.2 Previously published.......... 1.5 1.6 1.3 1.8 2.7 2.6 2.6 .8 2.0 Gross domestic purchases........ 2.1 .8 1.3 2.3 3.5 3.5 2.3 .6 2.7 Previously published.......... 2.1 .6 .9 2.0 4.2 3.4 2.0 1.1 2.6 GNP............................. 1.5 1.8 1.9 2.0 2.1 2.7 3.0 .2 2.2 Previously published.......... 1.5 1.5 1.3 1.8 2.7 2.6 2.6 .9 2.0 ------------------------------------------------------------------------------------------------------------ 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] ----------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ----------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.270 101.069 103.486 105.356 105.101 105.447 104.468 102.064 100.697 100.618 Personal consumption expenditures.......... 104.637 102.602 104.460 107.103 105.515 105.478 104.458 103.096 102.681 102.224 Goods.................................... 103.776 100.697 104.304 108.263 105.599 105.719 103.615 100.171 100.211 99.684 Durable goods.......................... 104.314 98.732 104.887 112.395 108.488 107.693 104.222 96.851 97.155 96.655 Nondurable goods....................... 103.363 101.507 103.888 106.236 104.028 104.614 103.177 101.634 101.553 101.018 Services................................. 105.067 103.558 104.554 106.543 105.465 105.344 104.884 104.576 103.924 103.494 Gross private domestic investment.......... 89.296 67.124 76.327 80.284 94.633 93.176 89.061 80.314 69.786 64.480 Fixed investment......................... 93.228 75.494 75.326 80.311 97.363 96.078 92.989 86.480 79.032 75.092 Nonresidential......................... 114.125 93.507 94.148 102.288 117.944 117.269 114.238 107.050 98.291 93.667 Structures........................... 132.595 104.659 88.308 90.733 131.860 134.869 133.594 130.057 118.743 108.062 Equipment and software............... 106.411 88.911 96.822 107.473 112.220 109.945 106.148 97.330 89.688 87.704 Residential............................ 57.345 44.489 42.862 42.268 62.104 59.721 56.484 51.072 45.843 43.058 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 126.376 114.835 127.623 136.152 125.966 129.793 128.631 121.112 111.295 111.460 Imports of goods and services.............. 105.733 91.422 102.832 107.746 108.203 107.511 105.698 101.518 91.526 87.652 Government consumption expenditures and gross investment.......................... 105.381 109.262 109.955 106.497 104.391 104.838 105.941 106.356 106.825 109.307 Federal.................................. 110.819 117.613 122.883 119.480 107.703 108.996 112.058 114.518 113.639 117.333 State and local.......................... 102.310 104.568 102.711 99.224 102.501 102.473 102.490 101.776 102.992 104.794 Addenda: Final sales of domestic product.......... 104.991 102.598 103.478 105.506 105.606 105.988 105.190 103.181 102.365 102.521 Gross domestic purchases................. 102.303 98.177 100.954 102.646 103.539 103.363 102.254 100.057 98.187 97.518 Final sales to domestic purchasers....... 102.974 99.603 100.932 102.771 104.009 103.866 102.925 101.097 99.745 99.297 Gross national product................... 104.692 101.328 104.193 106.304 105.595 105.947 105.089 102.137 100.781 100.681 ----------------------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 100.980 101.981 102.572 103.142 103.807 104.423 104.443 105.084 105.418 106.481 106.999 107.408 Personal consumption expenditures.......... 102.757 102.747 103.377 104.042 104.685 105.736 106.559 106.812 107.251 107.790 108.443 108.843 Goods.................................... 101.506 101.389 102.691 103.531 104.499 106.495 107.915 107.655 108.021 109.462 110.722 110.922 Durable goods.......................... 101.355 99.765 101.119 103.665 105.479 109.286 111.220 110.587 112.038 115.736 118.937 118.644 Nondurable goods....................... 101.435 102.023 103.293 103.322 103.890 105.048 106.241 106.150 106.045 106.510 106.938 107.347 Services................................. 103.385 103.429 103.729 104.310 104.795 105.380 105.903 106.412 106.886 106.970 107.318 107.817 Gross private domestic investment.......... 64.208 70.022 73.259 75.792 78.722 77.535 76.492 78.778 79.906 85.959 87.241 89.029 Fixed investment......................... 74.501 73.352 73.180 75.696 75.515 76.913 76.660 78.942 81.835 83.807 85.785 87.074 Nonresidential......................... 91.786 90.285 90.749 93.411 95.162 97.269 96.954 100.297 104.746 107.156 109.108 110.536 Structures........................... 99.980 91.848 86.033 88.731 88.245 90.222 83.055 89.561 93.866 96.449 99.421 99.638 Equipment and software............... 88.474 89.777 92.913 95.582 98.309 100.486 103.161 105.120 109.637 111.972 113.460 115.439 Residential............................ 44.799 44.257 42.934 45.223 41.570 41.720 41.577 41.994 42.139 43.361 45.433 46.502 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 115.116 121.467 123.231 126.079 129.030 132.151 134.004 135.352 137.379 137.871 139.356 141.176 Imports of goods and services.............. 91.196 95.312 97.689 102.286 105.672 105.680 106.787 106.816 108.037 109.345 110.179 111.785 Government consumption expenditures and gross investment.......................... 110.312 110.602 109.727 110.498 110.416 109.179 107.210 106.985 106.189 105.604 104.804 104.425 Federal.................................. 119.129 120.352 120.535 123.355 124.468 123.172 119.864 120.681 119.351 118.024 116.751 116.647 State and local.......................... 105.359 105.128 103.665 103.292 102.544 101.342 100.117 99.317 98.818 98.643 98.103 97.574 Addenda: Final sales of domestic product.......... 102.826 102.682 102.718 103.280 103.440 104.475 104.624 105.258 105.871 106.271 106.897 107.222 Gross domestic purchases................. 98.024 98.978 99.728 100.698 101.556 101.834 101.846 102.319 102.628 103.789 104.261 104.723 Final sales to domestic purchasers....... 99.749 99.623 99.851 100.814 101.197 101.868 102.002 102.468 103.038 103.577 104.150 104.534 Gross national product................... 101.378 102.472 103.159 103.902 104.567 105.142 105.300 106.022 106.404 107.490 107.655 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ----------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 108.565 109.532 111.002 113.369 107.623 108.282 109.107 109.247 109.526 109.318 Personal consumption expenditures (PCE)..................................... 108.943 109.004 111.087 113.790 107.852 109.052 110.218 108.650 108.063 108.496 Goods.................................... 105.912 103.105 104.852 108.822 105.356 106.609 108.437 103.248 101.386 102.455 Durable goods.......................... 94.628 92.830 91.611 90.799 95.448 94.805 94.552 93.708 93.129 93.059 Nondurable goods....................... 112.567 109.177 112.622 119.430 111.200 113.560 116.589 108.922 106.335 108.027 Services................................. 110.584 112.157 114.418 116.435 109.211 110.386 111.204 111.536 111.614 111.724 Gross private domestic investment.......... 107.501 106.274 104.854 106.439 106.487 106.815 107.447 109.254 108.487 106.695 Fixed investment......................... 107.587 106.318 105.023 106.680 106.687 107.048 107.912 108.699 108.076 106.579 Nonresidential......................... 107.717 107.102 105.514 107.359 106.261 106.846 108.183 109.578 108.975 107.494 Structures........................... 125.706 122.527 121.158 126.850 123.025 124.220 126.538 129.041 127.259 123.208 Equipment and software............... 101.000 101.477 99.806 100.445 100.070 100.396 101.313 102.222 102.166 101.799 Residential............................ 106.296 102.713 102.520 103.406 107.250 106.941 106.196 104.799 104.065 102.494 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 111.975 105.924 110.738 117.860 110.731 113.584 115.264 108.320 104.936 104.898 Imports of goods and services.............. 119.237 106.598 112.989 121.851 116.791 122.490 125.623 112.045 102.932 104.547 Government consumption expenditures and gross investment.......................... 115.245 114.592 117.334 121.233 113.673 115.506 116.698 115.103 114.342 114.186 Federal.................................. 111.225 110.959 113.583 116.721 110.488 111.605 112.080 110.726 110.956 110.481 State and local.......................... 117.666 116.763 119.579 124.001 115.571 117.848 119.496 117.750 116.349 116.405 Addenda: PCE excluding food and energy\1\......... 107.020 108.536 110.214 111.802 106.208 106.844 107.384 107.644 107.827 108.285 Market-based PCE\2\...................... 108.909 109.163 110.820 113.641 107.822 108.929 110.272 108.613 108.212 108.743 Market-based PCE excluding food and energy\2\........................... 106.666 108.641 109.760 111.311 105.905 106.341 106.985 107.434 107.958 108.533 Final sales of domestic product.......... 108.576 109.521 110.993 113.371 107.647 108.309 109.171 109.179 109.476 109.294 Gross domestic purchases................. 109.858 109.620 111.421 114.208 108.703 109.893 110.982 109.852 109.188 109.235 Final sales to domestic purchasers....... 109.869 109.617 111.420 114.219 108.727 109.918 111.041 109.791 109.151 109.221 Gross national product................... 108.571 109.532 110.986 113.363 107.632 108.292 109.121 109.241 109.522 109.319 Implicit price deflators: Gross domestic product................. 108.582 109.529 110.993 113.359 107.591 108.302 109.162 109.300 109.539 109.325 Final sales of domestic product........ 108.576 109.521 110.993 113.371 107.649 108.314 109.176 109.183 109.478 109.294 Gross domestic purchases............... 109.875 109.617 111.412 114.198 108.671 109.910 111.032 109.901 109.197 109.241 Final sales to domestic purchasers..... 109.869 109.617 111.420 114.219 108.728 109.921 111.045 109.793 109.153 109.221 Gross national product................. 108.589 109.529 110.977 113.353 107.600 108.312 109.176 109.295 109.534 109.327 ----------------------------------------------------------------------------------------------------------------------------------------------- 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 expenses of nonprofit institutions serving households. Percent changes for these series are included in the addenda to table 8 and in appendix table A. See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product--Table Ends [Index numbers, 2005=100; quarters seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 109.463 109.820 110.234 110.686 111.248 111.838 112.389 113.109 113.937 114.041 114.608 115.052 Personal consumption expenditures (PCE)..................................... 109.315 110.142 110.642 110.800 111.154 111.751 112.640 113.633 114.293 114.593 115.300 115.506 Goods.................................... 103.890 104.687 105.025 104.283 104.540 105.561 107.266 108.820 109.633 109.569 110.256 109.738 Durable goods.......................... 92.447 92.684 92.341 91.883 91.353 90.868 90.751 91.104 90.960 90.381 90.157 89.894 Nondurable goods....................... 110.614 111.733 112.464 111.562 112.277 114.184 116.974 119.240 120.626 120.879 122.136 121.459 Services................................. 112.224 113.065 113.647 114.282 114.687 115.057 115.503 116.193 116.772 117.270 117.989 118.595 Gross private domestic investment.......... 105.130 104.784 104.474 104.573 104.916 105.453 105.786 106.272 106.686 107.013 107.292 107.579 Fixed investment......................... 105.414 105.203 104.784 104.762 105.061 105.487 105.866 106.509 106.992 107.352 107.661 107.953 Nonresidential......................... 106.224 105.714 105.188 105.304 105.589 105.973 106.483 107.174 107.687 108.092 108.562 108.856 Structures........................... 120.038 119.605 119.968 120.670 121.442 122.552 124.097 126.118 127.882 129.302 130.167 131.079 Equipment and software............... 101.266 100.678 99.799 99.690 99.797 99.939 100.134 100.430 100.562 100.656 101.001 101.102 Residential............................ 101.716 102.576 102.573 102.064 102.421 103.020 102.861 103.300 103.650 103.812 103.439 103.722 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 106.187 107.674 108.972 110.303 110.562 113.117 116.123 118.485 118.992 117.839 118.652 118.703 Imports of goods and services.............. 107.855 111.058 113.200 112.595 111.726 114.434 119.417 123.057 122.466 122.463 124.156 122.863 Government consumption expenditures and gross investment.......................... 114.620 115.220 116.555 116.916 117.406 118.461 119.964 121.168 121.898 121.903 122.979 123.176 Federal.................................. 110.897 111.504 113.016 113.339 113.668 114.309 115.696 116.714 117.365 117.111 118.038 118.387 State and local.......................... 116.852 117.446 118.654 119.038 119.639 120.985 122.565 123.895 124.678 124.866 126.042 126.132 Addenda: PCE excluding food and energy\1\......... 108.694 109.339 109.739 110.121 110.395 110.602 110.973 111.599 112.138 112.500 113.122 113.614 Market-based PCE\2\...................... 109.520 110.178 110.515 110.510 110.838 111.419 112.409 113.462 114.182 114.510 115.231 115.381 Market-based PCE excluding food and energy\2\........................... 108.826 109.247 109.441 109.670 109.902 110.029 110.437 111.075 111.664 112.069 112.693 113.165 Final sales of domestic product.......... 109.472 109.841 110.242 110.680 111.238 111.814 112.371 113.111 113.948 114.056 114.628 115.074 Gross domestic purchases................. 109.706 110.350 110.920 111.110 111.488 112.165 113.099 114.067 114.709 114.958 115.674 115.889 Final sales to domestic purchasers....... 109.720 110.376 110.934 111.111 111.485 112.149 113.090 114.078 114.728 114.981 115.703 115.919 Gross national product................... 109.466 109.819 110.229 110.670 111.227 111.818 112.379 113.105 113.928 114.038 114.609 ..... Implicit price deflators: Gross domestic product................. 109.457 109.793 110.216 110.706 111.238 111.795 112.372 113.109 113.950 113.987 114.599 115.031 Final sales of domestic product........ 109.471 109.839 110.239 110.677 111.234 111.810 112.367 113.107 113.944 114.052 114.624 115.069 Gross domestic purchases............... 109.699 110.323 110.903 111.130 111.479 112.123 113.083 114.068 114.721 114.905 115.665 115.868 Final sales to domestic purchasers..... 109.719 110.374 110.932 111.109 111.482 112.145 113.086 114.074 114.724 114.977 115.699 115.914 Gross national product................. 109.460 109.791 110.210 110.690 111.217 111.775 112.362 113.106 113.940 113.985 114.600 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 expenses of nonprofit institutions serving households. Percent changes for these series are included in the addenda to table 8 and in appendix table A. See "Explanatory Note" at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year --------------------------------------------------------------------------------------------------------------------------------------------------------------- 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 --------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 3.5 3.1 2.7 1.9 -.3 -3.1 2.4 1.8 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 3.3 3.4 2.9 2.3 -.6 -1.9 1.8 2.5 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 4.5 4.2 3.3 3.0 -2.5 -3.0 3.6 3.8 Durable goods...................... 5.7 7.5 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 -4.9 -5.4 6.2 7.2 Nondurable goods................... 1.9 2.5 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 -1.2 -1.8 2.3 2.3 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 2.7 3.0 2.6 1.9 .4 -1.4 1.0 1.9 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 3.9 10.1 5.5 2.7 -3.2 -10.2 -24.8 13.7 5.2 Fixed investment..................... 5.9 8.6 9.4 6.4 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.5 7.4 6.5 2.4 -1.9 -7.1 -19.0 -.2 6.6 Nonresidential..................... 3.2 8.7 9.2 10.5 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 1.4 6.2 6.7 8.0 6.5 -.8 -18.1 .7 8.6 Structures....................... -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 6.4 -21.1 -15.6 2.7 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 3.1 7.9 8.5 7.6 3.3 -4.3 -16.4 8.9 11.0 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 -23.9 -22.4 -3.7 -1.4 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 6.1 -9.1 11.1 6.7 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 9.7 6.3 -12.0 14.3 7.2 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 5.6 -2.6 4.7 5.6 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 11.1 6.1 6.1 2.4 -2.7 -13.5 12.5 4.8 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 11.1 6.8 5.9 2.6 -3.8 -15.6 14.9 5.2 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 3.6 -3.3 2.5 2.8 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 2.6 3.7 .6 -3.1 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 7.2 6.1 4.5 -2.8 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 6.0 3.0 -2.6 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 6.5 6.5 7.7 -3.1 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 .0 2.2 -1.8 -3.4 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 2.5 3.1 3.2 2.6 2.2 .2 -2.3 .9 2.0 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 2.9 3.9 3.2 2.6 1.2 -1.5 -4.0 2.8 1.7 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 3.5 3.3 2.5 1.4 -1.0 -3.3 1.3 1.8 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 2.7 3.6 3.1 2.4 2.3 .0 -3.2 2.8 2.0 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 1.4 4.0 2.4 2.4 -2.8 1.8 1.3 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 1.6 2.5 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 3.1 2.7 2.6 .6 1.4 1.9 GDP................................ 2.4 2.2 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 .9 1.3 2.1 GDP excluding food and energy\1\... 2.5 2.2 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 .7 1.6 2.0 Personal consumption expenditures.. 2.9 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 .1 1.9 2.4 --------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago --------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 1.6 1.0 -.6 -3.3 -4.2 -4.6 -3.3 -.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.2 Personal consumption expenditures (PCE)................................. .9 .4 -1.0 -2.5 -2.7 -3.1 -1.6 -.3 .7 1.8 1.9 2.9 3.1 2.7 2.5 1.9 1.8 1.9 Goods................................ .0 -.3 -3.0 -6.5 -5.1 -5.7 -2.0 1.2 2.5 3.9 2.9 5.0 5.1 4.0 3.4 2.8 2.6 3.0 Durable goods...................... .7 -1.4 -5.8 -13.0 -10.4 -10.2 -2.8 3.0 4.1 7.3 4.1 9.5 10.0 6.7 6.2 5.9 6.9 7.3 Nondurable goods................... -.3 .3 -1.5 -3.1 -2.4 -3.4 -1.7 .4 1.7 2.3 2.4 3.0 2.9 2.7 2.1 1.4 .7 1.1 Services............................. 1.3 .8 .1 -.5 -1.5 -1.8 -1.4 -1.1 -.2 .8 1.4 1.9 2.1 2.0 2.0 1.5 1.3 1.3 Gross private domestic investment...... -4.2 -7.7 -11.1 -17.8 -26.3 -30.8 -27.9 -12.8 5.0 17.5 22.6 10.7 4.4 3.9 1.5 10.9 14.1 13.0 Fixed investment..................... -2.9 -5.0 -7.7 -13.1 -18.8 -21.8 -19.9 -15.2 -7.4 .8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 10.3 Nonresidential..................... 6.0 2.8 -2.1 -9.4 -16.7 -20.1 -19.7 -15.7 -7.7 -.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 10.2 Structures....................... 14.6 10.2 3.4 -1.2 -9.9 -19.9 -25.2 -29.4 -27.5 -17.9 -11.7 -1.8 -3.5 .9 6.4 6.9 19.7 11.3 Equipment and software........... 2.3 -.8 -4.8 -13.6 -20.1 -20.2 -16.7 -7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.8 Residential........................ -23.8 -24.3 -23.3 -24.4 -26.2 -27.9 -20.7 -13.3 -6.3 5.0 -7.2 -5.7 -3.2 -7.1 1.4 3.9 9.3 10.7 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 9.8 11.3 6.4 -2.5 -11.6 -14.1 -10.5 .3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 Goods.............................. 9.9 11.5 7.5 -3.0 -14.9 -18.2 -13.7 -.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.6 Services........................... 9.8 11.0 3.7 -1.4 -4.1 -4.5 -2.9 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 1.4 Imports.............................. -.3 -1.4 -3.3 -5.9 -15.4 -18.5 -13.7 -6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 4.7 Goods.............................. -1.1 -2.0 -4.4 -7.9 -17.9 -21.6 -15.7 -6.5 8.2 20.3 18.6 12.7 10.9 4.8 2.1 3.4 2.6 4.3 Services........................... 4.1 2.1 3.0 5.5 -2.4 -2.6 -3.8 -4.5 .7 2.2 4.6 2.7 1.9 2.7 2.9 3.8 6.2 6.5 Government consumption expenditures and gross investment.................. 2.8 2.4 2.6 2.7 2.3 4.3 4.1 4.0 2.7 1.1 .1 -1.3 -2.3 -3.2 -3.8 -3.3 -2.2 -2.4 Federal.............................. 6.8 6.3 6.8 8.8 5.5 7.6 6.3 5.1 6.1 5.1 4.5 2.3 -.6 -2.2 -4.1 -4.2 -2.6 -3.3 National defense................... 6.6 5.9 7.6 9.8 5.7 8.3 5.9 4.1 5.1 3.0 2.9 1.0 -1.9 -1.7 -2.8 -4.0 -2.0 -4.0 Nondefense......................... 7.3 7.0 4.9 6.8 5.1 6.3 7.3 7.2 8.2 9.6 7.8 5.2 2.2 -3.1 -6.9 -4.6 -3.8 -2.0 State and local...................... .5 .2 .2 -.9 .5 2.3 2.8 3.3 .7 -1.4 -2.7 -3.6 -3.4 -3.8 -3.6 -2.7 -2.0 -1.8 Addenda: Final sales of domestic product...... 1.8 1.5 .0 -2.6 -3.1 -3.3 -2.2 -.5 .3 .7 .6 1.7 1.9 1.9 2.4 1.7 2.2 1.9 Gross domestic purchases............. .4 -.5 -1.9 -3.9 -5.2 -5.7 -4.1 -1.1 1.6 3.3 3.6 2.9 2.1 1.6 1.1 1.9 2.4 2.3 Final sales to domestic purchasers... .6 .0 -1.3 -3.1 -4.1 -4.4 -3.1 -1.5 .1 1.5 1.5 2.3 2.2 1.6 1.8 1.7 2.1 2.0 Gross national product............... 2.4 1.7 -.3 -3.8 -4.6 -5.0 -3.5 .3 2.4 3.2 3.1 2.6 2.1 2.0 1.8 2.2 2.2 ..... Real disposable personal income...... 2.6 4.4 1.7 1.0 -1.6 -3.6 -2.9 -3.0 -.5 1.2 3.1 3.5 3.2 1.2 .6 .3 .1 1.3 Price indexes: Gross domestic purchases........... 3.3 3.6 4.1 2.1 .4 -.6 -1.1 .5 1.6 1.7 1.6 1.6 2.0 2.7 2.9 2.5 2.3 1.6 Gross domestic purchases excluding food and energy\1\................ 2.5 2.8 3.0 2.2 1.3 .6 .1 .6 1.2 1.4 1.5 1.4 1.5 1.9 2.1 2.0 2.0 1.7 GDP................................ 2.1 2.0 2.5 2.1 1.8 1.0 .3 .5 .6 1.3 1.6 1.8 2.0 2.2 2.4 2.0 2.0 1.7 GDP excluding food and energy\1\... 2.4 2.5 2.8 2.0 1.1 .6 .1 .8 1.3 1.6 1.7 1.6 1.7 2.0 2.2 2.0 2.0 1.7 PCE................................ 3.4 3.7 4.2 1.7 .2 -.5 -.8 1.4 2.4 2.1 1.7 1.5 1.8 2.6 2.8 2.5 2.4 1.6 PCE excluding food and energy\1\... 2.3 2.5 2.4 2.0 1.5 1.3 1.2 1.6 1.8 1.7 1.6 1.2 1.1 1.3 1.6 1.7 1.9 1.8 Market-based PCE\2\................ 3.6 3.7 4.5 1.8 .4 -.2 -.7 1.4 2.1 1.6 1.2 1.1 1.7 2.7 3.0 2.8 2.5 1.7 Market-based PCE excluding food and energy\2\..................... 2.2 2.2 2.4 2.2 1.9 2.1 1.7 1.7 1.4 1.0 1.0 .7 .9 1.3 1.6 1.9 2.0 1.9 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. 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 expenses of nonprofit institutions. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 14,291.5 13,973.7 14,498.9 15,075.7 14,273.9 14,415.5 14,395.1 14,081.7 13,923.4 13,885.4 Plus: Income receipts from the rest of the world..................................... 856.1 642.4 716.5 783.7 905.6 899.3 875.3 744.2 627.8 615.0 Less: Income payments to the rest of the world..................................... 686.9 498.9 507.2 531.8 726.9 718.0 676.3 626.4 509.6 499.2 Equals: Gross national product............. 14,460.7 14,117.2 14,708.2 15,327.5 14,452.5 14,596.8 14,594.0 14,199.5 14,041.7 14,001.3 Less: Consumption of fixed capital......... 1,854.1 1,866.3 1,873.4 1,936.8 1,817.4 1,842.7 1,869.6 1,886.5 1,885.5 1,867.7 Less: Statistical discrepancy.............. -2.4 118.3 23.3 31.9 -58.8 29.1 -8.6 28.5 55.5 132.5 Equals: National income.................... 12,609.1 12,132.6 12,811.4 13,358.9 12,693.9 12,724.9 12,733.1 12,284.4 12,100.7 12,001.0 Compensation of employees................ 8,068.3 7,799.4 7,970.0 8,295.2 8,099.0 8,073.4 8,084.7 8,016.1 7,824.9 7,801.1 Wage and salary accruals............... 6,545.9 6,275.3 6,404.6 6,661.3 6,600.5 6,554.9 6,550.6 6,477.4 6,299.1 6,278.2 Supplements to wages and salaries...... 1,522.5 1,524.0 1,565.4 1,633.9 1,498.5 1,518.5 1,534.1 1,538.7 1,525.8 1,523.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,097.9 979.4 1,103.4 1,157.3 1,113.7 1,127.2 1,104.0 1,046.7 969.5 957.0 Rental income of persons with capital consumption adjustment.................. 231.6 289.7 349.2 409.7 188.9 218.5 243.5 275.6 270.2 281.5 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,248.4 1,342.3 1,702.4 1,827.0 1,360.0 1,333.7 1,328.6 971.2 1,198.4 1,243.3 Net interest and miscellaneous payments.. 870.1 640.5 567.9 527.4 843.7 875.1 878.0 883.7 765.8 633.3 Taxes on production and imports less subsidies............................... 985.7 963.5 998.0 1,036.2 983.2 995.4 994.2 970.1 953.8 959.6 Business current transfer payments (net). 123.0 133.4 140.0 132.6 120.8 117.3 116.1 137.8 134.7 140.7 Current surplus of government enterprises............................. -16.0 -15.6 -19.5 -26.5 -15.2 -15.9 -16.1 -16.8 -16.6 -15.4 Addendum: Gross domestic income.................... 14,294.0 13,855.4 14,475.6 15,043.8 14,332.7 14,386.3 14,403.7 14,053.2 13,867.9 13,752.9 ------------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 ------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 13,952.2 14,133.6 14,270.3 14,413.5 14,576.0 14,735.9 14,814.9 15,003.6 15,163.2 15,321.0 15,478.3 15,595.9 Plus: Income receipts from the rest of the world..................................... 639.2 687.6 687.1 705.1 726.1 747.9 761.4 797.4 788.9 787.1 769.6 ..... Less: Income payments to the rest of the world..................................... 476.2 510.5 495.6 489.3 509.1 534.9 526.1 547.4 530.6 523.1 554.7 ..... Equals: Gross national product............. 14,115.2 14,310.8 14,461.7 14,629.3 14,793.0 14,948.9 15,050.1 15,253.6 15,421.5 15,585.0 15,693.2 ..... Less: Consumption of fixed capital......... 1,854.4 1,857.6 1,863.1 1,867.5 1,875.5 1,887.7 1,904.3 1,927.4 1,948.9 1,966.6 1,984.9 2,003.9 Less: Statistical discrepancy.............. 158.6 126.5 15.6 39.7 -3.8 41.8 -50.4 25.1 82.5 70.3 12.0 ..... Equals: National income.................... 12,102.1 12,326.6 12,583.0 12,722.1 12,921.3 13,019.4 13,196.3 13,301.1 13,390.1 13,548.1 13,696.3 ..... Compensation of employees................ 7,773.6 7,797.8 7,846.6 7,955.4 8,021.4 8,056.6 8,236.3 8,286.4 8,318.1 8,340.1 8,484.8 8,552.4 Wage and salary accruals............... 6,252.2 6,271.9 6,298.7 6,394.6 6,449.7 6,475.2 6,618.5 6,656.2 6,678.1 6,692.4 6,815.7 6,872.1 Supplements to wages and salaries...... 1,521.4 1,526.0 1,547.9 1,560.8 1,571.7 1,581.4 1,617.8 1,630.2 1,640.0 1,647.7 1,669.1 1,680.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 975.8 1,015.3 1,052.4 1,104.8 1,117.1 1,139.2 1,148.0 1,154.7 1,161.4 1,165.3 1,184.3 1,199.2 Rental income of persons with capital consumption adjustment.................. 298.9 308.3 340.1 352.7 350.0 354.0 390.0 404.7 413.8 430.3 445.3 455.5 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,403.2 1,524.5 1,648.0 1,625.4 1,747.5 1,788.8 1,723.3 1,800.9 1,830.5 1,953.1 1,900.1 ..... Net interest and miscellaneous payments.. 582.6 580.3 586.9 568.5 559.6 556.8 551.4 513.8 528.4 515.9 515.6 495.9 Taxes on production and imports less subsidies............................... 959.2 981.5 987.1 994.1 1,001.9 1,008.8 1,024.8 1,037.1 1,035.7 1,047.1 1,067.7 1,076.3 Business current transfer payments (net). 123.2 134.8 138.7 139.7 143.9 137.7 145.7 127.9 129.5 127.4 130.5 134.1 Current surplus of government enterprises............................. -14.5 -15.8 -16.8 -18.5 -20.1 -22.5 -23.1 -24.4 -27.5 -31.1 -32.0 -34.1 Addendum: Gross domestic income.................... 13,793.6 14,007.1 14,254.6 14,373.8 14,579.9 14,694.0 14,865.3 14,978.5 15,080.7 15,250.7 15,466.2 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 12,460.2 11,867.0 12,321.9 12,947.3 12,415.6 12,571.7 12,513.3 12,340.0 11,927.5 11,879.3 Compensation of employees, received...... 8,073.3 7,794.4 7,970.0 8,295.2 8,099.0 8,073.4 8,084.7 8,036.1 7,804.9 7,801.1 Wage and salary disbursements.......... 6,550.9 6,270.3 6,404.6 6,661.3 6,600.5 6,554.9 6,550.6 6,497.4 6,279.1 6,278.2 Supplements to wages and salaries...... 1,522.5 1,524.0 1,565.4 1,633.9 1,498.5 1,518.5 1,534.1 1,538.7 1,525.8 1,523.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,097.9 979.4 1,103.4 1,157.3 1,113.7 1,127.2 1,104.0 1,046.7 969.5 957.0 Farm................................... 51.8 39.9 44.3 54.6 60.5 55.3 46.6 44.6 33.7 38.5 Nonfarm................................ 1,046.1 939.5 1,059.1 1,102.8 1,053.1 1,071.9 1,057.4 1,002.1 935.8 918.5 Rental income of persons with capital consumption adjustment.................. 231.6 289.7 349.2 409.7 188.9 218.5 243.5 275.6 270.2 281.5 Personal income receipts on assets....... 2,165.4 1,626.5 1,598.3 1,685.1 2,205.0 2,203.1 2,197.5 2,056.0 1,814.8 1,634.4 Personal interest income............... 1,382.0 1,093.3 1,016.6 1,008.8 1,372.0 1,402.7 1,420.0 1,333.3 1,177.5 1,108.8 Personal dividend income............... 783.4 533.2 581.7 676.3 832.9 800.4 777.5 722.8 637.3 525.6 Personal current transfer receipts....... 1,879.2 2,140.1 2,284.3 2,319.2 1,798.9 1,936.1 1,872.2 1,909.7 2,033.6 2,171.2 Less: Contributions for government social insurance (domestic)............. 987.3 963.1 983.3 919.3 989.8 986.6 988.7 984.2 965.4 965.8 Less: Personal current taxes............... 1,435.7 1,144.6 1,194.8 1,398.0 1,536.0 1,351.8 1,432.1 1,422.8 1,199.7 1,121.3 Equals: Disposable personal income......... 11,024.5 10,722.4 11,127.1 11,549.3 10,879.6 11,220.0 11,081.2 10,917.3 10,727.8 10,758.1 Less: Personal outlays..................... 10,432.2 10,214.3 10,560.4 11,059.9 10,424.5 10,529.4 10,538.4 10,236.3 10,138.1 10,135.4 Equals: Personal saving.................... 592.3 508.2 566.7 489.4 455.0 690.6 542.8 680.9 589.8 622.7 Personal saving as a percentage of disposable personal income.............. 5.4 4.7 5.1 4.2 4.2 6.2 4.9 6.2 5.5 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,712.3 8,923.4 9,035.8 9,340.0 9,843.7 9,752.6 9,654.4 9,599.7 9,155.6 8,947.9 Disposable personal income, billions of chained (2005) dollars\2\............... 10,119.5 9,836.7 10,016.5 10,149.7 10,087.4 10,288.5 10,053.7 10,047.9 9,927.3 9,915.6 ------------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 ------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,794.9 11,866.2 12,089.8 12,290.6 12,397.2 12,509.9 12,856.5 12,938.9 12,976.3 13,017.4 13,217.3 13,357.8 Compensation of employees, received...... 7,773.6 7,797.8 7,846.6 7,955.4 8,021.4 8,056.6 8,236.3 8,286.4 8,318.1 8,340.1 8,484.8 8,552.4 Wage and salary disbursements.......... 6,252.2 6,271.9 6,298.7 6,394.6 6,449.7 6,475.2 6,618.5 6,656.2 6,678.1 6,692.4 6,815.7 6,872.1 Supplements to wages and salaries...... 1,521.4 1,526.0 1,547.9 1,560.8 1,571.7 1,581.4 1,617.8 1,630.2 1,640.0 1,647.7 1,669.1 1,680.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 975.8 1,015.3 1,052.4 1,104.8 1,117.1 1,139.2 1,148.0 1,154.7 1,161.4 1,165.3 1,184.3 1,199.2 Farm................................... 40.6 46.7 41.5 43.6 44.6 47.6 56.0 52.6 55.3 54.4 52.3 55.3 Nonfarm................................ 935.2 968.6 1,010.9 1,061.2 1,072.5 1,091.6 1,092.0 1,102.1 1,106.1 1,110.9 1,132.1 1,143.9 Rental income of persons with capital consumption adjustment.................. 298.9 308.3 340.1 352.7 350.0 354.0 390.0 404.7 413.8 430.3 445.3 455.5 Personal income receipts on assets....... 1,537.8 1,519.1 1,568.6 1,594.4 1,598.0 1,632.1 1,674.3 1,692.4 1,689.1 1,684.6 1,696.4 1,741.6 Personal interest income............... 1,056.5 1,030.4 1,030.9 1,027.1 1,000.7 1,007.7 1,017.5 1,025.3 1,004.4 988.0 991.8 1,013.5 Personal dividend income............... 481.3 488.8 537.6 567.3 597.3 624.4 656.9 667.1 684.7 696.6 704.6 728.1 Personal current transfer receipts....... 2,169.6 2,186.1 2,256.9 2,266.2 2,297.9 2,316.2 2,322.5 2,319.9 2,314.7 2,319.9 2,348.0 2,356.4 Less: Contributions for government social insurance (domestic)............. 960.9 960.4 974.7 983.0 987.1 988.2 914.5 919.2 920.8 922.8 941.5 947.3 Less: Personal current taxes............... 1,125.6 1,131.7 1,156.9 1,173.0 1,211.8 1,237.5 1,372.5 1,396.6 1,403.8 1,419.1 1,449.1 1,474.0 Equals: Disposable personal income......... 10,669.2 10,734.6 10,932.9 11,117.5 11,185.4 11,272.4 11,484.1 11,542.3 11,572.6 11,598.3 11,768.2 11,883.8 Less: Personal outlays..................... 10,259.6 10,323.9 10,428.2 10,498.4 10,581.5 10,733.3 10,898.1 11,015.1 11,120.9 11,205.6 11,348.7 11,408.6 Equals: Personal saving.................... 409.6 410.6 504.8 619.1 603.8 539.1 585.9 527.2 451.6 392.7 419.5 475.3 Personal saving as a percentage of disposable personal income.............. 3.8 3.8 4.6 5.6 5.4 4.8 5.1 4.6 3.9 3.4 3.6 4.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 8,805.2 8,789.0 8,887.4 9,047.5 9,086.2 9,122.1 9,352.3 9,345.2 9,328.6 9,335.4 9,427.2 9,524.8 Disposable personal income, billions of chained (2005) dollars\2\............... 9,760.2 9,746.4 9,881.6 10,034.1 10,063.3 10,087.4 10,195.7 10,157.8 10,125.6 10,121.5 10,206.8 10,288.8 ------------------------------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ----------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,248.4 1,342.3 1,702.4 1,827.0 1,360.0 1,333.7 1,328.6 971.2 1,198.4 1,243.3 Less: Taxes on corporate income...... 309.0 269.4 373.3 379.0 355.2 344.1 312.5 224.3 214.9 240.5 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 939.4 1,073.0 1,329.1 1,447.9 1,004.8 989.7 1,016.1 746.9 983.5 1,002.8 Net dividends...................... 786.9 554.1 600.9 697.2 835.9 803.4 780.5 727.6 652.4 548.4 Undistributed profits with inventory valuation and capital consumption adjustments....................... 152.5 518.8 728.2 750.7 168.9 186.3 235.5 19.2 331.1 454.3 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1,245.2 1,632.8 1,774.9 1,850.7 1,172.0 1,207.6 1,261.1 1,339.9 1,599.4 1,623.7 Undistributed profits with inventory valuation and capital consumption adjustments..................... 152.5 518.8 728.2 750.7 168.9 186.3 235.5 19.2 331.1 454.3 Consumption of fixed capital..... 1,028.5 1,030.4 1,026.5 1,061.9 1,003.0 1,021.2 1,039.9 1,049.9 1,045.3 1,032.0 Less: Capital transfers paid (net)...................... -64.2 -83.6 -20.2 -38.1 -.1 -.1 14.3 -270.8 -223.1 -137.4 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,359.9 1,440.5 1,816.3 1,854.1 1,543.5 1,552.4 1,475.8 868.0 1,225.3 1,327.9 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,050.9 1,171.1 1,443.0 1,475.1 1,188.3 1,208.3 1,163.3 643.7 1,010.3 1,087.4 Inventory valuation adjustment..... -44.5 3.2 -38.7 -62.6 -131.3 -155.4 -72.7 181.6 81.4 15.0 Capital consumption adjustment..... -67.1 -101.3 -75.2 35.4 -52.3 -63.2 -74.5 -78.4 -108.2 -99.6 ----------------------------------------------------------------------------------------------------------------------------------------- Table 11A. Corporate Profits--Table Ends [Billions of dollars; quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------------------------------------------- III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 --------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 1,403.2 1,524.5 1,648.0 1,625.4 1,747.5 1,788.8 1,723.3 1,800.9 1,830.5 1,953.1 1,900.1 Less: Taxes on corporate income...... 285.0 337.0 351.1 350.2 385.5 406.6 398.7 385.1 362.0 370.4 453.6 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 1,118.2 1,187.4 1,297.0 1,275.2 1,362.1 1,382.3 1,324.6 1,415.8 1,468.5 1,582.8 1,446.6 Net dividends...................... 502.4 513.3 554.9 585.8 618.1 645.0 677.6 687.5 705.9 717.9 727.1 Undistributed profits with inventory valuation and capital consumption adjustments....................... 615.9 674.1 742.1 689.4 744.0 737.3 647.0 728.4 762.6 864.9 719.4 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. 1,588.9 1,719.2 1,767.9 1,783.8 1,789.1 1,758.8 1,706.8 1,824.3 1,866.2 2,005.6 1,835.8 Undistributed profits with inventory valuation and capital consumption adjustments..................... 615.9 674.1 742.1 689.4 744.0 737.3 647.0 728.4 762.6 864.9 719.4 Consumption of fixed capital..... 1,022.5 1,021.6 1,021.6 1,024.4 1,027.0 1,032.8 1,042.1 1,056.5 1,069.1 1,079.9 1,092.6 Less: Capital transfers paid (net)...................... 49.5 -23.5 -4.1 -70.0 -18.0 11.3 -17.7 -39.4 -34.5 -60.8 -23.8 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 1,516.9 1,691.9 1,785.2 1,755.3 1,850.6 1,874.2 1,801.1 1,839.7 1,839.3 1,936.4 2,124.5 Profits after tax (without inventory valuation and capital consumption adjustments).......... 1,231.9 1,354.9 1,434.1 1,405.1 1,465.1 1,467.6 1,402.5 1,454.5 1,477.3 1,566.1 1,670.9 Inventory valuation adjustment..... -17.6 -66.2 -27.2 -14.3 -26.0 -87.2 -121.7 -75.0 -40.6 -12.9 -23.7 Capital consumption adjustment..... -96.1 -101.3 -110.0 -115.6 -77.1 1.9 43.9 36.3 31.7 29.6 -200.7 --------------------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Continues [Quarters at quarterly rates] ----------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ----------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... -17.4 7.5 26.8 7.3 -6.9 -1.9 -.4 -26.9 23.4 3.7 Less: Taxes on corporate income...... -30.6 -12.8 38.6 1.5 -13.1 -3.1 -9.2 -28.2 -4.2 11.9 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. -11.8 14.2 23.9 8.9 -4.5 -1.5 2.7 -26.5 31.7 2.0 Net dividends...................... -1.0 -29.6 8.4 16.0 3.5 -3.9 -2.8 -6.8 -10.3 -15.9 Undistributed profits with inventory valuation and capital consumption adjustments....................... -43.7 240.2 40.3 3.1 -30.9 10.3 26.4 -91.8 1,622.0 37.2 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. .1 31.1 8.7 4.3 -4.9 3.0 4.4 6.2 19.4 1.5 Undistributed profits with inventory valuation and capital consumption adjustments..................... -43.7 240.2 40.3 3.1 -30.9 10.3 26.4 -91.8 1,622.0 37.2 Consumption of fixed capital..... 5.7 .2 -.4 3.5 1.5 1.8 1.8 1.0 -.4 -1.3 Less: Capital transfers paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... -21.8 5.9 26.1 2.1 -10.1 .6 -4.9 -41.2 41.2 8.4 Profits after tax (without inventory valuation and capital consumption adjustments).......... -18.7 11.4 23.2 2.2 -9.1 1.7 -3.7 -44.7 57.0 7.6 Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ----------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Table Ends [Quarterly rates] --------------------------------------------------------------------------------------------------------------------------------------------------- III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 --------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments......................... 12.9 8.6 8.1 -1.4 7.5 2.4 -3.7 4.5 1.6 6.7 -2.7 Less: Taxes on corporate income...... 18.5 18.3 4.2 -.3 10.1 5.5 -1.9 -3.4 -6.0 2.3 22.5 Equals: Profits after tax with inventory valuation and capital consumption adjustments............. 11.5 6.2 9.2 -1.7 6.8 1.5 -4.2 6.9 3.7 7.8 -8.6 Net dividends...................... -8.4 2.2 8.1 5.6 5.5 4.4 5.1 1.5 2.7 1.7 1.3 Undistributed profits with inventory valuation and capital consumption adjustments....................... 35.6 9.5 10.1 -7.1 7.9 -.9 -12.2 12.6 4.7 13.4 -16.8 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment.............. -2.1 8.2 2.8 .9 .3 -1.7 -3.0 6.9 2.3 7.5 -8.5 Undistributed profits with inventory valuation and capital consumption adjustments..................... 35.6 9.5 10.1 -7.1 7.9 -.9 -12.2 12.6 4.7 13.4 -16.8 Consumption of fixed capital..... -.9 -.1 .0 .3 .3 .6 .9 1.4 1.2 1.0 1.2 Less: Capital transfers paid (net)...................... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......... 14.2 11.5 5.5 -1.7 5.4 1.3 -3.9 2.1 .0 5.3 9.7 Profits after tax (without inventory valuation and capital consumption adjustments).......... 13.3 10.0 5.9 -2.0 4.3 .2 -4.4 3.7 1.6 6.0 6.7 Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... --------------------------------------------------------------------------------------------------------------------------------------------------- Table 12A. Corporate Profits by Industry--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ---------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 1,248.4 1,342.3 1,702.4 1,827.0 1,360.0 1,333.7 1,328.6 971.2 1,198.4 1,243.3 Domestic industries................. 841.8 989.5 1,300.9 1,388.1 941.9 915.0 889.2 621.1 850.2 921.8 Financial......................... 86.8 328.9 383.7 381.0 217.4 183.2 38.3 -91.9 217.9 325.9 Nonfinancial...................... 755.0 660.6 917.1 1,007.1 724.5 731.8 850.9 713.0 632.3 595.9 Rest of the world................... 406.6 352.8 401.6 438.9 418.1 418.7 439.4 350.1 348.3 321.5 Receipts from the rest of the world............................ 581.9 493.7 584.4 645.2 599.5 619.0 600.7 508.3 459.0 461.1 Less: Payments to the rest of the world............................ 175.3 140.9 182.9 206.3 181.4 200.3 161.3 158.2 110.7 139.6 Corporate profits with inventory valuation adjustment. 1,315.5 1,443.6 1,777.7 1,791.6 1,412.3 1,397.0 1,403.1 1,049.6 1,306.6 1,342.9 Domestic industries................. 908.9 1,090.8 1,376.1 1,352.7 994.1 978.3 963.7 699.5 958.4 1,021.4 Financial......................... 122.2 374.8 424.3 408.3 240.6 217.1 79.4 -48.3 265.0 372.1 Federal Reserve banks........... 35.1 47.3 71.6 75.9 34.3 29.9 33.4 42.7 27.1 43.3 Other financial................. 87.1 327.5 352.7 332.3 206.3 187.2 46.0 -91.0 238.0 328.8 Nonfinancial...................... 786.7 716.0 951.8 944.4 753.5 761.1 884.3 747.8 693.3 649.3 Utilities....................... 30.7 23.1 27.9 17.7 16.5 -13.0 86.3 33.1 22.6 24.9 Manufacturing................... 195.5 131.0 233.5 244.9 205.6 174.4 220.6 181.3 111.6 114.5 Durable goods................. 56.8 21.1 103.1 100.3 84.8 46.6 71.9 24.0 -3.2 9.4 Fabricated metal products... 15.8 11.3 15.0 16.4 17.5 12.3 13.7 19.6 15.5 11.9 Machinery................... 16.6 7.3 17.5 21.5 18.5 15.2 15.2 17.4 9.4 6.0 Computer and electronic products................... 12.2 19.1 35.2 27.6 16.7 8.2 12.1 11.8 10.4 20.6 Electrical equipment, appliances, and components. 4.6 9.1 7.7 5.1 1.0 4.9 8.3 4.3 8.6 8.6 Motor vehicles, bodies and trailers, and parts........ -33.1 -49.7 -11.7 -12.7 -18.3 -37.5 -24.9 -51.6 -67.5 -60.1 Other durable goods......... 40.7 24.0 39.3 42.4 49.3 43.5 47.6 22.4 20.5 22.3 Nondurable goods.............. 138.6 109.9 130.4 144.6 120.9 127.7 148.7 157.3 114.7 105.2 Food and beverage and tobacco products........... 29.9 43.3 41.2 34.6 22.3 29.0 35.0 33.1 39.5 45.5 Petroleum and coal products. 77.8 11.9 23.5 40.8 70.8 49.9 88.1 102.5 33.1 1.2 Chemical products........... 23.9 38.5 45.9 50.1 16.4 41.8 23.7 13.8 32.5 41.8 Other nondurable goods...... 7.1 16.2 19.8 19.1 11.4 7.1 1.9 7.9 9.7 16.7 Wholesale trade................. 86.3 86.6 98.2 96.3 57.9 64.2 89.2 133.8 103.7 76.4 Retail trade.................... 81.6 108.0 122.6 108.9 75.3 80.9 85.0 85.1 101.7 106.6 Transportation and warehousing.. 31.9 24.8 48.1 45.5 26.9 35.3 32.2 33.2 29.5 18.3 Information..................... 75.1 72.8 86.0 85.5 91.1 107.1 79.1 23.0 54.4 64.9 Other nonfinancial.............. 285.7 269.7 335.4 345.7 280.2 312.3 292.0 258.2 269.8 243.6 Rest of the world................... 406.6 352.8 401.6 438.9 418.1 418.7 439.4 350.1 348.3 321.5 ---------------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 -------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 1,403.2 1,524.5 1,648.0 1,625.4 1,747.5 1,788.8 1,723.3 1,800.9 1,830.5 1,953.1 1,900.1 Domestic industries................. 1,040.1 1,146.1 1,259.3 1,217.1 1,343.1 1,384.0 1,302.7 1,364.7 1,382.7 1,502.2 1,497.2 Financial......................... 395.8 376.2 370.7 327.7 385.4 451.1 391.3 338.3 353.2 441.2 428.9 Nonfinancial...................... 644.4 769.9 888.6 889.4 957.6 932.9 911.3 1,026.4 1,029.6 1,061.0 1,068.3 Rest of the world................... 363.1 378.3 388.8 408.3 404.4 404.8 420.6 436.3 447.8 450.9 402.9 Receipts from the rest of the world............................ 499.8 554.9 558.5 572.9 593.4 612.9 626.9 658.5 650.2 645.2 631.5 Less: Payments to the rest of the world............................ 136.7 176.6 169.8 164.6 189.0 208.1 206.3 222.3 202.4 194.2 228.6 Corporate profits with inventory valuation adjustment. 1,499.3 1,625.7 1,758.0 1,741.0 1,824.6 1,787.0 1,679.4 1,764.6 1,798.8 1,923.5 2,100.8 Domestic industries................. 1,136.2 1,247.4 1,369.3 1,332.7 1,420.2 1,382.2 1,258.8 1,328.4 1,351.0 1,472.5 1,697.9 Financial......................... 440.5 421.5 416.0 372.9 425.8 482.4 417.6 365.6 380.8 469.1 481.2 Federal Reserve banks........... 54.2 64.7 71.6 74.0 71.4 69.2 72.1 79.8 76.6 75.2 74.5 Other financial................. 386.3 356.8 344.3 298.9 354.4 413.2 345.4 285.8 304.1 393.9 406.6 Nonfinancial...................... 695.7 825.9 953.3 959.8 994.4 899.8 841.2 962.8 970.2 1,003.4 1,216.8 Utilities....................... 9.8 35.0 43.2 11.1 31.7 25.5 8.9 36.5 10.2 15.1 38.3 Manufacturing................... 136.4 161.5 210.5 235.2 252.1 236.2 215.5 229.2 248.9 285.9 363.5 Durable goods................. 28.1 50.2 95.6 99.8 110.2 106.7 82.1 87.1 98.6 133.2 174.9 Fabricated metal products... 9.9 8.1 13.4 12.6 16.5 17.7 14.9 15.3 16.1 19.4 23.6 Machinery................... 5.6 8.1 14.2 16.3 19.6 19.9 18.7 19.4 22.1 25.6 30.2 Computer and electronic products................... 21.9 23.6 37.6 31.2 34.3 37.8 22.1 25.3 26.4 36.4 42.2 Electrical equipment, appliances, and components. 8.9 10.2 7.6 8.7 8.0 6.5 6.2 4.4 4.5 5.4 10.2 Motor vehicles, bodies and trailers, and parts........ -39.9 -31.4 -19.6 -9.2 -4.3 -13.8 -15.1 -14.5 -16.4 -4.8 3.3 Other durable goods......... 21.7 31.6 42.4 40.2 36.0 38.7 35.3 37.2 45.9 51.2 65.4 Nondurable goods.............. 108.3 111.3 114.9 135.4 141.9 129.5 133.4 142.1 150.3 152.7 188.6 Food and beverage and tobacco products........... 46.7 41.7 42.0 41.9 46.3 34.7 36.0 34.8 29.4 38.3 47.5 Petroleum and coal products. 4.4 8.9 19.6 34.1 17.1 23.4 30.4 48.8 51.8 32.2 45.4 Chemical products........... 38.9 40.7 35.0 40.4 56.6 51.6 46.8 42.7 51.7 59.1 63.3 Other nondurable goods...... 18.4 20.0 18.3 19.1 21.9 19.8 20.2 15.8 17.3 23.0 32.4 Wholesale trade................. 77.8 88.3 99.5 114.3 103.9 75.1 79.1 94.7 105.3 106.0 134.6 Retail trade.................... 111.4 112.5 125.7 124.2 121.0 119.5 109.1 101.9 103.8 120.9 138.6 Transportation and warehousing.. 20.3 31.3 39.6 51.3 57.5 44.2 41.1 45.8 45.6 49.5 56.7 Information..................... 75.0 96.8 87.3 84.9 91.5 80.4 78.7 90.2 87.5 85.4 109.8 Other nonfinancial.............. 265.1 300.4 347.4 338.7 336.7 318.8 308.9 364.5 368.9 340.6 375.3 Rest of the world................... 363.1 378.3 388.8 408.3 404.4 404.8 420.6 436.3 447.8 450.9 402.9 -------------------------------------------------------------------------------------------------------------------------------------------------- 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] ---------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ---------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... -262.2 93.9 360.1 124.6 -100.8 -26.3 -5.1 -357.4 227.2 44.9 Domestic industries................. -318.0 147.7 311.4 87.2 -89.7 -26.9 -25.8 -268.1 229.1 71.6 Financial......................... -237.0 242.1 54.8 -2.7 -30.1 -34.2 -144.9 -130.2 309.8 108.0 Nonfinancial...................... -80.9 -94.4 256.5 90.0 -59.7 7.3 119.1 -137.9 -80.7 -36.4 Rest of the world................... 55.7 -53.8 48.8 37.3 -11.0 .6 20.7 -89.3 -1.8 -26.8 Receipts from the rest of the world............................ 71.3 -88.2 90.7 60.8 50.0 19.5 -18.3 -92.4 -49.3 2.1 Less: Payments to the rest of the world............................ 15.6 -34.4 42.0 23.4 61.1 18.9 -39.0 -3.1 -47.5 28.9 Corporate profits with inventory valuation adjustment. -375.6 128.1 334.1 13.9 -229.2 -15.3 6.1 -353.5 257.0 36.3 Domestic industries................. -431.3 181.9 285.3 -23.4 -218.3 -15.8 -14.6 -264.2 258.9 63.0 Financial......................... -223.3 252.6 49.5 -16.0 -31.2 -23.5 -137.7 -127.7 313.3 107.1 Federal Reserve banks........... -.9 12.2 24.3 4.3 -.9 -4.4 3.5 9.3 -15.6 16.2 Other financial................. -222.4 240.4 25.2 -20.4 -30.3 -19.1 -141.2 -137.0 329.0 90.8 Nonfinancial...................... -208.0 -70.7 235.8 -7.4 -187.1 7.6 123.2 -136.5 -54.5 -44.0 Utilities....................... -19.6 -7.6 4.8 -10.2 -22.1 -29.5 99.3 -53.2 -10.5 2.3 Manufacturing................... -75.8 -64.5 102.5 11.4 -57.1 -31.2 46.2 -39.3 -69.7 2.9 Durable goods................. -39.3 -35.7 82.0 -2.8 -15.9 -38.2 25.3 -47.9 -27.2 12.6 Fabricated metal products... -4.7 -4.5 3.7 1.4 -5.3 -5.2 1.4 5.9 -4.1 -3.6 Machinery................... -5.5 -9.3 10.2 4.0 -1.6 -3.3 .0 2.2 -8.0 -3.4 Computer and electronic products................... 1.2 6.9 16.1 -7.6 9.1 -8.5 3.9 -.3 -1.4 10.2 Electrical equipment, appliances, and components. 5.8 4.5 -1.4 -2.6 .8 3.9 3.4 -4.0 4.3 .0 Motor vehicles, bodies and trailers, and parts........ -16.7 -16.6 38.0 -1.0 -3.2 -19.2 12.6 -26.7 -15.9 7.4 Other durable goods......... -19.5 -16.7 15.3 3.1 -15.9 -5.8 4.1 -25.2 -1.9 1.8 Nondurable goods.............. -36.6 -28.7 20.5 14.2 -41.0 6.8 21.0 8.6 -42.6 -9.5 Food and beverage and tobacco products........... -.8 13.4 -2.1 -6.6 -7.3 6.7 6.0 -1.9 6.4 6.0 Petroleum and coal products. 4.3 -65.9 11.6 17.3 15.5 -20.9 38.2 14.4 -69.4 -31.9 Chemical products........... -24.4 14.6 7.4 4.2 -39.0 25.4 -18.1 -9.9 18.7 9.3 Other nondurable goods...... -15.6 9.1 3.6 -.7 -10.2 -4.3 -5.2 6.0 1.8 7.0 Wholesale trade................. -13.6 .3 11.6 -1.9 -23.0 6.3 25.0 44.6 -30.1 -27.3 Retail trade.................... -36.2 26.4 14.6 -13.7 -29.7 5.6 4.1 .1 16.6 4.9 Transportation and warehousing.. 4.2 -7.1 23.3 -2.6 2.8 8.4 -3.1 1.0 -3.7 -11.2 Information..................... -18.5 -2.3 13.2 -.5 -10.9 16.0 -28.0 -56.1 31.4 10.5 Other nonfinancial.............. -48.5 -16.0 65.7 10.3 -47.2 32.1 -20.3 -33.8 11.6 -26.2 Rest of the world................... 55.7 -53.8 48.8 37.3 -11.0 .6 20.7 -89.3 -1.8 -26.8 ---------------------------------------------------------------------------------------------------------------------------------------- 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 -------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.................... 159.9 121.3 123.5 -22.6 122.1 41.3 -65.5 77.6 29.6 122.6 -53.0 Domestic industries................. 118.3 106.0 113.2 -42.2 126.0 40.9 -81.3 62.0 18.0 119.5 -5.0 Financial......................... 69.9 -19.6 -5.5 -43.0 57.7 65.7 -59.8 -53.0 14.9 88.0 -12.3 Nonfinancial...................... 48.5 125.5 118.7 .8 68.2 -24.7 -21.6 115.1 3.2 31.4 7.3 Rest of the world................... 41.6 15.2 10.5 19.5 -3.9 .4 15.8 15.7 11.5 3.1 -48.0 Receipts from the rest of the world............................ 38.7 55.1 3.6 14.4 20.5 19.5 14.0 31.6 -8.3 -5.0 -13.7 Less: Payments to the rest of the world............................ -2.9 39.9 -6.8 -5.2 24.4 19.1 -1.8 16.0 -19.9 -8.2 34.4 Corporate profits with inventory valuation adjustment. 156.4 126.4 132.3 -17.0 83.6 -37.6 -107.6 85.2 34.2 124.7 177.3 Domestic industries................. 114.8 111.2 121.9 -36.6 87.5 -38.0 -123.4 69.6 22.6 121.5 225.4 Financial......................... 68.4 -19.0 -5.5 -43.1 52.9 56.6 -64.8 -52.0 15.2 88.3 12.1 Federal Reserve banks........... 10.9 10.5 6.9 2.4 -2.6 -2.2 2.9 7.7 -3.2 -1.4 -.7 Other financial................. 57.5 -29.5 -12.5 -45.4 55.5 58.8 -67.8 -59.6 18.3 89.8 12.7 Nonfinancial...................... 46.4 130.2 127.4 6.5 34.6 -94.6 -58.6 121.6 7.4 33.2 213.4 Utilities....................... -15.1 25.2 8.2 -32.1 20.6 -6.2 -16.6 27.6 -26.3 4.9 23.2 Manufacturing................... 21.9 25.1 49.0 24.7 16.9 -15.9 -20.7 13.7 19.7 37.0 77.6 Durable goods................. 18.7 22.1 45.4 4.2 10.4 -3.5 -24.6 5.0 11.5 34.6 41.7 Fabricated metal products... -2.0 -1.8 5.3 -.8 3.9 1.2 -2.8 .4 .8 3.3 4.2 Machinery................... -.4 2.5 6.1 2.1 3.3 .3 -1.2 .7 2.7 3.5 4.6 Computer and electronic products................... 1.3 1.7 14.0 -6.4 3.1 3.5 -15.7 3.2 1.1 10.0 5.8 Electrical equipment, appliances, and components. .3 1.3 -2.6 1.1 -.7 -1.5 -.3 -1.8 .1 .9 4.8 Motor vehicles, bodies and trailers, and parts........ 20.2 8.5 11.8 10.4 4.9 -9.5 -1.3 .6 -1.9 11.6 8.1 Other durable goods......... -.6 9.9 10.8 -2.2 -4.2 2.7 -3.4 1.9 8.7 5.3 14.2 Nondurable goods.............. 3.1 3.0 3.6 20.5 6.5 -12.4 3.9 8.7 8.2 2.4 35.9 Food and beverage and tobacco products........... 1.2 -5.0 .3 -.1 4.4 -11.6 1.3 -1.2 -5.4 8.9 9.2 Petroleum and coal products. 3.2 4.5 10.7 14.5 -17.0 6.3 7.0 18.4 3.0 -19.6 13.2 Chemical products........... -2.9 1.8 -5.7 5.4 16.2 -5.0 -4.8 -4.1 9.0 7.4 4.2 Other nondurable goods...... 1.7 1.6 -1.7 .8 2.8 -2.1 .4 -4.4 1.5 5.7 9.4 Wholesale trade................. 1.4 10.5 11.2 14.8 -10.4 -28.8 4.0 15.6 10.6 .7 28.6 Retail trade.................... 4.8 1.1 13.2 -1.5 -3.2 -1.5 -10.4 -7.2 1.9 17.1 17.7 Transportation and warehousing.. 2.0 11.0 8.3 11.7 6.2 -13.3 -3.1 4.7 -.2 3.9 7.2 Information..................... 10.1 21.8 -9.5 -2.4 6.6 -11.1 -1.7 11.5 -2.7 -2.1 24.4 Other nonfinancial.............. 21.5 35.3 47.0 -8.7 -2.0 -17.9 -9.9 55.6 4.4 -28.3 34.7 Rest of the world................... 41.6 15.2 10.5 19.5 -3.9 .4 15.8 15.7 11.5 3.1 -48.0 -------------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------ ------------------------ ------------------------ 2009 2010 2011 2009 2010 2011 2009 2010 2011 --------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 1,342.3 1,702.4 1,827.0 -19.7 -97.7 -115.8 -1.4 -5.4 -6.0 Domestic industries.................. 989.5 1,300.9 1,388.1 -12.1 -117.3 -125.6 -1.2 -8.3 -8.3 Financial.......................... 328.9 383.7 381.0 -30.6 -83.0 -63.7 -8.5 -17.8 -14.3 Nonfinancial....................... 660.6 917.1 1,007.1 18.5 -34.4 -61.9 2.9 -3.6 -5.8 Rest of the world.................... 352.8 401.6 438.9 -7.6 19.7 9.8 -2.1 5.2 2.3 Receipts from the rest of the world............................. 493.7 584.4 645.2 3.3 14.8 8.1 .7 2.6 1.3 Less: Payments to the rest of the world............................. 140.9 182.9 206.3 10.9 -4.8 -1.7 8.4 -2.6 -.8 Corporate profits with inventory valuation adjustment........ 1,443.6 1,777.7 1,791.6 -12.7 -2.7 -44.6 -.9 -.2 -2.4 Domestic industries.................. 1,090.8 1,376.1 1,352.7 -5.1 -22.4 -54.4 -.5 -1.6 -3.9 Financial.......................... 374.8 424.3 408.3 -27.0 -70.4 -56.2 -6.7 -14.2 -12.1 Federal Reserve banks............ 47.3 71.6 75.9 .0 .0 -.9 .0 .0 -1.2 Other financial.................. 327.5 352.7 332.3 -27.0 -70.5 -55.4 -7.6 -16.7 -14.3 Nonfinancial....................... 716.0 951.8 944.4 21.9 48.1 1.8 3.2 5.3 .2 Utilities........................ 23.1 27.9 17.7 .9 2.9 2.5 4.1 11.6 16.4 Manufacturing.................... 131.0 233.5 244.9 5.8 16.4 -8.9 4.6 7.6 -3.5 Durable goods.................. 21.1 103.1 100.3 .6 8.1 -9.6 2.9 8.5 -8.7 Nondurable goods............... 109.9 130.4 144.6 5.2 8.3 .7 5.0 6.8 .5 Wholesale trade.................. 86.6 98.2 96.3 3.3 12.4 11.9 4.0 14.5 14.1 Retail trade..................... 108.0 122.6 108.9 2.0 .0 -7.7 1.9 .0 -6.6 Transportation and warehousing... 24.8 48.1 45.5 1.3 13.7 14.3 5.5 39.8 45.8 Information...................... 72.8 86.0 85.5 -8.4 -1.7 -15.8 -10.3 -1.9 -15.6 Other nonfinancial............... 269.7 335.4 345.7 16.9 4.2 5.6 6.7 1.3 1.6 Rest of the world.................... 352.8 401.6 438.9 -7.6 19.7 9.8 -2.1 5.2 2.3 Corporate profits before tax without inventory valuation and capital consumption adjustments............... 1,440.5 1,816.3 1,854.1 -15.2 -3.2 -42.2 -1.0 -.2 -2.2 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments............. 1,073.0 1,329.1 1,447.9 -16.6 -60.0 -78.6 -1.5 -4.3 -5.1 Net cash flow with inventory valuation adjustment................ 1,632.8 1,774.9 1,850.7 49.2 75.9 31.0 3.1 4.5 1.7 Undistributed profits with inventory valuation and capital consumption adjustments....................... 518.8 728.2 750.7 49.2 76.5 37.8 10.5 11.7 5.3 Consumption of fixed capital....... 1,030.4 1,026.5 1,061.9 .0 -.6 -6.8 .0 -.1 -.6 Less: Capital transfers paid (net)........................ -83.6 -20.2 -38.1 .0 .0 .0 ..... ..... ..... --------------------------------------------------------------------------------------------------------------------------------- Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 I 08 II 08 III 08 IV 08 I 09 II 09 ------------------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 6,991.4 6,590.8 6,952.4 7,366.7 6,955.8 6,964.7 7,094.8 6,950.5 6,633.6 6,527.7 Consumption of fixed capital................ 864.3 862.5 860.1 893.7 852.2 858.8 869.6 876.6 874.2 863.5 Net value added............................. 6,127.1 5,728.3 6,092.3 6,473.0 6,103.6 6,105.9 6,225.2 6,073.8 5,759.4 5,664.2 Compensation of employees................. 4,441.2 4,173.7 4,252.0 4,472.7 4,456.3 4,450.2 4,445.9 4,412.3 4,209.2 4,174.4 Wage and salary accruals................ 3,681.4 3,435.3 3,508.4 3,687.5 3,707.2 3,691.0 3,680.1 3,647.2 3,464.8 3,434.8 Supplements to wages and salaries....... 759.8 738.5 743.6 785.2 749.1 759.2 765.9 765.1 744.4 739.6 Taxes on production and imports less subsidies................................ 615.2 589.2 612.2 645.8 613.4 620.5 619.9 606.9 584.4 587.9 Net operating surplus..................... 1,070.8 965.4 1,228.2 1,354.5 1,033.9 1,035.2 1,159.4 1,054.6 965.8 901.8 Net interest and miscellaneous payments............................... 257.7 227.4 221.7 255.9 251.5 248.7 254.5 275.9 257.4 224.4 Business current transfer payments (net)......................... 58.1 77.4 89.3 91.5 57.9 54.6 54.1 65.7 76.1 81.5 Corporate profits with inventory valuation and capital consumption adjustments............................ 755.0 660.6 917.1 1,007.1 724.5 731.8 850.9 713.0 632.3 595.9 Taxes on corporate income............. 227.4 177.8 222.9 246.8 248.0 252.8 255.3 153.5 167.6 161.9 Profits after tax with inventory valuation and capital consumption adjustments.......................... 527.7 482.8 694.3 760.3 476.5 479.1 595.5 559.5 464.6 434.1 Net dividends....................... 474.1 351.7 385.7 425.3 468.8 484.5 478.0 465.2 449.1 374.7 Undistributed profits with inventory valuation and capital consumption adjustments............ 53.5 131.1 308.5 334.9 7.7 -5.4 117.5 94.4 15.5 59.4 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 831.2 712.9 990.5 1,007.0 884.8 916.5 957.1 566.2 612.0 634.3 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 603.8 535.1 767.6 760.2 636.8 663.8 701.7 412.8 444.3 472.4 Inventory valuation adjustment............ -44.5 3.2 -38.7 -62.6 -131.3 -155.4 -72.7 181.6 81.4 15.0 Capital consumption adjustment............ -31.7 -55.4 -34.7 62.7 -29.1 -29.3 -33.5 -34.8 -61.1 -53.4 ---------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 6,515.9 6,035.4 6,397.8 6,656.7 6,557.3 6,538.7 6,585.9 6,381.8 6,024.3 5,959.6 Consumption of fixed capital\2\............. 798.9 805.3 805.9 819.7 797.7 797.1 798.9 802.0 806.3 806.0 Net value added\3\.......................... 5,717.0 5,230.1 5,591.9 5,837.1 5,759.5 5,741.6 5,787.0 5,579.8 5,218.0 5,153.6 ---------------------------------------------------------------------------------------------------- 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\.... 1.073 1.092 1.087 1.107 1.061 1.065 1.077 1.089 1.101 1.095 Compensation of employees (unit labor cost).................................... .682 .692 .665 .672 .680 .681 .675 .691 .699 .700 Unit nonlabor cost........................ .276 .291 .279 .283 .270 .272 .273 .285 .298 .295 Consumption of fixed capital............ .133 .143 .134 .134 .130 .131 .132 .137 .145 .145 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .103 .110 .110 .111 .102 .103 .102 .105 .110 .112 Net interest and miscellaneous payments. .040 .038 .035 .038 .038 .038 .039 .043 .043 .038 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .116 .109 .143 .151 .110 .112 .129 .112 .105 .100 Taxes on corporate income............... .035 .029 .035 .037 .038 .039 .039 .024 .028 .027 Profits after tax with inventory valuation and capital consumption adjustments............................ .081 .080 .109 .114 .073 .073 .090 .088 .077 .073 ------------------------------------------------------------------------------------------------------------------------------------------------ 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 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 ---------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 6,521.4 6,680.7 6,828.1 6,894.9 7,033.7 7,053.0 7,200.6 7,367.0 7,418.6 7,480.5 7,598.4 Consumption of fixed capital................ 856.6 855.7 855.3 857.8 860.7 866.6 876.0 888.8 900.3 909.7 920.8 Net value added............................. 5,664.8 5,825.0 5,972.8 6,037.1 6,173.0 6,186.4 6,324.6 6,478.2 6,518.4 6,570.8 6,677.6 Compensation of employees................. 4,150.5 4,160.9 4,176.8 4,235.0 4,288.6 4,307.5 4,435.1 4,465.0 4,487.9 4,502.9 4,600.0 Wage and salary accruals................ 3,415.3 3,426.4 3,440.2 3,493.7 3,542.5 3,557.1 3,658.0 3,681.5 3,699.6 3,710.8 3,796.4 Supplements to wages and salaries....... 735.2 734.5 736.6 741.4 746.1 750.4 777.1 783.5 788.3 792.1 803.6 Taxes on production and imports less subsidies................................ 584.4 600.0 605.8 609.4 614.2 619.3 637.8 646.3 646.0 653.1 656.1 Net operating surplus..................... 929.9 1,064.2 1,190.1 1,192.6 1,270.3 1,259.6 1,251.7 1,367.0 1,384.4 1,414.8 1,421.6 Net interest and miscellaneous payments............................... 212.9 214.9 216.2 215.1 220.7 234.9 248.5 248.9 263.7 262.5 263.2 Business current transfer payments (net)......................... 72.6 79.4 85.3 88.2 91.9 91.8 91.9 91.7 91.2 91.3 90.0 Corporate profits with inventory valuation and capital consumption adjustments............................ 644.4 769.9 888.6 889.4 957.6 932.9 911.3 1,026.4 1,029.6 1,061.0 1,068.3 Taxes on corporate income............. 170.0 211.7 211.9 221.1 231.5 227.0 244.0 253.9 248.1 241.2 304.3 Profits after tax with inventory valuation and capital consumption adjustments.......................... 474.4 558.2 676.7 668.3 726.1 705.9 667.3 772.5 781.4 819.8 764.0 Net dividends....................... 276.1 307.1 362.9 368.2 406.0 405.8 407.3 435.8 428.6 429.7 432.8 Undistributed profits with inventory valuation and capital consumption adjustments............ 198.3 251.2 313.8 300.1 320.1 300.1 260.0 336.7 352.9 390.2 331.2 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 713.3 892.0 980.5 974.1 1,020.3 987.0 963.0 1,037.8 1,010.8 1,016.3 1,240.4 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 543.3 680.3 768.6 753.0 788.8 760.0 718.9 783.9 762.7 775.2 936.1 Inventory valuation adjustment............ -17.6 -66.2 -27.2 -14.3 -26.0 -87.2 -121.7 -75.0 -40.6 -12.9 -23.7 Capital consumption adjustment............ -51.3 -56.0 -64.7 -70.4 -36.7 33.1 70.1 63.6 59.3 57.6 -148.4 -------------------------------------------------------------------------------------------------------------- Billions of chained (2005) dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 5,990.4 6,167.3 6,327.1 6,371.1 6,455.6 6,437.4 6,551.5 6,671.3 6,650.9 6,753.3 6,830.7 Consumption of fixed capital\2\............. 804.9 804.0 804.1 804.4 806.2 809.0 812.3 816.4 821.7 828.2 834.5 Net value added\3\.......................... 5,185.5 5,363.3 5,523.0 5,566.7 5,649.4 5,628.4 5,739.2 5,854.9 5,829.2 5,925.1 5,996.2 -------------------------------------------------------------------------------------------------------------- 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\.... 1.089 1.083 1.079 1.082 1.090 1.096 1.099 1.104 1.115 1.108 1.112 Compensation of employees (unit labor cost).................................... .693 .675 .660 .665 .664 .669 .677 .669 .675 .667 .673 Unit nonlabor cost........................ .289 .284 .278 .278 .276 .281 .283 .281 .286 .284 .283 Consumption of fixed capital............ .143 .139 .135 .135 .133 .135 .134 .133 .135 .135 .135 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .110 .110 .109 .109 .109 .110 .111 .111 .111 .110 .109 Net interest and miscellaneous payments. .036 .035 .034 .034 .034 .036 .038 .037 .040 .039 .039 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .108 .125 .140 .140 .148 .145 .139 .154 .155 .157 .156 Taxes on corporate income............... .028 .034 .033 .035 .036 .035 .037 .038 .037 .036 .045 Profits after tax with inventory valuation and capital consumption adjustments............................ .079 .091 .107 .105 .112 .110 .102 .116 .117 .121 .112 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 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--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------ 2008 2009 2010 2011 IV 08 I 09 II 09 III 09 IV 09 ------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP) and related aggregates: GDP............................... -.3 -3.1 2.4 1.8 -8.9 -5.3 -.3 1.4 4.0 Goods............................. -.8 -5.8 9.1 5.1 -23.9 -8.0 1.2 6.2 18.6 Services.......................... 1.0 .1 1.1 .9 -.7 -.9 1.8 .7 1.3 Structures........................ -7.7 -16.7 -8.3 -2.7 -17.4 -25.9 -19.6 -7.1 -16.9 Motor vehicle output.............. -18.6 -24.3 27.5 11.0 -58.1 -57.2 26.5 121.1 17.7 GDP excluding motor vehicle output........................... .2 -2.6 1.9 1.6 -7.4 -4.0 -.7 .0 3.8 Final sales of computers\1\....... 20.1 -2.0 -13.8 35.3 1.1 36.9 -14.0 -39.1 -37.2 GDP excluding final sales of computers........................ -.4 -3.1 2.5 1.7 -8.9 -5.4 -.2 1.7 4.2 Farm gross value added\2\......... 12.6 15.5 -5.0 -17.7 79.6 -5.7 23.8 53.3 -20.5 Nonfarm business gross value added\3\......................... -1.5 -4.5 3.1 2.6 -12.7 -5.0 -2.5 .3 5.2 Gross domestic income\4\.......... -.4 -3.9 3.1 1.8 -9.8 -6.0 -2.5 .7 5.0 Price indexes: GDP............................... 2.2 .9 1.3 2.1 .5 1.0 -.8 .5 1.3 GDP excluding food and energy\5\.. 2.4 .7 1.6 2.0 -.5 -.1 .2 1.0 2.0 GDP excluding final sales of computers........................ 2.3 1.0 1.4 2.2 .6 1.1 -.7 .7 1.3 Gross domestic purchases.......... 3.2 -.2 1.6 2.5 -4.0 -2.4 .2 1.7 2.4 Gross domestic purchases excluding food and energy\5\............... 2.6 .6 1.4 1.9 -.1 -.4 .3 .7 1.9 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 3.4 -.1 1.7 2.6 -3.9 -2.3 .3 1.9 2.4 Personal consumption expenditures (PCE)............................ 3.3 .1 1.9 2.4 -5.6 -2.1 1.6 3.1 3.1 Personal consumption expenditures excluding food and energy\5\..... 2.3 1.4 1.5 1.4 1.0 .7 1.7 1.5 2.4 Market-based PCE\6\............... 3.4 .2 1.5 2.5 -5.9 -1.5 2.0 2.9 2.4 Market-based PCE excluding food and energy\6\.................... 2.3 1.9 1.0 1.4 1.7 2.0 2.1 1.1 1.6 ------------------------------------------------------------------------------------------------------------ 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. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period--Table Ends [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 -------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.5 Goods............................. 14.1 -1.1 10.2 5.9 3.8 3.4 2.1 16.1 3.9 3.0 Services.......................... .1 2.0 1.2 1.4 .5 1.5 .5 -1.0 .6 1.0 Structures........................ -16.0 18.3 -11.2 -1.4 -17.4 9.1 5.5 7.2 7.4 .5 Motor vehicle output.............. 26.1 23.2 15.4 -12.9 37.8 2.1 1.5 24.0 30.9 4.6 GDP excluding motor vehicle output........................... 1.9 1.8 2.3 2.8 -.7 2.5 1.3 3.6 1.3 1.5 Final sales of computers\1\....... 1.3 -28.0 34.6 72.6 47.2 21.0 31.5 31.1 4.5 -14.1 GDP excluding final sales of computers........................ 2.3 2.4 2.5 2.2 -.1 2.4 1.2 4.0 1.9 1.6 Farm gross value added\2\......... -16.0 13.0 -23.0 -28.9 -23.6 -28.0 11.4 18.8 3.5 26.6 Nonfarm business gross value added\3\......................... 3.3 2.8 5.1 3.9 -.1 3.4 1.6 5.3 2.7 2.0 Gross domestic income\4\.......... 5.6 1.6 3.8 1.1 2.6 .4 -.2 4.5 3.5 ..... Price indexes: GDP............................... 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 1.6 GDP excluding food and energy\5\.. 2.0 1.4 1.3 1.7 2.3 2.6 2.1 .9 2.6 1.4 GDP excluding final sales of computers........................ 1.6 1.7 2.1 2.2 2.1 2.6 3.0 .4 2.0 1.6 Gross domestic purchases.......... 2.1 .7 1.4 2.5 3.4 3.5 2.3 .9 2.5 .7 Gross domestic purchases excluding food and energy\5\............... 1.8 1.2 1.2 1.5 2.2 2.7 2.0 1.0 2.4 1.4 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 2.1 .7 1.4 2.5 3.5 3.6 2.4 .9 2.6 .8 Personal consumption expenditures (PCE)............................ 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 .7 Personal consumption expenditures excluding food and energy\5\..... 1.5 1.4 1.0 .8 1.3 2.3 1.9 1.3 2.2 1.8 Market-based PCE\6\............... 1.2 .0 1.2 2.1 3.6 3.8 2.6 1.2 2.5 .5 Market-based PCE excluding food and energy\6\.................... .7 .8 .8 .5 1.5 2.3 2.1 1.5 2.2 1.7 -------------------------------------------------------------------------------------------------------------------- 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.