EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FEBRUARY 25, 2011 BEA 11-07 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Recorded message: (202) 606-5306 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2010 (SECOND ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.8 percent in the fourth quarter of 2010, (that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent. The GDP estimates released today are based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.2 percent (see "Revisions" on page 3). The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased. The small fourth-quarter acceleration in real GDP primarily reflected a sharp downturn in imports, an acceleration in PCE, an upturn in residential fixed investment, and an acceleration in exports that were mostly offset by downturns in private inventory investment and in federal government spending, a deceleration in nonresidential fixed investment, and a downturn in state and local government spending. Final sales of computers added 0.30 percentage point to the fourth-quarter change in real GDP after adding 0.29 percentage point to the third-quarter change. Motor vehicle output subtracted 0.31 percentage point from the fourth-quarter change in real GDP after adding 0.49 percentage point to the third-quarter change. _______________________ 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 price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 2.1 percent in the fourth quarter, the same increase as in the advance estimate; this index increased 0.7 percent in the third quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 0.4 percent in the third. Real personal consumption expenditures increased 4.1 percent in the fourth quarter, compared with an increase of 2.4 percent in the third. Durable goods increased 21.0 percent, compared with an increase of 7.6 percent. Nondurable goods increased 4.8 percent, compared with an increase of 2.5 percent. Services increased 1.4 percent, compared with an increase of 1.6 percent. Real nonresidential fixed investment increased 5.3 percent in the fourth quarter, compared with an increase of 10.0 percent in the third. Nonresidential structures increased 4.5 percent, in contrast to a decrease of 3.5 percent. Equipment and software increased 5.5 percent, compared with an increase of 15.4 percent. Real residential fixed investment increased 2.8 percent, in contrast to a decrease of 27.3 percent. Real exports of goods and services increased 9.6 percent in the fourth quarter, compared with an increase of 6.8 percent in the third. Real imports of goods and services decreased 12.4 percent, in contrast to an increase of 16.8 percent. Real federal government consumption expenditures and gross investment decreased 0.2 percent in the fourth quarter, in contrast to an increase of 8.8 percent in the third. National defense decreased 2.1 percent, in contrast to an increase of 8.5 percent. Nondefense increased 3.7 percent, compared with an increase of 9.5 percent. Real state and local government consumption expenditures and gross investment decreased 2.4 percent, in contrast to an increase of 0.7 percent. The change in real private inventories subtracted 3.70 percentage points from the fourth-quarter change in real GDP, after adding 1.61 percentage points to the third-quarter change. Private businesses increased inventories $7.1 billion in the fourth quarter, following increases of $121.4 billion in the third quarter and $68.8 billion in the second. Real final sales of domestic product -- GDP less change in private inventories -- increased 6.7 percent in the fourth quarter, compared with an increase of 0.9 percent in the third. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 0.6 percent in the fourth quarter, in contrast to an increase of 4.2 percent in the third. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.2 percent, or $115.9 billion, in the fourth quarter to a level of $14,861.0 billion. In the third quarter, current-dollar GDP increased 4.6 percent, or $166.4 billion. Revisions The downward revision to the percent change in real GDP primarily reflected an upward revision to imports and downward revisions to state and local government spending and to personal consumption expenditures (PCE) that were partly offset by an upward revision to exports. Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP............................... 3.2 2.8 Current-dollar GDP..................... 3.4 3.2 Gross domestic purchases price index... 2.1 2.1 2010 GDP Real GDP increased 2.8 percent in 2010 (that is, from the 2009 annual level to the 2010 annual level), in contrast to a decrease of 2.6 percent in 2009. The increase in real GDP in 2010 primarily reflected positive contributions from private inventory investment, exports, PCE, nonresidential fixed investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. The upturn in real GDP primarily reflected upturns in exports, in nonresidential fixed investment, in PCE, and in private inventory investment and a smaller decrease in residential fixed investment that were partly offset by an upturn in imports. The price index for gross domestic purchases increased 1.3 percent in 2010, in contrast to a decrease of 0.2 percent in 2009. Current-dollar GDP increased 3.8 percent, or $538.8 billion, in 2010. In contrast, current-dollar GDP decreased 1.7 percent, or $250.1 billion, in 2009. During 2010 (that is, measured from the fourth quarter of 2009 to the fourth quarter of 2010), real GDP increased 2.7 percent. Real GDP increased 0.2 percent during 2009. The price index for gross domestic purchases increased 1.2 percent during 2010, compared with an increase of 0.5 percent during 2009. * * * 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 – March 25, 2011, at 8:30 A.M. EDT for: Gross Domestic Product: Fourth Quarter 2010 (Third) Corporate Profits: Fourth Quarter 2010 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10r IV 10r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). .0 -2.6 2.8 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 2.8 Personal consumption expenditures... -.3 -1.2 1.8 2.4 1.5 1.7 1.4 -.8 .1 -3.5 -3.3 -.5 -1.6 2.0 .9 1.9 2.2 2.4 4.1 Goods............................. -2.5 -2.0 4.3 2.3 1.4 2.4 1.1 -5.8 .3 -7.7 -10.8 1.8 -1.5 7.2 1.7 5.7 3.4 4.1 9.8 Durable goods................... -5.2 -3.7 7.6 4.6 4.6 3.8 2.4 -10.8 -2.9 -12.0 -22.3 4.8 -3.1 20.1 -1.1 8.8 6.8 7.6 21.0 Nondurable goods................ -1.1 -1.2 2.8 1.1 -.2 1.7 .5 -3.0 2.0 -5.5 -4.9 .4 -.7 1.7 3.1 4.2 1.9 2.5 4.8 Services.......................... .9 -.8 .5 2.4 1.6 1.4 1.5 1.9 .0 -1.3 .6 -1.6 -1.7 -.5 .5 .1 1.6 1.6 1.4 Gross private domestic investment... -9.5 -22.6 16.8 -3.6 9.5 -2.9 -9.4 -9.4 -7.6 -12.5 -36.8 -42.2 -18.5 11.8 26.7 29.1 26.2 15.0 -22.1 Fixed investment.................. -6.4 -18.3 3.8 -1.0 3.7 -1.2 -4.8 -6.2 -4.6 -11.9 -24.9 -35.4 -10.1 .7 -1.3 3.3 18.9 1.5 4.8 Nonresidential.................. .3 -17.1 5.6 6.8 11.1 9.4 5.7 2.0 -1.6 -8.6 -22.7 -35.2 -7.5 -1.7 -1.4 7.8 17.2 10.0 5.3 Structures.................... 5.9 -20.4 -13.8 10.7 28.0 24.3 7.4 -.1 7.5 -3.6 -8.9 -41.0 -20.2 -12.4 -29.2 -17.8 -.5 -3.5 4.5 Equipment and software........ -2.4 -15.3 15.1 5.1 4.3 2.9 4.8 3.0 -6.0 -11.1 -29.5 -31.6 .2 4.2 14.6 20.4 24.8 15.4 5.5 Residential..................... -24.0 -22.9 -3.0 -16.4 -12.0 -24.1 -29.3 -27.9 -14.0 -22.6 -32.6 -36.2 -19.7 10.6 -.8 -12.3 25.7 -27.3 2.8 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.0 -9.5 11.8 6.4 6.8 15.8 11.6 5.7 13.2 -5.0 -21.9 -27.8 -1.0 12.2 24.4 11.4 9.1 6.8 9.6 Goods........................... 6.3 -12.0 14.7 12.9 7.6 12.8 9.9 9.6 14.5 -4.3 -26.6 -34.1 -3.7 18.7 31.7 14.0 11.5 5.8 11.7 Services........................ 5.3 -3.9 5.8 -6.9 4.9 23.0 15.7 -2.8 10.2 -6.6 -9.8 -12.3 4.7 .1 10.2 5.8 3.9 8.9 5.0 Imports........................... -2.6 -13.8 12.7 4.6 4.6 5.0 -10.6 -1.4 2.9 -.1 -22.9 -35.3 -10.6 21.9 4.9 11.2 33.5 16.8 -12.4 Goods........................... -3.5 -15.8 14.8 6.8 4.8 5.1 -11.8 -3.3 4.6 -1.0 -28.3 -38.9 -10.6 27.4 6.2 12.0 40.5 17.4 -14.1 Services........................ 2.4 -4.2 3.5 -6.3 3.6 4.4 -4.0 9.4 -6.0 5.0 11.7 -16.8 -10.9 1.5 -.5 7.8 4.3 14.2 -3.7 Government consumption expenditures and gross investment............... 2.8 1.6 1.0 -.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 -3.0 6.1 1.6 -1.4 -1.6 3.9 3.9 -1.5 Federal........................... 7.3 5.7 4.8 -4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 -5.0 14.9 5.7 .0 1.8 9.1 8.8 -.2 National defense................ 7.5 5.4 3.9 -7.2 8.3 10.2 .0 6.8 6.9 19.7 5.2 -8.4 16.8 9.0 -2.5 .4 7.4 8.5 -2.1 Nondefense...................... 6.7 6.5 6.6 .5 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 -.9 5.6 5.0 12.8 9.5 3.7 State and local................... .3 -.9 -1.4 2.1 1.3 .2 1.3 -.3 .8 .3 -2.4 -1.7 1.0 -1.0 -2.3 -3.8 .6 .7 -2.4 Addenda: Final sales of domestic product... .5 -2.1 1.4 1.3 2.3 2.6 3.7 -.2 1.1 -3.9 -4.6 -3.9 .2 .4 2.1 1.1 .9 .9 6.7 Gross domestic purchases.......... -1.1 -3.6 3.2 .9 3.1 1.3 -.4 -1.6 -.5 -3.2 -7.7 -7.2 -2.1 3.0 3.0 3.9 5.1 4.2 -.6 Final sales to domestic purchasers....................... -.6 -3.1 1.8 1.3 2.2 1.6 .4 -1.1 .0 -3.1 -5.7 -6.3 -1.2 1.8 .2 1.3 4.3 2.6 3.1 Gross national product (GNP)...... .3 -2.8 ..... .8 3.5 4.1 4.4 -.9 .1 -3.2 -8.6 -4.9 -.5 2.6 4.9 4.4 1.8 2.3 ..... Disposable personal income........ 1.7 .6 1.4 1.8 .6 1.5 2.2 1.4 9.2 -8.4 2.7 .4 5.9 -4.4 .0 1.3 5.6 1.0 1.4 Current-dollar measures: GDP............................. 2.2 -1.7 3.8 5.3 6.5 4.4 3.8 1.0 4.1 .4 -7.9 -3.9 -.4 2.3 4.7 4.8 3.7 4.6 3.2 Final sales of domestic product. 2.7 -1.1 2.4 5.8 5.6 4.6 4.6 1.8 4.3 .5 -6.1 -2.7 .6 1.2 1.8 2.1 2.9 3.0 7.0 Gross domestic purchases........ 2.1 -3.8 4.6 5.4 6.3 3.4 3.4 2.1 4.2 .6 -11.7 -9.2 -1.5 4.3 5.1 6.2 5.2 4.8 1.5 Final sales to domestic purchasers..................... 2.5 -3.2 3.2 5.8 5.5 3.6 4.1 2.9 4.5 .8 -10.1 -8.1 -.5 3.3 2.2 3.5 4.4 3.2 5.1 GNP............................. 2.5 -1.9 ..... 5.3 6.7 6.3 5.3 .9 3.5 1.1 -9.8 -4.0 -.2 3.4 4.6 5.5 3.8 4.4 ..... Disposable personal income...... 5.1 .7 3.1 5.8 4.1 3.9 6.5 5.4 14.3 -4.4 -3.3 -1.2 8.0 -1.6 2.7 3.4 5.5 1.7 3.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. See "Explanatory Note" at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... .0 -2.6 2.8 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 2.8 Percentage points at annual rates: Personal consumption expenditures.. -.18 -.84 1.26 1.64 1.08 1.20 .98 -.54 .08 -2.46 -2.26 -.34 -1.12 1.41 .69 1.33 1.54 1.67 2.88 Goods............................ -.60 -.46 1.00 .56 .34 .57 .27 -1.42 .08 -1.86 -2.57 .41 -.32 1.62 .42 1.29 .79 .94 2.20 Durable goods.................. -.42 -.27 .55 .38 .38 .31 .20 -.92 -.23 -.95 -1.79 .35 -.21 1.35 -.07 .62 .49 .54 1.44 Motor vehicles and parts..... -.39 -.17 .08 .06 .17 -.08 -.07 -.53 -.57 -.60 -.85 .26 -.10 .83 -.56 -.06 .15 .12 .96 Furnishings and durable household equipment......... -.07 -.12 .15 .10 -.07 .04 .02 -.18 .09 -.20 -.33 -.15 -.12 .12 .16 .23 .15 .10 .17 Recreational goods and vehicles.................... .08 .03 .26 .21 .20 .32 .23 -.13 .28 -.09 -.39 .19 -.05 .36 .34 .28 .20 .26 .26 Other durable goods.......... -.04 -.02 .06 .01 .07 .03 .01 -.09 -.02 -.06 -.22 .06 .05 .05 -.01 .18 -.02 .07 .04 Nondurable goods............... -.18 -.18 .45 .17 -.03 .27 .07 -.50 .31 -.91 -.78 .06 -.11 .27 .49 .67 .31 .39 .76 Food and beverages purchased for off-premises consumption -.04 -.05 .15 -.01 -.11 .09 .19 -.07 -.01 -.26 -.50 .01 .20 .22 .28 .20 -.16 .17 .26 Clothing and footwear........ -.01 -.10 .13 .12 .04 .08 -.02 -.05 .23 -.27 -.28 -.07 -.10 .01 .13 .26 .14 -.03 .27 Gasoline and other energy goods....................... -.13 .03 .00 -.05 -.07 -.01 -.12 -.22 -.13 -.41 .30 .14 -.01 -.04 -.05 .02 .07 .00 -.08 Other nondurable goods....... .01 -.06 .17 .11 .11 .11 .02 -.15 .22 .03 -.29 -.02 -.20 .08 .14 .18 .25 .25 .30 Services......................... .41 -.38 .26 1.08 .74 .62 .71 .88 .00 -.59 .30 -.75 -.79 -.21 .27 .03 .75 .74 .68 Household consumption expenditures (for services)... .25 -.30 .21 1.16 .84 .36 .42 .74 -.04 -.79 .08 -.29 -.46 -.37 .12 .01 .69 .72 .64 Housing and utilities........ .09 .14 .14 .10 -.03 .12 -.07 .31 .04 -.20 .60 .01 .06 .24 .23 -.06 .14 .44 .00 Health care.................. .29 .23 .16 .47 .16 .14 .29 .58 .29 -.02 .23 .40 .38 -.01 .21 -.04 .35 .14 .34 Transportation services...... -.12 -.18 .03 .05 .00 -.04 -.06 -.11 -.15 -.18 -.31 -.23 -.10 -.07 -.02 .07 .08 .08 .04 Recreation services.......... -.01 -.06 -.01 .05 .10 .11 .00 -.01 -.03 -.12 -.09 .02 -.08 -.12 -.03 .00 -.01 .11 .01 Food services and accommodations.............. -.03 -.16 .10 -.01 .15 .12 .16 -.23 .06 -.15 -.30 -.19 -.16 -.06 .02 .29 .11 .12 .10 Financial services and insurance................... .03 -.21 -.13 .21 .30 .13 .14 .02 -.08 .03 -.26 -.30 -.23 -.21 -.21 -.16 .07 -.27 .14 Other services............... -.02 -.07 -.07 .28 .15 -.22 -.04 .18 -.16 -.14 .22 .00 -.34 -.14 -.08 -.08 -.05 .11 .01 Final consumption expenditures of nonprofit institutions serving households............ .16 -.08 .05 -.08 -.10 .27 .29 .14 .04 .20 .22 -.46 -.34 .16 .15 .02 .06 .02 .04 Gross output of nonprofit institutions................ .18 .04 .07 .29 .00 .07 .27 .30 .11 .08 .32 -.11 -.05 -.02 .12 -.07 .25 .09 .24 Less: Receipts from sales of goods and services by nonprofit institutions...... .02 .12 .02 .37 .10 -.20 -.02 .17 .07 -.11 .10 .34 .28 -.18 -.03 -.09 .18 .07 .19 Gross private domestic investment.. -1.53 -3.24 1.84 -.65 1.51 -.46 -1.53 -1.47 -1.17 -1.95 -6.32 -6.80 -2.30 1.22 2.70 3.04 2.88 1.80 -3.13 Fixed investment................. -1.02 -2.69 .46 -.15 .62 -.18 -.76 -.98 -.69 -1.83 -4.01 -5.71 -1.26 .12 -.12 .39 2.06 .18 .57 Nonresidential................. .03 -1.96 .54 .75 1.23 1.06 .67 .25 -.16 -1.00 -2.84 -4.49 -.72 -.13 -.10 .71 1.51 .93 .51 Structures................... .22 -.81 -.43 .35 .88 .82 .28 .00 .30 -.14 -.36 -1.99 -.76 -.41 -1.01 -.53 -.01 -.09 .11 Equipment and software....... -.19 -1.15 .97 .40 .35 .24 .39 .25 -.46 -.86 -2.47 -2.50 .04 .28 .91 1.24 1.52 1.02 .39 Information processing equipment and software.... .23 .01 .50 .64 .11 .32 .61 .38 .25 -.19 -.52 -.25 .36 .52 .79 .32 .57 .34 .44 Computers and peripheral equipment............... .08 -.01 .15 .15 -.03 .11 .15 .19 .11 -.12 -.19 -.07 .09 .12 .36 .03 .24 .01 .11 Software................. .10 .03 .18 .18 .01 .06 .09 .26 .04 .04 -.04 -.12 .16 .13 .25 .17 .15 .18 .14 Other.................... .05 -.02 .17 .30 .13 .15 .38 -.07 .10 -.11 -.30 -.07 .12 .27 .18 .12 .17 .15 .19 Industrial equipment....... -.06 -.31 .06 -.09 .38 .01 -.27 .04 -.04 -.11 -.30 -.78 -.17 -.11 -.03 .00 .39 .07 .12 Transportation equipment... -.31 -.54 .31 -.01 -.32 -.08 .04 -.02 -.67 -.59 -1.16 -.92 .22 -.05 .20 .62 .40 .40 -.24 Other equipment............ -.05 -.30 .10 -.13 .18 -.01 .00 -.14 .01 .04 -.50 -.55 -.38 -.07 -.05 .30 .17 .20 .07 Residential.................... -1.05 -.74 -.07 -.91 -.62 -1.24 -1.43 -1.23 -.53 -.84 -1.18 -1.22 -.54 .25 -.02 -.32 .55 -.75 .06 Change in private inventories.... -.51 -.55 1.38 -.49 .90 -.28 -.77 -.49 -.48 -.12 -2.31 -1.09 -1.03 1.10 2.83 2.64 .82 1.61 -3.70 Farm........................... .01 .02 .02 .25 -.31 .08 .06 -.19 .37 -.08 .13 -.11 .12 -.19 .21 .07 .02 -.09 -.15 Nonfarm........................ -.53 -.57 1.35 -.74 1.21 -.36 -.82 -.30 -.85 -.04 -2.44 -.97 -1.15 1.29 2.62 2.57 .80 1.71 -3.56 Net exports of goods and services.. 1.18 1.13 -.48 -.02 .01 .87 3.21 .84 1.04 -.63 1.50 2.88 1.47 -1.37 1.90 -.31 -3.50 -1.70 3.35 Exports.......................... .72 -1.18 1.35 .71 .76 1.71 1.32 .67 1.61 -.66 -3.03 -3.61 -.08 1.30 2.56 1.30 1.08 .82 1.18 Goods.......................... .53 -1.04 1.13 .95 .58 .98 .78 .78 1.24 -.41 -2.65 -3.14 -.26 1.29 2.19 1.09 .93 .49 .99 Services....................... .19 -.15 .21 -.24 .17 .74 .54 -.11 .37 -.25 -.38 -.47 .18 .01 .37 .21 .15 .33 .19 Imports.......................... .46 2.32 -1.83 -.73 -.75 -.84 1.89 .18 -.57 .03 4.53 6.48 1.55 -2.67 -.66 -1.61 -4.58 -2.53 2.17 Goods.......................... .52 2.20 -1.74 -.89 -.65 -.72 1.78 .42 -.75 .15 4.82 5.95 1.23 -2.64 -.68 -1.41 -4.46 -2.16 2.07 Services....................... -.07 .12 -.09 .16 -.10 -.12 .11 -.24 .18 -.12 -.29 .53 .33 -.03 .02 -.20 -.12 -.37 .11 Government consumption expenditures and gross investment.............. .54 .32 .21 -.09 .64 .66 .24 .44 .65 1.04 .31 -.61 1.24 .33 -.28 -.32 .80 .79 -.31 Federal.......................... .51 .43 .39 -.33 .48 .64 .08 .47 .55 1.00 .61 -.40 1.11 .45 .01 .15 .72 .71 -.02 National defense............... .36 .27 .22 -.34 .38 .47 .01 .32 .34 .93 .28 -.45 .85 .48 -.13 .02 .40 .46 -.12 Consumption expenditures..... .27 .23 .14 -.27 .20 .45 .01 .31 .02 .81 .26 -.29 .67 .37 -.17 .02 .25 .41 -.32 Gross investment............. .09 .04 .08 -.08 .17 .01 .00 .01 .32 .12 .02 -.17 .17 .12 .04 .01 .15 .05 .21 Nondefense..................... .15 .16 .17 .01 .10 .18 .07 .15 .21 .07 .33 .06 .26 -.03 .14 .13 .32 .25 .10 Consumption expenditures..... .13 .14 .13 .02 .08 .15 .08 .13 .17 .04 .30 .09 .25 -.07 .12 .07 .27 .18 .07 Gross investment............. .02 .01 .05 -.01 .03 .02 -.01 .02 .04 .03 .03 -.03 .01 .04 .02 .06 .05 .06 .03 State and local.................. .04 -.11 -.18 .25 .16 .02 .16 -.04 .10 .04 -.30 -.21 .13 -.12 -.29 -.48 .08 .09 -.29 Consumption expenditures....... .00 -.07 -.10 .17 .14 .02 .09 -.06 -.05 .04 -.11 -.07 -.03 -.17 -.03 -.11 -.09 -.14 -.09 Gross investment............... .03 -.05 -.08 .07 .02 .00 .07 .02 .14 .00 -.19 -.15 .16 .05 -.25 -.36 .17 .23 -.20 Addenda: Goods............................ -.13 -.99 2.83 .55 1.69 .89 2.52 -.36 -.09 -3.01 -5.19 -.62 -.17 1.67 5.74 4.90 -.20 1.99 2.14 Services......................... .94 -.10 .55 .92 1.23 1.87 1.53 .92 .69 -.08 .08 -.95 .61 -.10 .57 .02 1.21 1.15 .63 Structures....................... -.81 -1.54 -.55 -.59 .32 -.49 -1.16 -1.28 -.01 -.91 -1.66 -3.30 -1.14 .02 -1.30 -1.18 .71 -.58 .02 Motor vehicle output............. -.53 -.56 .46 .29 .13 -.06 -.45 -.23 -1.09 -.53 -1.72 -1.18 -.04 1.56 .25 .74 -.06 .49 -.31 Final sales of computers......... .14 .03 .10 .02 .07 .26 .19 .11 .19 .04 .08 .05 -.06 -.02 .09 .10 .03 .29 .30 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (2005) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 2010r IV 09 I 10 II 10 III 10 IV 10r 2010r IV 09 I 10 II 10 III 10 IV 10r 2010r III 10 IV 10r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........ 14,657.8 14,277.3 14,446.4 14,578.7 14,745.1 14,861.0 13,245.6 13,019.0 13,138.8 13,194.9 13,278.5 13,370.1 365.0 83.6 91.6 Personal consumption expenditures.. 10,350.6 10,131.5 10,230.8 10,285.4 10,366.3 10,519.8 9,314.4 9,182.9 9,225.4 9,275.7 9,330.6 9,425.9 160.5 54.9 95.3 Goods............................ 3,426.7 3,312.9 3,380.0 3,377.5 3,419.6 3,529.6 3,251.3 3,151.8 3,195.4 3,222.6 3,255.2 3,332.0 133.9 32.6 76.8 Durable goods.................. 1,089.3 1,043.9 1,060.7 1,074.1 1,087.8 1,134.6 1,178.2 1,115.1 1,138.9 1,157.8 1,179.3 1,236.9 83.6 21.5 57.6 Motor vehicles and parts..... 345.9 327.0 328.3 335.9 342.2 377.3 335.3 322.7 320.6 326.0 330.1 364.4 11.3 4.1 34.3 Furnishings and durable household equipment......... 258.3 249.3 255.3 258.2 258.2 261.6 275.8 259.3 267.9 273.7 277.5 284.2 21.9 3.8 6.7 Recreational goods and vehicles.................... 334.7 323.9 328.8 331.9 336.9 341.4 447.6 417.9 430.7 440.3 453.2 466.3 48.3 12.9 13.1 Other durable goods.......... 150.3 143.7 148.3 148.0 150.7 154.4 134.3 127.8 133.4 132.7 134.8 136.3 7.4 2.1 1.5 Nondurable goods............... 2,337.4 2,269.0 2,319.3 2,303.4 2,331.8 2,395.1 2,073.5 2,032.3 2,053.5 2,063.4 2,076.2 2,100.9 56.1 12.8 24.7 Food and beverages purchased for off-premises consumption 801.8 786.5 797.4 794.6 801.4 813.8 703.7 696.3 702.7 697.6 703.0 711.5 18.6 5.4 8.5 Clothing and footwear........ 337.9 325.5 333.8 335.5 337.6 344.6 345.1 329.5 339.0 344.3 343.4 353.7 18.3 -.9 10.3 Gasoline and other energy goods....................... 357.9 344.1 364.1 340.0 348.2 379.5 285.0 283.5 284.0 286.1 286.1 283.9 -.5 .0 -2.2 Other nondurable goods....... 839.8 812.9 824.1 833.3 844.7 857.1 744.4 726.0 731.9 740.0 748.0 757.8 21.3 8.0 9.8 Services......................... 6,923.9 6,818.6 6,850.9 6,907.9 6,946.7 6,990.1 6,064.6 6,028.7 6,029.6 6,053.4 6,076.9 6,098.7 31.9 23.5 21.8 Household consumption expenditures (for services)... 6,657.8 6,556.2 6,589.6 6,643.2 6,679.2 6,719.0 5,802.7 5,769.7 5,769.9 5,791.7 5,814.4 5,834.8 25.7 22.7 20.4 Housing and utilities........ 1,901.0 1,887.6 1,887.1 1,892.5 1,910.9 1,913.6 1,674.8 1,666.3 1,664.3 1,668.9 1,683.0 1,682.9 17.9 14.1 -.1 Health care.................. 1,686.8 1,650.1 1,657.5 1,680.4 1,694.3 1,715.1 1,459.7 1,447.9 1,446.7 1,457.6 1,461.9 1,472.8 19.3 4.3 10.9 Transportation services...... 300.0 290.2 294.6 299.6 301.5 304.2 254.2 248.6 250.8 253.3 255.7 257.0 3.3 2.4 1.3 Recreation services.......... 381.0 377.3 376.8 378.5 384.1 384.5 340.1 338.6 338.5 338.2 341.8 342.0 -1.7 3.6 .2 Food services and accommodations.............. 626.3 604.7 615.2 623.3 630.5 636.1 540.1 526.1 535.0 538.3 542.0 545.2 12.4 3.7 3.2 Financial services and insurance................... 820.9 816.3 824.9 829.9 812.2 816.5 725.7 732.5 727.4 729.5 720.7 725.3 -17.3 -8.8 4.6 Other services............... 941.8 930.1 933.3 939.1 945.7 949.0 808.2 810.1 807.7 806.1 809.5 809.8 -8.8 3.4 .3 Final consumption expenditures of nonprofit institutions serving households............ 266.2 262.4 261.3 264.7 267.5 271.1 263.0 259.9 260.6 262.9 263.5 265.1 7.0 .6 1.6 Gross output of nonprofit institutions................ 1,092.1 1,070.7 1,071.5 1,087.7 1,097.1 1,111.9 961.2 954.1 952.0 959.9 962.7 970.3 9.1 2.8 7.6 Less: Receipts from sales of goods and services by nonprofit institutions...... 825.9 808.3 810.2 823.0 829.6 840.7 698.8 694.7 692.0 697.6 699.7 705.8 2.8 2.1 6.1 Gross private domestic investment.. 1,822.5 1,637.7 1,739.7 1,841.8 1,907.2 1,801.5 1,769.9 1,585.7 1,690.2 1,791.5 1,855.1 1,742.8 254.2 63.6 -112.3 Fixed investment................. 1,753.6 1,681.9 1,689.8 1,761.4 1,768.6 1,794.7 1,692.7 1,617.1 1,630.5 1,702.5 1,708.8 1,728.9 62.0 6.3 20.1 Nonresidential................. 1,413.2 1,330.9 1,349.6 1,404.2 1,438.8 1,460.2 1,362.9 1,278.3 1,302.6 1,355.3 1,388.0 1,405.9 72.1 32.7 17.9 Structures................... 382.8 398.2 380.1 381.5 380.9 388.5 318.4 335.3 319.3 318.9 316.0 319.5 -51.2 -2.9 3.5 Equipment and software....... 1,030.4 932.7 969.5 1,022.7 1,057.9 1,071.6 1,054.7 944.7 989.7 1,046.0 1,084.2 1,098.9 138.4 38.2 14.7 Information processing equipment and software.... 589.9 559.0 568.0 586.2 595.5 609.9 675.0 632.9 645.7 669.1 683.3 702.1 79.2 14.2 18.8 Computers and peripheral equipment............... 97.0 90.1 90.5 98.4 97.8 101.2 ..... ..... ..... ..... ..... ..... ..... ..... ..... Software................. 282.6 269.4 274.7 279.6 285.3 290.8 284.2 269.5 275.4 280.9 287.5 292.9 24.9 6.6 5.4 Other.................... 210.3 199.5 202.8 208.3 212.4 217.9 242.9 227.4 232.3 239.5 245.9 254.0 27.4 6.4 8.1 Industrial equipment....... 160.8 146.4 146.8 161.6 164.7 169.9 139.7 128.3 128.4 140.7 143.0 146.8 7.5 2.3 3.8 Transportation equipment... 112.6 78.8 97.0 110.9 125.4 117.0 111.7 74.5 95.8 110.2 124.8 116.0 42.3 14.6 -8.8 Other equipment............ 167.2 148.6 157.7 163.9 172.3 174.8 150.4 132.7 142.4 147.8 154.5 156.8 12.6 6.7 2.3 Residential.................... 340.4 351.0 340.2 357.2 329.8 334.5 332.4 341.7 330.7 350.1 323.3 325.5 -10.3 -26.8 2.2 Change in private inventories.... 68.9 -44.2 50.0 80.4 138.6 6.8 60.4 -36.7 44.1 68.8 121.4 7.1 173.5 52.6 -114.3 Farm........................... 6.5 7.1 9.3 9.6 6.3 1.0 5.4 6.4 7.6 7.8 5.1 1.3 2.0 -2.7 -3.8 Nonfarm........................ 62.4 -51.3 40.7 70.8 132.2 5.8 55.0 -43.0 36.5 61.0 116.6 5.7 171.9 55.6 -110.9 Net exports of goods and services.. -515.7 -426.4 -479.9 -539.3 -550.5 -493.0 -421.8 -330.1 -338.4 -449.0 -505.0 -395.0 -58.8 -56.0 110.0 Exports.......................... 1,838.5 1,689.9 1,757.8 1,817.9 1,848.9 1,929.4 1,666.5 1,573.5 1,616.4 1,652.1 1,679.3 1,718.3 175.8 27.2 39.0 Goods.......................... 1,277.7 1,157.6 1,213.0 1,262.8 1,282.0 1,353.2 1,167.9 1,091.7 1,128.0 1,159.2 1,175.8 1,208.6 149.7 16.6 32.8 Services....................... 560.7 532.3 544.8 555.1 566.9 576.2 499.3 482.0 488.9 493.6 504.2 510.4 27.3 10.6 6.2 Imports.......................... 2,354.1 2,116.3 2,237.6 2,357.1 2,399.4 2,422.4 2,088.4 1,903.6 1,954.8 2,101.1 2,184.3 2,113.3 234.6 83.2 -71.0 Goods.......................... 1,949.6 1,731.8 1,843.5 1,957.2 1,988.2 2,009.4 1,737.0 1,566.1 1,611.0 1,753.9 1,825.5 1,757.6 223.5 71.6 -67.9 Services....................... 404.6 384.5 394.1 400.0 411.2 413.0 352.5 338.3 344.6 348.3 360.1 356.7 12.0 11.8 -3.4 Government consumption expenditures and gross investment.............. 3,000.3 2,934.5 2,955.7 2,990.8 3,022.2 3,032.7 2,568.6 2,550.3 2,540.2 2,564.9 2,589.6 2,579.7 26.0 24.7 -9.9 Federal.......................... 1,214.3 1,159.9 1,178.1 1,206.7 1,233.9 1,238.3 1,077.0 1,043.6 1,048.4 1,071.5 1,094.3 1,093.7 49.4 22.8 -.6 National defense............... 817.7 785.4 796.3 813.0 830.8 830.6 720.3 703.8 704.4 717.1 731.8 727.9 27.3 14.7 -3.9 Consumption expenditures..... 698.3 673.5 684.0 695.2 711.2 702.7 608.7 598.5 598.9 606.8 619.8 609.4 17.0 13.0 -10.4 Gross investment............. 119.4 111.9 112.4 117.9 119.6 127.9 112.6 106.0 106.2 111.2 112.9 120.1 10.7 1.7 7.2 Nondefense..................... 396.6 374.5 381.8 393.7 403.1 407.7 356.7 339.8 344.0 354.5 362.6 365.9 22.1 8.1 3.3 Consumption expenditures..... 345.2 328.3 333.3 343.3 350.4 353.9 306.7 294.5 296.6 305.3 311.3 313.6 16.1 6.0 2.3 Gross investment............. 51.3 46.2 48.4 50.3 52.7 53.8 50.3 45.3 47.5 49.4 51.7 52.7 6.3 2.3 1.0 State and local.................. 1,786.1 1,774.7 1,777.6 1,784.1 1,788.2 1,794.4 1,497.5 1,511.2 1,496.8 1,499.1 1,501.7 1,492.6 -21.3 2.6 -9.1 Consumption expenditures..... 1,447.2 1,432.2 1,447.4 1,446.7 1,441.3 1,453.5 1,220.1 1,228.4 1,225.1 1,222.3 1,217.9 1,215.0 -12.0 -4.4 -2.9 Gross investment............. 338.9 342.4 330.2 337.4 346.9 340.9 277.7 282.9 272.1 277.0 283.9 277.8 -9.1 6.9 -6.1 Residual........................... ..... ..... ..... ..... ..... ..... -41.4 -13.7 -22.1 -37.8 -42.6 -64.8 ..... ..... ..... Addenda: Final sales of domestic product.. 14,588.9 14,321.5 14,396.4 14,498.3 14,606.5 14,854.3 13,176.4 13,051.1 13,085.5 13,114.7 13,145.3 13,360.0 183.6 30.6 214.7 Gross domestic purchases......... 15,173.5 14,703.7 14,926.3 15,118.0 15,295.6 15,354.0 13,660.3 13,338.2 13,467.6 13,637.7 13,777.6 13,758.2 426.7 139.9 -19.4 Final sales to domestic purchasers...................... 15,104.5 14,748.0 14,876.3 15,037.6 15,157.0 15,347.2 13,591.2 13,369.9 13,414.3 13,557.7 13,644.6 13,748.1 246.2 86.9 103.5 Gross domestic product........... 14,657.8 14,277.3 14,446.4 14,578.7 14,745.1 14,861.0 13,245.6 13,019.0 13,138.8 13,194.9 13,278.5 13,370.1 365.0 83.6 91.6 Plus: Income receipts from the rest of the world........... ..... 664.7 693.7 696.1 704.0 ..... ..... 604.0 627.8 629.8 635.7 ..... ..... 5.9 ..... Less: Income payments to the rest of the world........... ..... 499.1 502.6 500.8 515.5 ..... ..... 453.1 454.0 452.3 465.3 ..... ..... 13.0 ..... Equals: Gross national product... ..... 14,442.8 14,637.6 14,774.0 14,933.6 ..... ..... 13,170.1 13,313.0 13,372.7 13,449.3 ..... ..... 76.6 ..... Net domestic product............. 12,789.0 12,425.1 12,594.0 12,718.3 12,873.2 12,970.4 11,477.5 11,271.2 11,384.8 11,432.7 11,506.1 11,586.4 340.2 73.4 80.3 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised Note.--Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real GDP, use table 2. See "Explanatory Note" at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 2.2 .9 1.0 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.9 2.1 .4 Personal consumption expenditures... 3.3 .2 1.7 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .0 .8 1.8 Goods............................. 3.2 -2.5 1.7 3.2 4.7 .8 5.4 5.1 4.9 7.2 -17.7 -6.0 3.7 5.7 2.8 2.6 -3.6 .9 3.4 Durable goods................... -1.4 -1.6 -1.4 -1.8 -1.4 -2.1 -1.4 -.7 -2.0 -.7 -3.4 -2.1 .1 -2.5 .7 -2.0 -1.6 -2.2 -2.2 Nondurable goods................ 5.6 -2.9 3.2 6.1 8.1 2.3 9.1 8.1 8.3 11.0 -23.5 -7.9 5.4 9.7 3.8 4.7 -4.6 2.4 6.2 Services.......................... 3.4 1.5 1.7 4.4 2.9 3.1 3.7 3.3 4.5 3.0 .7 .5 1.1 1.7 2.7 1.8 1.8 .7 1.1 Gross private domestic investment... .7 -2.0 -1.8 2.1 .1 -.2 .4 -.2 1.0 1.9 4.8 -4.1 -6.7 -6.0 -.7 -2.0 -.7 .5 2.5 Fixed investment.................. .8 -1.7 -1.6 2.1 .2 -.2 .2 .0 1.3 2.8 2.2 -3.0 -5.7 -4.8 -1.0 -1.4 -.7 .1 1.2 Nonresidential.................. 1.4 -1.2 -1.9 2.0 .7 -.3 .2 .6 2.1 4.5 4.3 -3.1 -5.7 -5.1 -2.4 -1.9 .0 .2 .8 Structures.................... 4.7 -2.6 -1.4 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 -5.6 -12.2 -10.5 -2.1 .9 2.0 2.9 3.6 Equipment and software........ -.2 -.5 -1.9 .7 .3 -2.0 -2.1 -.9 .8 2.6 2.2 -1.6 -2.0 -2.4 -2.5 -3.1 -.8 -.8 -.2 Residential..................... -1.2 -3.4 -.3 2.2 -1.2 .1 .7 -1.4 -1.1 -2.8 -5.2 -2.9 -6.0 -3.3 4.3 .6 -3.2 -.1 3.0 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 4.7 -5.4 4.2 3.4 4.4 2.6 5.8 7.8 10.6 5.7 -22.3 -11.5 .7 4.6 4.6 5.1 4.8 .2 8.2 Goods........................... 4.8 -6.8 4.8 2.7 4.5 2.2 6.1 8.6 13.2 5.4 -27.5 -13.8 2.7 4.8 4.6 5.8 5.3 .4 11.2 Services........................ 4.2 -2.2 2.9 5.1 4.2 3.7 5.1 5.8 4.8 6.4 -9.0 -6.6 -3.2 4.0 4.7 3.7 3.7 -.2 1.7 Imports........................... 10.4 -10.7 6.5 3.9 4.0 2.8 24.3 19.4 16.6 2.2 -32.1 -27.3 2.3 8.6 21.8 12.4 -7.7 -8.1 18.6 Goods........................... 11.3 -12.3 7.1 4.1 3.5 2.1 28.0 22.0 17.3 1.7 -34.6 -30.7 2.0 9.2 24.8 14.6 -9.6 -9.2 21.4 Services........................ 5.7 -2.8 3.7 2.8 6.8 6.6 5.9 6.2 13.4 4.8 -17.2 -10.2 3.8 6.2 9.2 2.5 1.6 -2.2 5.7 Government consumption expenditures and gross investment............... 4.7 -.3 1.9 8.4 4.6 2.9 4.7 7.3 6.5 3.9 -5.2 -1.7 .6 .4 1.5 4.6 .9 .3 3.0 Federal........................... 3.1 -.2 1.7 8.7 3.5 .4 2.3 6.5 4.7 1.6 -4.2 .7 -.8 -.1 1.5 4.5 .9 .5 1.7 National defense................ 3.6 -.7 2.0 8.4 4.1 .9 3.1 6.4 6.3 2.0 -5.9 .1 -1.8 .3 1.6 5.3 1.2 .5 2.0 Nondefense...................... 2.2 .8 1.1 9.3 2.3 -.6 .8 6.6 1.6 .6 -.4 2.2 1.1 -1.0 1.5 2.8 .2 .4 .9 State and local................... 5.6 -.4 2.0 8.3 5.3 4.4 6.2 7.7 7.5 5.3 -5.8 -3.2 1.5 .8 1.5 4.6 .9 .2 3.9 Addenda: Final sales of domestic product... 2.2 1.0 1.0 4.4 3.2 2.0 .8 2.0 3.2 4.6 -1.5 1.3 .4 .8 -.3 1.0 1.9 2.1 .2 Gross domestic purchases.......... 3.2 -.2 1.3 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 .7 2.1 Final sales to domestic purchasers....................... 3.2 -.2 1.4 4.5 3.2 2.0 3.7 4.0 4.5 4.1 -4.6 -1.9 .7 1.5 2.0 2.2 .1 .6 2.0 Gross national product (GNP)...... 2.2 .9 ..... 4.4 3.1 2.0 .9 2.0 3.2 4.5 -1.3 1.1 .3 .8 -.2 1.0 1.9 2.1 ..... Implicit price deflators: GDP............................. 2.2 .9 1.0 4.4 3.2 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.1 2.0 2.0 .4 Gross domestic purchases........ 3.2 -.2 1.3 4.4 3.1 2.1 3.8 3.8 4.7 4.0 -4.3 -2.2 .5 1.3 2.0 2.2 .1 .6 2.1 GNP............................. 2.2 .9 ..... 4.4 3.1 2.0 .9 1.8 3.4 4.5 -1.2 1.0 .3 .7 -.3 1.0 1.9 2.0 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.672 101.917 104.804 103.012 103.960 104.403 105.065 105.789 Personal consumption expenditures.......... 105.057 103.797 105.617 104.126 104.608 105.178 105.801 106.881 Goods.................................... 103.462 101.416 105.771 102.533 103.952 104.837 105.898 108.396 Durable goods.......................... 102.798 99.011 106.581 100.870 103.025 104.735 106.673 111.889 Nondurable goods....................... 103.698 102.487 105.338 103.247 104.321 104.823 105.476 106.732 Services................................. 105.870 105.006 105.562 104.936 104.952 105.366 105.775 106.155 Gross private domestic investment.......... 90.105 69.778 81.478 73.000 77.811 82.474 85.400 80.230 Fixed investment......................... 94.096 76.835 79.757 76.198 76.826 80.219 80.517 81.465 Nonresidential......................... 115.532 95.804 101.159 94.879 96.677 100.592 103.019 104.347 Structures........................... 131.976 105.064 90.524 95.310 90.761 90.649 89.848 90.837 Equipment and software............... 108.681 92.035 105.938 94.895 99.408 105.067 108.898 110.377 Residential............................ 57.324 44.220 42.893 44.092 42.670 45.177 41.719 42.008 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 126.255 114.228 127.698 120.569 123.858 126.592 128.679 131.662 Imports of goods and services.............. 106.113 91.418 102.987 93.874 96.401 103.613 107.718 104.215 Government consumption expenditures and gross investment.......................... 105.605 107.287 108.384 107.613 107.185 108.228 109.270 108.852 Federal.................................. 110.900 117.266 122.899 119.091 119.634 122.276 124.882 124.806 State and local.......................... 102.611 101.688 100.263 101.179 100.213 100.367 100.541 99.933 Addenda: Final sales of domestic product.......... 105.399 103.212 104.671 103.676 103.948 104.181 104.424 106.130 Gross domestic purchases................. 102.756 99.045 102.239 99.829 100.797 102.070 103.117 102.972 Final sales to domestic purchasers....... 103.433 100.254 102.104 100.441 100.775 101.852 102.505 103.283 Gross national product................... 105.129 102.192 ..... 103.413 104.534 105.003 105.604 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2008 2009 2010r IV 09 I 10 II 10 III 10 IV 10r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 108.598 109.618 110.670 109.693 109.959 110.485 111.060 111.176 Personal consumption expenditures (PCE)..................................... 109.061 109.258 111.125 110.333 110.901 110.888 111.102 111.608 Goods.................................... 106.262 103.634 105.398 105.120 105.784 104.812 105.058 105.939 Durable goods.......................... 95.340 93.782 92.456 93.603 93.121 92.755 92.235 91.714 Nondurable goods....................... 112.484 109.262 112.727 111.651 112.949 111.638 112.315 114.006 Services................................. 110.566 112.233 114.167 113.102 113.620 114.116 114.314 114.616 Gross private domestic investment.......... 106.977 104.873 103.035 103.466 102.952 102.765 102.895 103.527 Fixed investment......................... 107.053 105.260 103.625 104.030 103.661 103.487 103.523 103.828 Nonresidential......................... 106.984 105.700 103.713 104.144 103.639 103.636 103.689 103.888 Structures........................... 125.460 122.187 120.443 119.017 119.291 119.887 120.755 121.838 Equipment and software............... 100.083 99.620 97.701 98.721 97.954 97.764 97.574 97.514 Residential............................ 106.361 102.736 102.412 102.712 102.869 102.030 101.994 102.755 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 111.874 105.877 110.317 107.424 108.771 110.060 110.122 112.315 Imports of goods and services.............. 118.685 105.987 112.828 111.222 114.514 112.234 109.892 114.673 Government consumption expenditures and gross investment.......................... 115.009 114.644 116.808 115.067 116.358 116.606 116.706 117.563 Federal.................................. 111.119 110.895 112.743 111.141 112.375 112.615 112.756 113.226 State and local.......................... 117.349 116.892 119.269 117.434 118.760 119.014 119.083 120.220 Addenda: PCE excluding food and energy\1\......... 107.151 108.774 110.211 109.551 109.887 110.171 110.318 110.469 Market-based PCE\2\...................... 109.016 109.372 111.092 110.356 110.824 110.763 111.127 111.652 Market-based PCE excluding food and energy\2\........................... 106.778 108.826 110.018 109.445 109.626 109.903 110.214 110.330 Final sales of domestic product.......... 108.608 109.647 110.719 109.736 110.020 110.552 111.117 111.186 Gross domestic purchases................. 109.813 109.614 111.087 110.265 110.838 110.852 111.034 111.623 Final sales to domestic purchasers....... 109.823 109.649 111.134 110.309 110.900 110.917 111.086 111.633 Gross national product................... 108.605 109.612 ..... 109.691 109.957 110.478 111.052 ..... Implicit price deflators: Gross domestic product................. 108.619 109.615 110.662 109.665 109.952 110.488 111.045 111.152 Final sales of domestic product........ 108.608 109.647 110.720 109.734 110.018 110.550 111.116 111.184 Gross domestic purchases............... 109.834 109.611 111.077 110.238 110.831 110.854 111.018 111.599 Final sales to domestic purchasers..... 109.823 109.649 111.135 110.308 110.899 110.915 111.085 111.632 Gross national product................. 108.626 109.609 ..... 109.664 109.950 110.479 111.036 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percent changes for these series are included in the addenda to table 8 and in appendix table A. See "Explanatory Note" at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change from Preceding Year ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 .0 -2.6 2.8 Personal consumption expenditures...... 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.4 -.3 -1.2 1.8 Goods................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 2.8 -2.5 -2.0 4.3 Durable goods...................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.2 -5.2 -3.7 7.6 Nondurable goods................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.0 -1.1 -1.2 2.8 Services............................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.2 .9 -.8 .5 Gross private domestic investment...... 3.1 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.6 10.0 5.5 2.7 -3.1 -9.5 -22.6 16.8 Fixed investment..................... 6.4 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.2 7.3 6.5 2.3 -1.8 -6.4 -18.3 3.8 Nonresidential..................... 10.5 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 .9 6.0 6.7 7.9 6.7 .3 -17.1 5.6 Structures....................... 6.4 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.1 5.9 -20.4 -13.8 Equipment and software........... 12.0 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 2.5 7.7 8.5 7.4 3.7 -2.4 -15.3 15.1 Residential........................ -3.3 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.7 -24.0 -22.9 -3.0 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 10.1 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 9.3 6.0 -9.5 11.8 Goods.............................. 11.7 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 9.8 6.3 -12.0 14.7 Services........................... 6.3 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.3 -3.9 5.8 Imports.............................. 8.0 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.0 6.1 6.1 2.7 -2.6 -13.8 12.7 Goods.............................. 9.0 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.0 6.8 5.9 2.9 -3.5 -15.8 14.8 Services........................... 3.0 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 1.4 2.4 -4.2 3.5 Government consumption expenditures and gross investment.................. .6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.3 2.8 1.6 1.0 Federal.............................. -2.7 -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.3 5.7 4.8 National defense................... -3.7 -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.4 3.9 Nondefense......................... -.4 -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.8 6.7 6.5 6.6 State and local...................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 1.4 .3 -.9 -1.4 Addenda: Final sales of domestic product...... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.2 .5 -2.1 1.4 Gross domestic purchases............. 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.3 -1.1 -3.6 3.2 Final sales to domestic purchasers... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.5 -.6 -3.1 1.8 Gross national product............... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.3 .3 -2.8 ..... Real disposable personal income...... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.3 1.7 .6 1.4 Price indexes: Gross domestic purchases........... 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 1.3 Gross domestic purchases excluding food and energy\1\................ 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 .7 1.1 GDP................................ 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 .9 1.0 GDP excluding food and energy\1\... 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 .8 1.2 Personal consumption expenditures.. 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.7 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 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 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10r IV 10r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 1.3 1.8 2.3 2.3 1.9 1.2 -.3 -2.8 -3.8 -4.1 -2.7 .2 2.4 3.0 3.2 2.7 Personal consumption expenditures (PCE) 2.8 2.6 2.4 1.7 1.0 .6 -.7 -1.9 -1.8 -2.2 -.9 .2 .8 1.7 1.8 2.6 Goods................................ 3.0 3.2 3.0 1.8 -.3 -.5 -3.1 -6.1 -4.2 -4.7 -1.0 2.3 3.2 4.5 3.7 5.7 Durable goods...................... 3.4 4.8 4.6 3.9 -.2 -2.0 -6.0 -12.3 -8.7 -8.7 -1.3 4.8 5.8 8.4 5.5 10.9 Nondurable goods................... 2.8 2.4 2.1 .8 -.3 .3 -1.6 -2.9 -2.1 -2.7 -.9 1.1 2.1 2.7 2.9 3.4 Services............................. 2.6 2.3 2.1 1.7 1.6 1.2 .5 .3 -.6 -1.0 -.8 -.8 -.4 .4 .9 1.2 Gross private domestic investment...... -5.2 -2.9 -2.3 -1.8 -3.3 -7.3 -9.7 -17.5 -26.3 -28.5 -24.0 -9.6 10.5 23.3 24.1 9.9 Fixed investment..................... -3.3 -1.9 -1.0 -.8 -2.2 -4.2 -6.9 -12.3 -20.1 -21.3 -18.6 -12.9 -2.0 5.1 5.3 6.9 Nonresidential..................... 5.2 6.1 7.4 8.2 7.0 3.8 -.8 -8.3 -18.1 -19.3 -17.8 -12.7 -.8 5.2 8.2 10.0 Structures....................... 11.0 12.2 15.6 17.3 14.3 9.4 2.7 -1.5 -13.6 -19.8 -21.7 -26.5 -20.1 -15.6 -13.5 -4.7 Equipment and software........... 3.0 3.6 3.8 4.3 3.8 1.1 -2.6 -11.8 -20.3 -19.1 -15.8 -4.9 9.5 15.7 18.7 16.3 Residential........................ -18.6 -17.4 -18.2 -20.7 -23.6 -24.0 -23.7 -24.6 -26.9 -28.1 -21.4 -13.4 -6.3 4.8 -5.6 -4.7 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 7.7 7.7 11.6 10.1 9.9 11.5 6.1 -2.9 -11.7 -14.7 -11.0 -.1 11.4 14.1 12.7 9.2 Goods.............................. 8.3 8.3 11.6 10.8 10.0 11.7 7.2 -3.1 -14.7 -18.3 -13.8 -.2 14.4 18.7 15.4 10.7 Services........................... 6.5 6.4 11.6 8.6 9.8 11.1 3.7 -2.5 -5.0 -6.2 -4.6 .3 5.1 4.9 7.2 5.9 Imports.............................. 3.4 3.4 3.4 .7 -.8 -1.2 -2.4 -6.0 -15.3 -18.3 -14.1 -7.2 6.2 17.4 16.1 11.0 Goods.............................. 3.7 3.6 3.5 .9 -1.6 -1.6 -3.1 -8.0 -18.0 -21.1 -16.0 -7.3 7.9 20.8 18.3 12.2 Services........................... 1.5 2.0 2.7 -.7 3.3 .8 .9 4.8 -2.1 -3.4 -4.3 -7.0 -.8 3.2 6.3 5.5 Government consumption expenditures and gross investment.................. .4 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 .8 1.1 .6 1.2 1.2 Federal.............................. -1.9 .7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 4.9 4.8 National defense................... .0 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 3.3 3.4 Nondefense......................... -5.5 -1.4 -.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.5 8.2 7.7 State and local...................... 1.8 1.4 1.2 1.2 .6 .5 .5 -.4 -.8 -.7 -1.1 -1.0 -1.5 -1.6 -1.2 -1.2 Addenda: Final sales of domestic product...... 1.7 2.0 2.6 2.5 2.1 1.8 .1 -1.9 -2.9 -3.1 -2.0 -.3 .9 1.1 1.2 2.4 Gross domestic purchases............. 1.0 1.4 1.6 1.2 .6 -.3 -1.4 -3.3 -4.7 -5.1 -3.6 -.9 1.9 3.8 4.1 3.1 Final sales to domestic purchasers... 1.4 1.6 1.8 1.4 .8 .2 -1.0 -2.5 -3.8 -4.1 -2.9 -1.4 .5 1.9 2.1 2.8 Gross national product............... 1.2 1.8 2.9 3.2 2.7 1.9 .0 -3.2 -4.2 -4.4 -2.9 .5 2.8 3.4 3.3 ..... Real disposable personal income...... 3.1 2.4 2.3 1.5 1.4 3.5 .9 1.0 .8 .0 1.1 .4 .7 .6 2.0 2.3 Price indexes: Gross domestic purchases........... 3.0 2.9 2.6 3.3 3.2 3.6 4.0 1.9 .4 -.5 -1.1 .5 1.5 1.4 1.2 1.2 Gross domestic purchases excluding food and energy\1\................ 3.1 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 .7 .2 .6 1.1 1.1 1.1 1.0 GDP................................ 3.2 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 .2 .5 .5 .8 1.2 1.4 GDP excluding food and energy\1\... 3.2 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 .8 .3 .8 1.1 1.2 1.2 1.1 PCE................................ 2.5 2.6 2.4 3.5 3.5 3.8 4.3 1.7 .3 -.3 -.7 1.5 2.4 1.9 1.4 1.2 PCE excluding food and energy\1\... 2.5 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 1.2 .8 Market-based PCE\2\................ 2.3 2.4 2.1 3.5 3.6 3.8 4.6 1.8 .5 -.1 -.6 1.5 2.2 1.7 1.3 1.2 Market-based PCE excluding food and energy\2\..................... 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 1.1 .8 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2008 2009 2010r IV 09 I 10 II 10 III 10r IV 10r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 14,369.1 14,119.0 14,657.8 14,277.3 14,446.4 14,578.7 14,745.1 14,861.0 Plus: Income receipts from the rest of the world..................................... 839.2 629.8 ..... 664.7 693.7 696.1 704.0 ..... Less: Income payments to the rest of the world..................................... 664.7 483.6 ..... 499.1 502.6 500.8 515.5 ..... Equals: Gross national product............. 14,543.6 14,265.3 ..... 14,442.8 14,637.6 14,774.0 14,933.6 ..... Less: Consumption of fixed capital......... 1,849.2 1,861.1 1,868.8 1,852.2 1,852.4 1,860.4 1,871.9 1,890.6 Less: Statistical discrepancy.............. 136.6 179.1 ..... 175.2 164.2 131.1 181.0 ..... Equals: National income.................... 12,557.8 12,225.0 ..... 12,415.5 12,621.0 12,782.6 12,880.7 ..... Compensation of employees................ 8,060.8 7,811.7 7,991.3 7,831.4 7,858.1 7,969.9 8,036.2 8,101.2 Wage and salary accruals............... 6,554.0 6,279.1 6,405.3 6,284.9 6,291.4 6,388.8 6,443.7 6,497.1 Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,055.3 1,022.1 1,030.7 1,049.7 1,059.5 1,081.0 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 301.2 282.8 292.7 298.8 303.8 309.5 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,262.8 1,258.0 ..... 1,418.2 1,566.6 1,614.1 1,640.1 ..... Net interest and miscellaneous payments.. 812.8 784.3 737.3 765.6 765.9 736.2 719.6 727.4 Taxes on production and imports less subsidies............................... 992.3 964.4 999.0 976.8 988.5 996.1 1,002.2 1,009.3 Business current transfer payments....... 121.7 134.0 132.1 129.8 130.5 130.8 133.4 133.5 Current surplus of government enterprises............................. -16.7 -13.2 -13.3 -11.3 -12.1 -13.1 -14.2 -13.7 Addendum: Gross domestic income.................... 14,232.5 13,939.9 ..... 14,102.1 14,282.2 14,447.6 14,564.1 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 10. Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2008 2009 2010r IV 09 I 10 II 10 III 10r IV 10r ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 12,391.1 12,174.9 12,544.6 12,239.0 12,350.3 12,517.1 12,595.5 12,715.3 Compensation of employees, received...... 8,065.8 7,806.7 7,991.3 7,831.4 7,858.1 7,969.9 8,036.2 8,101.2 Wage and salary disbursements.......... 6,559.0 6,274.1 6,405.3 6,284.9 6,291.4 6,388.8 6,443.7 6,497.1 Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,055.3 1,022.1 1,030.7 1,049.7 1,059.5 1,081.0 Farm................................... 50.8 30.5 44.9 36.2 36.8 38.9 48.5 55.5 Nonfarm................................ 1,051.2 981.5 1,010.3 985.9 994.0 1,010.8 1,011.0 1,025.6 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 301.2 282.8 292.7 298.8 303.8 309.5 Personal income receipts on assets....... 2,109.3 1,919.7 1,906.4 1,889.2 1,911.1 1,914.4 1,889.7 1,910.2 Personal interest income............... 1,314.7 1,222.3 1,193.7 1,205.8 1,208.7 1,205.3 1,174.7 1,186.3 Personal dividend income............... 794.6 697.4 712.6 683.4 702.4 709.2 715.0 723.8 Personal current transfer receipts....... 1,879.2 2,132.8 2,294.8 2,188.2 2,245.5 2,286.1 2,316.4 2,331.1 Less: Contributions for government social insurance (domestic)............. 987.2 970.3 1,004.4 974.8 987.8 1,001.9 1,010.2 1,017.6 Less: Personal current taxes............... 1,438.2 1,140.0 1,167.1 1,117.2 1,134.7 1,149.1 1,178.2 1,206.2 Equals: Disposable personal income......... 10,952.9 11,034.9 11,377.5 11,121.7 11,215.6 11,368.0 11,417.3 11,509.1 Less: Personal outlays..................... 10,505.0 10,379.6 10,721.8 10,505.7 10,603.9 10,663.7 10,736.3 10,883.2 Equals: Personal saving.................... 447.9 655.3 655.7 616.0 611.8 704.3 681.0 626.0 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 5.8 5.5 5.5 6.2 6.0 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,638.5 9,191.1 9,223.7 9,109.7 9,111.7 9,226.6 9,252.1 9,304.4 Disposable personal income, billions of chained (2005) dollars\2\............... 10,042.9 10,099.8 10,238.5 10,080.4 10,113.3 10,251.9 10,276.6 10,312.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 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. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010r I 07 II 07 III 07 IV 07 I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10r IV 10r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... .0 -2.6 2.8 .9 3.2 2.3 2.9 -.7 .6 -4.0 -6.8 -4.9 -.7 1.6 5.0 3.7 1.7 2.6 2.8 Goods............................. -.5 -3.8 11.0 2.0 6.3 3.3 9.6 -1.2 -.1 -10.8 -18.6 -2.4 -.4 6.8 23.9 19.5 -.8 7.4 7.8 Services.......................... 1.5 -.2 .8 1.5 2.0 3.0 2.5 1.5 1.1 -.2 .0 -1.5 .8 -.2 .8 .0 1.9 1.8 1.0 Structures........................ -7.9 -16.6 -7.2 -5.5 3.1 -4.7 -10.9 -12.3 -.2 -9.4 -16.9 -31.9 -13.4 -.1 -15.9 -15.2 10.6 -7.9 .2 Motor vehicle output.............. -18.6 -24.7 25.9 10.2 4.4 -2.0 -14.6 -8.4 -35.1 -20.7 -58.0 -51.1 -2.0 145.5 13.7 42.3 -2.7 25.0 -13.1 GDP excluding motor vehicle output........................... .5 -2.1 2.4 .6 3.2 2.4 3.5 -.5 1.7 -3.6 -5.2 -3.8 -.7 .0 4.8 3.0 1.8 2.1 3.2 Final sales of computers\1\....... 26.5 5.0 18.5 2.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 -10.5 -4.0 17.3 19.2 5.3 65.1 61.4 GDP excluding final sales of computers........................ -.1 -2.7 2.8 .9 3.2 2.0 2.7 -.8 .4 -4.1 -6.9 -4.9 -.6 1.6 5.0 3.7 1.7 2.3 2.5 Farm gross value added\2\......... 13.3 6.1 2.7 -9.4 -15.6 -19.3 41.9 55.4 -14.5 6.7 13.8 16.3 -7.3 19.3 -13.9 -.8 24.6 5.8 -13.6 Nonfarm business gross value added\3\......................... -1.1 -3.8 3.7 .3 4.2 2.5 2.5 -2.5 -.3 -6.2 -9.5 -6.4 -.2 1.4 6.7 5.0 1.6 3.8 4.0 Gross domestic income\4\.......... -.8 -2.9 ..... -2.3 .2 -2.0 2.5 .8 -2.5 -2.6 -6.9 -4.9 -1.6 .0 6.7 4.1 2.7 1.2 ..... Price indexes: GDP............................... 2.2 .9 1.0 4.4 3.2 2.0 .9 1.9 3.2 4.5 -1.2 1.1 .3 .7 -.2 1.0 1.9 2.1 .4 GDP excluding food and energy\5\.. 2.3 .8 1.2 4.1 2.0 1.7 2.7 2.9 2.5 2.7 -.6 .3 .8 .6 1.5 1.7 1.0 .6 1.2 GDP excluding final sales of computers........................ 2.3 1.0 1.0 4.5 3.3 2.1 1.0 2.0 3.3 4.6 -1.1 1.2 .4 .9 -.2 1.0 2.0 2.2 .5 Gross domestic purchases.......... 3.2 -.2 1.3 4.4 3.2 2.0 3.8 4.0 4.5 3.9 -4.4 -2.0 .6 1.4 2.1 2.1 .1 .7 2.1 Gross domestic purchases excluding food and energy\5\............... 2.6 .7 1.1 3.8 2.0 1.9 2.8 3.1 3.2 2.6 -.4 -.2 .8 .4 1.5 1.6 .8 .4 1.2 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 3.3 -.1 1.4 4.6 3.3 2.2 3.9 4.1 4.6 4.1 -4.3 -1.9 .7 1.5 2.1 2.2 .1 .7 2.2 Personal consumption expenditures (PCE)............................ 3.3 .2 1.7 4.0 3.5 2.3 4.2 3.9 4.6 4.4 -5.8 -1.6 1.9 2.9 2.7 2.1 .0 .8 1.8 Personal consumption expenditures excluding food and energy\5\..... 2.3 1.5 1.3 2.9 1.7 2.2 2.8 2.6 2.6 2.2 .6 .9 2.3 1.5 2.1 1.2 1.0 .5 .5 Market-based PCE\6\............... 3.4 .3 1.6 3.7 3.7 2.0 4.5 4.1 4.5 5.2 -6.0 -1.1 1.9 3.0 2.2 1.7 -.2 1.3 1.9 Market-based PCE excluding food and energy\6\.................... 2.3 1.9 1.1 2.5 1.6 1.7 2.9 2.5 2.1 2.8 1.5 1.9 2.3 1.3 1.4 .7 1.0 1.1 .4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. Includes changes due to the incorporation of revised wage and salary estimates for the first quarter of 2010. 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.