EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 28, 2011 BEA 11-02 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Recorded message: (202) 606-5306 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2010 (ADVANCE 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 3.2 percent in the fourth quarter of 2010, (that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent. The Bureau emphasized that the fourth-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 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 25, 2011. 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 a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased. The acceleration in real GDP in the fourth quarter primarily reflected a sharp downturn in imports, an acceleration in PCE, and an upturn in residential fixed investment that were partly offset by downturns in private inventory investment and in federal government spending and a deceleration in nonresidential fixed investment. Final sales of computers added 0.31 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 0.34 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, compared with an increase of 0.7 percent in the third. Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 0.4 percent in the third. Real personal consumption expenditures increased 4.4 percent in the fourth quarter, compared with an increase of 2.4 percent in the third. Durable goods increased 21.6 percent, compared with an increase of 7.6 percent. Nondurable goods increased 5.0 percent, compared with an increase of 2.5 percent. Services increased 1.7 percent, compared with an increase of 1.6 percent. Real nonresidential fixed investment increased 4.4 percent in the fourth quarter, compared with an increase of 10.0 percent in the third. Nonresidential structures increased 0.8 percent, in contrast to a decrease of 3.5 percent. Equipment and software increased 5.8 percent, compared with an increase of 15.4 percent. Real residential fixed investment increased 3.4 percent, in contrast to a decrease of 27.3 percent. Real exports of goods and services increased 8.5 percent in the fourth quarter, compared with an increase of 6.8 percent in the third. Real imports of goods and services decreased 13.6 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 2.0 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 0.9 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 $7.2 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 7.1 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 0.3 percent in the fourth quarter, in contrast to an increase of 4.2 percent in the third. Disposition of personal income Current-dollar personal income increased $128.3 billion (4.1 percent) in the fourth quarter, compared with an increase of $75.7 billion (2.4 percent) in the third. Personal current taxes increased $28.7 billion in the fourth quarter, compared with an increase of $28.6 billion in the third. Disposable personal income increased $99.6 billion (3.5 percent) in the fourth quarter, compared with an increase of $47.1 billion (1.7 percent) in the third. Real disposable personal income increased 1.7 percent, compared with an increase of 0.9 percent. Personal outlays increased $152.6 billion (5.8 percent) in the fourth quarter, compared with an increase of $72.6 billion (2.8 percent) in the third. Personal saving -- disposable personal income less personal outlays -- was $625.8 billion in the fourth quarter, compared with $678.7 billion in the third. The personal saving rate -- saving as a percentage of disposable personal income -- was 5.4 percent in the fourth quarter, compared with 5.9 percent in the third. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa- Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.4 percent, or $125.3 billion, in the fourth quarter to a level of $14,870.4 billion. In the third quarter, current-dollar GDP increased 4.6 percent, or $166.4 billion. 2010 GDP Real GDP increased 2.9 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, personal consumption expenditures (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 $540.2 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 2.8 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. ___________________ 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." ___________________ 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 -- February 25, 2011, at 8:30 A.M. EST for: Gross Domestic Product: Fourth Quarter 2010 (Second Estimate) Release dates in 2011 Gross Domestic Product 10: IV and 2010 annual 2011: I 2011: II 2011: III Advance... January 28 April 28 July 29 October 27 Second.... February 25 May 26 August 26 November 22 Third..... March 25 June 24 September 29 December 22 Corporate Profits Preliminary... ... May 26 August 26 November 22 Revised....... March 25 June 24 September 29 December 22 Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: the “advance” estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, the “second” and “third” estimates are released near the end of the second and third months, respectively. The “latest” estimate reflects the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.2 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Average Average without Standard deviation of compared regard to sign revisions without regard to sign ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.2 0.5 0.4 Advance to third..................... .2 .7 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .4 1.2 .9 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .4 Second to third...................... .0 .2 .2 Advance to latest.................... .3 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2007. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2008 2009 2010 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 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). .0 -2.6 2.9 .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 3.2 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 4.4 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 10.1 Durable goods................... -5.2 -3.7 7.7 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 21.6 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 5.0 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 1.7 Gross private domestic investment... -9.5 -22.6 16.7 -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 -22.5 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 4.2 Nonresidential.................. .3 -17.1 5.5 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 4.4 Structures.................... 5.9 -20.4 -14.0 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 .8 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 5.8 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 3.4 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.0 -9.5 11.7 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 8.5 Goods........................... 6.3 -12.0 14.6 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 10.0 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 5.1 Imports........................... -2.6 -13.8 12.6 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 -13.6 Goods........................... -3.5 -15.8 14.6 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 -15.5 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 -3.8 Government consumption expenditures and gross investment............... 2.8 1.6 1.1 -.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 -3.0 6.1 1.6 -1.4 -1.6 3.9 3.9 -.6 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 -2.0 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 -1.3 2.1 1.3 .2 1.3 -.3 .8 .3 -2.4 -1.7 1.0 -1.0 -2.3 -3.8 .6 .7 -.9 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 7.1 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 -.3 Final sales to domestic purchasers....................... -.6 -3.1 1.9 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 3.4 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 .9 1.7 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 3.4 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 7.3 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 1.8 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 5.4 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 3.5 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2010 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 10 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... .0 -2.6 2.9 .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 3.2 Percentage points at annual rates: Personal consumption expenditures.. -.18 -.84 1.27 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 3.04 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 2.26 Durable goods.................. -.42 -.27 .56 .38 .38 .31 .20 -.92 -.23 -.95 -1.79 .35 -.21 1.35 -.07 .62 .49 .54 1.48 Motor vehicles and parts..... -.39 -.17 .08 .06 .17 -.08 -.07 -.53 -.57 -.60 -.85 .26 -.10 .83 -.56 -.06 .15 .12 .90 Furnishings and durable household equipment......... -.07 -.12 .15 .10 -.07 .04 .02 -.18 .09 -.20 -.33 -.15 -.12 .12 .16 .23 .15 .10 .19 Recreational goods and vehicles.................... .08 .03 .27 .21 .20 .32 .23 -.13 .28 -.09 -.39 .19 -.05 .36 .34 .28 .20 .26 .34 Other durable goods.......... -.04 -.02 .06 .01 .07 .03 .01 -.09 -.02 -.06 -.22 .06 .05 .05 -.01 .18 -.02 .07 .05 Nondurable goods............... -.18 -.18 .45 .17 -.03 .27 .07 -.50 .31 -.91 -.78 .06 -.11 .27 .49 .67 .31 .39 .78 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 .31 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 .29 Services......................... .41 -.38 .27 1.08 .74 .62 .71 .88 .00 -.59 .30 -.75 -.79 -.21 .27 .03 .75 .74 .78 Household consumption expenditures (for services)... .25 -.30 .22 1.16 .84 .36 .42 .74 -.04 -.79 .08 -.29 -.46 -.37 .12 .01 .69 .72 .76 Housing and utilities........ .09 .14 .15 .10 -.03 .12 -.07 .31 .04 -.20 .60 .01 .06 .24 .23 -.06 .14 .44 .08 Health care.................. .29 .23 .16 .47 .16 .14 .29 .58 .29 -.02 .23 .40 .38 -.01 .21 -.04 .35 .14 .33 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 .11 -.01 .15 .12 .16 -.23 .06 -.15 -.30 -.19 -.16 -.06 .02 .29 .11 .12 .17 Financial services and insurance................... .03 -.21 -.13 .21 .30 .13 .14 .02 -.08 .03 -.26 -.30 -.23 -.21 -.21 -.16 .07 -.27 .16 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 .02 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 .21 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 -3.20 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 .50 Nonresidential................. .03 -1.96 .53 .75 1.23 1.06 .67 .25 -.16 -1.00 -2.84 -4.49 -.72 -.13 -.10 .71 1.51 .93 .43 Structures................... .22 -.81 -.43 .35 .88 .82 .28 .00 .30 -.14 -.36 -1.99 -.76 -.41 -1.01 -.53 -.01 -.09 .02 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 .41 Information processing equipment and software.... .23 .01 .50 .64 .11 .32 .61 .38 .25 -.19 -.52 -.25 .36 .52 .79 .32 .57 .34 .49 Computers and peripheral equipment............... .08 -.01 .15 .15 -.03 .11 .15 .19 .11 -.12 -.19 -.07 .09 .12 .36 .03 .24 .01 .18 Software................. .10 .03 .18 .18 .01 .06 .09 .26 .04 .04 -.04 -.12 .16 .13 .25 .17 .15 .18 .16 Other.................... .05 -.02 .17 .30 .13 .15 .38 -.07 .10 -.11 -.30 -.07 .12 .27 .18 .12 .17 .15 .15 Industrial equipment....... -.06 -.31 .06 -.09 .38 .01 -.27 .04 -.04 -.11 -.30 -.78 -.17 -.11 -.03 .00 .39 .07 .13 Transportation equipment... -.31 -.54 .31 -.01 -.32 -.08 .04 -.02 -.67 -.59 -1.16 -.92 .22 -.05 .20 .62 .40 .40 -.25 Other equipment............ -.05 -.30 .10 -.13 .18 -.01 .00 -.14 .01 .04 -.50 -.55 -.38 -.07 -.05 .30 .17 .20 .04 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 .08 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 .03 .25 -.31 .08 .06 -.19 .37 -.08 .13 -.11 .12 -.19 .21 .07 .02 -.09 -.06 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 -3.64 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 3.44 Exports.......................... .72 -1.18 1.34 .71 .76 1.71 1.32 .67 1.61 -.66 -3.03 -3.61 -.08 1.30 2.56 1.30 1.08 .82 1.04 Goods.......................... .53 -1.04 1.12 .95 .58 .98 .78 .78 1.24 -.41 -2.65 -3.14 -.26 1.29 2.19 1.09 .93 .49 .85 Services....................... .19 -.15 .22 -.24 .17 .74 .54 -.11 .37 -.25 -.38 -.47 .18 .01 .37 .21 .15 .33 .19 Imports.......................... .46 2.32 -1.82 -.73 -.75 -.84 1.89 .18 -.57 .03 4.53 6.48 1.55 -2.67 -.66 -1.61 -4.58 -2.53 2.40 Goods.......................... .52 2.20 -1.72 -.89 -.65 -.72 1.78 .42 -.75 .15 4.82 5.95 1.23 -2.64 -.68 -1.41 -4.46 -2.16 2.29 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 .23 -.09 .64 .66 .24 .44 .65 1.04 .31 -.61 1.24 .33 -.28 -.32 .80 .79 -.11 Federal.......................... .51 .43 .39 -.33 .48 .64 .08 .47 .55 1.00 .61 -.40 1.11 .45 .01 .15 .72 .71 -.01 National defense............... .36 .27 .22 -.34 .38 .47 .01 .32 .34 .93 .28 -.45 .85 .48 -.13 .02 .40 .46 -.11 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 .12 .02 .08 .15 .08 .13 .17 .04 .30 .09 .25 -.07 .12 .07 .27 .18 .04 Gross investment............. .02 .01 .05 -.01 .03 .02 -.01 .02 .04 .03 .03 -.03 .01 .04 .02 .06 .05 .06 .06 State and local.................. .04 -.11 -.16 .25 .16 .02 .16 -.04 .10 .04 -.30 -.21 .13 -.12 -.29 -.48 .08 .09 -.10 Consumption expenditures....... .00 -.07 -.10 .17 .14 .02 .09 -.06 -.05 .04 -.11 -.07 -.03 -.17 -.03 -.11 -.09 -.14 -.08 Gross investment............... .03 -.05 -.07 .07 .02 .00 .07 .02 .14 .00 -.19 -.15 .16 .05 -.25 -.36 .17 .23 -.02 Addenda: Goods............................ -.13 -.99 2.85 .55 1.69 .89 2.52 -.36 -.09 -3.01 -5.19 -.62 -.17 1.67 5.74 4.90 -.20 1.99 2.31 Services......................... .94 -.10 .55 .92 1.23 1.87 1.53 .92 .69 -.08 .08 -.95 .61 -.10 .57 .02 1.21 1.15 .72 Structures....................... -.81 -1.54 -.54 -.59 .32 -.49 -1.16 -1.28 -.01 -.91 -1.66 -3.30 -1.14 .02 -1.30 -1.18 .71 -.58 .14 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 -.34 Final sales of computers......... .14 .03 .10 .02 .07 .26 .19 .11 .19 .04 .08 .05 -.06 -.02 .09 .10 .03 .29 .31 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------- -------------------------------------------- ------------------------- 2010 IV 09 I 10 II 10 III 10 IV 10 2010 IV 09 I 10 II 10 III 10 IV 10 2010 III 10 IV 10 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........ 14,660.2 14,277.3 14,446.4 14,578.7 14,745.1 14,870.4 13,248.7 13,019.0 13,138.8 13,194.9 13,278.5 13,382.6 368.1 83.6 104.1 Personal consumption expenditures.. 10,351.9 10,131.5 10,230.8 10,285.4 10,366.3 10,525.2 9,315.7 9,182.9 9,225.4 9,275.7 9,330.6 9,431.2 161.8 54.9 100.6 Goods............................ 3,427.6 3,312.9 3,380.0 3,377.5 3,419.6 3,533.3 3,251.8 3,151.8 3,195.4 3,222.6 3,255.2 3,334.1 134.4 32.6 78.9 Durable goods.................. 1,089.6 1,043.9 1,060.7 1,074.1 1,087.8 1,135.7 1,178.6 1,115.1 1,138.9 1,157.8 1,179.3 1,238.5 84.0 21.5 59.2 Motor vehicles and parts..... 345.2 327.0 328.3 335.9 342.2 374.5 334.8 322.7 320.6 326.0 330.1 362.3 10.8 4.1 32.2 Furnishings and durable household equipment......... 258.5 249.3 255.3 258.2 258.2 262.1 276.1 259.3 267.9 273.7 277.5 285.1 22.2 3.8 7.6 Recreational goods and vehicles.................... 335.5 323.9 328.8 331.9 336.9 344.3 448.6 417.9 430.7 440.3 453.2 470.1 49.3 12.9 16.9 Other durable goods.......... 150.4 143.7 148.3 148.0 150.7 154.7 134.3 127.8 133.4 132.7 134.8 136.3 7.4 2.1 1.5 Nondurable goods............... 2,338.0 2,269.0 2,319.3 2,303.4 2,331.8 2,397.7 2,073.7 2,032.3 2,053.5 2,063.4 2,076.2 2,101.7 56.3 12.8 25.5 Food and beverages purchased for off-premises consumption 801.9 786.5 797.4 794.6 801.4 814.0 703.7 696.3 702.7 697.6 703.0 711.4 18.6 5.4 8.4 Clothing and footwear........ 338.1 325.5 333.8 335.5 337.6 345.6 345.4 329.5 339.0 344.3 343.4 354.9 18.6 -.9 11.5 Gasoline and other energy goods....................... 358.3 344.1 364.1 340.0 348.2 381.1 285.0 283.5 284.0 286.1 286.1 283.9 -.5 .0 -2.2 Other nondurable goods....... 839.7 812.9 824.1 833.3 844.7 857.0 744.4 726.0 731.9 740.0 748.0 757.6 21.3 8.0 9.6 Services......................... 6,924.3 6,818.6 6,850.9 6,907.9 6,946.7 6,991.8 6,065.4 6,028.7 6,029.6 6,053.4 6,076.9 6,101.9 32.7 23.5 25.0 Household consumption expenditures (for services)... 6,658.2 6,556.2 6,589.6 6,643.2 6,679.2 6,720.7 5,803.7 5,769.7 5,769.9 5,791.7 5,814.4 5,838.6 26.7 22.7 24.2 Housing and utilities........ 1,901.9 1,887.6 1,887.1 1,892.5 1,910.9 1,916.9 1,675.4 1,666.3 1,664.3 1,668.9 1,683.0 1,685.6 18.5 14.1 2.6 Health care.................. 1,686.5 1,650.1 1,657.5 1,680.4 1,694.3 1,713.8 1,459.6 1,447.9 1,446.7 1,457.6 1,461.9 1,472.4 19.2 4.3 10.5 Transportation services...... 299.9 290.2 294.6 299.6 301.5 303.9 254.2 248.6 250.8 253.3 255.7 256.9 3.3 2.4 1.2 Recreation services.......... 380.8 377.3 376.8 378.5 384.1 383.8 339.9 338.6 338.5 338.2 341.8 341.3 -1.9 3.6 -.5 Food services and accommodations.............. 626.8 604.7 615.2 623.3 630.5 638.4 540.7 526.1 535.0 538.3 542.0 547.4 13.0 3.7 5.4 Financial services and insurance................... 820.7 816.3 824.9 829.9 812.2 815.6 725.9 732.5 727.4 729.5 720.7 725.8 -17.1 -8.8 5.1 Other services............... 941.6 930.1 933.3 939.1 945.7 948.4 808.1 810.1 807.7 806.1 809.5 809.3 -8.9 3.4 -.2 Final consumption expenditures of nonprofit institutions serving households............ 266.2 262.4 261.3 264.7 267.5 271.2 262.9 259.9 260.6 262.9 263.5 264.4 6.9 .6 .9 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...... 825.9 808.3 810.2 823.0 829.6 840.7 698.9 694.7 692.0 697.6 699.7 706.3 2.9 2.1 6.6 Gross private domestic investment.. 1,821.4 1,637.7 1,739.7 1,841.8 1,907.2 1,796.7 1,769.3 1,585.7 1,690.2 1,791.5 1,855.1 1,740.3 253.6 63.6 -114.8 Fixed investment................. 1,752.8 1,681.9 1,689.8 1,761.4 1,768.6 1,791.5 1,692.1 1,617.1 1,630.5 1,702.5 1,708.8 1,726.6 61.4 6.3 17.8 Nonresidential................. 1,412.5 1,330.9 1,349.6 1,404.2 1,438.8 1,457.2 1,362.2 1,278.3 1,302.6 1,355.3 1,388.0 1,403.1 71.4 32.7 15.1 Structures................... 381.8 398.2 380.1 381.5 380.9 384.7 317.7 335.3 319.3 318.9 316.0 316.7 -51.9 -2.9 .7 Equipment and software....... 1,030.7 932.7 969.5 1,022.7 1,057.9 1,072.5 1,054.8 944.7 989.7 1,046.0 1,084.2 1,099.5 138.5 38.2 15.3 Information processing equipment and software.... 590.2 559.0 568.0 586.2 595.5 611.2 675.5 632.9 645.7 669.1 683.3 704.0 79.7 14.2 20.7 Computers and peripheral equipment............... 97.6 90.1 90.5 98.4 97.8 103.6 ..... ..... ..... ..... ..... ..... ..... ..... ..... Software................. 282.7 269.4 274.7 279.6 285.3 291.2 284.3 269.5 275.4 280.9 287.5 293.5 25.0 6.6 6.0 Other.................... 210.0 199.5 202.8 208.3 212.4 216.4 242.5 227.4 232.3 239.5 245.9 252.4 27.0 6.4 6.5 Industrial equipment....... 160.9 146.4 146.8 161.6 164.7 170.4 139.8 128.3 128.4 140.7 143.0 147.2 7.6 2.3 4.2 Transportation equipment... 112.6 78.8 97.0 110.9 125.4 117.1 111.6 74.5 95.8 110.2 124.8 115.5 42.2 14.6 -9.3 Other equipment............ 166.9 148.6 157.7 163.9 172.3 173.8 150.2 132.7 142.4 147.8 154.5 155.8 12.4 6.7 1.3 Residential.................... 340.4 351.0 340.2 357.2 329.8 334.3 332.5 341.7 330.7 350.1 323.3 326.0 -10.2 -26.8 2.7 Change in private inventories.... 68.5 -44.2 50.0 80.4 138.6 5.2 60.4 -36.7 44.1 68.8 121.4 7.2 173.5 52.6 -114.2 Farm........................... 7.2 7.1 9.3 9.6 6.3 3.5 6.1 6.4 7.6 7.8 5.1 3.9 2.7 -2.7 -1.2 Nonfarm........................ 61.4 -51.3 40.7 70.8 132.2 1.8 54.2 -43.0 36.5 61.0 116.6 2.8 171.1 55.6 -113.8 Net exports of goods and services.. -515.5 -426.4 -479.9 -539.3 -550.5 -492.2 -421.1 -330.1 -338.4 -449.0 -505.0 -392.2 -58.1 -56.0 112.8 Exports.......................... 1,837.1 1,689.9 1,757.8 1,817.9 1,848.9 1,923.9 1,665.4 1,573.5 1,616.4 1,652.1 1,679.3 1,713.9 174.7 27.2 34.6 Goods.......................... 1,276.4 1,157.6 1,213.0 1,262.8 1,282.0 1,347.7 1,166.8 1,091.7 1,128.0 1,159.2 1,175.8 1,204.1 148.6 16.6 28.3 Services....................... 560.7 532.3 544.8 555.1 566.9 576.1 499.3 482.0 488.9 493.6 504.2 510.5 27.3 10.6 6.3 Imports.......................... 2,352.6 2,116.3 2,237.6 2,357.1 2,399.4 2,416.0 2,086.6 1,903.6 1,954.8 2,101.1 2,184.3 2,106.1 232.8 83.2 -78.2 Goods.......................... 1,948.0 1,731.8 1,843.5 1,957.2 1,988.2 2,002.9 1,735.2 1,566.1 1,611.0 1,753.9 1,825.5 1,750.4 221.7 71.6 -75.1 Services....................... 404.6 384.5 394.1 400.0 411.2 413.1 352.4 338.3 344.6 348.3 360.1 356.7 11.9 11.8 -3.4 Government consumption expenditures and gross investment.............. 3,002.3 2,934.5 2,955.7 2,990.8 3,022.2 3,040.7 2,570.1 2,550.3 2,540.2 2,564.9 2,589.6 2,585.8 27.5 24.7 -3.8 Federal.......................... 1,214.4 1,159.9 1,178.1 1,206.7 1,233.9 1,238.7 1,077.0 1,043.6 1,048.4 1,071.5 1,094.3 1,093.9 49.4 22.8 -.4 National defense............... 817.8 785.4 796.3 813.0 830.8 831.0 720.3 703.8 704.4 717.1 731.8 728.1 27.3 14.7 -3.7 Consumption expenditures..... 698.3 673.5 684.0 695.2 711.2 703.0 608.8 598.5 598.9 606.8 619.8 609.6 17.1 13.0 -10.2 Gross investment............. 119.5 111.9 112.4 117.9 119.6 128.0 112.6 106.0 106.2 111.2 112.9 120.1 10.7 1.7 7.2 Nondefense..................... 396.6 374.5 381.8 393.7 403.1 407.7 356.8 339.8 344.0 354.5 362.6 365.9 22.2 8.1 3.3 Consumption expenditures..... 345.0 328.3 333.3 343.3 350.4 352.8 306.4 294.5 296.6 305.3 311.3 312.6 15.8 6.0 1.3 Gross investment............. 51.6 46.2 48.4 50.3 52.7 54.9 50.6 45.3 47.5 49.4 51.7 53.8 6.6 2.3 2.1 State and local.................. 1,788.0 1,774.7 1,777.6 1,784.1 1,788.2 1,802.0 1,499.0 1,511.2 1,496.8 1,499.1 1,501.7 1,498.4 -19.8 2.6 -3.3 Consumption expenditures..... 1,447.5 1,432.2 1,447.4 1,446.7 1,441.3 1,454.7 1,220.1 1,228.4 1,225.1 1,222.3 1,217.9 1,215.3 -12.0 -4.4 -2.6 Gross investment............. 340.5 342.4 330.2 337.4 346.9 347.3 279.1 282.9 272.1 277.0 283.9 283.2 -7.7 6.9 -.7 Residual........................... ..... ..... ..... ..... ..... ..... -42.4 -13.7 -22.1 -37.8 -42.6 -67.0 ..... ..... ..... Addenda: Final sales of domestic product.. 14,591.6 14,321.5 14,396.4 14,498.3 14,606.5 14,865.2 13,179.5 13,051.1 13,085.5 13,114.7 13,145.3 13,372.6 186.7 30.6 227.3 Gross domestic purchases......... 15,175.6 14,703.7 14,926.3 15,118.0 15,295.6 15,362.6 13,662.7 13,338.2 13,467.6 13,637.7 13,777.6 13,767.8 429.1 139.9 -9.8 Final sales to domestic purchasers...................... 15,107.1 14,748.0 14,876.3 15,037.6 15,157.0 15,357.3 13,593.6 13,369.9 13,414.3 13,557.7 13,644.6 13,757.8 248.6 86.9 113.2 Gross domestic product........... 14,660.2 14,277.3 14,446.4 14,578.7 14,745.1 14,870.4 13,248.7 13,019.0 13,138.8 13,194.9 13,278.5 13,382.6 368.1 83.6 104.1 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............. 12,791.5 12,425.1 12,594.0 12,718.3 12,873.2 12,980.4 11,480.5 11,271.2 11,384.8 11,432.7 11,506.1 11,598.5 343.2 73.4 92.4 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 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 2010 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 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 .3 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 3.6 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 -2.4 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 6.5 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 .9 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 2.3 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 1.0 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 -1.5 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 -5.6 -12.2 -10.5 -2.1 .9 2.0 2.9 3.2 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 -.1 Residential..................... -1.2 -3.4 -.4 2.2 -1.2 .1 .7 -1.4 -1.1 -2.8 -5.2 -2.9 -6.0 -3.3 4.3 .6 -3.2 -.1 2.1 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 8.1 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 11.0 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 1.6 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 18.9 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 21.8 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 5.9 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 3.1 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 2.1 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 4.0 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 .9 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 .3 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 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2010 IV 09 I 10 II 10 III 10 IV 10 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.672 101.917 104.829 103.012 103.960 104.403 105.065 105.888 Personal consumption expenditures.......... 105.057 103.797 105.632 104.126 104.608 105.178 105.801 106.942 Goods.................................... 103.462 101.416 105.788 102.533 103.952 104.837 105.898 108.465 Durable goods.......................... 102.798 99.011 106.616 100.870 103.025 104.735 106.673 112.029 Nondurable goods....................... 103.698 102.487 105.347 103.247 104.321 104.823 105.476 106.769 Services................................. 105.870 105.006 105.576 104.936 104.952 105.366 105.775 106.211 Gross private domestic investment.......... 90.105 69.778 81.450 73.000 77.811 82.474 85.400 80.118 Fixed investment......................... 94.096 76.835 79.729 76.198 76.826 80.219 80.517 81.356 Nonresidential......................... 115.532 95.804 101.107 94.879 96.677 100.592 103.019 104.142 Structures........................... 131.976 105.064 90.322 95.310 90.761 90.649 89.848 90.031 Equipment and software............... 108.681 92.035 105.952 94.895 99.408 105.067 108.898 110.434 Residential............................ 57.324 44.220 42.908 44.092 42.670 45.177 41.719 42.068 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 126.255 114.228 127.613 120.569 123.858 126.592 128.679 131.324 Imports of goods and services.............. 106.113 91.418 102.898 93.874 96.401 103.613 107.718 103.861 Government consumption expenditures and gross investment.......................... 105.605 107.287 108.449 107.613 107.185 108.228 109.270 109.113 Federal.................................. 110.900 117.266 122.906 119.091 119.634 122.276 124.882 124.833 State and local.......................... 102.611 101.688 100.361 101.179 100.213 100.367 100.541 100.323 Addenda: Final sales of domestic product.......... 105.399 103.212 104.696 103.676 103.948 104.181 104.424 106.230 Gross domestic purchases................. 102.756 99.045 102.257 99.829 100.797 102.070 103.117 103.044 Final sales to domestic purchasers....... 103.433 100.254 102.122 100.441 100.775 101.852 102.505 103.355 Gross national product................... 105.129 102.192 ..... 103.413 104.534 105.003 105.604 ..... ----------------------------------------------------------------------------------------------------------------------------------- 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 2010 IV 09 I 10 II 10 III 10 IV 10 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 108.598 109.618 110.664 109.693 109.959 110.485 111.060 111.153 Personal consumption expenditures (PCE)..................................... 109.061 109.258 111.123 110.333 110.901 110.888 111.102 111.602 Goods.................................... 106.262 103.634 105.409 105.120 105.784 104.812 105.058 105.982 Durable goods.......................... 95.340 93.782 92.449 93.603 93.121 92.755 92.235 91.685 Nondurable goods....................... 112.484 109.262 112.748 111.651 112.949 111.638 112.315 114.091 Services................................. 110.566 112.233 114.159 113.102 113.620 114.116 114.314 114.584 Gross private domestic investment.......... 106.977 104.873 103.023 103.466 102.952 102.765 102.895 103.480 Fixed investment......................... 107.053 105.260 103.613 104.030 103.661 103.487 103.523 103.782 Nonresidential......................... 106.984 105.700 103.711 104.144 103.639 103.636 103.689 103.883 Structures........................... 125.460 122.187 120.409 119.017 119.291 119.887 120.755 121.705 Equipment and software............... 100.083 99.620 97.710 98.721 97.954 97.764 97.574 97.547 Residential............................ 106.361 102.736 102.356 102.712 102.869 102.030 101.994 102.531 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 111.874 105.877 110.309 107.424 108.771 110.060 110.122 112.282 Imports of goods and services.............. 118.685 105.987 112.851 111.222 114.514 112.234 109.892 114.764 Government consumption expenditures and gross investment.......................... 115.009 114.644 116.815 115.067 116.358 116.606 116.706 117.589 Federal.................................. 111.119 110.895 112.745 111.141 112.375 112.615 112.756 113.234 State and local.......................... 117.349 116.892 119.279 117.434 118.760 119.014 119.083 120.258 Addenda: PCE excluding food and energy\1\......... 107.151 108.774 110.203 109.551 109.887 110.171 110.318 110.436 Market-based PCE\2\...................... 109.016 109.372 111.093 110.356 110.824 110.763 111.127 111.657 Market-based PCE excluding food and energy\2\........................... 106.778 108.826 110.012 109.445 109.626 109.903 110.214 110.306 Final sales of domestic product.......... 108.608 109.647 110.713 109.736 110.020 110.552 111.117 111.163 Gross domestic purchases................. 109.813 109.614 111.086 110.265 110.838 110.852 111.034 111.618 Final sales to domestic purchasers....... 109.823 109.649 111.133 110.309 110.900 110.917 111.086 111.628 Gross national product................... 108.605 109.612 ..... 109.691 109.957 110.478 111.052 ..... Implicit price deflators: Gross domestic product................. 108.619 109.615 110.654 109.665 109.952 110.488 111.045 111.118 Final sales of domestic product........ 108.608 109.647 110.714 109.734 110.018 110.550 111.116 111.161 Gross domestic purchases............... 109.834 109.611 111.073 110.238 110.831 110.854 111.018 111.583 Final sales to domestic purchasers..... 109.823 109.649 111.134 110.308 110.899 110.915 111.085 111.627 Gross national product................. 108.626 109.609 ..... 109.664 109.950 110.479 111.036 ..... ----------------------------------------------------------------------------------------------------------------------------------- 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 2010 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2.9 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 7.7 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 16.7 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 5.5 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 -14.0 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 11.7 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 14.6 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 12.6 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 14.6 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 1.1 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 -1.3 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 1.9 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 10 IV 10 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2.8 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 2.7 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 5.8 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 11.1 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 9.8 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 6.8 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 9.8 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 -5.5 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 16.4 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 -4.6 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 8.9 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 10.3 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 10.6 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 11.8 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 5.4 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 1.4 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 3.5 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 -.8 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 2.5 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 3.2 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 2.9 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 1.9 2.4 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 1.3 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2010 IV 09 I 10 II 10 III 10 IV 10 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 14,369.1 14,119.0 14,660.2 14,277.3 14,446.4 14,578.7 14,745.1 14,870.4 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 1,868.7 1,852.2 1,852.4 1,860.4 1,871.9 1,890.0 Less: Statistical discrepancy.............. 136.6 179.1 ..... 175.2 164.2 131.1 184.1 ..... Equals: National income.................... 12,557.8 12,225.0 ..... 12,415.5 12,621.0 12,782.6 12,877.5 ..... Compensation of employees................ 8,060.8 7,811.7 7,990.8 7,831.4 7,858.1 7,969.9 8,033.0 8,102.1 Wage and salary accruals............... 6,554.0 6,279.1 6,404.7 6,284.9 6,291.4 6,388.8 6,440.8 6,497.9 Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.2 1,604.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,055.8 1,022.1 1,030.7 1,049.7 1,059.5 1,083.3 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 301.3 282.8 292.7 298.8 303.8 309.9 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.. 812.8 784.3 737.6 765.6 765.9 736.2 719.6 728.8 Taxes on production and imports less subsidies............................... 992.3 964.4 999.9 976.8 988.5 996.1 1,002.2 1,012.7 Business current transfer payments....... 121.7 134.0 131.8 129.8 130.5 130.8 133.4 132.5 Current surplus of government enterprises............................. -16.7 -13.2 -13.6 -11.3 -12.1 -13.1 -14.2 -14.9 Addendum: Gross domestic income.................... 14,232.5 13,939.9 ..... 14,102.1 14,282.2 14,447.6 14,561.0 ..... ----------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2008 2009 2010 IV 09 I 10 II 10 III 10 IV 10 ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 12,391.1 12,174.9 12,545.3 12,239.0 12,350.3 12,517.1 12,592.8 12,721.1 Compensation of employees, received...... 8,065.8 7,806.7 7,990.8 7,831.4 7,858.1 7,969.9 8,033.0 8,102.1 Wage and salary disbursements.......... 6,559.0 6,274.1 6,404.7 6,284.9 6,291.4 6,388.8 6,440.8 6,497.9 Supplements to wages and salaries...... 1,506.8 1,532.6 1,586.1 1,546.5 1,566.7 1,581.1 1,592.2 1,604.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,102.0 1,011.9 1,055.8 1,022.1 1,030.7 1,049.7 1,059.5 1,083.3 Farm................................... 50.8 30.5 45.6 36.2 36.8 38.9 48.5 58.1 Nonfarm................................ 1,051.2 981.5 1,010.2 985.9 994.0 1,010.8 1,011.0 1,025.1 Rental income of persons with capital consumption adjustment.................. 222.0 274.0 301.3 282.8 292.7 298.8 303.8 309.9 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 1,910.5 Personal interest income............... 1,314.7 1,222.3 1,193.8 1,205.8 1,208.7 1,205.3 1,174.7 1,186.5 Personal dividend income............... 794.6 697.4 712.7 683.4 702.4 709.2 715.0 724.1 Personal current transfer receipts....... 1,879.2 2,132.8 2,295.2 2,188.2 2,245.5 2,286.1 2,316.4 2,333.0 Less: Contributions for government social insurance (domestic)............. 987.2 970.3 1,004.3 974.8 987.8 1,001.9 1,009.8 1,017.7 Less: Personal current taxes............... 1,438.2 1,140.0 1,167.0 1,117.2 1,134.7 1,149.1 1,177.7 1,206.4 Equals: Disposable personal income......... 10,952.9 11,034.9 11,378.3 11,121.7 11,215.6 11,368.0 11,415.1 11,514.7 Less: Personal outlays..................... 10,505.0 10,379.6 10,723.2 10,505.7 10,603.9 10,663.7 10,736.3 10,888.9 Equals: Personal saving.................... 447.9 655.3 655.1 616.0 611.8 704.3 678.7 625.8 Personal saving as a percentage of disposable personal income.............. 4.1 5.9 5.8 5.5 5.5 6.2 5.9 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,638.5 9,191.1 9,224.1 9,109.7 9,111.7 9,226.6 9,249.6 9,308.3 Disposable personal income, billions of chained (2005) dollars\2\............... 10,042.9 10,099.8 10,239.4 10,080.4 10,113.3 10,251.9 10,274.6 10,317.8 ----------------------------------------------------------------------------------------------------------------------------------- 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. 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 2010 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 10 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... .0 -2.6 2.9 .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 3.2 Goods............................. -.5 -3.8 11.1 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 8.5 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 1.1 Structures........................ -7.9 -16.6 -7.1 -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 2.0 Motor vehicle output.............. -18.6 -24.7 25.8 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 -14.2 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 3.6 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 62.0 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 2.9 Farm gross value added\2\......... 13.3 6.1 2.8 -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 -11.7 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 4.5 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 1.1 ..... 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 .3 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 1.1 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 .4 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 1.1 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 .4 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 .3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.