FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, AUGUST 1, 1996 Christian Ehemann: (202) 606-5304 (GDP) BEA 96-24 Recorded message: 606-5306 Gerald F. Donahoe 606-5304 (Annual Revision) NATIONAL INCOME AND PRODUCTS ACCOUNTS þ SECOND QUARTER 1996 GDP þ REVISED ESTIMATES: 1993 THROUGH FIRST QUARTER 1996 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 4.2 percent in the second quarter of 1996, according to advance estimates released by the Commerce Department's Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent. Real GDP increased $70.8 billion in the second quarter, following an increase of $33.6 billion in the first. The Bureau emphasized that the second-quarter estimates are based on preliminary and incomplete source data. Information on the assumptions used for missing source data is available on request. Revised estimates based on more comprehensive data will be issued August 29. The increase in real GDP in the second quarter was widespread. All major components except net exports and nonresidential structures increased. The largest increases were in personal consumption expenditures and government. The estimates released today reflect a "limited" annual revision of the national income and product accounts beginning with the first quarter of 1993 (see page 3 and tables 9 through 12 for more information). The August 1996 Survey of Current Business will contain national income and product accounts tables and an article describing the revisions. The tables are also available for sale in both hard copy and machine readable form. For more information, write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-9700. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 2.0 percent in the second quarter, compared with an increase of 2.3 percent in the first. The first-quarter increase had been boosted by the impact of a reduction in real government services due to the Blizzard of 1996. A reduction in real government compensation of employees (or services), with no corresponding reduction in current-dollar compensation, is treated as a price increase. Real personal consumption expenditures increased 3.7 percent in the second quarter, compared with an increase of 3.5 percent in the first. Durable goods purchases increased 14.1 percent, compared with an increase of 8.2 percent. Nondurable goods increased 2.5 percent, compared with an increase of 3.7 percent. Services expenditures increased 2.2 percent, compared with an increase of 2.4 percent. Real nonresidential fixed investment increased 0.5 percent in the second quarter, compared with an increase of 11.6 percent in the first. Nonresidential structures decreased 6.6 percent, in contrast to an increase of 7.7 percent. Producers' durable equipment increased 3.2 percent, compared with an increase of 13.1 percent. Real residential fixed investment increased 15.2 percent, compared with an increase of 7.4 percent. Real exports of goods and services increased 5.2 percent in the second quarter, compared with an increase of 1.8 percent in the first. Real imports of goods and services increased 12.9 percent, compared with an increase of 10.6 percent. Real federal government consumption expenditures and gross investment increased 8.4 percent in the second quarter, compared with an increase of 6.0 percent in the first. National defense increased 8.0 percent, compared with an increase of 4.1 percent. Nondefense increased 9.3 percent, compared with an increase of 10.1 percent. Real state and local government increased 6.3 percent, in contrast to a decrease of 0.9 percent. Real final sales of domestic product increased 3.5 percent in the second quarter, compared with an increase of 3.0 percent in the first. The real change in business inventories added $13.3 billion to the second-quarter change in real GDP, after subtracting $17.6 billion from the first-quarter change. Businesses increased inventories $10.3 billion in the second quarter, following a decrease of $3.0 billion in the first quarter and an increase of $14.6 billion in the fourth quarter of 1995. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 5.2 percent in the second quarter, compared with an increase of 3.0 percent in the first. Disposition of personal income Current-dollar personal income increased $102.8 billion in the second quarter, compared with an increase of $74.0 billion in the first. Personal tax and nontax payments increased $42.5 billion, compared with an increase of $17.7 billion. Disposable personal income increased $60.5 billion in the second quarter, compared with an increase of $56.2 billion in the first. Real disposable personal income increased 1.5 percent, compared with an increase of 2.0 percent. Personal outlays increased $86.3 billion in the second quarter, compared with an increase of $73.4 billion in the first. Personal saving decreased $25.8 billion, compared with a decrease of $17.2 billion. The saving rate -- saving as a percentage of disposable personal income -- decreased from 4.8 percent in the first quarter to 4.3 percent in the second. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 6.1 percent, or $111.3 billion, in the second quarter. In the first quarter, current-dollar GDP increased 4.2 percent, or $76.2 billion. Annual Revision of the National Income and Product Accounts Estimates The estimates beginning with the first quarter of 1993 incorporate the results of a "limited" annual revision of the national income and product accounts (NIPA's). Although the NIPA's are usually revised each year at this time, this year's revision was reduced in scope, following the federal government shutdowns, to focus BEA's resources first on getting the release of the current estimates back on schedule and then on completing the remaining estimates from BEA's comprehensive NIPA revision that was released in January 1996. The revised estimates in this release reflect the following factors: 1. Annual weights for 1995 have been incorporated into the calculation of the chain-type measures of real output and price indexes. The availability of 1995 weights permits the recalculation of the quarterly changes from the third quarter of 1994 to the second quarter of 1995 and the annual change for 1995 using the weights of the 2 adjacent years--1994 and 1995; previously, these changes were calculated using only 1994 weights. In addition, the changes for the first two quarters of 1994 have been revised to make the sum of the quarterly estimates conform to the 1994 annual total. The quarterly changes beginning with the third quarter of 1995 continue to be based on a single year's weights, but they have been recalculated using 1995 weights in place of 1994 weights. 2. The annual revision of the balance of payments accounts that was released in June 1996 has been incorporated into the NIPA estimates beginning with 1993. The major aggregates and components affected are GDP, gross national product, national income, personal income, payments to the rest of the world (net), government interest paid to the rest of the world, corporate profits, and net interest. The corresponding real output and price measures for these aggregates and components have also been revised accordingly. 3. Newly available Bureau of Labor Statistics data have been incorporated into the NIPA estimates of wage and salary accruals and disbursements. The newly available data consist of annual tabulations for 1994 and 1995 of wages and salaries of private employees covered by unemployment insurance and revised monthly data on employment, average weekly hours, and average hourly earnings beginning with 1994; the monthly data are used to interpolate between, and to extrapolate from, the annual tabulations. (The incorporation of the Bureau of Labor Statistics data does not affect the product-side measure of GDP.) Revisions to real GDP and prices The revisions to GDP and prices are small. The annual rate of growth of real GDP in 1993 was revised up 0.1 percentage point, from 2.2 percent to 2.3 percent; the upward revision is more than accounted for by a downward revision to imports of services (table 11). The growth rates of real GDP in 1994 and in 1995 are unrevised at 3.5 percent and 2.0 percent, respectively. For quarterly changes in real GDP, none of the revisions are larger than 0.2 percentage point (in absolute value), and there are an equal number of upward and downward revisions (table 11). The annual rates of growth in the price index for gross domestic purchases in 1993 and 1994 are unrevised at 2.5 percent and 2.2 percent, respectively. The growth rate in 1995 is revised down 0.1 percentage point to 2.4 percent. For the quarterly changes, there are slight downward revisions in 6 of the 13 quarters (table 12). For additional information about this year's annual NIPA revision, call the National Income and Wealth Division at (202) 606-9700. * * * BEA estimates are available in several forms besides the printed news releases. News releases are available at the time of public release through three subscription services offered by the Commerce Department's STAT-USA. Information on how to receive releases by FAX may be obtained by calling (202) 482-1986 (voice). Information about the Economic Bulletin Board (EBB) and about Internet services may be obtained at the same voice number and on-line, as follows: EBB (202) 482-3870 Internet http://www.stat-usa.gov In addition, BEA's most frequently requested statistical series are available on the Internet, as follows: þ The Federal Statistics Briefing Room (FSBR) on the White House web site provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages. http://www.whitehouse.gov/fsbr þ The FSBR provides links to BEA's web site, which provides summary tables and charts on BEA's national, international, and regional data. http://www.bea.gov þ BEA's web site provides links to detailed BEA databases on STAT-USA's Internet subscription service. http://www.stat-usa.gov Summary estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product 5303 Personal income and outlays 5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: Annual subscription $90.00 domestic. Second class mail: annual subscription $49.00 domestic, $61.25 foreign; single issue $11.00 domestic, $13.75 foreign. In addition, the Survey of Current Business is now available on the Internet in a searchable, retrievable electronic format at least a week before the printed version. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT- USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. Next release -- August 29, 1996, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 1996 (Preliminary) Corporate Profits: Second Quarter 1996 Measures of Revision Quarterly estimates of GDP are released on the following schedule: Advance estimates, based on preliminary and incomplete source data and BEA assumptions about the missing source data, are released in the first month after the end of the quarter; as additional and revised data become available, preliminary and final estimates are usually released in the second and third months, respectively. Additional revisions are carried out in each of the following 3 years, usually in July, and in comprehensive (benchmark) revisions, usually every 5 years. The "latest" estimates, which reflect the results of these revisions, are based on new and revised source data and also reflect improved estimating procedures, and definitional or classificational changes. The table below provides summary measures of the amount of revision in past years in quarterly percent changes in current-dollar GDP and real GDP. These measures can be used to assess the likely size of future revisions. For example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in the final estimate were within a range of -0.6 to +0.9 percentage point. Thus, based on past experience, it is likely that the second- quarter change in real GDP now estimated at 4.2 percent at an annual rate, will not be revised below 3.6 percent or above 5.1 percent in the next two releases. Revision in Quarter-to-Quarter Percent Changes at Annual Rate ____________________________________________________________________________________ Range Average _________________________________ Quarterly estimates without Two-thirds Nine-tenths compared regard of of to revisions revisions sign ______________________ ______________ _____________ ____________ Current-dollar GDP Advance to final....... 0.8 -0.6 to 1.0 -1.2 to 1.6 Preliminary to final... .4 - .4 to .4 - .6 to .8 Advance to latest...... 1.3 - .9 to 2.1 -2.1 to 3.3 Preliminary to latest.. 1.2 - .9 to 1.6 -2.5 to 2.7 Final to latest........ 1.3 -1.0 to 1.8 -2.4 to 2.8 Real GDP Advance to final....... 0.6 -0.6 to 0.9 -1.1 to 1.6 Preliminary to final... .4 - .4 to .4 - .5 to .7 Advance to latest...... 1.4 -1.2 to 1.7 -3.0 to 3.0 Preliminary to latest.. 1.3 -1.4 to 1.4 -2.3 to 2.9 Final to latest........ 1.5 -1.7 to 1.7 -2.5 to 2.9 _________________________________________________________________________ NOTE.--These measures incorporate the comprehensive revision of GDP released in January 1996 and are based on the period from 1981 through 1992. Table 1.--Real Gross Domestic Product and Prices: Change From Preceding Period ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 1993 1994 1995 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------- Real gross domestic product (GDP)..... 142.0 222.3 134.2 12.5 62.9 4.3 33.6 70.8 Personal consumption expenditures.......... 119.7 133.7 104.6 35.1 27.4 12.1 39.7 42.9 Durable goods............................ 35.6 37.9 17.8 9.7 12.9 -1.6 11.7 20.1 Nondurable goods......................... 27.0 41.7 31.4 6.3 1.8 -1.5 12.9 9.0 Services................................. 57.3 54.7 55.6 19.1 13.0 14.7 15.4 14.4 Gross private domestic fixed investment.... 53.0 84.7 54.8 -3.8 14.3 8.5 24.8 11.2 Nonresidential........................... 35.7 58.5 62.2 6.1 8.5 4.3 20.2 1.0 Structures............................. -2.9 2.5 12.3 1.5 2.8 .4 3.4 -3.1 Producers' durable equipment........... 38.9 56.5 50.4 4.5 5.7 4.0 16.9 4.5 Residential.............................. 17.1 26.2 -6.1 -9.4 5.7 4.1 4.8 9.7 Change in business inventories............. 11.8 39.8 -25.8 -24.0 2.5 -18.4 -17.6 13.3 Net exports of goods and services.......... -42.5 -33.7 -1.9 1.1 19.8 16.7 -19.1 -17.7 Exports.................................. 18.8 53.8 63.4 10.9 19.8 20.1 3.6 10.3 Imports.................................. 61.2 87.4 65.4 9.7 -.1 3.5 22.7 28.0 Government consumption expenditures and gross investment...................... -2.8 -1.0 .2 2.4 -1.7 -13.8 5.1 21.6 Federal.................................. -18.8 -19.4 -17.5 -1.6 -6.9 -16.3 6.7 9.5 National defense....................... -20.4 -18.4 -17.4 .5 -6.4 -10.3 3.1 6.0 Nondefense............................. 1.6 -1.2 -.3 -2.1 -.4 -6.1 3.6 3.4 State and local.......................... 16.0 18.7 18.1 4.1 5.2 2.9 -1.8 12.2 Residual................................... 2.4 -2.5 .2 1.1 .2 -.5 .3 -1.1 ----------------------------------------------------------------------------------------------------------------------------------- Percent change Real GDP............................. 2.3 3.5 2.0 .7 3.8 .3 2.0 4.2 Personal consumption expenditures.......... 2.8 3.1 2.3 3.1 2.4 1.1 3.5 3.7 Durable goods............................ 7.3 7.2 3.2 7.0 9.3 -1.0 8.2 14.1 Nondurable goods......................... 2.0 3.1 2.3 1.8 .5 -.4 3.7 2.5 Services................................. 2.4 2.2 2.2 3.0 2.0 2.3 2.4 2.2 Gross private domestic fixed investment.... 6.8 10.1 6.0 -1.6 6.1 3.5 10.4 4.5 Nonresidential........................... 6.4 9.8 9.5 3.5 4.9 2.5 11.6 .5 Structures............................. -1.7 1.5 7.3 3.4 6.3 1.0 7.7 -6.6 Producers' durable equipment........... 10.0 13.2 10.4 3.5 4.3 3.0 13.1 3.2 Residential.............................. 7.6 10.8 -2.3 -13.4 9.2 6.4 7.4 15.2 Exports of goods and services.............. 2.9 8.2 8.9 5.9 10.7 10.7 1.8 5.2 Imports of goods and services.............. 9.2 12.0 8.0 4.5 .0 1.6 10.6 12.9 Government consumption expenditures and gross investment...................... -.2 -.1 .0 .8 -.6 -4.3 1.6 7.1 Federal.................................. -3.6 -3.8 -3.6 -1.3 -5.6 -13.2 6.0 8.4 National defense....................... -5.4 -5.2 -5.2 .6 -7.6 -12.3 4.1 8.0 Nondefense............................. 1.0 -.7 -.2 -5.2 -1.3 -14.8 10.1 9.3 State and local.......................... 2.2 2.5 2.4 2.1 2.7 1.5 -.9 6.3 ----------------------------------------------------------------------------------------------------------------------------------- GDP price index (chain-type weights)....... 2.6 2.3 2.5 2.4 2.1 2.1 2.3 2.1 Less: Exports of goods and services........ -.1 1.1 3.1 5.3 .5 -1.0 .2 1.6 Plus: Imports of goods and services........ -1.3 .8 2.7 8.6 -2.7 -2.3 .1 1.1 Equals: Gross domestic purchases........... 2.5 2.2 2.4 2.8 1.6 1.9 2.3 2.0 Personal consumption expenditures.......... 2.6 2.4 2.4 2.7 1.5 1.6 2.4 3.1 Durable goods............................ 1.3 2.1 1.2 .6 -1.1 -.7 .8 -1.6 Nondurable goods......................... 1.5 1.3 1.6 2.4 .7 1.3 3.9 4.8 Services................................. 3.6 3.0 3.0 3.3 2.4 2.3 1.9 3.3 Gross private domestic fixed investment.... 1.7 1.9 1.6 2.6 2.0 .4 -.1 .5 Nonresidential........................... .9 1.4 1.0 2.6 1.7 -.3 -.2 .2 Structures............................. 3.3 3.3 3.3 2.9 3.7 1.8 1.2 2.0 Producers' durable equipment........... -.1 .7 .2 2.5 .9 -1.0 -.7 -.5 Residential.............................. 3.7 3.1 3.1 2.6 2.9 2.2 .0 1.5 Government consumption expenditures and gross investment...................... 2.3 2.0 3.3 3.2 2.1 4.2 4.1 -.5 Federal.................................. 2.6 2.7 3.8 3.1 1.6 7.4 2.0 -1.3 National defense....................... 2.1 2.3 3.5 4.2 .9 3.2 3.0 1.0 Nondefense............................. 4.0 3.5 4.3 .8 3.1 16.2 .1 -5.6 State and local.......................... 2.1 1.5 3.0 3.3 2.3 2.3 5.4 .0 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 2.--Real Gross Domestic Product and Related Measures: Level and Percent Change from Preceding Period ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------- 1993 1994 1995 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ---------------------------------------------------------------------------------------- Gross domestic product (GDP)............... 6386.4 6608.7 6742.9 6713.5 6776.4 6780.7 6814.3 6885.1 Less: Exports of goods and services........ 658.2 712.0 775.4 763.2 783.0 803.1 806.7 817.0 Plus: Imports of goods and services........ 730.2 817.6 883.0 884.6 884.5 888.0 910.7 938.7 Equals: Gross domestic purchases........... 6457.6 6711.8 6847.1 6830.9 6874.8 6862.9 6914.6 7002.3 Personal consumption expenditures........ 4339.5 4473.2 4577.8 4569.9 4597.3 4609.4 4649.1 4692.0 Gross private domestic fixed investment.. 836.4 921.1 975.9 965.7 980.0 988.5 1013.3 1024.5 Change in business inventories (CBI)..... 19.1 58.9 33.1 30.5 33.0 14.6 -3.0 10.3 Government consumption expenditures and gross investment.................... 1261.0 1260.0 1260.2 1265.1 1263.4 1249.6 1254.7 1276.3 Less: Change in business inventories....... 19.1 58.9 33.1 30.5 33.0 14.6 -3.0 10.3 Equals: Final sales to domestic purchasers................................ 6436.8 6653.7 6813.0 6799.9 6839.7 6846.4 6915.5 6991.3 Addenda: Final sales of domestic product (GDP less CBI).................. 6365.5 6550.7 6708.9 6682.4 6741.4 6764.2 6815.2 6874.2 Gross national product (GNP)............. 6397.1 6606.0 6737.1 6711.9 6762.0 6775.6 6814.9 ..... Current-dollar measures: GDP.................................... 6553.0 6935.7 7253.8 7204.9 7309.8 7350.6 7426.8 7538.1 Final sales of domestic product (GDP less CBI)........................ 6532.4 6876.2 7216.7 7170.9 7271.5 7332.8 7428.6 7526.8 Gross domestic purchases............... 6615.7 7030.1 7348.4 7320.2 7397.3 7417.8 7513.2 7643.1 Final sales to domestic purchasers..... 6595.1 6970.6 7311.4 7286.2 7359.1 7400.0 7514.9 7631.7 GNP.................................... 6563.5 6931.9 7246.7 7202.4 7293.4 7344.3 7426.6 ..... ----------------------------------------------------------------------------------------------------------------------------------- Percent change ---------------------------------------------------------------------------------------- Real measures: GDP...................................... 2.3 3.5 2.0 .7 3.8 .3 2.0 4.2 Final sales of domestic product (GDP less CBI).......................... 2.1 2.9 2.4 2.1 3.6 1.4 3.0 3.5 Gross domestic purchases................. 2.9 3.9 2.0 .7 2.6 -.7 3.0 5.2 Final sales to domestic purchasers....... 2.7 3.4 2.4 2.0 2.4 .4 4.1 4.5 GNP...................................... 2.3 3.3 2.0 .8 3.0 .8 2.3 ..... Current-dollar measures: GDP...................................... 4.9 5.8 4.6 3.1 6.0 2.3 4.2 6.1 Final sales of domestic product (GDP less CBI).......................... 4.7 5.3 5.0 4.5 5.7 3.4 5.3 5.4 Gross domestic purchases................. 5.4 6.3 4.5 3.4 4.3 1.1 5.2 7.1 Final sales to domestic purchasers....... 5.2 5.7 4.9 4.9 4.1 2.2 6.4 6.4 GNP...................................... 4.9 5.6 4.5 3.1 5.1 2.8 4.6 ..... Price indexes (chain-type weights): GDP...................................... 2.6 2.3 2.5 2.4 2.1 2.1 2.3 2.1 Final sales of domestic product (GDP less CBI).......................... 2.6 2.3 2.5 2.4 2.1 2.1 2.4 2.2 Gross domestic purchases................. 2.5 2.2 2.4 2.8 1.6 1.9 2.3 2.0 Final sales to domestic purchasers....... 2.5 2.2 2.4 2.8 1.7 1.9 2.3 2.1 GNP...................................... 2.6 2.3 2.5 2.4 2.0 2.1 2.3 ..... Addenda: Implicit price deflators: GDP.................................... 2.6 2.3 2.5 2.4 2.1 2.0 2.2 1.8 Gross domestic purchases............... 2.4 2.2 2.5 2.8 1.6 1.8 2.1 1.8 GNP.................................... 2.6 2.3 2.5 2.4 2.1 2.0 2.2 ..... ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.................... 6244.4 6553.0 6935.7 7253.8 6121.8 6201.2 6271.7 6383.0 6442.6 6506.2 6574.4 6688.6 Personal consumption expenditures.............. 4219.8 4454.1 4700.9 4924.9 4127.6 4183.0 4238.9 4329.6 4367.6 4424.8 4481.0 4543.1 Durable goods................................ 488.5 530.7 580.9 606.4 474.1 481.3 492.5 506.2 508.3 525.2 536.7 552.3 Motor vehicles and parts................... 206.9 226.1 245.3 247.8 199.1 204.0 208.3 216.1 214.2 225.4 228.3 236.4 Furniture and household equipment................................. 189.4 205.5 226.8 241.9 184.8 186.5 190.6 195.5 198.3 202.1 207.7 213.9 Other...................................... 92.3 99.0 108.8 116.7 90.2 90.8 93.6 94.6 95.8 97.6 100.7 102.0 Nondurable goods............................. 1321.8 1368.9 1429.7 1485.9 1303.1 1308.4 1326.3 1349.5 1354.1 1364.1 1371.3 1386.1 Food....................................... 660.0 685.7 715.7 747.2 657.3 652.3 657.9 672.3 676.5 683.0 687.9 695.5 Clothing and shoes......................... 225.5 235.7 247.8 254.4 219.6 222.3 228.1 232.1 230.6 234.0 236.7 241.3 Gasoline and oil........................... 106.6 108.1 109.9 114.6 102.3 105.8 109.4 108.9 110.6 108.0 106.6 107.1 Fuel oil and coal.......................... 10.9 10.6 10.1 10.0 10.4 11.8 10.6 10.8 10.9 10.6 10.6 10.4 Other...................................... 318.8 328.8 346.2 359.7 313.5 316.2 320.2 325.4 325.5 328.6 329.4 331.8 Services..................................... 2409.4 2554.6 2690.3 2832.6 2350.4 2393.3 2420.1 2473.9 2505.2 2535.4 2572.9 2604.7 Housing.................................... 646.8 673.2 706.6 743.7 636.6 643.4 649.9 657.4 663.7 670.1 675.9 683.2 Household operation........................ 248.2 268.5 278.9 294.2 241.5 248.8 243.6 259.0 260.8 264.2 273.6 275.5 Electricity and gas...................... 106.6 115.9 115.6 118.0 102.1 106.2 106.6 111.4 113.2 113.3 118.6 118.5 Other household operation................ 141.7 152.7 163.3 176.2 139.4 142.7 137.0 147.7 147.6 150.9 155.0 157.0 Transportation............................. 158.1 169.6 181.3 192.5 154.9 156.9 156.0 164.5 166.7 168.4 170.0 173.4 Medical care............................... 646.6 697.4 739.1 784.2 624.2 640.6 655.0 666.8 681.9 691.9 702.9 712.7 Other...................................... 709.7 745.8 784.3 818.0 693.2 703.6 715.7 726.3 732.1 740.8 750.4 759.9 Gross private domestic investment.............. 790.4 871.1 1014.4 1065.3 755.2 790.8 799.7 816.1 843.6 855.9 873.8 911.2 Fixed investment............................. 783.4 850.5 954.9 1028.2 755.4 780.5 788.1 809.7 823.8 834.3 851.8 892.3 Nonresidential............................. 557.9 598.8 667.2 738.5 544.1 556.8 561.0 569.6 580.3 591.1 599.2 624.6 Structures............................... 169.2 171.8 180.2 199.7 171.6 170.4 167.6 167.1 170.2 169.7 171.4 175.8 Nonresidential buildings, including farm........................ 113.2 116.6 126.2 142.0 117.2 114.0 110.6 111.0 113.6 113.8 117.1 121.8 Utilities.............................. 34.5 32.0 33.7 38.5 34.3 34.8 34.7 34.2 32.8 31.9 31.7 31.7 Mining exploration, shafts, and wells............................. 13.3 15.6 13.5 12.0 12.8 13.3 13.3 13.8 15.8 16.0 15.5 15.1 Other structures....................... 8.2 7.6 6.9 7.1 7.3 8.4 9.0 8.1 8.0 8.0 7.1 7.2 Producers' durable equipment............. 388.7 427.0 487.0 538.8 372.5 386.3 393.4 402.5 410.1 421.3 427.7 448.8 Information processing and related equipment..................... 134.2 141.8 160.4 183.2 129.2 133.0 137.7 136.8 136.8 137.9 144.5 148.0 Computers and peripheral equipment........................... 43.9 48.7 54.5 63.6 41.9 44.4 44.6 44.9 47.2 46.8 49.7 51.2 Other................................ 90.2 93.0 106.0 119.6 87.3 88.6 93.1 91.9 89.6 91.0 94.8 96.8 Industrial equipment................... 89.3 97.6 109.7 124.5 86.2 87.7 90.5 92.8 94.3 95.6 97.8 102.8 Transportation and related equipment............................. 86.2 99.2 117.1 124.9 79.5 87.8 85.5 91.9 94.0 100.9 97.0 105.1 Other.................................. 79.0 88.3 99.7 106.2 77.6 77.7 79.7 81.1 85.0 87.0 88.5 92.8 Residential................................ 225.6 251.7 287.7 289.8 211.3 223.7 227.1 240.1 243.5 243.2 252.6 267.7 Stuctures................................ 219.5 245.3 280.7 282.5 205.4 217.7 221.1 233.9 237.2 236.9 246.1 261.1 Single family structures............... 116.5 133.3 153.8 144.5 108.8 115.7 117.9 123.6 128.6 127.8 133.4 143.3 Multifamily structures................. 13.1 10.8 14.1 18.6 13.1 15.1 12.5 11.6 10.6 10.3 11.2 11.1 Other.................................. 89.9 101.2 112.8 119.4 83.4 86.9 90.7 98.6 98.0 98.7 101.5 106.7 Producers' durable equipment............. 6.0 6.4 7.0 7.2 6.0 6.0 6.1 6.2 6.2 6.3 6.5 6.6 Change in business inventories............... 7.0 20.6 59.5 37.0 -.3 10.2 11.6 6.4 19.9 21.6 22.0 18.8 Farm....................................... 5.0 -6.2 11.5 -2.6 7.3 9.2 4.8 -1.4 -5.9 -4.8 -10.2 -3.8 Nonfarm.................................... 2.0 26.8 48.0 39.6 -7.5 1.1 6.8 7.8 25.8 26.4 32.3 22.7 Manufacturing............................ -9.2 5.4 8.5 12.7 -13.2 -12.9 4.1 -15.0 1.0 10.2 7.9 2.4 Durable goods.......................... -12.7 4.2 7.9 11.8 -17.1 -11.5 -4.6 -17.8 -.3 6.0 6.1 4.8 Nondurable goods....................... 3.5 1.2 .6 .9 3.9 -1.4 8.7 2.8 1.2 4.2 1.9 -2.4 Wholesale trade.......................... 7.8 6.0 17.0 15.2 1.4 10.4 7.0 12.4 2.2 7.1 13.1 1.8 Durable goods.......................... 3.1 3.5 12.6 13.3 -6.0 11.7 4.4 2.3 .8 2.7 6.9 3.5 Nondurable goods....................... 4.7 2.6 4.4 1.9 7.4 -1.3 2.6 10.0 1.4 4.4 6.2 -1.7 Retail trade............................. 3.9 12.8 17.2 3.6 -5.3 9.0 3.4 8.3 32.1 3.8 6.3 8.9 Durable goods.......................... .8 7.7 11.0 3.7 -1.8 5.4 -2.2 1.9 19.5 4.2 -1.6 8.7 Motor vehicle dealers................ 1.2 3.0 4.8 .9 2.7 2.7 -1.3 .8 17.3 .7 -7.6 1.4 Other................................ -.4 4.7 6.2 2.9 -4.4 2.7 -.9 1.1 2.2 3.5 6.0 7.3 Nondurable goods....................... 3.1 5.1 6.1 -.1 -3.5 3.7 5.6 6.5 12.6 -.4 7.9 .1 Other.................................... -.4 2.6 5.4 8.1 9.6 -5.5 -7.7 2.0 -9.4 5.3 5.0 9.6 ----------------------------------------------------------------------------------------------------------------------------------- Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.............. 6776.0 6890.5 6993.1 7083.2 7149.8 7204.9 7309.8 7350.6 7426.8 7538.1 Personal consumption expenditures........ 4600.9 4666.2 4738.3 4798.2 4840.6 4910.5 4957.9 4990.5 5060.5 5143.9 Durable goods.......................... 562.6 573.1 585.3 602.7 593.0 604.0 615.8 612.8 625.2 641.6 Motor vehicles and parts............. 243.3 242.4 245.0 250.7 240.6 248.3 253.9 248.3 254.2 257.6 Furniture and household equipment........................... 216.0 223.4 230.2 237.6 237.1 239.2 244.3 247.0 248.7 257.3 Other................................ 103.4 107.3 110.1 114.3 115.3 116.5 117.7 117.4 122.3 126.7 Nondurable goods....................... 1399.7 1416.6 1443.4 1459.0 1471.5 1486.7 1491.2 1494.2 1522.1 1549.3 Food................................. 701.4 710.7 721.1 729.5 738.4 744.6 750.9 754.9 765.8 771.1 Clothing and shoes................... 242.8 245.4 249.4 253.8 252.8 254.3 255.5 254.8 261.2 266.9 Gasoline and oil..................... 105.9 106.4 113.4 113.9 116.2 118.3 113.1 110.8 115.9 126.5 Fuel oil and coal.................... 11.3 9.8 9.9 9.3 9.5 10.4 9.8 10.3 11.3 11.4 Other................................ 338.3 344.3 349.7 352.4 354.5 359.2 361.9 363.4 368.0 373.3 Services............................... 2638.6 2676.5 2709.6 2736.6 2776.1 2819.8 2850.9 2883.5 2913.2 2953.1 Housing.............................. 693.2 701.6 711.3 720.3 729.8 739.0 748.0 758.1 767.0 774.3 Household operation.................. 270.4 282.5 281.6 281.2 286.3 293.7 298.7 298.1 302.1 309.8 Electricity and gas................ 117.3 119.2 114.4 111.6 113.6 118.2 121.7 118.4 120.8 124.9 Other household operation.......... 153.2 163.3 167.2 169.6 172.7 175.5 177.0 179.7 181.3 184.9 Transportation....................... 176.5 180.6 183.2 185.0 187.1 191.6 194.2 196.9 198.5 202.8 Medical care......................... 722.4 732.9 743.6 757.5 771.0 779.5 787.8 798.5 800.4 808.4 Other................................ 776.0 778.9 789.9 792.5 801.9 816.0 822.2 831.8 845.3 857.8 Gross private domestic investment........ 957.6 1016.5 1033.6 1050.1 1072.0 1050.3 1074.8 1064.0 1068.9 1093.0 Fixed investment....................... 917.4 942.0 968.9 991.4 1013.9 1016.3 1036.6 1046.2 1070.7 1081.6 Nonresidential....................... 638.8 653.5 678.5 697.9 723.6 734.4 746.3 749.7 769.0 768.0 Structures......................... 171.8 179.1 181.0 188.8 194.5 197.6 202.5 204.0 208.4 205.9 Nonresidential buildings, including farm.................. 118.7 125.3 126.4 134.4 137.9 140.3 144.0 145.8 147.3 143.8 Utilities........................ 32.3 33.0 34.2 35.2 36.3 37.9 39.7 40.2 40.9 41.8 Mining exploration, shafts, and wells....................... 14.4 14.1 13.0 12.4 13.2 11.5 11.9 11.4 13.9 14.6 Other structures................. 6.5 6.7 7.4 6.9 7.1 7.9 7.0 6.6 6.4 5.7 Producers' durable equipment....... 467.0 474.4 497.5 509.1 529.0 536.8 543.8 545.7 560.6 562.1 Information processing and related equipment............... 152.5 157.7 161.6 169.9 174.6 183.3 183.1 191.8 198.2 198.2 Computers and peripheral equipment..................... 52.1 53.7 54.4 57.7 58.4 62.8 63.3 69.7 73.7 72.6 Other.......................... 100.4 104.0 107.2 112.2 116.2 120.6 119.7 122.0 124.5 125.5 Industrial equipment............. 105.4 107.6 111.3 114.6 120.4 126.9 125.8 124.9 127.9 131.5 Transportation and related equipment....................... 113.0 110.5 122.9 122.1 127.2 121.0 128.4 123.0 125.3 122.1 Other............................ 96.0 98.6 101.8 102.4 106.9 105.6 106.4 106.1 109.2 110.4 Residential.......................... 278.5 288.5 290.4 293.5 290.4 281.9 290.3 296.5 301.7 313.6 Stuctures.......................... 271.9 281.5 283.3 286.2 283.1 274.8 283.0 289.2 294.4 306.0 Single family structures......... 151.3 155.6 155.1 153.3 149.5 138.7 142.8 147.0 150.6 155.8 Multifamily structures........... 11.7 13.3 15.1 16.3 17.6 18.3 18.8 19.6 20.3 21.5 Other............................ 108.9 112.6 113.1 116.6 116.0 117.8 121.3 122.6 123.5 128.7 Producers' durable equipment....... 6.7 6.9 7.1 7.3 7.3 7.2 7.3 7.3 7.3 7.6 Change in business inventories......... 40.2 74.5 64.7 58.7 58.1 34.0 38.2 17.8 -1.7 11.4 Farm................................. 10.2 19.3 12.9 3.6 -2.7 -2.1 -3.2 -2.1 -4.4 -3.8 Nonfarm.............................. 29.9 55.2 51.8 55.1 60.8 36.1 41.5 19.9 2.7 15.1 Manufacturing...................... 10.5 4.2 12.4 6.9 9.1 12.4 17.5 11.9 12.6 -1.7 Durable goods.................... 6.3 8.5 8.7 8.0 8.6 10.6 15.5 12.5 14.6 4.2 Nondurable goods................. 4.2 -4.3 3.7 -1.2 .5 1.7 2.1 -.6 -2.0 -6.0 Wholesale trade.................... 2.8 20.8 21.1 23.2 25.8 16.3 14.1 4.5 6.7 5.0 Durable goods.................... 3.0 19.9 13.5 14.1 23.0 11.8 5.8 12.7 9.5 1.1 Nondurable goods................. -.2 .9 7.6 9.1 2.8 4.5 8.3 -8.2 -2.8 3.9 Retail trade....................... 10.6 23.7 16.4 18.0 13.0 5.9 3.3 -7.8 -22.9 6.6 Durable goods.................... 12.3 7.6 11.1 13.0 12.7 3.9 2.4 -4.1 -19.4 8.2 Motor vehicle dealers.......... 8.5 -2.6 3.9 9.3 10.2 -.5 -6.6 .4 -26.1 .9 Other.......................... 3.8 10.3 7.2 3.7 2.5 4.4 9.1 -4.5 6.7 7.4 Nondurable goods................. -1.7 16.0 5.3 4.9 .3 2.0 .9 -3.7 -3.5 -1.6 Other.............................. 6.0 6.7 1.9 7.0 13.0 1.6 6.5 11.4 6.3 5.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services.............. -29.5 -62.7 -94.4 -94.7 -8.9 -29.0 -37.6 -42.7 -47.9 -59.6 -74.5 -68.8 Exports...................................... 639.4 657.8 719.1 807.4 632.4 635.9 640.2 649.1 646.9 660.4 645.3 678.7 Goods...................................... 448.7 459.6 509.1 581.4 442.1 445.9 447.7 459.0 451.2 462.0 447.7 477.4 Agricultural products.................... 44.0 43.7 47.1 57.2 43.5 42.7 44.4 45.6 43.7 43.6 42.1 45.3 Nonagricultural products................. 404.6 415.9 462.0 524.2 398.6 403.2 403.3 413.4 407.4 418.3 405.6 432.1 Services................................... 190.7 198.3 210.1 225.9 190.3 190.0 192.5 190.1 195.7 198.5 197.7 201.3 Imports...................................... 669.0 720.5 813.5 902.0 641.3 664.9 677.8 691.8 694.8 720.0 719.8 747.5 Goods...................................... 544.9 592.8 677.0 757.0 516.8 541.1 557.2 564.4 570.7 593.2 592.7 614.4 Petroleum and products................... 51.6 51.5 51.3 55.1 41.9 52.4 57.2 54.9 51.0 57.2 50.1 47.6 Nonpetroleum products.................... 493.3 541.3 625.7 701.9 474.9 488.7 500.0 509.5 519.7 536.0 542.6 566.8 Services................................... 124.1 127.8 136.4 145.1 124.5 123.8 120.6 127.4 124.0 126.8 127.1 133.1 Government consumption expenditures and gross investment.............................. 1263.8 1290.4 1314.7 1358.3 1247.9 1256.4 1270.7 1280.0 1279.3 1285.1 1294.1 1303.2 Federal...................................... 528.0 522.6 516.4 516.6 521.8 523.2 532.0 535.0 525.5 520.1 521.3 523.5 National defense........................... 375.8 362.7 352.0 345.5 372.8 374.1 380.9 375.3 365.7 362.7 361.2 361.3 Consumption expenditures................. 319.7 313.5 305.8 302.3 317.2 317.3 323.5 320.7 314.4 312.6 315.1 312.0 Gross investment......................... 56.1 49.2 46.2 43.3 55.6 56.9 57.4 54.6 51.3 50.1 46.1 49.3 Nondefense................................. 152.2 159.9 164.3 171.0 149.0 149.1 151.1 159.7 159.8 157.4 160.1 162.2 Consumption expenditures................. 131.4 138.4 144.9 151.5 128.5 129.1 130.9 137.0 136.9 135.9 138.4 142.3 Gross investment......................... 20.8 21.5 19.4 19.5 20.4 20.0 20.2 22.6 22.9 21.5 21.8 19.9 State and local.............................. 735.8 767.8 798.4 841.7 726.1 733.2 738.7 745.1 753.8 765.0 772.7 779.7 Consumption expenditures................. 603.6 627.9 651.7 682.6 592.6 600.8 607.4 613.6 620.8 626.0 630.8 634.1 Gross investment......................... 132.2 139.9 146.6 159.1 133.5 132.4 131.3 131.5 133.0 139.0 142.0 145.6 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......................... 6244.4 6553.0 6935.7 7253.8 6121.8 6201.2 6271.7 6383.0 6442.6 6506.2 6574.4 6688.6 Plus: Receipts of factor income from the rest of the world............................. 137.9 140.7 163.4 208.3 140.7 143.3 133.8 133.9 136.1 141.4 141.7 143.5 Less: Payments of factor income to the rest of the world............................. 126.8 130.1 167.2 215.3 124.2 132.3 124.3 126.4 120.2 131.1 129.0 140.2 Equals: Gross national product................. 6255.5 6563.5 6931.9 7246.7 6138.3 6212.2 6281.1 6390.5 6458.6 6516.5 6587.1 6691.9 ----------------------------------------------------------------------------------------------------------------------------------- Disposition of personal income Personal income................................ 5264.2 5480.1 5753.1 6115.1 5151.9 5225.1 5264.6 5415.3 5349.0 5459.1 5501.5 5610.4 Wage and salary disbursements................ 2986.4 3090.7 3241.8 3430.6 2916.5 2956.2 2988.2 3084.7 2982.0 3074.3 3114.0 3192.4 Other labor income........................... 351.3 380.9 402.2 424.0 340.8 347.6 355.9 361.1 372.2 379.1 384.3 388.0 Proprietors' income and inventory valuation and capital consumption adjustments................................. 409.5 420.0 450.9 478.3 396.5 406.9 412.1 422.4 413.5 417.6 414.2 434.9 Farm....................................... 38.0 32.0 35.0 29.0 36.7 37.9 39.9 37.3 31.5 35.8 26.1 34.4 Nonfarm.................................... 371.5 388.1 415.9 449.3 359.8 368.9 372.3 385.1 382.0 381.8 388.1 400.5 Rental income of persons with capital consumption adjustment...................... 80.6 102.5 116.6 122.2 78.6 80.9 70.8 92.3 98.4 102.9 104.1 104.5 Personal dividend income..................... 159.4 186.8 199.6 214.8 152.3 154.5 160.8 170.1 180.0 185.4 189.7 192.1 Personal interest income..................... 667.2 648.1 663.7 717.1 674.1 673.0 661.2 660.4 659.3 652.2 640.9 639.9 Transfer payments to persons................. 858.2 910.7 956.3 1022.6 838.3 853.5 865.3 875.8 895.9 906.9 916.4 923.6 Less: Personal contributions for social insurance................................... 248.4 259.6 278.1 294.5 245.2 247.4 249.7 251.4 252.3 259.3 261.9 265.0 Less: Personal tax and nontax payments........ 650.5 689.9 731.4 794.3 636.7 640.0 650.6 674.8 662.4 686.9 696.4 713.8 Equals: Disposable personal income............ 4613.7 4790.2 5021.7 5320.8 4515.2 4585.1 4613.9 4740.5 4686.6 4772.2 4805.1 4896.6 Less: Personal outlays........................ 4341.0 4575.8 4832.3 5071.5 4250.0 4304.8 4359.5 4450.0 4489.2 4545.5 4602.2 4666.3 Equals: Personal saving....................... 272.6 214.4 189.4 249.3 265.2 280.3 254.5 290.5 197.3 226.7 202.8 230.4 Personal saving as a percentage of disposable personal income.................... 5.9 4.5 3.8 4.7 5.9 6.1 5.5 6.1 4.2 4.8 4.2 4.7 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3a.--Gross Domestic Product, Gross National Product, and Disposition of Personal Income--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services........ -78.8 -93.0 -107.0 -98.7 -108.7 -115.3 -87.6 -67.2 -86.3 -105.0 Exports................................ 678.9 707.4 729.2 761.0 776.1 797.3 819.0 837.0 839.5 850.9 Goods................................ 476.0 498.4 516.6 545.1 559.1 575.2 587.0 604.5 603.6 612.6 Agricultural products.............. 43.6 43.7 46.9 54.0 55.5 53.8 58.9 60.7 63.2 61.6 Nonagricultural products........... 432.4 454.7 469.7 491.1 503.6 521.4 528.0 543.8 540.4 551.0 Services............................. 202.8 209.0 212.6 215.9 217.0 222.2 232.1 232.5 235.9 238.3 Imports................................ 757.6 800.4 836.1 859.6 884.8 912.6 906.6 904.2 925.8 955.9 Goods................................ 623.6 664.6 698.3 721.6 741.9 767.3 759.7 759.0 776.7 804.0 Petroleum and products............. 41.9 51.5 60.6 51.1 52.3 58.5 56.0 53.5 55.9 70.6 Nonpetroleum products.............. 581.7 613.1 637.7 670.5 689.6 708.8 703.7 705.5 720.7 733.5 Services............................. 134.0 135.8 137.9 138.0 142.8 145.3 146.9 145.2 149.2 151.8 Government consumption expenditures and gross investment........................ 1296.4 1300.8 1328.2 1333.5 1345.8 1359.4 1364.6 1363.4 1383.7 1406.2 Federal................................ 511.3 509.4 523.8 520.9 519.7 522.0 516.8 507.7 518.6 527.7 National defense..................... 346.7 349.3 362.3 349.7 347.6 351.7 345.7 337.1 343.9 351.6 Consumption expenditures........... 301.3 303.4 313.5 305.0 302.8 304.8 301.4 300.1 298.7 305.4 Gross investment................... 45.5 45.9 48.9 44.7 44.8 47.0 44.3 37.0 45.2 46.1 Nondefense........................... 164.6 160.0 161.5 171.2 172.1 170.3 171.1 170.6 174.7 176.1 Consumption expenditures........... 145.4 141.7 142.2 150.4 151.8 150.8 152.2 151.3 154.9 157.0 Gross investment................... 19.2 18.4 19.3 20.9 20.4 19.5 18.9 19.3 19.8 19.1 State and local........................ 785.0 791.4 804.4 812.6 826.1 837.3 847.7 855.7 865.1 878.5 Consumption expenditures........... 642.4 647.3 655.4 661.9 672.1 680.1 686.2 691.9 701.3 710.2 Gross investment................... 142.7 144.2 149.0 150.8 154.0 157.2 161.5 163.8 163.8 168.4 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product................... 6776.0 6890.5 6993.1 7083.2 7149.8 7204.9 7309.8 7350.6 7426.8 7538.1 Plus: Receipts of factor income from the rest of the world....................... 147.9 155.0 170.4 180.3 200.8 211.9 207.0 213.4 220.4 ..... Less: Payments of factor income to the rest of the world....................... 142.9 157.1 176.6 192.1 203.8 214.3 223.4 219.7 220.6 ..... Equals: Gross national product........... 6781.0 6888.3 6987.0 7071.4 7146.8 7202.4 7293.4 7344.3 7426.6 ..... ----------------------------------------------------------------------------------------------------------------------------------- Disposition of personal income Personal income.......................... 5562.4 5739.1 5808.2 5902.7 6004.5 6074.4 6146.9 6234.5 6308.5 6411.3 Wage and salary disbursements.......... 3142.0 3233.8 3266.6 3324.9 3367.9 3403.1 3451.2 3500.2 3538.2 3606.3 Other labor income..................... 395.6 400.5 404.9 407.8 417.7 422.0 425.9 430.2 429.1 434.0 Proprietors' income and inventory valuation and capital consumption adjustments........................... 421.1 454.4 458.7 469.4 472.0 474.7 479.6 486.7 499.5 515.8 Farm................................. 40.8 35.1 31.9 32.3 28.5 27.6 28.1 31.8 38.4 45.7 Nonfarm.............................. 380.3 419.3 426.8 437.1 443.5 447.1 451.5 454.9 461.1 470.1 Rental income of persons with capital consumption adjustment................ 101.1 121.0 122.2 121.9 120.6 121.6 120.9 125.8 126.9 122.6 Personal dividend income............... 193.2 197.5 201.0 206.7 209.5 212.2 215.8 221.7 226.6 229.3 Personal interest income............... 641.0 659.6 673.3 680.9 704.6 716.6 719.9 727.2 726.1 733.1 Transfer payments to persons........... 939.5 949.8 961.4 974.7 1002.4 1016.8 1029.9 1041.4 1063.0 1076.0 Less: Personal contributions for social insurance............................. 271.4 277.6 279.9 283.5 290.2 292.7 296.2 298.8 301.0 305.8 Less: Personal tax and nontax payments.. 705.5 740.8 731.3 748.1 770.0 801.5 798.4 807.2 824.9 867.4 Equals: Disposable personal income...... 4856.8 4998.3 5076.9 5154.6 5234.5 5272.9 5348.5 5427.3 5483.5 5544.0 Less: Personal outlays.................. 4728.0 4796.1 4870.8 4934.2 4980.3 5054.4 5106.6 5144.7 5218.1 5304.4 Equals: Personal saving................. 128.8 202.2 206.2 220.4 254.2 218.5 241.9 282.6 265.4 239.6 Personal saving as a percentage of disposable personal income.............. 2.7 4.0 4.1 4.3 4.9 4.1 4.5 5.2 4.8 4.3 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3b.--Real Gross Domestic Product [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.................... 6244.4 6386.4 6608.7 6742.9 6175.3 6214.2 6260.9 6327.3 6326.4 6356.5 6393.4 6469.1 Personal consumption expenditures.............. 4219.8 4339.5 4473.2 4577.8 4173.8 4196.4 4226.7 4282.3 4289.7 4318.8 4359.5 4390.0 Durable goods................................ 488.5 524.1 562.0 579.8 476.1 481.1 491.9 505.0 506.0 519.6 528.9 541.9 Motor vehicles and parts................... 206.9 218.6 228.2 221.1 201.7 204.5 207.4 213.9 210.8 219.0 219.1 225.3 Furniture and household equipment................................. 189.4 208.4 230.1 251.1 183.7 186.0 191.3 196.4 200.7 205.0 211.0 216.8 Other...................................... 92.3 97.2 104.2 109.8 90.7 90.6 93.3 94.6 94.5 95.5 98.9 99.9 Nondurable goods............................. 1321.8 1348.8 1390.5 1421.9 1314.4 1312.0 1321.1 1339.8 1336.9 1344.5 1354.0 1359.9 Food....................................... 660.0 674.3 689.1 702.1 661.0 653.9 656.4 668.6 670.5 672.9 675.7 677.9 Clothing and shoes......................... 225.5 233.3 247.2 257.2 220.4 223.2 227.7 230.9 227.4 232.3 235.0 238.6 Gasoline and oil........................... 106.6 109.1 110.4 113.3 104.8 106.1 108.2 107.3 108.2 108.0 110.9 109.3 Fuel oil and coal.......................... 10.9 10.7 10.3 10.3 10.5 11.9 10.5 10.7 10.9 10.6 10.7 10.6 Other...................................... 318.8 321.5 333.5 339.3 317.7 316.9 318.4 322.3 319.9 320.8 321.8 323.4 Services..................................... 2409.4 2466.7 2521.4 2577.0 2383.2 2403.2 2413.6 2437.6 2446.8 2454.9 2476.7 2488.5 Housing.................................... 646.8 655.0 668.2 681.7 642.6 645.5 648.5 650.6 652.2 653.5 655.9 658.5 Household operation........................ 248.2 261.2 266.0 276.8 243.6 249.9 243.3 256.1 257.0 258.0 264.9 265.0 Electricity and gas...................... 106.6 112.4 111.5 113.6 103.2 106.8 106.6 109.7 111.6 110.0 114.1 113.7 Other household operation................ 141.7 148.8 154.4 163.1 140.5 143.0 136.7 146.5 145.4 147.9 150.7 151.3 Transportation............................. 158.1 162.6 171.3 177.0 155.4 156.7 160.5 159.6 160.6 161.5 162.8 165.7 Medical care............................... 646.6 658.8 668.8 684.1 638.2 645.9 650.3 652.2 656.6 657.5 659.7 661.4 Other...................................... 709.7 729.1 747.3 757.6 703.4 705.3 710.9 719.1 720.4 724.4 733.6 738.1 Gross private domestic investment.............. 790.4 857.3 979.6 1010.2 757.9 792.8 798.6 812.4 834.8 843.2 857.6 893.5 Fixed investment............................. 783.4 836.4 921.1 975.9 758.3 782.4 787.3 805.8 815.4 821.1 835.4 873.5 Nonresidential............................. 557.9 593.6 652.1 714.3 544.4 557.5 560.6 569.1 577.5 586.4 593.1 617.6 Structures............................... 169.2 166.3 168.8 181.1 172.7 171.0 167.4 165.6 167.0 164.8 165.1 168.2 Nonresidential buildings, including farm........................ 113.2 112.8 117.7 127.9 118.1 114.4 110.4 109.8 111.4 110.6 112.7 116.3 Utilities.............................. 34.5 31.1 31.7 35.1 34.6 34.8 34.6 33.9 32.4 31.0 30.7 30.5 Mining exploration, shafts, and wells............................. 13.3 14.8 12.6 11.2 12.7 13.3 13.4 13.7 15.2 15.2 14.6 14.2 Other structures....................... 8.2 7.5 6.8 6.8 7.3 8.4 9.0 8.1 8.0 8.0 7.0 7.2 Producers' durable equipment............. 388.7 427.6 484.1 534.5 371.7 386.4 393.1 403.5 410.5 421.7 428.2 449.8 Information processing and related equipment..................... 134.2 147.1 170.4 201.1 126.7 132.4 138.6 138.9 139.5 142.2 150.7 156.0 Computers and peripheral equipment........................... 43.9 56.2 69.3 91.5 39.2 43.4 45.7 47.5 51.1 52.9 58.3 62.5 Other................................ 90.2 91.5 102.6 114.2 87.7 88.9 92.8 91.5 88.6 89.6 93.1 94.6 Industrial equipment................... 89.3 96.3 105.9 116.2 86.8 88.1 89.8 92.6 93.7 94.4 96.3 100.7 Transportation and related equipment............................. 86.2 97.5 111.7 118.1 79.9 87.9 85.4 91.5 93.0 99.5 95.0 102.7 Other.................................. 79.0 86.7 96.3 100.8 78.2 78.1 79.3 80.5 84.2 85.4 86.6 90.5 Residential................................ 225.6 242.7 268.9 262.8 213.9 224.9 226.7 236.7 237.9 234.8 242.2 255.8 Stuctures................................ 219.5 236.3 262.1 255.8 207.9 218.9 220.7 230.5 231.7 228.5 235.7 249.2 Single family structures............... 116.5 127.1 140.5 127.7 110.4 116.4 117.7 121.6 124.9 122.5 126.3 134.4 Multifamily structures................. 13.1 10.4 13.5 17.6 13.3 15.2 12.5 11.5 10.3 10.0 10.7 10.6 Other.................................. 89.9 98.8 108.1 110.9 84.3 87.3 90.6 97.4 96.5 96.0 98.7 104.1 Producers' durable equipment............. 6.0 6.4 6.8 7.0 6.0 6.0 6.0 6.2 6.3 6.3 6.5 6.6 Change in business inventories............... 7.3 19.1 58.9 33.1 -.1 11.3 12.1 5.8 18.5 20.8 19.5 17.4 Farm....................................... 5.4 -7.2 12.3 -4.7 7.7 9.9 5.4 -1.4 -7.3 -5.5 -11.5 -4.6 Nonfarm.................................... 1.9 26.4 46.8 37.2 -7.8 1.5 6.8 7.2 26.0 26.7 30.9 22.1 Manufacturing............................ -9.3 5.5 8.3 11.8 -13.4 -12.7 4.1 -15.2 1.2 10.6 7.9 2.3 Durable goods.......................... -12.8 4.1 7.7 11.2 -17.1 -11.5 -4.7 -17.8 -.2 6.2 6.0 4.6 Nondurable goods....................... 3.5 1.3 .6 .8 3.7 -1.2 8.8 2.7 1.4 4.5 1.8 -2.4 Wholesale trade.......................... 7.8 5.9 16.6 14.3 1.3 10.4 7.1 12.3 2.2 7.2 12.4 1.8 Durable goods.......................... 3.1 3.3 12.2 12.7 -6.0 11.8 4.4 2.3 .7 2.6 6.6 3.4 Nondurable goods....................... 4.7 2.6 4.4 1.7 7.3 -1.3 2.7 10.0 1.5 4.6 5.9 -1.6 Retail trade............................. 3.9 12.4 16.5 3.5 -5.2 9.2 3.5 8.2 31.8 3.7 5.8 8.5 Durable goods.......................... .9 7.5 10.3 3.5 -1.7 5.4 -2.1 1.8 19.3 4.1 -1.7 8.3 Motor vehicle dealers................ 1.2 2.9 4.3 .9 2.7 2.7 -1.3 .8 16.9 .6 -7.2 1.4 Other................................ -.3 4.7 6.0 2.7 -4.4 2.7 -.8 1.1 2.2 3.5 5.8 7.1 Nondurable goods....................... 3.0 4.9 6.1 .0 -3.5 3.7 5.6 6.3 12.4 -.4 7.7 .0 Other.................................... -.4 2.5 5.3 7.6 9.6 -5.4 -7.8 1.8 -9.4 5.2 4.8 9.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.............. 6508.5 6587.6 6644.9 6693.9 6701.0 6713.5 6776.4 6780.7 6814.3 6885.1 Personal consumption expenditures........ 4420.5 4458.7 4489.4 4524.0 4534.8 4569.9 4597.3 4609.4 4649.1 4692.0 Durable goods.......................... 549.6 555.4 563.1 579.8 566.5 576.2 589.1 587.5 599.2 619.3 Motor vehicles and parts............. 230.3 226.6 226.5 229.4 216.3 220.9 226.4 220.6 224.2 227.1 Furniture and household equipment........................... 219.0 226.1 232.6 242.6 243.1 247.1 254.1 259.9 264.1 277.4 Other................................ 100.3 103.0 104.7 108.8 108.9 109.9 110.5 109.9 113.9 118.5 Nondurable goods....................... 1372.9 1383.9 1397.0 1408.1 1416.6 1422.9 1424.7 1423.2 1436.1 1445.1 Food................................. 682.3 688.6 690.5 694.9 700.5 701.3 703.6 703.0 709.2 707.8 Clothing and shoes................... 241.1 243.3 249.0 255.5 254.6 257.9 258.8 257.3 262.5 269.5 Gasoline and oil..................... 108.8 109.5 111.6 111.6 113.4 113.6 112.5 113.7 112.6 113.9 Fuel oil and coal.................... 11.4 10.0 10.2 9.6 9.9 10.6 10.0 10.7 10.7 10.5 Other................................ 329.3 332.3 335.8 336.7 338.4 339.9 340.0 338.8 341.6 344.2 Services............................... 2498.5 2519.9 2530.0 2537.3 2552.5 2571.6 2584.6 2599.3 2614.7 2629.1 Housing.............................. 662.1 666.1 670.7 674.1 677.4 680.0 683.2 686.3 689.0 690.9 Household operation.................. 258.8 269.8 268.1 267.2 270.1 277.2 280.8 278.9 280.8 285.0 Electricity and gas................ 112.9 115.2 110.4 107.6 109.4 114.3 117.2 113.4 115.4 118.1 Other household operation.......... 146.0 154.7 157.6 159.4 160.6 162.9 163.6 165.4 165.3 166.9 Transportation....................... 168.2 170.3 172.1 174.5 175.6 175.9 176.4 180.0 182.5 183.6 Medical care......................... 663.2 667.6 670.4 674.2 677.8 681.3 686.0 691.2 691.1 693.8 Other................................ 746.5 746.3 749.0 747.4 751.7 757.4 758.4 763.0 771.8 776.3 Gross private domestic investment........ 933.6 984.8 994.2 1005.9 1023.7 996.8 1015.2 1004.9 1011.9 1035.1 Fixed investment....................... 892.4 911.4 930.8 949.7 969.5 965.7 980.0 988.5 1013.3 1024.5 Nonresidential....................... 628.5 639.5 660.5 679.7 704.4 710.5 719.0 723.3 743.5 744.5 Structures......................... 163.0 169.0 169.1 174.3 178.5 180.0 182.8 183.2 186.6 183.5 Nonresidential buildings, including farm.................. 112.4 117.8 117.4 123.3 125.4 126.8 129.2 130.3 131.4 127.7 Utilities........................ 30.7 31.2 32.1 32.7 33.7 34.8 35.8 36.0 36.4 37.1 Mining exploration, shafts, and wells....................... 13.4 13.3 12.2 11.5 12.5 10.7 11.0 10.5 12.8 13.3 Other structures................. 6.4 6.7 7.3 6.7 6.9 7.6 6.6 6.2 5.9 5.3 Producers' durable equipment....... 466.4 471.1 492.5 506.5 527.2 531.7 537.4 541.4 558.3 562.8 Information processing and related equipment............... 161.2 166.6 171.6 182.4 189.1 199.7 201.4 214.4 225.5 230.4 Computers and peripheral equipment..................... 64.5 67.1 69.3 76.3 80.2 88.2 91.9 105.6 117.2 122.9 Other.......................... 97.8 100.8 103.6 108.3 111.5 115.1 114.0 116.2 118.1 118.7 Industrial equipment............. 102.8 104.3 107.0 109.4 114.2 118.4 116.6 115.4 117.8 120.9 Transportation and related equipment....................... 109.0 105.3 115.8 116.6 121.9 114.9 120.3 115.4 117.5 113.4 Other............................ 93.4 95.3 98.0 98.7 102.6 100.3 100.7 99.4 101.5 102.4 Residential.......................... 263.6 271.6 270.3 270.3 265.9 256.5 262.2 266.3 271.1 280.8 Stuctures.......................... 257.0 264.8 263.5 263.2 258.9 249.6 255.3 259.3 264.1 273.6 Single family structures......... 140.3 143.5 140.8 137.4 133.0 123.0 125.8 129.1 132.5 136.8 Multifamily structures........... 11.2 12.8 14.5 15.6 16.8 17.4 17.8 18.5 19.2 20.3 Other............................ 105.4 108.4 108.2 110.4 109.3 109.8 112.2 112.4 113.0 117.2 Producers' durable equipment....... 6.6 6.8 6.8 7.1 7.0 6.9 7.0 7.0 7.0 7.3 Change in business inventories......... 40.5 74.5 64.5 56.1 54.5 30.5 33.0 14.6 -3.0 10.3 Farm................................. 11.1 21.0 14.2 2.9 -3.9 -3.9 -6.4 -4.7 -6.5 -5.9 Nonfarm.............................. 29.7 54.0 50.5 53.0 57.4 33.7 38.6 19.0 2.9 15.5 Manufacturing...................... 10.5 4.4 12.0 6.4 8.5 11.3 16.3 11.2 12.0 -.8 Durable goods.................... 6.1 8.4 8.6 7.8 8.2 10.0 14.6 12.0 14.0 4.1 Nondurable goods................. 4.4 -4.0 3.5 -1.4 .5 1.4 1.8 -.6 -1.6 -4.6 Wholesale trade.................... 3.0 20.3 20.7 22.6 24.2 15.3 13.2 4.4 6.4 5.1 Durable goods.................... 2.9 19.4 13.1 13.5 21.9 11.3 5.4 12.1 9.0 1.0 Nondurable goods................. .1 .9 7.6 9.1 2.5 4.1 7.7 -7.4 -2.3 4.0 Retail trade....................... 10.3 22.8 15.8 17.1 12.5 5.6 3.0 -7.1 -21.7 6.4 Durable goods.................... 11.8 7.1 10.4 12.1 12.0 3.6 2.0 -3.7 -17.9 7.7 Motor vehicle dealers.......... 7.9 -2.5 3.5 8.4 9.4 -.5 -6.2 .4 -23.6 .8 Other.......................... 3.7 9.9 6.9 3.5 2.3 4.2 8.6 -4.2 6.3 7.0 Nondurable goods................. -1.7 15.8 5.3 4.8 .3 2.0 1.0 -3.4 -3.7 -1.3 Other.............................. 5.9 6.4 2.0 6.8 12.2 1.5 6.0 10.6 6.1 4.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1922) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ------------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services.............. -29.5 -72.0 -105.7 -107.6 -14.8 -32.5 -30.8 -40.0 -56.0 -64.4 -86.2 -81.5 Exports...................................... 639.4 658.2 712.0 775.4 633.0 635.8 639.7 649.1 647.1 660.0 645.5 680.3 Goods...................................... 448.7 464.5 511.5 565.9 440.3 445.1 448.3 461.0 454.3 466.0 452.7 485.0 Agricultural products.................... 44.0 43.0 44.4 49.6 43.0 42.3 45.0 46.0 43.8 43.9 41.0 43.5 Nonagricultural products................. 404.6 421.5 467.2 516.4 397.3 402.8 403.4 415.0 410.5 422.2 411.8 441.6 Services................................... 190.7 193.7 200.9 210.4 192.8 190.7 191.3 188.2 192.7 194.0 192.7 195.5 Imports...................................... 669.0 730.2 817.6 883.0 647.8 668.3 670.5 689.1 703.1 724.4 731.7 761.8 Goods...................................... 544.9 602.6 684.1 744.7 521.2 543.6 552.8 561.8 578.4 598.0 604.1 629.8 Petroleum and products................... 51.6 56.7 60.2 59.2 47.4 51.8 53.3 53.0 53.7 57.9 56.9 58.3 Nonpetroleum products.................... 493.3 545.9 623.4 684.2 473.6 491.6 499.3 508.6 524.6 540.2 547.2 571.5 Services................................... 124.1 127.7 133.8 138.8 126.7 124.7 117.7 127.4 124.7 126.5 127.6 132.0 Government consumption expenditures and gross investment.............................. 1263.8 1261.0 1260.0 1260.2 1258.5 1257.5 1266.5 1272.5 1257.7 1258.4 1261.6 1266.2 Federal...................................... 528.0 509.2 489.8 472.3 525.1 523.3 529.6 534.0 516.1 509.7 505.9 505.0 National defense........................... 375.8 355.4 337.0 319.6 374.2 373.3 378.7 376.8 361.6 356.9 351.6 351.2 Consumption expenditures................. 319.7 307.4 293.6 280.1 318.3 316.5 321.2 322.6 310.9 307.5 307.0 303.9 Gross investment......................... 56.1 48.0 43.4 39.6 56.0 56.8 57.5 54.2 50.7 49.4 44.6 47.3 Nondefense................................. 152.2 153.8 152.6 152.3 150.8 150.0 150.9 157.1 154.4 152.7 154.2 153.7 Consumption expenditures................. 131.4 132.4 133.5 133.5 130.4 129.9 130.7 134.5 131.7 131.4 132.6 134.0 Gross investment......................... 20.8 21.4 19.0 18.7 20.5 20.1 20.1 22.6 22.8 21.4 21.6 19.7 State and local.............................. 735.8 751.8 770.5 788.6 733.5 734.2 736.9 738.5 741.6 748.8 755.7 761.3 Consumption expenditures................. 603.6 614.6 629.0 639.1 599.0 601.7 605.9 607.9 610.3 612.4 616.6 619.1 Gross investment......................... 132.2 137.2 141.5 149.4 134.4 132.6 131.0 130.6 131.3 136.4 139.1 142.2 Residual....................................... -.3 1.5 -3.3 -10.9 -1.0 -1.0 -1.1 .7 1.2 .9 1.8 1.4 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product......................... 6244.4 6386.4 6608.7 6742.9 6175.3 6214.2 6260.9 6327.3 6326.4 6356.5 6393.4 6469.1 Plus: Receipts of factor income from the rest of the world............................. 137.9 137.4 155.9 194.2 141.9 143.5 133.4 132.7 133.9 138.3 138.2 139.1 Less: Payments of factor income to the rest of the world............................. 126.8 126.7 158.6 199.7 125.6 132.6 123.9 125.2 117.9 127.9 125.3 135.6 Equals: Gross national product................. 6255.5 6397.1 6606.0 6737.1 6191.6 6225.1 6270.4 6334.8 6342.5 6366.9 6406.3 6472.5 ----------------------------------------------------------------------------------------------------------------------------------- Addendum: Equals: Disposable personal income............ 4613.7 4666.8 4778.2 4945.8 4565.6 4599.8 4600.6 4688.7 4602.9 4657.9 4674.7 4731.6 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 3b.--Real Gross Domestic Product--Continued [Billions of chained (1992) dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Net exports of goods and services........ -99.3 -107.3 -111.7 -104.3 -122.5 -121.4 -101.6 -84.9 -104.0 -121.7 Exports................................ 677.6 703.1 719.6 747.6 752.3 763.2 783.0 803.1 806.7 817.0 Goods................................ 481.9 502.9 517.8 543.4 548.8 557.7 568.2 588.8 590.9 601.0 Agricultural products.............. 40.6 41.2 45.1 50.9 50.8 48.1 50.0 49.4 50.5 46.0 Nonagricultural products........... 441.7 462.1 472.9 492.3 497.8 509.8 518.3 539.8 540.7 555.9 Services............................. 195.9 200.5 202.2 204.9 204.3 206.4 215.4 215.3 216.7 217.1 Imports................................ 777.0 810.4 831.3 851.9 874.9 884.6 884.5 888.0 910.7 938.7 Goods................................ 644.5 675.6 697.1 719.3 735.4 747.7 745.6 750.0 768.4 795.0 Petroleum and products............. 57.0 60.6 65.1 58.2 57.8 58.6 61.6 58.7 55.2 62.2 Nonpetroleum products.............. 587.0 614.6 632.0 659.9 676.2 687.7 682.9 689.8 711.3 731.3 Services............................. 132.6 135.0 134.5 133.1 139.8 137.4 139.4 138.5 142.8 144.3 Government consumption expenditures and gross investment........................ 1252.4 1249.8 1271.2 1266.6 1262.7 1265.1 1263.4 1249.6 1254.7 1276.3 Federal................................ 489.9 483.3 496.7 489.2 481.0 479.4 472.5 456.2 462.9 472.4 National defense..................... 334.8 335.5 346.2 331.3 325.0 325.5 319.1 308.8 311.9 317.9 Consumption expenditures........... 291.7 292.7 300.4 289.7 283.7 282.8 278.9 275.1 271.6 278.3 Gross investment................... 43.2 42.8 45.9 41.7 41.4 42.8 40.3 33.8 40.3 39.7 Nondefense........................... 154.9 147.8 150.4 157.5 155.6 153.5 153.1 147.0 150.6 154.0 Consumption expenditures........... 135.8 129.6 131.4 137.1 135.8 134.7 134.8 128.6 131.6 135.5 Gross investment................... 18.9 18.0 18.9 20.3 19.7 18.7 18.1 18.4 18.9 18.3 State and local........................ 762.7 766.8 774.7 777.7 782.2 786.3 791.5 794.4 792.6 804.8 Consumption expenditures........... 624.0 626.9 631.2 633.7 636.1 637.9 640.5 642.1 640.9 649.6 Gross investment................... 138.7 139.9 143.4 144.1 146.0 148.4 151.0 152.3 151.7 155.1 Residual................................. -1.1 -4.1 -3.7 -5.3 -6.8 -9.4 -9.1 -17.1 -21.2 -24.3 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product................... 6508.5 6587.6 6644.9 6693.9 6701.0 6713.5 6776.4 6780.7 6814.3 6885.1 Plus: Receipts of factor income from the rest of the world....................... 142.5 148.5 162.2 170.6 188.8 197.9 192.6 197.6 203.2 ..... Less: Payments of factor income to the rest of the world....................... 137.0 149.8 166.9 180.8 190.5 199.2 206.8 202.4 202.3 ..... Equals: Gross national product........... 6514.0 6586.2 6640.0 6683.5 6699.1 6711.9 6762.0 6775.6 6814.9 ..... ----------------------------------------------------------------------------------------------------------------------------------- Addendum: Equals: Disposable personal income...... 4666.5 4776.0 4810.2 4859.9 4903.8 4907.1 4959.5 5012.9 5037.6 5056.9 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 4.--Quantity and Price Indexes for Gross Domestic Product [Index numbers, 1992=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product: Chain-type quantity index.......... 100.0 102.3 105.8 108.0 98.9 99.5 100.3 101.3 101.3 101.8 102.4 103.6 Chain-type price index............. 100.0 102.6 105.0 107.6 99.1 99.8 100.2 100.9 101.8 102.4 102.8 103.4 Implicit price deflator............ 100.0 102.6 104.9 107.6 99.1 99.8 100.2 100.9 101.8 102.4 102.8 103.4 Personal consumption expenditures: Chain-type quantity index.................... 100.0 102.8 106.0 108.5 98.9 99.4 100.2 101.5 101.7 102.3 103.3 104.0 Chain-type price index....................... 100.0 102.6 105.1 107.6 98.9 99.7 100.3 101.1 101.8 102.5 102.8 103.5 Durable goods: Chain-type quantity index.................. 100.0 107.3 115.0 118.7 97.5 98.5 100.7 103.4 103.6 106.4 108.3 110.9 Chain-type price index..................... 100.0 101.3 103.4 104.6 99.6 100.1 100.1 100.2 100.5 101.1 101.5 101.9 Nondurable goods: Chain-type quantity index.................. 100.0 102.0 105.2 107.6 99.4 99.3 99.9 101.4 101.1 101.7 102.4 102.9 Chain-type price index..................... 100.0 101.5 102.8 104.5 99.2 99.7 100.4 100.7 101.3 101.5 101.3 101.9 Services: Chain-type quantity index.................. 100.0 102.4 104.6 107.0 98.9 99.7 100.2 101.2 101.6 101.9 102.8 103.3 Chain-type price index..................... 100.0 103.6 106.7 109.9 98.6 99.6 100.3 101.5 102.4 103.3 103.9 104.7 Gross private domestic fixed investment: Chain-type quantity index.................... 100.0 106.8 117.6 124.6 96.8 99.9 100.5 102.9 104.1 104.8 106.6 111.5 Chain-type price index....................... 100.0 101.7 103.7 105.4 99.6 99.8 100.1 100.5 101.0 101.6 102.0 102.2 Nonresidential: Chain-type quantity index.................. 100.0 106.4 116.9 128.0 97.6 99.9 100.5 102.0 103.5 105.1 106.3 110.7 Chain-type price index..................... 100.0 100.9 102.3 103.4 99.9 99.9 100.1 100.1 100.5 100.8 101.0 101.1 Residential: Chain-type quantity index.................. 100.0 107.6 119.2 116.5 94.8 99.7 100.5 104.9 105.5 104.1 107.4 113.4 Chain-type price index..................... 100.0 103.7 107.0 110.3 98.8 99.5 100.2 101.5 102.3 103.6 104.3 104.7 Exports of goods and services: Chain-type quantity index.................... 100.0 102.9 111.3 121.3 99.0 99.4 100.0 101.5 101.2 103.2 100.9 106.4 Chain-type price index....................... 100.0 99.9 101.0 104.1 99.9 100.1 100.1 100.0 100.0 100.1 99.9 99.7 Imports of goods and services: Chain-type quantity index.................... 100.0 109.2 122.2 132.0 96.8 99.9 100.2 103.0 105.1 108.3 109.4 113.9 Chain-type price index....................... 100.0 98.7 99.5 102.2 99.0 99.6 101.0 100.4 98.8 99.4 98.4 98.1 Government consumption expenditures and gross investment: Chain-type quantity index.................... 100.0 99.8 99.7 99.7 99.6 99.5 100.2 100.7 99.5 99.6 99.8 100.2 Chain-type price index....................... 100.0 102.3 104.3 107.8 99.2 99.9 100.3 100.6 101.7 102.1 102.6 102.9 Federal: Chain-type quantity index.................. 100.0 96.4 92.8 89.4 99.4 99.1 100.3 101.1 97.8 96.5 95.8 95.7 Chain-type price index..................... 100.0 102.6 105.4 109.4 99.4 100.0 100.4 100.2 101.8 102.0 103.0 103.7 State and local: Chain-type quantity index.................. 100.0 102.2 104.7 107.2 99.7 99.8 100.2 100.4 100.8 101.8 102.7 103.5 Chain-type price index..................... 100.0 102.1 103.6 106.7 99.0 99.9 100.2 100.9 101.7 102.2 102.3 102.4 Addenda: Final sales of domestic product: Chain-type quantity index.................. 100.0 102.1 105.0 107.6 99.0 99.5 100.2 101.3 101.1 101.6 102.1 103.4 Chain-type price index..................... 100.0 102.6 105.0 107.6 99.1 99.8 100.2 100.9 101.8 102.4 102.8 103.4 Implicit price deflator.................... 100.0 102.6 105.0 107.6 99.1 99.8 100.2 100.9 101.8 102.4 102.8 103.4 Gross domestic purchases: Chain-type quantity index.................. 100.0 102.9 107.0 109.1 98.7 99.6 100.3 101.5 101.7 102.3 103.3 104.4 Chain-type price index..................... 100.0 102.5 104.8 107.3 99.0 99.8 100.3 100.9 101.7 102.3 102.6 103.2 Implicit price deflator.................... 100.0 102.4 104.7 107.3 99.0 99.7 100.3 100.9 101.7 102.3 102.6 103.2 Gross national product: Chain-type quantity index.................. 100.0 102.3 105.6 107.7 99.0 99.5 100.2 101.3 101.4 101.8 102.4 103.5 Chain-type price index..................... 100.0 102.6 104.9 107.6 99.1 99.8 100.2 100.9 101.8 102.4 102.8 103.4 Implicit price deflator.................... 100.0 102.6 104.9 107.6 99.1 99.8 100.2 100.9 101.8 102.3 102.8 103.4 ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 4.--Quantity and Price Indexes for Gross Domestic Product-Continue [Index numbers, 1992=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product: Chain-type quantity index.... 104.2 105.5 106.4 107.2 107.3 107.5 108.5 108.6 109.1 110.3 Chain-type price index....... 104.1 104.6 105.2 105.8 106.7 107.3 107.9 108.4 109.0 109.6 Implicit price deflator...... 104.1 104.6 105.2 105.8 106.7 107.3 107.9 108.4 109.0 109.5 Personal consumption expenditures: Chain-type quantity index.............. 104.8 105.7 106.4 107.2 107.5 108.3 108.9 109.2 110.2 111.2 Chain-type price index................. 104.1 104.7 105.5 106.1 106.7 107.5 107.8 108.3 108.9 109.8 Durable goods: Chain-type quantity index............ 112.5 113.7 115.3 118.7 116.0 117.9 120.6 120.3 122.7 126.8 Chain-type price index............... 102.4 103.2 104.0 103.9 104.7 104.8 104.5 104.3 104.6 104.1 Nondurable goods: Chain-type quantity index............ 103.9 104.7 105.7 106.5 107.2 107.6 107.8 107.7 108.6 109.3 Chain-type price index............... 102.0 102.4 103.3 103.6 103.9 104.5 104.7 105.0 106.0 107.3 Services: Chain-type quantity index............ 103.7 104.6 105.0 105.3 105.9 106.7 107.3 107.9 108.5 109.1 Chain-type price index............... 105.6 106.2 107.1 107.9 108.8 109.7 110.3 110.9 111.5 112.4 Gross private domestic fixed investment: Chain-type quantity index.............. 113.9 116.3 118.8 121.2 123.8 123.3 125.1 126.2 129.3 130.8 Chain-type price index................. 102.8 103.4 104.1 104.4 104.6 105.2 105.8 105.9 105.9 106.0 Nonresidential: Chain-type quantity index............ 112.7 114.6 118.4 121.8 126.3 127.4 128.9 129.7 133.3 133.5 Chain-type price index............... 101.6 102.2 102.8 102.7 102.7 103.4 103.8 103.7 103.7 103.7 Residential: Chain-type quantity index............ 116.9 120.4 119.8 119.8 117.9 113.7 116.3 118.1 120.2 124.5 Chain-type price index............... 105.7 106.2 107.4 108.6 109.2 109.9 110.7 111.3 111.3 111.7 Exports of goods and services: Chain-type quantity index.............. 106.0 110.0 112.5 116.9 117.7 119.4 122.4 125.6 126.2 127.8 Chain-type price index................. 100.2 100.7 101.3 101.8 103.1 104.5 104.6 104.3 104.4 104.8 Imports of goods and services: Chain-type quantity index.............. 116.1 121.1 124.3 127.4 130.8 132.2 132.2 132.7 136.1 140.3 Chain-type price index................. 97.6 98.9 100.6 100.9 101.1 103.2 102.5 101.9 101.9 102.2 Government consumption expenditures and gross investment: Chain-type quantity index.............. 99.1 98.9 100.6 100.2 99.9 100.1 100.0 98.9 99.3 101.0 Chain-type price index................. 103.5 104.1 104.5 105.3 106.6 107.4 108.0 109.1 110.2 110.1 Federal: Chain-type quantity index............ 92.8 91.5 94.1 92.6 91.1 90.8 89.5 86.4 87.7 89.5 Chain-type price index............... 104.4 105.4 105.5 106.5 108.1 108.9 109.3 111.3 111.8 111.5 State and local: Chain-type quantity index............ 103.7 104.2 105.3 105.7 106.3 106.9 107.6 108.0 107.7 109.4 Chain-type price index............... 102.9 103.2 103.8 104.5 105.6 106.5 107.1 107.7 109.2 109.2 Addenda: Final sales of domestic product: Chain-type quantity index............ 103.7 104.4 105.5 106.4 106.6 107.1 108.1 108.4 109.3 110.2 Chain-type price index............... 104.2 104.6 105.3 105.8 106.7 107.3 107.9 108.4 109.1 109.7 Implicit price deflator.............. 104.1 104.6 105.3 105.8 106.7 107.3 107.9 108.4 109.0 109.5 Gross domestic purchases: Chain-type quantity index............ 105.3 106.7 107.6 108.3 108.7 108.9 109.6 109.4 110.2 111.6 Chain-type price index............... 103.8 104.4 105.1 105.7 106.4 107.2 107.6 108.1 108.7 109.3 Implicit price deflator.............. 103.8 104.4 105.1 105.7 106.4 107.2 107.6 108.1 108.7 109.2 Gross national product: Chain-type quantity index............ 104.1 105.3 106.1 106.8 107.1 107.3 108.1 108.3 108.9 ..... Chain-type price index............... 104.1 104.6 105.2 105.8 106.7 107.3 107.8 108.4 109.0 ..... Implicit price deflator.............. 104.1 104.6 105.2 105.8 106.7 107.3 107.9 108.4 109.0 ..... ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Notes" at end of tables. Table 5a.--Real Gross Domestic Product: Historical Perspective ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 92 IV 92 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding quarter (seasonally adjusted at annual rates) Real gross domestic product..... 3.0 4.3 -.1 1.9 2.3 4.8 2.5 4.9 3.5 3.0 .4 .7 3.8 .3 2.0 4.2 Personal consumption expenditures...... 2.9 5.4 .7 2.7 3.8 2.8 2.8 3.5 2.8 3.1 1.0 3.1 2.4 1.1 3.5 3.7 Durable goods........................ 9.3 11.0 .8 11.2 7.3 10.2 5.8 4.3 5.6 12.4 -8.9 7.0 9.3 -1.0 8.2 14.1 Nondurable goods..................... 2.8 5.8 -.9 2.3 2.8 1.7 3.9 3.2 3.8 3.2 2.4 1.8 .5 -.4 3.7 2.5 Services............................. 1.7 4.0 1.5 1.3 3.6 1.9 1.6 3.5 1.6 1.2 2.4 3.0 2.0 2.3 2.4 2.2 Gross private domestic fixed investment 2.5 9.7 4.9 2.8 7.2 19.5 9.0 8.8 8.8 8.4 8.6 -1.6 6.1 3.5 10.4 4.5 Nonresidential....................... 2.2 6.2 6.0 6.3 4.7 17.5 7.3 7.1 13.8 12.2 15.4 3.5 4.9 2.5 11.6 .5 Structures......................... -8.1 -4.3 3.5 -5.3 .8 7.5 -11.8 15.7 .2 13.0 9.9 3.4 6.3 1.0 7.7 -6.6 Producers' durable equipment....... 7.1 11.0 7.1 11.4 6.3 21.7 15.5 4.1 19.4 11.9 17.4 3.5 4.3 3.0 13.1 3.2 Residential.......................... 3.3 18.7 2.1 -5.1 13.2 24.3 12.8 12.7 -1.8 -.1 -6.3 -13.4 9.2 6.4 7.4 15.2 Change in business inventories......... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.......... 2.5 6.0 -1.3 8.3 -8.5 23.4 -1.5 15.9 9.7 16.5 2.6 5.9 10.7 10.7 1.8 5.2 Imports of goods and services.......... 1.3 11.6 8.3 12.7 4.1 17.5 8.2 18.4 10.7 10.3 11.2 4.5 .0 1.6 10.6 12.9 Government consumption expenditures and gross investment.................. 2.9 1.9 -4.6 .2 1.0 1.5 -4.3 -.8 7.0 -1.4 -1.2 .8 -.6 -4.3 1.6 7.1 Federal.............................. 4.9 3.4 -12.7 -4.9 -2.9 -.7 -11.4 -5.3 11.5 -5.9 -6.5 -1.3 -5.6 -13.2 6.0 8.4 National defense................... 6.0 -2.0 -15.2 -5.1 -5.8 -.4 -17.4 .7 13.5 -16.1 -7.4 .6 -7.6 -12.3 4.1 8.0 Nondefense......................... 2.4 17.6 -6.7 -4.4 3.9 -1.3 3.1 -17.0 7.3 20.2 -4.7 -5.2 -1.3 -14.8 10.1 9.3 State and local...................... 1.4 .9 1.7 3.9 3.8 3.0 .7 2.2 4.2 1.6 2.3 2.1 2.7 1.5 -.9 6.3 Addenda: Final sales of domestic product...... 3.0 4.6 -.9 1.7 2.3 5.0 1.2 3.0 4.2 3.5 .6 2.1 3.6 1.4 3.0 3.5 Gross domestic purchases price index. 2.1 2.6 3.1 2.4 1.3 2.2 2.4 2.3 3.0 2.0 2.8 2.8 1.6 1.9 2.3 2.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contribution to change in GDP (percentage points at annual rates) Real gross domestic product..... 3.0 4.3 -.1 1.9 2.3 4.8 2.5 4.9 3.5 3.0 .4 .7 3.8 .3 2.0 4.2 Personal consumption expenditures...... 2.0 3.6 .3 1.9 2.6 1.9 1.9 2.4 1.9 2.1 .6 2.1 1.6 .7 2.4 2.5 Durable goods........................ .7 .8 .0 .9 .6 .8 .5 .4 .5 1.0 -.8 .6 .7 -.1 .7 1.2 Nondurable goods..................... .6 1.2 -.1 .5 .6 .4 .8 .7 .8 .7 .5 .4 .1 -.1 .7 .5 Services............................. .7 1.6 .4 .5 1.4 .8 .6 1.3 .6 .4 .9 1.2 .8 .8 .9 .9 Gross private domestic fixed investment .3 1.2 .4 .4 .9 2.4 1.2 1.2 1.2 1.1 1.2 -.2 .8 .5 1.4 .6 Nonresidential....................... .2 .5 .3 .6 .4 1.5 .7 .7 1.2 1.1 1.4 .3 .5 .2 1.1 .1 Structures......................... -.2 -.1 .1 -.1 .0 .2 -.3 .4 .0 .3 .3 .1 .2 .0 .2 -.2 Producers' durable equipment....... .4 .7 .3 .7 .4 1.3 1.0 .3 1.2 .8 1.2 .2 .3 .2 .9 .2 Residential.......................... .1 .6 .1 -.2 .5 .9 .5 .5 -.1 .0 -.3 -.6 .3 .2 .3 .6 Change in business inventories......... .1 -.3 .5 .2 .0 -.2 1.3 2.0 -.6 -.4 -.1 -1.3 .3 -1.0 -1.0 .7 Exports of goods and services.......... .2 .6 -.1 .8 -.9 2.1 -.2 1.5 1.0 1.6 .3 .6 1.1 1.1 .2 .6 Imports of goods and services.......... -.1 -1.2 -.5 -1.4 -.4 -1.8 -.9 -2.0 -1.2 -1.2 -1.3 -.5 .0 -.2 -1.3 -1.6 Government consumption expenditures and gross investment.................. .6 .4 -.6 .0 .2 .3 -.9 -.2 1.3 -.3 -.2 .1 -.1 -.8 .3 1.3 Federal.............................. .4 .3 -.7 -.4 -.2 -.1 -1.0 -.4 .8 -.5 -.5 -.1 -.4 -.9 .4 .6 National defense................... .4 -.1 -.6 -.3 -.3 .0 -1.0 .0 .7 -.9 -.4 .0 -.4 -.6 .2 .4 Nondefense......................... .1 .4 -.1 -.1 .1 .0 .1 -.4 .2 .4 -.1 -.1 .0 -.3 .2 .2 State and local...................... .2 .1 .1 .5 .4 .3 .1 .3 .5 .2 .3 .2 .3 .2 -.1 .7 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 5b.--Real Gross Domestic Product: Historical Perspective ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 92 IV 92 I 93 II 93 III 93 IV 93 I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 II 96 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from quarter one year ago Real gross domestic product..... 2.8 3.7 2.4 2.3 2.1 2.2 2.9 3.6 3.9 3.5 3.0 1.9 2.0 1.3 1.7 2.6 Personal consumption expenditures...... 2.6 4.2 2.8 2.9 3.1 2.5 3.0 3.2 3.0 3.1 2.6 2.5 2.4 1.9 2.5 2.7 Durable goods........................ 5.3 9.4 6.3 8.0 7.5 7.3 8.6 6.9 6.5 7.0 3.1 3.7 4.6 1.3 5.8 7.5 Nondurable goods..................... 1.1 3.4 1.7 2.5 2.5 1.5 2.7 2.9 3.2 3.5 3.2 2.8 2.0 1.1 1.4 1.6 Services............................. 2.9 3.6 2.7 2.2 2.6 2.1 2.1 2.6 2.2 2.0 2.2 2.1 2.2 2.4 2.4 2.2 Gross private domestic fixed investment 6.2 8.6 7.5 4.9 6.1 8.4 9.4 11.0 11.4 8.7 8.6 6.0 5.3 4.1 4.5 6.1 Nonresidential....................... 2.8 5.5 6.1 5.2 5.8 8.5 8.8 9.1 11.4 10.1 12.1 11.1 8.9 6.4 5.6 4.8 Structures......................... -4.6 -3.4 -3.3 -3.6 -1.4 1.6 -2.4 2.5 2.4 3.6 9.5 6.5 8.1 5.1 4.5 1.9 Producers' durable equipment....... 6.3 9.6 10.4 9.1 8.9 11.5 13.6 11.7 15.0 12.6 13.0 12.9 9.1 6.9 5.9 5.8 Residential.......................... 15.9 16.9 11.2 4.4 6.8 8.1 10.8 15.7 11.6 5.7 .9 -5.6 -3.0 -1.5 2.0 9.5 Exports of goods and services.......... 6.0 4.1 2.2 3.8 .9 4.8 4.7 6.5 11.5 9.9 11.0 8.5 8.8 7.4 7.2 7.0 Imports of goods and services.......... 5.9 7.4 8.5 8.4 9.1 10.5 10.5 11.9 13.6 11.8 12.6 9.2 6.4 4.2 4.1 6.1 Government consumption expenditures and gross investment.................. .9 1.7 -.1 .1 -.4 -.5 -.4 -.7 .8 .0 .8 1.2 -.6 -1.3 -.6 .9 Federal.............................. -1.2 1.3 -1.7 -2.6 -4.5 -5.4 -5.1 -5.2 -1.8 -3.1 -1.8 -.8 -4.9 -6.7 -3.8 -1.5 National defense................... -4.1 -1.3 -3.4 -4.4 -7.2 -6.8 -7.4 -6.0 -1.5 -5.7 -2.9 -3.0 -7.8 -6.8 -4.0 -2.3 Nondefense......................... 6.7 8.1 2.4 1.8 2.2 -2.2 .3 -3.2 -2.5 2.5 .5 3.9 1.8 -6.7 -3.2 .3 State and local...................... 2.5 2.0 1.1 2.0 2.6 3.1 2.8 2.4 2.5 2.2 2.6 2.5 2.2 2.1 1.3 2.4 Addenda: Final sales of domestic product...... 2.7 3.9 2.1 2.1 1.9 2.0 2.5 2.8 3.3 2.9 2.8 2.6 2.4 1.9 2.5 2.9 Gross domestic purchases price index. 2.8 2.7 2.7 2.5 2.3 2.3 2.1 2.0 2.4 2.4 2.5 2.7 2.3 2.3 2.2 2.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding year Real gross domestic product..... -.3 2.5 -2.1 4.0 6.8 3.7 3.0 2.9 3.8 3.4 1.3 -1.0 2.7 2.3 3.5 2.0 Personal consumption expenditures...... -.3 1.2 1.2 5.2 5.2 4.7 4.0 3.1 3.9 2.3 1.7 -.6 2.8 2.8 3.1 2.3 Durable goods........................ -8.0 1.2 -.1 14.7 14.5 9.7 9.0 1.5 6.3 2.6 -.6 -6.4 5.8 7.3 7.2 3.2 Nondurable goods..................... -.4 .9 .6 2.9 3.5 2.3 3.2 1.9 2.8 2.3 1.0 -1.0 1.5 2.0 3.1 2.3 Services............................. 1.9 1.5 1.9 4.7 4.1 5.0 3.2 4.2 4.0 2.3 2.6 .8 2.9 2.4 2.2 2.2 Gross private domestic fixed investment -6.8 1.9 -7.6 7.2 16.5 4.8 .7 -.7 2.4 1.7 -3.1 -8.0 5.7 6.8 10.1 6.0 Nonresidential....................... -.5 5.3 -4.4 -1.7 17.3 6.2 -3.5 -1.1 4.4 4.0 -.6 -6.4 1.9 6.4 9.8 9.5 Structures......................... 6.7 7.9 -1.5 -10.4 14.3 7.3 -10.8 -3.6 .5 2.2 1.1 -10.7 -6.8 -1.7 1.5 7.3 Producers' durable equipment....... -4.4 3.7 -6.4 4.6 19.2 5.5 1.0 .3 6.4 5.0 -1.5 -4.1 6.2 10.0 13.2 10.4 Residential.......................... -21.1 -8.0 -18.2 41.1 14.6 1.4 12.0 .2 -2.0 -3.7 -9.3 -12.3 16.6 7.6 10.8 -2.3 Exports of goods and services.......... 10.8 1.2 -7.1 -2.6 8.3 2.7 7.4 11.0 15.9 11.7 8.5 6.3 6.6 2.9 8.2 8.9 Imports of goods and services.......... -6.7 2.6 -1.3 12.6 24.3 6.5 8.4 6.1 3.9 3.9 3.9 -.7 7.5 9.2 12.0 8.0 Government consumption expenditures and gross investment.................. 1.8 .7 1.3 2.8 3.1 6.1 5.1 2.7 1.3 2.8 3.0 .6 .5 -.2 -.1 .0 Federal.............................. 4.2 4.2 3.2 5.4 2.4 6.9 4.6 3.1 -1.8 1.3 2.0 -.5 -2.1 -3.6 -3.8 -3.6 National defense................... 3.6 5.4 6.9 5.7 4.0 7.5 5.2 4.0 -.9 -1.0 .0 -1.0 -5.5 -5.4 -5.2 -5.2 Nondefense......................... 5.6 1.1 -5.9 4.6 -2.2 5.1 2.8 .1 -4.9 9.2 8.0 1.1 7.2 1.0 -.7 -.2 State and local...................... .0 -2.0 -.3 .7 3.8 5.3 5.5 2.4 3.9 4.0 3.8 1.4 2.4 2.2 2.5 2.4 Addenda: Final sales of domestic product...... .6 1.1 -.9 3.7 5.0 4.6 3.5 2.6 4.1 3.0 1.6 -.7 2.5 2.1 2.9 2.4 Gross domestic purchases price index. -1.9 2.6 -1.6 5.4 8.3 4.1 3.2 2.6 2.9 2.7 .9 -1.6 2.8 2.9 3.9 2.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 6.--Corporate Profits [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........... 401.4 464.4 529.5 586.6 417.3 409.3 351.3 427.7 427.4 447.8 469.6 512.8 Profits before tax......................... 406.4 464.3 531.2 598.9 411.1 426.2 368.0 420.3 437.0 457.6 458.0 504.5 Profits tax liability.................... 143.0 163.8 195.3 218.7 143.9 150.9 127.6 149.7 151.5 162.6 159.3 181.7 Profits after tax........................ 263.4 300.5 335.9 380.2 267.2 275.2 240.4 270.6 285.6 295.0 298.6 322.8 Dividends.............................. 169.5 197.3 211.0 227.4 162.1 164.6 170.9 180.4 190.2 195.8 200.2 202.9 Undistributed profits.................. 93.9 103.2 124.8 152.8 105.2 110.6 69.5 90.3 95.3 99.2 98.4 119.9 Inventory valuation adjustment............. -7.5 -6.6 -13.3 -28.1 .3 -21.9 -8.6 .2 -14.6 -15.6 7.9 -4.0 Capital consumption adjustment............. 2.5 6.7 11.6 15.9 5.9 5.0 -8.1 7.2 5.0 5.8 3.8 12.3 Addenda: Net cash flow with inventory valuation and capital consumption adjustments......... 491.9 520.3 564.2 594.6 506.8 492.4 467.6 500.8 495.2 503.6 532.8 549.6 Undistributed profits with inventory valuation and capital consumption adjustments............................... 88.9 103.3 123.2 140.6 111.3 93.7 52.9 97.7 85.7 89.4 110.1 128.2 Consumption of fixed capital............... 403.0 417.0 441.0 454.0 395.5 398.7 414.7 403.1 409.5 414.2 422.7 421.4 Less: Inventory valuation adjustment......... -7.5 -6.6 -13.3 -28.1 .3 -21.9 -8.6 .2 -14.6 -15.6 7.9 -4.0 Equals: Net cash flow........................ 499.4 526.9 577.4 622.7 506.5 514.3 476.1 500.6 509.8 519.2 524.9 553.6 ----------------------------------------------------------------------------------------------------------------------------------- Table 6.--Corporate Profits-Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.............. 459.7 534.3 553.1 570.9 560.0 562.3 612.5 611.8 645.1 Profits before tax............................ 475.5 526.0 550.8 572.4 594.5 589.6 607.2 604.2 642.2 Profits tax liability....................... 171.4 192.8 203.4 213.5 217.3 214.2 224.5 218.7 233.4 Profits after tax........................... 304.1 333.3 347.4 358.8 377.2 375.3 382.8 385.5 408.8 Dividends................................. 204.4 208.8 212.5 218.5 221.7 224.6 228.5 234.7 239.9 Undistributed profits..................... 99.7 124.5 134.9 140.3 155.5 150.8 154.3 150.8 168.9 Inventory valuation adjustment................ -3.9 -9.8 -16.5 -22.8 -51.9 -42.3 -9.3 -8.8 -17.4 Capital consumption adjustment................ -11.8 18.1 18.8 21.3 17.4 15.0 14.6 16.5 20.4 Addenda: Net cash flow with inventory valuation and capital consumption adjustments............ 539.3 565.0 574.3 578.0 565.4 574.8 616.5 622.0 637.4 Undistributed profits with inventory valuation and capital consumption adjustments.................................. 83.9 132.7 137.2 138.8 121.0 123.5 159.6 158.4 171.8 Consumption of fixed capital.................. 455.4 432.2 437.1 439.3 444.4 451.3 456.9 463.6 465.6 Less: Inventory valuation adjustment............ -3.9 -9.8 -16.5 -22.8 -51.9 -42.3 -9.3 -8.8 -17.4 Equals: Net cash flow........................... 543.2 574.8 590.9 600.8 617.3 617.0 625.8 630.8 654.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Corporate Profits by Industry [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments.............................. 401.4 464.4 529.5 586.6 417.3 409.3 351.3 427.7 427.4 447.8 469.6 512.8 Domestic industries............................ 336.5 394.9 465.3 510.0 347.6 342.5 287.5 368.4 351.9 381.5 396.9 449.1 Financial.................................... 86.5 97.6 100.7 125.4 107.4 99.3 52.6 86.8 91.4 94.6 95.8 108.5 Nonfinancial................................. 250.0 297.3 364.6 384.6 240.2 243.3 234.8 281.6 260.5 286.9 301.1 340.6 Rest of the world.............................. 64.9 69.6 64.3 76.7 69.7 66.7 63.9 59.3 75.4 66.3 72.8 63.7 Receipts from the rest of the world.......... 68.0 79.1 88.5 111.1 68.6 72.4 67.9 63.1 76.6 78.9 80.7 80.4 Less: Payments to the rest of the world..... 3.1 9.6 24.3 34.5 -1.1 5.6 4.0 3.8 1.1 12.6 7.9 16.7 Corporate profits with inventory valuation adjustment..................... 398.9 457.7 517.9 570.8 411.4 404.3 359.4 420.5 422.4 442.0 465.9 500.5 Domestic industries............................ 334.0 388.1 453.7 494.1 341.7 337.6 295.6 361.2 347.0 375.7 393.1 436.8 Financial.................................... 83.7 91.0 94.4 119.1 105.1 96.9 49.7 83.1 85.7 88.1 88.8 101.3 Federal Reserve banks...................... 17.8 16.1 17.8 21.9 18.8 18.4 17.3 16.7 16.5 16.1 15.9 15.9 Other...................................... 65.9 74.9 76.6 97.3 86.3 78.5 32.4 66.4 69.2 72.0 72.9 85.5 Nonfinancial................................. 250.3 297.2 359.3 375.0 236.6 240.7 245.9 278.1 261.2 287.6 304.3 335.4 Manufacturing.............................. 96.3 109.7 142.7 145.7 92.0 89.6 98.4 105.1 90.4 108.4 106.0 134.0 Durable goods............................ 37.1 54.2 77.2 77.2 33.4 35.3 37.2 42.6 36.9 52.4 55.4 72.1 Primary metal industries............... -.1 .2 .7 3.0 .5 .3 -.5 -.8 -1.2 1.4 -.5 1.3 Fabricated metal products.............. 6.5 7.7 10.7 11.1 6.2 6.4 7.2 6.4 5.3 7.8 8.1 9.5 Industrial machinery and equipment..... 5.6 7.0 9.0 12.1 4.7 5.4 6.0 6.4 3.8 7.1 9.1 7.9 Electronic and other electric equipment............................. 10.0 14.8 22.5 25.6 9.8 8.5 9.7 11.8 12.6 11.9 15.9 18.8 Motor vehicles and equipment........... -1.1 4.2 10.2 4.4 -2.0 -.2 -2.8 .4 -.4 4.2 2.3 10.7 Other.................................. 16.2 20.3 24.1 20.9 14.2 14.8 17.6 18.4 16.9 20.1 20.5 23.8 Nondurable goods......................... 59.1 55.5 65.5 68.5 58.6 54.3 61.2 62.4 53.5 56.0 50.7 61.9 Food and kindred products.............. 18.3 16.2 19.1 17.7 15.9 20.2 20.0 17.2 18.8 15.2 16.0 14.6 Chemicals and allied products.......... 16.5 16.4 18.0 20.9 17.1 15.2 16.2 17.3 17.5 15.3 15.3 17.5 Petroleum and coal products............ -1.6 -2.2 -.1 .8 1.8 -6.9 -1.8 .4 -8.7 -1.6 -2.6 4.2 Other.................................. 26.0 25.1 28.4 29.1 23.8 25.8 26.8 27.6 25.9 27.1 21.9 25.6 Transportation and public utilities........ 57.8 70.6 81.3 94.8 61.2 57.4 54.3 58.3 68.5 66.4 73.6 74.0 Transportation........................... 2.3 7.4 10.8 14.4 5.5 .6 .3 2.7 5.9 6.2 8.7 8.9 Communications........................... 27.9 32.9 36.7 41.0 27.8 27.8 27.5 28.6 29.8 33.6 33.9 34.4 Electric, gas, and sanitary services..... 27.6 30.2 33.8 39.4 27.9 29.1 26.5 27.0 32.8 26.6 30.9 30.6 Wholesale trade............................ 23.0 25.5 34.5 29.6 14.6 21.8 27.4 28.3 17.9 28.6 27.0 28.7 Retail trade............................... 32.2 39.2 42.2 38.7 32.0 34.3 25.2 37.3 36.3 38.1 42.4 39.8 Other...................................... 41.0 52.1 58.6 66.2 36.8 37.5 40.6 49.3 48.2 46.2 55.2 59.0 Rest of the world.............................. 64.9 69.6 64.3 76.7 69.7 66.7 63.9 59.3 75.4 66.3 72.8 63.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 7.--Corporate Profits by Industry--Continued [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 ----------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments................................. 459.7 534.3 553.1 570.9 560.0 562.3 612.5 611.8 645.1 Domestic industries............................... 395.1 470.5 488.7 506.7 484.8 483.2 541.7 530.1 562.0 Financial....................................... 71.5 104.2 114.6 112.4 120.3 118.7 136.6 125.8 141.7 Nonfinancial.................................... 323.6 366.3 374.2 394.3 364.6 364.5 405.0 404.3 420.3 Rest of the world................................. 64.6 63.8 64.4 64.2 75.1 79.1 70.8 81.7 83.2 Receipts from the rest of the world............. 82.1 83.0 93.4 95.5 106.7 113.8 110.1 113.9 122.2 Less: Payments to the rest of the world........ 17.4 19.2 29.0 31.4 31.6 34.8 39.3 32.3 39.0 Corporate profits with inventory valuation adjustment........................ 471.6 516.2 534.3 549.6 542.6 547.3 597.9 595.3 624.8 Domestic industries............................... 407.0 452.4 469.9 485.5 467.5 468.2 527.1 513.7 541.6 Financial....................................... 64.9 97.8 108.4 106.4 114.3 112.6 130.4 119.3 134.9 Federal Reserve banks......................... 16.1 16.9 18.1 19.8 21.5 22.3 21.9 21.7 21.5 Other......................................... 48.8 80.9 90.3 86.6 92.7 90.3 108.5 97.6 113.4 Nonfinancial.................................... 342.1 354.6 361.5 379.0 353.2 355.6 396.7 394.4 406.7 Manufacturing................................. 145.3 134.2 142.8 148.4 134.7 137.8 153.2 157.3 161.3 Durable goods............................... 76.0 75.1 75.6 81.8 75.8 74.0 78.1 80.8 89.5 Primary metal industries.................. .6 .9 .8 .4 2.2 4.7 2.5 2.7 2.3 Fabricated metal products................. 10.9 10.6 10.2 11.1 10.2 11.5 10.7 12.2 13.9 Industrial machinery and equipment........ 8.7 9.1 8.0 10.1 12.5 12.1 12.5 11.1 14.3 Electronic and other electric equipment................................ 18.9 21.2 23.8 26.1 23.2 22.4 27.3 29.5 27.1 Motor vehicles and equipment.............. 14.2 9.5 8.5 8.6 6.7 3.0 4.4 3.6 8.1 Other..................................... 22.7 23.8 24.3 25.5 21.0 20.4 20.6 21.7 23.8 Nondurable goods............................ 69.3 59.1 67.1 66.7 58.8 63.8 75.0 76.5 71.8 Food and kindred products................. 19.5 18.0 19.7 19.4 18.3 18.4 16.8 17.5 15.7 Chemicals and allied products............. 17.6 18.5 17.0 19.0 16.8 21.3 23.6 22.1 20.7 Petroleum and coal products............... .5 -8.2 3.3 4.2 -2.3 -.2 5.2 .3 -4.5 Other..................................... 31.7 30.8 27.1 24.2 26.0 24.3 29.4 36.6 39.9 Transportation and public utilities........... 73.3 81.3 81.6 89.0 88.5 92.5 102.3 95.8 95.6 Transportation.............................. 8.6 9.5 11.2 13.9 13.6 13.5 15.0 15.4 13.1 Communications.............................. 35.9 37.0 35.1 38.7 38.6 41.3 44.0 40.1 43.3 Electric, gas, and sanitary services........ 28.8 34.8 35.2 36.4 36.3 37.7 43.3 40.3 39.3 Wholesale trade............................... 28.8 39.5 34.3 35.4 29.7 26.4 31.2 31.2 37.5 Retail trade.................................. 38.3 43.2 43.7 43.6 36.0 36.6 42.5 39.6 41.7 Other......................................... 56.3 56.5 59.0 62.5 64.3 62.3 67.5 70.5 70.6 Rest of the world................................. 64.6 63.8 64.4 64.2 75.1 79.1 70.8 81.7 83.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 8.--Gross Domestic Product of Nonfinancial Corporate Business ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ----------------------------------------------------- 1992 1993 1994 1995 I 92 II 92 III 92 IV 92 I 93 II 93 III 93 IV 93 ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------------------------------------------------------------------ Gross domestic product of nonfinancial corporate business....................... 3262.6 3437.5 3689.4 3885.8 3202.2 3236.1 3270.5 3341.7 3344.2 3407.3 3459.7 3538.7 Consumption of fixed capital................... 376.1 390.1 412.8 424.0 368.6 371.8 387.9 376.3 382.8 387.5 395.8 394.2 Net domestic product........................... 2886.5 3047.4 3276.6 3461.8 2833.6 2864.3 2882.7 2965.4 2961.3 3019.8 3063.9 3144.4 Indirect business tax and nontax liability plus business transfer payments less subsidies..................... 337.0 356.2 379.6 400.9 330.4 331.8 337.8 348.0 346.9 352.9 355.9 368.9 Domestic income.............................. 2549.5 2691.2 2896.9 3060.9 2503.1 2532.5 2544.9 2617.4 2614.4 2666.9 2708.0 2775.5 Compensation of employees.................. 2195.3 2294.3 2434.8 2574.9 2152.8 2183.2 2209.3 2236.1 2251.4 2279.8 2308.4 2337.6 Wage and salary accruals................. 1808.9 1881.2 1994.1 2111.9 1776.9 1800.0 1819.3 1839.3 1848.3 1869.9 1891.9 1914.6 Supplements to wages and salaries........ 386.5 413.1 440.7 463.1 375.8 383.2 389.9 396.8 403.1 409.9 416.4 423.0 Corporate profits with inventory valuation and capital consumption adjustments............................... 250.0 297.3 364.6 384.6 240.2 243.3 234.8 281.6 260.5 286.9 301.1 340.6 Profits before tax....................... 257.8 303.7 372.5 403.0 236.3 262.6 254.4 277.9 275.9 303.2 296.4 339.5 Profits tax liability.................. 91.1 103.5 129.9 140.7 82.4 93.6 89.9 98.4 93.8 103.9 100.1 116.0 Profits after tax...................... 166.7 200.3 242.7 262.4 153.9 169.0 164.5 179.5 182.1 199.3 196.3 223.4 Dividends............................ 133.6 152.6 161.8 175.9 124.0 129.7 134.3 146.3 153.4 150.1 150.8 156.3 Undistributed profits................ 33.1 47.6 80.9 86.5 29.9 39.3 30.2 33.2 28.7 49.2 45.5 67.2 Inventory valuation adjustment........... -7.5 -6.6 -13.3 -28.1 .3 -21.9 -8.6 .2 -14.6 -15.6 7.9 -4.0 Capital consumption adjustment........... -.3 .1 5.3 9.7 3.6 2.6 -11.0 3.5 -.7 -.7 -3.3 5.1 Net interest............................... 104.2 99.6 97.5 101.3 110.2 106.0 100.8 99.7 102.5 100.2 98.5 97.4 ------------------------------------------------------------------------------------ Billions of chained (1992) dollars ------------------------------------------------------------------------------------ Gross domestic product of nonfinancial corporate business....................... 3262.6 3380.0 3567.7 3692.3 3216.6 3238.1 3267.4 3328.5 3302.9 3356.7 3399.2 3461.1 ------------------------------------------------------------------------------------ Dollars ------------------------------------------------------------------------------------ Current-dollar cost and profit per unit of real gross domestic product...... 1.000 1.017 1.034 1.052 .996 .999 1.001 1.004 1.012 1.015 1.018 1.022 Consumption of fixed capital................... .115 .115 .116 .115 .115 .115 .119 .113 .116 .115 .116 .114 Net domestic product........................... .885 .902 .918 .938 .881 .885 .882 .891 .897 .900 .901 .908 Indirect business tax and nontax liability plus business transfer payments less subsidies..................... .103 .105 .106 .109 .103 .102 .103 .105 .105 .105 .105 .107 Domestic income.............................. .781 .796 .812 .829 .778 .782 .779 .786 .792 .795 .797 .802 Compensation of employees.................. .673 .679 .682 .697 .669 .674 .676 .672 .682 .679 .679 .675 Corporate profits with inventory valuation and capital consumption adjustments............................... .077 .088 .102 .104 .075 .075 .072 .085 .079 .085 .089 .098 Profits tax liability.................... .028 .031 .036 .038 .026 .029 .028 .030 .028 .031 .029 .034 Profits after tax with inventory valuation and capital consumption adjustments............................. .049 .057 .066 .066 .049 .046 .044 .055 .050 .055 .059 .065 Net interest............................... .032 .029 .027 .027 .034 .033 .031 .030 .031 .030 .029 .028 ----------------------------------------------------------------------------------------------------------------------------------- Table 8.--Gross Domestic Product of Nonfinancial Corporate Business-Cont ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------- I 94 II 94 III 94 IV 94 I 95 II 95 III 95 IV 95 I 96 ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars --------------------------------------------------------------------------------- Gross domestic product of nonfinancial corporate business.......................... 3601.7 3663.0 3709.5 3783.2 3803.3 3841.9 3924.8 3973.2 4011.6 Consumption of fixed capital...................... 427.9 404.3 408.7 410.4 415.0 421.3 426.6 433.0 434.8 Net domestic product.............................. 3173.9 3258.7 3300.8 3372.9 3388.3 3420.6 3498.2 3540.2 3576.8 Indirect business tax and nontax liability plus business transfer payments less subsidies........................ 372.6 376.5 382.1 387.2 394.1 401.1 401.6 406.9 405.3 Domestic income................................. 2801.3 2882.2 2918.6 2985.7 2994.2 3019.4 3096.6 3133.3 3171.5 Compensation of employees..................... 2381.8 2418.4 2445.8 2493.3 2528.5 2553.1 2590.6 2627.6 2651.3 Wage and salary accruals.................... 1951.2 1979.9 2003.0 2042.5 2069.8 2093.0 2125.7 2159.0 2182.9 Supplements to wages and salaries........... 430.6 438.6 442.7 450.8 458.6 460.1 464.9 468.6 468.4 Corporate profits with inventory valuation and capital consumption adjustments.................................. 323.6 366.3 374.2 394.3 364.6 364.5 405.0 404.3 420.3 Profits before tax.......................... 346.0 364.4 378.0 401.8 405.1 397.9 406.0 403.2 424.1 Profits tax liability..................... 121.0 126.9 130.9 140.6 142.2 138.5 141.3 140.6 147.7 Profits after tax......................... 225.0 237.5 247.1 261.1 262.9 259.4 264.7 262.6 276.4 Dividends............................... 154.9 160.9 161.0 170.2 172.1 176.1 174.9 180.3 185.6 Undistributed profits................... 70.1 76.7 86.1 91.0 90.8 83.3 89.7 82.4 90.8 Inventory valuation adjustment.............. -3.9 -9.8 -16.5 -22.8 -51.9 -42.3 -9.3 -8.8 -17.4 Capital consumption adjustment.............. -18.4 11.7 12.7 15.3 11.4 8.9 8.4 9.9 13.6 Net interest.................................. 95.9 97.5 98.7 98.0 101.2 101.8 100.9 101.4 100.0 --------------------------------------------------------------------------------- Billions of chained (1992) dollars --------------------------------------------------------------------------------- Gross domestic product of nonfinancial corporate business.......................... 3503.9 3553.0 3577.7 3636.3 3634.1 3656.1 3719.9 3759.1 3779.2 --------------------------------------------------------------------------------- Dollars --------------------------------------------------------------------------------- Current-dollar cost and profit per unit of real gross domestic product......... 1.028 1.031 1.037 1.040 1.047 1.051 1.055 1.057 1.062 Consumption of fixed capital...................... .122 .114 .114 .113 .114 .115 .115 .115 .115 Net domestic product.............................. .906 .917 .923 .928 .932 .936 .940 .942 .946 Indirect business tax and nontax liability plus business transfer payments less subsidies........................ .106 .106 .107 .106 .108 .110 .108 .108 .107 Domestic income................................. .799 .811 .816 .821 .824 .826 .832 .834 .839 Compensation of employees..................... .680 .681 .684 .686 .696 .698 .696 .699 .702 Corporate profits with inventory valuation and capital consumption adjustments.................................. .092 .103 .105 .108 .100 .100 .109 .108 .111 Profits tax liability....................... .035 .036 .037 .039 .039 .038 .038 .037 .039 Profits after tax with inventory valuation and capital consumption adjustments................................ .058 .067 .068 .070 .061 .062 .071 .070 .072 Net interest.................................. .027 .027 .028 .027 .028 .028 .027 .027 .026 ----------------------------------------------------------------------------------------------------------------------------------- Table 9.--Revisions in Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------------------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published --------------------------------------------------------------------------------- 1993 1994 1995 1993 1994 1995 1993 1994 1995 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product....................... 6553.0 6935.7 7253.8 2.8 4.3 8.0 .0 .1 .1 Personal consumption expenditures................. 4454.1 4700.9 4924.9 .0 2.2 .6 .0 .0 .0 Durable goods................................... 530.7 580.9 606.4 .0 .0 .0 .0 .0 .0 Nondurable goods................................ 1368.9 1429.7 1485.9 .0 .0 -.2 .0 .0 .0 Services........................................ 2554.6 2690.3 2832.6 .0 2.2 .8 .0 .1 .0 Gross private domestic investment................. 871.1 1014.4 1065.3 .0 .0 .0 .0 .0 .0 Fixed investment................................ 850.5 954.9 1028.2 .0 .0 .0 .0 .0 .0 Nonresidential................................ 598.8 667.2 738.5 .0 .0 .0 .0 .0 .0 Structures.................................. 171.8 180.2 199.7 .0 .0 .0 .0 .0 .0 Producers' durable equipment................ 427.0 487.0 538.8 .0 .0 .0 .0 .0 .0 Residential................................... 251.7 287.7 289.8 .0 .0 .0 .0 .0 .0 Change in business inventories.................. 20.6 59.5 37.0 .0 .0 .0 .0 .0 .0 Farm.......................................... -6.2 11.5 -2.6 .0 .0 .0 .0 .0 .0 Nonfarm....................................... 26.8 48.0 39.6 .0 .0 .0 .0 .0 .0 Net exports of goods and services................. -62.7 -94.4 -94.7 2.2 2.0 7.6 -3.4 -2.1 -7.4 Exports......................................... 657.8 719.1 807.4 -2.2 -2.9 2.9 -.3 -.4 .4 Imports......................................... 720.5 813.5 902.0 -4.4 -4.9 -4.7 -.6 -.6 -.5 Government consumption expenditures and gross investment................................. 1290.4 1314.7 1358.3 .5 .0 -.2 .0 .0 .0 Federal......................................... 522.6 516.4 516.6 .5 .1 -.1 .1 .0 .0 National defense.............................. 362.7 352.0 345.5 .5 .0 -.2 .1 .0 -.1 Nondefense.................................... 159.9 164.3 171.0 .0 .0 .0 .0 .0 .0 State and local................................. 767.8 798.4 841.7 .0 .0 .0 .0 .0 .0 Addendum: Gross national product............................ 6563.5 6931.9 7246.7 3.5 9.5 9.2 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- National income.............................. 5195.3 5501.6 5813.5 .9 6.5 14.3 .0 .1 .2 Compensation of employees......................... 3809.5 4009.8 4222.7 .1 1.5 13.6 .0 .0 .3 Wage and salary accruals....................... 3095.3 3257.3 3433.2 .1 1.4 13.5 .0 .0 .4 Supplements to wages and salaries.............. 714.2 752.4 789.5 .0 .0 .0 .0 .0 .0 Proprietors' income with inventory valuation and capital consumption adjustments...................................... 420.0 450.9 478.3 .0 .0 .0 .0 .0 .0 Farm............................................ 32.0 35.0 29.0 .0 .0 .0 .0 .0 .0 Nonfarm......................................... 388.1 415.9 449.3 .0 .0 .0 .0 .0 .0 Rental income of persons with capital consumption adjustment........................... 102.5 116.6 122.2 .0 .0 .0 .0 .0 .0 Corporate profits with inventory valuation and capital consumption adjustments...................................... 464.4 529.5 586.6 -.1 3.0 -2.0 .0 .6 -.3 Net interest...................................... 398.9 394.9 403.6 .8 2.1 2.6 .2 .5 .6 ----------------------------------------------------------------------------------------------------------------------------------- Disposition of personal income Personal income................................... 5480.1 5753.1 6115.1 .9 2.9 13.4 .0 .1 .2 Wage and salary disbursements................... 3090.7 3241.8 3430.6 .1 .7 10.9 .0 .0 .3 Other labor income.............................. 380.9 402.2 424.0 .0 .0 .0 .0 .0 .0 Personal dividend income........................ 186.8 199.6 214.8 .0 .0 .0 .0 .0 .0 Personal interest income........................ 648.1 663.7 717.1 .8 2.1 2.5 .1 .3 .3 Transfer payments to persons.................... 910.7 956.3 1022.6 .0 .0 .0 .0 .0 .0 Less: Personal contributions for social insurance...................................... 259.6 278.1 294.5 .0 .0 .0 .0 .0 .0 Less: Personal tax and nontax payments........... 689.9 731.4 794.3 .0 .0 .0 .0 .0 .0 Equals: Disposable personal income............... 4790.2 5021.7 5320.8 .9 2.9 13.4 .0 .1 .3 Less: Personal outlays........................... 4575.8 4832.3 5071.5 2.9 5.8 4.8 .1 .1 .1 Equals: Personal saving.......................... 214.4 189.4 249.3 -2.0 -3.0 8.5 -.9 -1.6 3.5 Personal saving as a percentage of disposable personal income....................... 4.5 3.8 4.7 .0 .0 .2 .0 .0 4.4 ----------------------------------------------------------------------------------------------------------------------------------- Table 10.--Revisions in Real Gross Domestic Product and Disposable Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Billions of chained (1992) dollars ------------------------------------------------------- Revisions as Revised Revisions to percent of estimates previously previously published published --------------------------------------------------------------------------------- 1993 1994 1995 1993 1994 1995 1993 1994 1995 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product....................... 6386.4 6608.7 6742.9 2.6 4.5 3.9 .0 .1 .1 Personal consumption expenditures................. 4339.5 4473.2 4577.8 -.2 2.1 -.7 .0 .0 .0 Durable goods................................... 524.1 562.0 579.8 .0 .0 -1.0 .0 .0 -.2 Nondurable goods................................ 1348.8 1390.5 1421.9 -.1 .0 -.6 .0 .0 .0 Services........................................ 2466.7 2521.4 2577.0 -.1 2.0 .9 .0 .1 .0 Gross private domestic investment................. 857.3 979.6 1010.2 .0 .0 -1.1 .0 .0 -.1 Fixed investment................................ 836.4 921.1 975.9 .0 .0 -1.0 .0 .0 -.1 Nonresidential................................ 593.6 652.1 714.3 .0 .0 -.7 .0 .0 -.1 Structures.................................. 166.3 168.8 181.1 .0 .0 .0 .0 .0 .0 Producers' durable equipment................ 427.6 484.1 534.5 .0 .0 -.7 .0 .0 -.1 Residential................................... 242.7 268.9 262.8 .0 .0 .0 .0 .0 .0 Change in business inventories.................. 19.1 58.9 33.1 .0 .0 -.6 .0 .0 -1.8 Farm.......................................... -7.2 12.3 -4.7 .0 .0 -.3 .0 .0 6.8 Nonfarm....................................... 26.4 46.8 37.2 .0 .0 -.2 .0 .0 -.5 Net exports of goods and services................. -72.0 -105.7 -107.6 2.4 2.4 6.6 -3.2 -2.2 -5.8 Exports......................................... 658.2 712.0 775.4 -2.4 -3.1 .6 -.4 -.4 .1 Imports......................................... 730.2 817.6 883.0 -4.8 -5.7 -5.9 -.7 -.7 -.7 Government consumption expenditures and gross investment................................. 1261.0 1260.0 1260.2 .5 .1 -.5 .0 .0 .0 Federal......................................... 509.2 489.8 472.3 .5 .1 -.4 .1 .0 -.1 National defense.............................. 355.4 337.0 319.6 .5 .1 -.4 .1 .0 -.1 Nondefense.................................... 153.8 152.6 152.3 .0 .0 -.1 .0 .0 -.1 State and local................................. 751.8 770.5 788.6 .0 .0 .0 .0 .0 .0 Addendua: Gross national product............................ 6397.1 6606.0 6737.1 3.4 9.4 5.0 .1 .1 .1 Disposable personal income........................ 4666.8 4778.2 4945.8 .6 2.6 11.1 .0 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- Table 11.--Percent Change From Preceding Period in Revised and Previously Published Estimates of Real Gross Domestic Product and Disposable Personal Income ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------- 1993 1994 1995 1996 ---------------------- ---------------------- ---------------------- ---- 1993 1994 1995 I II III IV I II III IV I II III IV I ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised........................... 2.3 3.5 2.0 -.1 1.9 2.3 4.8 2.5 4.9 3.5 3.0 .4 .7 3.8 .3 2.0 Previously published.............. 2.2 3.5 2.0 .0 1.7 2.3 4.7 2.5 4.8 3.6 3.2 .6 .5 3.6 .5 2.2 Personal consumption expenditures: Revised........................... 2.8 3.1 2.3 .7 2.7 3.8 2.8 2.8 3.5 2.8 3.1 1.0 3.1 2.4 1.1 3.5 Previously published.............. 2.8 3.0 2.4 .7 2.7 3.8 2.8 2.6 3.6 2.5 3.3 .8 3.4 2.8 1.2 3.6 Nonresidential fixed investment: Revised........................... 6.4 9.8 9.5 6.0 6.3 4.7 17.5 7.3 7.1 13.8 12.2 15.4 3.5 4.9 2.5 11.6 Previously published.............. 6.4 9.8 9.6 6.0 6.3 4.7 17.5 7.3 7.1 13.7 12.2 15.3 3.6 5.2 3.1 12.4 Residential fixed investment: Revised........................... 7.6 10.8 -2.3 2.1 -5.1 13.2 24.3 12.8 12.7 -1.8 -.1 -6.3 -13.4 9.2 6.4 7.4 Previously published.............. 7.6 10.8 -2.3 2.1 -5.1 13.2 24.3 12.8 12.7 -1.8 -.1 -6.3 -13.3 9.2 6.4 7.4 Exports of goods and services: Revised........................... 2.9 8.2 8.9 -1.3 8.3 -8.5 23.4 -1.5 15.9 9.7 16.5 2.6 5.9 10.7 10.7 1.8 Previously published.............. 3.3 8.3 8.3 .4 7.9 -7.9 21.5 -.6 14.8 12.2 15.3 2.6 4.6 8.0 11.0 2.0 Imports of goods and services: Revised........................... 9.2 12.0 8.0 8.3 12.7 4.1 17.5 8.2 18.4 10.7 10.3 11.2 4.5 .0 1.6 10.6 Previously published.............. 9.9 12.0 8.0 9.6 14.5 4.9 17.0 7.5 19.1 11.0 9.3 8.7 7.7 1.0 1.3 10.2 Federal government consumption expenditures and gross investment: Revised........................... -3.6 -3.8 -3.6 -12.7 -4.9 -2.9 -.7 -11.4 -5.3 11.5 -5.9 -6.5 -1.3 -5.6 -13.2 6.0 Previously published.............. -3.7 -3.7 -3.5 -13.1 -4.9 -2.9 -.7 -11.1 -5.3 11.5 -5.9 -6.3 -1.1 -5.9 -12.8 5.8 State and local government consumption expenditures and gross investment: Revised........................... 2.2 2.5 2.4 1.7 3.9 3.8 3.0 .7 2.2 4.2 1.6 2.3 2.1 2.7 1.5 -.9 Previously published.............. 2.2 2.5 2.4 1.7 3.9 3.8 3.0 .7 2.2 4.2 1.6 2.3 2.1 2.7 1.5 -.9 Addenda: Final sales of domestic product: Revised........................... 2.1 2.9 2.4 -.9 1.7 2.3 5.0 1.2 3.0 4.2 3.5 .6 2.1 3.6 1.4 3.0 Previously published.............. 2.0 2.9 2.4 -.8 1.5 2.3 4.8 1.2 2.8 4.2 3.6 .7 1.8 3.4 1.6 3.3 Gross domestic purchases: Revised........................... 2.9 3.9 2.0 .9 2.4 3.7 4.4 3.5 5.3 3.7 2.5 1.4 .7 2.6 -.7 3.0 Previously published.............. 2.9 3.9 2.1 .9 2.4 3.7 4.4 3.4 5.4 3.6 2.7 1.4 .9 2.8 -.5 3.1 Final sales of domestic purchases: Revised........................... 2.7 3.4 2.4 .1 2.3 3.7 4.6 2.2 3.4 4.4 2.9 1.6 2.0 2.4 .4 4.1 Previously published.............. 2.7 3.3 2.5 .1 2.2 3.7 4.6 2.1 3.4 4.2 3.1 1.5 2.2 2.6 .6 4.3 Gross national product: Revised........................... 2.3 3.3 2.0 .5 1.6 2.5 4.2 2.6 4.5 3.3 2.6 .9 .8 3.0 .8 2.3 Previously published.............. 2.2 3.2 2.1 .5 1.3 2.6 3.9 2.6 4.2 3.5 2.7 1.2 .3 3.2 1.3 2.5 Disposable personal income: Revised........................... 1.2 2.4 3.5 -7.1 4.9 1.5 5.0 -5.4 9.7 2.9 4.2 3.7 .3 4.3 4.4 2.0 Previously published.............. 1.1 2.3 3.3 -7.1 4.8 1.4 4.9 -5.3 10.1 2.1 4.0 3.6 .0 4.5 3.8 2.1 ----------------------------------------------------------------------------------------------------------------------------------- Based on current dollars Gross domestic product: Revised........................... 4.9 5.8 4.6 3.8 4.0 4.3 7.1 5.3 6.9 6.1 5.3 3.8 3.1 6.0 2.3 4.2 Previously published.............. 4.9 5.8 4.5 3.8 3.8 4.3 7.0 5.4 6.8 6.1 5.4 3.9 2.8 5.8 2.3 4.3 Disposable personal income: Revised........................... 3.8 4.8 6.0 -4.5 7.5 2.8 7.8 -3.2 12.2 6.4 6.3 6.3 3.0 5.9 6.0 4.2 Previously published.............. 3.8 4.8 5.8 -4.5 7.5 2.8 7.8 -3.1 12.5 5.6 6.1 6.3 2.7 6.0 5.3 4.3 ----------------------------------------------------------------------------------------------------------------------------------- Table 12.--Percent Change From Preceding Period in Revised and Previously Published Price Indexes (Chain-type Weights) ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------- 1993 1994 1995 1996 ---------------------- ---------------------- ---------------------- ---- 1993 1994 1995 I II III IV I II III IV I II III IV I ----------------------------------------------------------------------------------------------------------------------------------- Real gross domestic product: Revised........................... 2.6 2.3 2.5 3.8 2.2 1.8 2.3 2.9 1.9 2.4 2.1 3.3 2.4 2.1 2.1 2.3 Previously published.............. 2.6 2.3 2.5 3.8 2.2 1.8 2.3 2.8 1.9 2.4 2.2 3.3 2.5 2.2 2.2 2.4 Personal consumption expenditures: Revised........................... 2.6 2.4 2.4 2.9 2.6 1.3 2.7 2.4 2.3 3.4 1.9 2.6 2.7 1.5 1.6 2.4 Previously published.............. 2.6 2.4 2.4 2.9 2.6 1.3 2.7 2.3 2.3 3.4 2.0 2.7 2.8 1.5 1.7 2.4 Nonresidential fixed investment: Revised........................... .9 1.4 1.0 1.5 1.4 .6 .5 2.0 2.3 2.1 -.3 .1 2.6 1.7 -.3 -.2 Previously published.............. .9 1.4 1.2 1.5 1.4 .6 .5 2.0 2.3 2.2 -.1 .1 2.8 2.0 .1 .1 Residential fixed investment: Revised........................... 3.7 3.1 3.1 3.5 5.0 2.7 1.5 3.9 2.1 4.5 4.5 2.2 2.6 2.9 2.2 .0 Previously published.............. 3.7 3.1 3.1 3.5 5.0 2.7 1.5 3.8 2.1 4.5 4.5 2.2 2.6 2.9 2.2 -.1 Exports of goods and services: Revised........................... -.1 1.1 3.1 -.1 .7 -.8 -.8 2.1 1.9 2.3 1.8 5.5 5.3 .5 -1.0 .2 Previously published.............. -.1 1.1 3.3 -.1 .7 -.9 -.9 2.0 1.9 2.6 2.2 5.8 5.3 .8 -.8 .4 Imports of goods and services: Revised........................... -1.3 .8 2.7 -6.2 2.3 -4.1 -1.1 -2.1 5.4 7.3 1.1 .8 8.6 -2.7 -2.3 .1 Previously published.............. -1.4 .8 3.3 -6.2 2.2 -4.2 -1.1 -2.3 5.4 7.6 1.3 2.1 8.9 -2.2 -1.6 .9 Federal government consumption expenditures and gross investment: Revised........................... 2.6 2.7 3.8 6.7 .9 3.8 2.7 2.7 3.9 .3 4.0 6.0 3.1 1.6 7.4 2.0 Previously published.............. 2.6 2.7 3.9 6.7 .9 3.8 2.7 2.6 3.9 .4 4.2 6.2 3.2 1.7 7.6 1.8 State and local government consumption expenditures and gross investment: Revised........................... 2.1 1.5 3.0 3.1 2.1 .3 .7 2.0 1.1 2.4 2.5 4.4 3.3 2.3 2.3 5.4 Previously published.............. 2.1 1.5 3.0 3.1 2.1 .3 .7 2.0 1.1 2.4 2.5 4.4 3.3 2.3 2.3 5.5 Addenda: Final sales of domestic product: Revised........................... 2.6 2.3 2.5 3.8 2.2 1.7 2.3 2.9 1.9 2.4 2.1 3.3 2.4 2.1 2.1 2.4 Previously published.............. 2.6 2.3 2.5 3.8 2.2 1.8 2.3 2.9 1.9 2.4 2.2 3.3 2.4 2.2 2.2 2.4 Gross domestic purchases: Revised........................... 2.5 2.2 2.4 3.1 2.4 1.3 2.2 2.4 2.3 3.0 2.0 2.8 2.8 1.6 1.9 2.3 Previously published.............. 2.5 2.2 2.5 3.1 2.4 1.3 2.2 2.3 2.3 3.0 2.1 2.9 2.9 1.7 2.1 2.4 Final sales of domestic purchases: Revised........................... 2.5 2.2 2.4 3.1 2.4 1.3 2.2 2.4 2.3 3.0 2.0 2.8 2.8 1.7 1.9 2.3 Previously published.............. 2.5 2.2 2.5 3.1 2.4 1.3 2.2 2.4 2.2 3.0 2.1 2.9 2.9 1.7 2.1 2.4 Gross national product: Revised........................... 2.6 2.3 2.5 3.8 2.2 1.8 2.3 2.8 1.9 2.4 2.1 3.3 2.4 2.0 2.1 2.3 Previously published.............. 2.6 2.3 2.5 3.8 2.2 1.8 2.3 2.8 1.9 2.4 2.3 3.3 2.5 2.2 2.2 2.4 ----------------------------------------------------------------------------------------------------------------------------------- Explanatory Note: Measures of Output and Prices Changes in current-dollar GDP measure changes in the market value of goods and services produced in the economy in a particular period. For many purposes, it is necessary to decompose these changes into quantity and price components. This note describes the indexes used by the Bureau of Economic Analysis (BEA) to estimate the quantity and price changes presented in this release and in the related tables that appear in the Survey of Current Business. To compute the quantity indexes, changes in the quantities of individual goods and services are weighted by their prices. (Quantity changes for GDP are often referred to as changes in "real GDP.") For the price indexes, changes in the prices for individual goods and services are weighted by quantities produced. (In practice, the current- dollar value and price indexes for most GDP components are determined largely using data from Federal Government surveys, and the real values of these components are calculated by deflation at the most detailed level for which all the required data are available.) Except for the most recent period, the annual and quarterly changes in real GDP and prices are "chain-type" measures that are both based on the "Fisher Ideal" formula that incorporates weights from two adjacent years. For example, the 1992-93 percent change in real GDP uses prices for 1992 and 1993 as weights, and the 1992-93 percent change in price uses quantities for 1992 and 1993 as weights. Because the quantity and price index numbers calculated in this way are symmetric, the product of the annual change in real GDP and the annual change in prices equals the annual change in current-dollar GDP. In the most recent period (currently, for quarters beginning with the third quarter of 1995), a variant of the formula is used because only one year's information is available for computing the index number weights. Accordingly, BEA uses a single year's weights (currently 1995) and, as a consequence, the product of the percentage changes in the price and quantity indexes does not equal the current-dollar change during this period. For this reason, another measure, known as the "implicit price deflator," is presented in this release. The implicit price deflator is calculated as the ratio of current-dollar value to the corresponding chained-dollar value multiplied by 100. The quantity and price indexes and implicit price deflators for GDP and its major components are presented in this release as index numbers in table 4 and in the form of percentage changes from the preceding period in tables 1, 2, 5A and 5B. Table 5A also presents the contributions of the major components to the change in real GDP. In addition, BEA prepares measures of real GDP and its components in a dollar-denominated form, designated "chained (1992) dollar estimates." These estimates, which are presented in tables 2 and 3 of this release, are computed by multiplying the 1992 current-dollar value of GDP, or of a GDP component, by the corresponding quantity index number. For example, if a current-dollar GDP component equaled $100 in 1992 and if real output for this component increased by 10 percent in 1993, then the "chained (1992) dollar" value of this component in 1993 would be $110 ($100 x 1.10). Note that percentage changes in the chained (1992) dollar estimates and the percentage changes calculated from the quantity indexes are identical, except for small differences due to rounding. Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed GDP components shown in tables 1 and 3 do not add to the chained-dollar value of GDP or to any intermediate aggregates. The "residual" line shown in these tables is the difference between GDP and the sum of the most detailed components shown in each table. For current periods, the residual is small. However, the residual tends to become larger as one moves further from the base period. In such cases, the table of contributions of the major components to the change in real GDP provides a better basis for determining the composition of GDP growth than the chained- dollar estimates. References: "Preview of the Comprehensive Revision of the NIPA's: BEA Featured Measures of Output and Prices," July 1995 Survey of Current Business. "Alternative Measures of Changes in Real Output and Prices, Quarterly Estimates for 1959-92," March 1993 Survey of Current Business.