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B U R E A U O F E C O N O M IC A N A L Y S IS NEW S RELEASE US. DEPARTMENT OF COMMERCE E M B A R G O E D U N T IL R E L E A S E A T 8:30 A .M . ED T, T H U R S D A Y , JU N E 29, 2006 V irg in ia H. M annering: G reg Key: R ecorded m essage: (202) 606-5304 (G D P) (202) 606-9727 (Profits) (202) 606-5306 B E A 06-30 G R O S S D O M E S T I C P R O D U C T : F I R S T Q U A R T E R 2 0 0 6 (F IN A L ) C O R P O R A T E P R O F IT S : F IR S T Q U A R T E R 2 0 0 6 (F IN A L ) R eal gross dom estic p ro d u ct — th e output o f goods and services p ro d u ced by labor and property located in the U n ited States — in creased at an annual rate o f 5.6 p ercen t in the first q uarter o f 2006, according to final estim ates released b y the B u reau o f E conom ic A nalysis. In the fourth quarter, real G D P increased 1.7 percent. The G D P estim ates released to d ay are based on m ore com plete source d ata th an w ere available for th e p relim inary estim ates issu ed last m onth. In th e p relim inary estim ates, the increase in real G D P w as 5.3 percent (see "R evisions" o n p ag e 3). The increase in real G D P in th e first quarter prim arily reflected p o sitiv e contributions from personal consum ption ex p en d itu res (P C E ), exports, eq u ip m en t and softw are, and federal governm ent spending. Im ports, w h ich are a su b tractio n in the calculation o f G D P, increased. The acceleration in real G D P g row th in the first q uarter p rim arily reflected an uptu rn in PC E for durable goods, an acceleratio n in exports, an u p tu rn in federal go v ern m en t spending, and an acceleration in equipm ent and softw are th a t w ere p a rtly offset by a do w n tu rn in priv ate inventory investm ent. A n n u al R ev isio n o f th e N atio n al Incom e and P ro d u ct A ccounts T he annual rev isio n o f th e natio n al incom e and p ro d u ct accounts, covering th e first q uarter o f 2003 through the first q u arter o f 20 0 6 , w ill be released along w ith the “adv an ce” estim ates o f G D P for the second q uarter o f 2006 on Ju ly 28. A n article describing th e rev isio n w ill appear in the A ugust 2006 issue o f the S u r v e y o f C u r r e n t B u s i n e s s . F o r m ore inform ation, see the T echnical N ote. N O T E .—Q uarterly estim ates are ex p ressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter d o llar changes are differences betw een th ese p u b lish ed estim ates. P ercent changes are calculated fro m u n ro u n d ed d ata and annualized. “R eal” estim ates are in chained (2000) dollars. Prices indexes are ch ain -ty p e m easures. T his new release is available on B E A ’s W eb site at w w w .b ea.g o v /b ea/rels.h tm . - m o re - - 2 - Final sales o f com puters co n trib u ted 0.05 percentage p o in t to the first-q u arter grow th in real G D P after contributing 0.33 p ercen tag e p o in t to th e fourth-quarter grow th. M o to r v eh icle output subtracted 0.21 percentage p o in t from the first-q u arter g row th in real G D P after su b tractin g 0.64 percentage point from the fou rth -q u arter grow th. The price in d ex for gross d o m estic purchases, w hich m easures p rices p a id by U .S. residents, increased 2.6 p ercen t in the first quarter, 0.2 percentage p o in t less th an in th e p relim in ary estim ate; this index increased 3.7 p ercen t in th e fo u rth quarter. E xcluding fo o d and en erg y p rices, th e price index for gross dom estic pu rch ases in creased 3.0 p ercen t in the first quarter, co m p ared w ith an increase o f 3.2 p ercen t in the fourth. A b o u t 0.1 p ercen tag e p o in t o f the first-quarter increase in th e index w as accounted for by the pay raise fo r federal civ ilian and m ilitary personnel, w h ich is treated as an increase in the price index o f em ployee services p u rch ased b y the federal governm ent. R eal personal co n su m p tio n ex p en d itu res increased 5.1 percen t in th e first quarter, com pared w ith an increase o f 0.9 p e rc en t in th e fourth. R eal nonresidential fixed in v estm en t in creased 14.2 percent, com pared w ith an in crease o f 4.5 p ercent. N o n resid en tial structures in creased 12.5 p ercent, com pared w ith an increase o f 3.1 percent. E q u ip m en t and softw are increased 14.8 p ercen t, co m p ared w ith an increase o f 5.0 percent. R eal resid en tial fix ed investm ent increased 3.3 p ercen t, co m p ared w ith an increase o f 2.8 percent. R eal exports o f goods and services in creased 14.7 percent in th e first quarter, com pared w ith an increase o f 5.1 p ercen t in th e fourth. R eal im ports o f goods and services in creased 10.7 percent, com pared w ith an increase o f 12.1 percent. R eal federal governm ent co n su m p tio n expenditures and gross in v estm en t in creased 10.5 percent in the first quarter, in co n trast to a d ecrease o f 2.6 p ercen t in the fourth. N atio n al defense in creased 9.6 percent, in co n trast to a decrease o f 8.9 p ercen t. N ondefense increased 12.2 p ercen t, com pared w ith an increase o f 11.7 percent. R eal state and lo cal governm ent consum ption ex p en d itu res and gross investm ent increased 1.6 percent, co m p ared w ith an increase o f 0.2 percent. The real change in private in v en to ries subtracted 0.24 percentage p o in t fro m th e first-quarter change in real G D P, after adding 1.89 p ercen tag e points to the fo u rth -q u arter change. P rivate businesses increased inventories $29.5 b illio n in th e first quarter, follow ing an increase o f $37.9 b illio n in the fo u rth q uarter and a decrease o f $13.3 b illio n in the third. R eal final sales o f dom estic p ro d u ct -- G D P less change in p riv ate in v en to ries -- increased 5.9 percen t in the first quarter, in co n trast to a d ecrease o f 0.2 percen t in the fourth. G r o s s d o m e s tic p u r c h a s e s R eal gross dom estic p u rchases — p u rch ases b y U .S. residents o f goods and services w herever pro d u ced - increased 5.5 percen t in th e first quarter, com pared w ith an increase o f 2.9 p ercen t in the fourth. - m o re - - 3- G r o ss n a tio n a l p r o d u c t R eal gross national p ro d u ct - the goods and services pro d u ced b y th e lab o r and property supplied b y U .S. residents — in creased 6.2 p ercen t in the first quarter, com pared w ith an increase o f 0.7 percent in the fourth. G N P includes, and G D P excludes, n et receipts o f incom e fro m th e rest o f the w orld, w hich increased $14.9 b illio n in the first quarter after decreasing $25.6 b illio n in the fourth; in the first quarter, receipts increased $30.7 billion, and paym ents increased $15.8 billion. C u r r e n t-d o lla r G D P C urrent-dollar G D P — the m ark et v alu e o f th e nation's output o f goods and services — increased 8.9 percent, or $276.2 billion, in the first q uarter to a level o f $13,042.3 b illio n . In the fourth quarter, current-dollar G D P in creased 5.2 p ercent, o r $160.4 billion. R e v is io n s The final estim ate o f the first-q u arter increase in real G D P is 0.3 percen tag e point, o r $8.9 billion, h igher th an the p relim in ary estim ate issued last m onth. T he upw ard rev isio n to th e percen t change in real G D P prim arily reflected a dow nw ard rev isio n to im ports. A dvance P relim in ary Final (P ercent change from p reced in g quarter) R eal G D P .................................................. C urrent-dollar G D P ................................. G ross dom estic purchases price index... 4.8 8.2 2.7 5.3 8.8 2.8 5.6 8.9 2.6 C o r p o r a t e P r o f it s Profits from current pro d u ctio n (corporate profits w ith inventory v alu atio n and capital consum ption adjustm ents) in creased $176.7 b illio n in the first quarter, acco rd in g to revised estim ates. In the fourth quarter, profits increased $185.8 billion. C u rrent-production cash flo w (net cash flow w ith inventory v aluation and capital con su m p tio n adjustm ents) ~ the internal fu n d s available to corporations fo r investm ent — increased $136.3 b illio n in the first quarter, com pared w ith an increase o f $43.1 billion in the fourth. F ourth-quarter profits from cu rren t p ro d u ctio n w ere reduced b y $22.9 b illio n because o f H urricane W ilm a, reflecting the n et b en efits paid by dom estic insurance co m p an ies and the uninsured losses o f corporate property. T axes on corporate incom e increased $30.6 b illio n in the first quarter, com pared w ith an increase o f $56.8 b illio n in the fourth. P rofits after tax w ith inventory v alu atio n an d capital consum ption adjustm ents increased $146.1 b illio n in th e first quarter, com pared w ith an increase o f $129.0 billion in th e fourth. D ividends increased $13.4 b illio n , com pared w ith an increase o f $15.3 billion; currentp roduction u ndistrib u ted profits in creased $132.6 billion, com pared w ith an increase o f $113.8 billion. - m o re - - 4- D om estic profits o f financial corp o ratio n s increased $63.5 b illio n in th e first quarter, com pared w ith an increase o f $104.9 b illio n in the fourth. D om estic profits o f n o n fin an cial corporations increased $83.2 billio n in the first quarter, co m p ared w ith an increase o f $95.5 b illio n in the fourth. In the first quarter, real gross corporate v alu e added increased, reflecting an increase in u n it prices, a decrease in u n it labor costs, and no change in u n it n o n lab o r costs. The rest-of-the-w orld co m p o n en t o f profits increased $30.1 b illio n in the first quarter, in contrast to a decrease o f $14.5 b illio n in th e fourth. T his m easure is calculated as (1) receipts by U .S. residents o f earnings from th eir fo reig n affiliates p lu s d ividends received b y U .S. resid en ts fro m unaffiliated foreign corporations m inus (2) paym ents b y U .S. affiliates o f earnings to th e ir fo reig n p arents plus dividends paid by U .S. corp o ratio n s to u n affiliated foreign residents. T h e first-q u arter increase w as accounted for by an increase in receipts and a decrease in paym ents. Profits before tax w ith inventory v alu atio n ad ju stm en t is the b est available m easure o f industry p ro fits because estim ates o f the capital co n su m p tio n adjustm ent by in d u stry do n o t exist. T his m easure reflects depreciation-accounting practices u sed fo r federal incom e tax retu rn s. A cco rd in g to this m easure, dom estic profits o f financial and n o n fin an cial corporations increased. T he increase in nonfinancial corporations reflected in creases in all the industries show n ex cep t retail trade, petroleum m anufacturing, and w h o lesale trade. Profits before tax in creased $137.7 b illio n in the first quarter, co m p ared w ith an increase o f $177.5 billio n in the fourth. T he b efo re-tax m easu re o f profits does n o t reflect, as does profits from current production, the capital co n su m p tio n and inventory valuation adjustm ents. These adjustm ents convert depreciation o f fixed assets and in v en to ry w ithdraw als reported o n a tax-return, historical-cost basis to the current-cost m easures u sed in th e n atio n al incom e and p ro d u ct accounts. The capital co nsum ption adjustm ent in creased $19.4 b illio n in the first quarter (from -$50.7 b illio n to -$31.3 billion), com pared w ith an in crease o f $21.4 b illio n in th e fourth. The in v en to ry v alu atio n adjustm ent increased $19.4 b illio n (from -$40.4 b illio n to -$ 2 1 .0 billion), in co n trast to a decrease o f $12.9 billion. B E A 's national, international, regional, and industry estim ates; th e S u r v e y o f C u r r e n t B u s i n e s s - , and B E A new s releases are available w ith o u t ch arg e o n B E A 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receiv e free e-m ail sum m aries o f B E A releases and announcem ents. Sum m ary B E A estim ates are available on reco rd ed m essages at th e tim e o f p u b lic release at the follow ing telephone num bers: (202) (202) 606-5306 606-5303 G ross dom estic product Personal incom e and outlays * * * N e x t release - Ju ly 28, 2006, at 8:30 A .M . E D T for: A n n u al rev isio n (first q u arter 2003 th ro u g h first q u arter 2006) and adv an ce estim ates o f gross dom estic p ro d u ct for the second quarter o f 2006 - m o re - T a b l e 1 .— R e a l G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 II G ro ss d o m e s tic p ro d u c t ( G D P ) .................... 2.7 III IV I II III IV I II IV 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.7 5.6 3.5 4.5 4.4 2.9 2.4 3.6 1.3 2.3 11.5 .3 1.3 1.4 -5 .2 3.6 2.5 3.6 3.2 1.9 3.6 15.1 1.9 2.3 5.8 19.8 8.3 3.1 -.3 3.1 3.8 4.7 4.4 1.9 .4 4.4 3.5 6 .6 2 .6 3.8 3.4 7.9 3.6 2.3 4.1 9.3 3.5 3.3 .9 -1 6.6 5.0 1 .8 4.3 5.5 5.5 3.6 5.1 20 3 5.9 1.9 5.8 -.7 - 1 .0 -1 .4 -5 .0 -5 .3 -4 .9 6.4 -.4 2.7 1 2 .0 10 .1 8 .8 - 1.1 -8 .4 8.4 13.3 6.7 9.6 6.9 4.4 1.3 5.5 11.5 6.9 7.9 -3 .5 20.9 15.1 13.5 -3 .7 9.5 5.3 .8 17.5 14.8 16.1 3.9 4.5 3.1 5.0 3.2 4.7 3.0 11.9 9.7 9.4 6 .1 8.1 8 .6 2 .2 2 .0 11.9 10.3 10.9 7.1 2 .6 1.9 -1 .4 - 6 .1 -1 9 .0 -.9 9.5 - 2 .0 -1 5 .5 3.3 2 .0 1 .8 1 .6 4.7 2 .0 1 1 .2 -.1 15.4 21.9 1 2 .0 5.2 8 .8 15.2 17.8 1 0 .8 3.9 3.4 4.6 8.4 2 .6 5.3 2 .8 6 .8 8 .6 7.0 5.7 1.4 15.5 7.2 10.4 4.7 12.4 2 .6 1 .6 1 1 .8 - 2 .0 8.3 9.5 8 .0 8 .8 8.5 2.7 10.9 1 0 .6 1 0 .8 E xp o rts................................................................. Goods ............................................................... S e rv ic e s ............................................................ Im ports ................................................................. Goods ............................................................... S e rv ic e s ............................................................ 1.7 4.6 4.9 3.0 G o v e r n m e n t co n s u m p tio n ex p e n d itu re s a n d g r o s s i n v e s t m e n t ....................................................................... 2 .8 2 .2 1 .8 6.9 2.3 8 .8 5.2 7.0 3.4 1 .8 .6 .4 2.7 3.0 3.0 3.0 2.4 3.9 4.7 4.4 4.0 3.4 1 .8 8.4 8.9 7.4 10.7 1 1 .0 9.6 6.9 7.3 6 .0 6.3 6.9 3.6 1 0 .6 2.9 14.2 2.7 12.5 16.0 -3 .0 4.6 5.7 6.5 1.7 2 .2 -3.1 -9.1 11.7 9.0 8.1 14.0 -2 .9 1.5 -1 1 .9 -2 .5 - 2 .6 - 2 .2 2.3 3.0 4.1 1 0 .2 1 .8 4.8 12.5 11.5 14.1 1 .2 2.1 8 .0 1.5 1 .0 1.9 2 .0 - .6 3.8 3.6 . 3.9 3.3 1.3 1.7 2.7 1.4 .1 2 .8 1.7 2 .2 1 .8 1 .6 2.9 1 .0 1 .6 3.9 3.0 4.4 3.6 4.4 2 .6 4.8 14.8 -.3 .3 -3 .6 - 2.1 - 6 .6 0 3.3 6.3 - 1 0 .2 7.2 2 2 .1 37.4 -2 .4 -.3 11.5 9.1 17.2 4.1 .9 21.4 19.1 17.2 23.7 16.5 17.7 10.7 1 0 .0 .5 - 2 .0 -6 .5 7.2 .5 3.1 7.9 -5 .8 -.9 3.3 10.7 13.8 4.9 -.7 2 .8 1 .0 3.8 5.2 4.8 3.8 3.6 5.5 4.8 5.6 4.9 6.4 2.3 7.5 9.7 9.2 7.7 7.6 2 .0 5.0 7.5 -4 1 2 .0 12.4 6.9 ~ i ! s 7.9 8 .2 4.8 - .6 14.5 4.7 14.7 4.7 13.7 4.6 2.3 3.2 7.1 3.7 15.5 11.3 13.0 3.1 7.5 5.3 12.5 7.4 2 .6 2 .8 ........ ......... 25 3.2 51 14 7 18.5 6.3 10.7 7.3 1 .0 -1 .4 2.4 3.5 -3 .2 13.5 4.8 11.1 3.7 10.7 16.0 -.4 -.3 - 1.1 4.4 1.9 2.4 3.0 2.5 2.4 3.7 - .8 1 0 .0 4.8 10.5 9.6 8 .2 8 .0 12.1 1.8 .9 - .6 8.1 3.6 9.0 -6 .4 -3 .3 5.2 1.1 - .2 2.4 - 2 .6 -8 .9 11.7 1 .8 .8 1 .8 1.6 2 .6 .2 .2 2 .6 2 .8 3.5 4.0 3.7 3.9 -3 .4 .2 4.6 4.0 4.5 4.4 -1 .4 - .2 1 .2 3.3 4.1 4.1 2.9 9.1 5.6 2 .2 4.6 3.9 4.5 4.0 6.1 7.0 6.7 7.0 6.7 7.0 -1 .3 6 .0 7.6 8.3 5.5 7.6 5.9 3.5 8.4 8.9 7.8 2.3 52 3.2 6.7 4.8 4.2 .8 8.4 10.1 14.2 12 5 14.8 33 2 .2 ........ N e t e x p o rts o f g o o d s an d s e rv ic e s .............................. 1 .8 I' 1.7 3.9 F e d e ra l................................................................. National defense ............................................... Nondefense ....................................................... State and local ...................................................... 2006 III 02 6 .0 Fixed investm ent ................................................... N onresidential.................................................... S tru ctu re s...................................................... Equipm ent and software ................................ R e sid e n tia l........................................................ Change in private in ve n to rie s................................. II 2.4 6 .6 3.9 3.6 1.3 -4 .2 3.2 8.4 I 2 .2 2.9 G ro ss p riv a te d o m e s tic i n v e s t m e n t .............................. IV 2005 3.5 ............................ 2 .0 III 2004 4.2 Durable g o o d s ........................................... ........... Nondurable g o o d s ................................................. Services ................................................................ P e rs o n al c o n s u m p tio n ex p e n d itu re s 2003 2002 2.9 7.4 8.5 1 2 .2 1 .6 A d d en d a : Final sales of domestic p ro d u ct............................... Gross domestic purchases ..................................... Final sales to domestic pu rchase rs......................... Gross national product (G N P )................................ Disposable personal in co m e ...... ............................ 1 .8 1.9 - .2 1.9 1.5 1.7 1.5 2.5 4.6 4.2 5.0 4.5 4.5 2.4 2.4 3.9 3.8 3.2 1.9 4.8 5.1 5.7 5.9 4.6 5.6 4.8 5.7 4.6 5.4 5.7 5.2 6.9 6.5 6.1 7.2 7.2 3.9 3.2 4.5 4.7 3.8 2.1 4.2 3.2 5 ,9 29 5 .5 1.1 58 62 1.5 .7 5.1 C u rr e n t-d o lla r m eas u re s: G D P ................................................................. Rnal sales of domestic p ro d u c t.......................... Gross domestic pu rch a se s................................. Rnal sales to domestic purchasers ..................... G N P ................................................................. Disposable personal income .............................. r R e v i se d Se e "Ex p l a n a t o r y N o t e ’ ’ a t t h e e n d o f t h e t a b l e s. 4.8 4.8 5.3 5.3 5.1 4.3 7.0 6.4 6 .6 6 .8 7.7 7.4 6.9 7.2 6 .8 6 .2 6.1 4.2 3.7 3.2 5.2 4.8 3.3 4.7 .2 9.3 8 .8 8 .6 8 .2 9.2 9.4 8.1 7.5 5.3 6 .6 6.1 6 .2 9.0 5.9 7.4 7.4 5.7 12.5 8.1 6 .6 6 .1 5.4 4.3 5.1 8.1 8.1 89 93 83 8 .6 9.5 3.6 T ab le 2.— C o ntribu tio n s to Percent C h an g e in Real G ross Do m estic P ro duct Seasonally adjusted at annual rates 2003 2004 2005 2003 2002 II III IV 2004 1 II III 0 .2 1.7 3.7 7.2 IV 2005 1 II III 3.6 4.3 3.5 4.0 IV 2006 I II 3.3 3.8 3.3 4.1 III IV \r P e rc e n t c h a n g e at a n n u a l rate: 2.7 4.2 3.5 2 .2 2.4 P e rs o n al co n s u m p tio n e x p e n d i t u r e s ........................ 2.05 2.71 2.48 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 D u ra b le g o o d s ............................................................ .57 .19 .26 .51 .06 .34 .31 -.4 7 -.7 5 .31 12 3 .53 .48 -.0 3 -.4 3 .30 .8 8 .2 2 .21 -.31 .32 .64 .27 .17 .0 2 .1 0 .31 .08 .44 .34 .45 .11 .07 .03 -.1 9 .24 .1 0 1.64 .77 .63 .23 .38 .23 .07 .98 .89 .06 .11 .37 -.0 3 .28 .13 -.0 2 .1 0 .14 .2 0 .20 .63 .25 .14 .94 .48 .17 .03 .26 .90 .49 .17 .04 .26 .18 .04 .06 .06 .70 1.31 .31 -.0 4 .23 1.65 .69 .33 .61 -.0 5 .04 .07 .37 .05 .27 -.0 4 .09 .78 .32 .17 1.09 .63 .25 .07 .14 1.07 .50 .15 .74 .42 .54 .74 -.0 7 .19 23 -.0 4 .84 .24 1.39 .29 .04 -0 5 1.47 29 .34 .37 -.0 3 G ro ss d o m e s tic p r o d u c t ......................................... 1.7 5.6 2.85 .62 3.53 .76 .45 .37 -.0 6 -1 .4 7 -1 92 .33 1 51 jjQ .73 .61 08 1 .0 2 1 .2 1 .50 .65 P e rc e n ta g e p o in ts a t a n n u a l rate s: M otor vehicles and p a rts ................................ Furniture and Household e q u ip m e n t................ O th e r............................................................ N o n d u ra b le g o o d s .................................................... F o o d ............................................................. Clothing and shoes .................................. ..... Gasoline, fuel oil, and other energy g o o d s ...... O ther ............................................................ .01 22 .85 .07 .05 .21 .0 2 - .0 1 .2 2 .03 .06 .21 0 .2 0 .63 .38 -.0 4 - .0 1 29 .2 2 .2 0 .8 8 .04 .07 .31 .37 -.0 4 .11 .53 .27 -.0 9 .03 .33 -.0 2 1.57 .31 25 1.58 .39 .07 .77 27 -.0 7 -.0 7 .05 .2 2 .0 2 .03 .0 2 .0 2 .31 .07 .59 .2 2 .19 .05 .13 .37 .17 .44 .1 2 .51 .14 1.27 .30 .07 .03 .05 .03 .49 .11 .26 .21 .1 2 20 -.1 2 .1 0 .94 .13 -.0 6 -.1 3 .07 -.0 5 .42 .15 .35 G ro s s p riv ate d o m e s tic i n v e s t m e n t .......................... .58 1.82 1 .0 0 .30 .87 -.1 4 -.0 3 .42 2.53 1.78 F ixed i n v e s t m e n t ....................................................... .54 .13 1.47 .92 .06 1.29 -.2 3 - .1 2 - .2 1 .13 -.5 2 -.1 4 -.3 8 -.1 0 2.15 1.08 .1 2 1.26 .79 .32 .47 .21 .2 0 .79 .07 .04 .1 0 .21 .04 .05 .29 .29 -.0 4 S e r v i c e s ........................................................................ H o u s in g ......................................................... Household o p e ra tio n ....................................... Electricity and g a s ...................................... O ther household operation ......................... Transportation ................................................ M edical care .................................................. R e cre a tio n ..................................................... O th e r............................................................ Nonresidential ................................................ Structures .................................................. Equipm ent and s o ftw a re ............................. Inform ation processing equipm ent and software ............................................ Computers and peripheral equipment ... S o ftw a re ............................................ Other ................................................. Industrial eq uipm e nt................................ Transportation e q u ip m e n t....................... Other equipment .................................... R esidential .................................................. .0 2 .03 0 .49 .1 0 - .1 1 .24 .8 6 .19 .09 .06 .05 .49 .19 .11 .19 .04 .15 .18 .55 0 -.0 3 .08 .41 .05 .03 .06 .04 .04 .56 .06 1.07 -.0 3 .29 25 .04 -.0 4 .67 .07 121 24 .1 0 - .1 1 - .1 1 -.0 7 -.0 4 -.0 7 .59 .04 .8 8 -.6 6 - .2 1 .05 .82 -.5 8 -.0 9 -.4 4 .23 .48 .24 .17 .08 .09 .17 .09 .41 .06 -.0 6 .15 -.0 3 .23 .16 -.1 2 -.1 6 .14 .43 .59 .16 -.0 5 .08 -.0 7 .01 -.0 2 0 .0 2 .01 .30 .23 .98 .31 .67 .08 .03 .04 .0 2 -2 2 -.7 3 -.2 9 -.6 2 -.4 9 - 1 5? .17 .80 .59 .05 .2 2 .70 .51 .18 .96 .1 2 .08 27 .14 .13 Goods ........................................................... Services ........................................................ -.6 3 -.5 6 -.0 7 -1 .5 3 -1 .3 0 -.2 3 -.9 8 -.8 9 -.0 9 -1 .5 8 -1 .6 5 .07 -.7 6 -.7 2 -.0 4 G o v e r n m e n t c o n s u m p tio n e x p e n d itu r e s a n d g ro ss in v e s tm e n t ...................................................... .53 .41 .34 .8 8 .45 .37 .33 .04 .08 .08 .36 .32 .26 .06 .04 .04 .16 .04 .76 .45 29 .16 .31 .0 2 .21 .0 2 .08 .06 .05 .04 .17 .11 .24 .0 2 .01 .06 -.1 2 1 .1 0 2.06 1.59 .57 .16 .15 1.49 1.54 .49 .49 1.95 -.2 6 N e t e x p o rts o f g o o d s a n d s e rv ic e s .......................... E x p o rts ......................................................................... G o o d s........................................................... Services .............................. .......................... Im p o r ts ........................................................................ F e d e r a l .......................................................................... National d e fe n s e ............. ............................... Consumption exp enditu res.......................... Gross investm ent ....................................... Nondefense ................................................... Consumption exp enditu res.......................... Gross investm ent ....................................... S ta te a n d lo c a l ........................................................... Consumption e xp enditu res.......................... Gross investm ent ....................................... 0 0 .1 2 .11 .01 .1 0 .15 -.2 5 .09 -.4 6 F a rm ............................................................. Nonfarm ........................................................ -.2 2 -.3 8 -.0 4 -.1 7 -.1 7 .1 2 .53 -.3 9 .92 -.2 9 -.0 7 .01 -.0 5 .07 .07 .45 .04 - .0 1 .35 .03 .32 C h a n g e in p riv a te i n v e n t o r ie s ................................ .76 .08 - 1R -.1 2 .36 .04 .47 «84 -.0 2 0 1.09 - .1 1 .28 .05 .2 0 - h .6 6 .26 27 22 .03 - .0 1 .21 -.1 1 .2 0 23 .15 .21 .35 1.15 .23 .07 .97 1.36 .22 .2 0 1.08 .16 - .0 2 .17 0 -.0 8 .06 .06 .50 .81 19 -5 6 .08 .05 .6 6 .58 .0 2 .0 2 .1 0 .03 -3 5 .1 0 .0 2 .05 .06 .53 .14 .0 2 .0 2 .0 2 .33 .29 .11 .18 .26 .2 0 1.52 3.10 .75 1 .1 1 1.42 -.6 3 .87 2.54 1.44 1.03 .43 .03 .40 1.04 .76 -.0 9 .85 2 .2 2 1.13 1.04 1 .1 2 1 .1 2 .92 .65 .48 .09 .39 1 .6 8 1.07 1.51 .90 .07 .83 1.31 .2 2 1.31 1.15 .04 .52 .17 .15 .61 .38 .18 .05 .16 -.0 5 .56 .18 .93 .31 .16 .34 .27 .09 .53 .23 .29 .42 .2 0 .05 .30 .23 .28 .15 - .0 2 .45 .42 - !o i -.5 5 -.2 8 .25 .53 .55 .70 .25 .44 .74 .37 .37 - 1 .6 8 -1 .6 0 -.0 8 -1 .1 4 -1 .0 5 .21 .2 0 .08 .33 .19 -.0 4 .09 .28 - .0 1 .56 0 1.29 .33 1.07 -.1 4 -.1 6 .18 .59 -.0 7 .45 .19 .57 -.2 0 1.04 .58 .46 1.69 1.05 .64 .49 .50 - .0 1 .67 .53 .14 -.5 6 -2 .1 6 -1.91 -.2 5 -1 .6 5 -1.41 -2 3 -2 .0 3 -1.71 -.3 2 .01 .0 2 .1 2 .1 0 0 - .0 1 .64 .1 0 .54 .1 2 .06 .39 .13 .09 .58 -.0 5 .64 .72 .31 .2 2 .18 .23 -.1 6 -.1 4 .54 .8 8 .06 .82 -.0 2 .11 -.0 1 .15 59 .09 .36 1.47 .3 4 1.13 -.2 7 .33 .2 0 .18 .32 .28 .09 -.0 6 .16 -.1 9 23 .0 2 .1 0 .74 .14 .14 .46 -.0 4 .38 .05 .62 .43 .17 .21 -.0 9 -2 .0 5 -.0 2 .0 2 -.0 2 -.4 2 1.87 -.2 3 1.07 1.08 23 .52 .56 -.0 5 1.47 1.27 .19 - 1 .8 8 -1 .7 6 -1 .7 0 -1 .4 9 -.1 2 - .2 1 .01 .11 .14 .17 .17 -.3 3 -.6 3 -.31 -.6 4 .33 -.2 9 .09 -.3 8 -.2 0 1 .2 1 -.9 0 -.31 .37 .32 .05 -.4 6 -.71 .26 .43 .89 -.0 5 1.37 .11 .1 0 .62 .43 .35 .17 .35 .47 .54 -.1 5 .91 20 .64 .59 .03 -.1 5 ■)9 1.40 1.46 -.1 4 -.31 21 22 .35 .71 .60 25 .41 -.0 4 -.1 6 .17 .14 .17 .17 .52 .46 -.1 8 -.4 4 .72 .44 '.04 .18 .18 .03 -.1 4 .14 .0 2 .0 2 .1 0 - .2 0 .13 .11 - .0 1 -.0 9 .08 .09 .06 .08 .05 .26 .14 -.0 2 .08 .04 .0 2 .1 0 -.0 8 .11 -.1 6 -.0 4 .03 -.1 0 .19 . .04 .15 .1 2 .11 -.0 8 .05 .07 -.0 2 .1 2 .04 .28 .23 .05 .1 2 .23 .17 .06 .25 .15 21 .19 .08 .03 .17 -.1 4 .03 .09 -.0 6 .19 .h .31 .08 .23 1.70 2.09 .35 .56 .16 .73 .65 .28 -.6 4 .33 3.59 1.54 .50 .8 8 .17 .07 .1 0 .03 - £7 -2 1 -2 0 0 .11 -.1 0 -.4 6 .03 .17 .29 .6 8 .04 -.0 2 -.7 0 -.5 9 - .1 1 0 -.0 6 -.1 9 .14 -.1 2 -.0 4 0 -.0 8 -.0 4 25 - .1 1 -.0 9 .21 .1 0 -.0 2 - .0 1 - .0 1 .0 2 0 .1 0 -.0 7 -.0 3 .26 .14 -.0 4 .16 .05 -1 .7 4 1.65 .29 1.38 .41 -.0 8 .75 2.15 .76 -.0 9 5.19 .78 1.28 .72 .45 2 .1 0 1.26 1.82 .23 .29 .36 -.1 3 -.0 8 .07 .14 .96 2.29 1.90 .06 .49 .08 1.53 .71 1.26 -.2 6 .08 -.1 2 -.1 1 .40 -.1 0 .01 - .0 1 .04 .15 -.1 1 23 .03 -.3 8 -.4 6 .09 .1 2 .07 A ddend a: Goods ............................................................ S e rv ic e s ........................................................ Structures .......................................................... Motor vehicle output ........................................... Final sales of co m p u te rs.................................... r Se e R e v i se d " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. 1.30 .31 .14 .15 .1 2 .2 0 1.69 .98 -.2 9 .40 .28 .01 .2 0 .01 .11 0 .05 .1 0 2 .2 0 .41 -.1 3 .09 1.75 .13 .11 .1 0 1.41 1.58 1 .8 6 .88 .53 .15 .37 - .0 1 .85 .32 - .2 1 .05 T a b le 3 — G r o s s D o m e s tic P r o d u c t a n d R e la te d M e a s u r e s : L e v e l a n d C h a n g e F r o m Billions of current dollars 12,487.1 G ro s s d o m e s tic p ro d u c t ........................... Seasonally adjusted at annual rates 2005 I II 2006 III P e r io d Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 P r e c e d in g IV 12,198.8 12,378.0 12,605.7 12,766.1 2005 1' 2005 1 II Change from preceding period 2006 2005 2006 2005 III IV IV U 13,042.3 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,403.6 379.1 lr 46.0 155.3 P erso n al co n s u m p tio n e x p e n d it u r e s ................... 8,745.7 8,535.8 8,677.0 8,844.0 8,926.2 9,081.7 7,856.9 7,764.9 7,829.5 7,907.9 7,925.4 8,023.6 268.3 17.5 98.2 D u ra b le g o o d s ....................................................... 1,026.5 446.8 373.2 206.4 1,017.3 449.6 366.9 1,050.9 468.7 374.9 207.2 1 ,0 0 2 .1 410.5 381.1 210.5 1,047.6 432.3 397.7 217.6 1,138.4 452.8 485.0 211.3 1,122.3 455.0 469.2 206.5 1,143.9 463.3 475.9 212.9 1,169.7 477.3 490.5 2 0 0 .8 1,035.5 458.5 370.0 207.0 2 1 1 .0 1,117.7 415.5 504.4 214.7 1,170.6 434.4 531.8 223.0 48.5 -4 .2 42.1 15.5 -52.0 -6 1 .8 13.9 3.7 52.9 . 18.9 27.4 8.3 2,564.4 1,218.6 345.4 310.6 689.8 2,476.6 1,184.2 340.5 275.2 676.8 2,533.7 1,207.1 344.9 296.4 685.3 2,604.9 1,229.9 343.9 338.3 692.8 2,642.5 1,253.3 352.3 332.6 704.2 2,687.7 1,282.4 358.4 327.4 719.5 2,297.9 1,081.1 376.5 204.9 639.7 2,265.6 1,060.9 367.9 207.7 631.2 2,285.9 1,072.2 374.4 205.2 637.7 2,305.8 1,088.7 377.2 203.0 641.9 2,334.2 1 , 1 0 2 .8 386.7 203.5 648.0 2,367.8 1 , 1 2 0 .8 394.3 203.4 658.0 97.5 52.0 21.5 3.5 23.0 28.4 14.1 9.5 .5 33.6 18.0 7.6 6 .1 1 0 .0 5,154.9 1,281.5 481.8 201.7 280.1 321.2 1,510.0 355.2 1,205.3 5,041.8 1,260.6 465.3 189.5 275.8 312.3 1,470.5 350.3 1,182.8 5,107.8 1,275.3 471.4 192.4 279.0 318.5 1,492.6 353.1 1,196.8 5,188.3 1,288.2 484.4 5,281.6 1,301.8 506.1 222.9 283.2 329.9 1,554.7 360.7 1,228.4 5,346.4 1,318.9 495.2 209.8 285.4 337.1 1,578.9 365.2 1,251.2 4,436.4 1,103.7 416.3 155.0 261.0 287.3 1,291.6 308.6 1,027.8 4,392.0 1,095.6 414.3 155.2 258.8 284.6 1,269.1 307.7 1,019.5 4,417.6 1,101.4 413.8 153.2 260.5 286.3 1,282.3 308.3 1,024.3 4,453.5 1,106.6 418.5 155.5 262.7 287.6 1,299.6 308.9 1,031.1 4,482.6 1 , 1 1 1 .0 418.5 156.1 262.0 290.6 1,315.2 309.4 1,036.5 4,504.2 1,116.2 403.8 143.8 261.8 294.7 1,331.0 311.7 1,046.1 125.5 25.3 10.7 5.8 4.7 3.9 58.1 29.1 4.4 G ro ss p r iv a te d o m e s tic in v e s t m e n t ..................... 2,105.0 2,058.5 2,054.4 2,099.5 2,207.5 2,270.2 1,919.8 1,902.9 1,885.0 1,909.4 1,981.9 F ix ed i n v e s t m e n t .................................................. 2,086.1 1,329.8 335.1 994.7 1,998.7 1,280.1 315.9 964.3 2,058.5 1,313.5 325.6 987.9 2,119.2 1,348.9 340.2 1,008.7 2,168.0 1,376.7 359.0 1,017.7 2,239.8 1,435.3 381.3 1,054.0 1,897.1 1,289.0 253.4 1,050.8 1,842.2 1,252.2 251.0 1,014.2 1,884.7 1,279.0 252.7 1,040.9 1,921.5 1,305.2 254.1 1,067.5 1,940.0 1,319.7 256.0 1,080.6 488.9 105.7 197.8 185.4 161.3 171.5 172.9 756.3 474.6 102.7 188.3 183.6 161.3 163.8 164.6 718.5 486.6 105.6 197.3 183.6 154.9 172.8 173.7 745.0 494.5 105.0 201.3 188.2 161.3 177.9 175.0 770.3 500.1 109.6 204.3 186.2 167.5 171.6 178.5 791.4 519.8 109.9 209.7 200.3 167.1 185.5 181.5 804.5 590.6 565.1 584.6 600.2 612.4 209.9 198.7 149.1 157.0 159.9 601.9 199.8 196.3 150.9 148.8 153.9 584.1 209.1 196.5 143.2 158.1 160.6 599.3 F a rm ......................................................... Nonfarm .................................................... 18.9 -8 .4 27.2 59.9 -6 .5 66.4 -4 .2 -8 .5 4.3 -1 9 .7 -9 .5 - 1 0 .2 39.4 -8 .9 48.3 30.4 -9 .6 40.0 20.3 -3 .7 25.0 58.2 -2 .3 61.8 N et e x p o rts o f g o o d s a n d s e r v i c e s ..................... -726.5 -697.5 -6 9 1 .0 -7 3 0 .4 -787.1 -784.1 -633.1 E x p o rts ................................................................... 1,301.2 905.6 395.6 1,253.2 865.4 387.7 1,297.1 904.7 392.5 1,314.6 914.8 399.9 1,339.8 937.4 402.4 1,394.8 984.5 410.3 Goods ....................................................... Services .................................................... 2,027.7 1,700.7 327.0 1,950.6 1,627.6 323.0 1,988.1 1,661.8 326.3 2,045.1 1,718.6 326.4 2,126.9 1,794.8 332.1 G o v e rn m e n t co n s u m p tio n ex p e n d itu re s an d g ro ss in v e s tm e n t ................................................. 2,362.9 2,302.0 2,337.6 2,392.7 877.7 587.1 515.9 71.2 290.6 253.7 36.9 860.2 575.3 508.9 66.4 285.0 250.7 34.3 869.8 582.5 512.3 70.2 287.3 250.5 36.8 892.2 601.7 528.6 73.1 290.5 254.3 36.3 1,485.2 1,193.0 292.2 1,441.7 1,159.0 282.7 1,467.7 1,175.7 292.0 1,500.4 1,205.7 294.7 Motor vehicles and p a rts ............................. Furniture and household e q u ip m e n t............ O ther ........................................................ N o n d u r a b le g o o d s ............................................... Food ......................................................... C lothing and shoes .................................... Gasoline, fuel oil, and other energy goods .... O th e r........................................................ S e r v i c e s .................................................................. H o u sin g ..................................................... Household op eratio n................................... Electricity and g a s .................................. O ther household operation ..................... T ra n sp o rta tio n ............................................ Medical c a r e .............................................. R ecre ation................................................. O th e r........................................................ Nonresidential ............................................ Structures ............................................. Equipm ent and software ......................... Inform ation processing equipm ent and software ........................................ Computers and peripheral equipment S oftw a re ........................................ O th e r............................................. Industrial equipm ent............................ Transportation eq u ip m e n t.................... Other e q u ip m e n t................................ Residential ................................................ C h a n g e in p riv ate i n v e n t o r ie s ........................... Goods ....................................................... Services ........... ......................................... Im p o rts .................................................................... F ed eral .................................................................... National de fe n se ........................................ Consumption expenditures...................... Gross investm ent ................................... N ondefense............................................... Consumption exp enditu res...................... Gross Investment ................................... S ta te a n d lo c al ...................................................... Consumption expenditures...................... Gross investm ent ................................... 2 0 2 .1 282.3 324.1 1,522.0 356.6 1,213.0 -.1 2 1 .6 .6 5.2 -1 4 .7 -1 2 .3 2 1 .1 -.7 3.0 15.6 .5 5.4 4.1 15.8 2.3 9.6 2,022.3 1 1 0 .0 72.5 40.4 1,987.2 1,364.2 263.7 1,118.5 142.0 102.3 5.0 103.2 18.5 14.5 1.9 13.1 47.2 44.5 7.7 37.9 641.2 6 8 .2 1 2 .2 28.8 3.2 - 2 .0 4.8 -5 .4 4.7 15.6 -1 .4 ii. i 1.4 5.0 0 6 .2 - .2 213.7 216.9 2 2 1 .6 2 1 .1 2 0 2 .1 2 0 0 .1 148.8 163.3 161.1 610.0 153.6 157.9 163.9 614.2 215.7 152.2 169.0 165.3 619.2 9.8 9.7 18.3 9.9 40.1 -1 .7 -4 .2 3.4 -1 3 .3 -4 .5 - 8 .1 37.9 -3 .7 43.0 29.5 -4 .4 35.1 -3 1 .7 - 6 .0 -2 4.9 51.2 51.1 -8 .4 -.7 -7 .9 -645.4 -614.2 -6 17.5 -655.2 -660.9 -3 1.8 -3 7 .7 -5 .7 1,195.3 841.1 354.1 1,165.3 810.7 354.3 1,195.4 841.3 353.9 1,202.7 847.9 354.8 1,217.6 864.4 353.5 1,260.2 901.8 359.0 77.4 57.5 2 0 .0 14.9 16.5 -1 .3 42.6 37.4 5.5 2,178.9 1,837.2 341.6 1,828.3 1,553.0 276.7 1,810.7 1,537.3 274.8 1,809.6 1,532.9 277.7 1,820.2 1,546.1 275.5 1,872.9 1,595.8 278.7 1,921.1 1,638.5 284.4 109.1 100.3 9.6 52.7 49.7 3.2 48.2 42.7 5.7 2,419.6 2,474.5 1,987.1 1,971.9 1,984.1 1,998.1 1,994.1 2,017.5 34.8 -4 .0 23.4 888.5 589.1 514.0 75.1 299.4 259.1 40.3 924.4 610.8 534.2 76.7 313.6 271.6 42.0 740.5 493.6 424.1 70.0 246.6 736.1 491.7 422.9 69.2 244.2 208.2 36.3 749.5 503.6 432.2 72.0 245.6 763.4 503.3 429.7 74.7 259.9 219.6 40.9 -4 .9 1 1 .6 18.8 11.3 1 2 .6 10.1 35.6 744.6 492.0 419.6 73.5 252.5 213.7 39.4 16.8 12.3 36.3 731.8 487.3 421.9 65.3 244.3 210.4 33.8 1,531.1 1,231.7 299.4 1,550.1 1,243.4 306.7 1,248.3 991.1 255.4 1,239.8 986.8 253.2 1,247.8 988.8 259.4 1,248.5 993.3 255.4 1,249.3 995.6 253.7 1,254.2 998.6 255.7 17.9 .8 1 1 .6 6.5 2.3 -1 .7 -63.6 -4 8 .0 -60.1 -6 9 .6 -77.1 -9 9 .5 R e sid u a l............................................................ 2 1 0 .6 2 1 0 .1 1 0 .8 1.5 4.4 2 .0 2.9 2 .8 4.2 .8 - 1.5 6.9 3.6 3.8 1 .2 7.4 5.9 1.5 4.9 3.0 2 .0 A d d en d a : Final sales of dom estic p ro d u c t...................... Gross domestic p u rch a se s............................. Final sales to domestic purchasers ................. 12,468.3 12,138.9 13,213.7 12,896.3 13,194.8 12,836.4 12,625.4 12,726.7 13,011.9 1 1 ,1 1 2 .8 10,940.3 11,089.2 11,214.4 11,207.5 11,369.7 13,336.1 13,553.3 13,826.3 11,759.1 11,635.4 11,694.8 11,811.2 11,895.0 12,056.6 13,355.8 13,513.8 13,796.0 11,737.0 11,576.2 11,694.6 11,823.0 11,854.1 12,022.5 410.4 410.4 441.7 -6 .9 83.8 31.1 162.2 161.6 168.4 G ro ss d o m e s tic p r o d u c t .................................... E q u a ls : G ro ss n a tio n a l p r o d u c t ........................ 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,042.3 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,403.6 507.6 462.3 489.4 520.8 558.0 596.6 455.5 420.4 441.7 465.5 494.4 525.1 474.0 422.9 453.9 476.6 542.6 564.4 423.7 383.3 408.2 424.4 478.9 494.7 12,520.8 12,238.2 12,413.5 12,650.0 12,781.6 13,074.6 11,166.4 11,036.3 11,122.5 11,243.2 11,263.5 11,433.6 379.1 71.8 90.2 360.7 46.0 28.9 54.5 20.3 155.3 30.7 15.8 170.1 Net dom estic p ro d u ct...................................... 10,913.1 274.6 350.4 169.0 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world r 12,382.1 13,069.0 13,073.1 10,750.4 10,920.7 10,741.9 11,239.3 11,520.1 R e v i se d No t e .— U s e r s a r e c a u t io n e d t hat p a r t i c u l a r l y l o r c o m p o n e n t s t ha t e x h i b i t r a p i d c h a n g e In p r i c e s r e l a t i v e t o o t h e r p r i c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t ’ s r e l a t i v e i m p o r t a n c e o r i t s c o n t r i b u t i o n t o t h e g r o w t h r a t e o f m o r e a g g r e g a t e se r i e s. t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2 . Se e “ Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. F o r a c c u r a t e e st i m a t e s o f t h e cont ribut ions 9,640.1 9,608.3 9,689.7 9,456.1 9,808.5 9,975.5 T a b le 4 .— P r ic e In d e x e s f o r G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2003 2002 II III IV I II 2004 III IV I II 2005 III IV I II 2006 III IV lr G ro s s d o m e s tic p ro d u c t ( G D P ) .................... 2 .0 2 .6 2 .8 1.5 1 .6 2 .2 3.1 1.1 1 .8 1.9 3.6 3.9 1.5 2.7 3.1 2 .6 3.3 3.5 P e rs o n al c o n s u m p tio n e x p e n d itu r e s ............................ 1.9 -3 .5 2 .6 2 .8 2 .8 1 .8 2 .0 -.5 3.7 3.1 -1 .9 5.4 3.9 3.8 -4 .4 3.1 .1 2 .8 2 .8 3.6 3.3 2.9 4.5 3.0 -3 6 .6 3.7 -3 0 7.9 3.1 -8 6 .0 3.3 -.5 5.7 2.9 2 .0 -.1 .6 2.3 .9 1.3 3.0 2.9 .1 1.5 -2 .4 3.1 -4 .3 -2 .4 3.2 1.3 -4.1 2 .8 3.0 -4 .3 5.6 3.4 .6 -1 .9 3.3 3.2 1.7 -2 .7 3.1 3.2 1.3 5.5 3.1 3.1 .5 .5 2.9 3.0 2.9 3.1 -.5 -.5 1.7 1.7 3.4 3.5 4.6 4.6 1.1 .1 1 .0 1 .2 1 .2 1 .8 .3 -1 .4 .3 3.2 3.0 .9 2.9 3.7 3.9 1.9 4.6 7.1 6 .8 6 .6 .6 1 .0 - .8 2 2.7 7.6 8 .0 9.7 -.9 6.9 2.7 2.7 1.9 9.9 -.7 4.3 3.7 4.0 2.5 16.5 - 1 .8 6.5 1 .0 .9 -.7 4.6 2.9 4.1 5.9 6.5 4.4 9.6 4.8 5.3 3.7 3.7 2.9 5.4 8 .2 2.9 1.3 6.7 9.4 9.9 Durable g o o d s ....................................................... Nondurable g o o d s .................................................. S e rv ic e s ......... ....................................................... 2 .0 3.0 G ro ss p riv a te d o m e s tic i n v e s t m e n t .............................. 1 .6 Fixed investm ent ................................................... N onresidential.................................................... S tru ctu re s...................................................... Equipm ent and software ................................. R e sid e n tia l......................................................... Change in private in v e n to rie s ................................. 1.7 .3 3.5 -.9 4.8 -.1 6.7 .2 .2 -.4 4.3 - .2 5.2 10.1 - 2 .1 1 .8 .9 3.0 2 .6 2 .1 -.4 4.8 - - 2 .0 2 .2 1.5 2 .8 3.0 3.3 1 .2 5.1 -.3 7.0 4.0 - 1 .2 9.3 - .6 2.3 2 .6 2 .2 2 .6 1.1 3.1 10.3 .9 5.6 -.4 4.2 1 .6 3.1 .8 1.1 4.6 3.0 5.2 5.4 3.8 20.3 -1 .3 83 3.2 3.5 3.5 132 2.7 2A 2 .1 2.7 1.7 -.5 2 3,4 N e t e xp o rts o t g o o d s a n d s e rv ic e s .............................. E xp o rts.................................................................. Goods ............................................................... S e rv ic e s ............................................................ Im p o rts .................................................................. G o o d s .... ........................................................... - S e rv ic e s ............................................................ G o v e rn m e n t c o n s u m p tio n e x p e n d itu r e s a n d g ro s s i n v e s t m e n t ....................................................................... F e d e ra l.................................................................. National d e fe n s e ................................................ Nondefense ....................................................... State and local ...................................................... 2.5 3.4 2.9 5.8 3.6 3.7 3.1 5.0 5.0 4.9 3.7 3.9 4.4 3.0 3.7 2 .1 3.7 3.1 5.0 .6 4.1 3.6 5.2 4.3 10.3 2 .1 .5 .7 3.5 .6 1 1 .2 6.4 4.6 1 0 .8 2 .6 6 .1 .4 1.4 11.9 7.6 3.7 4.2 4.0 4.6 3.4 4.8 3.6 3.6 3.8 5.4 2.9 .5 1.3 2 .6 3.6 4.6 6.9 .5 3.0 8.9 9.9 9.3 2 .0 2 .6 2 .8 2 .2 2 .2 2.9 2.9 3.2 3.2 2 .0 2 .6 2 .8 2 .0 2 .6 2 .8 2 .2 2.9 3.2 2 .0 2 .6 2 .8 2 .0 6.1 2 .2 - .8 4.2 1 .0 2.4 -1 .4 3.4 8 .0 1 .6 -.3 -4 .4 -6 .7 7.5 .1 2 .6 1.1 2.5 3.2 .5 4.2 10 .1 7.5 6 .6 7.9 .3 0 2.5 1.4 6 .2 1.3 1 .2 1 .2 1.1 1.3 5.0 4.9 5.6 3.6 5.0 1 1 .0 1 .6 1 .0 1.5 .7 8.4 -.7 3.2 1 .6 9.7 7.8 13.7 4.2 3.1 4.1 4.1 3.1 1.1 1 .8 .4 .4 2 .0 1.1 1 .8 1.9 1.7 1.7 1.9 3.6 4.2 4.2 3.6 3.8 4.1 4.1 3.8 1 .8 3.7 4.3 3.7 3.9 4.1 3.8 1.7 1 .0 3.2 5.7 5.4 7.4 3.2 4.3 3.8 5.6 6 .8 6.9 6.5 4.1 4.6 4.5 4.7 2.9 1.9 7.9 1 0 .6 4.0 4.4 4.8 - .2 3.4 22 5.7 7.0 3.7 2 .1 6.7 3.0 3.5 2 .1 5.4 .9 .9 .9 9.0 8 .2 5.5 7.3 3.4 3.3 4.2 4.3 3.3 3.5 3.7 3.7 3.5 32 26 27 3.1 3.3 4.2 3.3 3.5 3.7 3.5 3.1 2 .2 2 .6 2 .8 2.7 2.5 4.9 7.9 4.9 1.5 2.7 3.2 3.2 2.7 3.1 2.9 2.9 3.1 2 .6 1.3 1.9 1.3 2.7 3.2 2.7 3.0 2.9 3.0 2 .6 12 3.7 6 .6 1.4 3.6 4.7 - 1 .2 3.3 4.4 6.1 A d d en d a: Final sales of domestic p ro d u ct............................... Gross domestic purchases ..................................... Final sales to domestic pu rch a se rs......................... Gross national product (GNP) ................................ 1.5 2.5 2.5 1.5 1 .6 2.3 1.7 1.7 2 .2 1 .6 2 .2 2 .2 2 .0 1.4 2 .0 2 .0 2 .6 3.3 3.3 Im p lic it p r ic e d efla to rs : G D P .................................................................. Gross dom estic p u rch a se s................................. G N P .................................................................. r R e v i se d Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. 1.4 2.4 1.5 1.5 2 .2 1 .6 2 .2 1.5 2.3 3.1 4.1 3.1 1.1 .4 1.1 1.9 2 .1 1 .6 1.9 1 .8 2 .6 3.3 3.1 2 .6 T a b le 5 .— R e a l G r o s s D o m e s t ic P r o d u c t, Q u a n t ity In d e x e s [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 II 1 2006 III IV I' G ross d o m estic p ro d u c t.................................................................................. 105.130 109.562 113.424 112.044 112.959 114.112 114.580 116.162 P ersonal con sum ptio n e x p e n d itu re s ............................................................................... Durable g o o d s .............................................................................................................. Nondurable goods ......................................................................................................... S e rv ic e s ....................................................................................................................... 108.416 119.134 107.938 106.493 112.601 126.245 113.000 109.725 116.582 131.864 118.008 112.919 115.217 129.999 116.351 111.789 116.176 132.499 117.392 112.440 117.338 135.492 118.413 113.353 117.598 129.468 119.875 114.094 119.056 135.597 121.598 114.644 G ross p riv a te d o m estic in v e s tm e n t................................................................................. Fixed in ve stm e n t........................................................................................................... N onresidential ................. ......................................................................................... S tru ctu re s.............................................................................................................. Equipm ent and s o ftw a re ........................................................................................ R e sid e n tia l................................................................................................................ Change in private in ve n to rie s......................................................................................... 93.195 95.297 88.063 77.621 92.154 113.989 104.286 104.534 96.314 79.314 103.126 125.714 110.621 112.990 104.622 80.925 114.355 134.678 109.645 109.722 101.633 80.145 110.376 130.695 108.615 112.252 103.806 80.680 113.274 134.100 110.023 114.443 105.935 81.123 116.170 136.484 114201 115.544 107.116 81.753 117.600 137.434 116.526 118.360 110.722 84.197 121.718 138.562 E xports 'o f goods and s e rv ic e s ....................................................................................... 94.064 101.970 109.028 106.295 109.037 109.710 111.070 114.953 Im p orts o f goods and s e rv ic e s ....................................................................................... 105.205 116.495 123.892 122.698 122.620 123.340 126.908 130.175 G overnm ent consum ptio n exp enditu res and gross investm ent ..................................... Federal ........................................................................................................................ State and lo c a l............................................................................................................. 111.009 118.839 107.042 113.398 125.038 107.487 115.420 127.945 109.058 114.537 126.446 108.489 115.248 127.188 109.183 116.063 129.491 109.246 115.830 128.657 109.313 117.190 131.896 109.742 A ddenda: Final sales of dom estic p ro d u c t..................................................................................... Gross dom estic p u rch a se s............................................................................................ Final sales to dom estic purchasers ................................................................................ Gross national p ro d u c t................................................................................... :.............. 105.564 106.285 106.708 105.370 109.650 111.301 111.394 109.637 113.856 115.325 115.750 113.296 112.088 114.112 114.164 111.977 113.613 114.695 115.332 112.851 114.896 115.836 116.598 114.076 114.825 116.658 116.905 114.282 116.487 118.243 118.566 116.008 r Re v i se d S e e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. T ab le 6.— Price Indexes fo r G ross Do m estic Product [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 I II 2006 III IV I' G ross d o m estic p ro d u c t................................................ 106.310 109.102 112.176 110.950 111.655 112.567 113.532 114.409 P ersonal con sum ptio n exp enditu res (P C E )................................... Durable g o o d s ............................................................................ Nondurable g o o d s ....................................................................... Services ..................................................................................... 105.520 92.372 104.151 109.246 108.246 90.631 107.634 112.695 111.313 90.168 111.596 116.195 109.936 90.648 109.327 114.803 110.832 90.527 110.854 115.633 111.846 89.839 112.985 116.508 112.637 89.659 113.218 117.834 113.195 89.490 113.522 118.708 G ross p riva te dom estic in v e s tm e n t............................................... Fixed in ve stm e n t......................................................................... N onresidential ......................................................................... S tru ctu re s............................................................................ Equipm ent and s o ftw a re ...................................................... R e sid e n tia l.............................................................................. Change In private in ve n to rie s....................................................... 103.311 103.432 99.764 113.889 95.133 112.379 106.555 106.697 101.025 120.124 95.022 119.935 109.836 109.970 103.161 132.228 94.661 125.661 108.427 108.522 102.244 125.876 95.067 123.062 109.164 109.254 102.715 128.886 94.910 124.359 110.169 110.318 103.358 133.914 94.491 126.335 111.586 111.787 104.327 140.234 94.174 128.889 112.470 112.740 105.226 144.640 94.231 129.967 E xports o f go ods and s e rv ic e s ..................................................... 101.398 104.999 108.867 107.559 108.534 109.323 110.052 110.701 99.610 104.571 110.937 107.783 109.925 112.413 113.626 113.480 G overnm ent co n sum ptio n exp enditu res and gross investm ent .... Federal ...................................................................................... State and lo c a l........................................................................... 109.460 109.740 109.303 113.505 114.354 113.022 118.915 118.525 119.170 116.747 117.550 116.291 117.820 118.168 117.635 119.751 119.056 120.186 121.343 119.327 122.568 122.656 121.103 123.603 Addenda: PCE excluding food and e n e rg y ........................................... ....... M arket-based P C E 1 .................................................................... M arket-based PCE excluding food and energy 1 ........................... 105.082 105.009 104.348 107.156 107.422 105.898 109.311 110.336 107.678 108.617 108.948 107.106 109.083 109.860 107.506 109.450 110.917 107.797 110.095 111.619 108.302 110.653 112.099 108:761 Final sales of dom estic p ro d u c t................................................... Gross dom estic p u rch a se s.......................................................... Final sales to dom estic purchasers .............................................. Gross national p ro d u c t................................................................ 106.330 105.863 105.883 106.304 109.124 108.899 108.921 109.094 112.196 112.401 112.421 112.158 110.963 110.883 110.898 110.933 111.667 111.785 111.798 111.638 112.589 112.953 112.976 112.550 113.563 113.981 114.013 113.514 114.452 114.721 114.763 114.389 Im p lic it p rice d e fla to rs: Gross domestic product .......................................................... Final sales of dom estic p ro d u c t................................................ Gross domestic pu rch a se s....................................................... Final sales to dom estic p u rch a se rs.......................................... Gross national p ro d u c t.... ........................................................ 106.305 106.330 105.358 105.883 106.299 109.099 109.124 108.896 108.920 109.091 112.145 112.197 112.370 112.421 112.129 110.905 110.956 110.837 111.622 111.659 111.750 111.787 111.607 112.527 112.582 112.911 112.965 112.512 113.494 113.556 113.941 114.001 113.477 114.370 114.444 114.679 114.751 114.352 Im p o rts o f goods and s e rv ic e s .................................................. r 1. Re v i se d T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p r i c e m e a s u r e s. It e x c l u d e s m o st i n t e r m e d i a r i e s) a n d i m p l i c i t p r i c e s ( f o r e x a m p l e , t h e se r v i c e s f u r n i sh e d w i t h o u t p a y m e n t b y f i n a n c i a l t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. a d d e n d a t o t a b l e 8 a n d a p p e n d i x t abl e A. Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. P e r c e n t a g e c h a n g e s f o r t h e se se r i e s a r e i n c l u d e d in t he 1 1 0 .8 8 6 110.890 . T a b le 7 .— R e a l G r o s s D o m e s tic P ro d u c t: P e r c e n t C h a n g e F ro m G ross dom estic p ro d u ct (GDP) .................................................. P ersonal co n sum ptio n e x p e n d itu re s .......................................... Durable g o o d s ............................................................................. . Nondurable g o o d s ........................................................ S e rv ic e s ............................................................................. G ross p riva te d o m estic in v e s tm e n t................................................ Fixed in ve stm e n t.................. ................................................... N onresldential ....................................................................... Structures ....................................................................... Equipm ent and s o ftw a re .......................................................... Residential ............................................................................... Change in private in ve n to rie s.................................................................. N et e xp o rts o f goods and services ...................................................... Exports ................................................................................... Goods .................................................................... Services .................................................................................. Im p o rts ..................................................................................... Goods .................................................................. Services ...................................................................... G overnm ent consum ption expenditures and g ro ss in vestm ent ................. Federal ..................... .............. ...................................... National d e fe n se .................................................. N ondefense....................................................................... State and lo c a l.............................................. A ddenda: Final sales of dom estic p ro d u c t........................................................ Gross dom estic p u rch a se s........................................................... . Final sales to dom estic p u rch a se rs......................................................... Gross national p ro d u c t................................................................ Real disposable personal in c o m e .............................................................. P r e c e d in g Y e a r 1990 1991 1992 1993 1994 1995 1996 1997 1998 1.9 - 0 .2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 3.7 2.7 3.4 3.8 3.5 2.2 2.5 2.7 3.1 8.9 10.5 6.4 5.6 1 2 .0 1 0 .6 2 .0 2 -.3 -5 .6 3.3 5.9 1 .6 - .2 2 .0 3.3 7.8 2.7 Z9 1.7 3.5 2 .8 2.9 -3 .4 - 2 .1 .5 1.5 - 8.1 -6 .5 -5 .4 8 .1 8.9 5.9 3.2 8 .6 13.6 9.3 9.2 1 1.1 - 6 .0 7.3 13.8 0 - 6 .6 9.0 8.4 10.5 3.6 3.0 6.5 - - 2 .6 -9 .6 -.1 6.9 7.5 5.5 7.0 9.3 6 .6 6.9 6 .0 - .6 - 8.7 -.7 12.5 8 .2 3.2 2 .6 - 2 .6 1 .1 2 .0 - .2 2.4 .5 -1 .7 -5 .0 6.9 2 .1 2 .2 .1 3.0 3.3 3.1 3.3 3.4 2 .6 - 1.1 2 .1 1.4 - .8 1 .6 - .6 2 .0 _J3 1.9 .5 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 11.9 9.6 8.7 8.4 10 .1 2000 2 00 1 4.2 3.5 3.9 6 .6 6 .0 3.2 4.7 3.0 3.5 4.5 4.4 2.9 -2 .3 -4 .9 .4 - 2 .6 -5 .2 -9 .2 -17.1 - 6 .2 4.8 3.9 3.6 1.3 -4 .2 3.2 8.4 ........ .......... ........ ........ 4.3 8.7 -5 .4 - 6 .1 -3 .7 4.6 <j.O 2.4 12.4 5.7 -7 .9 5.1 13.3 -.4 6 .8 12.7 __ 9 4 2.4 2 .0 13.5 -J 1.4 0 -3 .7 .5 -2 .7 - 1 .2 - 1 .0 - 1.9 3.9 2.1 1.1 2 .2 .9 3.4 3.9 3.2 3.0 2.4 1 .0 2.3 2 .2 2 .6 2.3 2.3 2.4 2.3 2 .8 3.7 3.8 3.8 4.3 5.3 GDP excluding food and energy ........................................................ Personal consumption exp e n d itu re s................................................. 2.3 2.5 2.9 11.9 9.7 9.4 6.1 22 2 .0 11.9 10.3 10.9 7.1 -2 .3 .... i l ....8 4 -4 .0 1 .8 8.9 1.7 1.9 7.4 4.6 10.7 3.7 4.9 1 1 .0 2 .1 3.0 9.6 6.9 7.3 4.4 7.0 2 .8 3.0 3.5 5.8 3.0 4.8 1.9 2.1 2 .1 1 .8 2 .2 2.2 1.5 1.4 1.3 1.0 1.4 1.9 1.9 2.2 2 .1 2 .1 2 .1 1.7 2.2 1.7 1.7 .9 1.7 2.5 2.1 8.1 8 .6 6 .0 6.3 6.9 3.6 2 .8 2 .2 1 .8 6.9 5.2 7.0 2.3 8 .8 2 .6 3.4 1 .8 1 .8 3.1 .6 .4 1.5 1 .2 1.5 3.1 2.7 3.0 3.0 3.0 2.4 3.9 4.7 4.4 4.0 3.4 3.8 3.6 3.9 3.3 1.3 1 .6 2 .2 1.9 1.7 1 .8 2.9 2.4 3.2 2.5 2 .0 2 .6 2 .8 1 .8 1.4 19 2.5 26 2.7 28 O.w P rice in d e x e s : Gross dom estic purchase s.............................................................. Gross dom estic purchases excluding food and e n e rg y ............................ 2 .0 -Ú 3.4 4.4 3.8 3.9 2.7 3.2 3.2 2.7 1.9 1 .0 2005 2.9 -.3 -.9 -4 .2 2004 2.7 4.0 11.9 2003 1 .6 3.8 4.5 7.3 13.8 2002 2.7 7.1 2.5 1.9 2.5 10.1 3.2 o 8.3 4.1 1 .8 1999 T ab le 8 — Real G ross Dome S t i c F roduc t: Per cen t Dhang e Fro m Qu¡irte r C)n e Y oar A c 1° 2003 2002 II G ro s s d o m e s tic p ro d u c t (G D P ) .................................................. P e rs o n a l co n s u m p tio n ex p e n d itu re s ( P C E ) ..................................................... Durable g o o d s ............... . ..................... ........................ Nondurable g o o d s ..................................... S e rv ic e s .................................................... G ro ss p r iv a te d o m e s tic in v e s t m e n t ..................................................... Fixed In ve stm e n t....................................................................... Nonresidential .................................................................................... Structures ................................................................................... Equipm ent and s o ftw a re ................................................................ Residential ................................................................... . Change In private in ve n to rie s ..................................................................... N e t e x p o r ts o f g o o d s an d s e r v i c e s ........................................... Exports ................................................................................... Goods ............................................................... Services .............................................................................. Im p o rts ....................................................................... Goods ......................... Sendees ............................................................... G o v e r n m e n t co n s u m p tio n e xp en d itu res a n d g r o s s in v e s tm e n t .................. Federal ......................................................... National d e fe n s e ...................... ................................ N ond efen se ....................................... State and lo c a l..................................................... hi IV I ii 2004 hi IV I ii 1.3 2.2 1.9 1.6 2 .0 3.2 4.0 4.7 4.6 3.1 8.9 3.0 3.2 1.9 2 .1 2.4 3.3 3.8 4.3 3.9 1 1 .0 1 .2 3.2 2.4 2 .1 2.1 2 .0 2 .0 1.9 -5 .4 -5 .8 -9 .8 -1 7 .4 - 6 .8 4.3 -1 .4 -4 .9 -8 .7 4.9 -2 .5 -6 .5 -1 4 .9 -3 .4 7.0 - 2 2 .0 -3 .2 4.4 - 1.5 -.7 -3 .5 1.7 1 2 .2 -4 .5 -.3 5.6 1 .6 1 .8 4.4 5.6 3.2 7.7 7.7 5.6 10.5 9.3 7.9 15.1 10.9 9.2 2005 in 3.8 IV 3.8 10.4 9.4 10.9 3.6 3.2 3.7 6.7 4.6 3.0 3.8 6.3 4.5 3.0 2.9 .2 4.4 3.3 4.3 4.5 2 .8 2 .6 4.1 7.9 8.3 1.9 10.5 7.2 6.3 7.1 6.9 1.5 8.7 7.6 6.3 7.9 8.9 5.1 10.3 ........ ........ 10 .1 4.0 9.4 10.3 8 .0 9.2 1.7 6.1 ........ ...."*!* 1 .6 1.1 2 .8 1 0 .2 6.4 7.2 2.4 9.7 9.9 4.0 6.7 7.4 5.5 4.9 7.5 7.9 6 .8 6 .8 2 .6 3.6 2.1 1.1 1 .2 1.7 .8 1.3 2 .0 1.9 1.9 2 .8 2.7 2 .2 2.3 2.3 1.4 1 .6 1.9 2.5 2.5 2.4 1.4 3.3 3.4 3.6 3.5 3.6 3.2 -3 .0 3.6 5.6 1.1 2 .1 3.6 ¿4 ........ -4 .0 -4 .9 - 2 .0 II 0.3 11.8 9.3 9.4 ........ 1 .0 4.6 3.8 4.5 3.4 3.1 5.1 5.3 8 .8 11.7 1 1 .8 1 0 .6 6 .8 9.2 1 1 .2 12.3 11.1 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2 .0 2.1 1.7 1.8 2 .0 8.4 ¿5 1 2 .2 9.2 7.5 12.1 ___ 3 J 7.8 4.9 2.3 3.0 2.9 3.3 6 .0 9.4 10.1 8 .8 3.5 4.0 4.0 4.0 4.4 3.8 4.9 4.7 5.0 1 .6 1 .8 .7 2 .6 2 .1 2.1 1.9 1.7 1.7 1.7 1.9 5.1 4.4 4.4 3.6 4.5 3.2 4.2 GDP excluding food and energy ................................. P C E .......................................................... PCE excluding food and e n e rg y .................................. . Market-based P C E 1 .................................... Market-based PCE excluding food and energy 1 ......................... r 1 .6 1 .6 1 .6 2 .1 2 .0 1.9 1.7 1.7 1.9 1 .2 1 .8 1.5 1.9 1 .6 .9 1.5 1.5 1.1 Re v i se d 1 . T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e pnce m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s ( f o r e x a m p l e , t h e se r v i c e s f u r n i sh e d w i t h o u t i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. paym ent b y f in an ci al 1.7 1.4 2 .0 1 .8 1 .8 1.7 1.9 1.5 2.3 1.3 1.3 1 .2 1.3 1.7 1 .2 1.1 1 .0 1.3 2.5 1.5 2 .6 1.5 2.7 1.7 lr 6 .0 2.3 4.3 2 .1 1.6 2.3 1.7 3.6 1.5 1 .2 1 .2 3.3 3.5 3.2 3.9 3.6 3.9 3.6 1.3 O.b 2.9 1.4 1.9 1.9 ........ IV ........ 6.9 ....6 4 ....84 6.9 8 .0 1 1 .2 6.9 2 .8 1.3 5.7 5.1 6.1 5.3 6.1 5.8 5.9 6 .6 2 .0 2.4 3.5 3.5 3.3 6.4 3.3 3.2 3.5 P ric e in d e xe s : Gross dom estic pu rchase s...................................... Gross dom estic purchases excluding food and e n e rg y .................... III .... 7.7 A d d en d a : Final sales of dom estic p ro d u c t...................................................... Gross dom estic purchases .................................... Final sales to dom estic p u rch a se rs ................................................. Gross national p ro d u ct.............................................................. Real disposable personal income ........................... ...... 2006 I 2 .6 1 .8 2.9 2.4 1 .6 3.6 3.0 1 .0 .1 3.4 2.5 2.9 2.7 3.1 1.9 3.1 3.5 2.7 3.1 2.9 3.0 1 .6 2 .0 3.0 1.7 • 3.5 2.7 3.1 2.9 3.0 1.9 2.9 1.5 T a b le 9 .— R e la tio n o f G r o s s D o m e s tic P r o d u c t, G r o s s N a tio n a l P r o d u c t, a n d N a tio n a l In c o m e [B illions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 I II 2006 III IV I' G ross dom estic p ro d u c t.................................................................................................. 10,971.2 11,734.3 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,042.3 Plus: Income receipts from the rest of the w o rld ................................................................. Less: Income payments to the rest of the w o rld ....................... .......................................... 343.7 275.6 415.4 361.7 507.6 474.0 462.3 422.9 489.4 453.9 520.8 476.6 558.0 542.6 596.6 564.4 E quals: G ross n a tional p ro d u c t...................................................................................... 11,039.3 11,788.0 12,520.8 12,238.2 12,413.5 12,650.0 12,781.6 13,074.6 Less: Consumption of fixed capital .................................................................................... Less: S tatistical d iscre pan cy.............................................................................................. 1,331.3 47.1 1,435.3 76.8 1,574.1 55.0 1,448.4 39.4 1,457.2 78.3 1,863.8 44.3 1,526.9 58.0 1,522.2 23.0 E quals: N ational incom e ................................................................................................. Compensation of em ployees ...................................................................................... . Wage and salary a ccru a ls.......................................................................................... Supplements to wages and s a la rie s ........................................................................ . Proprietors' incom e w ith inventory valuation and capital consumption adjustm ents ............ Rental income of persons w ith capital consumption a d ju stm en t....................................... Corporate profits with inventory valuation and capital consumption adjustm ents................ Net interest and miscellaneous p a ym e n ts..................................................................... . Taxes on production and im ports less s u b s id ie s ............................................................. Business current transfer pa ym ents................................................................................ C urrent surplus of government enterprises ..................................................................... 9,660.9 6,321.1 5,111.1 1 ,2 1 0 .0 810.2 131.7 1,031.8 528.5 754.8 81.6 1.3 10,275.9 6,687.6 5,389.4 1,298.1 889.6 134.2 1,161.5 505.5 809.4 91.1 -3 .0 10,891.7 7,113.1 5,712.3 1,400.8 938.7 72.9 1,351.9 498.3 848.0 80.2 -1 1 .3 10,750.4 7,001.7 5,629.9 1,371.8 917.9 118.0 1,288.2 498.3 833.2 99.0 - 6 .1 10,878.0 7,060.2 5,672.3 1,387.9 936.6 104.4 1,347.5 488.7 848.0 99.6 -7 .0 10,741.9 7,177.6 5,762.3 1,415.3 932.4 - 11.1 1,293.1 497.6 853.4 - 2 2 .8 11,196.7 7,212.9 5,784.6 1,428.3 967.7 80.3 1,478.9 508.5 857.2 100.3 -9.1 11,529.4 7,321.8 5,865.1 1,456.6 977.1 69.3 1,655.6 534.2 881.2 95.8 -5 .4 Addendum : Gross dom estic In co m e ................................................................................................. 10,924.2 11,657.5 12,432.2 12,159.4 12,299.7 12,561.4 12,708.2 13,019.3 r 2 1 .8 Re v i se d T ab le 1 0 — Perso nal In co m e and Its D isposition [B illions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 I II 2006 III IV U P ersonal in c o m e 1 .......................................................................................................... 9,169.1 9,713.3 10,237.7 10,073.4 10,185.7 10,250.4 10,441.1 10,581.6 Compensation of employees, re c e iv e d ........................................................................... Wage and salary disbursem ents................................................................................ Supplements to wages and s a la rie s ........................................................................... Proprietors’ Income w ith Inventory valuation and capital consumption adjustm ents ............ F a rm ........................................................................................................................ N o nfarm ................................................................................................................... Rental income of persons with capital consumption a d ju stm en t........................................ Personal income receipts on a s s e ts ....... ....................................................................... Personal interest Income ............................................................................................ Personal dividend incom e ................................................. ...................................... . Personal current transfer receipts .................................................................................. 6,321.1 5,111.1 1 ,2 1 0 .0 810.2 27.7 782.4 131.7 1,338.7 917.6 421.1 1,344.0 6,687.6 5,389.4 1,298.1 889.6 35.8 853.8 134.2 1,396.5 905.9 490.6 1,427.5 7,113.1 5,712.3 1,400.8 938.7 7,001.7 5,629.9 1,371.8 917.9 24.7 893.2 118.0 1,407.9 915.4 492.5 1,488.8 7,060.2 5,672.3 1,387.9 936.6 19.6 917.1 104.4 1,439.8 936.0 503.8 1,509.6 7,177.6 5,762.3 1,415.3 932.4 18.0 914.3 - 11.1 1,468.9 951.2 517.6 1,558.1 7,212.9 5,784.6 1,428.3 967.7 7,321.8 5,865.1 1,456.6 977.1 15.1 961.9 69.3 1,531.8 985.6 546.2 1,582.4 Less: C ontributions fo r governm ent social in surance........................................................ 776,6 822.2 869.7 861.0 864.9 875.4 877.4 900.7 Less: Personal current ta x e s ............................................................................................. 999.9 1,049.1 1,207.7 1,171.4 .1,206.0 1,220.4 1,233.1 1,292.8 2 0 .8 917.8 72.9 1,457.4 945.7 511.7 1,525.3 2 1 .0 946.7 80.3 1,512.9 980.1 532.9 1,544.7 E quals: D isposable personal in c o m e .............................................................................. 8,169.2 8,664.2 9,029.9 8,902.0 8,979.7 9,030.0 9,208.0 9,288.8 Less: Personal o u tla y s ...................................................................................................... 7,996.3 8,512.5 9,072.1 8,854.6 9,001.2 9,173.9 9,258.5 9,416.9 E quals: Personal s a v in g .................................................................................................. 172.8 151.8 -42.1 47.4 -2 1 .5 -143.9 Personal saving as a percentage of disposable personal In co m e ..................................... 2 .1 1 .8 -.5 .5 - .2 A ddendum : Disposable personal income, billions of chained (2000) dollars2 ...................................... 7,741.8 8,004.3 8 , 1 1 2 .2 8,098.1 8 , 1 0 2 .6 r R e v i se d 1. P e r so n a l i n c o m e i s a l so e q u a l t o n a t i o n a l i n c o m e c o n su m p t i o n a d j u st m e n t s, t a x e s o n p r o d u c t i o n a n d a n c e , n e t i n t e r e st e n t e r p r i se s, l e ss c o r p o r a t e pr of it s w it h i n ve nt or y v a l u a t i o n a n d cap it al i m p o r t s l e ss su b si d i e s, c o n t r i b u t i o n s f o r g o v e r n m e n t so c i a l i n su r a n d m i sc e l l a n e o u s p a y m e n t s, b u s i n e ss c u r r e n t t r a n sf e r p a y m e n t s, c u r r e n t su r p l u s o f g o v e r n m e n t a n d w a g e a c c r u a l s l e ss d i sb u r se m e n t s] p l u s p e r so n a l i n c o m e r e c e i p t s o n a sse t s, a n d p e r so n a l c u r r e n t t r a n sf e r r e c e i p t s. 2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. -5 0 .5 -128.1 1 .6 -.5 -1 .4 8,074.2 8,175.6 8,206.7 - T ab le 11.— C o rp o rate Profits: Level and Percent C h an ge Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 I C orporate p ro fits w ith Inve ntory va lu a tio n and ca p ita l consum ption ad ju stm en ts ................................................ Less: Taxes on corporate in c o m e ........................................... E quals: P ro fits a fte r ta x w ith in ve n to ry va lu a tio n and ca p ita l consum ption adjustm ents ................................................ Net dividends .................................................................... Undistributed profits with inventory valuation and capital consumption a d ju stm e n ts................................................ Cash flo w : Net cash flo w w ith in ve n to ry va lu a tio n and cap ital con sum ptio n ad ju stm en ts ............................................ Undistributed profits w ith inventory valuation and capital consum ption ad ju stm en ts............................................ Consumption of fixed c a p ita l........................................... III IV 1,288.2 1,347.5 1,293.1 2005 2005 I' II 1,478.9 1,655.6 2006 2006 |n III IV \' 1 2 .6 16.4 4.6 -4 .0 14.4 11.9 28.5 232.1 271.1 378.1 362.6 372.5 360.3 447.7 16.8 39.5 2.7 -3 .3 15.8 7.3 23.5 799.7 423.2 890.3 493.0 973.8 514.2 925.6 494.9 975.0 506.3 932.8 1,061.8 1,207.9 520.1 535.4 548.8 11.3 16.5 9.4 4.3 5.3 2.3 -4 .3 2.7 13.8 2.9 13.8 2.5 30.5 10.9 376.5 397.3 459.6 430.7 468.7 412.6 659.0 5.5 15.7 8 .8 - 1 2 .0 27.6 25.2 53.0 1,280.9 1,324.9 1,368.0 1,504.3 5.8 8.9 3.4 3.4 3.3 1 0 .0 21.4 5.5 8 .8 - 1 2 .0 6 .0 15.7 5.5 .5 12.3 27.6 -7 .7 25.2 .4 53.0 4.5 8 .1 7.9 1.7 4.0 4.1 8.3 19.3 1,130.8 1,196.9 1,303.3 1,239.2 376.5 754.4 Less: Inventory valuation ad ju stm e n t................................... -1 3 .3 E quals: N et cash flo w ...................................................... 1,144.1 Addenda: Profits before tax (w ithout Inventory valuation and capital consumption ad ju stm en ts)............................................... Profits after tax (w ithout Inventory valuation and capital consumption a d ju stm en ts)............................................... Inventory valuation a d ju stm e n t............................................ Capital consumption ad ju stm en t.......................................... r 1,031.8 1,161.5 1,351.9 2004 2006 II Q uarter one year ago Quarterly rates 417.1 526.4 397.3 799.6 459.6 843.6 430.7 808.5 468.7 812.2 412.6 912.3 526.4 841.6 659.0 845.2 -3 9 .6 -3 1 .5 -39.1 -1 8 .9 -2 7 .5 -4 0 .4 - 2 1 .0 1,236.6 1,334.7 1,278.3 1,299.8 1,352.4 1,408.5 1,525.3 937.2 1,059.3 1,438.3 705.1 -1 3 .3 107.9 788.2 1,060.2 -3 9 .6 -3 1 .5 141.8 -5 4 .9 1,378.3 1,412.2 1,392.6 1,570.1 1,015.7 1,039.7 1,032.3 -39.1 -1 8 .9 -2 7 .5 -5 1 .0 -4 5 .8 -72.1 1,707.8 13.0 35.8 2.5 -1 .4 12.7 8 .8 23.9 1,153.0 1,260.1 -4 0 .4 - 2 1 .0 -5 0 .7 -3 1 .3 1 1 .8 34.5 2.4 -.7 11.7 9.3 24.1 Re v i se d T ab le 12.— C o rp o rate P ro fits b y Ind u stry: Level and Ch an g e From P recedin g Period [B illions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 I II 2006 III IV 2005 2004 2006 2005 II III IV \' V C orporate p ro fits w ith in ve n to ry va lu a tio n and ca p ita l consum ption a d ju s tm e n ts .................................................................................. 1,031.8 1,478.9 1,655.6 129.7 190.4 59.3 -5 4 .4 185.8 176.7 D om estic in d u s trie s ............................................................................. Financial ................................................................................................ N onfin ancla l............................................................................................ 855.8 330.9 524.9 976.6 1,146.3 1,094.8 1,150.3 1,069.9 1,270.3 1,416.9 322.7 347.7 377.6 350.7 278.8 383.7 447.2 653.9 798.6 717.1 799.6 791.1 8 8 6 .6 969.8 1 2 0 .8 - 8 .2 129.0 169.7 25.0 144.7 55.5 -2 6 .9 82.5 -8 0 .4 -71.9 -8 .5 200.4 104.9 95.5 146.6 63.5 83.2 R est o f th e w o rld ...................................................................................... Receipts from the rest of the w o rld .......................................................... Less: Payments to the rest of the w orld .................................................. 176.0 255.7 79.7 184.9 309.5 124.6 25.9 30.1 16.0 -1 4 .0 C orporate p ro fits w ith in ve n to ry va lu a tio n a d ju stm en t ..................... 923.9 D om estic in d u strie s ..................................................................... Financial ................................................................................................ Federal Reserve b a n k s ................... .................................................. O ther financial .................................................. .................................. 747.9 313.0 292.8 N onfin ancla l............................................................................................ U tilitie s .............................................................. ................... M anufacturing .......................................... ........................................... Durable g o o d s ................................................................................ Fabricated metal p ro d u c ts ........................................................... M a chinery................................................................................... Computer and electronic products ................................................ Electrical equipm ent, appliances, and components ....................... M otor vehicles, bodies and trailers, and p a rts ............................... Other durable g o o d s ................................................................... Nondurable g o o d s ........................................................................... Food and beverage and tobacco products .............................. . Petroleum and coal products ....................................................... Chemical p ro d u c ts .................................................................. Other nondurable g o o d s .................................................. W holesale tra d e ................................................................................. Retail trade ...................................................................... Transportation and w a re hou sing................................................ In fo rm a tio n ................................................................. Other nonfm andal .................................................................... R est o t the w o rld ................................................................. r 1,161.5 1,351.9 1,288.2 1,347.5 1,293.1 205.6 334.2 128.5 223.1 338.3 115.1 208.6 356.6 148.0 238.7 372.6 134.0 8.9 53.8 44.9 20.7 24.7 3.9 3.7 14.7 10.9 -1 5 .9 -1 4 .5 18.3 32.9 1,019.7 1,406.8 1,339.2 1,393.3 1,365.1 1,529.7 1 ,6 8 6 .8 95.8 387.1 54.1 -2 8 .2 164.6 157.1 1,145.7 1,196.1 1,142.0 1,321.1 1,448.2 347.0 377.2 349.5 278.7 382.7 444.1 26.8 23.1 26.2 27.0 30.8 31.2 320.3 354.2 323.2 251.7 352.0 412.9 86.9 -1 2 .4 366.4 46.4 6.5 40.0 50.4 -2 7 .7 3.1 -3 1 .0 -54.1 -70.8 179.1 104.0 3.8 100.3 127.1 61.4 .4 60.9 320.0 15.3 89.0 16.7 -6 .7 13.9 65.8 .3 34.8 25.2 3.5 1 .8 5.1 4.3 4.3 4.7 2.5 3.1 -9 .6 - 2 .8 75.0 19.9 19.7 4.2 - 2 .1 -.4 3.8 2.4 6.3 6.9 1 1 .8 834.8 300.6 20.3 280.3 1 ,2 0 1 .2 434.9 11.4 80.7 -4 .1 8.5 1.4 -16.1 1.9 - 1 1 .6 11.9 534.2 -3 .2 .3 -3 .4 29.9 854.2 27.4 207.9 55.9 12.4 4.7 5.0 4.5 - 2 2 .2 51.6 84.8 23.5 23.6 84.0 24.0 31.0 13.5 15.6 2 0 .2 in t h is t ab l e ar e b a se d o n the 1997 No rt h A m e r i c a n 1 2 0 .1 - 2 0 .8 47.3 -25.3 48.8 938.3 1,004.1 39.6 39.9 238.3 273.1 6 6 .2 91.4 13.6 17.1 7.2 9.4 8.5 12.3 5.2 7.6 -2 7 .0 -2 0 .7 58.7 65.6 152.0 39.8 70.2 21.4 20.7 134.7 39.6 62.8 18.8 13.5 144.8 37.7 66.3 20.5 20.3 156.6 40.8 70.8 22.7 22.3 172.1 41.1 80.7 23.4 26.9 181.7 41.9 78.5 32.4 28.9 93.9 115.2 28.2 51.1 330.4 81.4 104.6 22.9 46.7 318.9 98.1 109.1 27.9 53.5 326.9 95.4 116.9 32.9 50.2 329.6 1 0 0 .6 1 0 0 .2 130.4 29.1 54.0 346.4 1 2 2 .8 -1 .9 192.4 63.5 90.0 8.4 17.0 224.3 176.0 184.9 205.6 193.5 197.2 223.1 208.6 118.9 34.8 10.3 1 .0 2 0 .8 16.9 56.3 87.7 8.1 i n d u st r y C l a ssi f i c a t i o n Sy s t e m ( N A I C S) . 768.5 23.7 170.2 35.5 197.2 328.2 131.0 846.6 26.4 204.7 59.9 11.4 2.9 4.2 5.5 -1 5 .7 51.6 12.1 R e v i se d No t e .— Est i m a t e s 193.5 313.5 8 .8 .9 .5 -1 .3 863.3 19.7 218.6 62.0 15.7 7.6 6.7 8 .6 .1 -1 2 .5 99.3 .7 38.2 38.9 2 1 .1 78.1 2.7 34.5 24.4 1 .8 2.1 2 .6 -.4 12.9 - 1 .6 3.7 2 .0 8 .2 3.7 4.2 -1 8 .8 21.7 6 .8 8 .2 18.0 10.1 .8 -7 1 .5 2.1 2 .2 -3 .4 -1 .7 9.9 - 2 .0 15.5 .3 9.9 .7 4.6 8 .0 -2 .7 7.8 5.0 -3 .3 2.7 5.2 13.5 -3 .8 3.8 16.8 -.4 -7 .6 7.9 4.7 26.0 3.7 25.9 -1 4 .5 30.1 - .8 6 8 .0 10.1 .5 7.4 -7 .3 -1 .3 15.8 39.2 7.9 5.1 -1 .9 3.5 1.7 6 .8 37.0 58.7 372.4 7.2 2.3 .3 18.9 31.9 30.4 25.2 19.8 34.1 106.1 16.7 4.5 5.0 238.7 8.9 20.7 6 .8 3.1 4.5 2 .2 9.6 .8 2 .2 9.0 2 .0 T ab le 13.— G ross V alu e Ad d ed o f No nfln an cial Do m estic C o rpo rate Business Seasonally adjusted at annual rates 2003 2004 2005 2005 1 2006 II III 1" IV Billions of dollars Gross value added ot nontinancial corporate bu siness.................... ..................... 5,595.7 5,995.4 6,465.3 6,282.8 6,414.0 6,528.0 6,636.5 Consumption of fixed c a p ita l............................................................................................ . 652.6 690.3 729.1 697.5 700.4 792.8 725.7 728.1 Net value a d d e d ......... ................................................................................................... 4,943.1 5,305.1 5,736.2 5,585.3 5,713.6 5,735.2 5,910.8 6,091.4 Compensation of employees ........................................................................................ Wage and salary accruals........................................ ................................. .............. . Supplements to wages and s a la rie s .......................................................................... Taxes on production and im ports less s u b s id ie s _________ __________ _____ ___ __ Net operating s u rp lu s ................................................................................................... Net Interest and miscellaneous pa ym ents............... .................................................. Business current transfer paym ents ....................... .................................................. Corporate profits with Inventory valuation and capital consumption adjustm ents ........... Taxes on corporate In co m e .................................................................................. P rofits after tax w ith inventory valuation and capital consumption a d ju stm en ts......... Net d iv id e n d s .................................................................................................. Undistributed profits w ith inventory valuation and capital consumption adjustm ents 3,703.2 3,007.8 695.4 486.5 753.4 166.2 62.4 524.9 126.5 398.3 295.5 3,906.8 3,168.6 738.3 519.1 879.2 164.9 60.4 653.9 165.9 487.9 361.2 126.7 4,173.3 3,375.3 798.0 549.7 1,013.2 171.5 43.1 798.6 254.7 543.9 252.5 291.4 4,105.4 3,323.6 781.8 537.7 942.2 167.0 58.0 717.1 231.9 485.2 306.7 178.5 4,140.5 3,349.9 790.6 547.9 1,025.2 167.3 58.4 799.6 248.6 550.9 297.6 253.4 4,214.7 3,408.6 806.1 553.7 966.8 172.8 2.9 791.1 258.0 533.1 181.7 351.4 4,232.5 3,419.2 813.4 559.8 1,118.5 179.0 52.9 280.3 606.3 224.0 382.3 4,301.3 3,470.2 831.1 569.2 1,220.9 189.8 61.3 969.8 291.6 678.2 462.5 215.7 448.1 321.6 -1 3 .3 90.0 573.9 407.9 -3 9 .6 119.7 885.7 630.9 -3 1 .5 -5 5 .6 807.6 575.6 -39.1 -5 1 .3 865.5 616.9 -1 8 .9 -4 7 .0 890.8 632.8 -2 7 .5 -7 2 .2 978.8 698.5 -4 0 .4 -5 1 .7 1,025.1 733.5 -2 1 .0 -3 4 .3 102.8 Addenda: Profits before tax (w ithout Inventory valuation and capital consumption adjustm ents) ....... Profits after tax (w ithout inventory valuation and capital consumption adjustm ents) .......... Inventory valuation a d ju stm e n t...................................................................................... Capital consumption a d ju stm en t.................................................................................... 886.6 6,819.5 Billions of chained (2000) dollars Gross value add ed of n ontin an cial corporate b u sin ess1 5,418.2 5,714.1 6,077.2 5,943.3 6,046.0 6,121.9 6,197.6 6,322.1 Consumption of fixed capital2 .................................. ............... Net value added3 ................................................................... 629.4 4,788.8 656.5 5,057.6 686.9 5,390.3 660.2 5,283.1 663.6 5,382.4 745.2 5,376.6 678.6 5,519.0 675.9 5,646.2 1.066 Dollars Price, costs, and profits per unit of real gross value added of nontinancial corporate business: Price per unit of real gross valu e added of nontinancial corporate b u s i n e s s * ...... ....... ................. 1.033 1.049 1.064 1.057 1.061 1.071 1.079 Compensation of em ployees (unit labor c o s t).................................................................................... .683 .684 .687 .691 .685 .688 .683 .680 Unit nonlabor c o s t........... ..... ........................................................................................................... Consumption of fixed c a p ita l....................... ....................... ................................ .......................... Taxes on production and im ports less subsidies plus business current transfer pa ym ents................ Net Interest and miscellaneous pa ym ents......................................................... ............................ . .252 .251 .246 .120 .245 .117 .244 .116 .029 .098 .028 .028 .028 .245 .117 .099 .029 .245 .115 .031 .249 .130 .091 .028 .097 .023 .074 .114 .029 .085 .131 .042 .089 .039 .082 .121 .132 .041 .091 .129 .042 .087 .143 .045 .098 .153 .046 .107 Corporate profits w ith Inventory valuation and capital consumption adjustm ents (unit profits from current production) .................................................................................................................................. Taxes on corporate income ......................................................................................................... Profits after tax w ith inventory valuation and capital consumption adjustm ents ................................ . r Re v i se d 1 . T h e c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st i y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e i n d e x i s n o t a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2 . Ch a i n e d - d o l l a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u s i n e s s i s c a l c u l a t e d a s t h e p r o d u c t o f .120 .101 .121 .101 .100 .100 .100 .030 t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . 3 . Ch a i n e d - d o l l a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e s s i s t h e d e f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4. T h e d e f l at or f or g r o ss v a l u e a d d e d o f n o n f i n a n c ia l c o r p o r a t e b u si n e ss d iv id e d b y 10 0 . NOT E. — Est i m a t e s i n t h i s t a b l e a r e b a se d on t he 1997 Nort h Am e r ican I n d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . A p p e n d ix T a b le A .— R e a l G r o s s D o m e s tic P r o d u c t a n d R e la te d A g g r e g a t e s a n d P r ic e In d e x e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2002 2005 III II 2003 IV I 2004 III il 1 IV II 2005 III IV I 2006 II III IV I' Gross dom estic prod uct (GDP) an d related aggregates: GDP .................................................................. 2.7 4.2 3.5 2.2 2-4 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.7 5.6 Goods .................................................................. Services ............................................................... S tru ctu re s.............................................................. 3.4 2.2 4.7 2.7 4.8 1.5 3.4 -2 .7 5.2 1.7 -3 .0 -5 .2 2.9 3.1 4.3 .7 -.9 2.3 3.7 16.8 1.3 13.6 2.9 3.8 4.1 7.2 3.3 .6 4.7 6.6 13.1 4.4 3.2 5.2 5.0 1.5 8.4 Motor vehicle o u tp u t............................................... GDP excluding m otor vehicle o u tp u t....................... 3.8 2.7 4.6 4.2 3.4 3.5 5.7 2.1 11.6 2.0 5.3 3.6 3.3 11.7 1.2 3.9 3.2 2.3 3.2 6.5 2.7 5.7 .5 .3 1.8 -2 .5 3.9 22.6 -3 .6 3.8 14.4 3.9 -7 .3 3.9 3.0 4.0 -.3 3.4 17.6 3.7 -1 7 .2 2.4 -6 .4 3.1 4.3 3.8 Final sales of com puters1 ...................................... GDP excluding final sales of co m p u te rs.................. 20.2 2.6 20.4 4.1 39.6 3.3 .7 2.2 29.3 15.3 7.1 1.7 14.4 3.6 78.0 11.9 3.5 10.2 4.2 10.3 3.4 13.3 3.9 56.5 3.0 54.9 3.5 45.4 3.0 20.3 4.0 45.9 1.3 Farm gross value added2 ...................................... 8.4 0 -8 .0 133.6 63.9 34.2 -2 2 .3 27.0 -34.1 -13.1 89.8 -3 1 .5 -1 1 .3 -17.1 7.3 -31.1 20.9 36.7 3.2 Nonfarm business gross value added3 ................... 3.3 4.8 4.2 1.4 3.1 4.6 3.9 4.3 4.4 4.7 1.5 6.9 GDP ..................................................................... GDP excluding food and energy ............................. GDP excluding final sales of com pute rs.................. 2.0 1.8 2.6 2.8 1.5 2.5 2.7 2.7 3.0 1.6 1.6 1.5 2.7 3.3 2.9 3.1 2.9 3.3 2.6 1.7 3.5 3.5 3.4 3.7 3.1 3.1 3.3 Gross dom estic purchases ..................................... Gross dom estic purchases excluding food and e n e rg y ............................................................... Gross dom estic purchases excluding final sales of com puters to dom estic p u rch a se rs...................... 2.2 2.9 3.2 3.2 2.9 3.3 4.2 37 2.6 1.8 2.4 2.5 2.4 3.0 3.4 Personal consumption expenditures (P C E ).............. PCE excluding food and e n e rg y .............................. Market-based PCE4 .............................................. Market-based PCE excluding food and energy4 ...... 1.9 1.3 1.9 2.6 2.0 2.8 2.0 2.3 1.5 2.7 1.7 Price indexes: r 22 1.2 2.2 0.2 .2 .1 8.2 6.7 6.8 1.2 .1 2.0 4.7 10.4 2.8 4.2 4.6 1.9 1.7 1.9 3.6 3.3 3.7 3.9 3.4 3.9 2.2 8.8 1.1 2.6 2.6 4.6 6.1 6.0 5.6 2.2 2.0 3.1 2.6 1.1 1.7 2.4 3.2 1.2 2.5 1.7 2.2 4.1 .4 1.8 1.6 2.0 2.0 1.7 4.2 4.1 2.0 1.6 2.0 1.7 1.6 1.8 2.5 1.0 1.7 1.8 3.4 3.2 2.0 2.4 3.0 2.1 2.5 3.2 30 2.6 2.8 1.8 2.8 1.6 1.9 2.4 4.3 .5 1.8 4.3 4.3 2.2 3.4 3.1 3.5 4.5 3.9 1.8 1.7 3.0 1.9 1.7 1.7 1.7 1.1 3.8 2.5 3.7 2.3 2.4 3.3 1.7 3.4 1.5 3.7 1.4 3.9 2.9 2.4 2.8 2.0 2.0 1.0 3.9 2.7 3.4 1.9 3.1 2.3 .8 1.3 1.4 .9 .9 1.5 1.5 3.1 .6 1.0 2.2 2.0 1.9 1.7 1.7 1.8 R e v i se d 1.2 1.2 .9 .5 1.5 1.9 1.4 2.0 1.1 1.1 2.6 2.8 1.8 2.1 2.2 2.4 2.8 2.8 1.1 2.6 4 . T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e 1 . F o r s o m e c o m p o n e n t s o f f i n a l s a l e s o f c o m p u t e r s, i n c l u d e s c o m p u t e r p a r t s. p r i c e m e a su r e s. 2 . F a r m o u t p u t l e s s i n t e r m e d i a t e g o o d s a n d se r v i c e s p u r c h a se d . i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. 3 . C o n s i s t s o f G D P l e s s g r o s s v a l u e a d d e d o f f ar m , o f h o u se h o l d s a n d 3.0 i n st i t u t i o n s, a n d o f g e n e r a l g o v e r n m e n t . It e x c l u d e s m o st im plicit p r i ce s (f or e x am p l e , Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. t h e se r v i c e s f u r n i sh e d w i t h o u t p aym ent b y f i nan cial E x p la n a t o r y N o te : N I P A M e a s u r e s o f Q u a n titie s a n d P r ic e s Current-dollar GDP is a m easure o f the market value o f goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decom posed into quantity and price components. Quantities, or “real” m easures, and prices are expressed as index num bers with the reference year — at present, the year 2000 — equal to 100. Annual changes in quantities and prices are calculated using a Fisher form ula that incorporates weights from two adjacent years. (Q uarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from tw o adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04 annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual percent change in GDP prices uses quantities for 2003 and 2004 as w eights. These annual changes are “chained” (multiplied) together to form time series o f quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a measure o f the price level know n as the im plicit price deflator (IPD), which is calculated as the ratio o f the current-dollar value to the corresponding chained-dollar value, m ultiplied by 100. The values o f the IPD are very close to the values o f the corresponding "chain-type" price index.) Index num bers o f quantity and price indexes for GDP and its major com ponents are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by m ajor com ponents to changes in real GDP are presented in table 2. M easures o f real GDP and its m ajor com ponents are also presented in dollar-denom inated form, designated "chained (2000) dollar estimates." For most series, these estimates, w hich are presented in table 3, are com puted by m ultiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For exam ple, if a current-dollar GDP com ponent equaled $100 in 2000 and if real output for this com ponent increased 10 percent in 2001, then the chained (2000) dollar value o f this com ponent in 2001 w ould be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed G D P components will not necessarily sum to the chained-dollar estimate o f GDP (or to any interm ediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those o f the reference year. A measure o f the extent o f such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum o f the m ost detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be sm all, and the chained-dollar estimates can be used to approxim ate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses o f contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure o f the com position o f GDP growth. In particular, for components for w hich relative prices are changing rapidly, calculation o f contributions using chained-dollar estimates may be misleading even ju s t a few years from the reference year. R e fe r en ce : “C hained-Dollar Indexes: Issues, Tips on Their Use, and U pcom ing Changes,” Novem ber 2003 S u r vey , pp. 8-16.