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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 29, 2009 Lisa Mataloni: (202) 606-5304 (GDP) Andrew Hodge: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 BEA 09-20 GROSS DOMESTIC PRODUCT: FIRST QUARTER 2009 (PRELIMINARY) CORPORATE PROFITS: FIRST QUARTER 2009 (PRELIMINARY) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 5.7 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent. The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the decrease in real GDP was 6.1 percent (see "Revisions" on page 3). The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, equipment and software, private inventory investment, nonresidential structures, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, decreased. The smaller decrease in real GDP in the first quarter than in the fourth reflected a larger decrease in imports, an upturn in PCE for durable goods, and a smaller decrease in PCE for nondurable goods that were partly offset by larger decreases in private inventory investment and in nonresidential structures and a downturn in federal government spending. Motor vehicle output subtracted 1.36 percentage points from the first-quarter change in real GDP after subtracting 2.01 percentage points from the fourth-quarter change. Final sales of computers added 0.06 percentage point to the first-quarter change in real GDP after subtracting 0.02 percentage point from the fourth-quarter change. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2- Comprehensive Revision of the National Income and Product Accounts BEA plans to release the results of the 13th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), as part of the annual revision on July 31, 2009. More information on the revision is available on BEA’s Web site at www.bea.gov/national/an1.htm, including a link to an article in the March 2009 issue of the Survey of Current Business that discussed the changes in definitions and presentation that will be implemented in the revision and a link to an article in the May Survey that described the changes in statistical methods. The September Survey will contain an article that describes the results of the revision in detail. The Web site also contains links to redesigned PCE table stubs; other revised NIPA table stubs and press release stubs will be available in June. The price index for gross domestic purchases, which measures prices paid by U.S. residents, decreased 1.0 percent in the first quarter, the same as in the advance estimate; this index decreased 3.9 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in the first quarter, compared with an increase of 1.2 percent in the fourth. The federal pay raise for civilian and military personnel added 0.3 percentage point to the change in the first quarter gross domestic purchases price index. Real personal consumption expenditures increased 1.5 percent in the first quarter, in contrast to a decrease of 4.3 percent in the fourth. Real nonresidential fixed investment decreased 36.9 percent, compared with a decrease of 21.7 percent. Nonresidential structures decreased 42.3 percent, compared with a decrease of 9.4 percent. Equipment and software decreased 33.5 percent, compared with a decrease of 28.1 percent. Real residential fixed investment decreased 38.7 percent, compared with a decrease of 22.8 percent. Real exports of goods and services decreased 28.7 percent in the first quarter, compared with a decrease of 23.6 percent in the fourth. Real imports of goods and services decreased 34.1 percent, compared with a decrease of 17.5 percent. Real federal government consumption expenditures and gross investment decreased 4.3 percent in the first quarter, in contrast to an increase of 7.0 percent in the fourth. National defense decreased 6.8 percent, in contrast to an increase of 3.4 percent. Nondefense increased 1.0 percent, compared with an increase of 15.3 percent. Real state and local government consumption expenditures and gross investment decreased 2.9 percent, compared with a decrease of 2.0 percent. The real change in private inventories subtracted 2.34 percentage points from the first-quarter change in real GDP, after subtracting 0.11 percentage point from the fourth-quarter change. Private businesses decreased inventories $91.4 billion in the first quarter, following decreases of $25.8 billion in the fourth quarter and $29.6 billion in the third. - more - -3- Real final sales of domestic product -- GDP less change in private inventories -- decreased 3.4 percent in the first quarter, compared with a decrease of 6.2 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 7.5 percent in the first quarter, compared with a decrease of 5.9 percent in the fourth. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- decreased 5.8 percent in the first quarter, compared with a decrease of 5.6 percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $4.1 billion in the first quarter after increasing $21.3 billion in the fourth; in the first quarter, receipts decreased $99.7 billion, and payments decreased $95.5 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- decreased 3.1 percent, or $110.6 billion, in the first quarter to a level of $14,089.7 billion. In the fourth quarter, current-dollar GDP decreased 5.8 percent, or $212.5 billion. Revisions The preliminary estimate of the first-quarter change in real GDP is 0.4 percentage point, or $12.8 billion, higher than the advance estimate issued last month. The upward revision to the percent change in real GDP primarily reflected upward revisions to private nonfarm inventory investment and to exports that were partly offset by a downward revision to PCE for nondurable goods. Advance Preliminary (Percent change from preceding quarter) Real GDP............................................... Current-dollar GDP............................... Gross domestic purchases price index... -6.1 -3.5 -1.0 - more - -5.7 -3.1 -1.0 -4- Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $42.6 billion in the first quarter, in contrast to a decrease of $250.3 billion in the fourth quarter. Current-production cash flow (net cash flow with inventory valuation and capital consumption adjustments) -- the internal funds available to corporations for investment -increased $59.0 billion in the first quarter, in contrast to a decrease of $97.0 billion in the fourth. Taxes on corporate income increased $31.6 billion in the first quarter, in contrast to a decrease of $130.3 billion in the fourth. Profits after tax with inventory valuation and capital consumption adjustments increased $11.1 billion in the first quarter, in contrast to a decrease of $120.1 billion in the fourth. Dividends decreased $42.2 billion compared with a decrease of $32.8 billion; current-production undistributed profits increased $53.3 billion, in contrast to a decrease of $87.4 billion. Domestic profits of financial corporations increased $116.1 billion in the first quarter, in contrast to a decrease of $178.7 billion in the fourth. Domestic profits of nonfinancial corporations decreased $64.2 billion in the first quarter, compared with a decrease of $89.1 billion in the fourth. In the first quarter, real gross value added of nonfinancial corporate business decreased, and profits per unit of real value added decreased. The decrease in unit profits reflected increases in both the unit labor and nonlabor costs corporations incurred. The rest-of-the-world component of profits decreased $9.3 billion in the first quarter, in contrast to an increase of $17.5 billion in the fourth. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The first-quarter decrease was accounted for by a larger decrease in receipts than in payments. Profits before tax increased $152.1 billion in the first quarter, in contrast to a decrease of $499.2 billion in the fourth. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $56.8 billion in the first quarter (from -$88.1 billion to -$144.9 billion), compared with a decrease of $0.1 billion in the fourth. The inventory valuation adjustment decreased $52.8 billion (from $158.1 billion to $105.3 billion), in contrast to an increase of $249.0 billion. - more - -5- * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- June 25, 2009, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2009 (Final) Corporate Profits: First Quarter 2009 (Final) - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 r 2005 II III 2006 IV I II 2007 III IV I II 2008 III IV I II 2009 III IV r Gross domestic product (GDP)................ 2.8 2.0 1.1 2.6 3.8 1.3 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.9 2.8 –0.5 –6.3 Personal consumption expenditures.................. 3.0 2.8 0.2 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 0.9 1.2 –3.8 –4.3 Durable goods .................................................... 4.5 4.8 –4.3 12.1 5.4 –11.7 18.9 1.8 3.5 4.2 9.2 5.0 2.3 0.4 –4.3 –2.8 –14.8 –22.1 Nondurable goods .............................................. 3.7 2.5 –0.6 4.2 3.0 4.7 4.4 3.1 2.3 3.1 3.5 1.9 1.2 0.3 –0.4 3.9 –7.1 –9.4 Services.............................................................. 2.5 2.6 1.5 1.7 3.8 2.5 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4 0.7 –0.1 1.5 Gross private domestic investment .................... 2.1 –5.4 –6.7 –5.1 4.0 12.2 6.2 –0.4 –5.3 –15.0 –9.6 6.2 3.5 –11.9 –5.8 –11.5 0.4 –23.0 Fixed investment ................................................. 1.9 –3.1 –5.0 7.6 5.3 2.3 8.3 –2.5 –4.8 –7.6 –3.4 3.0 –0.9 –6.2 –5.6 –1.7 –5.3 –22.0 Nonresidential ................................................. 7.5 4.9 1.6 6.3 6.1 3.7 15.9 6.4 5.3 –1.0 3.4 10.3 8.7 3.4 2.4 2.5 –1.7 –21.7 Structures.................................................... 8.2 12.7 11.2 –1.3 –9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6 18.5 9.7 –9.4 Equipment and software ............................. 7.2 1.7 –3.0 9.2 12.2 4.4 16.3 1.7 2.0 –2.4 0.0 6.9 3.6 1.0 –0.6 –5.0 –7.5 –28.1 Residential ...................................................... –7.1 –17.9 –20.8 9.7 4.0 0.2 –3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1 –13.3 –16.0 –22.8 Change in private inventories ............................. ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... Net exports of goods and services..................... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... Exports ............................................................... 9.1 8.4 6.2 8.8 0.4 10.9 16.7 5.5 3.5 15.6 0.6 8.8 23.0 4.4 5.1 12.3 3.0 –23.6 Goods ............................................................. 9.9 7.5 6.0 14.5 –0.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5 16.3 3.7 –32.0 Services .......................................................... 7.2 10.5 6.6 –2.8 3.2 5.7 13.4 2.7 3.2 28.6 –2.7 13.3 25.9 2.7 6.4 3.8 1.4 –1.5 Imports................................................................ 6.0 2.2 –3.5 0.6 0.8 15.3 10.3 0.1 3.1 2.0 7.7 –3.7 3.0 –2.3 –0.8 –7.3 –3.5 –17.5 Goods ............................................................. 6.0 1.7 –4.1 0.7 1.1 17.0 9.0 0.5 3.8 –0.8 8.4 –4.0 2.4 –2.6 –2.0 –7.1 –4.7 –19.6 Services .......................................................... 6.0 4.4 0.2 0.0 –1.0 6.8 17.7 –2.0 –0.3 18.4 4.2 –2.0 6.3 –0.9 5.5 –8.0 3.3 –6.7 Government consumption expenditures and gross investment .............................................. 1.7 2.1 2.9 0.9 3.4 –1.7 3.9 1.2 1.7 1.6 0.9 3.9 3.8 0.8 1.9 3.9 5.8 1.3 Federal................................................................ 2.3 1.6 6.0 1.1 9.7 –7.2 10.0 –1.5 1.9 1.8 –3.6 6.7 7.2 –0.5 5.8 6.6 13.8 7.0 National defense ............................................. 1.6 2.5 7.2 4.0 12.3 –14.2 8.8 1.9 –0.9 7.0 –5.9 8.5 10.2 –0.9 7.3 7.3 18.0 3.4 Nondefense..................................................... 3.6 –0.2 3.6 –4.5 4.4 8.9 12.4 –8.1 7.7 –8.1 1.2 3.1 1.2 0.4 2.9 5.0 5.1 15.3 State and local .................................................... 1.3 2.3 1.1 0.8 –0.1 1.6 0.5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 –0.3 2.5 1.3 –2.0 Addenda: Final sales of domestic product .......................... 2.8 2.4 1.4 4.8 4.1 –0.3 5.1 2.3 0.9 2.9 1.1 4.3 4.0 0.8 0.9 4.4 –1.3 –6.2 Gross domestic purchases ................................. 2.6 1.4 –0.3 1.7 3.7 2.5 4.5 2.0 0.9 0.2 1.2 2.9 2.6 –1.0 0.1 –0.1 –1.5 –5.9 Final sales to domestic purchasers .................... 2.6 1.8 0.0 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 –0.1 0.1 1.3 –2.3 –5.8 Gross national product (GNP) ............................ 2.6 2.2 1.3 2.2 4.1 0.4 4.9 2.8 0.2 2.0 –0.3 4.4 6.3 1.3 0.1 2.1 –0.2 –5.6 Disposable personal income............................... 3.5 2.8 1.3 2.5 –1.3 7.5 5.1 1.3 2.3 5.8 4.4 –0.6 3.1 0.6 –0.7 10.7 –8.5 2.9 Current-dollar measures: GDP ................................................................ 6.1 4.8 3.3 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5 4.1 3.4 –5.8 Final sales of domestic product ...................... 6.1 5.2 3.6 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6 5.6 2.6 –6.1 Gross domestic purchases ............................. 6.1 4.2 2.9 4.8 9.1 6.5 7.5 5.7 3.8 0.7 5.0 6.4 4.9 2.6 3.5 4.3 2.9 –9.6 Final sales to domestic purchasers................. 6.1 4.6 3.2 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7 5.7 2.2 –9.9 GNP ................................................................ 5.9 4.9 3.5 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6 3.4 3.7 –5.0 Disposable personal income ........................... 6.4 5.5 4.6 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 2.9 15.4 –3.9 –2.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. See “Explanatory Note” at the end of the tables. Ir –5.7 1.5 9.6 –0.6 1.3 –49.3 –37.3 –36.9 –42.3 –33.5 –38.7 ........... ........... –28.7 –37.8 –7.2 –34.1 –39.6 –4.3 –3.5 –4.3 –6.8 1.0 –2.9 –3.4 –7.5 –5.3 –5.8 6.5 –3.1 –0.7 –8.5 –6.3 –3.2 5.4 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2006 2007 2008 2005 II Percent change at annual rate: Gross domestic product ............................... Percentage points at annual rates: Personal consumption expenditures............... Durable goods................................................ Motor vehicles and parts.............................. Furniture and household equipment ............ Other ............................................................ Nondurable goods ......................................... Food ............................................................. Clothing and shoes ...................................... Gasoline, fuel oil, and other energy goods... Other ............................................................ Services.......................................................... Housing........................................................ Household operation.................................... Electricity and gas .................................... Other household operation....................... Transportation .............................................. Medical care................................................. Recreation.................................................... Other ............................................................ Gross private domestic investment ................. Fixed investment............................................ Nonresidential .............................................. Structures................................................. Equipment and software .......................... Information processing equipment and software ............................................ Computers and peripheral equipment ..................................... Software............................................ Other................................................. Industrial equipment ............................. Transportation equipment..................... Other equipment................................... Residential ................................................... Change in private inventories....................... Farm............................................................. Nonfarm ....................................................... Net exports of goods and services.................. Exports ........................................................... Goods .......................................................... Services ....................................................... Imports ........................................................... Goods .......................................................... Services ....................................................... Government consumption expenditures and gross investment ........................................... Federal ............................................................ National defense .......................................... Consumption expenditures....................... Gross investment ..................................... Nondefense.................................................. Consumption expenditures....................... Gross investment ..................................... State and local ............................................... Consumption expenditures....................... Gross investment ..................................... Addenda: Goods .............................................................. Services........................................................... Structures ........................................................ Motor vehicle output ........................................ Final sales of computers.................................. r Revised See “Explanatory Note” at the end of the tables. 2.8 2.0 1.1 2.6 2.13 0.36 –0.09 0.35 0.10 0.74 0.38 0.16 –0.05 0.25 1.02 0.34 –0.02 –0.05 0.03 0.05 0.31 0.09 0.24 0.35 0.32 0.77 0.23 0.54 1.95 0.38 0.07 0.24 0.08 0.50 0.18 0.13 0.02 0.17 1.07 0.16 0.07 0.03 0.04 0.05 0.35 0.13 0.31 –0.90 –0.50 0.52 0.40 0.13 0.16 –0.33 –0.42 0.10 –0.01 –0.13 –0.02 0.01 –0.14 0.02 0.62 0.10 –0.01 –0.04 0.02 –0.02 0.43 –0.02 0.14 –1.02 –0.76 0.17 0.39 –0.22 2.50 0.95 0.53 0.29 0.13 0.83 0.29 0.27 0.09 0.17 0.72 0.36 0.02 0.00 0.01 0.02 0.37 0.02 –0.08 –0.86 1.21 0.64 –0.04 0.68 0.32 0.34 0.18 0.31 0.15 0.06 0.11 0.07 0.09 0.05 –0.45 0.03 –0.03 0.06 –0.02 0.96 0.73 0.23 –0.98 –0.82 –0.16 0.11 0.15 0.08 0.02 –0.17 –0.07 –1.02 –0.40 0.04 –0.44 0.58 0.95 0.59 0.36 –0.37 –0.25 –0.12 0.05 0.08 0.05 –0.06 –0.32 –0.02 –0.93 –0.26 0.02 –0.28 1.40 0.76 0.51 0.25 0.64 0.65 –0.01 0.32 0.16 0.08 0.04 0.04 0.08 0.05 0.03 0.16 0.16 0.00 0.40 0.11 0.12 0.11 0.01 0.00 0.00 0.00 0.28 0.20 0.09 0.57 0.43 0.35 0.27 0.08 0.08 0.06 0.02 0.14 0.13 0.01 0.17 0.08 0.18 0.06 0.12 –0.11 –0.12 0.01 0.10 0.02 0.08 1.67 1.35 –0.24 –0.03 0.15 0.97 1.61 –0.55 –0.03 0.13 0.31 1.32 –0.52 –0.50 0.12 1.49 0.59 0.54 0.24 0.22 III 3.8 2006 IV I II 2007 III IV I II 2008 III IV I II 2009 III IV Ir 1.3 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.9 2.8 –0.5 –6.3 –5.7 2.59 0.94 0.44 –1.02 0.15 –1.59 0.37 0.41 –0.08 0.17 0.59 0.93 0.45 0.37 0.00 0.35 0.02 –0.04 0.11 0.25 1.55 1.02 0.39 0.35 0.15 –0.01 0.12 –0.04 0.04 0.03 0.02 0.01 0.48 0.39 0.04 0.04 0.46 0.24 0.69 1.98 0.88 0.41 0.64 0.40 –0.26 0.05 0.90 0.35 2.86 1.37 0.53 0.55 0.29 0.85 0.50 0.18 –0.17 0.33 0.64 0.37 –0.42 –0.42 0.01 0.08 0.37 0.08 0.16 1.15 1.39 1.62 0.42 1.20 1.88 0.14 0.06 0.15 –0.06 0.62 0.43 0.02 –0.11 0.27 1.12 0.31 0.26 0.20 0.06 0.08 0.15 0.04 0.27 –0.02 –0.40 0.71 0.54 0.16 1.52 0.27 0.06 0.20 0.00 0.46 0.10 0.14 0.03 0.19 0.79 0.25 0.10 0.05 0.05 0.03 0.07 0.18 0.15 –0.92 –0.81 0.59 0.42 0.17 2.55 0.33 0.01 0.23 0.09 0.62 0.20 0.12 0.03 0.26 1.61 0.22 0.03 –0.01 0.04 0.10 0.35 0.36 0.55 –2.68 –1.27 –0.09 0.08 –0.18 2.71 0.71 0.30 0.34 0.07 0.71 0.12 0.25 0.13 0.22 1.29 0.12 0.08 0.07 0.00 0.03 0.63 0.06 0.37 –1.63 –0.57 0.33 0.35 –0.02 1.42 0.40 0.05 0.17 0.17 0.40 0.27 0.08 –0.07 0.12 0.62 0.09 0.02 –0.04 0.06 0.04 0.13 0.08 0.27 0.94 0.47 1.07 0.57 0.50 1.44 0.19 –0.22 0.26 0.15 0.25 0.03 0.12 –0.01 0.11 1.00 0.08 0.06 0.02 0.04 0.06 0.45 0.07 0.28 0.54 –0.15 0.91 0.65 0.26 0.67 0.03 –0.03 0.11 –0.06 0.05 0.27 –0.09 –0.05 –0.08 0.59 0.12 0.09 0.01 0.08 –0.02 0.48 –0.01 –0.08 –1.93 –0.97 0.36 0.29 0.07 0.61 –0.33 –0.35 0.05 –0.04 –0.08 0.13 0.08 –0.18 –0.10 1.02 0.05 0.07 0.11 –0.05 0.04 0.59 –0.14 0.40 –0.89 –0.86 0.26 0.30 –0.04 0.87 –0.21 –0.64 0.39 0.04 0.80 0.40 0.28 –0.20 0.33 0.28 0.18 –0.17 –0.19 0.02 –0.08 0.35 0.04 –0.03 –1.74 –0.25 0.27 0.64 –0.37 –2.75 –1.16 –0.83 –0.25 –0.08 –1.57 –0.75 –0.38 –0.45 0.01 –0.03 0.08 –0.33 –0.38 0.05 –0.06 0.31 –0.04 0.02 0.06 –0.79 –0.19 0.36 –0.55 –2.99 –1.67 –1.13 –0.25 –0.29 –1.97 –1.52 –0.24 0.23 –0.43 0.66 0.04 0.31 0.29 0.02 –0.17 0.38 –0.03 0.14 –3.47 –3.36 –2.56 –0.38 –2.18 1.08 0.62 0.41 0.12 0.10 –0.11 –0.30 0.00 0.11 0.07 0.58 –0.01 0.29 0.28 0.01 –0.13 0.26 0.07 0.11 –8.27 –5.93 –4.54 –2.02 –2.52 0.61 0.15 0.34 0.37 0.27 0.30 –0.16 –0.92 –0.68 0.36 0.33 0.12 0.09 0.16 0.04 0.03 0.23 –0.04 0.19 0.24 0.31 0.17 0.04 0.57 0.25 –2.07 –0.19 0.14 0.19 –2.20 –0.39 0.79 –0.07 0.89 0.04 0.98 –0.06 –0.09 0.10 –0.10 –0.11 –0.10 –0.14 0.00 0.03 0.22 0.10 0.02 0.19 –0.24 0.07 0.01 1.56 –0.15 1.71 –1.26 1.09 0.91 0.18 –2.35 –2.18 –0.17 0.04 0.57 0.41 0.31 0.16 0.17 0.03 0.02 0.41 –0.04 –0.07 0.25 0.52 –0.25 0.15 0.02 –0.23 –1.11 –0.24 0.38 0.02 –0.24 –0.26 0.62 0.09 0.59 1.70 0.58 1.27 0.49 0.42 0.09 –1.61 0.01 –1.18 –0.04 –0.43 0.05 0.13 0.02 0.07 0.14 0.14 –0.11 –0.12 –0.02 0.06 –0.15 –0.12 –0.05 –1.40 –1.18 –0.11 –1.41 0.00 0.12 –0.12 –1.52 –0.12 1.33 0.39 1.66 0.28 0.78 0.11 0.87 –0.51 –0.33 –0.51 0.13 0.01 –0.46 0.17 0.21 0.19 –0.10 –0.21 –0.28 –0.91 –1.06 –0.07 –0.99 –1.20 0.06 0.15 –0.09 –1.25 –1.14 –0.11 0.09 0.22 0.09 0.34 –0.32 0.07 –0.60 0.47 0.14 0.33 1.66 1.01 0.55 0.46 0.65 0.59 0.06 0.12 0.10 0.09 –0.04 –0.07 0.06 –1.06 0.69 –0.08 0.77 2.03 2.54 1.66 0.88 –0.51 –0.34 –0.17 0.12 0.10 0.16 0.16 0.10 0.00 –0.20 0.01 –0.18 –0.16 0.08 –0.16 –1.33 –1.12 –0.96 –0.02 0.47 –0.17 –1.43 0.15 0.94 0.77 0.53 0.63 0.43 0.39 0.10 0.24 0.40 0.14 0.38 0.29 0.02 –0.15 0.65 –0.34 0.66 –0.53 0.56 –0.73 0.45 –0.70 0.11 –0.02 0.10 0.20 0.03 0.10 0.07 0.10 –0.01 0.19 0.06 0.09 –0.07 0.10 0.72 0.66 0.39 0.40 –0.01 0.27 0.22 0.05 0.06 0.23 –0.18 0.23 –0.11 0.09 –0.02 0.11 –0.20 –0.14 –0.07 0.34 0.16 0.18 0.32 0.13 –0.04 0.00 –0.05 0.17 0.15 0.03 0.19 0.24 –0.05 0.30 0.12 0.32 0.14 0.18 –0.20 –0.20 0.01 0.18 0.23 –0.06 0.17 –0.26 –0.29 –0.08 –0.21 0.03 0.06 –0.04 0.43 0.20 0.24 0.77 0.47 0.40 0.28 0.12 0.07 0.02 0.05 0.30 0.17 0.13 0.75 0.51 0.48 0.45 0.03 0.03 0.03 –0.01 0.24 0.15 0.09 0.16 –0.04 –0.04 –0.06 0.02 0.01 –0.02 0.02 0.19 0.15 0.04 0.38 0.41 0.34 0.31 0.04 0.06 0.06 0.01 –0.03 0.14 –0.18 0.78 0.47 0.36 0.15 0.21 0.11 0.08 0.03 0.31 0.12 0.19 1.14 0.97 0.85 0.72 0.14 0.12 0.11 0.00 0.17 0.11 0.06 0.26 0.52 0.18 0.17 0.01 0.34 0.21 0.14 –0.25 0.00 –0.25 –0.71 –0.34 –0.37 –0.27 –0.09 0.03 0.13 –0.10 –0.37 –0.05 –0.32 1.68 2.23 –0.06 0.76 0.07 3.40 1.48 –0.07 0.59 0.16 1.84 1.26 –0.42 –0.34 0.15 0.51 1.29 –1.00 0.40 0.04 0.42 2.19 –1.10 –0.65 0.20 –0.80 1.26 –0.41 0.10 –0.03 3.08 1.61 0.09 0.13 0.21 2.71 2.35 –0.30 0.47 0.28 0.01 0.79 –0.97 –0.86 0.14 0.29 1.62 –1.03 –0.41 0.05 1.49 1.02 0.32 –1.01 0.17 –1.29 0.87 –0.09 0.16 –0.01 –6.16 1.17 –1.35 –2.01 –0.02 –2.23 0.21 –3.70 –1.36 0.06 0.65 0.52 0.15 –1.22 0.21 0.08 –0.16 0.04 –0.08 0.18 0.08 –0.05 –0.12 –0.58 –0.47 –0.04 0.20 –0.52 –0.60 –1.50 0.84 –0.14 0.01 –1.36 0.83 2.93 1.05 1.54 0.40 1.39 0.34 0.15 0.06 1.39 0.65 1.14 0.74 0.25 –0.09 –0.28 –0.07 –0.23 –0.35 –0.42 –0.26 –0.19 –0.72 –0.75 –0.66 –0.31 –0.46 –0.80 –1.39 –0.11 –2.34 0.06 0.04 –0.17 –2.38 –0.15 2.18 –3.44 –3.86 –3.38 –3.57 –0.06 –0.29 3.29 6.05 3.09 5.92 0.20 0.12 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2008 2008 Change from preceding period Seasonally adjusted at annual rates 2009 2008 2008 2009 2008 2009 IV Ir 2008 I Gross domestic product .................................. Personal consumption expenditures ..................... Durable goods ...................................................... Motor vehicles and parts..................................... Furniture and household equipment................... Other................................................................... Nondurable goods................................................ Food.................................................................... Clothing and shoes ............................................. Gasoline, fuel oil, and other energy goods ......... Other................................................................... Services................................................................. Housing............................................................... Household operation........................................... Electricity and gas........................................... Other household operation ............................. Transportation ..................................................... Medical care ....................................................... Recreation .......................................................... Other................................................................... Gross private domestic investment........................ Fixed investment .................................................. Nonresidential..................................................... Structures........................................................ Equipment and software ................................. Information processing equipment and software ................................................... Computers and peripheral equipment ..... Software .................................................. Other ....................................................... Industrial equipment.................................... Transportation equipment............................ Other equipment ......................................... Residential .......................................................... Change in private inventories ............................. Farm ................................................................... Nonfarm .............................................................. Net exports of goods and services ........................ Exports .................................................................. Goods ................................................................. Services.............................................................. Imports .................................................................. Goods ................................................................. Services.............................................................. Government consumption expenditures and gross investment .................................................. Federal................................................................... National defense................................................. Consumption expenditures ............................. Gross investment ............................................ Nondefense ........................................................ Consumption expenditures ............................. Gross investment ............................................ State and local ...................................................... Consumption expenditures ............................. Gross investment ............................................ Residual ..................................................................... Addenda: Final sales of domestic product .............................. Gross domestic purchases ..................................... Final sales to domestic purchasers ........................ Gross domestic product ...................................... Plus: Income receipts from the rest of the world .... Less: Income payments to the rest of the world ..... Equals: Gross national product .......................... II III IV I r I II III IV I r 14,264.6 14,150.8 14,294.5 14,412.8 14,200.3 14,089.7 11,652.0 11,646.0 11,727.4 11,712.4 11,522.1 11,353.7 10,057.9 10,002.3 10,138.0 10,163.5 9,927.9 9,941.0 8,272.1 8,316.1 8,341.3 8,260.6 8,170.5 8,202.0 1,023.2 1,071.0 1,059.3 1,016.2 946.3 964.2 1,188.5 1,237.0 1,228.3 1,180.1 1,108.6 1,134.4 379.9 424.7 400.6 370.7 323.8 337.7 387.2 430.2 407.2 376.9 334.6 349.6 411.7 415.1 423.0 411.2 397.4 398.0 614.3 609.3 629.6 616.2 602.2 608.4 231.6 231.3 235.7 234.3 225.2 228.6 226.5 229.4 230.8 228.1 217.7 221.0 2,965.1 2,950.7 3,026.2 3,044.6 2,839.0 2,797.4 2,378.4 2,397.9 2,420.7 2,376.3 2,318.6 2,315.2 1,399.2 1,380.5 1,416.3 1,418.4 1,381.7 1,374.2 1,109.3 1,122.4 1,133.6 1,112.3 1,069.0 1,060.7 373.6 375.5 382.4 374.4 362.1 365.3 414.5 416.3 427.2 412.2 402.3 402.4 411.8 423.7 441.8 463.6 318.1 267.6 189.2 194.0 190.8 184.1 187.9 190.5 780.5 771.1 785.7 788.2 777.1 790.3 689.3 684.8 695.1 695.5 681.6 683.8 6,069.6 5,980.6 6,052.5 6,102.7 6,142.5 6,179.4 4,714.3 4,704.3 4,712.1 4,711.3 4,729.4 4,745.0 1,513.7 1,495.1 1,508.8 1,520.9 1,529.7 1,535.5 1,182.4 1,177.3 1,182.3 1,184.5 1,185.6 1,185.2 553.0 541.7 554.5 555.8 559.9 567.0 420.1 425.9 421.3 412.4 420.6 428.2 232.3 228.1 236.3 231.9 233.0 238.6 148.0 154.0 149.6 141.2 147.5 153.7 320.6 313.6 318.1 323.9 326.9 328.3 273.9 272.5 273.2 274.6 275.2 275.5 373.0 368.8 372.9 376.8 373.6 371.6 297.4 301.2 298.9 297.2 292.2 288.4 1,781.2 1,746.6 1,769.3 1,792.9 1,816.1 1,835.0 1,374.8 1,360.8 1,370.3 1,378.9 1,389.2 1,396.2 412.6 408.2 412.3 415.8 413.9 417.8 332.2 332.3 333.4 332.1 331.2 333.1 1,436.1 1,420.2 1,434.6 1,440.4 1,449.3 1,452.5 1,105.5 1,105.0 1,104.0 1,104.6 1,108.4 1,111.5 1,993.5 2,056.1 2,000.9 2,010.9 1,906.1 1,598.7 1,689.1 1,754.7 1,702.0 1,703.7 1,596.0 1,346.7 2,040.5 2,081.7 2,077.0 2,060.6 1,942.7 1,720.1 1,718.9 1,762.4 1,754.9 1,731.1 1,627.0 1,447.6 1,552.8 1,553.6 1,571.9 1,581.2 1,504.3 1,336.6 1,405.4 1,423.1 1,431.8 1,425.7 1,341.1 1,195.1 553.4 522.7 549.8 572.4 568.4 491.3 338.8 326.4 340.5 348.4 339.9 296.2 999.4 1,030.9 1,022.1 1,008.8 935.8 845.3 1,047.0 1,088.6 1,074.7 1,054.0 970.5 876.4 535.8 89.8 240.5 205.5 180.6 112.2 170.8 487.7 –47.0 –2.4 –44.6 –669.2 1,859.4 1,283.1 576.3 2,528.6 2,115.2 413.4 539.6 95.8 241.8 202.0 182.0 142.1 167.3 528.1 –25.6 0.2 –25.8 –705.7 1,820.8 1,256.9 563.9 2,526.5 2,118.0 408.5 550.9 96.8 244.6 209.5 183.2 121.4 166.5 505.0 –76.0 –4.1 –71.9 –718.2 1,923.2 1,343.7 579.5 2,641.4 2,225.5 415.9 544.5 89.2 242.5 212.9 182.2 105.5 176.6 479.4 –49.7 –4.2 –45.5 –707.7 1,968.9 1,374.3 594.6 2,676.6 2,251.0 425.6 508.2 77.4 233.0 197.8 175.1 79.8 172.7 438.4 –36.6 –1.5 –35.0 –545.1 1,724.7 1,157.6 567.1 2,269.7 1,866.1 403.6 128.1 19.3 –53.9 –59.5 20.3 –1.8 –14.2 –1.2 1.6 –8.9 2.0 68.1 10.7 –1.1 –3.1 3.0 –1.8 47.0 –2.8 15.6 –120.6 –89.6 22.5 34.2 –31.9 –190.3 –90.1 –71.5 –42.3 –14.0 –10.4 –57.7 –43.3 –9.9 3.8 –13.9 18.1 1.1 8.2 6.3 0.6 –5.0 10.3 –0.9 3.8 –107.7 –104.1 –84.6 –8.5 –83.5 –168.4 31.5 25.8 15.0 6.2 3.3 –3.4 –8.3 0.1 2.6 2.2 15.6 –0.4 7.6 6.2 0.3 –3.8 7.0 1.9 3.1 –249.3 –179.4 –146.0 –43.7 –94.1 480.4 685.0 689.6 702.9 695.5 651.8 620.2 31.1 –43.7 –31.6 72.8 .............. .............. .............. .............. .............. .............. .............. .............. .............. 219.5 248.4 251.0 252.3 249.5 240.8 227.8 11.4 –8.7 –13.0 188.1 226.1 223.6 230.6 233.6 216.6 206.2 8.1 –17.0 –10.4 148.9 149.2 153.4 152.0 148.6 142.8 121.6 –6.5 –5.8 –21.2 59.4 99.6 127.0 108.6 93.6 69.3 49.2 –39.8 –24.3 –20.1 156.6 146.3 146.5 145.3 151.5 141.9 128.3 –2.1 –9.6 –13.6 383.4 359.5 383.0 369.6 353.7 331.6 293.4 –94.3 –22.1 –38.2 –121.4 –29.0 –10.2 –50.6 –29.6 –25.8 –91.4 –26.5 3.8 –65.6 –0.3 3.6 6.0 2.4 2.2 3.7 4.9 2.6 1.5 1.2 –121.0 –34.3 –17.9 –55.1 –33.3 –31.1 –99.0 –30.6 2.2 –67.9 –333.4 –390.2 –462.0 –381.3 –353.1 –364.5 –302.6 156.3 –11.4 61.9 1,539.3 1,514.1 1,500.6 1,544.7 1,556.1 1,454.9 1,336.8 88.2 –101.2 –118.1 996.5 1,058.5 1,048.6 1,088.9 1,098.7 997.7 886.0 59.8 –101.0 –111.7 542.8 455.2 451.7 455.8 457.4 455.7 447.3 28.3 –1.7 –8.4 1,872.7 1,904.3 1,962.6 1,926.0 1,909.1 1,819.4 1,639.5 –68.1 –89.7 –179.9 1,488.6 1,608.1 1,662.0 1,631.6 1,612.2 1,526.8 1,345.9 –69.6 –85.4 –180.9 384.0 297.0 301.8 295.5 297.9 292.8 289.6 0.6 –5.1 –3.2 2,882.4 2,798.1 2,873.7 2,946.1 2,911.4 2,883.3 1,071.9 1,026.5 1,056.1 1,098.0 1,107.0 1,102.1 734.9 699.9 723.3 759.5 757.0 748.9 639.7 613.8 629.0 659.6 656.6 652.4 95.2 86.1 94.3 99.9 100.4 96.5 337.0 326.6 332.9 338.5 350.0 353.2 292.2 284.2 289.2 294.5 300.9 307.7 44.8 42.4 43.7 44.0 49.1 45.5 1,810.4 1,771.6 1,817.6 1,848.1 1,804.4 1,781.2 1,454.4 1,426.3 1,462.7 1,485.7 1,443.0 1,427.8 356.0 345.3 354.9 362.4 361.4 353.4 .............. .............. .............. .............. .............. .............. 2,070.2 798.2 538.1 452.5 88.6 259.5 217.9 42.6 1,273.0 1,021.2 251.7 –161.8 2,039.1 772.6 518.9 439.7 81.0 253.2 213.5 40.5 1,266.7 1,017.6 249.0 –178.7 2,058.9 785.0 528.1 443.4 87.9 256.3 215.6 41.6 1,274.4 1,020.6 253.7 –191.6 2,088.1 810.8 550.4 461.5 92.6 259.5 218.5 41.8 1,278.7 1,023.4 255.2 –162.8 2,094.7 824.5 555.0 465.6 92.9 268.9 224.0 46.4 1,272.3 1,023.3 248.8 –114.0 11,681.0 12,035.2 12,063.6 11,652.0 647.2 536.3 11,762.3 11,653.7 12,105.8 12,113.3 11,646.0 690.9 575.2 11,760.9 11,778.8 12,102.6 12,153.0 11,727.4 667.2 571.6 11,822.2 11,739.2 12,057.8 12,084.1 11,712.4 653.9 548.5 11,817.3 11,552.2 11,874.5 11,904.0 11,522.1 576.7 450.0 11,648.7 11,451.9 11,644.4 11,741.9 11,353.7 477.0 354.5 11,476.5 157.6 –31.6 –2.4 128.1 –72.7 –97.0 152.5 –187.0 –183.3 –180.1 –190.3 –77.2 –98.5 –168.6 –100.3 –230.1 –162.1 –168.4 –99.7 –95.5 –172.2 Net domestic product.............................................. 12,432.3 12,372.9 12,491.3 12,514.8 12,350.2 12,230.7 10,055.1 10,093.2 10,151.2 10,062.4 9,913.7 9,739.8 29.2 –148.7 –173.9 14,311.6 14,933.8 14,980.7 14,264.6 798.3 665.1 14,397.8 14,176.4 14,856.6 14,882.2 14,150.8 843.2 705.1 14,289.0 14,370.5 15,012.7 15,088.7 14,294.5 822.8 708.9 14,408.3 14,462.5 15,120.5 15,170.2 14,412.8 815.6 688.7 14,539.6 14,236.9 14,745.4 14,782.0 14,200.3 711.6 557.7 14,354.3 14,211.0 14,423.1 14,544.4 14,089.7 586.9 438.4 14,238.2 2,076.3 58.1 6.6 –18.4 815.4 45.3 13.7 –9.1 545.4 36.0 4.6 –9.6 458.7 26.7 4.1 –6.9 89.7 10.6 0.3 –3.2 269.6 9.1 9.4 0.7 227.3 6.2 5.5 3.3 43.0 3.3 4.6 –3.4 1,262.8 14.0 –6.4 –9.5 1,021.9 13.2 –0.1 –1.4 241.0 0.8 –6.4 –7.8 –128.3 .............. .............. .............. r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative impor tance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 II III 2006 IV I II 2007 III IV I II 2008 III IV I II 2009 III IV Ir Gross domestic product (GDP) ............................... 3.2 2.7 2.2 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 0.5 2.8 Personal consumption expenditures ................................. 2.8 2.6 3.3 2.5 4.7 3.3 1.8 3.3 3.1 –0.5 3.4 3.6 2.5 4.3 3.6 4.3 5.0 –4.9 –1.0 Durable goods .................................................................... –1.3 –1.8 –1.2 –0.9 –3.1 –0.9 –0.9 –0.8 –1.3 –2.7 –1.8 –1.6 –1.9 –1.6 –0.1 –1.6 –0.6 –3.5 –1.7 Nondurable goods .............................................................. 3.0 3.0 5.3 2.0 11.2 2.3 0.3 4.9 4.4 –6.2 5.1 6.4 2.9 8.4 6.7 6.5 10.3 –16.6 –5.2 Services.............................................................................. 3.5 3.3 3.2 3.5 3.3 4.7 3.0 3.3 3.3 2.8 3.6 3.3 3.1 3.5 2.8 4.2 3.4 1.1 1.1 Gross private domestic investment.................................... 4.2 1.4 0.7 4.0 5.0 5.4 5.2 3.5 1.6 3.3 1.6 –0.3 –0.3 1.3 –0.5 0.4 2.0 4.4 –1.9 Fixed investment................................................................. 4.2 1.4 0.6 4.2 5.3 5.7 5.0 3.4 1.5 3.2 1.6 –0.2 –0.4 1.2 –0.2 0.8 2.3 1.2 –1.9 Nonresidential................................................................. 3.3 1.4 1.6 2.7 2.0 4.4 4.3 3.3 1.7 2.9 1.3 0.3 –0.6 1.7 0.6 2.3 4.2 4.6 –1.2 Structures.................................................................... 12.3 3.8 3.6 10.1 14.8 17.0 14.1 12.0 4.6 6.7 3.4 0.7 0.5 4.5 2.7 3.3 7.1 7.4 –3.2 Equipment and software ............................................. 0.1 0.3 0.6 0.1 –2.3 0.2 0.7 –0.1 0.5 1.2 0.4 0.1 –1.2 0.4 –0.4 1.7 2.6 3.0 0.1 Residential ...................................................................... 5.9 1.5 –2.4 6.8 11.0 7.8 6.4 3.7 1.2 3.9 2.2 –1.3 0.3 0.0 –2.6 –3.5 –3.3 –9.4 –4.6 Change in private inventories ............................................. ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Net exports of goods and services .................................... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Exports ............................................................................... 3.5 3.5 5.3 3.5 2.5 3.2 2.9 5.8 4.7 –0.8 3.6 5.3 3.5 6.2 9.1 10.8 6.7 –23.0 –11.0 Goods ............................................................................. 3.3 3.5 5.3 3.0 1.3 2.2 3.0 6.2 5.2 0.0 3.3 5.1 2.8 6.0 10.0 12.3 5.6 –26.0 –11.7 Services.......................................................................... 3.8 3.5 5.4 4.6 5.3 5.5 2.7 4.9 3.7 –2.6 4.3 5.9 5.2 6.6 6.9 7.5 9.3 –16.1 –9.6 Imports ............................................................................... 4.3 3.7 10.4 9.7 10.3 4.5 –1.1 10.3 5.0 –9.1 0.9 12.8 7.4 12.8 12.8 28.8 9.2 –37.3 –29.7 Goods ............................................................................. 4.2 3.6 11.1 10.0 10.8 5.0 –2.0 10.4 5.4 –10.1 0.8 13.0 7.7 14.5 13.8 31.2 9.8 –41.3 –32.9 Services.......................................................................... 4.8 3.7 7.1 7.9 7.8 2.0 4.1 9.9 3.2 –3.8 1.1 11.7 6.1 4.5 7.8 16.8 6.2 –13.3 –14.3 Government consumption expenditures and gross investment......................................................................... 4.7 4.5 4.7 4.1 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2 7.0 4.4 –5.8 –0.3 Federal ............................................................................... 4.1 3.4 3.2 1.7 3.1 0.8 10.2 4.1 1.2 0.9 7.6 3.7 0.9 2.3 5.6 5.1 2.7 –3.4 2.7 National defense............................................................. 4.5 3.5 3.6 1.8 3.2 1.3 10.9 4.4 1.5 0.7 7.0 4.3 1.6 3.1 5.1 6.3 3.1 –4.5 2.7 Nondefense .................................................................... 3.4 3.1 2.6 1.6 3.0 –0.1 8.9 3.5 0.5 1.2 8.8 2.6 –0.5 0.5 6.8 2.8 1.9 –0.9 2.7 State and local.................................................................... 5.1 5.1 5.6 5.6 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6 8.1 5.5 –7.3 –2.2 Addenda: Final sales of domestic product .......................................... 3.2 2.7 2.2 2.1 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7 1.2 4.0 0.1 2.8 Gross domestic purchases................................................. 3.4 2.8 3.2 3.1 5.2 3.9 2.9 3.6 2.9 0.6 3.6 3.3 2.2 4.0 3.5 4.2 4.5 –3.9 –1.0 Final sales to domestic purchasers .................................... 3.4 2.8 3.2 3.1 5.2 4.0 2.8 3.6 2.9 0.6 3.7 3.3 2.2 4.0 3.5 4.3 4.5 –4.3 –1.0 Gross national product (GNP) ............................................ 3.2 2.7 2.2 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 0.6 2.8 Implicit price deflators: GDP ................................................................................ 3.2 2.7 2.2 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6 1.3 3.9 0.6 2.8 Gross domestic purchases ............................................. 3.4 2.8 3.2 3.1 5.2 4.0 2.9 3.6 2.9 0.6 3.7 3.3 2.2 3.7 3.4 4.4 4.4 –3.8 –1.0 GNP ................................................................................ 3.2 2.7 2.2 2.1 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5 1.3 3.9 0.6 2.7 r Revised See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2006 2007 2008 2008 I II 2009 III IV Ir Gross domestic product .................................................................... 115.054 117.388 118.692 118.631 119.460 119.308 117.369 115.654 Personal consumption expenditures............................................................... 119.135 122.456 122.743 123.395 123.770 122.572 121.235 121.702 Durable goods.................................................................................................. 137.274 143.908 137.666 143.284 142.273 136.695 128.413 131.396 Nondurable goods............................................................................................ 119.930 122.872 122.143 123.147 124.317 122.035 119.071 118.899 Services ........................................................................................................... 115.298 118.259 119.992 119.739 119.937 119.916 120.376 120.774 Gross private domestic investment ................................................................. 110.200 104.278 97.328 101.110 98.071 98.169 91.961 77.600 Fixed investment .............................................................................................. 111.109 107.717 102.375 104.969 104.522 103.102 96.907 86.222 Nonresidential .............................................................................................. 106.987 112.244 114.069 115.504 116.212 115.714 108.847 96.998 Structures ................................................................................................. 86.318 97.264 108.180 104.206 108.716 111.257 108.543 94.591 Equipment and software........................................................................... 115.467 117.412 113.939 118.470 116.961 114.709 105.616 95.374 Residential ................................................................................................... 123.728 101.534 80.436 85.698 82.692 79.154 74.201 65.661 Change in private inventories........................................................................... .................. .................. .................. .................. .................. .................. .................. .................. Exports of goods and services ........................................................................ 119.937 130.068 138.111 136.880 140.908 141.943 132.713 121.943 Imports of goods and services ........................................................................ 130.815 133.654 129.038 132.991 130.509 129.367 123.283 111.092 Government consumption expenditures and gross investment................... 114.497 116.871 120.250 118.443 119.594 121.288 121.674 120.600 Federal ............................................................................................................. 128.019 130.078 137.913 133.488 135.628 140.080 142.457 140.884 State and local ................................................................................................. 107.642 110.167 111.394 110.844 111.517 111.891 111.326 110.496 Addenda: Final sales of domestic product ....................................................................... 115.254 118.062 119.677 119.397 120.679 120.273 118.357 117.329 Gross domestic purchases .............................................................................. 116.748 118.343 118.033 118.726 118.694 118.255 116.457 114.201 Final sales to domestic purchasers.................................................................. 116.948 118.995 118.971 119.461 119.853 119.173 117.397 115.798 Gross national product..................................................................................... 115.284 117.795 119.342 119.329 119.950 119.901 118.190 116.443 r Revised See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2000=100] Seasonally adjusted 2006 2007 2008 2008 I II 2009 III IV Ir Gross domestic product .................................................................... 116.676 119.819 122.500 121.613 121.951 123.134 123.302 124.168 Personal consumption expenditures (PCE) .................................................... 114.675 117.659 121.596 120.283 121.544 123.041 121.514 121.208 Durable goods.................................................................................................. 88.772 87.154 86.071 86.581 86.237 86.110 85.357 84.999 Nondurable goods............................................................................................ 114.984 118.407 124.666 123.059 125.021 128.129 122.455 120.835 Services ........................................................................................................... 120.752 124.712 128.752 127.133 128.450 129.538 129.885 130.233 Gross private domestic investment ................................................................. 116.102 117.735 118.509 117.815 117.926 118.510 119.786 119.206 Fixed investment .............................................................................................. 116.380 117.995 118.727 118.117 118.353 119.037 119.400 118.819 Nonresidential .............................................................................................. 107.277 108.739 110.513 109.177 109.788 110.913 112.174 111.849 Structures ................................................................................................. 151.822 157.662 163.298 160.182 161.496 164.285 167.229 165.867 Equipment and software........................................................................... 94.594 94.870 95.485 94.700 95.101 95.710 96.431 96.454 Residential ................................................................................................... 136.897 138.884 135.587 137.900 136.687 135.535 132.226 130.687 Change in private inventories........................................................................... .................. .................. .................. ................. .................. .................. .................. ................. Exports of goods and services ........................................................................ 112.618 116.586 122.788 121.397 124.560 126.592 118.601 115.199 Imports of goods and services ........................................................................ 115.932 120.168 132.698 128.722 137.136 140.189 124.747 114.218 Government consumption expenditures and gross investment................... 127.239 132.941 139.234 137.237 139.588 141.107 139.002 138.887 Federal ............................................................................................................. 125.806 130.076 134.289 132.879 134.553 135.447 134.277 135.176 State and local ................................................................................................. 128.109 134.671 142.219 139.866 142.632 144.540 141.838 141.068 Addenda: PCE excluding food and energy....................................................................... 112.129 114.548 117.043 116.158 116.782 117.481 117.749 118.197 Market-based PCE 1 ........................................................................................ 113.167 115.893 119.760 118.452 119.719 121.348 119.523 119.101 1 Market-based PCE excluding food and energy ............................................. 109.715 111.700 113.818 113.021 113.522 114.228 114.502 114.965 Final sales of domestic product ....................................................................... 116.710 119.853 122.528 121.653 122.008 123.204 123.245 124.099 Gross domestic purchases .............................................................................. 117.066 120.294 124.158 122.821 124.103 125.475 124.232 123.929 Final sales to domestic purchasers.................................................................. 117.101 120.329 124.187 122.863 124.160 125.543 124.181 123.873 Gross national product..................................................................................... 116.673 119.815 122.485 121.601 121.938 123.117 123.286 124.136 Implicit price deflators: Gross domestic product ............................................................................... 116.676 119.816 122.422 121.508 121.890 123.056 123.244 124.097 Final sales of domestic product.................................................................... 116.709 119.853 122.520 121.647 122.002 123.198 123.239 124.094 Gross domestic purchases........................................................................... 117.066 120.292 124.084 122.722 124.045 125.400 124.177 123.862 Final sales to domestic purchasers.............................................................. 117.101 120.329 124.181 122.858 124.156 125.538 124.176 123.868 Gross national product ................................................................................. 116.672 119.813 122.407 121.495 121.876 123.037 123.226 124.064 r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series a re included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 r Gross domestic product (GDP) .................................................. 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.6 2.5 3.6 2.9 2.8 2.0 1.1 Personal consumption expenditures .................................................... 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.0 3.0 2.8 0.2 Durable goods ....................................................................................... 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.6 4.5 4.8 –4.3 Nondurable goods ................................................................................. 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.4 3.7 2.5 –0.6 Services................................................................................................. 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.6 2.5 2.6 1.5 Gross private domestic investment....................................................... 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 –7.9 –2.6 3.6 9.7 5.8 2.1 –5.4 –6.7 Fixed investment.................................................................................... 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 –3.0 –5.2 3.4 7.3 6.8 1.9 –3.1 –5.0 Nonresidential.................................................................................... 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 –4.2 –9.2 1.0 5.8 7.2 7.5 4.9 1.6 Structures....................................................................................... –0.7 1.8 6.4 5.6 7.3 5.1 –0.4 6.8 –2.3 –17.1 –4.1 1.3 1.3 8.2 12.7 11.2 Equipment and software ................................................................ 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 –4.9 –6.2 2.8 7.4 9.3 7.2 1.7 –3.0 Residential ......................................................................................... 8.2 9.6 –3.2 8.0 1.9 7.6 6.0 0.8 0.4 4.8 8.4 10.0 6.3 –7.1 –17.9 –20.8 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 –5.4 –2.3 1.3 9.7 7.0 9.1 8.4 6.2 Goods ................................................................................................ 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 –6.1 –4.0 1.8 9.0 7.7 9.9 7.5 6.0 Services............................................................................................. 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 –3.7 1.9 0.0 11.5 5.6 7.2 10.5 6.6 Imports .................................................................................................. 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 –2.7 3.4 4.1 11.3 5.9 6.0 2.2 –3.5 Goods ................................................................................................ 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 –3.2 3.7 4.9 11.3 6.8 6.0 1.7 –4.1 Services............................................................................................. 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 –0.3 2.1 0.0 11.5 1.4 6.0 4.4 0.2 Government consumption expenditures and gross investment ........ –0.9 0.0 0.5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 0.4 1.7 2.1 2.9 Federal .................................................................................................. –4.2 –3.7 –2.7 –1.2 –1.0 –1.1 2.2 0.9 3.9 7.0 6.8 4.2 1.2 2.3 1.6 6.0 National defense................................................................................ –5.6 –4.9 –3.8 –1.4 –2.8 –2.1 1.9 –0.5 3.9 7.4 8.7 5.8 1.5 1.6 2.5 7.2 Nondefense ....................................................................................... –0.7 –1.2 –0.4 –0.7 2.6 0.7 2.8 3.5 3.9 6.3 3.4 1.1 0.6 3.6 –0.2 3.6 State and local....................................................................................... 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 0.2 –0.2 –0.1 1.3 2.3 1.1 Addenda: Final sales of domestic product ............................................................. 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.1 2.8 2.4 1.4 Gross domestic purchases.................................................................... 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 0.9 2.2 2.8 4.1 3.0 2.6 1.4 –0.3 Final sales to domestic purchasers ....................................................... 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.1 2.6 1.8 0.0 Gross national product .......................................................................... 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 0.8 1.5 2.7 3.8 3.0 2.6 2.2 1.3 Real disposable personal income.......................................................... 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.4 3.5 2.8 1.3 Price indexes: Gross domestic purchases ................................................................ 2.2 2.1 2.1 1.8 1.4 0.6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 3.2 Gross domestic purchases excluding food and energy ..................... 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 3.1 2.4 2.2 GDP ................................................................................................... 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 GDP excluding food and energy ........................................................ 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.2 2.5 2.0 Personal consumption expenditures .................................................. 2.3 2.1 2.1 2.2 1.7 0.9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 3.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2005 II III 2006 IV I II 2007 III IV I II 2008 III IV I II 2009 III IV r Ir Gross domestic product (GDP) .................................................. 2.9 3.0 2.7 3.1 3.2 2.4 2.4 1.3 1.8 2.8 2.3 2.5 2.1 0.7 –0.8 –2.5 Personal consumption expenditures (PCE).......................................... 3.3 3.3 2.6 3.2 3.0 2.7 3.2 3.1 2.9 2.9 2.2 1.5 1.3 –0.2 –1.5 –1.4 Durable goods ....................................................................................... 6.8 6.2 1.2 5.5 3.0 2.5 6.9 4.6 5.4 5.1 4.2 0.8 –1.1 –5.5 –11.4 –8.3 Nondurable goods ................................................................................. 3.6 3.6 3.6 4.1 3.8 3.6 3.2 3.0 2.7 2.4 1.7 0.7 1.2 –0.9 –3.4 –3.4 Services................................................................................................. 2.4 2.6 2.4 2.4 2.7 2.2 2.6 2.9 2.6 2.7 2.1 1.9 1.7 1.1 1.1 0.9 Gross private domestic investment....................................................... 4.4 3.5 4.8 4.1 5.4 3.0 –3.9 –7.7 –6.2 –4.1 –3.3 –2.3 –6.6 –7.3 –10.4 –23.3 Fixed investment.................................................................................... 7.3 6.4 5.1 5.8 3.3 0.7 –1.8 –4.6 –3.3 –2.3 –1.9 –2.5 –3.6 –4.7 –9.0 –17.9 Nonresidential.................................................................................... 8.1 6.6 4.9 7.9 7.9 7.7 6.5 3.5 4.4 5.3 6.4 6.2 4.2 1.6 –5.2 –16.0 Structures....................................................................................... 2.3 –1.0 –0.5 1.4 6.4 12.7 12.8 11.7 11.4 12.9 14.5 13.9 13.9 11.3 6.3 –9.2 Equipment and software ................................................................ 10.2 9.4 7.0 10.5 8.5 5.9 4.2 0.3 1.6 2.0 2.8 2.7 –0.3 –3.1 –11.0 –19.5 Residential ......................................................................................... 6.1 6.0 5.4 2.5 –4.3 –10.8 –15.5 –18.5 –17.3 –17.0 –19.0 –21.3 –21.7 –20.6 –19.4 –23.4 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 7.5 6.8 7.0 9.0 8.2 9.0 10.1 6.1 7.0 11.7 8.9 10.1 11.0 6.1 –1.8 –10.9 Goods ................................................................................................ 8.7 6.8 8.3 11.0 9.0 10.2 9.5 5.6 5.7 10.0 8.7 9.4 11.7 7.3 –3.8 –15.5 Services............................................................................................. 4.8 6.6 4.0 4.7 6.2 6.2 11.5 7.3 10.0 15.6 9.3 11.7 9.3 3.5 2.5 –1.0 Imports .................................................................................................. 5.5 4.5 4.8 6.6 6.5 7.1 3.8 3.2 2.2 2.2 1.1 –1.0 –1.9 –3.5 –7.5 –16.5 Goods ................................................................................................ 6.3 5.2 5.8 6.8 6.7 7.4 3.1 2.9 1.7 1.4 0.9 –1.6 –2.4 –4.1 –8.6 –19.0 Services............................................................................................. 1.5 0.8 –0.1 5.6 5.1 5.3 8.0 4.8 4.8 6.5 1.8 2.2 0.6 –0.2 –1.7 –4.0 Government consumption expenditures and gross investment ........ 0.1 0.6 0.6 1.6 1.7 1.3 2.1 1.4 2.0 2.6 2.4 2.6 2.6 3.1 3.2 1.8 Federal .................................................................................................. 0.9 1.7 1.0 3.1 2.5 0.6 2.9 –0.4 1.6 2.9 2.3 4.8 4.7 6.3 8.2 5.5 National defense................................................................................ 1.8 2.1 0.8 2.2 1.7 –1.5 4.1 0.4 2.0 4.7 2.7 6.2 5.9 7.7 8.9 5.1 Nondefense ....................................................................................... –0.9 0.8 1.4 5.1 4.1 4.9 0.5 –2.1 0.8 –0.8 1.5 1.9 2.3 3.3 6.9 6.5 State and local....................................................................................... –0.3 –0.1 0.3 0.7 1.2 1.7 1.6 2.4 2.3 2.3 2.4 1.4 1.4 1.3 0.4 –0.3 Addenda: Final sales of domestic product ............................................................. 3.4 3.5 2.7 3.4 2.8 2.0 2.8 1.8 2.3 3.1 2.5 2.5 2.5 1.2 –0.7 –1.7 Gross domestic purchases.................................................................... 2.9 2.8 2.6 3.1 3.2 2.4 1.9 1.1 1.3 1.7 1.4 1.1 0.4 –0.6 –1.9 –3.8 Final sales to domestic purchasers ....................................................... 3.3 3.3 2.6 3.4 2.8 2.1 2.2 1.6 1.8 2.0 1.6 1.1 0.8 –0.2 –1.7 –3.1 Gross national product .......................................................................... 3.1 3.1 2.8 2.9 3.1 2.1 2.5 1.2 1.6 3.1 2.9 3.0 2.4 0.8 –0.9 –2.4 Real disposable personal income.......................................................... 1.9 0.9 0.9 3.4 3.1 4.0 3.6 3.4 2.9 3.1 1.8 0.6 3.3 0.3 0.9 2.6 Price indexes: Gross domestic purchases ................................................................ 3.3 3.9 4.0 3.8 3.9 3.3 2.5 2.7 2.6 2.4 3.3 3.3 3.5 4.1 2.0 0.9 Gross domestic purchases excluding food and energy ..................... 3.0 3.1 3.2 3.0 3.2 3.1 2.9 2.8 2.4 2.3 2.3 2.1 2.2 2.4 2.1 1.9 GDP ................................................................................................... 2.9 3.4 3.5 3.4 3.5 3.2 2.8 2.9 2.8 2.5 2.6 2.3 2.0 2.6 2.0 2.1 GDP excluding food and energy ........................................................ 3.1 3.2 3.3 3.2 3.4 3.2 3.0 2.9 2.5 2.3 2.3 2.0 1.9 2.2 1.7 1.7 PCE ................................................................................................... 2.5 3.2 3.3 3.1 3.3 2.9 1.9 2.3 2.4 2.2 3.5 3.5 3.7 4.3 1.9 0.8 PCE excluding food and energy......................................................... 2.1 2.1 2.2 2.1 2.3 2.5 2.3 2.3 2.1 2.0 2.2 2.2 2.3 2.3 1.9 1.8 Market-based PCE 1 .......................................................................... 2.2 3.1 3.1 2.9 3.1 2.7 1.6 2.1 2.2 2.0 3.3 3.4 3.6 4.5 1.8 0.5 1 Market-based PCE excluding food and energy ............................... 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.1 1.8 1.6 1.8 1.7 1.9 2.1 1.8 1.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2006 Gross domestic product ................................................................................................... Plus: Income receipts from the rest of the world.................................................................. Less: Income payments to the rest of the world .................................................................. Equals: Gross national product ....................................................................................... Less: Consumption of fixed capital ...................................................................................... Less: Statistical discrepancy................................................................................................ Equals: National income ................................................................................................... Compensation of employees............................................................................................ Wage and salary accruals............................................................................................ Supplements to wages and salaries ............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ....... Rental income of persons with capital consumption adjustment ..................................... Corporate profits with inventory valuation and capital consumption adjustments............ Net interest and miscellaneous payments ....................................................................... Taxes on production and imports less subsidies.............................................................. Business current transfer payments................................................................................. Current surplus of government enterprises ..................................................................... Addendum: Gross domestic income ................................................................................................... 2007 2008 r 2008 2009 I II III IV r Ir 13,178.4 725.4 647.1 13,256.6 1,623.9 –163.0 11,795.7 7,433.8 6,028.5 1,405.3 1,014.7 44.3 1,668.5 631.2 926.4 85.4 –8.6 13,807.5 861.7 759.3 13,910.0 1,720.5 –81.4 12,270.9 7,812.3 6,355.7 1,456.6 1,056.2 40.0 1,642.4 664.4 963.2 100.2 –7.9 14,264.6 798.3 665.1 14,397.8 1,832.3 138.1 12,427.4 8,052.8 6,548.0 1,504.8 1,072.4 64.4 1,476.5 682.7 983.1 103.6 –8.1 14,150.8 843.2 705.1 14,289.0 1,778.0 63.4 12,447.6 8,009.7 6,518.0 1,491.7 1,071.7 39.1 1,593.5 662.3 975.1 103.2 –7.1 14,294.5 822.8 708.9 14,408.3 1,803.1 136.6 12,468.6 8,033.5 6,531.3 1,502.2 1,076.9 58.6 1,533.3 683.4 988.5 102.1 –7.7 14,412.8 815.6 688.7 14,539.6 1,898.1 150.2 12,491.4 8,092.9 6,581.8 1,511.1 1,080.5 68.5 1,514.8 656.6 993.8 92.1 –8.0 14,200.3 711.6 557.7 14,354.3 1,850.1 202.2 12,302.0 8,074.9 6,560.8 1,514.0 1,060.6 91.4 1,264.5 728.6 974.9 116.8 –9.6 14,089.7 586.9 438.4 14,238.2 1,859.0 124.8 12,254.5 8,024.0 6,494.8 1,529.2 1,039.6 89.8 1,307.1 718.4 964.3 122.8 –11.6 13,341.4 13,889.0 14,126.5 14,087.4 14,157.8 14,262.6 13,998.1 13,964.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2006 1 2007 2008 r 2008 2009 I II III IV r Ir Personal income ............................................................................................................. Compensation of employees, received ............................................................................ Wage and salary disbursements.................................................................................. Supplements to wages and salaries ............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ....... Farm ............................................................................................................................. Nonfarm ....................................................................................................................... Rental income of persons with capital consumption adjustment ..................................... Personal income receipts on assets ................................................................................ Personal interest income.............................................................................................. Personal dividend income ............................................................................................ Personal current transfer receipts .................................................................................... Less: Contributions for government social insurance ...................................................... Less: Personal current taxes ............................................................................................... Equals: Disposable personal income .............................................................................. Less: Personal outlays......................................................................................................... Equals: Personal saving ................................................................................................... 10,993.9 7,432.6 6,027.2 1,405.3 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 925.5 1,353.2 9,640.7 9,570.0 70.7 11,663.2 7,818.6 6,362.0 1,456.6 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 965.1 1,492.8 10,170.5 10,113.1 57.4 12,100.6 8,052.8 6,548.0 1,504.8 1,072.4 34.6 1,037.9 64.4 2,037.7 1,208.5 829.1 1,869.1 995.7 1,457.3 10,643.3 10,450.7 192.7 11,960.5 8,009.7 6,518.0 1,491.7 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 992.2 1,535.0 10,425.5 10,404.9 20.6 12,152.2 8,033.5 6,531.3 1,502.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 995.4 1,346.1 10,806.0 10,538.2 267.9 12,170.4 8,092.9 6,581.8 1,511.1 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,000.0 1,470.7 10,699.7 10,559.9 139.8 12,119.5 8,074.9 6,560.8 1,514.0 1,060.6 26.3 1,034.2 91.4 1,988.5 1,183.4 805.1 1,899.3 995.2 1,477.4 10,642.0 10,299.7 342.3 12,060.6 8,024.0 6,494.8 1,529.2 1,039.6 24.1 1,015.5 89.8 1,912.9 1,150.0 762.9 1,988.1 993.9 1,276.7 10,783.9 10,308.4 475.5 Personal saving as a percentage of disposable personal income ................................... Addendum: Disposable personal income, billions of chained (2000) dollars 2 .................................... 0.7 0.6 1.8 0.2 2.5 1.3 3.2 4.4 8,407.0 8,644.0 8,753.6 8,667.9 8,891.0 8,696.4 8,758.2 8,897.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2006 2007 2008 2007 2008 Corporate profits with inventory valuation and capital consumption adjustments .......................... Less: Taxes on corporate income................................... Equals: Profits after tax with inventory valuation and capital consumption adjustments ................... Net dividends.............................................................. Undistributed profits with inventory valuation and capital consumption adjustments............................ Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ................................... Undistributed profits with inventory valuation and capital consumption adjustments........................ Consumption of fixed capital................................... Less: Inventory valuation adjustment ......................... Equals: Net cash flow .............................................. Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .......................... Profits after tax (without inventory valuation and capital consumption adjustments) .......................... Inventory valuation adjustment ................................... Capital consumption adjustment ................................ Quarter one year ago Quarterly rates 2008 2009 I II III IV I 2008 II III IV 2009 2009 I I 1,668.5 1,642.4 1,476.5 1,593.5 1,533.3 1,514.8 1,264.5 1,307.1 –1.6 –10.1 –3.8 –1.2 –16.5 3.4 –18.0 468.9 450.4 366.6 402.9 406.8 393.5 263.2 294.8 –4.0 –18.6 1.0 –3.3 –33.1 12.0 –26.8 1,199.6 702.1 1,192.0 788.7 1,109.9 832.1 1,190.6 832.5 1,126.5 846.4 1,121.3 841.1 1,001.2 808.3 1,012.3 766.1 –0.6 12.3 –6.9 5.5 –5.4 1.7 –0.5 –0.6 –10.7 –3.9 1.1 –5.2 –15.0 –8.0 497.5 403.4 277.8 358.1 280.0 280.3 192.9 246.2 –18.9 –31.1 –21.8 0.1 –31.2 27.6 –31.3 1,390.3 1,348.7 1,288.9 1,337.0 1,276.5 1,319.6 1,222.6 1,281.6 –3.0 –4.4 –4.5 3.4 –7.4 4.8 –4.1 497.5 892.8 –39.5 1,429.8 403.4 945.3 –51.2 1,399.9 277.8 1,011.1 –49.0 1,338.0 358.1 978.8 –109.4 1,446.3 280.0 996.5 –154.0 1,430.5 280.3 1,039.4 –90.9 1,410.5 192.9 1,029.7 158.1 1,064.5 246.2 –18.9 –31.1 –21.8 0.1 –31.2 27.6 –31.3 1,035.4 5.9 7.0 1.8 4.3 –0.9 0.6 5.8 105.3 .............. ............. .............. ............. .............. .............. ............. 1,176.3 –2.1 –4.4 –1.1 –1.4 –24.5 10.5 –18.7 1,873.7 1,886.3 1,597.3 1,750.9 1,750.0 1,693.7 1,194.5 1,346.6 1,404.8 –39.5 –165.7 1,435.9 –51.2 –192.7 1,230.6 –49.0 –71.7 1,348.0 –109.4 –48.0 1,343.2 –154.0 –62.7 1,300.1 –90.9 –88.0 931.2 158.1 –88.1 0.7 –15.3 –0.1 –3.2 –29.5 12.7 –23.1 1,051.8 2.2 –14.3 –0.4 –3.2 –28.4 12.9 –22.0 105.3 .............. ............. .............. ............. .............. .............. ............. –144.9 .............. ............. .............. ............. .............. .............. ............. Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2008 2006 2007 2008 2008 I Corporate profits with inventory valuation and capital consumption adjustments................... Domestic industries..................................................... Financial ..................................................................... Nonfinancial................................................................ Rest of the world .......................................................... Receipts from the rest of the world............................. Less: Payments to the rest of the world...................... Corporate profits with inventory valuation adjustment......................................................... Domestic industries..................................................... Financial ..................................................................... Federal Reserve banks........................................... Other financial......................................................... Nonfinancial................................................................ Utilities .................................................................... Manufacturing ......................................................... Durable goods..................................................... Fabricated metal products............................... Machinery ....................................................... Computer and electronic products .................. Electrical equipment, appliances, and components................................................. Motor vehicles, bodies and trailers, and parts. Other durable goods........................................ Nondurable goods............................................... Food and beverage and tobacco products ...... Petroleum and coal products........................... Chemical products .......................................... Other nondurable goods.................................. Wholesale trade...................................................... Retail trade ............................................................. Transportation and warehousing............................. Information.............................................................. Other nonfinancial................................................... Rest of the world .......................................................... II 2009 III IV 2007 2009 2008 I II III IV I 1,668.5 1,401.0 462.1 939.0 267.5 438.9 171.4 1,642.4 1,297.8 429.7 868.1 344.7 509.2 164.5 1,476.5 1,090.0 301.9 788.0 386.6 539.4 152.8 1,593.5 1,195.1 407.6 787.4 398.5 556.8 158.3 1,533.3 1,159.8 376.6 783.2 373.5 565.7 192.2 1,514.8 1,136.4 301.1 835.3 378.4 555.3 176.9 1,264.5 868.6 122.4 746.2 395.9 479.8 83.9 1,307.1 920.5 238.5 682.0 386.6 418.1 31.5 –26.1 –103.2 –32.4 –70.9 77.2 70.3 –6.9 –165.9 –207.8 –127.8 –80.1 41.9 30.2 –11.7 –60.2 –35.3 –31.0 –4.2 –25.0 8.9 33.9 –18.5 –23.4 –75.5 52.1 4.9 –10.4 –15.3 –250.3 –267.8 –178.7 –89.1 17.5 –75.5 –93.0 42.6 51.9 116.1 –64.2 –9.3 –61.7 –52.4 1,834.2 1,566.7 478.8 33.8 445.0 1,087.9 55.6 304.3 115.9 19.2 20.0 14.1 1,835.1 1,490.5 449.9 37.7 412.2 1,040.6 58.5 316.6 127.4 21.7 22.3 13.5 1,548.2 1,161.7 308.9 35.5 273.4 852.7 54.6 239.8 69.0 16.5 18.9 8.1 1,641.5 1,243.1 412.8 35.8 377.1 830.2 46.2 240.5 85.5 18.9 19.2 14.4 1,596.0 1,222.5 383.2 31.0 352.2 839.3 56.7 214.9 54.2 15.1 14.8 6.6 1,602.8 1,224.4 308.8 34.4 274.3 915.6 59.1 272.6 68.4 14.7 12.3 4.0 1,352.6 956.7 130.9 41.0 89.9 825.8 56.3 231.2 67.9 17.2 29.2 7.6 1,452.0 1,065.4 252.2 28.7 223.5 813.1 .............. .............. .............. .............. .............. .............. 0.9 –76.2 –28.9 3.9 –32.8 –47.3 2.9 12.3 11.5 2.5 2.3 –0.6 –286.9 –328.8 –141.0 –2.2 –138.8 –187.9 –3.9 –76.8 –58.4 –5.2 –3.4 –5.4 –45.5 –20.6 –29.6 –4.8 –24.9 9.1 10.5 –25.6 –31.3 –3.8 –4.4 –7.8 6.8 1.9 –74.4 3.4 –77.9 76.3 2.4 57.7 14.2 –0.4 –2.5 –2.6 –250.2 –267.7 –177.9 6.6 –184.4 –89.8 –2.8 –41.4 –0.5 2.5 16.9 3.6 99.4 108.7 121.3 –12.3 133.6 –12.7 ............... ............... ............... ............... ............... ............... 8.4 –8.4 62.6 188.4 33.8 77.5 53.8 23.4 107.5 132.3 42.5 91.1 354.7 10.9 –5.9 64.9 189.3 38.5 66.9 66.4 17.5 102.6 132.3 42.7 103.0 284.9 6.1 –23.9 43.3 170.8 37.7 61.3 66.4 5.4 76.5 91.7 24.7 101.9 263.7 6.9 –19.9 46.1 155.0 34.8 48.8 60.2 11.1 49.2 112.0 24.4 106.0 252.0 5.9 –27.4 39.3 160.7 40.9 36.6 78.5 4.7 59.4 92.7 24.8 115.0 275.8 5.6 –20.2 52.0 204.2 40.8 92.0 70.8 0.6 92.1 86.2 25.2 103.8 276.6 6.2 –28.0 35.8 163.3 34.2 67.7 56.1 5.3 105.2 75.8 24.4 82.6 250.4 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 2.5 2.5 2.3 0.9 4.7 –10.6 12.6 –5.9 –4.9 0.0 0.2 11.9 –69.8 –4.8 –18.0 –21.6 –18.5 –0.8 –5.6 0.0 –12.1 –26.1 –40.6 –18.0 –1.1 –21.2 –1.0 –7.5 –6.8 5.7 6.1 –12.2 18.3 –6.4 10.2 –19.3 0.4 9.0 23.8 –0.3 7.2 12.7 43.5 –0.1 55.4 –7.7 –4.1 32.7 –6.5 0.4 –11.2 0.8 0.6 –7.8 –16.2 –40.9 –6.6 –24.3 –14.7 4.7 13.1 –10.4 –0.8 –21.2 –26.2 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 267.5 344.7 386.6 398.5 373.5 378.4 395.9 386.6 77.2 41.9 –25.0 4.9 17.5 –9.3 NOTE. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2006 2007 2008 r 2008 I 2009 II III IV r I Billions of dollars Gross value added of nonfinancial corporate business......................................... Consumption of fixed capital................................................................................................ Net value added ................................................................................................................. Compensation of employees............................................................................................ Wage and salary accruals............................................................................................ Supplements to wages and salaries ............................................................................ Taxes of production and imports less subsidies............................................................... Net operating surplus....................................................................................................... Net interest and miscellaneous payments.................................................................... Business current transfer payments ............................................................................. Corporate profits with inventory valuation and capital consumption adjustments ........ Taxes on corporate income ...................................................................................... Profits after tax with inventory valuation and capital consumption adjustments....... Net dividends........................................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments ...................................................................................................... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .... Profits after tax (without inventory valuation and capital consumption adjustments) ....... Inventory valuation adjustment ........................................................................................ Capital consumption adjustment...................................................................................... 6,863.4 775.2 6,088.3 4,316.8 3,548.2 768.6 591.1 1,180.3 169.6 71.8 939.0 309.3 629.7 474.4 7,075.1 822.3 6,252.8 4,525.3 3,734.2 791.1 611.9 1,115.5 179.4 68.1 868.1 321.1 547.0 503.4 7,168.5 882.4 6,286.1 4,632.6 3,820.7 812.0 622.5 1,031.0 185.4 57.6 788.0 270.7 517.3 508.6 7,119.3 852.6 6,266.7 4,623.0 3,814.8 808.2 617.9 1,025.8 180.5 57.9 787.4 279.8 507.6 494.0 7,153.1 868.5 6,284.6 4,630.8 3,819.1 811.7 625.6 1,028.2 186.7 58.2 783.2 294.0 489.2 514.2 7,260.7 909.8 6,350.9 4,653.6 3,838.8 814.7 628.6 1,068.8 180.9 52.6 835.3 303.7 531.6 498.4 7,140.9 898.7 6,242.2 4,623.2 3,810.0 813.2 617.9 1,001.2 193.5 61.5 746.2 205.3 540.9 527.7 7,019.1 904.2 6,115.0 4,566.7 3,750.4 816.4 612.3 936.0 190.9 63.1 682.0 215.9 466.1 461.4 155.3 43.5 8.7 13.6 –25.0 33.2 13.2 4.7 1,127.4 818.1 –39.5 –149.0 1,091.7 770.7 –51.2 –172.5 901.8 631.0 –49.0 –64.7 939.6 659.8 –109.4 –42.8 993.3 699.3 –154.0 –56.1 1,006.5 702.7 –90.9 –80.3 667.7 462.4 158.1 –79.6 707.8 491.9 105.3 –131.2 6,228.3 775.4 5,452.9 6,027.5 777.6 5,249.9 Billions of chained (2000) dollars 1 Gross value added of nonfinancial corporate business ...................................... Consumption of fixed capital 2 ............................................................................................. Net value added 3 ................................................................................................................ 6,156.4 686.7 5,469.7 6,243.1 716.9 5,526.2 6,324.3 766.7 5,557.6 6,283.0 744.8 5,538.3 6,375.1 757.5 5,617.7 6,410.9 789.3 5,621.6 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 ...... Compensation of employees (unit labor cost).................................................................. Unit nonlabor cost ............................................................................................................ Consumption of fixed capital ........................................................................................ Taxes on production and imports less subsidies plus business current transfer payments.................................................................................................................. Net interest and miscellaneous payments.................................................................... Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) .................................................................................... Taxes on corporate income .......................................................................................... Profits after tax with inventory valuation and capital consumption adjustments........... 1.115 0.701 0.262 0.126 1.133 0.725 0.270 0.132 1.133 0.733 0.277 0.140 1.133 0.736 0.273 0.136 1.122 0.726 0.272 0.136 1.133 0.726 0.276 0.142 1.147 0.742 0.284 0.144 1.165 0.758 0.294 0.150 0.108 0.028 0.109 0.029 0.108 0.029 0.108 0.029 0.107 0.029 0.106 0.028 0.109 0.031 0.112 0.032 0.153 0.050 0.102 0.139 0.051 0.088 0.125 0.043 0.082 0.125 0.045 0.081 0.123 0.046 0.077 0.130 0.047 0.083 0.120 0.033 0.087 0.113 0.036 0.077 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 Gross domestic product (GDP) and related aggregates: GDP.................................................................................. Goods ............................................................................... Services............................................................................ Structures ......................................................................... Motor vehicle output ......................................................... GDP excluding motor vehicle output ................................ Final sales of computers 1 ................................................ GDP excluding final sales of computers ........................... Farm gross value added 2 ................................................ Nonfarm business gross value added 3 ............................ Price indexes: GDP.................................................................................. GDP excluding food and energy ....................................... GDP excluding final sales of computers........................... Gross domestic purchases............................................... Gross domestic purchases excluding food and energy .... Gross domestic purchases excluding final sales of computers to domestic purchasers............................... Personal consumption expenditures (PCE) ...................... PCE excluding food and energy ....................................... Market-based PCE 4......................................................... Market-based PCE excluding food and energy 4 .............. 2.8 5.4 2.3 –2.2 –0.9 2.9 25.0 2.6 –6.9 3.2 2007 2008 2.0 1.1 3.1 1.0 2.8 2.2 –5.0 –5.1 –1.1 –17.7 2.1 1.7 21.3 18.5 1.9 1.0 9.7 –1.9 2.0 0.8 2005 2006 II III IV I II 2.6 4.7 1.0 5.1 7.1 2.5 38.5 2.4 27.7 2.9 3.8 1.3 4.8 2.7 5.3 2.0 11.1 5.9 3.9 0.9 2.6 2.3 –0.6 1.3 –0.8 –3.8 24.6 –31.0 20.2 –10.1 3.2 2.6 4.3 3.1 11.5 37.2 27.8 25.2 3.8 1.1 4.7 2.5 3.1 –26.8 –22.3 3.1 4.8 1.3 6.0 2.9 2007 III IV 0.8 1.5 1.5 1.3 2.3 3.8 –8.8 –9.8 13.7 –19.0 0.4 2.2 7.0 34.2 0.8 1.3 6.9 30.4 0.3 1.4 I 2008 II III IV I II 0.1 –2.5 2.1 –3.9 3.8 –0.1 –5.0 0.1 12.5 –0.9 4.8 10.3 2.7 0.8 4.6 4.8 37.2 4.6 –6.1 5.8 4.8 –0.2 0.9 2.8 9.0 0.0 0.9 4.9 4.0 1.3 2.7 1.7 –2.9 –9.3 –10.1 3.3 17.3 –25.7 –14.2 –33.8 4.4 0.7 1.3 4.0 52.6 23.7 8.2 28.4 4.5 –0.3 0.8 2.7 8.6 8.2 –15.5 –10.7 5.5 –0.7 0.9 2.8 2009 III IV Ir –0.5 –6.3 –5.7 –4.2 –19.2 –7.6 1.5 1.9 0.3 –1.0 –13.8 –34.6 7.3 –62.8 –56.5 –0.7 –4.5 –4.5 –1.7 –4.8 10.8 –0.5 –6.4 –5.8 7.1 26.1 35.8 –1.9 –8.8 –7.6 3.2 3.2 3.4 3.4 3.1 2.7 2.5 2.8 2.8 2.4 2.2 2.0 2.4 3.2 2.2 2.1 2.7 2.3 3.1 2.7 4.1 3.2 4.2 5.2 2.9 3.7 3.5 3.9 3.9 3.2 3.5 3.6 3.7 2.9 3.4 2.7 3.2 2.9 3.6 3.2 2.8 2.6 2.9 2.9 2.5 2.2 2.6 2.3 0.6 2.5 4.1 3.2 4.2 3.6 2.9 2.0 1.7 2.1 3.3 1.8 1.5 1.8 1.7 2.2 1.9 2.8 2.4 3.0 4.0 2.4 2.6 2.0 2.7 3.5 2.2 1.1 1.5 1.2 4.2 2.2 3.9 3.0 4.1 4.5 2.8 0.5 0.4 0.6 –3.9 1.2 2.8 2.0 2.9 –1.0 1.4 3.6 2.8 2.3 2.6 1.9 2.9 2.6 2.2 2.4 1.8 3.4 3.3 2.2 3.3 1.9 3.3 2.5 2.1 2.2 1.6 5.4 4.7 1.6 4.9 1.2 4.1 3.3 2.4 3.2 2.0 3.0 1.8 2.1 1.4 1.8 3.8 3.3 3.0 3.1 2.6 3.1 3.1 2.3 3.1 2.1 0.7 –0.5 1.8 –1.1 1.5 3.8 3.4 2.4 3.5 2.3 3.5 3.6 1.8 3.5 1.2 2.4 2.5 2.1 2.0 1.4 4.2 4.3 2.5 4.4 2.2 3.7 3.6 2.3 3.7 2.1 4.4 4.3 2.2 4.3 1.8 4.7 5.0 2.4 5.6 2.5 –3.8 –4.9 0.9 –5.9 1.0 –0.9 –1.0 1.5 –1.4 1.6 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2006-07 annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual percent change in GDP prices uses quantities for 2006 and 2007 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.