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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 27, 2010 Lisa Mataloni: (202) 606-5304 (GDP) Andrew Hodge: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 BEA 10-22 GROSS DOMESTIC PRODUCT: FIRST QUARTER 2010 (SECOND ESTIMATE) CORPORATE PROFITS: FIRST QUARTER 2010 (PRELIMINARY) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.0 percent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP had increased 5.6 percent. The GDP estimates released today are based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.2 percent (see "Revisions" on page 3). The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter primarily reflected decelerations in private inventory investment and in exports, a downturn in residential fixed investment, a larger decrease in state and local government spending, and a deceleration in nonresidential fixed investment that were partly offset by an acceleration in PCE and a deceleration in imports. Motor vehicle output added 0.49 percentage point to the first-quarter change in real GDP after adding 0.45 percentage point to the fourth-quarter change. Final sales of computers added 0.18 percentage point to the first-quarter change in real GDP after adding 0.01 percentage point to the fourthquarter 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 (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2- The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.7 percent in the first quarter, the same increase as in the advance estimate; this index increased 2.0 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in the first quarter, compared with an increase of 1.5 percent in the fourth. The federal pay raise for civilian and military personnel added 0.2 percentage point to the first-quarter increase in the gross domestic purchases price index. Real personal consumption expenditures increased 3.5 percent in the first quarter, compared with an increase of 1.6 percent in the fourth. Real nonresidential fixed investment increased 3.1 percent, compared with an increase of 5.3 percent. Nonresidential structures decreased 15.3 percent, compared with a decrease of 18.0 percent. Equipment and software increased 12.7 percent, compared with an increase of 19.0 percent. Real residential fixed investment decreased 10.7 percent, in contrast to an increase of 3.8 percent. Real exports of goods and services increased 7.2 percent in the first quarter, compared with an increase of 22.8 percent in the fourth. Real imports of goods and services increased 10.4 percent, compared with an increase of 15.8 percent. Real federal government consumption expenditures and gross investment increased 1.2 percent in the first quarter, compared with no change in the fourth. National defense increased 1.1 percent, in contrast to a decrease of 3.6 percent. Nondefense increased 1.5 percent, compared with an increase of 8.3 percent. Real state and local government consumption expenditures and gross investment decreased 3.9 percent, compared with a decrease of 2.2 percent. The change in real private inventories added 1.65 percentage points to the first-quarter change in real GDP, after adding 3.79 percentage points to the fourth-quarter change. Private businesses increased inventories $33.9 billion in the first quarter, following decreases of $19.7 billion in the fourth quarter and $139.2 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.4 percent in the first quarter, compared with an increase of 1.7 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 3.6 percent in the first quarter, compared with an increase of 5.2 percent in the fourth. - more - -3- Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 3.9 percent in the first quarter, compared with an increase of 5.0 percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $27.7 billion in the first quarter after decreasing $14.5 billion in the fourth; in the first quarter, receipts increased $22.7 billion, and payments decreased 5.0 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.1 percent, or $147.6 billion, in the first quarter to a level of $14,601.4 billion. In the fourth quarter, current-dollar GDP increased 6.1 percent, or $211.7 billion. Revisions The “second” estimate of the first-quarter increase in real GDP is 0.2 percentage point, or $6.5 billion, lower than the advance estimate issued last month, primarily reflecting an upward revision to imports and a downward revision to personal consumption expenditures that were partly offset by an upward revision to exports. Advance Second (Percent change from preceding quarter) Real GDP............................................... Current-dollar GDP............................... Gross domestic purchases price index... 3.2 4.1 1.7 3.0 4.1 1.7 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $81.4 billion in the first quarter, compared with an increase of $108.7 billion in the fourth quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $30.8 billion in the first quarter, compared with an increase of $69.1 billion in the fourth. Taxes on corporate income increased $57.7 billion in the first quarter, compared with an increase of $40.9 billion in the fourth quarter. Profits after tax with inventory valuation and capital consumption adjustments increased $23.7 billion in the first quarter, compared with an increase of $67.8 billion in the fourth. Dividends decreased $26.2 billion, in contrast to an increase of $29.1 billion; current-production undistributed profits increased $49.9 billion, compared with an increase of $38.7 billion. - more - -4- Domestic profits of financial corporations increased $7.4 billion in the first quarter, compared with an increase of $65.0 billion in the fourth quarter. Domestic profits of nonfinancial corporations increased $44.5 billion in the first quarter, compared with an increase of $59.8 billion in the fourth. In the first quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added increased. The increase in unit profits reflected decreases in both the unit labor and nonlabor costs corporations incurred that more than offset a decrease in unit prices. The rest-of-the-world component of profits increased $29.5 billion in the first quarter, in contrast to a decrease of $16.1 billion in the fourth quarter. 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 increase was accounted for by an increase in receipts and a slight decrease in payments. Profits before tax increased $180.9 billion in the first quarter, compared with an increase of $137.0 billion in the fourth quarter. 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 $107.2 billion in the first quarter (from -$118.8 billion to -$226.0 billion), in contrast to an increase of $0.1 billion in the fourth. The inventory valuation adjustment increased $7.7 billion (from -$45.6 billion to -$37.9 billion), in contrast to a decrease of $28.5 billion. * * * 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, 2010, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2010 (Third Estimate) Corporate Profits: First Quarter 2010 (Revised) - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2007 2008 2009 r 2006 II III 2007 IV I II 2008 III IV I II 2009 III IV I II 2010 III IV r Ir Gross domestic product (GDP) ................ 2.1 0.4 –2.4 1.4 0.1 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 2.2 5.6 3.0 Personal consumption expenditures .................. 2.6 –0.2 –0.6 2.2 2.5 4.1 3.7 1.1 1.9 1.2 –0.6 0.1 –3.5 –3.1 0.6 –0.9 2.8 1.6 3.5 Goods.................................................................. 3.1 –2.1 –1.9 0.7 3.3 5.9 3.9 0.2 3.1 3.0 –5.1 –0.5 –7.7 –10.0 2.5 –3.1 7.2 2.8 6.5 Durable goods ................................................. 4.3 –4.5 –3.9 –1.0 4.5 5.6 5.5 2.1 5.2 5.5 –8.9 –5.7 –11.7 –20.3 3.9 –5.6 20.4 0.4 12.2 Nondurable goods ........................................... 2.5 –0.8 –1.0 1.6 2.6 6.1 3.1 –0.8 2.1 1.8 –3.0 2.2 –5.6 –4.9 1.9 –1.9 1.5 4.0 4.0 Services............................................................... 2.4 0.7 0.1 3.0 2.1 3.1 3.6 1.6 1.3 0.3 1.8 0.4 –1.3 0.5 –0.3 0.2 0.8 1.0 2.0 Gross private domestic investment..................... –3.8 –7.3 –23.2 –0.6 –5.5 –10.9 –6.0 5.7 0.8 –7.7 –7.4 –10.4 –6.9 –24.2 –50.5 –23.7 5.0 46.1 14.7 Fixed investment.................................................. –2.1 –5.1 –18.3 –1.9 –5.0 –5.3 –2.6 3.6 –0.4 –4.2 –6.3 –2.7 –8.3 –20.2 –39.0 –12.5 –1.3 5.0 0.1 Nonresidential.................................................. 6.2 1.6 –17.8 7.3 4.4 2.3 4.2 11.4 9.6 6.7 1.9 1.4 –6.1 –19.5 –39.2 –9.6 –5.9 5.3 3.1 Structures..................................................... 14.9 10.3 –19.8 22.4 10.3 1.5 15.6 22.7 26.6 11.2 6.8 14.5 –0.1 –7.2 –43.6 –17.3 –18.4 –18.0 –15.3 Equipment and software .............................. 2.6 –2.6 –16.6 2.1 2.2 2.8 –0.5 6.5 2.2 4.5 –0.5 –5.0 –9.4 –25.9 –36.4 –4.9 1.5 19.0 12.7 Residential ....................................................... –18.5 –22.9 –20.5 –16.9 –21.2 –19.7 –16.2 –12.9 –22.4 –29.5 –28.2 –15.8 –15.9 –23.2 –38.2 –23.3 18.9 3.8 –10.7 Change in private inventories .............................. .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Net exports of goods and services ..................... .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Exports ................................................................ 8.7 5.4 –9.6 6.9 0.6 17.8 3.5 5.2 18.5 14.5 –0.1 12.1 –3.6 –19.5 –29.9 –4.1 17.8 22.8 7.2 Goods .............................................................. 7.4 5.9 –12.2 7.4 0.2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 –1.8 –25.5 –36.9 –6.3 24.6 34.1 8.9 Services........................................................... 11.8 4.2 –4.1 5.6 1.5 29.1 4.7 2.8 27.2 19.2 –9.0 7.8 –7.7 –4.3 –13.6 0.1 5.6 2.6 3.8 Imports ................................................................ 2.0 –3.2 –13.9 4.5 4.9 –0.5 4.3 –0.5 3.7 –3.6 –2.5 –5.0 –2.2 –16.7 –36.4 –14.7 21.3 15.8 10.4 Goods .............................................................. 1.7 –3.9 –16.0 5.0 5.5 –2.3 5.0 –1.0 2.8 –3.8 –3.5 –4.6 –3.7 –19.6 –41.0 –16.5 25.1 20.3 10.7 Services........................................................... 3.5 0.7 –3.6 1.8 1.3 10.0 0.4 2.1 8.6 –2.9 3.0 –7.1 6.1 –0.9 –11.5 –7.5 7.0 –1.9 9.0 Government consumption expenditures and gross investment ............................................... 1.7 3.1 1.8 0.3 0.6 1.1 0.0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 –2.6 6.7 2.6 –1.3 –1.9 Federal ................................................................ 1.3 7.7 5.2 –3.4 –0.4 1.1 –5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 –4.3 11.4 8.0 0.0 1.2 National defense.............................................. 2.2 7.8 5.4 1.1 –1.9 8.5 –7.6 8.6 10.0 0.5 8.2 7.0 19.8 3.8 –5.1 14.0 8.4 –3.6 1.1 Nondefense ..................................................... –0.6 7.3 4.8 –11.6 2.9 –12.7 0.3 5.0 7.9 7.6 8.1 9.6 0.1 12.7 –2.5 6.1 7.0 8.3 1.5 State and local..................................................... 2.0 0.5 –0.2 2.6 1.2 1.1 3.1 2.7 0.9 1.0 –0.5 1.2 0.1 –2.0 –1.5 3.9 –0.6 –2.2 –3.9 Addenda: Final sales of domestic product........................... 2.5 0.8 –1.7 1.2 0.2 4.1 1.8 2.9 3.4 2.8 –0.5 2.7 –2.9 –4.7 –4.1 0.7 1.5 1.7 1.4 Gross domestic purchases.................................. 1.4 –0.7 –3.4 1.4 0.8 1.0 1.4 2.4 2.1 –0.2 –1.1 –0.9 –2.5 –5.5 –8.6 –2.3 3.0 5.2 3.6 Final sales to domestic purchasers ..................... 1.7 –0.4 –2.7 1.2 0.9 2.0 2.0 2.1 1.9 0.4 –0.9 0.3 –2.7 –4.9 –6.4 –0.9 2.3 1.4 2.0 Gross national product (GNP) ............................. 2.4 0.6 –2.7 1.3 –0.3 3.2 0.9 3.6 5.4 3.4 –1.1 0.2 –1.8 –6.7 –6.6 –1.0 3.0 5.0 3.9 Disposable personal income ............................... 2.2 0.5 0.8 3.6 1.9 5.3 1.7 0.5 1.7 0.1 –2.4 9.8 –8.5 3.4 0.2 6.2 –3.6 0.0 1.9 Current-dollar measures: GDP ................................................................. 5.1 2.6 –1.3 5.1 3.2 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 –5.4 –4.6 –0.8 2.6 6.1 4.1 Final sales of domestic product ....................... 5.4 3.0 –0.7 4.9 3.3 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 –5.2 –2.4 0.6 2.0 2.2 2.4 Gross domestic purchases .............................. 4.4 2.4 –3.3 5.0 3.7 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 –9.2 –9.8 –1.8 4.3 7.3 5.4 Final sales to domestic purchasers ................. 4.7 2.8 –2.7 4.8 3.8 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 –9.0 –7.7 –0.5 3.7 3.4 3.7 GNP ................................................................. 5.4 2.7 –1.5 4.9 2.8 5.1 5.3 6.3 7.1 5.8 0.6 2.3 2.2 –6.7 –4.8 –1.0 3.4 5.6 5.0 Disposable personal income............................ 4.9 3.9 1.0 6.7 4.9 5.3 5.5 3.7 4.1 5.2 1.2 14.1 –4.2 –1.8 –1.2 7.7 –1.2 2.5 3.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2007 2008 2009 2006 II Percent change at annual rate: Gross domestic product ............................... Percentage points at annual rates: Personal consumption expenditures .................. Goods ................................................................. Durable goods ................................................. Motor vehicles and parts.............................. Furnishings and durable household equipment ................................................ Recreational goods and vehicles ................. Other durable goods .................................... Nondurable goods ........................................... Food and beverages purchased for offpremises consumption ............................. Clothing and footwear .................................. Gasoline and other energy goods................ Other nondurable goods .............................. Services.............................................................. Household consumption expenditures (for services) ...................................................... Housing and utilities..................................... Health care................................................... Transportation services................................ Recreation services ..................................... Food services and accommodations ........... Financial services and insurance................. Other services.............................................. Final consumption expenditures of nonprofit institutions serving households.................... Gross output of nonprofit institutions ........... Less: Receipts from sales of goods and services by nonprofit institutions .............. 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. 2.1 III 2007 IV I II 0.4 –2.4 1.4 0.1 3.0 1.2 1.84 –0.17 0.75 –0.50 0.36 –0.36 0.04 –0.38 –0.42 –0.46 –0.30 –0.21 1.48 0.15 –0.09 0.00 1.70 0.78 0.37 0.21 2.79 1.39 0.46 –0.02 2.54 0.93 0.45 0.08 0.04 –0.06 0.26 0.13 0.01 –0.05 0.39 –0.13 –0.11 0.05 –0.03 –0.16 –0.09 0.06 –0.05 0.24 0.04 0.18 –0.06 0.40 0.04 0.44 0.01 0.93 0.15 0.22 0.00 0.48 –0.08 0.16 0.05 –0.13 0.11 0.00 0.11 –0.01 0.02 –0.12 0.16 –0.01 1.09 0.32 –0.03 –0.10 0.03 –0.06 0.04 0.23 –0.07 0.03 0.06 1.33 0.07 0.14 0.10 0.10 0.92 0.33 0.17 0.00 0.43 1.40 0.10 0.19 0.05 0.14 1.61 –0.14 –0.02 –0.01 0.03 0.76 1.02 0.16 0.12 0.12 0.27 0.31 0.03 –0.11 0.10 0.00 0.05 –0.02 0.28 –0.10 0.18 –0.04 0.11 0.07 0.23 –0.08 –0.03 –0.12 –0.02 0.06 1.04 0.58 0.06 0.05 0.05 –0.19 0.16 0.32 0.59 0.30 –0.11 –0.01 0.13 0.00 0.13 0.15 1.38 –0.16 0.37 0.09 0.22 0.18 0.40 0.28 1.69 0.21 0.53 0.05 0.08 0.03 0.43 0.36 0.07 0.18 0.16 0.24 –0.07 0.01 0.29 0.23 0.34 0.15 0.01 0.19 –0.08 0.30 0.11 –0.65 –0.35 0.70 0.49 0.20 0.09 –1.18 –0.81 0.19 0.39 –0.20 0.08 –3.45 –2.74 –2.08 –0.83 –1.25 –0.05 –0.11 –0.32 0.80 0.63 0.17 –0.19 –0.99 –0.86 0.49 0.32 0.17 0.18 –1.99 –0.91 0.27 0.05 0.22 0.37 –1.05 –0.43 0.46 0.50 –0.04 0.29 0.22 –0.21 0.10 0.34 0.11 0.46 0.11 0.11 0.08 0.06 –0.14 –0.01 –1.05 –0.30 0.03 –0.33 0.63 0.96 0.57 0.39 –0.33 –0.24 –0.09 0.05 –0.03 0.11 –0.12 0.06 –0.06 –0.05 –0.32 –0.35 –0.45 –0.03 –0.27 –1.00 –0.66 –0.37 –0.71 –0.04 0.04 –0.33 –0.75 1.20 1.07 0.64 –1.18 0.48 –1.02 0.16 –0.16 0.56 2.24 0.58 2.15 –0.02 0.10 0.09 0.16 0.01 0.07 0.11 0.13 –0.07 0.06 –0.03 0.34 –0.05 0.03 –0.26 –0.01 0.05 –0.01 –0.11 0.03 –1.12 –1.36 –1.18 0.22 –0.13 –1.08 –0.36 0.06 0.08 0.58 –0.19 –1.15 0.02 –0.71 1.94 0.72 0.06 1.84 0.54 0.01 0.96 0.18 0.05 0.87 –0.70 –0.78 0.10 –0.66 –0.74 0.35 –0.05 –0.04 –0.25 3.2 2008 III IV I II 2010 III IV Ir 1.5 –2.7 –5.4 –6.4 –0.7 2.2 5.6 3.0 0.81 1.35 0.05 0.75 0.18 0.42 0.05 –0.10 0.86 0.71 0.44 0.06 –0.39 –1.24 –0.75 –0.50 0.06 –0.12 –0.46 –0.63 –2.49 –1.89 –0.95 –0.64 –2.15 –2.41 –1.64 –0.84 0.44 0.56 0.28 0.14 –0.62 –0.71 –0.41 –0.14 1.96 1.59 1.36 0.81 1.16 0.66 0.03 –0.53 2.42 1.47 0.85 –0.01 0.07 0.38 0.07 0.33 0.06 0.33 –0.01 0.27 –0.13 –0.04 –0.07 –0.49 0.05 0.25 –0.13 0.35 –0.22 –0.06 –0.03 –0.94 –0.27 –0.30 –0.21 –0.78 –0.13 0.20 0.07 0.29 –0.15 –0.11 –0.02 –0.29 0.12 0.37 0.06 0.23 0.19 0.35 0.02 0.63 0.25 0.31 0.29 0.62 0.09 0.11 0.01 0.11 0.60 0.22 0.05 –0.10 0.10 0.15 0.05 –0.04 –0.23 –0.27 0.85 0.03 0.16 –0.11 0.27 0.17 –0.29 –0.27 –0.42 0.04 –0.60 –0.41 –0.21 0.27 –0.43 0.26 0.03 –0.04 0.17 0.12 –0.13 0.20 –0.20 0.02 –0.32 0.09 0.21 –0.01 –0.04 0.07 0.37 0.27 0.17 –0.05 0.25 0.49 0.17 0.27 0.01 0.17 0.96 0.88 0.34 0.03 0.14 0.20 0.18 0.01 –0.03 0.04 0.08 0.04 0.05 0.42 0.08 0.14 –0.16 –0.14 –0.04 0.30 –0.07 0.00 0.09 –0.25 –0.17 0.70 0.33 0.65 –0.17 –0.01 –0.10 –0.13 0.13 0.13 0.11 0.28 –0.15 0.04 0.11 –0.07 –0.18 –0.79 –0.18 –0.06 –0.11 –0.08 –0.11 –0.16 –0.09 0.06 0.46 0.19 –0.17 –0.10 –0.35 –0.24 0.27 0.34 0.02 0.37 –0.15 0.05 –0.07 0.03 0.10 0.30 –0.16 0.44 0.02 –0.04 –0.10 0.14 0.01 0.24 0.07 0.02 0.08 –0.08 –0.09 0.17 0.07 0.38 0.33 0.25 0.02 0.00 –0.04 –0.15 –0.02 0.83 0.17 0.27 0.01 0.05 0.26 –0.01 0.08 0.26 0.13 0.28 0.34 0.15 0.44 0.05 0.17 0.18 0.07 0.20 0.24 –0.46 –0.22 –0.21 0.01 0.13 –0.04 0.11 0.11 0.13 0.19 0.13 –0.14 0.92 0.14 0.59 –0.04 1.25 1.10 0.75 0.91 0.51 0.19 0.06 –1.29 –0.66 0.78 0.42 0.36 0.29 –1.20 –0.99 0.25 0.27 –0.02 0.12 –1.66 –0.41 0.19 0.56 –0.38 –0.11 –1.04 –1.30 –0.73 0.00 –0.73 0.04 –3.91 –3.28 –2.47 –0.31 –2.15 0.24 –8.98 –6.62 –5.29 –2.28 –3.01 0.22 –3.10 –1.68 –1.01 –0.69 –0.32 –0.17 0.54 –0.15 –0.59 –0.68 0.10 0.00 4.39 0.61 0.51 –0.62 1.13 0.06 1.66 0.01 0.29 –0.49 0.78 0.53 0.39 0.26 –0.17 –0.70 –0.79 –0.12 0.01 0.19 0.32 0.18 0.02 0.07 0.12 0.22 0.05 –0.10 0.45 –0.22 –0.30 –0.18 0.16 –0.89 –0.66 –0.61 0.32 0.27 –0.31 –0.88 0.64 –0.29 0.66 0.39 0.58 0.23 0.48 0.16 0.10 –0.68 0.08 –0.67 0.13 –0.01 –0.05 0.13 0.11 0.08 –0.03 –0.18 0.08 –1.14 0.19 0.06 0.13 1.36 1.99 1.11 0.88 –0.63 –0.41 –0.22 0.20 0.12 0.03 –0.19 0.20 0.22 0.09 –0.06 0.12 0.05 0.14 0.07 –0.22 0.02 –0.02 –0.15 0.00 –0.27 –0.58 –0.54 0.05 –0.16 –0.04 0.13 –1.44 –1.24 –0.60 –0.57 –0.63 –0.21 –1.25 0.26 0.03 –0.29 0.34 –0.09 –0.66 0.08 –1.59 0.35 2.24 0.36 2.35 –0.10 1.65 –0.02 1.47 –0.48 0.97 0.34 1.17 –0.17 0.68 –0.36 0.30 –0.31 0.60 0.38 0.88 0.38 0.51 0.46 0.67 0.55 0.08 –0.08 0.21 –0.17 0.82 0.50 0.39 0.24 0.15 0.11 0.08 0.03 0.32 0.21 0.11 0.75 0.63 0.46 0.43 0.03 0.17 0.14 0.03 0.11 0.09 0.02 0.31 0.19 0.03 0.03 0.00 0.16 0.16 0.00 0.12 0.07 0.05 0.51 0.56 0.39 0.27 0.11 0.17 0.18 –0.01 –0.05 0.07 –0.13 1.01 1.61 –0.49 –0.04 0.13 –1.28 0.28 –1.44 –0.53 0.01 –0.22 1.65 –0.23 –0.03 0.02 1.64 1.34 0.24 0.17 0.15 1.88 1.92 –0.21 0.10 0.29 1.95 1.17 –1.00 –0.30 0.19 –0.55 0.94 –1.12 –0.64 0.06 1.94 2.19 –1.18 –0.33 0.13 I –0.7 0.00 –0.36 –0.37 –0.31 –0.06 0.01 0.02 –0.01 0.36 0.18 0.18 0.03 1.19 –1.12 0.12 0.07 IV 2.1 0.37 0.06 0.11 0.21 0.39 –0.24 –0.03 0.08 0.28 0.05 –0.09 0.38 0.22 –0.11 0.02 0.24 0.06 0.15 –0.11 0.14 0.11 –0.29 0.06 –0.30 0.10 –0.23 0.06 –0.30 0.01 –0.07 0.01 0.00 –0.02 0.30 0.14 0.14 –0.02 0.08 0.18 0.24 –0.01 0.22 –0.04 –0.10 0.52 1.20 –0.27 –0.25 0.11 2009 III 3.6 0.32 0.59 0.09 0.53 0.10 0.37 0.07 0.27 0.04 0.10 –0.01 0.16 –0.02 0.14 0.00 0.02 0.23 0.06 0.17 0.07 0.06 –0.01 0.11 0.94 –0.61 –0.52 0.12 II 0.71 0.95 0.55 0.93 0.34 0.93 0.10 0.81 0.24 0.13 0.21 0.00 0.16 –0.02 0.05 0.02 0.15 0.01 0.02 0.08 0.14 –0.06 0.36 0.96 0.13 –1.08 0.16 –1.91 –0.22 –0.55 –0.15 –0.02 0.19 0.27 0.92 0.30 –0.19 –0.08 0.08 –0.17 –0.47 0.02 –0.34 –0.24 0.09 –0.20 –0.82 –0.18 –0.87 –0.92 0.09 –0.38 –0.48 –0.42 –0.81 –1.33 –0.67 –0.64 –2.36 –1.42 0.10 0.05 0.05 –0.74 –2.41 –1.47 0.45 2.64 1.65 –2.67 –3.95 –0.45 –2.50 –3.41 –0.45 –0.17 –0.54 0.00 3.12 6.58 2.09 3.09 6.25 1.89 0.03 0.34 0.21 0.05 0.09 0.13 –0.15 0.10 –0.12 0.43 0.69 –0.01 0.70 –0.81 1.78 1.58 0.20 –2.59 –2.41 –0.18 0.37 0.35 0.19 –0.07 0.31 –0.03 0.10 3.79 –0.22 4.01 0.27 2.36 2.26 0.10 –2.09 –2.14 0.05 0.05 0.23 0.03 0.01 0.17 0.30 –0.28 1.65 0.07 1.58 –0.66 0.82 0.68 0.14 –1.48 –1.24 –0.24 0.24 0.49 0.20 0.15 0.05 0.29 0.16 0.13 –0.25 0.04 –0.28 –0.52 –0.33 –0.27 –0.22 –0.05 –0.06 0.06 –0.11 –0.19 –0.04 –0.15 1.33 0.85 0.70 0.53 0.17 0.15 0.12 0.03 0.48 0.01 0.47 0.55 0.62 0.45 0.36 0.09 0.17 0.14 0.04 –0.08 –0.20 0.12 –0.26 0.01 –0.20 –0.06 –0.14 0.21 0.19 0.02 –0.27 –0.01 –0.26 –0.40 0.10 0.06 0.03 0.03 0.04 0.06 –0.02 –0.49 –0.09 –0.40 –4.54 0.46 –1.30 –1.41 0.02 –2.19 –0.53 –3.70 –1.69 0.06 –0.84 0.96 –0.86 0.19 –0.04 1.60 0.70 –0.06 1.45 –0.08 5.68 0.76 –0.89 0.45 0.01 3.36 0.86 –1.18 0.49 0.18 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates 2009 Change from preceding period 2009 2009 2010 2009 2010 2009 2010 IV Ir 2009 I Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ 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 ......................... Net domestic product............................................. II III IV Ir I II III IV Ir 14,256.3 14,178.0 14,151.2 14,242.1 14,453.8 14,601.4 12,987.4 12,925.4 12,901.5 12,973.0 13,149.5 13,248.2 10,089.1 9,987.7 9,999.3 10,132.9 10,236.4 10,362.3 9,235.1 9,209.2 9,189.0 9,252.6 9,289.5 9,368.7 3,255.2 3,197.7 3,193.8 3,292.3 3,337.1 3,406.6 3,144.2 3,129.8 3,105.4 3,159.6 3,181.9 3,232.3 1,035.0 1,025.2 1,011.5 1,051.3 1,052.0 1,072.8 1,101.4 1,087.2 1,071.7 1,122.7 1,123.7 1,156.6 312.8 300.6 299.5 331.7 319.6 322.3 317.2 311.2 306.2 335.2 316.3 316.0 –324.8 –55.8 –61.8 –44.9 –30.3 176.5 36.9 22.3 1.0 –18.9 98.7 79.2 50.4 32.9 –0.3 253.5 327.9 140.9 2,220.2 255.7 329.6 139.3 2,172.4 251.3 321.3 139.4 2,182.2 251.6 326.8 141.3 2,241.0 255.2 333.8 143.4 2,285.1 262.1 339.8 148.6 2,333.8 259.4 411.7 124.2 2,037.0 259.4 403.1 123.5 2,035.5 254.2 398.4 122.9 2,025.7 258.4 414.8 124.9 2,033.3 265.5 430.5 125.5 2,053.4 275.0 445.1 134.9 2,073.5 –16.1 8.7 –3.8 –20.3 7.1 15.7 0.6 20.1 9.5 14.6 9.4 20.1 790.2 325.8 304.7 799.4 6,833.9 786.5 327.9 271.0 787.0 6,790.0 786.3 321.6 279.4 795.0 6,805.6 789.4 324.8 324.4 802.3 6,840.6 798.7 329.0 344.0 813.3 6,899.3 808.7 337.7 363.7 823.6 6,955.8 697.4 330.1 292.7 720.1 6,087.8 687.4 334.0 293.2 724.7 6,076.0 693.5 326.9 294.0 714.5 6,078.8 700.1 326.7 292.7 716.7 6,090.6 708.5 332.7 291.0 724.5 6,105.9 714.0 342.7 291.3 729.8 6,136.4 –3.3 –14.9 5.3 –8.6 4.7 8.4 6.0 –1.7 7.8 15.3 5.5 10.0 0.3 5.3 30.5 6,568.5 1,877.2 1,627.0 304.6 382.5 605.6 828.0 943.5 6,522.0 1,878.8 1,598.0 301.6 383.4 607.3 816.7 936.0 6,545.9 1,871.1 1,622.6 301.1 381.5 606.0 824.9 938.7 6,575.7 1,872.5 1,633.0 306.3 382.5 603.7 832.4 945.3 6,630.3 1,886.4 1,654.5 309.6 382.6 605.2 837.9 954.0 6,683.5 1,894.1 1,671.8 311.4 384.0 615.0 844.8 962.5 5,831.1 1,656.7 1,446.9 263.7 345.3 529.7 756.5 833.3 5,817.2 1,656.9 1,434.3 261.9 347.7 533.7 751.4 832.2 5,826.7 1,651.8 1,448.2 262.5 346.3 530.5 756.1 832.4 5,834.3 1,654.0 1,448.6 265.0 343.6 527.9 761.8 834.6 5,846.1 1,664.4 1,456.5 265.5 343.5 526.6 756.8 833.9 5,872.4 1,669.7 1,465.2 265.9 345.0 534.7 756.5 836.3 13.5 9.5 30.5 –10.1 –4.5 –15.7 –3.3 7.6 11.8 10.4 7.9 0.5 –0.1 –1.3 –5.0 –0.7 26.3 5.3 8.7 0.4 1.5 8.1 –0.3 2.4 265.4 1,069.6 268.0 1,060.8 259.7 1,065.8 264.9 1,070.7 269.0 1,081.1 272.3 1,091.6 257.1 958.4 259.4 957.8 252.0 958.2 256.5 957.0 260.3 960.4 264.8 966.5 –9.5 1.7 3.8 3.4 4.5 6.1 804.2 1,628.8 1,749.7 1,388.8 480.0 908.8 792.7 1,689.9 1,817.2 1,442.6 533.1 909.5 806.1 1,561.5 1,737.7 1,391.8 494.8 897.0 805.8 1,556.1 1,712.6 1,353.9 457.9 895.9 812.1 1,707.8 1,731.4 1,366.9 434.1 932.8 819.4 1,763.8 1,726.9 1,371.3 417.5 953.9 701.3 1,527.6 1,648.2 1,291.0 390.3 890.7 698.7 1,558.5 1,687.5 1,321.2 419.4 887.5 705.7 1,456.7 1,631.9 1,288.4 400.0 876.5 700.5 1,474.4 1,626.7 1,269.0 380.2 879.8 700.5 1,621.0 1,646.6 1,285.5 361.7 918.9 702.4 1,677.7 1,646.9 1,295.4 347.0 946.8 10.3 –461.8 –370.2 –278.7 –96.5 –177.9 0.0 146.6 19.9 16.5 –18.5 39.1 1.9 56.7 0.3 9.9 –14.7 27.9 522.7 75.0 244.2 203.5 150.1 72.5 163.5 361.0 –120.9 –2.4 –118.5 –392.4 1,564.2 1,038.4 525.9 1,956.6 1,575.4 381.2 508.3 71.1 240.5 196.7 157.8 65.4 178.0 374.6 –127.4 –1.3 –126.1 –378.5 1,509.3 989.5 519.8 1,887.9 1,508.2 379.6 512.2 72.0 240.2 200.1 151.4 70.6 162.7 345.9 –176.2 0.6 –176.8 –339.1 1,493.7 978.1 515.6 1,832.8 1,461.1 371.7 519.0 72.5 241.4 205.1 146.5 73.2 157.2 358.8 –156.5 0.0 –156.5 –402.2 1,573.8 1,045.2 528.5 1,976.0 1,592.8 383.1 551.3 84.6 254.6 212.2 144.6 80.9 156.0 364.5 –23.6 –8.9 –14.7 –449.5 1,680.1 1,140.6 539.6 2,129.7 1,739.4 390.3 560.2 556.7 537.5 544.8 554.9 589.7 601.4 –32.1 34.8 11.7 85.7 .............. .............. .............. .............. .............. .............. .............. .............. .............. 261.9 240.6 235.5 236.2 239.2 251.5 259.5 –16.4 12.3 8.0 212.6 202.4 195.8 199.1 203.9 210.7 211.8 –8.7 6.8 1.1 145.2 133.6 140.8 135.2 130.4 128.0 128.3 –41.1 –2.4 0.3 83.2 66.1 59.8 62.7 66.0 76.1 81.9 –62.8 10.1 5.8 165.3 145.1 157.3 144.0 140.1 139.1 148.9 –35.2 –1.0 9.8 355.5 358.7 367.9 344.4 359.6 362.9 352.8 –92.4 3.3 –10.1 36.9 –108.2 –113.9 –160.2 –139.2 –19.7 33.9 –82.3 119.5 53.6 –5.4 –0.4 0.3 2.2 1.9 –5.9 –3.4 4.9 –7.8 2.5 42.3 –108.3 –114.9 –163.1 –141.4 –13.7 37.6 –87.9 127.7 51.3 –499.4 –355.6 –386.5 –330.4 –357.4 –348.0 –368.3 138.7 9.4 –20.3 1,729.3 1,472.4 1,434.5 1,419.5 1,478.8 1,556.8 1,584.1 –156.9 78.0 27.3 1,180.0 990.1 956.1 940.7 993.9 1,069.5 1,092.5 –137.4 75.6 23.0 549.3 481.4 477.2 477.4 483.9 487.1 491.6 –20.3 3.2 4.5 2,228.7 1,828.0 1,821.0 1,749.8 1,836.2 1,904.8 1,952.4 –295.5 68.6 47.6 1,827.8 1,483.9 1,474.4 1,409.4 1,490.6 1,561.1 1,601.2 –283.4 70.5 40.1 400.9 343.7 346.2 339.5 345.3 343.7 351.2 –12.8 –1.6 7.5 2,930.7 2,879.0 2,929.4 2,955.4 2,959.2 2,974.7 1,144.8 1,106.7 1,138.3 1,164.3 1,170.1 1,186.4 779.0 750.7 776.2 795.8 793.5 805.6 666.6 642.9 662.7 679.3 681.7 692.5 112.4 107.8 113.5 116.5 111.7 113.2 365.8 356.0 362.1 368.5 376.7 380.7 319.7 311.3 316.4 321.9 329.3 334.2 46.1 44.7 45.7 46.6 47.3 46.5 1,785.9 1,772.3 1,791.2 1,791.1 1,789.0 1,788.3 1,430.5 1,424.4 1,429.9 1,429.8 1,438.1 1,451.2 355.4 347.9 361.3 361.3 350.9 337.1 ............... ............... ............... .............. .............. .............. 14,377.2 14,648.6 14,769.5 14,256.3 589.4 484.5 14,361.2 12,392.3 14,305.3 14,556.5 14,683.9 14,178.0 579.6 479.7 14,277.9 12,294.4 14,327.4 14,490.3 14,666.5 14,151.2 571.3 478.6 14,243.8 12,287.2 14,398.7 14,644.3 14,800.9 14,242.1 590.6 469.1 14,363.7 12,391.4 14,477.4 14,903.3 14,926.9 14,453.8 616.2 510.5 14,559.5 12,596.1 14,564.4 15,100.8 15,063.8 14,601.4 643.9 507.0 14,738.3 12,742.1 2,564.6 1,026.6 695.0 589.3 106.6 331.5 286.7 44.8 1,541.0 1,249.4 291.3 –11.9 2,527.2 996.3 672.8 571.5 102.0 323.4 280.1 43.3 1,533.3 1,252.3 281.5 –1.1 2,568.6 1,023.5 695.2 588.2 107.8 328.2 284.0 44.3 1,548.0 1,252.7 294.9 –2.9 2,585.5 1,043.3 709.3 599.6 110.7 333.8 288.3 45.5 1,545.5 1,246.6 298.4 –13.7 2,576.9 1,043.4 702.8 597.7 105.8 340.5 294.3 46.2 1,537.0 1,246.1 290.6 –30.5 13,110.7 13,336.2 13,458.8 12,987.4 537.6 441.5 13,083.7 11,249.9 13,055.8 13,303.1 13,432.7 12,925.4 530.9 438.5 13,018.1 11,193.2 13,077.8 13,225.9 13,401.4 12,901.5 522.5 437.5 12,986.8 11,167.0 13,127.2 13,323.8 13,477.2 12,973.0 538.2 427.5 13,084.0 11,235.2 13,181.9 13,492.1 13,524.1 13,149.5 558.8 462.6 13,246.0 11,404.2 2,564.4 46.5 –8.6 –12.5 1,046.5 50.7 0.1 3.1 704.7 35.6 –6.5 1.9 598.6 27.7 –1.9 0.9 106.8 8.2 –4.9 1.0 341.8 15.1 6.7 1.3 296.3 13.2 6.0 2.0 45.5 1.8 0.7 –0.7 1,521.7 –2.7 –8.5 –15.3 1,243.2 –2.1 –0.5 –2.9 278.5 –1.0 –7.8 –12.1 –41.1 .............. .............. .............. 13,226.7 13,612.0 13,590.5 13,248.2 581.5 457.6 13,372.4 11,495.0 –230.5 –465.0 –371.0 –324.8 –201.7 –167.6 –358.9 –347.2 54.7 168.3 46.9 176.5 20.6 35.1 162.0 169.0 44.8 119.9 66.4 98.7 22.7 –5.0 126.4 90.8 r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2007 2008 2009 2006 II III 2007 IV I II 2008 III IV I II 2009 III IV Gross domestic product (GDP) ................ 2.9 2.1 1.2 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 0.1 Personal consumption expenditures .................. 2.7 3.3 0.2 3.0 3.0 –0.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 –5.0 Goods.................................................................. 1.3 3.3 –2.5 2.6 2.2 –5.8 3.2 3.7 0.3 7.0 5.2 3.8 6.8 –16.1 Durable goods ................................................. –1.8 –1.2 –1.6 –1.6 –1.9 –2.0 –1.6 –1.4 –2.8 –1.4 0.0 –0.9 –1.2 –3.3 Nondurable goods ........................................... 2.9 5.6 –2.8 5.0 4.5 –7.7 5.9 6.6 1.9 11.5 7.8 6.1 10.8 –21.5 Services............................................................... 3.4 3.4 1.5 3.3 3.3 3.1 4.0 2.9 3.4 4.2 2.9 4.0 3.6 1.0 Gross private domestic investment..................... 2.2 0.6 –0.8 3.5 2.5 3.8 2.8 0.6 0.8 1.0 –1.6 0.6 2.3 5.3 Fixed investment.................................................. 2.2 0.8 –1.3 3.5 2.4 3.7 2.7 0.8 0.8 1.1 –0.7 1.1 2.5 1.3 Nonresidential.................................................. 2.6 1.6 –0.3 3.3 3.0 3.9 3.2 1.6 0.9 1.3 –0.3 2.1 4.4 4.4 Structures..................................................... 7.4 3.2 –1.9 11.4 8.0 11.5 9.2 3.7 3.3 3.4 0.6 2.7 6.7 7.9 Equipment and software .............................. 0.5 0.7 0.5 0.3 1.0 0.7 0.6 0.6 –0.2 0.2 –0.7 1.7 3.1 2.5 Residential ....................................................... 1.3 –1.6 –4.8 4.1 1.3 3.4 1.5 –1.1 0.6 0.9 –1.5 –1.6 –3.8 –9.5 Change in private inventories .............................. .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Net exports of goods and services ..................... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Exports ................................................................ 3.5 4.9 –5.5 5.2 5.0 0.2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 –21.4 Goods .............................................................. 3.6 5.0 –6.6 5.5 5.5 0.9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 –25.4 Services........................................................... 3.5 4.8 –2.9 4.4 3.9 –1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 –11.9 Imports ................................................................ 3.7 10.7 –10.5 4.2 3.1 –4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 –34.3 Goods .............................................................. 3.7 11.4 –11.8 4.0 3.2 –5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 –37.0 Services........................................................... 3.9 7.2 –4.1 5.5 2.7 –0.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 –19.1 Government consumption expenditures and gross investment ............................................... 4.5 4.5 –0.2 5.6 3.1 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 –5.8 Federal ................................................................ 3.5 3.0 0.5 4.3 1.2 0.5 8.6 3.5 0.6 2.5 5.6 4.4 1.9 –4.1 National defense.............................................. 3.7 3.3 0.2 4.6 1.5 0.3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 –6.0 Nondefense ..................................................... 3.1 2.1 1.3 3.7 0.7 0.9 9.0 2.3 –0.7 0.9 6.0 1.7 0.8 0.2 State and local..................................................... 5.1 5.4 –0.6 6.4 4.2 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 –6.9 Addenda: Final sales of domestic product........................... 2.9 2.1 1.1 3.6 3.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 –0.5 Gross domestic purchases.................................. 2.9 3.2 0.0 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 –3.8 Final sales to domestic purchasers ..................... 2.9 3.2 –0.1 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 –4.3 Gross national product (GNP) ............................. 2.9 2.1 1.2 3.6 3.1 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 0.0 Implicit price deflators: GDP ................................................................. 2.9 2.1 1.2 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 0.0 Gross domestic purchases .............................. 2.9 3.2 0.1 3.5 2.9 0.9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 –3.9 GNP ................................................................. 2.9 2.1 1.2 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 –0.1 r Revised See “Explanatory Note” at the end of the tables. I II 2010 III IV Ir 1.9 0.0 0.4 0.5 1.0 –1.5 1.4 2.6 2.5 1.5 –6.0 2.7 5.4 2.6 2.0 –1.7 0.3 –3.1 –0.1 –3.6 –7.9 3.8 9.6 3.9 4.7 0.7 0.7 1.3 2.4 1.3 –1.8 –4.5 –5.7 –0.7 –1.1 –2.0 –4.4 –4.4 –0.5 –1.1 –1.3 –4.2 –4.9 –1.4 –1.7 –3.5 –10.2 –10.1 –1.5 1.0 0.1 –0.6 –1.9 –1.3 –3.0 –4.9 –5.2 –2.7 2.7 1.3 .......... ........... .......... ........... .......... .......... ........... .......... ........... .......... –12.6 0.1 4.6 5.8 4.7 –14.8 1.9 4.6 5.7 5.2 –8.1 –3.3 4.5 5.9 3.5 –28.3 4.2 11.4 16.5 8.7 –31.6 5.5 12.9 18.2 10.2 –12.1 –0.7 5.5 9.8 2.0 –1.1 1.7 0.9 3.3 –2.8 0.4 0.5 0.3 0.9 0.4 0.9 1.4 1.9 0.3 0.6 1.8 2.0 2.5 0.8 1.8 4.1 4.4 5.2 2.9 3.9 1.8 –1.4 –1.5 1.8 –0.1 0.5 0.5 0.0 0.5 1.3 1.4 0.4 0.5 2.0 2.0 0.5 1.0 1.7 1.7 1.1 1.9 –1.4 1.9 0.0 0.5 0.0 0.4 1.3 0.4 0.5 2.0 0.5 1.1 1.7 1.1 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2007 2008 2009 2009 I II 2010 III IV Ir Gross domestic product ................................................................. 104.872 105.331 102.761 102.271 102.082 102.648 104.045 104.825 Personal consumption expenditures............................................................ 105.612 105.351 104.718 104.425 104.196 104.917 105.335 106.233 Goods ........................................................................................................... 106.499 104.296 102.285 101.817 101.023 102.789 103.512 105.152 Durable goods........................................................................................... 108.543 103.692 99.626 98.345 96.947 101.561 101.651 104.620 Nondurable goods..................................................................................... 105.405 104.513 103.482 103.405 102.911 103.295 104.318 105.337 Services ........................................................................................................ 105.147 105.883 105.966 105.761 105.809 106.014 106.281 106.811 Gross private domestic investment .............................................................. 98.801 91.585 70.326 71.746 67.059 67.874 74.625 77.234 Fixed investment ........................................................................................... 100.189 95.106 77.660 79.514 76.895 76.647 77.585 77.601 Nonresidential ........................................................................................... 114.617 116.502 95.819 98.061 95.623 94.183 95.410 96.145 Structures .............................................................................................. 125.495 138.392 110.966 119.243 113.716 108.074 102.832 98.655 Equipment and software........................................................................ 110.184 107.332 89.462 89.143 88.036 88.370 92.300 95.097 Residential ................................................................................................ 75.490 58.213 46.288 47.478 44.436 46.403 46.833 45.529 Change in private inventories........................................................................ .................. .................. .................. ................... .................. .................. ................... ................... Exports of goods and services ..................................................................... 118.472 124.842 112.823 109.922 108.766 113.315 119.289 121.380 Imports of goods and services ..................................................................... 108.188 104.721 90.146 89.804 86.292 90.554 93.933 96.280 Government consumption expenditures and gross investment................ 103.090 106.252 108.215 106.639 108.386 109.097 108.737 108.208 Federal.......................................................................................................... 103.434 111.362 117.154 113.693 116.801 119.057 119.067 119.421 State and local .............................................................................................. 102.886 103.355 103.172 102.660 103.640 103.479 102.909 101.881 Addenda: Final sales of domestic product .................................................................... 105.131 105.980 104.149 103.713 103.888 104.280 104.714 105.070 Gross domestic purchases ........................................................................... 104.046 103.294 99.814 99.566 98.988 99.721 100.981 101.878 Final sales to domestic purchasers............................................................... 104.288 103.896 101.110 100.913 100.678 101.247 101.600 102.098 Gross national product.................................................................................. 104.925 105.552 102.734 102.219 101.973 102.737 104.008 105.001 r Revised See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2007 2008 2009 2009 I II 2010 III IV Ir Gross domestic product ................................................................. 106.221 108.481 109.745 109.661 109.656 109.763 109.902 110.188 Personal consumption expenditures (PCE) ................................................. 105.502 109.031 109.241 108.449 108.814 109.510 110.190 110.602 Goods ........................................................................................................... 102.789 106.150 103.540 102.186 102.864 104.216 104.895 105.409 Durable goods........................................................................................... 96.714 95.537 94.009 94.326 94.407 93.660 93.642 92.781 Nondurable goods..................................................................................... 106.250 112.188 108.998 106.739 107.736 110.227 111.291 112.565 Services ........................................................................................................ 106.964 110.582 112.252 111.749 111.954 112.312 112.992 113.351 Gross private domestic investment .............................................................. 106.677 107.355 106.502 108.245 107.019 105.465 105.278 104.980 Fixed investment ........................................................................................... 106.718 107.551 106.132 107.668 106.463 105.265 105.130 104.835 Nonresidential ........................................................................................... 106.209 107.897 107.524 109.154 107.993 106.656 106.294 105.827 Structures .............................................................................................. 121.275 125.207 122.811 127.092 123.706 120.451 119.994 120.294 Equipment and software........................................................................ 100.715 101.455 102.008 102.450 102.304 101.802 101.478 100.718 Residential ................................................................................................ 107.513 105.779 100.716 101.915 100.554 99.863 100.532 100.857 Change in private inventories........................................................................ .................. .................. .................. .................. ................... ................... .................. .................. Exports of goods and services ..................................................................... 107.103 112.389 106.250 105.265 105.284 106.473 107.978 109.220 Imports of goods and services ..................................................................... 108.017 119.559 107.037 103.746 104.821 107.688 111.891 114.237 Government consumption expenditures and gross investment................ 109.552 114.502 114.281 113.924 114.051 114.312 114.837 116.003 Federal.......................................................................................................... 107.754 110.938 111.513 111.084 111.214 111.601 112.151 113.372 State and local .............................................................................................. 110.615 116.642 115.896 115.587 115.713 115.889 116.397 117.521 Addenda: 1 PCE excluding food and energy ................................................................. 104.699 107.207 108.854 108.173 108.712 109.027 109.503 109.666 Market-based PCE 2 ..................................................................................... 105.334 108.954 109.276 108.452 108.848 109.606 110.198 110.578 Market-based PCE excluding food and energy 2 .......................................... 104.368 106.811 108.832 108.133 108.737 109.060 109.400 109.485 Final sales of domestic product .................................................................... 106.226 108.507 109.655 109.566 109.550 109.681 109.823 110.109 Gross domestic purchases ........................................................................... 106.408 109.765 109.817 109.395 109.533 109.895 110.446 110.914 Final sales to domestic purchasers............................................................... 106.412 109.792 109.734 109.311 109.437 109.819 110.370 110.838 Gross national product.................................................................................. 106.223 108.484 109.738 109.647 109.648 109.760 109.898 110.187 Implicit price deflators: Gross domestic product ............................................................................ 106.214 108.483 109.770 109.691 109.686 109.783 109.919 110.214 Final sales of domestic product................................................................. 106.226 108.507 109.660 109.571 109.555 109.686 109.828 110.114 Gross domestic purchases........................................................................ 106.400 109.767 109.841 109.422 109.560 109.911 110.460 110.937 Final sales to domestic purchasers........................................................... 106.412 109.792 109.739 109.314 109.440 109.822 110.373 110.841 Gross national product .............................................................................. 106.215 108.486 109.764 109.678 109.679 109.780 109.917 110.214 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are 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 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 r Gross domestic product (GDP) .............................................. 4.1 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 0.4 –2.4 Personal consumption expenditures ................................................ 3.8 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 –0.2 –0.6 Goods................................................................................................ 5.3 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 3.1 –2.1 –1.9 Durable goods ............................................................................... 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.3 –4.5 –3.9 Nondurable goods ......................................................................... 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.5 –0.8 –1.0 Services............................................................................................. 3.0 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.4 0.7 0.1 Gross private domestic investment................................................... 13.6 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.6 10.0 5.5 2.7 –3.8 –7.3 –23.2 Fixed investment................................................................................ 9.4 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.2 7.3 6.5 2.3 –2.1 –5.1 –18.3 Nonresidential................................................................................ 9.2 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 0.9 6.0 6.7 7.9 6.2 1.6 –17.8 Structures................................................................................... 1.8 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.9 10.3 –19.8 Equipment and software ............................................................ 11.9 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 2.5 7.7 8.5 7.4 2.6 –2.6 –16.6 Residential ..................................................................................... 9.7 –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.5 –22.9 –20.5 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ........... Exports .............................................................................................. 8.7 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 8.7 5.4 –9.6 Goods ............................................................................................ 9.7 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 7.4 5.9 –12.2 Services......................................................................................... 6.4 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2 –4.1 Imports .............................................................................................. 11.9 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.0 6.1 6.1 2.0 –3.2 –13.9 Goods ............................................................................................ 13.4 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.0 6.8 5.9 1.7 –3.9 –16.0 Services......................................................................................... 5.3 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 3.5 0.7 –3.6 Government consumption expenditures and gross investment .... 0.0 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.7 3.1 1.8 Federal .............................................................................................. –3.8 –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7 5.2 National defense............................................................................ –4.9 –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8 5.4 Nondefense ................................................................................... –1.4 –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.6 7.3 4.8 State and local................................................................................... 2.6 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 2.0 0.5 –0.2 Addenda: Final sales of domestic product......................................................... 3.5 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 0.8 –1.7 Gross domestic purchases................................................................ 4.5 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 –0.7 –3.4 Final sales to domestic purchasers ................................................... 3.8 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 –0.4 –2.7 Gross national product ...................................................................... 3.9 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 0.6 –2.7 Real disposable personal income...................................................... 3.2 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 0.5 0.8 Price indexes: Gross domestic purchases ............................................................ 2.1 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 0.0 Gross domestic purchases excluding food and energy 1 ............... 2.2 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 0.8 GDP ............................................................................................... 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 1.2 GDP excluding food and energy 1.................................................. 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 0.8 Personal consumption expenditures.............................................. 2.1 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2006 II III 2007 IV I II 2008 III IV I II 2009 III IV I II 2010 III IV r Ir Gross domestic product (GDP) .............................................. 3.0 2.2 2.4 1.4 1.9 2.7 2.5 2.0 1.6 0.0 –1.9 –3.3 –3.8 –2.6 0.1 2.5 Personal consumption expenditures (PCE)...................................... 2.6 2.5 3.3 3.1 2.8 2.7 2.0 0.9 0.6 –0.7 –1.8 –1.5 –1.7 –0.2 1.0 1.7 Goods................................................................................................ 2.5 2.5 4.3 3.4 3.3 3.3 2.6 0.3 0.1 –2.7 –5.9 –4.1 –4.7 –1.1 2.3 3.3 Durable goods ............................................................................... 2.3 2.3 6.3 3.6 4.4 4.6 4.6 0.8 –1.2 –5.4 –11.8 –8.9 –8.8 –1.5 4.4 6.4 Nondurable goods ......................................................................... 2.6 2.7 3.2 3.3 2.7 2.6 1.5 0.0 0.7 –1.2 –2.9 –1.7 –2.7 –0.9 1.3 1.9 Services............................................................................................. 2.7 2.6 2.8 2.9 2.6 2.4 1.7 1.3 0.9 0.3 0.3 –0.2 –0.2 0.3 0.4 1.0 Gross private domestic investment................................................... 6.1 3.5 –3.0 –5.8 –4.4 –2.8 –2.0 –2.3 –6.3 –8.1 –12.5 –25.2 –28.1 –25.9 –12.7 7.6 Fixed investment................................................................................ 3.5 0.9 –0.8 –3.7 –2.4 –1.2 –0.9 –1.9 –3.4 –5.4 –9.6 –18.8 –21.0 –19.5 –13.8 –2.4 Nonresidential................................................................................ 8.2 7.8 7.8 4.5 5.5 6.8 7.9 7.3 4.8 0.9 –6.0 –17.4 –19.7 –19.6 –14.1 –2.0 Structures................................................................................... 8.2 13.2 13.0 12.2 12.3 16.2 18.9 16.5 14.5 7.9 3.2 –12.0 –18.9 –22.9 –25.3 –17.3 Equipment and software ............................................................ 8.1 5.9 6.0 1.6 2.7 2.7 3.2 3.1 0.2 –2.7 –10.7 –20.2 –20.2 –17.9 –7.5 6.7 Residential ..................................................................................... –4.5 –11.0 –15.7 –18.5 –17.5 –17.8 –20.5 –23.5 –24.2 –22.6 –21.0 –23.9 –25.6 –18.9 –12.5 –4.1 Change in private inventories ............................................................ ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports .............................................................................................. 8.3 8.5 10.2 7.0 6.6 11.0 10.2 9.3 11.0 5.4 –3.4 –11.6 –15.0 –10.7 –0.7 10.4 Goods ............................................................................................ 8.8 9.1 9.4 5.8 5.5 9.2 9.0 9.3 11.3 7.0 –3.4 –14.8 –18.9 –13.9 –0.3 14.3 Services......................................................................................... 7.3 6.9 12.0 9.7 9.0 15.3 13.0 9.1 10.4 1.9 –3.5 –4.8 –6.5 –3.3 –1.6 3.0 Imports .............................................................................................. 6.6 7.2 4.1 3.3 2.0 1.7 0.9 –0.8 –1.9 –3.3 –6.8 –16.2 –18.5 –14.0 –6.6 7.2 Goods ............................................................................................ 6.5 7.2 3.6 3.3 1.8 1.1 0.7 –1.4 –2.3 –3.9 –8.1 –18.8 –21.4 –16.1 –7.2 8.6 Services......................................................................................... 7.0 7.0 7.1 3.3 3.4 5.2 2.0 2.6 0.2 –0.4 0.2 –3.6 –3.7 –3.5 –3.7 1.5 Government consumption expenditures and gross investment .... 1.6 0.8 1.5 0.5 1.5 2.3 2.5 3.1 2.9 3.2 3.0 1.7 2.5 1.9 1.3 1.5 Federal .............................................................................................. 2.6 0.2 2.2 –2.0 0.7 3.0 3.4 6.9 7.0 7.9 8.9 5.6 6.5 5.2 3.6 5.0 National defense............................................................................ 1.6 –1.6 4.4 –0.2 1.7 4.6 2.6 6.7 6.3 8.6 9.5 6.0 7.7 5.0 3.1 4.7 Nondefense ................................................................................... 4.8 3.9 –2.3 –5.5 –1.4 –0.2 5.2 7.1 8.3 6.3 7.5 4.8 3.9 5.7 4.6 5.7 State and local................................................................................... 0.9 1.2 1.2 2.0 2.0 1.9 1.9 1.0 0.7 0.5 –0.3 –0.6 0.1 –0.1 –0.1 –0.8 Addenda: Final sales of domestic product......................................................... 2.5 1.8 2.8 1.8 2.2 3.0 2.7 2.1 2.1 0.5 –1.4 –2.3 –2.8 –1.7 –0.1 1.3 Gross domestic purchases................................................................ 3.0 2.4 1.9 1.1 1.4 1.7 1.4 0.8 0.0 –1.2 –2.5 –4.4 –4.8 –3.4 –0.8 2.3 Final sales to domestic purchasers ................................................... 2.6 2.0 2.3 1.5 1.8 2.0 1.6 0.9 0.4 –0.7 –2.1 –3.5 –3.7 –2.5 –1.0 1.2 Gross national product ...................................................................... 2.8 1.8 2.4 1.3 1.8 3.3 3.3 2.8 1.9 0.1 –2.4 –3.8 –4.0 –2.9 0.0 2.7 Real disposable personal income...................................................... 3.9 3.8 4.6 3.1 2.3 2.3 1.0 0.0 2.2 –0.5 0.3 1.0 0.2 1.5 0.7 1.1 Price indexes: Gross domestic purchases ............................................................ 3.9 3.4 2.6 2.9 2.8 2.6 3.5 3.3 3.5 4.0 1.9 0.7 –0.2 –0.9 0.6 1.4 Gross domestic purchases excluding food and energy 1 ............... 3.4 3.2 2.9 3.0 2.6 2.6 2.8 2.5 2.8 2.9 2.0 1.4 0.8 0.2 0.7 0.9 GDP ............................................................................................... 3.6 3.3 2.9 3.2 3.0 2.6 2.7 2.1 1.9 2.5 1.9 1.9 1.5 0.6 0.7 0.5 1 GDP excluding food and energy .................................................. 3.6 3.3 3.0 3.1 2.7 2.6 2.8 2.4 2.4 2.7 1.7 1.2 0.8 0.2 0.8 1.0 PCE ............................................................................................... 3.2 2.8 1.9 2.4 2.4 2.3 3.6 3.6 3.8 4.3 1.7 0.4 –0.2 –0.7 1.2 2.0 PCE excluding food and energy 1 .................................................. 2.3 2.5 2.3 2.5 2.2 2.2 2.5 2.4 2.5 2.6 2.0 1.7 1.6 1.3 1.5 1.4 Market-based PCE 2 ...................................................................... 3.3 2.9 1.8 2.2 2.3 2.0 3.5 3.6 3.7 4.6 1.9 0.6 –0.1 –0.6 1.3 2.0 2 Market-based PCE excluding food and energy ........................... 2.2 2.5 2.2 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.3 2.1 2.1 1.7 1.7 1.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2009 r 2009 I 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 (net) ................................................................ Current surplus of government enterprises ............................................................. Addendum: Gross domestic income ........................................................................................... II 2010 III IV r Ir 14,077.6 861.8 746.0 14,193.3 1,760.0 –14.8 12,448.2 7,856.5 6,402.6 1,453.8 1,096.4 144.9 1,541.7 739.2 974.0 102.2 –6.6 14,441.4 809.2 667.3 14,583.3 1,847.1 101.0 12,635.2 8,037.4 6,540.8 1,496.6 1,106.3 210.4 1,360.4 815.1 993.8 118.8 –6.9 14,256.3 589.4 484.5 14,361.2 1,864.0 217.3 12,280.0 7,783.5 6,281.5 1,501.9 1,041.0 268.1 1,308.9 788.2 964.3 134.1 –8.1 14,178.0 579.6 479.7 14,277.9 1,883.6 185.4 12,208.9 7,825.8 6,327.8 1,498.0 1,037.8 245.9 1,182.7 826.2 963.2 137.9 –10.7 14,151.2 571.3 478.6 14,243.8 1,864.0 161.7 12,218.1 7,815.9 6,313.1 1,502.8 1,028.0 262.0 1,226.5 784.4 964.6 145.4 –8.8 14,242.1 590.6 469.1 14,363.7 1,850.7 253.3 12,259.7 7,751.5 6,249.2 1,502.3 1,037.9 277.9 1,358.9 759.7 955.4 124.8 –6.3 14,453.8 616.2 510.5 14,559.5 1,857.7 268.7 12,433.2 7,740.6 6,236.0 1,504.6 1,060.3 286.7 1,467.6 782.6 973.8 128.2 –6.5 14,601.4 643.9 507.0 14,738.3 1,859.3 276.6 12,602.3 7,809.3 6,285.5 1,523.8 1,066.3 293.7 1,549.0 777.5 984.3 127.7 –5.4 14,092.5 14,340.4 14,039.0 13,992.5 13,989.5 13,988.9 14,185.1 14,324.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2009 r 2009 I Personal income 1 ..................................................................................................... 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, domestic .............................. Less: Personal current taxes ....................................................................................... Equals: Disposable personal income ...................................................................... Less: Personal outlays................................................................................................. Equals: Personal saving ........................................................................................... Personal saving as a percentage of disposable personal income ........................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................ II 2010 III IV r Ir 11,894.1 7,862.7 6,408.9 1,453.8 1,096.4 39.4 1,056.9 144.9 2,031.5 1,266.4 765.1 1,718.0 959.3 1,490.9 10,403.1 10,224.3 178.9 1.7 12,238.8 8,042.4 6,545.9 1,496.6 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 990.6 1,432.4 10,806.4 10,520.0 286.4 2.7 12,019.0 7,778.5 6,276.5 1,501.9 1,041.0 29.3 1,011.7 268.1 1,792.6 1,238.5 554.2 2,104.8 965.9 1,101.7 10,917.3 10,458.7 458.6 4.2 11,952.7 7,805.8 6,307.8 1,498.0 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 969.7 1,187.3 10,765.4 10,362.3 403.1 3.7 12,048.8 7,815.9 6,313.1 1,502.8 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 970.9 1,082.6 10,966.2 10,370.5 595.7 5.4 12,005.2 7,751.4 6,249.2 1,502.3 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 962.5 1,071.0 10,934.3 10,502.8 431.5 3.9 12,069.4 7,740.6 6,236.0 1,504.6 1,060.3 35.2 1,025.1 286.7 1,788.5 1,234.4 554.1 2,153.9 960.6 1,066.1 11,003.3 10,599.3 403.9 3.7 12,178.9 7,809.3 6,285.5 1,523.8 1,066.3 31.0 1,035.3 293.7 1,774.0 1,238.9 535.1 2,216.5 980.9 1,083.0 11,095.9 10,723.7 372.3 3.4 9,645.4 9,860.6 9,504.6 9,911.3 9,075.1 9,993.2 9,188.7 9,926.4 9,105.5 10,077.5 9,010.5 9,984.4 8,998.3 9,985.5 9,007.2 10,032.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2007 2008 2009 2008 2009 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............................ Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment Undistributed profits with inventory valuation and capital consumption adjustments........................ Consumption of fixed capital................................... Less: Capital transfers paid (net) ............................ 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 2009 2010 I II III IV I 2009 II III 2010 2010 I I IV 1,541.7 451.5 1,360.4 292.2 1,308.9 314.8 1,182.7 270.3 1,226.5 305.9 1,358.9 321.0 1,467.6 361.9 1,549.0 419.6 –11.8 –35.3 –3.8 7.7 3.7 13.2 10.8 4.9 8.0 12.7 5.5 16.0 31.0 55.2 1,090.2 767.8 1,068.2 689.9 994.1 575.8 912.4 618.1 920.6 556.0 1,037.9 549.9 1,105.7 579.0 1,129.4 552.8 –2.0 –10.1 –6.9 –16.5 0.9 –10.0 12.7 –1.1 6.5 5.3 2.1 –4.5 23.8 –10.6 322.4 378.3 418.4 294.2 364.5 488.0 526.7 576.6 17.4 10.6 23.9 33.9 7.9 9.5 95.9 1,303.4 1,478.4 1,584.0 1,575.4 1,544.9 1,573.3 1,642.4 1,673.2 13.4 7.1 –1.9 1.8 4.4 1.9 6.2 322.4 981.0 0.0 378.3 1,036.8 –63.3 418.4 1,041.7 –123.9 294.2 1,058.2 –223.0 364.5 1,043.0 –137.3 488.0 1,032.5 –52.9 526.7 1,033.1 –82.6 576.6 17.4 10.6 23.9 33.9 7.9 9.5 95.9 1,030.4 5.7 0.5 –1.4 –1.0 0.1 –0.3 –2.6 –66.3 ............. .............. ............. .............. .............. .............. .............. 1,774.4 1,462.7 1,427.6 1,246.5 1,337.1 1,495.0 1,632.0 1,812.9 1,322.8 –44.0 –188.7 1,170.6 –38.2 –64.1 1,112.8 9.1 –127.8 976.1 81.1 –144.9 1,031.1 18.1 –128.6 1,173.9 –17.1 –118.9 1,270.1 –45.6 –118.8 1,393.3 –11.5 –4.9 5.6 13.8 8.2 9.7 42.7 –37.9 ............. .............. ............. .............. .............. .............. .............. –226.0 ............. .............. ............. .............. .............. .............. .............. –17.6 –2.4 7.3 11.8 9.2 11.1 45.4 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 2009 2007 2008 2009 2009 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 2010 III IV 2008 2010 2009 I II III IV I 1,541.7 1,193.9 347.0 846.9 347.8 504.5 156.8 1,360.4 983.2 271.6 711.6 377.2 544.2 167.0 1,308.9 997.1 316.8 680.3 311.8 430.3 118.5 1,182.7 867.0 237.8 629.2 315.8 402.2 86.4 1,226.5 925.3 266.3 659.0 301.2 409.9 108.7 1,358.9 1,035.7 349.1 686.6 323.2 440.8 117.6 1,467.6 1,160.4 414.1 746.4 307.1 468.5 161.4 1,549.0 1,212.4 421.5 790.9 336.6 497.8 161.2 –181.3 –210.7 –75.4 –135.3 29.4 39.7 10.2 –51.5 13.9 45.2 –31.3 –65.4 –113.9 –48.5 43.8 58.3 28.5 29.8 –14.6 7.7 22.3 132.4 110.4 82.8 27.6 22.0 30.9 8.9 108.7 124.7 65.0 59.8 –16.1 27.7 43.8 81.4 52.0 7.4 44.5 29.5 29.3 –0.2 1,730.4 1,382.6 367.8 37.7 330.1 1,014.9 49.1 278.6 96.1 21.3 19.8 11.2 1,424.5 1,047.3 278.9 35.7 243.2 768.4 40.1 175.5 30.7 17.6 16.1 4.7 1,436.7 1,124.9 331.2 50.1 281.1 793.7 54.1 136.0 14.9 13.4 11.0 3.6 1,327.6 1,011.9 253.9 28.8 225.1 758.0 53.6 121.6 8.0 19.3 12.8 3.2 1,355.1 1,053.9 280.7 46.1 234.6 773.3 53.4 132.3 11.9 13.7 10.4 3.9 1,477.8 1,154.6 362.4 57.6 304.8 792.2 61.5 129.7 6.7 10.9 8.1 3.1 1,586.3 1,279.2 427.9 67.9 359.9 851.4 47.8 160.5 32.9 10.0 12.7 4.2 1,775.0 1,438.4 446.6 77.9 368.7 991.8 .............. .............. .............. .............. .............. .............. –305.9 –335.3 –88.9 –2.0 –86.9 –246.5 –9.0 –103.1 –65.4 –3.7 –3.7 –6.5 12.2 77.6 52.3 14.4 37.9 25.3 14.0 –39.5 –15.8 –4.2 –5.1 –1.1 27.5 42.0 26.8 17.3 9.5 15.3 –0.2 10.7 3.9 –5.6 –2.4 0.7 122.7 100.7 81.7 11.5 70.2 18.9 8.1 –2.6 –5.2 –2.8 –2.3 –0.8 108.5 124.6 65.5 10.3 55.1 59.2 –13.7 30.8 26.2 –0.9 4.6 1.1 188.7 159.2 18.7 10.0 8.8 140.4 ............... ............... ............... ............... ............... ............... –1.1 –16.4 61.3 182.6 30.2 77.8 51.9 22.7 102.2 121.6 30.0 90.3 343.0 347.8 –4.1 –47.5 43.9 144.9 33.7 66.5 31.3 13.3 75.1 78.2 11.4 84.7 303.4 377.2 –8.5 –28.4 23.8 121.1 33.1 21.4 35.9 30.7 87.9 91.2 5.9 108.9 309.7 311.8 –6.3 –54.8 33.9 113.6 34.7 29.4 29.6 19.8 94.0 83.1 6.7 95.4 303.6 315.8 –9.1 –38.5 31.5 120.4 33.1 15.2 39.4 32.8 87.5 95.1 1.3 99.4 304.2 301.2 –9.6 –16.6 10.8 122.9 35.1 15.8 37.4 34.5 80.6 98.8 4.8 107.0 309.9 323.2 –9.0 –3.7 18.9 127.6 29.4 25.3 37.3 35.7 89.5 87.8 10.8 133.9 321.0 307.1 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 336.6 –3.0 –31.1 –17.4 –37.7 3.5 –11.3 –20.6 –9.4 –27.1 –43.4 –18.6 –5.6 –39.6 29.4 –4.4 19.1 –20.1 –23.8 –0.6 –45.1 4.6 17.4 12.8 13.0 –5.5 24.2 6.3 –65.4 –2.8 16.3 –2.4 6.8 –1.6 –14.2 9.8 13.0 –6.5 12.0 –5.4 4.0 0.6 –14.6 –0.5 21.9 –20.7 2.5 2.0 0.6 –2.0 1.7 –6.9 3.7 3.5 7.6 5.7 22.0 0.6 12.9 8.1 4.7 –5.7 9.5 –0.1 1.2 8.9 –11.0 6.0 26.9 11.1 –16.1 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 29.5 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2007 2008 2009 r 2009 I 2010 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 on production and imports less subsidies.......................................................... Net operating surplus................................................................................................... Net interest and miscellaneous payments................................................................ Business current transfer payments (net) ................................................................ 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.................................................................................. 6,970.1 849.4 6,120.6 4,364.2 3,627.3 736.9 612.8 1,143.7 228.1 68.6 846.9 299.3 547.6 465.2 6,971.5 898.4 6,073.0 4,427.9 3,677.2 750.7 621.0 1,024.1 242.1 70.4 711.6 237.8 473.8 409.3 6,667.7 902.0 5,765.8 4,178.4 3,435.7 742.7 601.9 985.5 227.4 77.8 680.3 222.1 458.2 361.0 6,703.8 916.7 5,787.1 4,238.5 3,494.7 743.8 602.7 945.8 237.4 79.2 629.2 197.9 431.3 373.1 6,671.9 903.0 5,768.9 4,194.4 3,450.0 744.3 603.1 971.4 229.2 83.2 659.0 217.0 442.1 362.7 6,613.6 894.0 5,719.6 4,146.7 3,405.0 741.6 593.9 979.0 219.2 73.1 686.6 227.0 459.6 332.7 6,681.7 894.2 5,787.6 4,134.2 3,393.2 741.0 607.7 1,045.7 223.8 75.5 746.4 246.3 500.1 375.3 6,767.1 891.8 5,875.2 4,173.3 3,420.8 752.4 613.9 1,088.1 222.0 75.3 790.9 293.7 497.2 372.7 82.4 64.5 97.3 58.1 79.3 126.9 124.7 124.5 1,058.9 759.5 –44.0 –167.9 806.7 568.8 –38.2 –56.8 784.6 562.5 9.1 –113.4 676.9 478.9 81.1 –128.7 755.2 538.2 18.1 –114.2 809.4 582.4 –17.1 –105.7 897.0 650.7 –45.6 –105.0 1,029.7 736.0 –37.9 –200.9 Gross value added of nonfinancial corporate business 1 .................................. Consumption of fixed capital 2 ......................................................................................... Net value added 3 ............................................................................................................ 6,649.4 808.3 5,841.2 6,675.5 837.3 5,838.2 6,286.4 842.5 5,443.8 6,242.7 841.6 5,401.2 6,354.2 841.9 5,512.3 6,454.1 844.2 5,610.0 Billions of chained (2005) dollars 6,278.8 844.0 5,434.8 6,269.8 842.6 5,427.1 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)...................................................................................................... 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....... 1.048 0.656 0.264 0.128 1.044 0.663 0.275 0.135 1.061 0.665 0.287 0.143 1.068 0.675 0.293 0.146 1.064 0.669 0.290 0.144 1.059 0.664 0.285 0.143 1.052 0.651 0.284 0.141 1.048 0.647 0.279 0.138 0.102 0.034 0.104 0.036 0.108 0.036 0.109 0.038 0.109 0.037 0.107 0.035 0.108 0.035 0.107 0.034 0.127 0.045 0.082 0.107 0.036 0.071 0.108 0.035 0.073 0.100 0.032 0.069 0.105 0.035 0.071 0.110 0.036 0.074 0.117 0.039 0.079 0.123 0.046 0.077 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 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 2005 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 2002 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 2007 2008 2009 2006 II 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 4 ................................... GDP excluding final sales of computers.......................... Gross domestic purchases.............................................. Gross domestic purchases excluding food and energy 4 Gross domestic purchases excluding final sales of computers to domestic purchasers.............................. Personal consumption expenditures (PCE)..................... PCE excluding food and energy 4 .................................... Market-based PCE 5........................................................ Market-based PCE excluding food and energy 5 ............. 2.1 0.4 –2.4 3.7 0.4 –4.8 2.6 1.5 0.4 –4.4 –5.9 –15.1 –1.3 –18.4 –24.6 2.2 1.0 –1.9 22.1 21.3 1.0 2.0 0.3 –2.5 –7.6 12.9 7.4 2.3 –0.1 –3.6 III 2007 IV 1.4 0.1 3.0 1.8 0.0 7.2 2.0 2.0 3.6 –2.5 –9.8 –10.5 –7.6 4.0 –10.2 1.8 0.0 3.4 19.1 12.5 22.4 1.3 0.0 2.8 71.6 –26.2 –13.2 1.0 –0.1 4.2 I II 2008 III IV I II 1.2 3.2 3.6 2.1 –0.7 1.5 –0.8 6.2 7.2 7.6 –1.8 1.5 2.7 2.1 3.1 1.8 1.5 1.5 –2.2 2.3 –2.1 –9.4 –10.7 1.3 –0.8 6.2 3.5 –10.3 –21.6 –36.2 1.3 3.1 3.6 2.5 –0.1 2.6 3.1 28.4 60.9 33.7 9.8 29.1 1.2 3.1 3.3 2.0 –0.8 1.3 –6.4 –14.5 –15.0 34.6 40.7 –15.8 0.9 3.7 3.9 1.8 –1.7 1.3 2009 III IV I –2.7 –5.4 –6.4 –7.0 –16.4 –8.7 –0.4 0.7 –0.9 –5.5 –12.9 –34.0 –6.6 –50.5 –64.5 –2.6 –4.1 –4.9 –3.6 2.9 11.2 –2.7 –5.4 –6.5 24.4 27.9 –3.3 –4.0 –7.6 –8.8 II 2010 III IV Ir –0.7 2.2 5.6 3.0 –3.2 6.3 23.6 13.2 1.5 1.1 1.1 1.3 –9.7 –0.8 –10.7 –14.5 13.3 131.8 25.2 26.6 –0.9 0.8 5.2 2.6 –7.3 –13.9 0.3 42.8 –0.7 2.3 5.6 2.9 4.0 9.2 0.1 –18.6 –1.1 2.2 7.0 4.0 2.9 2.8 3.0 2.9 2.7 2.1 2.3 2.2 3.2 2.6 1.2 0.8 1.3 0.0 0.8 3.6 3.6 3.8 3.6 3.5 3.1 2.5 3.2 2.9 2.5 1.8 2.4 1.9 1.0 2.4 4.2 3.8 4.3 4.2 3.6 2.7 2.2 2.8 3.1 2.2 1.6 1.9 1.8 2.2 2.1 2.3 3.2 2.5 4.6 3.3 1.9 2.4 2.0 3.4 2.7 1.8 2.2 2.0 3.9 3.0 4.0 2.9 4.1 4.3 2.9 0.1 –0.8 0.2 –3.8 –0.6 1.9 0.5 1.9 –1.4 0.2 0.0 0.8 0.1 0.5 0.8 0.4 0.5 0.5 1.3 0.3 0.5 1.5 0.5 2.0 1.5 1.0 1.3 1.1 1.7 1.1 3.1 2.7 2.4 2.5 2.1 3.3 3.3 2.4 3.4 2.3 0.1 0.2 1.5 0.3 1.9 3.8 3.0 2.9 3.0 2.9 3.0 3.0 2.3 3.1 2.3 1.1 –0.1 2.1 –0.7 1.6 4.3 3.7 2.8 3.6 2.5 3.2 3.2 1.8 3.3 1.6 2.3 2.3 2.3 1.8 1.6 4.7 5.1 3.1 5.2 2.8 3.5 3.7 2.4 4.0 2.6 4.0 3.9 2.4 4.0 2.3 4.4 4.7 2.6 5.1 2.7 –3.8 –5.0 0.8 –5.3 1.5 –1.4 –1.5 1.1 –1.2 1.9 0.6 1.4 2.0 1.5 2.3 1.5 2.6 1.2 2.8 1.2 2.1 2.5 1.8 2.2 1.3 1.8 1.5 0.6 1.4 0.3 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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.