The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 24, 2011 BEA 11-32 Lisa Mataloni: (202) 606-5304 (GDP) Greg Key: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 2011 (THIRD ESTIMATE) CORPORATE PROFITS: FIRST QUARTER 2011 (REVISED ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.9 percent in the first quarter of 2011, (that is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 3.1 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.8 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 federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Annual Revision of the National Income and Product Accounts The annual revision of the national income and product accounts (NIPAs) will be released along with the "advance" estimate of GDP for the second quarter of 2011 on July 29. In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2011, GDP and some components will be revised back to the first quarter of 2003 (see "Preview of the Upcoming Annual NIPA Revision" in the May Survey of Current Business). The August Survey will contain an article that describes the annual revision in detail. 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 - - 2The deceleration in real GDP in the first quarter primarily reflected a sharp upturn in imports, a deceleration in PCE, a larger decrease in federal government spending, and a deceleration in nonresidential fixed investment that were partly offset by a sharp upturn in private inventory investment. Motor vehicle output added 1.18 percentage points to the first-quarter change in real GDP after subtracting 0.27 percentage point from the fourth-quarter change. Final sales of computers added 0.10 percentage point to the first-quarter change in real GDP after adding 0.35 percentage point to the fourthquarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.9 percent in the first quarter, 0.1 percentage point more than in the second estimate; this index increased 2.1 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 2.3 percent in the first quarter, compared with an increase of 1.1 percent in the fourth. Real personal consumption expenditures increased 2.2 percent in the first quarter, compared with an increase of 4.0 percent in the fourth. Real nonresidential fixed investment increased 2.0 percent, compared with an increase of 7.7 percent. Nonresidential structures decreased 14.8 percent, in contrast to an increase of 7.6 percent. Equipment and software increased 8.8 percent, compared with an increase of 7.7 percent. Real residential fixed investment decreased 2.0 percent, in contrast to an increase of 3.3 percent. Real exports of goods and services increased 7.6 percent in the first quarter, compared with an increase of 8.6 percent in the fourth. Real imports of goods and services increased 5.1 percent, in contrast to a decrease of 12.6 percent. Real federal government consumption expenditures and gross investment decreased 8.1 percent in the first quarter, compared with a decrease of 0.3 percent in the fourth. National defense decreased 11.8 percent, compared with a decrease of 2.2 percent. Nondefense was unchanged, after an increase of 3.7 percent. Real state and local government consumption expenditures and gross investment decreased 4.2 percent, compared with a decrease of 2.6 percent. The change in real private inventories added 1.31 percentage points to the first-quarter change in real GDP, after subtracting 3.42 percentage points from the fourth-quarter change. Private businesses increased inventories $55.7 billion in the first quarter, following increases of $16.2 billion in the fourth quarter and $121.4 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 0.6 percent in the first quarter, compared with an increase of 6.7 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.7 percent in the first quarter, in contrast to a decrease of 0.2 percent in the fourth. - more - - 3Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 3.4 percent in the first quarter, compared with an increase of 2.8 percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $51.1 billion in the first quarter after decreasing $10.5 billion in the fourth; in the first quarter, receipts increased $14.2 billion, and payments decreased $36.8 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.0 percent, or $146.7 billion, in the first quarter to a level of $15,018.1 billion. In the fourth quarter, current-dollar GDP increased 3.5 percent, or $126.3 billion. Revisions The "third" estimate of the first-quarter change in real GDP is 0.1 percentage point more than the "second" estimate. A downward revision to imports and an upward revision to inventory investment were largely offset by downward revisions to exports, to nonresidential fixed investment, and to state and local government spending. Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 1.8 3.7 3.8 1.8 3.8 3.8 1.9 4.0 3.9 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $48.7 billion in the first quarter, compared with an increase of $38.2 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 $16.7 billion in the first quarter, compared with an increase of $36.9 billion in the fourth. Taxes on corporate income increased $33.2 billion in the first quarter, in contrast to a decrease of $1.3 billion in the fourth. Profits after tax with inventory valuation and capital consumption adjustments increased $15.5 billion in the first quarter, compared with an increase of $39.5 billion in the fourth. Dividends increased $14.8 billion, compared with an increase of $8.9 billion; current-production undistributed profits increased $0.7 billion, compared with an increase of $30.6 billion. - more - - 4Domestic profits of financial corporations decreased $66.3 billion in the first quarter, in contrast to an increase of $57.7 billion in the fourth. Domestic profits of nonfinancial corporations increased $60.7 billion in the first quarter, in contrast to a decrease of $10.1 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 an increase in unit prices and a decrease in the unit labor costs; unit nonlabor costs were unchanged. The rest-of-the-world component of profits increased $54.4 billion in the first quarter, in contrast to a decrease of $9.4 billion in the fourth. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The first-quarter increase was accounted for by an increase in receipts and a decrease in payments. Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits of financial corporations decreased while domestic profits of nonfinancial corporations increased. The increase in nonfinancial corporations reflected increases in all the major subaggregates shown except for a small decrease in transportation and warehousing. Within manufacturing, the increase reflected increases in all the industries shown except computer and electronic products. Profits before tax increased $140.3 billion in the first quarter, in contrast to a decrease of $48.3 billion in the fourth. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $90.5 billion in the first quarter (from -$15.8 billion to -$106.3 billion), in contrast to an increase of $153.5 billion in the fourth. The inventory valuation adjustment decreased $1.2 billion (from -$103.2 billion to -$104.4 billion), compared with a decrease of $66.8 billion. The large decrease in the first-quarter capital consumption adjustment reflects the expiration of "bonus depreciation" claimed under the Small Business Jobs and Credit Act of 2010. (For detailed data, see the table at www.bea.gov/national/xls/technote_tax_acts.xls.) Profits from current production are not affected because they do not depend on the depreciation-accounting practices used for federal income tax returns; rather they are based on depreciation of fixed assets valued at current cost and using consistent depreciation profiles based on used-asset prices. * * * 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 -- July 29, 2011, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2011 (Advance Estimate) Annual Revision of the National Income and Product Accounts (First Quarter 2003 through First Quarter 2011) - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV Ir Gross domestic product (GDP) ... 0.0 –2.6 2.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 1.7 2.6 3.1 1.9 Personal consumption expenditures ..... –0.3 –1.2 1.7 1.5 1.7 1.4 –0.8 0.1 –3.5 –3.3 –0.5 –1.6 2.0 0.9 1.9 2.2 2.4 4.0 2.2 Goods..................................................... –2.5 –2.0 4.3 1.4 2.4 1.1 –5.8 0.3 –7.7 –10.8 1.8 –1.5 7.2 1.7 5.7 3.4 4.1 9.3 3.9 Durable goods .................................... –5.2 –3.7 7.7 4.6 3.8 2.4 –10.8 –2.9 –12.0 –22.3 4.8 –3.1 20.1 –1.1 8.8 6.8 7.6 21.1 9.3 Nondurable goods .............................. –1.1 –1.2 2.7 –0.2 1.7 0.5 –3.0 2.0 –5.5 –4.9 0.4 –0.7 1.7 3.1 4.2 1.9 2.5 4.1 1.4 Services.................................................. 0.9 –0.8 0.5 1.6 1.4 1.5 1.9 0.0 –1.3 0.6 –1.6 –1.7 –0.5 0.5 0.1 1.6 1.6 1.5 1.3 Gross private domestic investment........ –9.5 –22.6 17.1 9.5 –2.9 –9.4 –9.4 –7.6 –12.5 –36.8 –42.2 –18.5 11.8 26.7 29.1 26.2 15.0 –18.7 12.4 Fixed investment..................................... –6.4 –18.3 3.9 3.7 –1.2 –4.8 –6.2 –4.6 –11.9 –24.9 –35.4 –10.1 0.7 –1.3 3.3 18.9 1.5 6.8 1.3 Nonresidential..................................... 0.3 –17.1 5.7 11.1 9.4 5.7 2.0 –1.6 –8.6 –22.7 –35.2 –7.5 –1.7 –1.4 7.8 17.2 10.0 7.7 2.0 Structures........................................ 5.9 –20.4 –13.7 28.0 24.3 7.4 –0.1 7.5 –3.6 –8.9 –41.0 –20.2 –12.4 –29.2 –17.8 –0.5 –3.5 7.6 –14.8 Equipment and software ................. –2.4 –15.3 15.3 4.3 2.9 4.8 3.0 –6.0 –11.1 –29.5 –31.6 0.2 4.2 14.6 20.4 24.8 15.4 7.7 8.8 Residential .......................................... –24.0 –22.9 –3.0 –12.0 –24.1 –29.3 –27.9 –14.0 –22.6 –32.6 –36.2 –19.7 10.6 –0.8 –12.3 25.7 –27.3 3.3 –2.0 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 6.0 –9.5 11.7 6.8 15.8 11.6 5.7 13.2 –5.0 –21.9 –27.8 –1.0 12.2 24.4 11.4 9.1 6.8 8.6 7.6 Goods ................................................. 6.3 –12.0 14.7 7.6 12.8 9.9 9.6 14.5 –4.3 –26.6 –34.1 –3.7 18.7 31.7 14.0 11.5 5.8 11.1 10.2 Services.............................................. 5.3 –3.9 5.7 4.9 23.0 15.7 –2.8 10.2 –6.6 –9.8 –12.3 4.7 0.1 10.2 5.8 3.9 8.9 3.0 1.8 Imports ................................................... –2.6 –13.8 12.6 4.6 5.0 –10.6 –1.4 2.9 –0.1 –22.9 –35.3 –10.6 21.9 4.9 11.2 33.5 16.8 –12.6 5.1 Goods ................................................. –3.5 –15.8 14.8 4.8 5.1 –11.8 –3.3 4.6 –1.0 –28.3 –38.9 –10.6 27.4 6.2 12.0 40.5 17.4 –14.2 5.8 Services.............................................. 2.4 –4.2 3.5 3.6 4.4 –4.0 9.4 –6.0 5.0 11.7 –16.8 –10.9 1.5 –0.5 7.8 4.3 14.2 –4.1 1.8 Government consumption expenditures and gross investment........................... 2.8 1.6 1.0 3.4 3.5 1.2 2.3 3.3 5.3 1.5 –3.0 6.1 1.6 –1.4 –1.6 3.9 3.9 –1.7 –5.8 Federal ................................................... 7.3 5.7 4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 –5.0 14.9 5.7 0.0 1.8 9.1 8.8 –0.3 –8.1 National defense................................. 7.5 5.4 3.9 8.3 10.2 0.0 6.8 6.9 19.7 5.2 –8.4 16.8 9.0 –2.5 0.4 7.4 8.5 –2.2 –11.8 Nondefense ........................................ 6.7 6.5 6.6 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 –0.9 5.6 5.0 12.8 9.5 3.7 0.0 State and local........................................ 0.3 –0.9 –1.4 1.3 0.2 1.3 –0.3 0.8 0.3 –2.4 –1.7 1.0 –1.0 –2.3 –3.8 0.6 0.7 –2.6 –4.2 Addenda: Final sales of domestic product.............. 0.5 –2.1 1.4 2.3 2.6 3.7 –0.2 1.1 –3.9 –4.6 –3.9 0.2 0.4 2.1 1.1 0.9 0.9 6.7 0.6 Gross domestic purchases..................... –1.1 –3.6 3.3 3.1 1.3 –0.4 –1.6 –0.5 –3.2 –7.7 –7.2 –2.1 3.0 3.0 3.9 5.1 4.2 –0.2 1.7 Final sales to domestic purchasers ........ –0.6 –3.1 1.9 2.2 1.6 0.4 –1.1 0.0 –3.1 –5.7 –6.3 –1.2 1.8 0.2 1.3 4.3 2.6 3.2 0.4 Gross national product (GNP) ................ 0.3 –2.8 3.1 3.5 4.1 4.4 –0.9 0.1 –3.2 –8.6 –4.9 –0.5 2.6 4.9 4.4 1.8 2.3 2.8 3.4 Disposable personal income .................. 1.7 0.6 1.4 0.6 1.5 2.2 1.4 9.2 –8.4 2.7 0.4 5.9 –4.4 0.0 1.3 5.6 1.0 1.1 0.9 Current-dollar measures: GDP .................................................... 2.2 –1.7 3.8 6.5 4.4 3.8 1.0 4.1 0.4 –7.9 –3.9 –0.4 2.3 4.7 4.8 3.7 4.6 3.5 4.0 Final sales of domestic product .......... 2.7 –1.1 2.4 5.6 4.6 4.6 1.8 4.3 0.5 –6.1 –2.7 0.6 1.2 1.8 2.1 2.9 3.0 6.9 2.6 Gross domestic purchases ................. 2.1 –3.8 4.6 6.3 3.4 3.4 2.1 4.2 0.6 –11.7 –9.2 –1.5 4.3 5.1 6.2 5.2 4.8 1.9 5.7 Final sales to domestic purchasers .... 2.5 –3.2 3.2 5.5 3.6 4.1 2.9 4.5 0.8 –10.1 –8.1 –0.5 3.3 2.2 3.5 4.4 3.2 5.2 4.3 GNP .................................................... 2.5 –1.9 4.1 6.7 6.3 5.3 0.9 3.5 1.1 –9.8 –4.0 –0.2 3.4 4.6 5.5 3.8 4.4 3.1 5.6 Disposable personal income............... 5.1 0.7 3.1 4.1 3.9 6.5 5.4 14.3 –4.4 –3.3 –1.2 8.0 –1.6 2.7 3.4 5.5 1.7 2.8 4.8 r Revised 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 2008 2009 2010 2007 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. IV I II 0.6 –4.0 –6.8 –4.9 –0.7 –0.54 0.08 –1.42 0.08 –0.92 –0.23 –0.53 –0.57 –2.46 –1.86 –0.95 –0.60 –2.26 –2.57 –1.79 –0.85 –0.34 0.41 0.35 0.26 –1.12 –0.32 –0.21 –0.10 0.02 0.23 0.01 0.07 –0.18 0.09 –0.13 0.28 –0.09 –0.02 –0.50 0.31 –0.20 –0.09 –0.06 –0.91 –0.33 –0.15 –0.12 –0.39 0.19 –0.05 –0.22 0.06 0.05 –0.78 0.06 –0.11 –0.04 –0.05 0.15 –0.11 0.09 0.19 –0.01 –0.10 0.13 0.04 0.08 –0.02 –0.13 0.03 –0.01 –0.07 –0.01 –0.12 0.01 –0.06 0.17 0.11 0.11 0.02 0.41 –0.38 0.27 0.74 0.62 0.71 –0.07 –0.01 –0.05 0.23 –0.22 –0.13 –0.15 0.22 0.88 0.00 –0.26 –0.50 0.01 0.20 –0.27 –0.28 –0.07 –0.10 –0.41 0.30 0.14 –0.01 0.03 –0.29 –0.02 –0.20 –0.59 0.30 –0.75 –0.79 –2.6 2.9 –0.18 –0.60 –0.42 –0.39 –0.84 –0.46 –0.27 –0.17 1.26 0.99 0.55 0.08 –0.07 –0.12 0.08 0.03 –0.04 –0.02 –0.18 –0.18 3.2 2.3 IV 2.9 1.08 1.20 0.98 0.34 0.57 0.27 0.38 0.31 0.20 0.17 –0.08 –0.07 0.15 –0.07 0.26 0.20 0.06 0.07 0.44 –0.03 0.04 0.32 0.03 0.27 0.25 0.09 0.29 –0.12 –0.01 –0.03 0.03 –0.02 –0.30 0.14 0.23 –0.18 –0.06 –0.16 –0.21 –0.07 0.23 0.84 0.14 –0.03 0.17 0.16 0.03 0.00 –0.02 0.10 0.10 0.15 –0.13 0.30 –0.06 0.15 0.36 0.12 0.14 –0.04 0.11 0.12 0.13 –0.22 0.16 0.18 –0.08 0.04 0.04 –0.10 0.07 0.00 0.27 0.07 I –0.7 II 2009 III 0.0 III 2008 0.42 0.74 –0.04 –0.07 0.31 0.04 0.29 0.58 0.29 –0.06 –0.11 –0.15 0.00 –0.01 –0.03 0.16 –0.23 0.06 0.14 0.02 –0.08 –0.04 0.18 –0.16 0.29 0.27 0.14 0.30 –0.79 –0.20 –0.02 –0.18 –0.12 –0.15 0.03 –0.14 0.04 0.11 0.20 0.08 0.08 –0.29 0.60 0.01 0.23 0.40 –0.31 –0.23 –0.09 0.02 –0.30 –0.19 –0.26 –0.30 0.22 0.00 0.22 0.32 –0.46 –0.11 2010 III 1.6 5.0 I II III IV Ir 3.7 1.7 2.6 3.1 1.9 1.41 0.69 1.33 1.62 0.42 1.29 1.35 –0.07 0.62 0.83 –0.56 –0.06 1.54 0.79 0.49 0.15 1.67 0.94 0.54 0.12 2.79 2.10 1.45 0.98 1.52 0.91 0.68 0.24 0.23 0.15 0.28 0.20 0.18 –0.02 0.67 0.31 0.10 0.26 0.07 0.39 0.16 0.27 0.04 0.65 0.06 0.28 0.09 0.23 0.12 0.16 0.36 0.34 0.05 –0.01 0.27 0.49 0.22 0.01 –0.04 0.08 –0.21 –0.46 –0.37 0.06 0.24 0.38 –0.01 –0.10 –0.07 –0.08 –0.12 –0.16 –0.06 –0.23 –0.21 –0.34 –0.14 –0.34 –0.05 IV 2011 0.16 –0.02 0.28 0.13 –0.05 0.14 0.27 0.20 0.26 0.02 0.18 0.03 0.17 –0.03 0.00 0.25 0.74 0.26 0.08 0.27 0.06 –0.15 –0.16 0.28 0.24 0.70 0.61 0.12 0.01 0.69 0.72 0.23 –0.06 0.14 0.44 0.21 –0.04 0.35 0.14 –0.02 0.07 0.08 0.08 –0.03 0.00 –0.01 0.11 0.02 0.29 0.11 0.12 –0.21 –0.16 0.07 –0.27 –0.08 –0.08 –0.05 0.11 0.82 0.73 –0.04 –0.20 0.52 0.41 0.01 –0.02 –0.05 –0.06 0.12 0.26 0.16 0.33 0.11 0.01 0.15 0.02 0.12 –0.07 –0.16 0.14 0.07 0.25 0.75 0.06 0.25 0.02 0.09 –0.12 –0.12 0.25 –0.03 0.02 –1.53 –1.02 0.03 0.22 –0.19 0.12 0.03 –3.24 1.87 –2.69 0.48 –1.96 0.55 –0.81 –0.42 –1.15 0.97 0.10 1.51 0.62 1.23 0.88 0.35 –0.20 –0.02 0.17 0.07 –0.46 –1.53 –1.47 –1.17 –0.18 –0.76 –0.98 –0.69 1.06 0.67 0.25 –0.16 0.82 0.28 0.00 0.30 0.24 0.39 0.25 –0.46 –0.11 –1.95 –1.83 –1.00 –0.14 –0.86 0.10 0.34 0.28 –0.18 –0.03 –0.09 0.18 –6.32 –6.80 –2.30 1.22 2.70 3.04 2.88 –4.01 –5.71 –1.26 0.12 –0.12 0.39 2.06 –2.84 –4.49 –0.72 –0.13 –0.10 0.71 1.51 –0.36 –1.99 –0.76 –0.41 –1.01 –0.53 –0.01 –2.47 –2.50 0.04 0.28 0.91 1.24 1.52 0.07 1.80 0.18 0.93 –0.09 1.02 0.37 0.09 –2.61 1.46 0.80 0.16 0.73 0.20 0.19 –0.41 0.54 0.61 0.23 0.08 0.10 0.05 –0.06 –0.31 –0.05 –1.05 –0.51 0.01 –0.53 1.18 0.72 0.53 0.19 0.46 0.52 –0.07 0.01 0.50 –0.01 0.15 0.03 0.18 –0.02 0.17 –0.31 0.06 –0.54 0.31 –0.30 0.10 –0.74 –0.07 –0.55 1.40 0.02 0.02 –0.57 1.37 1.13 –0.49 –1.18 1.34 –1.04 1.13 –0.15 0.21 2.32 –1.83 2.20 –1.74 0.12 –0.09 0.11 –0.03 0.01 0.13 0.38 –0.32 0.18 –0.62 0.90 –0.31 1.21 0.01 0.76 0.58 0.17 –0.75 –0.65 –0.10 0.32 0.61 0.38 0.25 0.11 0.15 0.19 0.11 0.06 0.09 0.26 0.04 0.15 0.38 –0.07 0.10 0.01 –0.27 0.04 –0.04 –0.08 0.04 –0.02 –0.67 –0.01 0.00 –0.14 0.01 –1.24 –1.43 –1.23 –0.53 –0.28 –0.77 –0.49 –0.48 0.08 0.06 –0.19 0.37 –0.36 –0.82 –0.30 –0.85 0.87 3.21 0.84 1.04 1.71 1.32 0.67 1.61 0.98 0.78 0.78 1.24 0.74 0.54 –0.11 0.37 –0.84 1.89 0.18 –0.57 –0.72 1.78 0.42 –0.75 –0.12 0.11 –0.24 0.18 –0.19 –0.12 0.04 –0.11 –0.11 –0.59 0.04 –0.84 –0.12 –0.08 –0.04 –0.63 –0.66 –0.41 –0.25 0.03 0.15 –0.12 –0.52 –0.19 –0.04 –0.30 –0.30 –1.16 –0.50 –1.18 –2.31 0.13 –2.44 1.50 –3.03 –2.65 –0.38 4.53 4.82 –0.29 0.34 0.01 0.18 0.15 0.07 0.40 0.20 –0.75 1.61 –0.09 1.71 –1.70 0.82 0.49 0.33 –2.53 –2.16 –0.37 0.56 0.16 0.21 0.19 0.11 –0.20 0.07 0.07 –3.42 –0.15 –3.27 3.27 1.06 0.94 0.12 2.21 2.10 0.12 0.06 –0.04 0.06 0.03 0.15 0.30 0.11 –0.05 1.31 –0.09 1.40 0.14 0.97 0.91 0.07 –0.84 –0.78 –0.05 0.54 0.32 0.21 0.51 0.43 0.39 0.36 0.27 0.22 0.27 0.23 0.14 0.09 0.04 0.08 0.15 0.16 0.17 0.13 0.14 0.13 0.02 0.01 0.05 0.04 –0.11 –0.18 0.00 –0.07 –0.10 0.03 –0.05 –0.08 0.64 0.48 0.38 0.20 0.17 0.10 0.08 0.03 0.16 0.14 0.02 0.66 0.24 0.44 0.65 0.64 0.08 0.47 0.55 0.47 0.01 0.32 0.34 0.45 0.01 0.31 0.02 0.01 0.00 0.01 0.32 0.18 0.07 0.15 0.21 0.15 0.08 0.13 0.17 0.02 –0.01 0.02 0.04 0.02 0.16 –0.04 0.10 0.02 0.09 –0.06 –0.05 0.00 0.07 0.02 0.14 0.79 –0.34 0.71 –0.02 0.46 –0.12 0.41 –0.33 0.05 0.21 0.25 0.10 0.18 0.06 0.06 0.04 0.09 –0.31 –0.14 –0.10 0.23 –0.21 –1.20 –0.69 –0.69 –0.38 –0.32 0.00 0.02 –0.02 –0.51 –0.07 –0.44 –0.13 –0.99 0.94 –0.10 –0.81 –1.54 –0.53 –0.56 0.14 0.03 2.86 0.54 –0.55 0.46 0.10 1.69 1.23 0.32 0.13 0.07 0.89 1.87 –0.49 –0.06 0.26 –0.25 –0.07 –0.12 –0.07 –0.78 –0.92 –0.55 –1.22 –1.09 –0.11 –0.97 2.88 –3.61 –3.14 –0.47 6.48 5.95 0.53 0.36 0.09 0.16 0.12 –0.17 0.22 –0.38 –0.54 –1.03 0.12 –1.15 1.47 –0.08 –0.26 0.18 1.55 1.23 0.33 0.52 0.79 0.12 0.36 0.13 0.25 0.27 0.18 –0.11 –0.03 –0.05 0.20 –0.07 –0.05 0.25 –0.02 1.10 2.83 –0.19 0.21 1.29 2.62 –1.37 1.90 1.30 2.56 1.29 2.19 0.01 0.37 –2.67 –0.66 –2.64 –0.68 –0.03 0.02 1.04 0.31 –0.61 1.24 0.33 1.00 0.61 –0.40 1.11 0.45 0.93 0.28 –0.45 0.85 0.48 0.81 0.26 –0.29 0.67 0.37 0.12 0.02 –0.17 0.17 0.12 0.07 0.33 0.06 0.26 –0.03 0.04 0.30 0.09 0.25 –0.07 0.03 0.03 –0.03 0.01 0.04 0.04 –0.30 –0.21 0.13 –0.12 0.04 –0.11 –0.07 –0.03 –0.17 0.00 –0.19 –0.15 0.16 0.05 2.52 –0.36 –0.09 –3.01 –5.19 1.53 0.92 0.69 –0.08 0.08 –1.16 –1.28 –0.01 –0.91 –1.66 –0.45 –0.23 –1.09 –0.53 –1.72 0.19 0.11 0.19 0.04 0.08 –0.62 –0.95 –3.30 –1.18 0.05 –0.17 0.61 –1.14 –0.04 –0.06 1.67 –0.10 0.02 1.56 –0.02 –0.28 0.01 –0.13 –0.17 0.04 0.14 0.12 0.02 –0.29 –0.03 –0.25 0.32 0.03 0.17 0.12 0.00 0.62 0.30 –0.32 2.64 0.07 2.57 –0.31 1.30 1.09 0.21 –1.61 –1.41 –0.20 0.57 0.24 0.15 0.17 0.39 0.40 0.17 0.55 0.82 0.02 0.80 –3.50 1.08 0.93 0.15 –4.58 –4.46 –0.12 –0.32 0.80 0.15 0.72 0.02 0.40 0.02 0.25 0.01 0.15 0.13 0.32 0.07 0.27 0.06 0.05 –0.48 0.08 –0.11 –0.09 –0.36 0.17 5.74 4.90 –0.20 0.57 0.02 1.21 –1.30 –1.18 0.71 0.25 0.74 –0.06 0.09 0.10 0.03 1.99 1.15 –0.58 0.49 0.29 2.47 2.70 0.56 0.20 0.09 –0.98 –0.27 1.18 0.35 0.10 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 2010 2010 Seasonally adjusted at annual rates 2011 2010 2010 Change from preceding period 2011 2010 2011 IV Ir 2010 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 I r I II III IV I r 14,660.4 14,446.4 14,578.7 14,745.1 14,871.4 15,018.1 13,248.2 13,138.8 13,194.9 13,278.5 13,380.7 13,444.3 10,349.1 10,230.8 10,285.4 10,366.3 10,513.6 10,670.9 9,313.6 9,225.4 9,275.7 9,330.6 9,422.9 9,473.3 3,425.7 3,380.0 3,377.5 3,419.6 3,525.6 3,628.3 3,250.4 3,195.4 3,222.6 3,255.2 3,328.4 3,360.0 1,089.4 1,060.7 1,074.1 1,087.8 1,134.8 1,159.0 1,178.3 1,138.9 1,157.8 1,179.3 1,237.2 1,264.9 346.0 328.3 335.9 342.2 377.7 388.9 335.4 320.6 326.0 330.1 364.8 373.5 367.6 159.7 133.0 83.7 11.4 102.2 92.3 73.2 57.9 34.7 63.6 50.4 31.6 27.7 8.7 258.3 334.8 150.3 2,336.3 255.3 328.8 148.3 2,319.3 258.2 331.9 148.0 2,303.4 258.2 336.9 150.7 2,331.8 261.4 341.5 154.2 2,390.8 263.7 346.6 159.7 2,469.3 275.8 447.7 134.3 2,072.6 267.9 430.7 133.4 2,053.5 273.7 440.3 132.7 2,063.4 277.5 453.2 134.8 2,076.2 284.0 466.5 136.1 2,097.4 286.6 481.1 139.1 2,104.6 21.9 48.4 7.4 55.2 6.5 13.3 1.3 21.2 2.6 14.6 3.0 7.2 801.8 337.8 357.2 839.5 6,923.4 797.4 333.8 364.1 824.1 6,850.9 794.6 335.5 340.0 833.3 6,907.9 801.4 337.6 348.2 844.7 6,946.7 813.8 344.3 376.5 856.2 6,988.1 829.2 347.2 422.8 870.0 7,042.6 703.7 345.0 284.5 744.2 6,064.7 702.7 339.0 284.0 731.9 6,029.6 697.6 344.3 286.1 740.0 6,053.4 703.0 343.4 286.1 748.0 6,076.9 711.5 353.4 281.7 757.0 6,099.2 714.1 355.8 277.6 764.9 6,119.0 18.6 18.2 –1.0 21.1 32.0 8.5 10.0 –4.4 9.0 22.3 2.6 2.4 –4.1 7.9 19.8 6,658.3 1,900.7 1,687.7 299.7 380.5 626.4 820.6 942.6 6,589.6 1,887.1 1,657.5 294.6 376.8 615.2 824.9 933.3 6,643.2 1,892.5 1,680.4 299.6 378.5 623.3 829.9 939.1 6,679.2 1,910.9 1,694.3 301.5 384.1 630.5 812.2 945.7 6,721.0 1,912.4 1,718.7 303.0 382.5 636.7 815.4 952.3 6,777.9 1,912.5 1,736.9 306.6 382.7 648.8 833.3 957.3 5,804.1 1,674.5 1,461.1 253.9 339.7 540.2 725.9 809.0 5,769.9 1,664.3 1,446.7 250.8 338.5 535.0 727.4 807.7 5,791.7 1,668.9 1,457.6 253.3 338.2 538.3 729.5 806.1 5,814.4 1,683.0 1,461.9 255.7 341.8 542.0 720.7 809.5 5,840.6 1,681.7 1,478.3 255.9 340.2 545.7 725.9 812.9 5,864.2 1,675.2 1,491.5 255.3 338.2 553.9 736.9 813.2 27.1 17.6 20.7 3.0 –2.1 12.5 –17.1 –8.0 26.2 –1.3 16.4 0.2 –1.6 3.7 5.2 3.4 23.6 –6.5 13.2 –0.6 –2.0 8.2 11.0 0.3 265.1 1,092.1 261.3 1,071.5 264.7 1,087.7 267.5 1,097.1 267.1 1,112.0 264.7 1,117.7 261.5 961.3 260.6 952.0 262.9 959.9 263.5 962.7 259.1 970.7 254.7 969.8 5.5 9.2 –4.4 8.0 –4.4 –0.9 827.0 1,827.5 1,755.8 1,415.3 383.5 1,031.8 810.2 1,739.7 1,689.8 1,349.6 380.1 969.5 823.0 1,841.8 1,761.4 1,404.2 381.5 1,022.7 829.6 1,907.2 1,768.6 1,438.8 380.9 1,057.9 845.0 1,821.3 1,803.5 1,468.8 391.7 1,077.1 853.1 1,882.7 1,814.7 1,481.1 380.7 1,100.4 700.2 1,774.5 1,694.7 1,364.9 319.0 1,056.1 692.0 1,690.2 1,630.5 1,302.6 319.3 989.7 697.6 1,791.5 1,702.5 1,355.3 318.9 1,046.0 699.7 1,855.1 1,708.8 1,388.0 316.0 1,084.2 711.3 1,761.3 1,737.3 1,413.9 321.9 1,104.5 714.2 1,813.7 1,742.8 1,421.0 309.3 1,127.9 4.2 258.8 64.0 74.1 –50.6 139.8 11.6 –93.8 28.5 25.9 5.9 20.3 2.9 52.4 5.5 7.1 –12.6 23.4 590.9 97.4 283.2 210.4 160.7 113.0 167.2 340.5 71.7 6.5 65.2 –516.4 1,837.5 1,277.4 560.1 2,353.9 1,949.4 404.6 568.0 90.5 274.7 202.8 146.8 97.0 157.7 340.2 50.0 9.3 40.7 –479.9 1,757.8 1,213.0 544.8 2,237.6 1,843.5 394.1 586.2 98.4 279.6 208.3 161.6 110.9 163.9 357.2 80.4 9.6 70.8 –539.3 1,817.9 1,262.8 555.1 2,357.1 1,957.2 400.0 595.5 97.8 285.3 212.4 164.7 125.4 172.3 329.8 138.6 6.3 132.2 –550.5 1,848.9 1,282.0 566.9 2,399.4 1,988.2 411.2 614.0 102.8 293.2 218.0 169.8 118.6 174.7 334.7 17.8 0.9 16.9 –495.9 1,925.6 1,352.0 573.6 2,421.5 2,008.5 413.0 613.8 676.2 645.7 669.1 683.3 706.8 709.3 80.4 23.5 2.5 99.2 .............. .............. ............. .............. .............. .............. .............. ............. .............. 295.8 284.8 275.4 280.9 287.5 295.3 297.5 25.5 7.8 2.2 218.9 243.0 232.3 239.5 245.9 254.1 255.5 27.5 8.2 1.4 177.3 139.7 128.4 140.7 143.0 146.7 151.5 7.5 3.7 4.8 130.5 112.1 95.8 110.2 124.8 117.5 128.4 42.7 –7.3 10.9 178.7 150.4 142.4 147.8 154.5 156.8 160.5 12.6 2.3 3.7 333.6 332.5 330.7 350.1 323.3 325.9 324.3 –10.2 2.6 –1.6 68.0 62.7 44.1 68.8 121.4 16.2 55.7 175.8 –105.2 39.5 –2.8 5.4 7.6 7.8 5.1 1.2 –1.3 2.0 –3.9 –2.5 70.8 57.3 36.5 61.0 116.6 15.1 58.5 174.2 –101.5 43.4 –562.5 –422.5 –338.4 –449.0 –505.0 –397.7 –392.5 –59.5 107.3 5.2 2,014.1 1,665.5 1,616.4 1,652.1 1,679.3 1,714.3 1,746.2 174.8 35.0 31.9 1,428.7 1,167.5 1,128.0 1,159.2 1,175.8 1,207.1 1,236.7 149.3 31.3 29.6 585.4 498.7 488.9 493.6 504.2 508.0 510.2 26.7 3.8 2.2 2,576.6 2,088.0 1,954.8 2,101.1 2,184.3 2,112.0 2,138.6 234.2 –72.3 26.6 2,157.1 1,736.8 1,611.0 1,753.9 1,825.5 1,756.7 1,781.7 223.3 –68.8 25.0 419.5 352.4 344.6 348.3 360.1 356.4 358.0 11.9 –3.7 1.6 3,000.2 2,955.7 2,990.8 3,022.2 3,032.3 3,027.0 1,214.3 1,178.1 1,206.7 1,233.9 1,238.3 1,224.0 817.7 796.3 813.0 830.8 830.6 813.6 698.2 684.0 695.2 711.2 702.6 696.6 119.5 112.4 117.9 119.6 128.0 117.0 396.6 381.8 393.7 403.1 407.7 410.3 345.2 333.3 343.3 350.4 353.6 356.8 51.4 48.4 50.3 52.7 54.1 53.6 1,786.0 1,777.6 1,784.1 1,788.2 1,794.0 1,803.1 1,447.2 1,447.4 1,446.7 1,441.3 1,453.5 1,477.0 338.7 330.2 337.4 346.9 340.5 326.1 .............. ............... ............... ............... .............. .............. 14,588.7 15,176.8 15,105.1 14,660.4 706.2 517.9 14,848.7 12,791.6 14,396.4 14,926.3 14,876.3 14,446.4 693.7 502.6 14,637.6 12,594.0 14,498.3 15,118.0 15,037.6 14,578.7 696.1 500.8 14,774.0 12,718.3 14,606.5 15,295.6 15,157.0 14,745.1 704.0 515.5 14,933.6 12,873.2 14,853.5 15,367.2 15,349.4 14,871.4 730.8 552.8 15,049.3 12,980.6 14,950.1 15,580.6 15,512.6 15,018.1 753.7 516.7 15,255.1 13,105.7 2,568.3 1,076.9 720.2 608.7 112.6 356.7 306.6 50.4 1,497.4 1,220.0 277.6 –42.2 2,540.2 1,048.4 704.4 598.9 106.2 344.0 296.6 47.5 1,496.8 1,225.1 272.1 –22.1 2,564.9 1,071.5 717.1 606.8 111.2 354.5 305.3 49.4 1,499.1 1,222.3 277.0 –37.8 2,589.6 1,094.3 731.8 619.8 112.9 362.6 311.3 51.7 1,501.7 1,217.9 283.9 –42.6 2,578.8 1,093.4 727.7 609.1 120.2 365.9 313.3 53.0 1,491.9 1,214.7 277.4 –66.7 13,176.7 13,663.6 13,592.1 13,248.2 637.5 467.1 13,419.0 11,480.0 13,085.5 13,467.6 13,414.3 13,138.8 627.8 454.0 13,313.0 11,384.8 13,114.7 13,637.7 13,557.7 13,194.9 629.8 452.3 13,372.7 11,432.7 13,145.3 13,777.6 13,644.6 13,278.5 635.7 465.3 13,449.3 11,506.1 13,361.2 13,771.5 13,752.0 13,380.7 656.8 496.8 13,540.9 11,596.5 2,540.8 25.7 –10.8 –38.0 1,070.7 49.3 –0.9 –22.7 705.2 27.2 –4.1 –22.5 597.0 17.0 –10.7 –12.1 109.2 10.7 7.3 –11.0 365.9 22.1 3.3 0.0 313.9 16.0 2.0 0.6 52.3 6.4 1.3 –0.7 1,476.2 –21.4 –9.8 –15.7 1,212.6 –12.1 –3.2 –2.1 264.0 –9.2 –6.5 –13.4 –74.6 .............. ............. .............. 13,381.3 13,830.3 13,767.5 13,444.3 671.0 460.0 13,655.8 11,648.1 183.9 430.0 247.1 367.6 62.0 25.5 404.3 342.7 215.9 –6.1 107.4 102.2 21.1 31.5 91.6 90.4 20.1 58.8 15.5 63.6 14.2 –36.8 114.9 51.6 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. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV Ir Gross domestic product (GDP) ....... 2.2 0.9 1.0 3.2 2.0 0.9 1.9 3.2 4.5 –1.2 1.1 0.3 0.7 –0.2 1.0 1.9 2.1 0.4 2.0 Personal consumption expenditures ......... 3.3 0.2 1.7 3.5 2.3 4.2 3.9 4.6 4.4 –5.8 –1.6 1.9 2.9 2.7 2.1 0.0 0.8 1.7 3.9 Goods......................................................... 3.2 –2.5 1.7 4.7 0.8 5.4 5.1 4.9 7.2 –17.7 –6.0 3.7 5.7 2.8 2.6 –3.6 0.9 3.4 8.0 Durable goods ........................................ –1.4 –1.6 –1.4 –1.4 –2.1 –1.4 –0.7 –2.0 –0.7 –3.4 –2.1 0.1 –2.5 0.7 –2.0 –1.6 –2.2 –2.2 –0.4 Nondurable goods .................................. 5.6 –2.9 3.2 8.1 2.3 9.1 8.1 8.3 11.0 –23.5 –7.9 5.4 9.7 3.8 4.7 –4.6 2.4 6.1 12.2 Services...................................................... 3.4 1.5 1.7 2.9 3.1 3.7 3.3 4.5 3.0 0.7 0.5 1.1 1.7 2.7 1.8 1.8 0.7 0.9 1.8 Gross private domestic investment............ 0.7 –2.0 –1.7 0.1 –0.2 0.4 –0.2 1.0 1.9 4.8 –4.1 –6.7 –6.0 –0.7 –2.0 –0.7 0.5 2.6 1.5 Fixed investment......................................... 0.8 –1.7 –1.6 0.2 –0.2 0.2 0.0 1.3 2.8 2.2 –3.0 –5.7 –4.8 –1.0 –1.4 –0.7 0.1 1.2 1.2 Nonresidential......................................... 1.4 –1.2 –1.9 0.7 –0.3 0.2 0.6 2.1 4.5 4.3 –3.1 –5.7 –5.1 –2.4 –1.9 0.0 0.2 0.9 1.3 Structures............................................ 4.7 –2.6 –1.4 1.8 3.3 4.8 3.5 4.9 8.1 8.1 –5.6 –12.2 –10.5 –2.1 0.9 2.0 2.9 4.0 4.7 Equipment and software ..................... –0.2 –0.5 –1.9 0.3 –2.0 –2.1 –0.9 0.8 2.6 2.2 –1.6 –2.0 –2.4 –2.5 –3.1 –0.8 –0.8 –0.2 0.2 Residential .............................................. –1.2 –3.4 –0.3 –1.2 0.1 0.7 –1.4 –1.1 –2.8 –5.2 –2.9 –6.0 –3.3 4.3 0.6 –3.2 –0.1 2.7 0.7 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 4.7 –5.4 4.2 4.4 2.6 5.8 7.8 10.6 5.7 –22.3 –11.5 0.7 4.6 4.6 5.1 4.8 0.2 8.4 11.2 Goods ..................................................... 4.8 –6.8 4.8 4.5 2.2 6.1 8.6 13.2 5.4 –27.5 –13.8 2.7 4.8 4.6 5.8 5.3 0.4 11.3 13.2 Services.................................................. 4.2 –2.2 2.9 4.2 3.7 5.1 5.8 4.8 6.4 –9.0 –6.6 –3.2 4.0 4.7 3.7 3.7 –0.2 1.8 6.6 Imports ....................................................... 10.4 –10.7 6.5 4.0 2.8 24.3 19.4 16.6 2.2 –32.1 –27.3 2.3 8.6 21.8 12.4 –7.7 –8.1 18.7 21.9 Goods ..................................................... 11.3 –12.3 7.1 3.5 2.1 28.0 22.0 17.3 1.7 –34.6 –30.7 2.0 9.2 24.8 14.6 –9.6 –9.2 21.4 25.7 Services.................................................. 5.7 –2.8 3.7 6.8 6.6 5.9 6.2 13.4 4.8 –17.2 –10.2 3.8 6.2 9.2 2.5 1.6 –2.2 6.1 4.6 Government consumption expenditures and gross investment............................... 4.7 –0.3 1.9 4.6 2.9 4.7 7.3 6.5 3.9 –5.2 –1.7 0.6 0.4 1.5 4.6 0.9 0.3 3.1 5.4 Federal ....................................................... 3.1 –0.2 1.7 3.5 0.4 2.3 6.5 4.7 1.6 –4.2 0.7 –0.8 –0.1 1.5 4.5 0.9 0.5 1.8 3.8 National defense..................................... 3.6 –0.7 2.0 4.1 0.9 3.1 6.4 6.3 2.0 –5.9 0.1 –1.8 0.3 1.6 5.3 1.2 0.5 2.2 4.4 Nondefense ............................................ 2.2 0.8 1.1 2.3 –0.6 0.8 6.6 1.6 0.6 –0.4 2.2 1.1 –1.0 1.5 2.8 0.2 0.4 1.0 2.6 State and local............................................ 5.6 –0.4 2.0 5.3 4.4 6.2 7.7 7.5 5.3 –5.8 –3.2 1.5 0.8 1.5 4.6 0.9 0.2 4.0 6.5 Addenda: Final sales of domestic product.................. 2.2 1.0 1.0 3.2 2.0 0.8 2.0 3.2 4.6 –1.5 1.3 0.4 0.8 –0.3 1.0 1.9 2.1 0.2 2.0 Gross domestic purchases......................... 3.2 –0.2 1.3 3.2 2.0 3.8 4.0 4.5 3.9 –4.4 –2.0 0.6 1.4 2.1 2.1 0.1 0.7 2.1 3.9 Final sales to domestic purchasers ............ 3.2 –0.2 1.4 3.2 2.0 3.7 4.0 4.5 4.1 –4.6 –1.9 0.7 1.5 2.0 2.2 0.1 0.6 1.9 3.9 Gross national product (GNP) .................... 2.2 0.9 1.0 3.1 2.0 0.9 2.0 3.2 4.5 –1.3 1.1 0.3 0.8 –0.2 1.0 1.9 2.1 0.4 2.1 Implicit price deflators: GDP ........................................................ 2.2 0.9 1.0 3.2 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.1 2.0 2.0 0.3 2.0 Gross domestic purchases ..................... 3.2 –0.2 1.3 3.1 2.1 3.8 3.8 4.7 4.0 –4.3 –2.2 0.5 1.3 2.0 2.2 0.1 0.6 2.1 3.9 GNP ........................................................ 2.2 0.9 1.0 3.1 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.0 1.9 2.0 0.4 2.1 r Revised See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 I II 2011 III IV Ir Gross domestic product...................................................... 104.672 101.917 104.825 103.960 104.403 105.065 105.873 106.377 Personal consumption expenditures ................................................ 105.057 103.797 105.609 104.608 105.178 105.801 106.848 107.419 Goods................................................................................................ 103.462 101.416 105.741 103.952 104.837 105.898 108.278 109.307 Durable goods ............................................................................... 102.798 99.011 106.586 103.025 104.735 106.673 111.910 114.419 Nondurable goods ......................................................................... 103.698 102.487 105.293 104.321 104.823 105.476 106.551 106.919 Services............................................................................................. 105.870 105.006 105.564 104.952 105.366 105.775 106.163 106.508 Gross private domestic investment................................................... 90.105 69.778 81.691 77.811 82.474 85.400 81.081 83.494 Fixed investment................................................................................ 94.096 76.835 79.855 76.826 80.219 80.517 81.858 82.118 Nonresidential................................................................................ 115.532 95.804 101.307 96.677 100.592 103.019 104.939 105.469 Structures................................................................................... 131.976 105.064 90.690 90.761 90.649 89.848 91.500 87.921 Equipment and software ............................................................ 108.681 92.035 106.078 99.408 105.067 108.898 110.939 113.290 Residential ..................................................................................... 57.324 44.220 42.905 42.670 45.177 41.719 42.054 41.843 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 126.255 114.228 127.623 123.858 126.592 128.679 131.362 133.799 Imports of goods and services .......................................................... 106.113 91.418 102.972 96.401 103.613 107.718 104.155 105.466 Government consumption expenditures and gross investment .... 105.605 107.287 108.374 107.185 108.228 109.270 108.815 107.214 Federal .............................................................................................. 110.900 117.266 122.893 119.634 122.276 124.882 124.779 122.187 State and local................................................................................... 102.611 101.688 100.253 100.213 100.367 100.541 99.890 98.837 Addenda: Final sales of domestic product......................................................... 105.399 103.212 104.673 103.948 104.181 104.424 106.139 106.298 Gross domestic purchases................................................................ 102.756 99.045 102.264 100.797 102.070 103.117 103.071 103.511 Final sales to domestic purchasers ................................................... 103.433 100.254 102.111 100.775 101.852 102.505 103.312 103.428 Gross national product ...................................................................... 105.129 102.192 105.366 104.534 105.003 105.604 106.324 107.226 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 2008 2009 2010 2010 I II 2011 III IV Ir Gross domestic product...................................................... 108.598 109.618 110.668 109.959 110.485 111.060 111.166 111.728 Personal consumption expenditures (PCE)...................................... 109.061 109.258 111.117 110.901 110.888 111.102 111.578 112.644 Goods................................................................................................ 106.262 103.634 105.397 105.784 104.812 105.058 105.932 107.993 Durable goods ............................................................................... 95.340 93.782 92.456 93.121 92.755 92.235 91.714 91.614 Nondurable goods ......................................................................... 112.484 109.262 112.724 112.949 111.638 112.315 113.996 117.335 Services............................................................................................. 110.566 112.233 114.156 113.620 114.116 114.314 114.574 115.094 Gross private domestic investment................................................... 106.977 104.873 103.045 102.952 102.765 102.895 103.568 103.944 Fixed investment................................................................................ 107.053 105.260 103.627 103.661 103.487 103.523 103.835 104.152 Nonresidential................................................................................ 106.984 105.700 103.719 103.639 103.636 103.689 103.913 104.259 Structures................................................................................... 125.460 122.187 120.467 119.291 119.887 120.755 121.933 123.339 Equipment and software ............................................................ 100.083 99.620 97.702 97.954 97.764 97.574 97.518 97.561 Residential ..................................................................................... 106.361 102.736 102.394 102.869 102.030 101.994 102.684 102.872 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 111.874 105.877 110.327 108.771 110.060 110.122 112.353 115.374 Imports of goods and services .......................................................... 118.685 105.987 112.835 114.514 112.234 109.892 114.699 120.528 Government consumption expenditures and gross investment .... 115.009 114.644 116.814 116.358 116.606 116.706 117.586 119.135 Federal .............................................................................................. 111.119 110.895 112.749 112.375 112.615 112.756 113.250 114.309 State and local................................................................................... 117.349 116.892 119.275 118.760 119.014 119.083 120.242 122.141 Addenda: PCE excluding food and energy 1 ...................................................... 107.151 108.774 110.203 109.887 110.171 110.318 110.436 110.863 Market-based PCE 2.......................................................................... 109.016 109.372 111.082 110.824 110.763 111.127 111.614 112.695 2 Market-based PCE excluding food and energy ............................... 106.778 108.826 110.008 109.626 109.903 110.214 110.288 110.631 Final sales of domestic product......................................................... 108.608 109.647 110.715 110.020 110.552 111.117 111.171 111.726 Gross domestic purchases................................................................ 109.813 109.614 111.084 110.838 110.852 111.034 111.612 112.678 Final sales to domestic purchasers ................................................... 109.823 109.649 111.130 110.900 110.917 111.086 111.617 112.677 Gross national product ...................................................................... 108.605 109.612 110.663 109.957 110.478 111.052 111.165 111.734 Implicit price deflators: Gross domestic product................................................................. 108.619 109.615 110.659 109.952 110.488 111.045 111.141 111.706 Final sales of domestic product ..................................................... 108.608 109.647 110.716 110.018 110.550 111.116 111.169 111.724 Gross domestic purchases ............................................................ 109.834 109.611 111.075 110.831 110.854 111.018 111.587 112.656 Final sales to domestic purchasers ............................................... 109.823 109.649 111.131 110.899 110.915 111.085 111.616 112.676 Gross national product................................................................... 108.626 109.609 110.654 109.950 110.479 111.036 111.140 111.712 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 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Gross domestic product (GDP) .............................................. 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 0.0 –2.6 2.9 Personal consumption expenditures ................................................ 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.4 –0.3 –1.2 1.7 Goods................................................................................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 2.8 –2.5 –2.0 4.3 Durable goods ............................................................................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.2 –5.2 –3.7 7.7 Nondurable goods ......................................................................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.0 –1.1 –1.2 2.7 Services............................................................................................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.2 0.9 –0.8 0.5 Gross private domestic investment................................................... 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.6 10.0 5.5 2.7 –3.1 –9.5 –22.6 17.1 Fixed investment................................................................................ 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.2 7.3 6.5 2.3 –1.8 –6.4 –18.3 3.9 Nonresidential................................................................................ 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 0.9 6.0 6.7 7.9 6.7 0.3 –17.1 5.7 Structures................................................................................... 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 5.9 –20.4 –13.7 Equipment and software ............................................................ 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 2.5 7.7 8.5 7.4 3.7 –2.4 –15.3 15.3 Residential ..................................................................................... –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –24.0 –22.9 –3.0 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.0 –9.5 11.7 Goods ............................................................................................ 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.8 6.3 –12.0 14.7 Services......................................................................................... 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.3 –3.9 5.7 Imports .............................................................................................. 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.0 6.1 6.1 2.7 –2.6 –13.8 12.6 Goods ............................................................................................ 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.0 6.8 5.9 2.9 –3.5 –15.8 14.8 Services......................................................................................... 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 2.4 –4.2 3.5 Government consumption expenditures and gross investment .... 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.8 1.6 1.0 Federal .............................................................................................. –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.3 5.7 4.8 National defense............................................................................ –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 7.5 5.4 3.9 Nondefense ................................................................................... –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.7 6.5 6.6 State and local................................................................................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.3 –0.9 –1.4 Addenda: Final sales of domestic product......................................................... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.2 0.5 –2.1 1.4 Gross domestic purchases................................................................ 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.3 –1.1 –3.6 3.3 Final sales to domestic purchasers ................................................... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.5 –0.6 –3.1 1.9 Gross national product ...................................................................... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.3 0.3 –2.8 3.1 Real disposable personal income...................................................... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.3 1.7 0.6 1.4 Price indexes: Gross domestic purchases ............................................................ 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 –0.2 1.3 Gross domestic purchases excluding food and energy 1 ............... 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 0.7 1.1 GDP ............................................................................................... 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 0.9 1.0 GDP excluding food and energy 1.................................................. 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 0.8 1.2 Personal consumption expenditures.............................................. 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.2 1.7 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV Ir Gross domestic product (GDP) .............................................. 1.8 2.3 2.3 1.9 1.2 –0.3 –2.8 –3.8 –4.1 –2.7 0.2 2.4 3.0 3.2 2.8 2.3 Personal consumption expenditures (PCE)...................................... 2.6 2.4 1.7 1.0 0.6 –0.7 –1.9 –1.8 –2.2 –0.9 0.2 0.8 1.7 1.8 2.6 2.7 Goods................................................................................................ 3.2 3.0 1.8 –0.3 –0.5 –3.1 –6.1 –4.2 –4.7 –1.0 2.3 3.2 4.5 3.7 5.6 5.2 Durable goods ............................................................................... 4.8 4.6 3.9 –0.2 –2.0 –6.0 –12.3 –8.7 –8.7 –1.3 4.8 5.8 8.4 5.5 10.9 11.1 Nondurable goods ......................................................................... 2.4 2.1 0.8 –0.3 0.3 –1.6 –2.9 –2.1 –2.7 –0.9 1.1 2.1 2.7 2.9 3.2 2.5 Services............................................................................................. 2.3 2.1 1.7 1.6 1.2 0.5 0.3 –0.6 –1.0 –0.8 –0.8 –0.4 0.4 0.9 1.2 1.5 Gross private domestic investment................................................... –2.9 –2.3 –1.8 –3.3 –7.3 –9.7 –17.5 –26.3 –28.5 –24.0 –9.6 10.5 23.3 24.1 11.1 7.3 Fixed investment................................................................................ –1.9 –1.0 –0.8 –2.2 –4.2 –6.9 –12.3 –20.1 –21.3 –18.6 –12.9 –2.0 5.1 5.3 7.4 6.9 Nonresidential................................................................................ 6.1 7.4 8.2 7.0 3.8 –0.8 –8.3 –18.1 –19.3 –17.8 –12.7 –0.8 5.2 8.2 10.6 9.1 Structures................................................................................... 12.2 15.6 17.3 14.3 9.4 2.7 –1.5 –13.6 –19.8 –21.7 –26.5 –20.1 –15.6 –13.5 –4.0 –3.1 Equipment and software ............................................................ 3.6 3.8 4.3 3.8 1.1 –2.6 –11.8 –20.3 –19.1 –15.8 –4.9 9.5 15.7 18.7 16.9 14.0 Residential ..................................................................................... –17.4 –18.2 –20.7 –23.6 –24.0 –23.7 –24.6 –26.9 –28.1 –21.4 –13.4 –6.3 4.8 –5.6 –4.6 –1.9 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 7.7 11.6 10.1 9.9 11.5 6.1 –2.9 –11.7 –14.7 –11.0 –0.1 11.4 14.1 12.7 9.0 8.0 Goods ............................................................................................ 8.3 11.6 10.8 10.0 11.7 7.2 –3.1 –14.7 –18.3 –13.8 –0.2 14.4 18.7 15.4 10.6 9.6 Services......................................................................................... 6.4 11.6 8.6 9.8 11.1 3.7 –2.5 –5.0 –6.2 –4.6 0.3 5.1 4.9 7.2 5.4 4.4 Imports .............................................................................................. 3.4 3.4 0.7 –0.8 –1.2 –2.4 –6.0 –15.3 –18.3 –14.1 –7.2 6.2 17.4 16.1 11.0 9.4 Goods ............................................................................................ 3.6 3.5 0.9 –1.6 –1.6 –3.1 –8.0 –18.0 –21.1 –16.0 –7.3 7.9 20.8 18.3 12.2 10.6 Services......................................................................................... 2.0 2.7 –0.7 3.3 0.8 0.9 4.8 –2.1 –3.4 –4.3 –7.0 –0.8 3.2 6.3 5.3 3.9 Government consumption expenditures and gross investment .... 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 0.8 1.1 0.6 1.2 1.1 0.0 Federal .............................................................................................. 0.7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 4.9 4.8 2.1 National defense............................................................................ 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 3.3 3.4 0.1 Nondefense ................................................................................... –1.4 –0.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.5 8.2 7.7 6.4 State and local................................................................................... 1.4 1.2 1.2 0.6 0.5 0.5 –0.4 –0.8 –0.7 –1.1 –1.0 –1.5 –1.6 –1.2 –1.3 –1.4 Addenda: Final sales of domestic product......................................................... 2.0 2.6 2.5 2.1 1.8 0.1 –1.9 –2.9 –3.1 –2.0 –0.3 0.9 1.1 1.2 2.4 2.3 Gross domestic purchases................................................................ 1.4 1.6 1.2 0.6 –0.3 –1.4 –3.3 –4.7 –5.1 –3.6 –0.9 1.9 3.8 4.1 3.2 2.7 Final sales to domestic purchasers ................................................... 1.6 1.8 1.4 0.8 0.2 –1.0 –2.5 –3.8 –4.1 –2.9 –1.4 0.5 1.9 2.1 2.9 2.6 Gross national product ...................................................................... 1.8 2.9 3.2 2.7 1.9 0.0 –3.2 –4.2 –4.4 –2.9 0.5 2.8 3.4 3.3 2.8 2.6 Real disposable personal income...................................................... 2.4 2.3 1.5 1.4 3.5 0.9 1.0 0.8 0.0 1.1 0.4 0.7 0.6 2.0 2.2 2.1 Price indexes: Gross domestic purchases ............................................................ 2.9 2.6 3.3 3.2 3.6 4.0 1.9 0.4 –0.5 –1.1 0.5 1.5 1.4 1.2 1.2 1.7 Gross domestic purchases excluding food and energy 1 ............... 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 0.7 0.2 0.6 1.1 1.1 1.1 1.0 1.2 GDP ............................................................................................... 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 0.2 0.5 0.5 0.8 1.2 1.3 1.6 1 GDP excluding food and energy .................................................. 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 0.8 0.3 0.8 1.1 1.2 1.2 1.1 1.3 PCE ............................................................................................... 2.6 2.4 3.5 3.5 3.8 4.3 1.7 0.3 –0.3 –0.7 1.5 2.4 1.9 1.4 1.1 1.6 PCE excluding food and energy 1 .................................................. 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 1.2 0.8 0.9 Market-based PCE 2 ...................................................................... 2.4 2.1 3.5 3.6 3.8 4.6 1.8 0.5 –0.1 –0.6 1.5 2.2 1.7 1.3 1.1 1.7 2 Market-based PCE excluding food and energy ........................... 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 1.1 0.8 0.9 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. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2010 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 2011 III IV Ir 14,369.1 839.2 664.7 14,543.6 1,849.2 136.6 12,557.8 8,060.8 6,554.0 1,506.8 1,102.0 222.0 1,262.8 812.8 992.3 121.7 –16.7 14,119.0 629.8 483.6 14,265.3 1,861.1 179.1 12,225.0 7,811.7 6,279.1 1,532.6 1,011.9 274.0 1,258.0 784.3 964.4 134.0 –13.2 14,660.4 706.2 517.9 14,848.7 1,868.9 158.2 12,821.6 7,984.5 6,398.9 1,585.6 1,055.0 300.9 1,624.8 738.1 999.5 132.1 –13.3 14,446.4 693.7 502.6 14,637.6 1,852.4 164.2 12,621.0 7,858.1 6,291.4 1,566.7 1,030.7 292.7 1,566.6 765.9 988.5 130.5 –12.1 14,578.7 696.1 500.8 14,774.0 1,860.4 131.1 12,782.6 7,969.9 6,388.8 1,581.1 1,049.7 298.8 1,614.1 736.2 996.1 130.8 –13.1 14,745.1 704.0 515.5 14,933.6 1,871.9 181.0 12,880.7 8,036.2 6,443.7 1,592.4 1,059.5 303.8 1,640.1 719.6 1,002.2 133.4 –14.2 14,871.4 730.8 552.8 15,049.3 1,890.7 156.4 13,002.2 8,073.9 6,471.6 1,602.4 1,080.2 308.4 1,678.3 730.6 1,011.1 133.5 –13.7 15,018.1 753.7 516.7 15,255.1 1,912.4 158.9 13,183.8 8,145.1 6,523.1 1,622.0 1,097.3 325.2 1,727.0 743.6 1,024.5 134.1 –13.2 14,232.5 13,939.9 14,502.2 14,282.2 14,447.6 14,564.1 14,715.0 14,859.2 r Revised Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2010 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 2011 III IV Ir 12,391.1 8,065.8 6,559.0 1,506.8 1,102.0 50.8 1,051.2 222.0 2,109.3 1,314.7 794.6 1,879.2 987.2 1,438.2 10,952.9 10,505.0 447.9 4.1 12,174.9 7,806.7 6,274.1 1,532.6 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 970.3 1,140.0 11,034.9 10,379.6 655.3 5.9 12,541.0 7,984.5 6,398.9 1,585.6 1,055.0 44.9 1,010.1 300.9 1,907.6 1,194.9 712.7 2,296.4 1,003.5 1,166.3 11,374.7 10,720.7 653.9 5.7 12,350.3 7,858.1 6,291.4 1,566.7 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 987.8 1,134.7 11,215.6 10,603.9 611.8 5.5 12,517.1 7,969.9 6,388.8 1,581.1 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 1,001.9 1,149.1 11,368.0 10,663.7 704.3 6.2 12,595.5 8,036.2 6,443.7 1,592.4 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 1,010.2 1,178.2 11,417.3 10,736.3 681.0 6.0 12,700.9 8,073.9 6,471.6 1,602.4 1,080.2 55.5 1,024.7 308.4 1,915.0 1,190.9 724.2 2,337.7 1,014.2 1,203.2 11,497.8 10,878.9 618.9 5.4 12,935.1 8,145.1 6,523.1 1,622.0 1,097.3 57.3 1,040.1 325.2 1,952.0 1,213.2 738.8 2,339.6 924.1 1,301.9 11,633.2 11,037.4 595.8 5.1 9,638.5 10,042.9 9,191.1 10,099.8 9,219.6 10,236.6 9,111.7 10,113.3 9,226.6 10,251.9 9,252.1 10,276.6 9,288.0 10,304.9 9,406.5 10,327.7 r Revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. 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 2008 2009 2010 2009 2010 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 2010 2011 I II III IV Ir 2010 II III IV 2011 2011 Ir Ir 1,262.8 308.4 1,258.0 254.9 1,624.8 416.6 1,566.6 403.2 1,614.1 405.6 1,640.1 429.4 1,678.3 428.1 1,727.0 461.3 –0.4 –17.3 29.2 63.4 3.0 0.6 1.6 5.9 2.3 –0.3 2.9 7.8 10.2 14.4 954.4 797.7 1,003.1 718.9 1,208.2 732.7 1,163.3 720.3 1,208.5 728.4 1,210.7 736.5 1,250.2 745.4 1,265.7 760.2 5.1 –9.9 20.4 1.9 3.9 1.1 0.2 1.1 3.3 1.2 1.2 2.0 8.8 5.5 156.7 284.2 475.5 443.0 480.1 474.2 504.8 505.5 81.3 67.3 8.4 –1.2 6.5 0.1 14.1 1,239.4 1,427.9 1,538.2 1,517.3 1,578.4 1,510.0 1,546.9 1,563.6 15.2 7.7 4.0 –4.3 2.4 1.1 3.1 156.7 1,018.5 –64.1 284.2 1,019.8 –123.9 475.5 1,017.5 –45.2 443.0 1,008.0 –66.3 480.1 1,013.7 –84.6 474.2 1,019.0 –16.8 504.8 1,029.1 –13.0 505.5 81.3 67.3 8.4 –1.2 6.5 0.1 14.1 1,041.4 0.1 –0.2 0.6 0.5 1.0 1.2 3.3 –16.7 ............. .............. .............. .............. .............. ............. .............. 1,333.2 1,316.7 1,801.1 1,772.9 1,788.2 1,845.7 1,797.4 1,937.7 1,024.8 –44.1 –26.3 1,061.8 11.9 –70.6 1,384.5 –44.9 –131.4 1,369.7 –36.4 –169.9 1,382.6 –3.5 –170.7 1,416.3 –36.4 –169.3 1,369.3 –103.2 –15.8 1,476.4 3.6 30.4 0.9 2.4 –3.3 7.8 7.8 –104.4 ............. .............. .............. .............. .............. ............. .............. –106.3 ............. .............. .............. .............. .............. ............. .............. –1.2 36.8 0.9 3.2 –2.6 7.8 9.3 r Revised 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 2010 2008 2009 2010 2010 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 2011 III IV 2009 2011 2010 Ir II III IV Ir 1,262.8 851.5 128.0 723.5 411.3 571.8 160.5 1,258.0 905.7 242.4 663.3 352.3 480.6 128.3 1,624.8 1,241.0 366.8 874.2 383.8 568.5 184.7 1,566.6 1,178.1 337.6 840.4 388.5 561.4 172.9 1,614.1 1,222.7 334.2 888.6 391.3 557.5 166.1 1,640.1 1,257.7 368.8 888.9 382.4 566.3 183.9 1,678.3 1,305.3 426.5 878.8 373.0 589.0 216.0 1,727.0 1,299.7 360.2 939.5 427.4 609.3 182.0 –4.8 54.2 114.4 –60.2 –59.0 –91.2 –32.2 366.8 335.3 124.4 210.9 31.5 87.9 56.4 47.5 44.6 –3.4 48.2 2.8 –3.9 –6.8 26.0 35.0 34.6 0.3 –8.9 8.8 17.8 38.2 47.6 57.7 –10.1 –9.4 22.7 32.1 48.7 –5.6 –66.3 60.7 54.4 20.3 –34.0 1,289.1 877.8 139.9 35.1 104.9 737.9 28.3 183.7 51.4 16.6 15.6 8.9 1,328.6 976.3 258.0 47.3 210.6 718.4 30.0 150.9 53.3 16.4 12.4 13.4 1,756.2 1,372.4 387.9 58.1 329.7 984.5 33.0 259.6 150.1 18.9 25.9 53.1 1,736.5 1,348.0 362.7 56.9 305.8 985.3 41.5 250.4 140.1 17.4 19.9 44.8 1,784.7 1,393.4 359.4 60.3 299.1 1,034.0 32.8 277.1 147.0 17.0 23.3 51.2 1,809.3 1,427.0 393.7 59.0 334.6 1,033.3 35.2 269.2 160.5 19.6 29.1 54.6 1,694.1 1,321.1 435.8 56.3 379.4 885.4 22.5 241.5 152.9 21.5 31.5 61.6 1,833.3 1,406.0 378.4 59.0 319.5 1,027.5 31.9 280.6 161.5 23.4 37.0 47.7 39.5 98.5 118.1 12.2 105.7 –19.5 1.7 –32.8 1.9 –0.2 –3.2 4.5 427.6 396.1 129.9 10.8 119.1 266.1 3.0 108.7 96.8 2.5 13.5 39.7 48.2 45.4 –3.3 3.4 –6.7 48.7 –8.7 26.7 6.9 –0.4 3.4 6.4 24.6 33.6 34.3 –1.3 35.5 –0.7 2.4 –7.9 13.5 2.6 5.8 3.4 –115.2 –105.9 42.1 –2.7 44.8 –147.9 –12.7 –27.7 –7.6 1.9 2.4 7.0 139.2 84.9 –57.4 2.7 –59.9 142.1 9.4 39.1 8.6 1.9 5.5 –13.9 3.6 –34.6 41.3 132.3 28.4 78.2 22.2 3.4 84.0 75.0 28.1 75.2 263.6 411.3 6.1 –23.5 28.5 97.5 35.4 15.7 36.4 10.1 80.4 99.0 24.7 83.5 250.0 352.3 8.3 5.9 38.0 109.4 33.0 33.8 32.3 10.4 83.5 125.1 46.1 109.3 328.0 383.8 9.2 5.7 43.2 110.3 36.6 33.5 28.7 11.6 91.5 129.1 39.4 112.9 320.4 388.5 9.6 8.4 37.6 130.1 35.1 55.2 30.6 9.2 107.7 126.7 52.4 104.9 332.5 391.3 9.4 9.8 38.1 108.7 34.0 22.7 38.4 13.6 90.2 123.2 54.3 114.6 346.6 382.4 5.3 –0.1 33.1 88.6 26.3 23.7 31.6 7.0 44.7 121.2 38.2 104.7 312.6 373.0 7.4 5.3 40.6 119.1 31.3 41.4 32.3 14.1 73.5 124.0 37.3 123.3 357.0 427.4 2.5 11.1 –12.8 –34.8 7.0 –62.5 14.2 6.7 –3.6 24.0 –3.4 8.3 –13.6 –59.0 2.2 29.4 9.5 11.9 –2.4 18.1 –4.1 0.3 3.1 26.1 21.4 25.8 78.0 31.5 0.4 2.7 –5.6 19.8 –1.5 21.7 1.9 –2.4 16.2 –2.4 13.0 –8.0 12.1 2.8 –0.2 1.4 0.5 –21.4 –1.1 –32.5 7.8 4.4 –17.5 –3.5 1.9 9.7 14.1 –8.9 –4.1 –9.9 –5.0 –20.1 –7.7 1.0 –6.8 –6.6 –45.5 –2.0 –16.1 –9.9 –34.0 –9.4 2.1 5.4 7.5 30.5 5.0 17.7 0.7 7.1 28.8 2.8 –0.9 18.6 44.4 54.4 r Revised 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 2008 2009 2010 2010 I II 2011 III IV Ir 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 ..................................................................................... 6,990.5 878.8 6,111.7 4,435.3 3,684.9 750.5 615.3 1,061.1 271.3 66.2 723.5 226.4 497.1 482.8 6,625.2 879.0 5,746.3 4,193.6 3,441.0 752.5 590.2 962.5 220.1 79.1 663.3 170.3 492.9 511.4 6,932.9 876.2 6,056.7 4,288.9 3,511.2 777.7 611.7 1,156.1 203.0 78.9 874.2 282.1 592.1 521.3 6,804.4 868.2 5,936.2 4,205.1 3,437.6 767.6 604.8 1,126.3 208.3 77.5 840.4 265.2 575.3 515.5 6,923.0 872.9 6,050.0 4,271.7 3,496.1 775.6 609.0 1,169.3 202.3 78.3 888.6 287.4 601.1 499.1 6,986.2 877.5 6,108.6 4,327.3 3,545.5 781.8 613.4 1,167.9 199.2 79.8 888.9 293.6 595.3 538.7 7,018.3 886.2 6,132.1 4,351.4 3,565.5 786.0 619.6 1,161.0 202.2 80.0 878.8 282.3 596.5 531.7 7,149.1 897.0 6,252.0 4,398.5 3,601.2 797.3 628.5 1,225.1 204.2 81.4 939.5 313.3 626.2 501.5 14.4 –18.5 70.8 59.7 102.0 56.6 64.8 124.7 782.0 555.6 –44.1 –14.4 706.4 536.1 11.9 –55.1 1,029.4 747.3 –44.9 –110.3 1,021.8 756.6 –36.4 –144.9 1,037.5 750.1 –3.5 –145.4 1,069.7 776.1 –36.4 –144.4 988.6 706.3 –103.2 –6.5 1,131.9 818.6 –104.4 –88.1 6,486.0 844.9 5,641.2 6,541.1 852.3 5,688.8 6,659.3 860.1 5,799.3 Billions of chained (2005) dollars 1 Gross value added of nonfinancial corporate business ..................................... Consumption of fixed capital 2............................................................................................. Net value added 3................................................................................................................ 6,520.3 819.9 5,700.4 6,141.7 830.5 5,311.2 6,490.0 842.3 5,647.7 6,431.3 833.6 5,597.7 6,501.5 838.4 5,663.1 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 .......... 1.072 0.680 0.282 0.135 1.079 0.683 0.288 0.143 1.068 0.661 0.272 0.135 1.058 0.654 0.273 0.135 1.065 0.657 0.271 0.134 1.077 0.667 0.273 0.135 1.073 0.665 0.273 0.135 1.074 0.661 0.273 0.135 0.105 0.042 0.109 0.036 0.106 0.031 0.106 0.032 0.106 0.031 0.107 0.031 0.107 0.031 0.107 0.031 0.111 0.035 0.076 0.108 0.028 0.080 0.135 0.043 0.091 0.131 0.041 0.089 0.137 0.044 0.092 0.137 0.045 0.092 0.134 0.043 0.091 0.141 0.047 0.094 r Revised 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 2008 2009 2010 2007 II Gross domestic product (GDP) and related aggregates: GDP.................................................................................... 0.0 –2.6 Goods................................................................................. –0.5 –3.8 Services.............................................................................. 1.5 –0.2 Structures ........................................................................... –7.9 –16.6 Motor vehicle output ........................................................... –18.6 –24.7 GDP excluding motor vehicle output .................................. 0.5 –2.1 Final sales of computers 1 .................................................. 26.5 5.0 GDP excluding final sales of computers............................. –0.1 –2.7 Farm gross value added 2 .................................................. 13.3 6.1 Nonfarm business gross value added 3 .............................. –1.1 –3.8 Gross domestic income 4 ................................................... –0.8 –2.9 Price indexes: GDP.................................................................................... 2.2 0.9 GDP excluding food and energy 5 ...................................... 2.3 0.8 GDP excluding final sales of computers............................. 2.3 1.0 Gross domestic purchases................................................. 3.2 –0.2 5 Gross domestic purchases excluding food and energy .... 2.6 0.7 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 3.3 –0.1 Personal consumption expenditures (PCE)........................ 3.3 0.2 PCE excluding food and energy 5 ....................................... 2.3 1.5 Market-based PCE 6........................................................... 3.4 0.3 Market-based PCE excluding food and energy 6 ................ 2.3 1.9 III 2008 IV I II 2009 III IV I II 2010 III IV I 2.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 11.1 6.3 3.3 9.6 –1.2 –0.1 –10.8 –18.6 –2.4 –0.4 6.8 23.9 19.5 0.8 2.0 3.0 2.5 1.5 1.1 –0.2 0.0 –1.5 0.8 –0.2 0.8 0.0 –7.1 3.1 –4.7 –10.9 –12.3 –0.2 –9.4 –16.9 –31.9 –13.4 –0.1 –15.9 –15.2 26.1 4.4 –2.0 –14.6 –8.4 –35.1 –20.7 –58.0 –51.1 –2.0 145.5 13.7 42.3 2.4 3.2 2.4 3.5 –0.5 1.7 –3.6 –5.2 –3.8 –0.7 0.0 4.8 3.0 19.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 –10.5 –4.0 17.3 19.2 2.8 3.2 2.0 2.7 –0.8 0.4 –4.1 –6.9 –4.9 –0.6 1.6 5.0 3.7 2.6 –15.6 –19.3 41.9 55.4 –14.5 6.7 13.8 16.3 –7.3 19.3 –13.9 –0.8 3.7 4.2 2.5 2.5 –2.5 –0.3 –6.2 –9.5 –6.4 –0.2 1.4 6.7 5.0 3.1 0.2 –2.0 2.5 0.8 –2.5 –2.6 –6.9 –4.9 –1.6 0.0 6.7 4.1 2011 IV Ir II III 1.7 –0.8 1.9 10.6 –2.7 1.8 5.3 1.7 24.6 1.6 2.7 2.6 3.1 1.9 7.4 9.1 9.9 1.8 0.8 0.3 –7.9 1.2 –13.5 25.0 –11.6 66.6 2.1 3.5 0.7 65.1 72.8 15.9 2.3 2.8 1.8 5.8 –14.4 –38.5 3.8 4.4 3.0 1.2 3.8 1.9 1.0 1.2 1.0 1.3 1.1 3.2 2.0 3.3 3.2 2.0 2.0 1.7 2.1 2.0 1.9 0.9 2.7 1.0 3.8 2.8 1.9 2.9 2.0 4.0 3.1 3.2 2.5 3.3 4.5 3.2 4.5 2.7 4.6 3.9 2.6 –1.2 –0.6 –1.1 –4.4 –0.4 1.1 0.3 1.2 –2.0 –0.2 0.3 0.8 0.4 0.6 0.8 0.7 0.6 0.9 1.4 0.4 –0.2 1.5 –0.2 2.1 1.5 1.0 1.7 1.0 2.1 1.6 1.9 1.0 2.0 0.1 0.8 2.1 0.6 2.2 0.7 0.4 0.4 1.2 0.4 2.1 1.1 2.0 2.4 2.1 3.9 2.3 1.4 1.7 1.3 1.6 1.1 3.3 3.5 1.7 3.7 1.6 2.2 2.3 2.2 2.0 1.7 3.9 4.2 2.8 4.5 2.9 4.1 3.9 2.6 4.1 2.5 4.6 4.6 2.6 4.5 2.1 4.1 4.4 2.2 5.2 2.8 –4.3 –5.8 0.6 –6.0 1.5 –1.9 –1.6 0.9 –1.1 1.9 0.7 1.9 2.3 1.9 2.3 1.5 2.9 1.5 3.0 1.3 2.1 2.7 2.1 2.2 1.4 2.2 2.1 1.2 1.7 0.7 0.1 0.0 1.0 –0.2 1.0 0.7 0.8 0.5 1.3 1.1 2.2 1.7 0.4 1.8 0.3 4.1 3.9 1.6 3.9 1.2 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. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.
@FedFRASER