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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 29, 2014 Lisa Mataloni: Kate Shoemaker: (202) 606-5304 (GDP) (202) 606-5564 (Profits) gdpniwd@bea.gov cpniwd@bea.gov BEA 14-21 GROSS DOMESTIC PRODUCT: FIRST QUARTER 2014 (SECOND ESTIMATE) CORPORATE PROFITS: FIRST QUARTER 2014 (PRELIMINARY ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, real GDP was estimated to have increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated (see "Revisions" on page 3). The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures. 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 will be released along with the "advance" estimate of GDP for the second quarter of 2014 on July 30. In addition to the regular revision of estimates for the most recent 3 years and for the first quarter of 2014, GDP and select components will be revised back to the first quarter of 1999 (see "Preview of Upcoming NIPA Revision" in the May Survey of Current Business). The August Survey will contain an article describing 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 (2009) 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. For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." The downturn in the percent change in real GDP primarily reflected a downturn in exports, a larger decrease in private inventory investment, and downturns in nonresidential fixed investment and in state and local government spending that were partly offset by an upturn in federal government spending. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the first quarter, 0.1 percentage point less than in the advance estimate; this index increased 1.5 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the first quarter, compared with an increase of 1.8 percent in the fourth. Real personal consumption expenditures increased 3.1 percent in the first quarter, compared with an increase of 3.3 percent in the fourth. Durable goods increased 1.4 percent, compared with an increase of 2.8 percent. Nondurable goods increased 0.4 percent, compared with an increase of 2.9 percent. Services increased 4.3 percent, compared with an increase of 3.5 percent. Real nonresidential fixed investment decreased 1.6 percent in the first quarter, in contrast to an increase of 5.7 percent in the fourth. Investment in nonresidential structures decreased 7.5 percent, compared with a decrease of 1.8 percent. Investment in equipment decreased 3.1 percent, in contrast to an increase of 10.9 percent. Investment in intellectual property products increased 5.1 percent, compared with an increase of 4.0 percent. Real residential fixed investment decreased 5.0 percent, compared with a decrease of 7.9 percent. Real exports of goods and services decreased 6.0 percent in the first quarter, in contrast to an increase of 9.5 percent in the fourth. Real imports of goods and services increased 0.7 percent, compared with an increase of 1.5 percent. Real federal government consumption expenditures and gross investment increased 0.7 percent in the first quarter, in contrast to a decrease of 12.8 percent in the fourth. National defense decreased 2.4 percent, compared with a decrease of 14.4 percent. Nondefense increased 5.9 percent, in contrast to a decrease of 10.0 percent. Real state and local government consumption expenditures and gross investment decreased 1.8 percent in the first quarter; it was unchanged in the fourth. The change in real private inventories subtracted 1.62 percentage points from the first-quarter change in real GDP, after subtracting 0.02 percentage point from the fourth-quarter change. Private businesses increased inventories $49.0 billion in the first quarter, following increases of $111.7 billion in the fourth quarter and $115.7 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 2.7 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- was unchanged in the first quarter, following an increase of 1.6 percent in the fourth. -2- Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- decreased 2.1 percent in the first quarter, in contrast to an increase of 3.1 percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $42.4 billion in the first quarter, in contrast to an increase of $17.0 billion in the fourth; in the first quarter, receipts decreased $29.0 billion, and payments increased $13.4 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 0.3 percent, or $11.7 billion, in the first quarter to a level of $17,101.3 billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $176.7 billion. Gross domestic income Real gross domestic income (GDI), which measures the output of the economy as the costs incurred and the incomes earned in the production of GDP, decreased 2.3 percent in the first quarter, in contrast to an increase of 2.6 percent (revised) in the fourth. For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of change. Revisions The second estimate of the first-quarter percent change in real GDP was revised down 1.1 percentage points, or $43.7 billion, from the advance estimate issued last month, primarily reflecting a downward revision to private inventory investment and an upward revision to imports that were partly offset by an upward revision to exports. Real GDP…………………………………. Current-dollar GDP……………………….. Real GDI………………………………….. Gross domestic purchases price index……. Advance Estimate Second Estimate (Percent change from preceding quarter) 0.1 -1.0 1.4 0.3 … -2.3 1.4 1.3 -3- Corporate Profits Profits from current production Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) decreased $213.4 billion in the first quarter, in contrast to an increase of $47.1 billion in the fourth. The IVA decreased $32.3 billion, compared with a decrease of $0.5 billion. The CCAdj decreased $182.5 billion, compared with a decrease of $1.5 billion. The IVA and CCAdj convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the NIPAs. Taxes on corporate income increased $26.2 billion in the first quarter, compared with an increase of $13.3 billion in the fourth. Profits after tax with IVA and CCAdj decreased $239.5 billion, in contrast to an increase of $33.8 billion. The first-quarter changes in taxes on corporate income and in CCAdj mainly reflect the expiration of bonus depreciation provisions. For further explanation, see the box below. Dividends decreased $89.0 billion in the first quarter, in contrast to an increase of $90.5 billion in the fourth. Undistributed profits decreased $150.6 billion, compared with a decrease of $56.7 billion. Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased $131.6 billion, compared with a decrease of $43.0 billion. Impacts of Bonus Depreciation on the First Quarter of 2014 The first-quarter changes in taxes on corporate income and in capital consumption adjustment (CCAdj) mainly reflect the expiration of both the 50-percent bonus depreciation provision and increased Section 179 expensing limits claimed under the American Taxpayer Relief Act of 2012. For detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008, 2009, 2010, and 2012 on Selected Measures of Corporate Profits." Bonus depreciation does not affect profits from current production. Profits from current production are based on consistent depreciation profiles of fixed assets valued at current cost, not on the depreciation-accounting practices used for federal income tax returns. For a discussion on the effect of tax act provisions on the CCAdj, see FAQ 999, "Why does the capital consumption adjustment for domestic business decline so much in the first quarter of 2012?" Domestic profits of financial corporations decreased $70.6 billion in the first quarter, in contrast to an increase of $6.1 billion in the fourth. Domestic profits of nonfinancial corporations decreased $102.3 billion, in contrast to an increase of $18.1 billion. The rest-of-the-world component of profits decreased $40.4 billion in the first quarter, in contrast to an increase of $22.9 billion in the fourth. This measure is calculated as the difference between receipts from rest of the world and payments to rest of the world. In the first quarter, receipts decreased $32.3 billion, and payments increased $8.2 billion. -4- Gross value added of nonfinancial domestic corporate business Real gross value added of nonfinancial corporations decreased 2.2 percent in the first quarter. Profits per unit of real value added decreased, reflecting increases in the unit labor and nonlabor costs incurred by corporations that were partly offset by an increase in unit 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 -- June 25, 2014 at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2014 (Third Estimate) Corporate Profits: First Quarter 2014 (Revised Estimate) -5- Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2011 2012 2013 r 2010 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 III 2011 IV I II 2012 III IV I II 2013 III IV Gross domestic product (GDP) ..... 1.8 2.8 1.9 3.9 2.8 2.8 –1.3 3.2 1.4 4.9 3.7 1.2 2.8 0.1 Personal consumption expenditures ....... 2.5 2.2 2.0 3.3 2.8 4.3 2.1 1.5 2.1 2.4 2.9 1.9 1.7 1.7 Goods....................................................... 3.4 3.3 3.5 5.2 3.8 7.6 2.7 0.2 1.2 5.0 4.6 2.2 3.7 3.7 Durable goods ...................................... 6.6 7.7 6.9 12.5 6.7 12.9 5.4 –0.8 5.2 13.5 9.8 2.9 8.3 10.5 Nondurable goods ................................ 1.9 1.4 2.0 1.9 2.5 5.2 1.4 0.7 –0.5 1.3 2.2 1.8 1.6 0.6 Services ................................................... 2.1 1.6 1.2 2.4 2.2 2.6 1.8 2.1 2.5 1.1 2.1 1.7 0.7 0.6 Gross private domestic investment ......... 4.9 9.5 5.4 22.3 13.7 –3.5 –7.5 14.2 2.5 31.9 10.5 –1.6 6.5 –2.4 Fixed investment ...................................... 6.2 8.3 4.5 13.6 –0.4 8.5 –0.5 8.6 14.8 10.0 8.6 4.7 2.7 11.6 Nonresidential....................................... 7.6 7.3 2.7 11.4 8.3 8.6 –0.9 9.9 16.7 9.5 5.8 4.5 0.3 9.8 Structures ......................................... 2.1 12.7 1.3 11.8 –5.8 7.7 –29.8 33.7 28.4 14.4 7.0 6.9 5.9 17.6 Equipment......................................... 12.7 7.6 3.1 23.3 18.0 11.8 12.0 4.3 20.3 10.2 8.3 5.3 –3.9 8.9 Intellectual property products ........... 4.4 3.4 3.1 –2.0 6.1 5.0 3.7 4.9 5.3 5.5 1.3 1.8 2.8 5.7 Residential............................................ 0.5 12.9 12.2 23.2 –30.7 7.9 1.7 2.7 6.1 12.2 23.0 5.7 14.1 19.8 Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... Exports..................................................... 7.1 3.5 2.7 9.5 10.9 12.4 3.8 4.9 7.0 2.7 4.2 3.8 0.4 1.1 Goods................................................... 7.1 3.8 2.4 11.7 8.6 13.0 4.4 3.7 5.7 7.7 1.8 5.2 1.6 –3.0 Services................................................ 7.0 3.0 3.5 4.6 16.3 11.0 2.4 7.7 10.0 –8.1 10.0 0.8 –2.6 11.3 Imports ..................................................... 4.9 2.2 1.4 20.2 14.5 0.9 2.8 0.7 4.9 5.9 0.7 2.5 0.5 –3.1 Goods................................................... 5.2 2.1 1.2 24.1 14.6 1.7 4.4 –0.7 3.5 6.7 0.9 2.5 0.4 –3.5 Services................................................ 3.1 2.7 2.5 3.8 14.0 –2.5 –5.0 7.8 11.9 1.8 –0.1 2.3 1.0 –1.0 Government consumption expenditures 2.9 –0.3 –4.1 –7.5 –1.3 –2.5 –1.5 –1.4 0.3 3.5 –6.5 and gross investment ............................ –3.2 –1.0 –2.2 Federal ..................................................... –2.6 –1.4 –5.2 8.5 3.7 –2.7 –10.5 1.8 –3.4 –3.1 –2.5 –0.2 8.9 –13.9 National defense................................... –2.3 –3.2 –7.0 6.4 7.6 –3.5 –14.2 6.8 2.4 –10.2 –6.7 –1.0 12.5 –21.6 Nondefense .......................................... –3.0 1.8 –1.9 12.3 –2.8 –1.2 –3.5 –6.5 –13.1 11.3 5.4 1.2 2.8 1.0 State and local.......................................... –3.6 –0.7 –0.2 –0.8 –3.1 –5.0 –5.4 –3.4 –1.9 –0.4 –0.6 0.6 –0.2 –1.0 Addenda: Final sales of domestic product................ 2.0 2.6 1.7 2.8 0.9 4.5 –0.3 2.4 3.0 2.1 3.4 2.2 2.2 2.2 Gross domestic purchases....................... 1.7 2.6 1.7 5.5 3.5 1.4 –1.3 2.6 1.2 5.3 3.1 1.1 2.7 –0.5 Final sales to domestic purchasers.......... 1.8 2.4 1.6 4.5 1.7 3.0 –0.3 1.8 2.8 2.6 2.9 2.0 2.2 1.4 Gross domestic income (GDI) 1 ............... 2.5 2.5 2.6 2.8 5.2 1.6 2.0 2.3 2.2 2.6 5.4 –0.6 0.9 4.9 Gross national product (GNP).................. 2.1 2.7 1.9 3.9 2.6 3.2 –0.5 3.1 1.9 4.8 3.0 1.4 2.4 0.3 Disposable personal income .................... 2.4 2.0 0.7 5.4 1.9 2.7 5.0 –0.4 1.6 –0.6 4.6 1.8 –0.6 9.0 Current-dollar measures: GDP...................................................... 3.8 4.6 3.4 5.8 4.7 4.9 0.3 5.9 3.9 5.4 5.8 3.0 4.9 1.6 Final sales of domestic product ............ 4.0 4.4 3.2 4.7 2.7 6.6 1.4 5.2 5.5 2.6 5.5 3.9 4.6 3.3 Gross domestic purchases ................... 4.0 4.3 3.0 6.5 4.9 3.7 1.5 6.1 3.3 6.3 5.5 2.1 3.9 1.3 Final sales to domestic purchasers ...... 4.2 4.1 2.8 5.5 3.0 5.3 2.6 5.5 4.9 3.6 5.2 3.0 3.6 3.0 GDI ....................................................... 4.5 4.3 4.1 4.6 7.1 3.7 3.7 5.0 4.8 3.1 7.5 1.1 3.0 6.4 GNP...................................................... 4.2 4.4 3.4 5.7 4.5 5.3 1.1 5.8 4.4 5.3 5.0 3.2 4.6 1.8 Disposable personal income ................ 4.8 3.9 1.9 5.8 3.1 4.8 8.2 3.3 3.9 0.8 6.9 2.9 1.1 10.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See “Explanatory Note” at the end of the tables. -6- I II 2014 Line III IV r Ir 1.1 2.5 4.1 2.6 –1.0 2.3 1.8 2.0 3.3 3.1 3.7 3.1 4.5 2.9 0.7 5.8 6.2 7.9 2.8 1.4 2.7 1.6 2.9 2.9 0.4 1.5 1.2 0.7 3.5 4.3 4.7 9.2 17.2 2.5 –11.7 –1.5 6.5 5.9 2.8 –2.3 –4.6 4.7 4.8 5.7 –1.6 –25.7 17.6 13.4 –1.8 –7.5 1.6 3.3 0.2 10.9 –3.1 3.7 –1.5 5.8 4.0 5.1 12.5 14.2 10.3 –7.9 –5.0 .......... .......... .......... .......... ........... .......... .......... .......... .......... ........... –1.3 8.0 3.9 9.5 –6.0 –2.8 9.4 5.6 11.8 –9.8 2.2 4.8 0.1 4.2 3.2 0.6 6.9 2.4 1.5 0.7 –0.2 7.5 2.4 1.3 1.0 5.0 4.0 2.5 2.2 –0.6 –4.2 –8.4 –11.2 –3.6 –1.3 –0.4 –1.6 –0.6 –3.1 0.4 0.4 –5.2 –1.5 –12.8 –0.5 –14.4 –3.1 –10.0 1.7 0.0 0.2 1.4 0.5 2.4 0.6 –7.9 2.1 2.5 2.1 3.2 2.7 4.1 2.5 3.9 2.3 1.8 4.4 3.0 2.8 1.6 2.9 1.7 4.2 2.3 –7.0 3.1 2.7 2.6 2.3 3.8 3.3 4.0 6.2 4.5 5.8 4.2 3.8 6.5 4.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 –0.8 0.7 –2.4 5.9 –1.8 22 23 24 25 26 2.7 1.6 1.6 2.6 3.1 0.7 0.6 0.0 1.6 –2.3 –2.1 1.7 27 28 29 30 31 32 4.2 4.4 3.1 3.3 4.2 4.7 1.8 0.3 2.0 1.3 3.0 –1.0 –0.9 3.1 33 34 35 36 37 38 39 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates Line 2011 2012 2013 2010 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 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........................................................ Information processing equipment............... Computers and peripheral equipment...... Other ........................................................ Industrial equipment..................................... Transportation equipment ............................ Other equipment .......................................... Intellectual property products .......................... Software....................................................... Research and development ......................... Entertainment, literary, and artistic originals 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................................................. III 2011 IV 1.8 2.8 1.9 3.9 2.8 2.8 1.74 0.76 0.46 0.11 0.09 0.20 0.06 0.30 1.52 0.77 0.56 0.17 0.10 0.22 0.07 0.22 1.37 0.81 0.51 0.12 0.10 0.20 0.08 0.31 2.21 1.14 0.84 0.39 0.20 0.25 0.01 0.29 1.87 0.85 0.46 0.17 0.03 0.18 0.08 0.38 2.86 1.66 0.88 0.46 0.13 0.18 0.11 0.78 0.08 0.07 0.08 0.03 –0.06 –0.04 0.19 0.16 0.98 0.74 0.07 –0.15 0.03 0.14 0.01 0.10 0.20 0.21 0.55 1.07 0.09 –0.04 0.21 0.10 –1.3 3.2 2012 III 1.4 IV 4.9 1.42 1.03 1.42 1.65 0.60 0.05 0.29 1.14 0.38 –0.06 0.36 0.93 0.09 –0.43 0.04 0.56 0.04 0.09 0.09 0.17 0.21 0.18 0.20 0.25 0.04 0.09 0.04 –0.04 0.22 0.11 –0.08 0.21 1.27 0.84 0.28 0.06 0.43 0.24 0.04 0.02 0.08 –0.06 0.14 0.21 0.20 0.22 0.10 0.14 0.07 –0.11 –0.07 –0.03 0.32 0.18 0.17 –0.06 0.25 2.86 1.77 1.21 0.27 1.02 0.06 –0.03 0.09 0.22 0.55 0.19 –0.08 –0.14 –0.03 0.09 0.56 1.09 –0.09 1.18 –1.77 1.10 0.93 0.17 –2.87 –2.77 –0.10 II 2013 I II III IV 3.7 1.2 2.8 0.1 1.98 1.28 1.04 0.50 0.69 0.21 0.26 –0.11 0.13 0.02 0.22 0.19 0.09 0.12 0.35 0.28 1.15 0.84 0.59 0.19 0.09 0.22 0.08 0.25 1.13 0.85 0.74 0.33 0.07 0.21 0.13 0.10 0.09 0.31 0.07 0.08 –0.05 –0.02 0.15 0.12 0.09 0.05 0.02 0.27 0.05 0.10 –0.15 0.09 0.10 –0.09 0.11 –0.04 0.05 –0.04 –0.08 –0.25 –0.01 –0.02 –0.12 0.18 –0.08 –0.14 0.23 0.25 0.19 0.18 0.14 0.15 0.22 0.07 0.14 0.23 1.02 1.20 0.81 0.98 1.14 0.51 0.94 0.78 0.31 0.29 0.97 0.65 0.59 1.00 1.14 0.16 0.10 0.11 –0.02 0.27 0.30 0.30 0.27 0.41 0.44 0.05 0.02 0.02 0.04 0.05 0.05 0.04 0.02 –0.06 0.15 0.17 0.15 0.12 0.13 0.10 0.15 –0.07 0.08 0.41 –0.02 0.09 0.10 –0.02 0.08 0.15 0.00 0.09 I 0.29 1.86 –0.04 0.90 –0.15 0.83 0.13 –0.09 0.22 0.04 0.54 0.12 0.22 0.06 0.11 0.05 –0.94 1.90 –0.11 2.01 –0.88 1.27 0.70 0.57 –2.15 –1.79 –0.36 0.94 0.84 0.66 0.87 0.52 0.25 0.17 0.32 –0.13 –0.12 0.55 0.16 0.30 –0.09 0.55 0.54 0.03 0.26 0.09 0.06 0.02 –0.01 0.04 0.02 0.15 0.07 0.02 0.05 0.01 0.03 0.20 0.14 0.18 0.18 0.10 0.05 0.02 0.31 –0.10 –0.05 –0.17 –0.35 0.00 0.03 0.12 0.28 –0.04 0.09 0.04 0.11 0.30 –0.15 0.00 0.26 0.06 0.39 0.26 0.09 0.06 0.31 –0.16 –0.23 0.68 0.53 0.18 0.29 –0.20 –0.10 –0.10 0.12 0.29 0.08 0.07 0.11 –0.03 0.00 0.15 –0.91 –0.14 –0.76 0.10 0.51 0.48 0.03 –0.41 –0.35 –0.06 0.25 0.99 0.39 0.04 0.15 –0.22 –0.08 –0.19 0.11 0.00 –0.25 0.10 0.11 0.06 0.04 0.00 0.35 0.60 –0.32 0.91 –0.03 0.05 0.16 –0.10 –0.08 –0.05 –0.03 2014 Line I II III 1.1 2.5 4.1 1.54 1.24 0.85 0.71 0.43 0.46 0.13 –0.02 0.07 0.15 0.16 0.23 0.07 0.10 0.43 0.26 1.36 1.03 0.58 0.12 0.21 0.24 0.00 0.46 1 2.22 2.09 0.66 0.16 0.21 0.11 0.00 0.08 0.04 –0.03 0.07 0.03 0.11 0.02 0.45 0.06 2 3 4 5 6 7 8 9 0.11 –0.06 0.14 0.16 –0.03 0.04 0.13 –0.09 0.09 –0.09 0.11 –0.02 0.08 –0.01 0.06 0.17 0.21 0.33 0.21 0.11 0.69 0.53 0.32 1.57 1.93 10 11 12 13 14 0.16 –0.35 –0.07 0.09 –0.22 0.25 2.6 Ir –1.0 0.13 1.04 0.60 0.24 –0.35 0.58 0.01 –0.31 0.26 0.14 0.40 0.31 –0.01 0.06 0.00 –0.04 –0.04 0.06 –0.02 0.10 0.27 0.11 0.03 0.02 –0.01 0.27 0.20 0.09 0.01 –0.17 –0.02 0.06 1.61 1.95 0.20 0.77 0.62 1.01 0.04 0.04 0.01 –0.10 0.32 –0.06 0.30 0.23 0.10 0.06 15 16 17 18 19 20 21 22 0.08 –0.04 –0.02 0.15 0.42 0.39 23 24 0.09 0.69 0.85 0.84 0.05 0.62 0.04 –0.01 0.05 0.16 0.27 0.14 0.17 0.10 0.05 0.01 0.01 –0.16 0.02 –0.18 0.10 0.89 0.63 0.27 –0.79 –0.70 –0.09 0.12 1.36 1.17 0.85 0.31 0.41 0.05 0.03 0.02 0.06 0.25 0.05 0.13 0.10 0.03 0.00 0.32 0.20 –0.03 0.22 0.10 0.48 0.36 0.12 –0.38 –0.30 –0.07 0.14 0.82 0.66 0.33 0.03 0.17 0.06 0.00 0.06 0.04 0.01 0.07 0.12 0.08 0.03 0.01 0.33 0.16 0.23 –0.06 0.12 0.36 0.22 0.14 –0.24 –0.17 –0.07 0.24 –0.51 1.13 0.94 0.18 0.57 0.19 –0.03 0.22 0.14 0.08 0.16 0.19 0.09 0.06 0.04 0.19 –1.64 0.02 –1.66 1.32 1.47 1.07 0.40 –0.15 –0.22 0.07 –0.02 –1.11 –0.05 –0.09 –0.82 0.59 –0.15 –0.09 –0.06 0.22 0.26 0.25 0.14 0.13 0.04 –0.03 0.04 –1.06 0.11 –1.17 0.01 0.48 0.38 0.09 –0.46 –0.61 0.14 0.06 1.88 1.16 1.09 0.68 0.23 0.14 0.14 0.00 0.00 0.04 0.05 0.18 0.13 0.06 –0.01 0.07 0.72 –0.02 0.74 0.53 0.64 0.34 0.30 –0.11 0.10 –0.21 –0.30 0.36 1.96 1.81 0.62 0.99 –0.01 0.03 –0.03 0.33 0.43 0.24 0.20 0.14 0.05 0.01 0.15 –1.60 0.08 –1.68 0.10 0.92 0.53 0.39 –0.82 –0.50 –0.32 0.41 4.13 1.39 1.10 0.35 0.54 0.05 0.06 –0.01 0.23 0.47 –0.20 0.21 0.16 0.03 0.02 0.29 2.73 0.05 2.68 –0.60 0.38 0.72 –0.35 –0.98 –0.93 –0.05 0.33 1.57 1.21 0.68 0.18 0.45 0.23 0.11 0.12 –0.19 0.30 0.11 0.05 0.03 0.03 –0.01 0.53 0.36 0.08 0.27 0.44 0.56 0.17 0.39 –0.12 –0.12 0.00 0.13 0.71 –0.23 –0.57 –0.80 0.09 –0.05 –0.08 0.04 0.00 –0.10 0.24 0.14 0.13 –0.01 0.02 0.34 0.93 0.88 0.06 –0.28 –0.18 –0.27 0.09 –0.10 0.03 –0.13 0.31 1.38 0.96 0.56 0.43 0.18 0.16 –0.08 0.23 –0.01 0.08 –0.04 –0.06 –0.11 0.04 0.01 0.40 0.41 0.12 0.30 –0.07 1.04 0.84 0.20 –1.10 –1.00 –0.11 0.07 2.56 0.89 0.58 0.35 0.02 0.03 0.01 0.03 0.18 0.04 –0.23 0.22 0.14 0.08 –0.01 0.31 1.67 0.12 1.55 0.14 0.52 0.52 0.01 –0.39 –0.32 –0.07 0.46 0.41 0.43 0.68 –0.05 0.58 –0.01 0.13 –0.14 –0.04 0.33 0.31 0.15 0.05 0.09 0.02 –0.26 –0.02 –0.05 0.03 0.99 1.23 1.06 0.17 –0.24 –0.18 –0.06 0.42 –1.98 –0.36 –0.20 –0.21 –0.18 –0.19 –0.23 0.04 0.16 –0.06 –0.08 0.19 0.03 0.17 0.00 –0.16 –1.62 –0.08 –1.54 –0.95 –0.83 –0.97 0.13 –0.12 –0.14 0.02 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 –0.68 –0.23 –0.13 –0.06 –0.07 –0.10 –0.09 0.00 –0.46 –0.30 –0.16 –0.20 –0.12 –0.17 –0.11 –0.06 0.05 0.08 –0.02 –0.08 0.00 –0.08 –0.43 0.61 –0.07 –0.87 –0.41 0.71 0.32 –0.23 –0.35 0.34 0.41 –0.19 –0.31 0.23 0.37 –0.25 –0.05 0.11 0.04 0.06 –0.06 0.37 –0.09 –0.04 –0.04 0.28 –0.11 –0.05 –0.02 0.09 0.02 0.01 –0.02 –0.10 –0.39 –0.63 0.03 –0.35 –0.41 –0.35 –0.06 0.24 0.02 –0.28 –1.61 –0.94 –0.83 –0.47 –0.36 –0.11 –0.13 0.02 –0.67 –0.33 –0.34 –0.25 0.16 0.36 0.31 0.06 –0.21 –0.17 –0.04 –0.41 –0.26 –0.15 –0.52 –0.29 0.13 0.19 –0.06 –0.42 –0.39 –0.03 –0.23 –0.17 –0.06 –0.31 –0.25 –0.57 –0.58 0.00 0.32 0.38 –0.06 –0.05 –0.04 –0.01 –0.28 0.05 0.67 –1.31 –0.82 –0.20 –0.02 0.69 –1.19 –0.68 –0.36 –0.05 0.60 –1.22 –0.57 –0.11 –0.13 0.61 –1.14 –0.38 –0.25 0.08 –0.01 –0.08 –0.18 0.16 0.04 0.08 0.03 –0.11 0.18 0.03 0.08 0.05 –0.05 –0.02 0.00 0.00 –0.02 –0.05 –0.08 0.07 –0.02 –0.12 –0.14 0.10 0.03 0.12 –0.01 0.01 –0.18 0.04 –0.14 –0.11 –0.16 –0.07 –0.12 –0.03 –0.12 0.09 –0.09 –0.08 –0.02 0.05 0.04 0.01 0.08 –0.11 –0.02 –0.06 0.04 –0.09 –0.09 0.00 0.19 0.04 0.15 –0.99 –1.00 –0.70 –0.53 –0.17 –0.29 –0.26 –0.03 0.00 0.04 –0.04 –0.15 0.05 –0.11 0.11 –0.22 0.16 0.16 –0.01 –0.20 0.06 –0.26 52 53 54 55 56 57 58 59 60 61 62 r Revised See “Explanatory Note” at the end of the tables. -7- –0.07 –0.36 1.63 1.13 0.44 0.47 0.31 0.28 0.04 0.07 0.01 0.07 0.21 0.16 0.05 0.01 0.50 –2.00 0.10 –2.09 0.68 0.15 –0.28 0.43 0.53 0.50 0.03 IV Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2013 2013 2014 2013 2013 2014 2013 2014 IV Ir Line 2013 1 Gross domestic product ................................... 2 Personal consumption expenditures ...................... 3 Goods..................................................................... 4 Durable goods ..................................................... 5 Motor vehicles and parts ................................. 6 Furnishings and durable household equipment .................................................... 7 Recreational goods and vehicles..................... 8 Other durable goods ........................................ 9 Nondurable goods ............................................... 10 Food and beverages purchased for offpremises consumption................................. 11 Clothing and footwear...................................... 12 Gasoline and other energy goods.................... 13 Other nondurable goods .................................. 14 Services ................................................................. 15 Household consumption expenditures (for services) .......................................................... 16 Housing and utilities......................................... 17 Health care ...................................................... 18 Transportation services.................................... 19 Recreation services......................................... 20 Food services and accommodations ............... 21 Financial services and insurance .................... 22 Other services ................................................. 23 Final consumption expenditures of nonprofit institutions serving households........................ 24 Gross output of nonprofit institutions ............... 25 Less: Receipts from sales of goods and services by nonprofit institutions.................. 26 Gross private domestic investment ........................ 27 Fixed investment ................................................... 28 Nonresidential ..................................................... 29 Structures ........................................................ 30 Equipment ....................................................... 31 Information processing equipment............... 32 Computers and peripheral equipment...... 33 Other ........................................................ 34 Industrial equipment .................................... 35 Transportation equipment ............................ 36 Other equipment .......................................... 37 Intellectual property products .......................... 38 Software....................................................... 39 Research and development ......................... 40 Entertainment, literary, and artistic originals 41 Residential........................................................... 42 Change in private inventories .............................. 43 Farm .................................................................... 44 Nonfarm............................................................... 45 Net exports of goods and services ......................... 46 Exports................................................................... 47 Goods.................................................................. 48 Services............................................................... 49 Imports................................................................... 50 Goods.................................................................. 51 Services............................................................... I II III IV Ir 15,583.9 10,644.0 3,611.9 1,303.5 380.6 15,679.7 10,691.9 3,639.6 1,323.2 379.7 15,839.3 10,744.2 3,680.0 1,348.6 384.3 15,942.3 10,831.5 3,706.1 1,357.8 384.2 15,902.9 10,914.4 3,712.7 1,362.6 387.3 290.6 210.3 125.3 86.6 18.2 103.0 87.3 26.1 9.2 –0.1 –39.4 82.9 6.6 4.8 3.1 1 2 3 4 5 285.8 280.7 284.7 289.4 288.4 285.1 310.5 300.3 306.9 316.6 318.2 316.8 347.8 342.3 346.3 351.7 350.7 347.9 451.6 435.2 447.3 460.1 463.9 465.7 205.0 200.6 204.7 205.8 208.8 208.2 197.0 192.8 196.8 196.9 201.2 202.2 2,622.9 2,607.0 2,591.0 2,638.8 2,654.7 2,660.6 2,342.0 2,322.2 2,331.7 2,348.6 2,365.5 2,367.7 17.7 40.7 13.4 45.2 1.6 3.8 4.3 16.9 –1.4 1.8 1.0 2.2 6 7 8 9 884.0 878.9 877.6 886.2 893.2 895.3 820.2 817.6 815.3 820.8 827.2 826.1 362.7 360.0 362.8 363.1 364.8 361.2 343.3 340.5 345.5 341.7 345.5 341.9 408.7 418.3 391.7 414.0 411.0 411.2 272.3 271.7 271.1 273.2 273.0 274.7 967.5 949.7 958.9 975.6 985.7 992.9 916.5 901.8 910.0 923.0 931.2 935.8 7,615.7 7,527.4 7,578.6 7,624.8 7,731.9 7,859.3 7,067.7 7,031.1 7,051.5 7,063.6 7,124.8 7,200.5 10.8 4.4 0.8 31.4 85.0 6.4 3.8 –0.2 8.2 61.2 –1.1 –3.6 1.7 4.6 75.7 10 11 12 13 14 7,326.2 7,243.6 7,290.2 7,331.7 7,439.2 7,563.0 6,780.5 6,743.2 6,766.1 6,775.2 6,837.7 6,914.1 2,082.5 2,065.8 2,082.6 2,079.5 2,102.2 2,156.7 1,960.6 1,964.5 1,964.8 1,952.6 1,960.5 1,991.1 1,918.6 1,889.2 1,902.9 1,923.3 1,959.0 2,004.8 1,780.1 1,756.5 1,771.9 1,783.9 1,808.3 1,848.2 324.3 324.2 322.8 323.8 326.7 328.8 300.4 300.8 300.8 299.3 300.8 302.5 427.2 423.4 422.8 429.7 432.6 430.9 397.5 396.1 395.1 399.2 399.6 395.5 736.5 725.6 732.9 736.3 751.2 754.1 675.2 670.7 671.9 672.8 685.3 682.9 849.2 835.1 842.0 851.1 868.8 881.0 757.6 747.6 754.9 758.3 769.7 778.5 987.9 980.4 984.4 988.0 998.7 1,006.6 908.5 907.1 906.2 908.5 912.5 914.7 91.1 17.0 41.7 2.4 3.1 18.4 11.6 –3.4 62.5 7.9 24.4 1.5 0.4 12.5 11.4 4.0 76.4 30.6 39.9 1.7 –4.1 –2.4 8.8 2.2 15 16 17 18 19 20 21 22 289.5 283.8 288.4 293.2 292.7 296.3 286.7 287.6 284.8 288.0 286.4 285.5 1,235.2 1,209.9 1,227.2 1,239.5 1,264.1 1,288.7 1,146.8 1,132.7 1,142.2 1,148.1 1,164.3 1,179.8 –6.9 14.7 –1.6 16.2 –0.9 15.5 23 24 892.8 20.6 17.5 16.0 2,562.4 130.4 16.1 –80.9 2,496.6 105.6 17.2 –14.6 2,014.5 52.6 27.8 –8.0 428.0 5.3 –2.0 –8.4 947.3 28.5 24.4 –7.5 299.1 10.0 –0.6 –8.6 ............. ............ ............ ............ 218.0 10.3 –6.3 1.6 198.9 6.0 –1.7 6.2 231.6 1.0 14.2 –2.7 221.8 11.3 12.5 –3.4 641.1 19.0 6.2 7.9 303.6 12.9 2.1 1.3 261.5 5.1 3.2 6.4 76.3 1.2 0.7 –0.2 482.7 52.9 –10.2 –6.3 49.0 23.9 –4.0 –62.7 15.8 26.8 –2.6 –4.4 30.4 –10.4 –0.3 –58.5 –418.9 18.5 37.0 –36.1 2,032.1 52.6 46.1 –31.6 1,395.2 31.8 39.5 –36.5 636.6 21.1 6.4 5.1 2,451.0 34.1 9.1 4.6 2,013.2 24.0 6.7 5.1 437.0 10.7 2.5 –0.7 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 16,799.7 11,501.5 3,885.9 1,263.0 424.5 945.7 2,670.0 2,564.0 2,047.1 456.4 939.7 290.1 77.9 212.2 202.8 218.9 227.9 651.0 294.4 280.7 75.8 516.9 106.1 40.4 65.7 –497.3 2,259.9 1,567.0 692.9 2,757.2 2,296.0 461.2 I II III IV Ir 16,535.3 11,379.2 3,851.8 1,244.8 421.3 16,661.0 11,427.1 3,848.5 1,257.5 421.7 16,912.9 11,537.7 3,912.8 1,274.0 427.1 17,089.6 11,662.2 3,930.3 1,275.7 427.8 17,101.3 11,792.1 3,932.8 1,272.2 430.9 926.1 2,555.1 2,491.7 2,001.4 429.1 928.0 286.2 78.8 207.5 200.1 211.5 230.2 644.3 293.7 275.2 75.3 490.3 63.4 38.9 24.5 –523.1 2,214.2 1,531.6 682.6 2,737.3 2,281.9 455.3 938.8 2,621.0 2,543.8 2,030.6 452.6 934.6 291.4 75.7 215.7 199.3 214.7 229.2 643.5 290.4 277.4 75.6 513.2 77.2 40.4 36.9 –509.0 2,238.9 1,548.8 690.2 2,747.9 2,288.7 459.3 946.3 2,738.0 2,593.2 2,060.5 470.7 935.8 291.6 76.0 215.6 206.6 217.8 219.7 654.1 296.0 282.3 75.8 532.6 144.8 44.5 100.3 –500.2 2,265.8 1,572.1 693.7 2,766.0 2,304.5 461.5 971.4 2,766.0 2,627.2 2,095.7 473.4 960.4 291.0 81.1 209.9 205.0 231.8 232.5 662.0 297.5 288.0 76.6 531.5 138.8 37.8 101.0 –456.9 2,320.6 1,615.6 705.0 2,777.5 2,309.0 468.5 992.5 2,694.8 2,627.9 2,092.8 466.9 954.8 282.8 71.4 211.4 212.4 229.6 230.0 671.1 298.7 295.8 76.6 535.1 66.8 33.1 33.7 –501.8 2,300.1 1,585.8 714.3 2,801.9 2,332.4 469.6 15,761.3 10,727.9 3,659.4 1,333.3 382.2 859.4 2,566.4 2,470.9 1,984.4 426.9 934.4 305.7 ............. 218.1 190.6 222.0 221.0 624.8 298.8 250.8 76.0 486.6 81.5 19.6 58.3 –412.3 2,010.0 1,385.0 624.8 2,422.3 1,988.3 433.5 844.8 2,470.1 2,420.0 1,949.0 407.9 922.5 300.0 ............. 211.8 188.0 215.1 224.0 620.6 298.6 247.4 75.7 471.2 42.2 16.0 22.2 –422.3 1,960.5 1,342.8 617.5 2,382.7 1,954.0 428.3 856.6 2,524.9 2,458.4 1,971.3 424.8 929.9 306.8 .............. 221.6 187.5 218.5 222.2 618.3 294.1 248.8 76.2 487.1 56.6 19.5 32.7 –424.4 1,998.4 1,373.4 624.9 2,422.9 1,989.6 432.6 859.3 2,627.2 2,494.0 1,994.7 438.4 930.4 308.3 .............. 222.7 194.4 220.1 212.7 627.0 300.2 251.9 75.8 499.2 115.7 22.8 89.2 –419.8 2,017.6 1,392.2 625.1 2,437.3 2,001.4 435.2 876.8 2,643.3 2,511.2 2,022.5 436.4 954.8 307.7 .............. 216.4 192.7 234.3 225.2 633.2 302.3 255.1 76.5 489.0 111.7 20.2 88.9 –382.8 2,063.7 1,431.7 631.5 2,446.4 2,008.1 437.7 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. -8- Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2013 2013 2014 2013 2013 2014 2013 2014 IV Ir Line 2013 52 Government consumption expenditures and gross investment .................................................. 53 Federal................................................................... 54 National defense ................................................. 55 Consumption expenditures.............................. 56 Gross investment ............................................ 57 Nondefense......................................................... 58 Consumption expenditures.............................. 59 Gross investment ............................................ 60 State and local ...................................................... 61 Consumption expenditures ................................. 62 Gross investment ................................................ 63 Residual...................................................................... Addenda: 64 Final sales of domestic product .............................. 65 Gross domestic purchases ..................................... 66 Final sales to domestic purchasers ........................ 67 Gross domestic product ...................................... 68 Plus: Income receipts from the rest of the world..... 69 Less: Income payments to the rest of the world ..... 70 Equals: Gross national product .......................... 71 Net domestic product.............................................. 72 Gross domestic income 1........................................ I II III IV Ir 3,125.5 1,245.9 770.7 612.0 158.7 475.1 359.0 116.1 1,879.6 1,548.1 331.5 ............. 3,124.1 1,255.0 775.8 619.7 156.1 479.2 362.6 116.6 1,869.1 1,543.0 326.1 ............. 3,121.9 1,252.6 776.3 615.7 160.5 476.3 360.3 116.1 1,869.3 1,541.4 327.8 ............. 3,137.5 1,251.2 777.3 614.9 162.5 473.9 357.5 116.3 1,886.3 1,550.8 335.6 ............. 3,118.4 1,224.7 753.6 597.8 155.8 471.1 355.6 115.5 1,893.7 1,557.3 336.3 ............. 3,116.3 1,221.1 749.3 602.3 147.0 471.9 356.7 115.2 1,895.1 1,568.5 326.6 ............. 16,693.7 17,297.0 17,191.0 16,799.7 827.3 569.5 17,057.5 14,153.2 16,931.2 16,471.9 17,058.4 16,995.0 16,535.3 813.3 575.9 16,772.7 13,931.5 16,690.9 16,583.8 17,170.0 17,092.8 16,661.0 817.0 570.1 16,907.9 14,029.1 16,847.8 16,768.1 17,413.2 17,268.4 16,912.9 822.0 559.1 17,175.9 14,253.3 17,004.6 16,950.8 17,546.5 17,407.7 17,089.6 856.8 572.9 17,373.5 14,398.6 17,181.4 17,034.5 17,603.1 17,536.3 17,101.3 825.4 590.7 17,336.1 14,380.2 17,137.3 I II III IV 2,896.9 1,157.4 715.0 563.5 151.4 442.5 331.5 110.9 1,739.2 1,432.1 306.4 –39.4 2,907.4 1,172.8 723.1 573.4 149.5 449.8 338.1 111.6 1,734.3 1,429.9 303.7 –38.0 2,904.5 1,168.2 722.0 568.8 153.1 446.2 335.1 111.0 1,736.0 1,431.3 304.0 –41.2 2,907.4 1,163.9 721.2 566.3 154.9 442.7 331.5 111.1 1,743.2 1,432.8 309.7 –40.2 2,868.5 1,124.8 693.6 545.6 148.0 431.2 321.4 109.8 1,743.3 1,434.3 308.3 –39.3 15,669.7 16,172.7 16,081.6 15,761.3 704.4 484.7 15,985.0 13,258.2 15,884.7 15,536.4 16,005.8 15,958.6 15,583.9 695.2 491.9 15,789.7 13,099.9 15,730.6 15,616.2 16,104.1 16,041.0 15,679.7 697.9 486.9 15,893.9 13,183.0 15,855.4 15,711.1 16,258.5 16,130.9 15,839.3 698.9 475.2 16,067.4 13,330.0 15,925.2 15,815.0 16,322.4 16,195.8 15,942.3 725.6 484.9 16,188.9 13,419.9 16,027.8 Ir 2,862.7 –66.2 –38.9 –5.8 1,126.8 –62.9 –39.1 2.0 689.4 –54.1 –27.6 –4.2 549.7 –46.9 –20.7 4.1 139.3 –7.1 –6.9 –8.7 437.5 –8.7 –11.5 6.3 327.8 –5.4 –10.1 6.4 109.6 –3.3 –1.3 –0.2 1,735.6 –3.6 0.1 –7.7 1,436.8 5.0 1.5 2.5 298.2 –8.7 –1.4 –10.1 –40.0 ............. ............ ............. 15,840.2 16,321.2 16,258.8 15,902.9 696.6 498.3 16,102.9 13,368.1 15,936.3 266.5 270.4 246.4 290.6 –1.1 –2.6 291.9 242.4 397.7 103.9 63.9 64.9 103.0 26.7 9.7 121.5 89.9 102.6 25.2 –1.2 63.0 –39.4 –29.0 13.4 –86.0 –51.8 –91.5 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 r Revised 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Includes revisions due to the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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. -9- Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2011 2012 2013 2010 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 III 2011 IV I II 2012 III IV I II 2013 III IV I II 2014 Line III IV Ir Gross domestic product (GDP) 2.0 1.7 1.4 1.9 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.3 1.1 1.3 0.6 2.0 1.6 1.3 Personal consumption expenditures ... 2.4 1.8 1.1 0.5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 –0.1 1.9 1.1 1.4 Goods................................................... 3.6 1.3 –0.4 –2.5 0.6 4.0 6.0 6.3 2.6 0.2 2.2 –1.2 1.3 0.7 –1.0 –3.3 2.2 –1.0 –0.5 Durable goods .................................. –1.0 –1.2 –1.8 –2.4 –2.5 –1.9 –0.8 1.4 –0.6 –2.2 –0.7 –1.2 –2.2 –2.1 –1.1 –2.0 –2.3 –2.2 –2.5 Nondurable goods ............................ 5.9 2.4 0.2 –2.5 2.2 6.9 9.3 8.6 4.1 1.3 3.5 –1.1 3.0 2.0 –0.9 –4.0 4.5 –0.5 0.5 Services ............................................... 1.8 2.2 2.0 1.9 1.5 1.2 1.5 2.4 2.2 2.0 2.3 2.2 1.9 2.1 2.1 1.6 1.8 2.2 2.3 Gross private domestic investment ..... 1.3 1.3 1.7 0.5 0.7 2.1 1.1 1.7 1.0 0.7 1.4 1.6 1.3 1.5 2.1 1.9 1.7 1.5 2.1 Fixed investment .................................. 1.3 1.3 1.9 0.1 0.5 1.8 1.4 2.2 1.1 0.7 1.5 1.5 1.4 1.3 2.3 2.0 2.0 2.5 2.5 Nonresidential................................... 1.5 1.4 1.2 0.9 0.6 1.6 1.5 2.3 1.3 0.9 2.1 1.5 1.0 0.8 1.3 1.2 1.2 1.2 1.0 Structures ..................................... 2.9 1.9 3.0 2.1 2.1 2.5 2.7 4.2 3.7 2.7 0.9 1.9 0.6 1.2 4.0 5.2 3.1 4.3 2.2 Equipment..................................... 0.9 1.3 0.4 –0.2 1.0 1.0 0.7 1.7 0.7 1.0 2.1 0.4 1.4 1.5 –0.3 –0.4 0.3 0.0 0.8 Intellectual property products ....... 1.2 1.4 1.0 1.4 –1.0 1.9 2.0 2.2 0.5 –0.6 2.7 2.9 0.7 –0.6 1.9 1.0 1.0 0.9 0.5 Residential........................................ 0.7 0.9 4.9 –2.8 0.0 2.3 0.8 1.4 0.1 0.1 –0.8 1.4 3.4 4.0 6.3 5.1 5.2 7.6 8.3 Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... Exports................................................. 6.4 0.9 0.2 4.7 1.2 9.7 10.6 8.3 2.3 –4.0 2.9 0.6 0.0 1.5 1.4 –3.2 1.0 0.5 2.7 Goods............................................... 7.6 0.4 –0.3 5.4 1.4 12.7 12.7 9.5 1.9 –5.2 2.4 –0.1 0.0 1.1 1.2 –4.4 0.5 –0.3 2.9 Services............................................ 3.8 2.1 1.5 3.2 0.9 3.4 6.0 5.7 3.2 –1.0 4.0 2.4 –0.1 2.5 2.0 –0.3 1.9 2.4 2.1 Imports ................................................. 7.8 0.5 –0.9 –1.8 –2.2 9.6 17.4 12.8 –0.4 –0.8 4.3 –3.7 –5.0 4.1 0.5 –5.0 0.2 0.2 2.8 Goods............................................... 8.8 0.6 –1.2 –2.4 –2.9 10.4 20.4 14.6 –0.3 –0.3 4.8 –4.5 –5.9 4.5 0.6 –5.9 0.4 –0.6 3.1 Services............................................ 2.8 0.2 0.5 0.7 1.5 5.9 3.7 4.5 –0.7 –3.2 1.6 0.5 –0.3 2.3 –0.1 –0.5 –0.5 3.9 1.5 Government consumption 2.8 1.3 0.9 3.0 2.0 2.9 3.6 4.1 1.7 –0.5 2.9 0.3 0.3 1.4 0.9 0.1 1.6 3.0 0.5 expenditures and gross investment Federal ................................................. 2.7 0.8 1.4 2.9 1.6 2.3 4.2 3.8 1.3 –1.0 1.5 0.8 0.2 0.6 2.4 0.8 1.0 5.2 –1.8 National defense............................... 2.8 1.0 1.5 2.4 0.8 2.2 5.2 4.2 1.2 –1.6 2.4 1.2 0.4 0.8 2.8 0.9 1.0 3.2 0.2 Nondefense ...................................... 2.5 0.4 1.2 3.9 2.9 2.3 2.5 3.2 1.7 0.0 0.0 0.2 –0.2 0.1 1.8 0.8 1.1 8.5 –5.0 State and local...................................... 2.9 1.6 0.7 3.1 2.3 3.3 3.1 4.3 1.9 –0.1 3.8 –0.1 0.4 1.9 –0.1 –0.4 2.0 1.5 2.1 Addenda: Final sales of domestic product............ 2.0 1.8 1.4 1.8 1.8 2.0 1.7 2.7 2.5 0.5 2.0 1.7 2.3 1.1 1.4 0.7 2.0 1.7 1.3 Gross domestic purchases................... 2.3 1.7 1.2 1.0 1.3 2.3 2.8 3.5 2.0 0.9 2.3 1.0 1.4 1.6 1.2 0.2 1.8 1.5 1.3 Final sales to domestic purchasers...... 2.3 1.7 1.2 0.9 1.3 2.2 2.9 3.6 2.0 0.9 2.3 1.0 1.4 1.5 1.2 0.2 1.9 1.6 1.4 Gross national product (GNP).............. 2.0 1.7 1.4 1.8 1.8 2.1 1.6 2.7 2.4 0.5 2.0 1.7 2.3 1.1 1.3 0.6 2.0 1.6 1.3 Implicit price deflators: GDP.................................................. 2.0 1.7 1.5 1.8 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.1 1.4 1.7 0.6 2.0 1.6 1.3 Gross domestic purchases ............... 2.3 1.6 1.3 0.9 1.3 2.3 2.8 3.5 2.1 0.9 2.2 1.0 1.2 1.9 1.5 0.2 1.8 1.5 1.3 GNP.................................................. 2.0 1.7 1.5 1.7 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.1 1.4 1.7 0.6 2.0 1.6 1.3 r Revised See “Explanatory Note” at the end of the tables. - 10 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2011 2012 2013 2013 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 II 2014 III IV Gross domestic product ..................................................... 104.400 107.302 109.317 108.087 108.751 109.859 110.572 110.300 Personal consumption expenditures................................................ 104.555 106.854 108.991 108.138 108.625 109.156 110.043 110.885 Goods ............................................................................................... 106.925 110.495 114.413 112.928 113.793 115.057 115.873 116.079 Durable goods............................................................................... 113.074 121.833 130.289 127.379 129.309 131.785 132.682 133.154 Nondurable goods......................................................................... 104.177 105.594 107.672 106.762 107.197 107.973 108.754 108.855 Services............................................................................................ 103.411 105.090 106.370 105.818 106.125 106.308 107.228 108.368 Gross private domestic investment .................................................. 118.449 129.705 136.647 131.521 134.440 139.883 140.743 136.432 Fixed investment............................................................................... 107.844 116.766 121.978 119.467 121.362 123.119 123.966 123.246 Nonresidential ............................................................................... 110.225 118.263 121.485 119.318 120.685 122.114 123.821 123.326 Structures.................................................................................. 85.360 96.212 97.416 93.090 96.943 100.042 99.588 97.676 Equipment ................................................................................. 130.639 140.604 145.024 143.175 144.326 144.401 148.192 147.021 Intellectual property products.................................................... 106.388 109.962 113.408 112.648 112.235 113.815 114.933 116.375 Residential .................................................................................... 97.964 110.581 124.060 120.123 124.180 127.267 124.671 123.071 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... Exports of goods and services ......................................................... 119.367 123.590 126.912 123.781 126.181 127.389 130.298 128.302 Imports of goods and services ......................................................... 118.239 120.860 122.588 120.584 122.615 123.347 123.807 124.036 Government consumption expenditures and gross investment.... 96.868 95.921 93.779 94.117 94.024 94.117 92.859 92.673 Federal.............................................................................................. 101.660 100.212 95.051 96.315 95.933 95.581 92.375 92.536 State and local .................................................................................. 93.751 93.128 92.934 92.672 92.765 93.147 93.153 92.742 Addenda: Final sales of domestic product ........................................................ 103.082 105.751 107.581 106.666 107.214 107.865 108.579 108.751 Gross domestic purchases ............................................................... 104.666 107.374 109.200 108.073 108.737 109.779 110.211 110.203 Final sales to domestic purchasers .................................................. 103.381 105.866 107.513 106.691 107.242 107.843 108.277 108.698 Gross national product...................................................................... 104.954 107.744 109.748 108.408 109.123 110.314 111.148 110.558 r Revised See “Explanatory Note” at the end of the tables. - 11 - Line Ir 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2011 2012 2013 2013 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 II 2014 III IV Line Ir Gross domestic product ..................................................... 103.203 105.008 106.486 105.994 106.165 106.685 107.099 107.442 Personal consumption expenditures (PCE)..................................... 104.086 106.009 107.211 106.909 106.878 107.387 107.671 108.044 Goods ............................................................................................... 105.345 106.666 106.189 106.641 105.740 106.326 106.049 105.929 Durable goods............................................................................... 97.649 96.467 94.725 95.487 95.016 94.456 93.941 93.355 Nondurable goods......................................................................... 109.128 111.765 111.994 112.264 111.126 112.362 112.224 112.372 Services............................................................................................ 103.463 105.689 107.751 107.060 107.477 107.946 108.522 109.150 Gross private domestic investment .................................................. 100.364 101.646 103.401 102.726 103.206 103.641 104.031 104.569 Fixed investment............................................................................... 100.506 101.852 103.763 102.967 103.478 103.982 104.625 105.265 Nonresidential ............................................................................... 100.524 101.977 103.155 102.692 103.008 103.303 103.618 103.888 Structures.................................................................................. 101.748 103.732 106.882 105.189 106.521 107.347 108.471 109.065 Equipment ................................................................................. 98.928 100.187 100.565 100.601 100.500 100.578 100.580 100.790 Intellectual property products.................................................... 101.789 103.169 104.188 103.816 104.071 104.322 104.544 104.681 Residential .................................................................................... 100.392 101.246 106.235 104.088 105.396 106.739 108.717 110.894 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... Exports of goods and services ......................................................... 111.140 112.185 112.433 112.944 112.034 112.303 112.450 113.193 Imports of goods and services ......................................................... 114.273 114.862 113.823 114.873 113.411 113.480 113.528 114.314 Government consumption expenditures and gross investment.... 105.560 106.882 107.891 107.454 107.485 107.916 108.711 108.856 Federal.............................................................................................. 105.344 106.184 107.655 107.007 107.229 107.504 108.879 108.373 State and local .................................................................................. 105.710 107.371 108.073 107.775 107.676 108.213 108.627 109.194 Addenda: PCE excluding food and energy 1 ..................................................... 102.743 104.632 105.936 105.542 105.711 106.077 106.415 106.738 Market-based PCE 2 ......................................................................... 104.034 105.920 107.062 106.800 106.721 107.258 107.469 107.806 Market-based PCE excluding food and energy 2 .............................. 102.480 104.320 105.570 105.210 105.351 105.729 105.990 106.265 Final sales of domestic product ........................................................ 103.217 105.033 106.535 106.024 106.199 106.731 107.184 107.543 Gross domestic purchases ............................................................... 103.884 105.599 106.851 106.467 106.526 107.010 107.402 107.762 Final sales to domestic purchasers .................................................. 103.898 105.624 106.898 106.496 106.559 107.053 107.485 107.859 Gross national product...................................................................... 103.327 105.131 106.608 106.116 106.287 106.807 107.221 107.566 Implicit price deflators: Gross domestic product ................................................................ 103.199 105.002 106.588 106.105 106.259 106.778 107.197 107.536 Final sales of domestic product .................................................... 103.217 105.033 106.535 106.021 106.196 106.728 107.181 107.539 Gross domestic purchases ........................................................... 103.880 105.594 106.952 106.576 106.619 107.102 107.500 107.855 Final sales to domestic purchasers............................................... 103.898 105.624 106.899 106.494 106.557 107.052 107.483 107.857 Gross national product.................................................................. 103.322 105.126 106.710 106.225 106.380 106.899 107.318 107.658 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 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. - 12 - Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 r Line Gross domestic product (GDP) ............................................... 4.4 4.8 4.1 1.0 1.8 2.8 3.8 3.4 2.7 1.8 –0.3 –2.8 2.5 1.8 2.8 1.9 Personal consumption expenditures ................................................. 5.3 5.5 5.1 2.5 2.5 3.1 3.8 3.5 3.0 2.2 –0.4 –1.6 2.0 2.5 2.2 2.0 Goods................................................................................................. 6.7 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 –2.5 –3.0 3.4 3.4 3.3 3.5 Durable goods ................................................................................ 12.1 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 –5.1 –5.5 6.1 6.6 7.7 6.9 Nondurable goods .......................................................................... 3.7 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 –1.1 –1.8 2.2 1.9 1.4 2.0 Services ............................................................................................. 4.6 4.1 5.0 2.2 1.8 2.2 3.2 3.2 2.7 2.0 0.8 –0.8 1.2 2.1 1.6 1.2 Gross private domestic investment ................................................... 9.5 8.4 6.5 –6.1 –0.6 4.1 8.8 6.4 2.1 –3.1 –9.4 –21.6 12.9 4.9 9.5 5.4 Fixed investment ................................................................................ 10.2 8.8 6.9 –1.6 –3.5 4.0 6.7 6.8 2.0 –2.0 –6.8 –16.7 1.5 6.2 8.3 4.5 Nonresidential................................................................................. 10.8 9.7 9.1 –2.4 –6.9 1.9 5.2 7.0 7.1 5.9 –0.7 –15.6 2.5 7.6 7.3 2.7 Structures ................................................................................... 5.1 0.1 7.8 –1.5 –17.7 –3.9 –0.4 1.7 7.2 12.7 6.1 –18.9 –16.4 2.1 12.7 1.3 Equipment................................................................................... 13.1 12.5 9.7 –4.3 –5.4 3.2 7.7 9.6 8.6 3.2 –6.9 –22.9 15.9 12.7 7.6 3.1 Intellectual property products ..................................................... 10.8 12.4 8.9 0.5 –0.5 3.8 5.1 6.5 4.5 4.8 3.0 –1.4 1.9 4.4 3.4 3.1 Residential...................................................................................... 8.6 6.3 0.7 0.9 6.1 9.1 10.0 6.6 –7.6 –18.8 –24.0 –21.2 –2.5 0.5 12.9 12.2 Change in private inventories............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports............................................................................................... 2.3 4.6 8.4 –5.7 –1.9 1.6 9.4 6.0 8.9 8.9 5.7 –9.1 11.5 7.1 3.5 2.7 Goods............................................................................................. 2.2 5.9 10.1 –6.2 –3.5 1.9 8.5 7.4 9.4 7.5 6.1 –12.0 14.3 7.1 3.8 2.4 Services.......................................................................................... 2.6 1.4 3.9 –4.3 2.3 1.0 11.6 3.0 7.7 12.3 4.8 –2.1 5.6 7.0 3.0 3.5 Imports ............................................................................................... 11.7 11.4 12.8 –2.9 3.4 4.3 11.0 6.1 6.1 2.3 –2.6 –13.7 12.8 4.9 2.2 1.4 Goods............................................................................................. 11.8 12.7 13.1 –3.2 3.7 4.9 11.1 6.7 5.9 1.8 –3.7 –15.8 15.2 5.2 2.1 1.2 Services.......................................................................................... 10.9 4.7 11.0 –0.9 1.8 1.3 10.5 3.1 7.4 4.7 3.1 –3.1 2.8 3.1 2.7 2.5 Government consumption expenditures and gross investment ..... 2.1 3.4 1.9 3.8 4.4 2.2 1.6 0.6 1.5 1.6 2.8 3.2 0.1 –3.2 –1.0 –2.2 Federal ............................................................................................... –0.9 2.0 0.3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 –2.6 –1.4 –5.2 National defense............................................................................. –2.1 1.5 –0.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 –2.3 –3.2 –7.0 Nondefense .................................................................................... 1.3 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 0.3 5.5 6.2 6.4 –3.0 1.8 –1.9 State and local.................................................................................... 3.8 4.2 2.8 3.7 2.9 –0.4 –0.1 0.0 0.9 1.5 0.3 1.6 –2.7 –3.6 –0.7 –0.2 Addenda: Final sales of domestic product.......................................................... 4.5 4.9 4.2 1.9 1.2 2.8 3.4 3.4 2.6 2.0 0.2 –2.0 1.0 2.0 2.6 1.7 Gross domestic purchases................................................................. 5.5 5.7 4.8 1.1 2.3 3.1 4.2 3.5 2.6 1.1 –1.3 –3.8 2.9 1.7 2.6 1.7 Final sales to domestic purchasers.................................................... 5.6 5.7 4.8 2.0 1.8 3.1 3.9 3.5 2.6 1.4 –0.9 –3.0 1.5 1.8 2.4 1.6 Gross domestic income 1 ................................................................... 5.3 4.5 4.7 1.1 1.4 2.2 3.7 3.6 4.0 0.1 –0.8 –2.6 2.7 2.5 2.5 2.6 Gross national product ....................................................................... 4.4 4.9 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 0.0 –3.0 2.8 2.1 2.7 1.9 Real disposable personal income ...................................................... 5.9 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 –0.5 1.1 2.4 2.0 0.7 Price indexes: Gross domestic purchases ............................................................. 0.7 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 3.0 –0.2 1.5 2.3 1.7 1.2 Gross domestic purchases excluding food and energy 2 ............... 0.9 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 0.5 1.3 1.7 1.6 1.3 GDP................................................................................................ 1.1 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 0.8 1.2 2.0 1.7 1.4 GDP excluding food and energy 2 .................................................. 1.2 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 0.5 1.4 1.8 1.7 1.5 Personal consumption expenditures............................................... 0.8 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 –0.1 1.7 2.4 1.8 1.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. - 13 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2010 2011 2012 2013 2014 Line Line II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 III IV I II III IV I II III IV I II III IV r Ir Gross domestic product (GDP) .............................................. 2.7 3.0 2.8 2.0 1.9 1.5 2.0 3.3 2.8 3.1 2.0 1.3 1.6 2.0 2.6 2.0 Personal consumption expenditures (PCE) ..................................... 2.0 2.0 3.1 3.1 2.6 2.5 2.0 2.2 2.3 2.2 2.0 1.9 1.9 1.9 2.3 2.5 Goods................................................................................................ 3.8 3.0 5.1 4.8 3.5 2.9 2.3 2.7 3.2 3.9 3.5 3.3 3.6 3.8 3.5 2.8 Durable goods ............................................................................... 7.4 4.1 9.3 9.3 5.9 5.5 5.7 6.8 7.8 8.6 7.8 6.9 7.7 7.6 5.6 4.5 Nondurable goods ......................................................................... 2.2 2.5 3.3 2.8 2.5 1.7 0.7 0.9 1.2 1.7 1.6 1.7 1.6 2.0 2.6 2.0 Services ............................................................................................ 1.1 1.6 2.1 2.2 2.2 2.3 1.9 2.0 1.9 1.4 1.3 1.1 1.0 1.0 1.7 2.4 Gross private domestic investment .................................................. 16.3 21.1 11.1 5.5 3.7 1.1 9.3 14.3 10.1 11.2 3.1 1.7 4.4 6.9 8.3 3.7 Fixed investment ............................................................................... 2.6 2.6 5.5 5.1 4.0 7.7 8.1 10.5 9.5 6.5 6.8 4.3 4.7 5.5 3.4 3.2 Nonresidential................................................................................ 1.5 4.9 8.1 6.8 6.4 8.4 8.6 10.4 9.0 5.0 5.0 2.4 2.4 3.5 2.6 3.4 Structures .................................................................................. –18.4 –13.8 –4.0 –5.5 –1.2 6.7 8.3 20.4 13.9 8.5 9.3 –0.3 2.1 3.9 –0.7 4.9 Equipment.................................................................................. 16.4 19.7 20.9 16.2 11.4 12.0 11.6 10.7 10.9 4.8 4.5 2.9 2.4 3.4 3.9 2.7 Intellectual property products .................................................... 1.0 2.2 1.8 3.1 4.9 4.7 4.9 4.2 3.5 2.8 2.9 3.5 2.7 3.4 3.0 3.3 Residential..................................................................................... 7.0 –6.9 –5.2 –1.6 –6.0 4.6 5.6 10.7 11.6 13.6 15.5 12.9 15.1 14.2 6.9 2.5 Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports.............................................................................................. 13.1 12.4 9.8 9.1 7.9 6.9 4.6 4.7 4.4 2.8 2.4 1.0 2.0 2.9 4.9 3.7 Goods............................................................................................ 17.9 14.8 11.0 9.3 7.3 6.6 5.4 4.7 5.1 4.0 1.4 0.2 1.2 2.2 5.9 3.9 Services......................................................................................... 3.6 7.3 7.0 8.5 9.2 7.7 2.7 4.6 2.9 –0.2 4.7 2.8 3.8 4.5 2.8 3.1 Imports .............................................................................................. 16.7 16.3 11.7 9.3 4.6 2.3 3.5 3.0 3.4 2.4 0.1 0.1 1.2 1.6 2.8 2.9 Goods............................................................................................ 20.3 19.0 13.5 10.8 4.8 2.2 3.4 2.6 3.4 2.6 0.0 –0.2 1.0 1.5 2.7 3.0 Services......................................................................................... 2.2 5.0 3.7 2.3 3.3 2.8 3.9 5.2 3.9 1.2 0.5 1.8 2.2 2.6 3.4 2.0 Government consumption expenditures and gross investment .... 0.3 –0.3 –1.1 –2.3 –3.3 –3.9 –3.3 –1.7 –1.3 0.2 –1.1 –1.8 –2.0 –2.7 –2.4 –1.5 Federal .............................................................................................. 4.5 4.0 3.2 –0.5 –2.1 –3.8 –3.9 –1.8 –2.3 0.7 –2.3 –3.8 –4.1 –6.5 –6.2 –3.9 National defense............................................................................ 2.9 2.6 2.0 –1.4 –1.3 –2.5 –4.2 –2.2 –4.0 –1.7 –5.0 –6.2 –6.1 –8.9 –6.9 –4.7 Nondefense ................................................................................... 7.4 6.6 5.5 1.0 –3.5 –6.2 –3.3 –1.2 0.8 5.1 2.6 0.3 –0.8 –2.2 –5.0 –2.7 State and local................................................................................... –2.4 –3.1 –4.0 –3.6 –4.2 –3.9 –2.8 –1.6 –0.6 –0.2 –0.3 –0.5 –0.5 –0.1 0.2 0.1 Addenda: Final sales of domestic product......................................................... 1.0 0.8 2.0 2.0 1.9 2.4 1.8 2.7 2.7 2.5 2.5 1.7 1.7 1.7 1.8 2.0 Gross domestic purchases................................................................ 3.4 3.8 3.2 2.3 1.6 1.0 1.9 3.1 2.7 3.1 1.6 1.2 1.5 1.8 2.3 2.0 Final sales to domestic purchasers................................................... 1.7 1.6 2.5 2.2 1.6 1.8 1.7 2.5 2.6 2.4 2.1 1.5 1.5 1.6 1.6 1.9 Gross domestic income 1 .................................................................. 2.8 3.6 2.5 2.9 2.8 2.0 2.3 3.1 2.4 2.0 2.6 1.9 2.8 3.1 2.5 1.3 Gross national product ...................................................................... 3.1 3.1 2.8 2.3 2.1 1.9 2.3 3.2 2.8 2.9 1.8 1.2 1.5 2.0 2.7 2.0 Real disposable personal income ..................................................... 0.3 1.8 2.5 3.7 2.3 2.2 1.4 1.3 1.8 1.3 3.6 0.4 0.9 1.8 –0.2 2.3 Price indexes: Gross domestic purchases ............................................................ 1.6 1.6 1.6 1.8 2.5 2.7 2.3 2.2 1.5 1.4 1.5 1.3 1.1 1.2 1.2 1.2 Gross domestic purchases excluding food and energy 2 .............. 1.2 1.4 1.4 1.4 1.8 1.9 1.8 1.9 1.6 1.5 1.5 1.3 1.2 1.3 1.4 1.3 GDP............................................................................................... 1.1 1.6 1.8 1.8 2.0 2.2 1.8 1.9 1.7 1.6 1.8 1.6 1.3 1.3 1.4 1.4 GDP excluding food and energy 2 ................................................. 1.4 1.6 1.6 1.6 1.9 2.0 1.8 1.9 1.7 1.5 1.6 1.5 1.3 1.5 1.6 1.5 PCE ............................................................................................... 1.8 1.4 1.3 1.7 2.5 2.8 2.6 2.4 1.7 1.6 1.7 1.4 1.1 1.1 1.0 1.1 PCE excluding food and energy 2.................................................. 1.3 1.3 1.0 1.0 1.3 1.6 1.8 2.0 1.9 1.8 1.7 1.5 1.2 1.2 1.2 1.1 Market-based PCE 3...................................................................... 1.6 1.2 1.1 1.7 2.6 3.0 2.7 2.5 1.7 1.5 1.5 1.3 1.0 1.1 0.9 0.9 Market-based PCE excluding food and energy 3 ........................... 1.1 1.0 0.7 0.9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.1 1.2 1.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. 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. - 14 - Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 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 ........................................................................................... Wages and salaries...................................................................................................... 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: 18 Gross domestic income ................................................................................................... 2012 2013 r 2013 2014 I II III IV r Ir Line 15,533.8 802.8 542.1 15,794.6 2,452.6 –53.7 13,395.7 8,278.5 6,638.7 1,639.8 1,155.1 484.4 1,877.7 456.9 1,037.2 129.6 –23.8 16,244.6 16,799.7 818.6 827.3 565.7 569.5 16,497.4 17,057.5 2,542.9 2,646.6 –17.0 –131.4 13,971.6 14,542.4 8,611.6 8,859.4 6,926.8 7,137.5 1,684.9 1,721.9 1,224.9 1,348.8 541.2 590.6 2,009.5 2,102.1 439.6 469.2 1,065.6 1,088.0 106.9 124.4 –27.7 –40.1 16,535.3 813.3 575.9 16,772.7 2,603.8 –155.6 14,324.5 8,748.3 7,040.4 1,707.9 1,334.6 574.9 2,020.6 477.0 1,082.7 121.9 –35.5 16,661.0 817.0 570.1 16,907.9 2,631.9 –186.8 14,462.7 8,835.5 7,117.6 1,717.8 1,341.5 587.7 2,087.4 444.0 1,079.9 125.8 –39.0 16,912.9 822.0 559.1 17,175.9 2,659.6 –91.7 14,607.9 8,888.3 7,162.8 1,725.5 1,360.7 596.6 2,126.6 467.2 1,089.9 120.1 –41.4 17,089.6 856.8 572.9 17,373.5 2,691.0 –91.8 14,774.3 8,965.3 7,229.1 1,736.2 1,358.5 603.2 2,173.7 488.6 1,099.6 129.9 –44.3 17,101.3 825.4 590.7 17,336.1 2,721.1 –36.0 14,651.0 9,040.2 7,292.0 1,748.2 1,366.6 611.1 1,960.3 481.8 1,115.7 120.8 –45.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 15,587.5 16,261.6 16,690.9 16,847.8 17,004.6 17,181.4 17,137.3 18 16,931.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 2013 r 2013 I Personal income 1 ............................................................................................................. Compensation of employees ........................................................................................... Wages and salaries...................................................................................................... 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: 19 Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 20 Disposable personal income, billions of chained (2009) dollars 2.................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 II 2014 III IV r I Line r 13,191.3 8,278.5 6,638.7 1,639.8 1,155.1 72.6 1,082.6 484.4 1,884.6 1,204.1 680.5 2,306.9 918.2 1,404.0 11,787.4 11,119.1 668.2 5.7 13,743.8 8,611.6 6,926.8 1,684.9 1,224.9 75.4 1,149.6 541.2 1,958.5 1,211.6 746.9 2,358.3 950.7 1,498.0 12,245.8 11,558.4 687.4 5.6 14,134.7 13,925.9 14,086.2 8,859.4 8,748.3 8,835.5 7,137.5 7,040.4 7,117.6 1,721.9 1,707.9 1,717.8 1,348.8 1,334.6 1,341.5 127.6 137.0 129.0 1,221.2 1,197.6 1,212.5 590.6 574.9 587.7 1,997.7 1,935.8 1,994.0 1,229.2 1,215.8 1,225.6 768.5 720.0 768.4 2,444.3 2,426.0 2,430.9 1,106.0 1,093.7 1,103.3 1,658.5 1,629.0 1,668.8 12,476.2 12,296.9 12,417.4 11,914.9 11,794.9 11,837.0 561.3 502.0 580.4 4.5 4.1 4.7 14,225.3 8,888.3 7,162.8 1,725.5 1,360.7 131.7 1,229.0 596.6 2,030.7 1,234.2 796.5 2,458.0 1,109.0 1,657.6 12,567.7 11,950.4 617.3 4.9 14,301.3 8,965.3 7,229.1 1,736.2 1,358.5 112.9 1,245.6 603.2 2,030.1 1,241.1 789.0 2,462.3 1,118.1 1,678.5 12,622.8 12,077.4 545.4 4.3 14,417.3 9,040.2 7,292.0 1,748.2 1,366.6 99.6 1,266.9 611.1 2,030.0 1,243.5 786.6 2,503.4 1,134.0 1,698.3 12,719.0 12,210.8 508.2 4.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 10,457.1 11,324.6 10,740.1 11,551.6 10,904.0 10,756.9 11,636.9 11,502.4 10,958.1 11,703.4 10,995.7 11,723.7 11,027.1 11,772.3 19 20 10,905.4 11,618.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, 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. - 15 - Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Quarter one year ago Line Quarterly rates Line 2011 2012 2013 2012 2013 I 1 Corporate profits with inventory valuation and capital consumption adjustments .......................... 2 Less: Taxes on corporate income .................................. 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments................... 4 Net dividends.............................................................. 5 Undistributed profits with inventory valuation and capital consumption adjustments ........................... Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 7 Undistributed profits with inventory valuation and capital consumption adjustments........................ 8 Consumption of fixed capital................................... 9 Less: Capital transfers paid (net)............................ Addenda: 10 Profits before tax (without inventory valuation and capital consumption adjustments) .......................... 11 Profits after tax (without inventory valuation and capital consumption adjustments) .......................... 12 Inventory valuation adjustment................................... 13 Capital consumption adjustment ................................ II 2013 2014 III IV 2013 I II III 2014 2014 I I IV 1,877.7 2,009.5 2,102.1 2,020.6 2,087.4 2,126.6 2,173.7 1,960.3 374.2 434.8 418.9 408.2 418.2 417.8 431.1 457.3 7.0 16.2 4.6 –3.7 3.3 2.4 1.9 –0.1 2.2 3.2 –9.8 6.1 –3.0 12.0 1 2 1,503.5 1,574.7 1,683.2 1,612.3 1,669.2 1,708.7 1,742.5 1,503.0 701.6 770.3 902.0 763.8 1,037.3 858.3 948.8 859.8 4.7 9.8 6.9 17.1 3.5 35.8 2.4 –17.3 2.0 10.5 –13.7 –9.4 –6.8 12.6 3 4 643.2 0.3 –2.9 –25.5 34.6 –6.7 –19.0 –24.2 5 2,146.7 2,177.1 2,209.5 2,258.6 2,053.3 2,284.4 2,241.4 2,109.8 1.4 1.5 –9.1 11.3 –1.9 –5.9 –6.6 6 801.9 804.3 781.2 848.5 631.9 850.5 793.8 643.2 0.3 –2.9 –25.5 34.6 –6.7 –19.0 –24.2 1,306.0 1,365.7 1,422.6 1,400.4 1,415.7 1,429.5 1,444.8 1,459.3 4.6 4.2 1.1 1.0 1.1 1.0 4.2 –38.8 –7.1 –5.7 –9.6 –5.7 –4.5 –2.8 –7.4 ............ ............. ............ ............ ............. ............ ............ 7 8 9 801.9 804.3 781.2 848.5 631.9 850.5 793.8 1,847.4 2,190.0 2,263.7 2,193.1 2,239.7 2,286.6 2,335.6 2,337.0 18.5 3.4 2.1 2.1 2.1 0.1 6.6 10 1,473.1 1,755.2 1,844.9 1,784.8 1,821.4 1,868.7 1,904.5 1,879.7 19.1 5.1 2.1 2.6 1.9 –1.3 5.3 –56.0 –10.0 –0.3 –13.0 8.9 1.7 1.2 –31.1 ............ ............. ............ ............ ............. ............ ............ 86.4 –170.5 –161.3 –159.5 –161.1 –161.6 –163.1 –345.6 ............ ............. ............ ............ ............. ............ ............ 11 12 13 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 Line 2013 2011 2012 2013 2013 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 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 2014 III IV I 2,173.7 1,730.9 472.0 1,258.9 442.7 698.2 255.4 2012 2014 Line 2013 II III IV I 1,877.7 1,441.2 355.6 1,085.6 436.6 653.7 217.2 2,009.5 1,590.5 422.0 1,168.5 418.9 665.9 247.0 2,102.1 1,686.0 456.5 1,229.6 416.0 670.4 254.3 2,020.6 1,622.1 431.7 1,190.3 398.5 657.5 259.0 2,087.4 2,126.6 1,684.3 1,706.8 456.2 465.9 1,228.1 1,240.8 403.1 419.8 658.7 667.0 255.6 247.2 1,960.3 1,558.0 401.4 1,156.6 402.3 665.9 263.6 131.8 149.3 66.4 82.9 –17.7 12.2 29.8 92.6 95.5 34.5 61.1 –2.9 4.5 7.3 66.8 62.2 24.5 37.8 4.6 1.2 –3.4 39.2 22.5 9.7 12.7 16.7 8.3 –8.4 47.1 24.1 6.1 18.1 22.9 31.2 8.2 –213.4 –172.9 –70.6 –102.3 –40.4 –32.3 8.2 1 2 3 4 5 6 7 1,791.3 1,354.8 384.1 75.9 308.1 970.7 11.1 303.9 135.6 17.9 24.7 34.0 2,180.0 1,761.1 477.4 71.7 405.7 1,283.7 37.1 404.3 197.0 24.3 33.5 39.5 2,263.4 1,847.4 512.0 85.3 426.7 1,335.3 42.9 400.6 201.4 24.0 29.2 38.2 2,180.0 1,781.5 486.9 70.0 416.9 1,294.6 38.3 389.7 186.7 23.5 24.6 35.1 2,248.6 2,288.2 2,336.8 2,305.9 1,845.5 1,868.4 1,894.0 1,903.5 511.9 521.6 527.7 474.6 82.1 90.4 98.9 98.1 429.8 431.2 428.9 376.5 1,333.6 1,346.8 1,366.3 1,428.9 47.2 50.2 36.1 .............. 381.8 392.4 438.8 .............. 195.4 212.3 211.2 .............. 24.6 23.9 23.7 .............. 31.0 30.4 30.7 .............. 36.7 39.3 41.7 .............. 388.7 406.3 93.3 –4.2 97.6 313.0 26.0 100.4 61.4 6.4 8.8 5.5 83.4 86.3 34.6 13.6 21.0 51.6 5.8 –3.7 4.4 –0.3 –4.3 –1.3 68.6 64.0 25.0 12.1 12.9 39.0 8.9 –7.9 8.7 1.1 6.4 1.6 39.6 22.9 9.7 8.3 1.4 13.2 3.0 10.6 16.9 –0.7 –0.6 2.6 48.6 25.6 6.1 8.5 –2.3 19.5 –14.1 46.4 –1.1 –0.2 0.3 2.4 –30.9 9.5 –53.1 –0.8 –52.4 62.6 ............. ............. ............. ............. ............. ............. 8 9 10 11 12 13 14 15 16 17 18 19 5.2 –4.6 58.4 168.3 40.7 48.4 56.8 22.4 96.3 116.1 32.1 87.4 323.7 436.6 10.3 12.1 77.3 207.3 49.7 60.0 65.3 32.4 137.8 149.2 51.5 110.6 393.2 418.9 11.8 13.8 84.5 199.2 60.8 38.0 63.8 36.6 152.2 161.2 58.7 124.5 395.2 416.0 10.8 9.9 82.7 203.0 49.3 57.4 63.4 32.9 150.2 148.9 54.5 124.2 388.9 398.5 5.1 16.7 18.9 39.0 9.0 11.6 8.5 10.0 41.5 33.1 19.4 23.2 69.5 –17.7 1.5 1.7 7.2 –8.1 11.1 –22.0 –1.5 4.2 14.4 12.0 7.2 13.9 2.0 –2.9 –1.2 4.6 –3.7 –16.6 7.9 –30.3 2.7 3.1 0.9 21.0 3.1 7.6 5.3 4.6 3.9 0.5 11.2 –6.4 8.6 –8.9 –6.7 0.5 3.6 –3.9 3.7 –13.5 9.7 16.7 –0.3 0.6 –3.9 47.5 5.1 30.9 7.0 4.6 –2.0 –5.9 –0.1 5.5 –10.3 22.9 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. –40.4 20 21 22 23 24 25 26 27 28 29 30 31 32 33 9.6 14.5 79.0 186.4 57.2 27.1 66.1 36.0 151.1 169.9 57.6 131.8 394.2 403.1 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). - 16 - 13.5 15.0 90.2 180.0 65.8 18.2 59.4 36.5 154.7 166.0 61.3 118.3 403.9 419.8 13.2 15.6 86.3 227.5 70.9 49.1 66.4 41.1 152.7 160.1 61.2 123.8 393.6 442.7 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 402.3 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2011 2012 2013 r 2013 I II 2014 III IV r Line I Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 3 Net value added .......................................................................................... 4 Compensation of employees .................................................................... 5 Wages and salaries............................................................................... 6 Supplements to wages and salaries ..................................................... 7 Taxes on production and imports less subsidies....................................... 8 Net operating surplus................................................................................ 9 Net interest and miscellaneous payments ............................................ 10 Business current transfer payments (net) ............................................. 11 Corporate profits with inventory valuation and capital consumption adjustments....................................................................................... 12 Taxes on corporate income ............................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments ................................................................................... 14 Net dividends................................................................................. 15 Undistributed profits with inventory valuation and capital consumption adjustments.......................................................... Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) ......................................................................................... 17 Profits after tax (without inventory valuation and capital consumption adjustments) ......................................................................................... 18 Inventory valuation adjustment ................................................................. 19 Capital consumption adjustment............................................................... 7,636.4 1,135.8 6,500.6 4,374.3 3,624.7 749.6 664.2 1,462.1 287.2 89.3 8,030.8 1,188.2 6,842.7 4,600.8 3,824.8 776.0 685.3 1,556.5 295.5 92.5 8,295.3 1,237.8 7,057.5 4,729.6 3,936.4 793.2 701.1 1,626.7 316.3 80.8 8,163.4 1,218.5 6,944.9 4,654.7 3,869.1 785.6 697.3 1,593.0 322.5 80.1 8,256.5 1,231.6 7,024.9 4,715.6 3,924.6 791.1 696.2 1,613.1 302.2 82.7 8,333.0 1,243.8 7,089.1 4,751.5 3,956.0 795.5 702.6 1,635.0 314.6 79.6 8,428.3 1,257.4 7,170.9 4,796.7 3,995.9 800.8 708.4 1,665.8 326.0 80.9 8,388.6 1,270.1 7,118.5 4,843.5 4,036.0 807.5 713.9 1,561.1 326.8 77.7 1 2 3 4 5 6 7 8 9 10 1,085.6 222.3 1,168.5 256.9 1,229.6 266.9 1,190.3 266.6 1,228.1 264.1 1,240.8 263.7 1,258.9 273.2 1,156.6 287.0 11 12 863.3 440.3 911.6 478.8 962.7 501.6 923.7 483.3 964.0 463.3 977.1 577.2 985.7 482.6 869.6 468.6 13 14 423.0 432.8 461.1 440.5 500.8 399.9 503.2 401.0 15 1,026.7 1,293.7 1,335.7 1,307.7 1,324.7 1,345.2 1,365.1 1,460.0 16 804.4 –56.0 114.9 1,036.8 –10.0 –115.1 1,068.8 –0.3 –105.8 1,041.1 –13.0 –104.3 1,060.6 8.9 –105.4 1,081.4 1.7 –106.0 1,092.0 1.2 –107.4 1,173.0 –31.1 –272.3 17 18 19 7,795.6 1,156.0 6,639.6 7,889.9 1,164.7 6,725.2 7,921.2 1,173.1 6,748.1 8,004.1 1,182.0 6,822.1 7,960.4 1,191.0 6,769.3 20 21 22 Billions of chained (2009) dollars 20 Gross value added of nonfinancial corporate business 1 ............... 21 Consumption of fixed capital 2 ...................................................................... 22 Net value added 3 ......................................................................................... 7,464.6 1,110.1 6,354.5 7,743.2 1,136.0 6,607.1 7,902.7 1,168.9 6,733.8 Dollars; quarters seasonally adjusted 23 24 25 26 27 28 29 30 31 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....................................................................................... 1.023 0.586 0.291 0.152 1.037 0.594 0.291 0.153 1.050 0.598 0.296 0.157 1.047 0.597 0.297 0.156 1.046 0.598 0.293 0.156 1.052 0.600 0.296 0.157 1.053 0.599 0.297 0.157 1.054 0.608 0.300 0.160 23 24 25 26 0.101 0.038 0.100 0.038 0.099 0.040 0.100 0.041 0.099 0.038 0.099 0.040 0.099 0.041 0.099 0.041 27 28 0.145 0.030 0.151 0.033 0.156 0.034 0.153 0.034 0.156 0.033 0.157 0.033 0.157 0.034 0.145 0.036 29 30 0.116 0.118 0.122 0.118 0.122 0.123 0.123 0.109 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 2009 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). - 17 - Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates Line 2011 2012 2013 2010 II III 2011 IV I II 2012 III IV 1.4 –0.3 1.3 9.5 11.0 1.1 –2.8 1.4 1.1 1.4 6.6 1.7 4.9 15.5 –0.2 8.4 25.4 4.4 44.3 4.7 –0.3 5.0 43.0 5.9 I II 2013 III IV I II 2014 Line III IV Ir Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Gross domestic product (GDP) and related aggregates: GDP ................................................................................. Goods............................................................................... Services ........................................................................... Structures......................................................................... Motor vehicle output......................................................... GDP excluding motor vehicle output ................................ Final sales of computers 1 ............................................... GDP excluding final sales of computers .......................... Research and development ............................................. GDP excluding research and development...................... Farm gross value added 2 ................................................ Nonfarm business gross value added 3 ........................... Price indexes: GDP ................................................................................. GDP excluding food and energy 4 .................................... GDP excluding final sales of computers .......................... Gross domestic purchases............................................... Gross domestic purchases excluding food and energy 4 Gross domestic purchases excluding final sales of computers to domestic purchasers .............................. Personal consumption expenditures (PCE) ..................... PCE excluding food and energy 4 .................................... Market-based PCE 5 ........................................................ Market-based PCE excluding food and energy 5 ............. 1.8 4.3 1.1 –1.7 10.1 1.7 10.2 1.8 1.3 1.9 –5.1 2.5 2.8 5.1 1.2 7.3 13.2 2.5 12.9 2.7 –0.3 2.9 –1.1 3.7 1.9 3.9 2.8 2.8 –1.3 3.2 4.3 4.7 9.7 6.0 –0.9 5.9 0.5 2.0 1.7 1.6 0.2 1.5 3.8 18.3 –13.8 0.5 –15.3 8.2 3.7 18.0 24.1 –13.2 31.5 –5.2 1.8 3.6 2.3 3.2 –2.0 3.4 11.6 –27.2 –8.0 34.6 22.6 0.5 1.8 4.1 2.8 2.7 –1.4 3.2 1.0 –1.0 5.7 2.2 –0.1 1.0 1.9 4.0 2.7 2.8 –1.3 3.2 19.9 29.8 –1.2 –25.6 12.1 –31.3 2.2 4.7 4.2 4.2 –2.1 4.7 3.7 1.2 2.8 0.1 1.1 5.6 0.6 4.8 –1.2 5.5 2.4 1.1 1.6 –0.6 0.3 7.3 4.5 4.7 12.7 –9.2 28.4 6.3 0.2 –2.8 9.2 3.1 1.1 2.9 0.2 0.9 35.0 –21.7 0.9 50.3 17.5 3.6 1.3 2.8 0.0 1.1 –1.1 –2.2 1.7 0.4 –0.2 3.8 1.3 2.8 0.1 1.2 –3.0 5.1 –30.8 –27.0 179.6 5.0 1.6 4.2 0.7 –0.3 2.5 4.1 3.9 10.7 0.7 0.2 11.9 11.1 12.1 –12.9 2.2 4.7 15.4 –12.4 2.4 4.2 1.9 3.0 2.5 4.2 9.0 15.4 3.3 5.4 2.6 –1.0 6.9 –8.6 1.5 4.0 –5.3 –8.0 19.0 –7.9 2.2 –0.8 –3.7 33.8 2.6 –1.1 2.1 5.8 2.6 –1.2 –8.9 –34.2 3.8 –1.1 1 2 3 4 5 6 7 8 9 10 11 12 2.0 1.8 2.0 2.3 1.7 1.7 1.7 1.8 1.7 1.6 1.4 1.5 1.5 1.2 1.3 1.9 1.6 1.9 1.0 1.4 1.8 1.3 1.9 1.3 1.1 2.1 1.7 2.1 2.3 1.4 1.6 1.9 1.7 2.8 1.8 2.6 2.6 2.7 3.5 2.6 2.5 1.9 2.5 2.0 1.8 0.5 0.9 0.5 0.9 1.0 2.0 2.4 2.0 2.3 2.2 1.8 1.5 1.8 1.0 1.5 2.3 1.3 2.3 1.4 1.2 1.1 1.4 1.2 1.6 1.3 1.3 1.6 1.4 1.2 1.4 0.6 0.9 0.7 0.2 0.8 2.0 1.9 2.0 1.8 1.5 1.6 1.9 1.6 1.5 1.8 1.3 1.3 1.3 1.3 1.3 13 14 15 16 17 2.4 2.4 1.4 2.5 1.4 1.7 1.8 1.8 1.8 1.8 1.2 1.1 1.2 1.1 1.2 1.0 0.5 1.1 0.2 0.8 1.3 1.2 1.0 1.1 0.8 2.3 2.1 0.8 2.1 0.6 3.0 3.0 1.3 3.4 1.5 3.6 3.7 2.2 4.0 2.3 2.1 2.3 2.0 2.4 2.1 0.9 1.3 1.6 1.3 1.6 2.3 2.3 2.2 2.3 2.2 1.0 1.1 1.8 0.9 1.7 1.4 1.7 1.4 1.6 1.3 1.6 1.6 1.3 1.4 0.9 1.3 1.1 1.4 1.3 1.6 0.3 –0.1 0.6 –0.3 0.5 1.9 1.9 1.4 2.0 1.4 1.5 1.1 1.3 0.8 1.0 1.4 1.4 1.2 1.3 1.0 18 19 20 21 22 3.7 1.2 2.8 0.1 1.1 2.5 4.1 2.6 –1.0 23 1.20 3.19 2.11 –2.78 0.46 0.14 0.92 2.41 0.82 0.80 –0.41 –0.62 0.32 –0.38 0.47 –0.22 0.06 –0.05 –0.01 0.11 0.05 0.08 0.05 0.14 24 25 26 27 28 29 Contributions to percent change in real gross domestic product 23 24 25 26 27 28 29 Percent change at annual rate: Gross domestic product ............................................ 1.8 2.8 Percentage points at annual rates: Goods .................................................................................. 1.26 1.53 Services ............................................................................... 0.70 0.76 Structures ............................................................................ –0.12 0.49 Motor vehicle output............................................................. 0.23 0.32 Final sales of computers...................................................... 0.04 0.05 Research and development ................................................. 0.04 –0.01 1.9 3.9 2.8 2.8 –1.3 3.2 1.4 4.9 1.29 1.40 2.74 1.74 –0.31 1.71 –0.10 4.43 1.72 0.22 0.31 1.30 1.09 1.03 0.13 0.95 0.85 –0.12 1.50 0.69 0.27 1.20 –1.05 0.04 –1.11 0.53 0.62 0.56 0.49 0.30 0.10 0.38 0.50 –0.32 0.63 –0.13 0.25 0.57 0.66 0.17 0.05 –0.14 –0.03 0.12 0.09 0.01 –0.01 0.15 0.13 –0.11 0.03 –0.03 0.14 0.06 0.00 0.03 0.03 –0.01 –0.03 –0.06 1.46 –0.36 1.63 1.00 –0.35 0.21 0.32 0.85 –0.70 0.01 –0.07 0.24 0.00 0.16 0.07 0.04 0.01 0.00 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. - 18 - 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 2009 -- 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 2008-09 annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009 and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of this component in 2010 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. - 19 -