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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, MAY 30, 2018 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 18-24 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the first quarter of 2018 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2017, real GDP increased 2.9 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, the increase in real GDP was 2.3 percent. With this second estimate for the first quarter, the general picture of economic growth remains the same; downward revisions to private inventory investment, residential fixed investment, and exports were partly offset by an upward revision to nonresidential fixed investment (see "Updates to GDP" on page 2). Real GDP: Percent change from preceding quarter 2014 U.S. Bureau of Economic Analysis 2015 2016 2017 2018 Seasonally adjusted at annual rates Real gross domestic income (GDI) increased 2.8 percent in the first quarter, compared with an increase of 1.0 percent (revised) in the fourth quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.5 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter (table 1). The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and state and local government spending that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The deceleration in real GDP growth in the first quarter reflected decelerations in PCE, exports, state and local government spending, and federal government spending and a downturn in residential fixed investment. These movements were partly offset by an upturn in private inventory investment and a larger increase in nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decelerated. Current-dollar GDP increased 4.2 percent, or $202.7 billion, in the first quarter to a level of $19.96 trillion. In the fourth quarter, current-dollar GDP increased 5.3 percent, or $253.5 billion (table 1 and table 3). The price index for gross domestic purchases increased 2.7 percent in the first quarter, compared with an increase of 2.5 percent in the fourth quarter (table 4). The PCE price index increased 2.6 percent, compared with an increase of 2.7 percent. Excluding food and energy prices, the PCE price index increased 2.3 percent, compared with an increase of 1.9 percent (appendix table A). Updates to GDP The percent change in real GDP was revised down 0.1 percentage point from the advance estimate, primarily reflecting downward revisions to private inventory investment, residential fixed investment, and exports that were partly offset by an upward revision to nonresidential fixed investment . For more information, see the Technical Note. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, see the "Additional Information" section that follows. Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index Advance Estimate Second Estimate (Percent change from preceding quarter) 2.3 2.2 4.3 4.2 … 2.8 … 2.5 2.8 2.7 2.7 2.6 For the fourth quarter of 2017, the percent change in real GDI was revised from 0.9 percent to 1.0 percent based on newly available fourth-quarter wages and salaries data from the BLS Quarterly Census of Employment and Wages program. -2- Corporate Profits (table 12) Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) decreased $12.4 billion in the first quarter, compared with a decrease of $1.1 billion in the fourth quarter. Profits of domestic financial corporations increased $2.2 billion in the first quarter, in contrast to a decrease of $14.6 billion in the fourth quarter. Profits of domestic nonfinancial corporations decreased $19.0 billion, in contrast to an increase of $19.4 billion. Rest-of-the-world profits increased $4.4 billion, in contrast to a decrease of $5.9 billion. In the first quarter, receipts increased $20.0 billion, and payments increased $15.7 billion. The 2017 Tax Cuts and Jobs Act includes several provisions that impact the business income statistics in the national income and product accounts (NIPAs). The provisions do not directly impact corporate profits from current production or GDI but do impact taxes on corporate income and net dividends in the first quarter of 2018. For more information, see the Technical Note. Upcoming Comprehensive Update of the National Income and Product Accounts BEA will release the results of the 15th comprehensive (or benchmark) update of the national income and product accounts (NIPAs) in conjunction with the second quarter 2018 "advance" estimate on July 27, 2018. For more information, see the Technical Note. Details on the planned statistical, definitional, and presentational changes are available in the April Survey of Current Business article "Preview of the 2018 Comprehensive Update of the National Income and Product Accounts." An article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. Next release: June 28, 2018 at 8:30 A.M. EDT Gross Domestic Product: First Quarter 2018 (Third Estimate) Corporate Profits: First Quarter 2018 (Revised Estimate) * * -3- * Additional Information capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that 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 national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Resources • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data application programming interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts For more definitions, see the Glossary: National Income and Product Accounts. Definitions Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Statistical conventions Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Real GDI is calculated by deflating gross domestic income using the GDP price index as the deflator, and is therefore conceptually equivalent to real GDP. Percent changes in quarterly series are calculated from unrounded data and are displayed at annual rates, unless otherwise specified. For details, see the FAQ "How is average annual growth calculated?" Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Annual rates. Quarterly values are expressed at seasonallyadjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ "Why does BEA publish estimates at annual rates?" Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and -4- Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Updates to GDP BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.2 Advance to latest 1.3 Note - Based on estimates from 1993 through 2016. For more information on GDP updates, see Revision Information on the BEA Web site. The larger average revision from the advance to the latest estimate reflects the fact that periodic comprehensive updates include major statistical and methodological improvements. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change From Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 5. Real Gross Domestic Product, Quantity Indexes Table 6. Price Indexes for Gross Domestic Product Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income Table 10. Personal Income and Its Disposition Table 11. Corporate Profits: Level and Percent Change Table 12. Corporate Profits by Industry: Level and Change From Preceding Period Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change -5- May 30, 2018 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2015 2016 2017 2014 r Q2 1 Q3 2015 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Q3 Q4 r Line Q1 r Gross domestic product (GDP) .... 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.2 1 2 Personal consumption expenditures ...... 3 Goods ...................................................... 4 Durable goods...................................... 5 Nondurable goods................................ 6 Services ................................................... 3.6 4.6 7.7 3.1 3.2 2.7 3.7 5.5 2.8 2.3 2.8 3.9 6.7 2.4 2.2 3.5 6.2 13.2 3.0 2.1 3.9 4.5 7.7 3.0 3.6 5.1 5.7 8.3 4.5 4.7 3.7 4.2 7.8 2.4 3.4 3.0 4.5 8.6 2.5 2.3 2.8 4.4 5.0 4.0 2.0 2.7 2.8 4.2 2.2 2.6 1.8 2.1 1.0 2.6 1.7 3.8 6.0 8.5 4.7 2.8 2.8 3.2 9.4 0.1 2.7 2.9 4.7 9.2 2.5 2.1 1.9 0.7 –0.1 1.1 2.5 3.3 5.4 7.6 4.2 2.3 2.2 4.5 8.6 2.3 1.1 4.0 7.8 13.7 4.8 2.3 1.0 –0.6 –2.6 0.4 1.8 2 3 4 5 6 7 Gross private domestic investment......... 5.2 –1.6 3.3 15.6 11.5 –1.3 13.1 0.8 2.0 –6.2 –4.0 –2.7 2.4 8.5 –1.2 3.9 7.3 4.7 7.2 8 Fixed investment...................................... 3.9 0.7 4.0 10.2 9.2 0.3 4.1 4.7 3.4 –2.4 –0.2 1.4 1.5 1.7 8.1 3.2 2.4 8.2 6.5 9 Nonresidential ...................................... 2.3 –0.6 4.7 9.4 10.5 –2.3 2.2 2.9 1.5 –5.1 –4.0 3.3 3.4 0.2 7.2 6.7 4.7 6.8 9.2 10 Structures......................................... –1.8 –4.1 5.6 12.2 –1.8 4.7 –2.1 4.6 –15.2 –21.4 2.3 0.5 14.3 –2.2 14.8 7.0 –7.0 6.3 14.2 11 Equipment ........................................ 3.5 –3.4 4.8 10.9 19.2 –11.8 8.2 0.8 10.0 –4.6 –13.1 –0.6 –2.1 1.8 4.4 8.8 10.8 11.6 5.5 12 Intellectual property products ........... 3.8 6.3 3.9 5.1 7.7 8.2 –2.9 4.9 2.9 8.0 6.3 11.1 4.2 –0.4 5.7 3.7 5.2 0.8 10.9 13 Residential ........................................... 10.2 5.5 1.8 13.2 4.5 10.9 11.4 11.7 10.6 7.3 13.4 –4.7 –4.5 7.1 11.1 –7.3 –4.7 12.8 –2.0 14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 16 Exports..................................................... 0.4 –0.3 3.4 9.2 0.6 4.9 –4.5 3.7 –4.0 –2.3 –2.6 2.8 6.4 –3.8 7.3 3.5 2.1 7.0 4.2 17 Goods .................................................. –0.4 0.3 4.5 10.7 2.2 4.6 –8.6 5.4 –4.9 –3.8 0.3 2.8 8.1 –3.4 10.8 2.2 1.8 11.6 5.4 18 Services ............................................... 2.1 –1.5 1.3 5.9 –2.7 5.8 4.6 0.5 –2.1 0.7 –7.8 2.7 3.2 –4.6 1.0 6.2 2.5 –1.4 1.9 19 Imports..................................................... 5.0 1.3 4.0 10.2 –1.0 10.8 6.7 3.3 1.7 0.0 –0.2 0.4 2.7 8.1 4.3 1.5 –0.7 14.1 2.8 20 Goods .................................................. 5.2 0.9 4.3 11.0 –1.1 11.3 7.9 3.1 0.7 –0.4 –0.5 0.3 1.2 9.2 4.7 1.3 –0.2 17.3 2.2 21 Services ............................................... 4.0 3.1 2.5 6.5 –0.5 8.6 1.4 4.4 6.5 1.6 1.1 1.0 9.0 3.2 2.5 2.2 –2.6 1.1 5.5 22 Government consumption expenditures and gross investment............................ 1.4 0.8 0.1 1.1 2.1 –0.6 1.5 3.4 1.2 0.3 1.8 –0.9 0.5 0.2 –0.6 –0.2 0.7 3.0 1.1 23 Federal..................................................... –0.1 0.0 0.2 –1.6 3.1 –5.6 1.5 1.8 –1.1 2.5 –1.5 –0.9 1.6 –0.5 –2.4 1.9 1.3 3.2 1.7 24 National defense .................................. –2.2 –0.7 0.2 –1.6 2.4 –10.9 –1.0 2.1 –4.5 3.6 –2.7 –2.1 2.5 –3.2 –3.3 4.7 2.4 5.5 1.8 25 Nondefense.......................................... 3.2 1.2 0.1 –1.5 4.1 3.3 5.5 1.3 4.2 0.9 0.2 0.8 0.3 3.6 –1.2 –1.9 –0.2 –0.1 1.6 26 State and local ......................................... 2.3 1.2 0.1 2.8 1.5 2.6 1.5 4.5 2.6 –1.1 3.9 –1.0 –0.2 0.6 0.5 –1.5 0.2 2.9 0.8 Addenda: 27 Gross domestic income (GDI) 1 ................ 3.0 0.9 1.7 5.7 4.8 4.8 1.9 2.5 0.6 1.5 –0.3 0.2 4.1 –1.7 2.7 2.3 2.4 1.0 2.8 28 Average of GDP and GDI ........................ 2.9 1.2 2.0 5.2 5.0 3.4 2.6 2.6 1.1 1.0 0.1 1.2 3.4 0.0 2.0 2.7 2.8 2.0 2.5 29 Final sales of domestic product ............... 2.6 1.9 2.4 3.7 4.8 2.3 1.8 3.4 1.9 1.2 1.2 2.9 2.6 0.7 2.7 2.9 2.4 3.4 2.0 30 Gross domestic purchases ...................... 3.5 1.7 2.4 4.9 4.8 3.0 4.8 2.7 2.4 0.7 0.8 1.9 2.4 3.3 1.0 2.8 2.7 4.0 2.0 31 Final sales to domestic purchasers ......... 3.3 2.1 2.5 4.1 4.4 3.3 3.4 3.4 2.6 1.4 1.5 2.6 2.2 2.3 2.4 2.7 1.9 4.5 1.9 32 Final sales to private domestic 3.7 2.3 3.0 4.7 4.9 4.1 3.7 3.3 2.9 1.7 1.4 3.3 2.6 2.7 3.1 3.3 2.2 4.8 2.1 purchasers ........................................... 33 Gross national product (GNP) ................. 2.7 1.4 2.3 4.3 5.5 1.4 3.2 2.1 1.6 1.0 –0.3 2.6 2.6 2.6 0.9 2.8 3.7 2.7 2.0 34 Disposable personal income.................... 4.2 1.4 1.2 5.3 4.2 5.9 4.3 3.8 1.8 2.9 0.2 1.9 0.7 –1.8 2.9 2.7 0.7 1.2 3.3 Current-dollar measures: 35 GDP ..................................................... 4.0 2.8 4.1 7.0 7.1 2.6 3.2 5.0 3.0 1.3 0.8 4.7 4.2 3.8 3.3 4.1 5.3 5.3 4.2 36 GDI....................................................... 4.1 2.1 3.5 8.1 6.8 5.4 1.9 4.7 2.0 2.4 –0.1 2.6 5.5 0.3 4.7 3.3 4.6 3.4 4.8 37 Average of GDP and GDI .................... 4.0 2.5 3.8 7.6 7.0 4.0 2.5 4.8 2.5 1.8 0.4 3.7 4.9 2.1 4.0 3.7 4.9 4.4 4.5 38 Final sales of domestic product ........... 3.8 3.2 4.2 6.0 6.8 2.9 1.8 5.7 3.3 2.0 1.6 5.4 4.1 2.7 4.8 4.0 4.5 5.9 4.0 39 Gross domestic purchases .................. 3.9 2.7 4.3 6.7 6.4 3.2 3.5 4.1 3.4 1.0 0.9 4.1 3.9 5.3 3.6 3.6 4.5 6.6 4.8 40 Final sales to domestic purchasers...... 3.8 3.1 4.4 5.8 6.0 3.5 2.1 4.9 3.7 1.7 1.7 4.7 3.8 4.1 5.0 3.5 3.7 7.1 4.7 41 Final sales to private domestic 4.2 3.5 4.7 6.5 6.5 4.3 2.6 4.7 4.1 1.8 1.9 5.4 4.3 4.7 5.2 4.0 3.8 7.3 4.8 purchasers ....................................... 42 GNP ..................................................... 3.8 2.7 4.2 6.6 7.4 2.0 3.0 4.4 3.0 1.9 –0.1 5.1 4.0 4.7 2.9 3.8 5.8 5.1 4.0 43 Disposable personal income................ 4.5 2.6 2.9 7.1 5.5 5.7 2.6 5.6 3.2 3.1 0.9 4.0 2.5 0.1 5.2 3.0 2.2 4.0 5.9 15 16 17 18 19 20 21 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -6- 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 May 30, 2018 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2015 Line 2016 2014 2017 Q2 Q3 2015 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Line Q3 Q4 Q1 r Percent change at annual rate: 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 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 off-premises 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...................................................... 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.47 1.03 0.57 0.17 0.14 0.18 0.08 0.47 1.86 0.81 0.41 0.08 0.12 0.18 0.03 0.40 1.89 0.85 0.50 0.12 0.12 0.20 0.06 0.35 2.33 1.38 0.93 0.35 0.28 0.22 0.08 0.45 2.65 1.01 0.56 0.14 0.13 0.25 0.04 0.45 3.36 1.26 0.60 0.16 0.14 0.20 0.09 0.67 2.48 0.93 0.57 0.23 0.11 0.14 0.10 0.36 0.03 0.13 0.13 –0.02 0.03 0.08 0.05 0.05 0.17 0.08 0.09 0.02 –0.02 –0.13 0.00 0.27 0.20 0.20 0.43 0.35 1.44 1.05 1.05 0.96 1.64 1.42 0.95 1.02 0.87 1.68 0.21 0.16 0.12 –0.28 –0.03 0.57 0.43 0.35 0.65 0.81 0.09 0.08 0.04 0.08 0.17 0.06 0.06 0.06 –0.12 0.12 0.19 0.11 0.06 0.28 0.22 0.15 –0.09 0.17 0.08 0.25 0.15 0.20 0.23 0.18 0.14 0.03 0.21 0.18 0.24 2.10 2.15 0.50 0.82 0.04 0.09 0.28 0.13 0.29 0.02 0.22 0.10 0.24 0.02 0.15 0.20 0.87 0.64 0.30 –0.06 0.21 0.07 –0.02 0.09 0.01 0.16 –0.04 0.15 0.10 0.02 0.02 0.34 0.23 0.03 0.20 –0.73 0.05 –0.03 0.09 –0.78 –0.67 –0.11 0.14 –0.28 0.12 –0.08 –0.12 –0.20 0.03 –0.01 0.05 0.03 –0.12 –0.14 0.25 0.13 0.11 0.01 0.20 –0.40 0.00 –0.39 –0.23 –0.04 0.02 –0.06 –0.19 –0.11 –0.09 0.12 0.54 0.65 0.58 0.16 0.27 0.12 0.03 0.09 0.09 0.00 0.06 0.16 0.10 0.05 0.01 0.07 –0.11 0.02 –0.13 –0.18 0.40 0.35 0.05 –0.58 –0.51 –0.07 1.2 3.1 3.2 2.9 2.2 1 1.99 1.32 1.03 0.15 0.67 –0.01 0.32 –0.26 0.09 0.08 0.22 0.21 0.04 –0.03 0.35 0.16 2.24 1.16 0.56 0.02 0.15 0.26 0.12 0.61 1.49 0.97 0.63 0.29 0.15 0.02 0.17 0.34 2.75 1.67 0.98 0.45 0.22 0.25 0.06 0.69 0.71 –0.13 –0.20 –0.31 0.04 0.04 0.04 0.06 2 3 4 5 6 7 8 9 0.06 –0.02 0.04 0.04 0.16 0.30 0.09 0.21 0.06 0.01 0.16 0.00 0.07 0.05 0.05 0.02 0.11 0.03 0.03 –0.08 0.20 –0.01 0.15 0.04 0.11 0.01 0.10 –0.08 –0.05 –0.03 –0.10 0.12 –0.04 0.15 0.27 0.38 0.22 0.10 0.34 –0.06 0.15 0.28 0.28 0.22 1.56 1.04 0.90 1.17 0.77 1.28 1.23 0.97 1.17 1.08 0.52 1.71 0.90 0.72 0.93 0.78 1.24 1.08 0.98 1.11 1.11 0.65 0.50 –0.10 0.24 –0.01 0.20 0.35 0.27 –0.11 –0.04 0.42 0.00 0.60 0.24 0.44 0.31 0.50 0.62 0.13 0.62 0.24 0.15 0.52 0.09 0.09 0.04 0.14 0.07 0.02 0.11 0.06 0.04 0.01 –0.04 0.05 0.08 –0.01 0.20 –0.01 –0.02 0.12 0.07 0.12 0.04 0.01 0.05 0.29 0.07 0.17 0.02 0.18 0.07 0.00 0.12 –0.03 0.09 0.26 0.21 –0.09 0.01 –0.35 –0.12 0.13 0.07 0.40 0.14 0.13 0.17 0.08 0.02 0.10 0.35 0.20 0.25 0.27 0.23 0.38 –0.06 0.32 0.21 0.00 0.16 1.08 0.88 0.26 0.29 0.09 –0.02 0.03 0.12 0.11 0.05 –0.17 –0.07 0.25 0.84 0.49 0.02 0.14 0.07 0.02 0.07 0.26 –0.08 10 11 12 13 14 15 16 17 18 19 20 21 22 0.06 –0.04 –0.13 0.21 0.35 0.12 –0.23 0.21 0.25 0.24 23 24 0.09 –0.04 –0.06 –0.15 0.37 0.36 0.43 0.10 0.29 2.47 1.56 1.16 0.36 0.61 0.25 0.09 0.16 0.17 0.22 –0.03 0.19 0.21 –0.01 –0.01 0.40 0.91 0.04 0.87 –0.40 1.22 0.97 0.25 –1.62 –1.44 –0.18 0.40 1.90 1.45 1.31 –0.05 1.07 –0.07 –0.02 –0.05 0.15 0.41 0.58 0.29 0.19 0.09 0.01 0.14 0.44 0.05 0.40 0.28 0.09 0.21 –0.12 0.18 0.17 0.02 0.25 0.13 0.02 0.20 0.39 –0.01 0.00 0.01 –0.11 0.22 –0.09 –0.03 0.01 –0.07 0.11 –0.08 –0.03 –0.05 –0.15 0.14 –0.02 0.00 0.06 0.08 –0.03 0.09 0.03 0.00 –0.04 0.11 0.07 0.02 –0.01 –0.06 0.10 0.01 0.01 0.01 0.02 0.01 0.26 0.13 0.01 0.31 0.17 0.20 0.15 0.07 0.16 0.14 0.06 –0.02 –0.06 0.14 0.03 2.7 1.6 0.6 2.2 2.8 2.03 1.86 1.80 1.23 0.99 0.95 0.63 0.46 0.63 0.37 0.31 0.08 0.29 –0.01 –0.11 –0.09 0.13 0.15 0.14 0.09 0.13 0.17 0.23 0.11 0.07 0.06 0.06 –0.03 0.36 0.58 0.32 0.38 2.57 1.30 0.62 0.18 0.15 0.25 0.04 0.68 1.92 0.69 0.68 0.36 0.10 0.16 0.06 0.01 0.14 0.05 0.19 0.16 0.25 2.12 0.67 0.30 –0.07 0.49 –0.02 –0.11 0.09 0.00 0.50 0.00 –0.11 0.11 –0.25 0.03 0.37 1.45 0.17 1.27 –1.64 –0.59 –0.78 0.19 –1.05 –1.01 –0.04 –0.09 0.14 0.77 0.38 0.14 0.06 0.08 0.02 0.06 0.12 –0.06 –0.08 0.19 0.07 0.09 0.02 0.39 –0.63 –0.06 –0.57 –0.03 0.47 0.45 0.02 –0.50 –0.38 –0.12 –0.03 0.33 0.55 0.19 –0.50 0.58 0.23 0.05 0.18 –0.02 0.37 0.00 0.11 0.05 0.04 0.03 0.36 –0.22 0.01 –0.23 –0.77 –0.51 –0.43 –0.09 –0.25 –0.08 –0.17 –0.11 0.27 –0.40 0.11 –0.48 –0.04 –0.47 0.07 –0.02 –0.11 0.09 0.15 0.04 0.15 0.04 0.00 0.28 0.17 0.21 0.22 0.08 –0.05 0.60 0.12 0.08 0.01 0.08 0.04 0.02 0.01 0.48 0.20 0.28 0.48 –0.21 0.04 –0.30 0.14 –0.76 0.14 0.03 0.12 –0.22 –0.25 –0.43 0.31 0.05 0.23 0.03 0.35 –0.26 –0.03 –0.23 –1.02 0.65 0.41 0.24 –1.67 –1.44 –0.23 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -7- 0.5 0.24 –0.01 0.29 0.20 0.04 0.38 1.8 0.15 –0.01 0.19 0.36 0.05 –1.08 –0.41 –0.67 –0.69 –0.28 0.04 –0.10 0.14 0.09 –0.24 –0.17 0.31 0.12 0.17 0.01 0.26 –0.68 –0.09 –0.59 –0.28 –0.29 –0.32 0.03 0.01 0.06 –0.05 0.21 –0.68 –0.05 –0.52 0.06 –0.82 –0.16 –0.02 –0.14 –0.07 –0.37 –0.23 0.24 0.17 0.08 0.00 0.47 –0.64 0.00 –0.63 –0.28 –0.33 0.01 –0.33 0.04 0.07 –0.03 0.34 –0.45 0.22 0.41 0.01 –0.04 0.08 0.01 0.06 0.08 0.01 –0.21 0.43 0.19 0.25 –0.01 –0.18 –0.67 0.14 –0.81 0.28 0.32 0.21 0.11 –0.04 –0.02 –0.03 0.04 0.40 0.25 0.42 0.37 –0.12 0.10 0.00 0.11 0.03 –0.23 –0.03 0.17 0.12 0.02 0.03 –0.18 0.16 –0.05 0.20 0.36 0.74 0.60 0.13 –0.37 –0.14 –0.24 0.38 1.34 0.28 0.02 –0.06 0.10 0.05 –0.01 0.06 0.07 –0.05 0.04 –0.02 0.04 –0.07 0.02 0.26 1.06 –0.09 1.15 –1.61 –0.47 –0.27 –0.19 –1.14 –1.05 –0.09 0.06 –0.20 1.27 0.86 0.39 0.24 0.13 0.01 0.11 0.09 –0.04 0.06 0.23 0.09 0.13 0.01 0.41 –1.46 0.13 –1.59 0.22 0.85 0.81 0.04 –0.63 –0.56 –0.07 –0.19 0.34 0.04 –0.11 0.64 1.19 0.78 1.18 0.53 0.40 1.31 1.05 0.82 0.58 0.84 1.13 0.20 –0.21 0.18 0.39 0.48 0.58 0.63 0.31 0.17 0.17 0.14 0.18 0.15 0.10 –0.12 0.16 0.02 0.07 0.26 0.02 0.14 0.09 0.06 0.08 0.02 0.21 0.22 0.06 0.15 0.11 0.21 –0.01 0.15 0.21 0.03 0.43 0.13 0.15 –0.04 0.24 0.02 0.05 0.06 0.16 0.00 0.00 0.02 0.02 –0.30 –0.18 0.46 –0.08 0.12 0.79 –0.53 0.13 –0.04 0.07 0.00 –0.02 0.15 0.72 –0.52 0.15 0.21 0.36 –1.16 0.08 0.42 0.25 0.83 0.51 0.18 0.15 0.89 0.43 0.25 0.10 –0.06 0.08 –0.22 0.11 –1.99 –0.43 –0.16 0.03 –1.96 –0.28 –0.06 0.07 –0.03 –0.15 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 0.21 0.05 –0.07 0.17 –0.19 0.14 –0.14 0.07 –0.04 0.07 0.11 0.02 0.11 0.03 0.00 –0.01 0.28 –0.12 0.23 0.11 0.05 –0.23 0.32 –0.10 –0.11 –0.09 –0.01 0.00 –0.02 0.02 0.42 0.17 0.25 –0.16 0.09 0.03 –0.11 –0.03 0.12 0.51 0.20 –0.06 0.11 –0.03 –0.16 0.13 0.09 0.20 0.11 –0.08 0.10 –0.13 –0.13 0.18 0.09 0.21 0.07 –0.04 0.10 –0.16 –0.21 0.02 0.09 0.13 0.04 –0.04 0.00 0.03 0.08 0.16 0.00 0.08 0.03 0.02 0.01 0.10 –0.03 –0.05 –0.01 0.00 0.04 0.00 –0.01 0.06 –0.07 –0.05 0.06 –0.01 0.01 0.02 0.01 0.03 0.04 0.00 –0.06 0.00 0.03 –0.11 –0.02 0.06 0.05 –0.16 0.03 0.31 0.08 0.14 0.17 0.01 0.04 0.09 0.08 0.06 0.08 –0.24 –0.18 0.05 0.01 –0.25 –0.05 0.25 0.00 52 53 54 55 56 57 58 59 60 61 62 May 30, 2018 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 Line 2017 r 2017 Q1 Q2 2018 Q3 Q4 Change from preceding period Line Seasonally adjusted at annual rates Q1 r 2017 r 2017 Q1 r Q2 2018 Q3 Q4 r Q1 r 2017 r 2017 2018 Q4 Q1 r r Gross domestic product (GDP)......... 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,956.8 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,379.7 380.0 122.6 93.2 1 2 Personal consumption expenditures........... 13,395.5 13,191.6 13,307.0 13,429.1 13,654.3 13,775.9 11,890.7 11,758.0 11,853.0 11,916.6 12,035.2 12,065.9 318.6 118.7 30.7 2 3 4 5 6 1 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 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....................... 4,295.3 1,473.8 498.2 4,230.8 1,443.2 489.1 4,247.2 1,456.6 486.3 4,301.4 1,477.6 497.8 4,401.8 1,517.8 519.8 4,416.5 1,501.7 502.6 4,229.4 1,701.6 459.3 4,145.4 1,647.3 447.0 4,199.9 1,677.8 447.9 4,246.0 1,712.9 461.0 4,326.2 1,768.6 481.5 4,319.7 1,757.2 467.2 157.2 106.6 20.9 80.2 55.7 20.6 –6.5 –11.4 –14.4 3 4 5 338.7 405.8 231.1 2,821.5 332.9 397.9 223.2 2,787.6 335.9 405.8 228.6 2,790.6 339.1 406.2 234.5 2,823.8 346.8 413.3 237.9 2,884.0 348.6 409.7 240.7 2,914.8 412.0 633.8 228.4 2,575.0 397.8 613.8 219.3 2,540.2 406.6 633.1 225.1 2,566.6 415.3 634.4 233.3 2,581.5 428.3 653.8 236.0 2,611.9 430.7 656.7 238.0 2,614.8 27.3 56.6 10.7 60.7 13.1 19.4 2.7 30.5 2.3 2.9 2.0 2.8 6 7 8 9 937.7 400.2 304.1 1,179.5 925.8 396.0 306.3 1,159.6 930.8 399.5 286.5 1,173.7 939.1 399.8 296.0 1,188.8 955.3 405.5 327.5 1,195.7 958.2 405.6 340.2 1,210.8 853.9 387.1 284.9 1,060.2 846.6 378.0 281.5 1,044.8 846.9 387.0 287.1 1,056.7 854.0 386.7 285.4 1,066.2 868.2 396.6 285.5 1,073.0 870.4 388.3 282.8 1,084.2 21.5 8.4 –4.1 34.3 14.3 9.8 0.1 6.8 2.2 –8.3 –2.8 11.2 10 11 12 13 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....... 9,100.2 8,960.7 9,059.8 9,127.7 9,252.5 9,359.4 7,675.2 7,621.0 7,664.4 7,685.5 7,729.7 7,764.3 167.9 44.2 34.6 14 8,723.3 2,433.2 2,259.9 406.6 518.0 878.2 1,054.6 1,172.8 8,584.9 2,387.2 2,226.6 403.6 512.9 870.9 1,025.9 1,157.8 8,683.1 2,425.8 2,241.9 406.1 515.7 873.8 1,047.1 1,172.7 8,755.2 2,443.2 2,271.7 404.4 520.8 879.5 1,060.2 1,175.3 8,870.0 2,476.5 2,299.3 412.2 522.6 888.8 1,085.2 1,185.4 8,961.1 2,497.0 2,326.5 415.3 526.4 896.9 1,109.8 1,189.2 7,355.0 2,044.2 2,007.2 359.6 442.7 729.0 752.3 1,027.4 7,299.2 2,028.9 1,988.1 359.1 441.6 727.8 745.5 1,015.5 7,344.1 2,045.9 1,994.6 359.4 443.1 726.7 750.3 1,031.4 7,370.4 2,045.8 2,016.8 357.8 443.5 730.2 754.8 1,029.0 7,406.2 2,056.3 2,029.3 361.9 442.5 731.5 758.7 1,033.8 7,426.3 2,057.1 2,035.2 364.8 443.3 734.4 767.6 1,030.1 163.9 19.0 58.1 6.5 10.3 9.2 23.6 37.2 35.7 10.5 12.5 4.0 –1.0 1.2 3.9 4.7 20.1 0.8 6.0 3.0 0.8 2.9 8.9 –3.7 15 16 17 18 19 20 21 22 376.9 1,472.7 375.8 1,461.5 376.7 1,458.3 372.5 1,474.4 382.6 1,496.6 398.3 1,519.7 320.4 1,252.7 322.1 1,252.9 320.6 1,243.5 315.2 1,252.2 323.8 1,262.3 338.6 1,272.4 3.9 23.5 8.5 10.1 14.8 10.1 23 24 1,095.8 1,085.7 1,081.6 1,101.9 1,114.0 1,121.4 932.4 930.8 923.0 937.0 938.6 934.1 19.5 1.6 –4.5 25 26 Gross private domestic investment............. 3,212.8 3,128.7 3,178.1 3,249.2 3,295.3 3,378.1 2,952.3 2,897.0 2,924.7 2,976.5 3,011.1 3,064.1 94.1 34.5 53.0 26 27 28 29 30 31 32 3,197.2 2,449.6 560.2 1,098.4 323.1 3,128.9 2,383.4 548.4 1,057.6 310.8 3,173.3 2,433.6 563.0 1,082.3 319.3 3,207.3 2,468.4 559.0 1,111.0 327.7 3,279.2 2,513.0 570.3 1,142.5 334.7 3,355.7 2,577.1 594.7 1,158.8 343.4 2,915.9 2,314.2 471.5 1,098.1 376.7 2,875.7 2,263.6 468.0 1,059.4 362.9 2,898.5 2,300.6 476.0 1,082.0 372.2 2,915.8 2,326.9 467.4 1,110.1 381.9 2,973.7 2,365.7 474.6 1,140.8 389.7 3,020.7 2,418.2 490.7 1,156.2 400.3 112.5 103.8 25.1 50.3 26.4 57.9 38.8 7.2 30.8 7.8 46.9 52.5 16.1 15.4 10.5 27 28 29 30 31 79.2 243.9 243.3 290.3 241.6 791.0 370.7 334.6 72.8 238.1 234.3 282.6 229.9 777.4 363.2 329.5 80.1 239.2 241.7 283.5 237.8 788.2 370.6 332.2 84.9 242.8 246.7 292.8 243.8 798.4 375.9 336.5 79.2 255.5 250.6 302.4 254.8 800.2 373.2 340.2 87.0 256.4 256.2 304.7 254.5 823.5 385.9 349.2 91.3 284.6 227.2 276.8 228.4 748.8 378.9 289.9 84.3 278.0 219.9 268.9 218.2 738.6 371.1 287.6 92.3 279.1 226.0 269.6 225.2 745.3 377.3 288.4 97.8 283.3 230.2 279.1 230.2 754.8 384.7 290.7 90.9 298.1 232.8 289.4 240.1 756.4 382.6 293.2 100.0 299.5 236.5 292.2 239.6 776.2 394.9 300.0 7.3 19.0 15.1 –0.8 11.5 28.4 18.5 8.4 –6.9 14.9 2.6 10.3 9.9 1.6 –2.1 2.5 9.1 1.3 3.7 2.8 –0.5 19.9 12.2 6.8 32 33 34 35 36 37 38 39 41 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 ............................................... 85.8 747.6 84.7 745.5 85.4 739.7 86.1 738.9 86.8 766.2 88.4 778.7 82.4 597.9 82.0 605.5 82.1 594.1 82.2 587.0 83.0 604.9 84.2 601.9 2.0 10.4 0.8 17.9 1.1 –3.0 40 41 42 43 44 Change in private inventories................... Farm......................................................... Nonfarm ................................................... 15.7 2.4 13.2 –0.1 2.5 –2.7 4.9 0.3 4.6 41.9 3.4 38.5 16.0 3.5 12.5 22.4 3.1 19.2 15.2 2.8 12.3 1.2 2.7 –1.8 5.5 1.2 4.2 38.5 3.6 35.1 15.6 3.8 11.8 20.2 3.1 17.1 –18.2 3.4 –22.1 –22.9 0.2 –23.3 4.6 –0.6 5.3 42 43 44 33 34 35 36 37 38 39 40 45 Net exports of goods and services .............. –571.6 –582.8 –567.2 –534.1 –602.0 –640.7 –621.8 –622.2 –613.6 –597.5 –653.9 –650.9 –35.6 –56.4 3.0 45 46 47 48 Exports........................................................ Goods....................................................... Services ................................................... 2,344.0 1,546.8 797.1 2,295.6 1,515.0 780.6 2,314.9 1,520.9 794.0 2,345.9 1,544.1 801.8 2,419.6 1,607.4 812.2 2,468.3 1,644.9 823.4 2,191.4 1,512.3 681.3 2,162.3 1,492.3 672.2 2,181.1 1,500.4 682.3 2,192.4 1,507.3 686.6 2,229.8 1,549.1 684.2 2,252.9 1,569.6 687.4 71.4 64.8 8.5 37.4 41.8 –2.4 23.1 20.5 3.2 46 47 48 49 50 51 Imports........................................................ Goods....................................................... Services ................................................... 2,915.6 2,381.8 533.8 2,878.4 2,353.0 525.5 2,882.1 2,350.3 531.9 2,880.1 2,345.2 534.8 3,021.6 2,478.6 543.0 3,109.0 2,552.3 556.7 2,813.2 2,315.0 496.2 2,784.5 2,286.7 495.5 2,794.8 2,294.3 498.2 2,790.0 2,292.9 494.8 2,883.7 2,386.0 496.2 2,903.8 2,399.3 502.9 106.9 95.0 12.1 93.7 93.1 1.4 20.1 13.2 6.7 49 50 51 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 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. Source: U.S. Bureau of Economic Analysis -8- May 30, 2018 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 Line 2017 r 2017 Q1 Q2 2018 Q3 Q4 r Change from preceding period Line Seasonally adjusted at annual rates 2017 r Q1 r 2017 Q1 Q2 2018 Q3 Q4 r Q1 r 2017 r 2017 2018 Q4 r Q1 r 52 Government consumption expenditures and gross investment................................. 3,353.8 3,320.2 3,332.1 3,356.5 3,406.6 3,443.5 2,903.3 2,896.6 2,895.2 2,900.0 2,921.5 2,929.8 3.2 21.6 8.3 52 53 54 55 56 57 58 59 1,260.7 744.4 588.7 155.7 516.2 389.1 127.2 1,244.3 730.2 581.6 148.6 514.1 386.3 127.8 1,255.8 741.4 584.7 156.6 514.5 386.1 128.4 1,263.5 746.7 590.1 156.5 516.9 391.0 125.9 1,278.9 759.4 598.5 160.9 519.5 392.9 126.5 1,297.2 769.4 606.5 162.9 527.8 398.8 129.1 1,116.4 668.6 523.5 145.3 447.2 331.9 115.4 1,108.4 658.6 519.5 139.1 449.0 332.5 116.7 1,113.7 666.2 520.3 146.2 446.9 330.3 116.7 1,117.4 670.2 524.3 146.2 446.6 332.6 114.0 1,126.2 679.2 529.8 149.7 446.5 332.4 114.1 1,131.0 682.3 531.6 151.1 448.3 332.9 115.4 1.8 1.6 –8.2 10.2 0.3 –1.6 1.9 8.8 9.0 5.5 3.5 –0.1 –0.3 0.2 4.9 3.1 1.7 1.4 1.8 0.5 1.3 53 54 55 56 57 58 59 60 State and local ............................................ 2,093.2 2,075.9 2,076.2 2,092.9 2,127.7 2,146.3 61 Consumption expenditures ....................... 1,754.4 1,733.4 1,743.7 1,759.8 1,780.8 1,796.0 62 Gross investment ...................................... 338.8 342.5 332.5 333.1 346.9 350.3 63 Residual............................................................ .............. .............. ............... .............. .............. ............... 1,785.0 1,490.1 293.8 –132.8 1,786.2 1,485.1 300.0 –113.8 1,779.6 1,488.8 289.6 –129.1 1,780.7 1,492.0 287.5 –139.3 1,793.5 1,494.4 298.0 –148.9 1,797.0 1.4 12.8 3.5 1,497.9 11.8 2.4 3.5 298.0 –10.6 10.5 0.0 –150.6 ........... .......... ........... 60 61 62 63 17,128.9 17,112.6 17,062.0 17,714.6 17,681.2 14,792.5 16,994.1 16,948.7 16,883.5 17,521.6 17,502.7 14,619.9 17,090.3 17,060.7 17,006.6 17,641.8 17,618.3 14,737.6 17,193.8 17,178.8 17,106.3 17,760.4 17,703.5 14,818.4 17,238.6 17,262.5 17,251.6 17,934.4 17,900.4 14,994.2 64 65 66 67 68 69 70 71 72 73 74 Federal ......................................................... National defense ....................................... Consumption expenditures.................... Gross investment .................................. Nondefense............................................... Consumption expenditures.................... Gross investment .................................. Addenda: Gross domestic income (GDI) 1 ..................... Average of GDP and GDI ............................. Final sales of domestic product .................... Gross domestic purchases ........................... Final sales to domestic purchasers............... Final sales to private domestic purchasers... 19,427.7 19,409.2 19,374.9 19,962.2 19,946.5 16,592.7 19,160.1 19,108.9 19,057.8 19,640.5 19,640.7 16,320.4 19,317.0 19,283.5 19,245.2 19,817.2 19,812.4 16,480.3 19,534.6 19,517.6 19,458.7 20,034.8 19,992.9 16,636.4 19,699.3 19,726.7 19,738.1 20,356.1 20,340.1 16,933.5 19,931.7 19,944.3 19,934.5 20,597.5 20,575.2 17,131.6 17,357.9 17,368.8 17,339.2 18,024.8 17,985.0 15,070.9 280.7 330.3 397.9 413.0 431.0 429.8 44.8 83.7 145.3 174.0 196.8 175.8 119.3 106.3 87.6 90.3 84.7 76.7 64 65 66 67 68 69 Gross domestic product ............................ 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,956.8 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,379.7 Plus: Income receipts from the rest of the 934.7 895.9 914.8 952.1 975.9 1,011.9 758.8 731.1 745.1 772.3 786.8 810.3 world.......................................................... Less: Income payments to the rest of the world.......................................................... 717.9 681.7 712.4 723.9 753.6 795.6 578.0 551.9 575.5 582.3 602.3 631.7 380.0 122.6 93.2 70 61.4 14.5 23.5 71 45.8 20.1 29.4 72 Equals: Gross national product ................ 19,607.4 19,272.0 19,452.4 19,728.9 19,976.4 20,173.1 17,275.3 17,081.0 17,198.0 17,352.8 17,469.2 17,555.7 Net domestic product.................................... 16,355.9 16,071.5 16,229.3 16,448.5 16,674.1 16,836.3 14,347.6 14,174.8 14,289.9 14,409.0 14,516.5 14,593.7 396.3 328.4 116.4 107.5 86.5 77.2 73 74 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 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. Source: U.S. Bureau of Economic Analysis -9- May 30, 2018 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2015 2016 2017 2014 Q2 1 Q3 Gross domestic product (GDP).... 1.1 1.3 1.8 2.2 1.9 2 Personal consumption expenditures...... 3 Goods...................................................... 4 Durable goods..................................... 5 Nondurable goods............................... 6 Services .................................................. 0.3 –2.9 –2.1 –3.3 1.9 1.2 –1.4 –2.2 –1.1 2.5 1.7 0.3 –2.1 1.6 2.3 1.8 0.1 –2.2 1.2 2.7 1.2 –0.7 –1.9 –0.2 2.2 2015 Q4 0.6 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Line Q3 Q4 Q1 r –0.1 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 1.9 1 –0.3 –1.6 –4.2 –7.6 –3.1 –2.5 –4.8 –10.0 1.8 1.5 1.7 1.0 –0.9 2.0 2.0 1.3 –0.5 –2.0 0.2 2.2 0.2 –3.4 –2.1 –4.0 1.9 0.6 –3.4 –1.3 –4.4 2.6 2.1 0.2 –2.8 1.8 3.0 1.7 –0.6 –3.5 1.0 2.9 2.0 1.3 –3.2 3.7 2.3 2.2 2.7 1.0 3.6 2.0 0.3 –3.6 –3.6 –3.6 2.2 1.5 0.7 –2.5 2.4 1.9 2.7 1.8 –2.1 3.8 3.2 2.6 2.0 –1.7 3.9 2.8 2 3 4 5 6 7 Gross private domestic investment ........ 0.8 0.5 1.7 1.2 2.6 2.1 0.0 –0.4 0.7 –0.2 –0.4 1.7 1.0 1.7 1.7 2.6 1.9 1.0 2.9 8 Fixed investment..................................... 1.1 0.6 1.7 1.2 2.6 2.2 0.8 –0.3 0.9 0.1 –0.2 1.5 1.2 1.6 1.6 2.5 1.9 1.0 3.0 9 Nonresidential ..................................... 0.6 –0.3 1.0 1.2 1.4 1.4 0.8 –0.4 0.3 –0.6 –0.9 0.2 –0.3 0.6 1.5 1.9 1.1 0.6 1.3 10 Structures ........................................ 1.8 0.1 2.7 5.0 5.7 4.8 0.3 –1.5 1.5 –0.4 –2.0 2.8 –0.3 2.3 3.1 3.8 4.5 1.9 3.5 11 Equipment ....................................... –0.1 –0.1 0.4 0.7 0.0 0.2 0.2 –0.7 –0.8 –0.3 0.1 –0.1 0.9 –0.4 0.7 0.8 0.2 0.2 0.3 12 Intellectual property products .......... 0.9 –0.7 0.6 –0.8 0.2 0.7 2.3 1.1 1.1 –1.1 –1.5 –1.0 –1.9 1.0 1.6 1.9 0.1 0.0 1.2 13 Residential........................................... 2.7 3.7 4.1 1.1 7.5 5.3 0.5 0.1 3.3 2.6 2.4 5.9 6.4 4.8 1.7 4.6 4.4 2.5 8.8 14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... 16 Exports.................................................... –5.0 –1.9 2.4 –0.1 –1.0 –7.0 17 Goods.................................................. –7.1 –3.7 2.4 –1.3 –2.5 –9.7 18 Services............................................... –0.5 1.7 2.4 2.6 2.3 –1.1 19 Imports .................................................... –7.8 –3.1 2.5 –3.1 –2.6 –7.7 20 Goods.................................................. –9.1 –3.7 2.7 –3.9 –3.2 –8.9 21 Services............................................... –1.6 –0.5 1.8 0.8 0.7 –1.8 22 Government consumption expenditures and gross investment ........................... 0.6 0.8 2.5 1.5 1.9 0.4 23 Federal.................................................... 0.6 0.6 2.2 1.2 1.2 0.5 24 National defense ................................. 0.3 0.4 1.9 0.9 0.9 0.3 25 Nondefense......................................... 1.0 0.8 2.7 1.8 1.7 0.8 26 State and local ........................................ 0.6 0.9 2.7 1.6 2.4 0.4 Addenda: 27 Final sales of domestic product............... 1.1 1.3 1.8 2.2 1.9 0.6 28 Gross domestic purchases...................... 0.4 1.0 1.8 1.6 1.5 0.2 29 Final sales to domestic purchasers......... 0.5 1.0 1.8 1.6 1.5 0.2 30 Final sales to private domestic 0.4 1.1 1.7 1.7 1.4 0.2 purchasers........................................... 31 Gross national product (GNP)................. 1.1 1.3 1.8 2.2 1.9 0.6 Implicit price deflators: 32 GDP..................................................... 1.1 1.3 1.8 2.3 1.8 0.6 33 Gross domestic purchases.................. 0.4 1.0 1.8 1.7 1.5 0.2 34 GNP..................................................... 1.1 1.3 1.8 2.3 1.8 0.6 15 16 17 18 19 20 21 .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... –9.6 –1.0 –4.1 –5.9 –5.2 3.8 2.2 2.7 2.5 –0.1 3.3 5.8 3.9 –12.6 –2.1 –6.1 –8.0 –10.2 5.3 2.4 1.9 2.6 –0.6 4.3 5.2 4.1 –3.2 1.1 –0.2 –1.6 5.0 1.1 2.0 4.2 2.3 0.8 1.4 6.8 3.7 –14.7 –5.4 –4.9 –8.0 –5.2 1.2 3.0 1.6 6.2 –1.0 0.4 6.1 9.0 –16.7 –6.5 –5.5 –9.3 –6.3 1.2 3.9 1.8 7.4 –1.8 –0.6 6.4 10.0 –4.1 0.2 –2.4 –1.9 0.0 1.0 –0.7 0.5 1.1 2.7 5.0 5.1 4.7 –1.5 0.6 0.4 0.9 –2.8 2.1 0.3 –0.2 1.1 3.2 0.7 0.3 0.1 0.7 1.0 0.9 –0.1 –0.3 0.2 1.5 –1.3 0.9 0.6 1.4 –2.7 2.6 1.0 1.0 1.1 3.6 1.1 0.5 0.5 0.5 1.5 1.3 0.8 0.7 0.8 1.7 4.8 5.5 4.9 6.3 4.4 1.6 1.8 1.4 2.3 1.5 2.3 1.1 0.4 2.1 3.0 3.0 1.7 1.5 2.1 3.8 3.2 4.0 3.4 4.9 2.8 22 23 24 25 26 0.0 –1.3 –1.2 2.3 1.4 1.5 1.4 1.1 1.1 0.8 0.2 0.3 0.3 0.1 0.2 2.4 2.1 2.1 1.4 1.5 1.6 2.0 1.8 1.8 2.0 2.6 2.5 1.0 0.9 0.9 2.1 1.7 1.7 2.3 2.5 2.5 2.0 2.7 2.7 27 28 29 –1.1 –0.2 1.3 2.2 1.2 1.4 0.2 0.8 0.5 0.3 2.0 2.4 1.6 1.4 1.9 2.0 2.1 2.0 0.7 1.0 1.6 2.1 2.4 2.3 2.6 2.0 30 31 –0.1 –1.3 –0.1 2.2 1.4 2.2 1.4 1.1 1.4 0.8 0.3 0.8 0.2 0.1 0.2 2.4 2.1 2.4 1.4 1.5 1.4 2.0 1.9 2.0 2.0 2.5 1.9 1.0 0.8 1.0 2.1 1.7 2.1 2.3 2.5 2.3 1.9 2.7 2.0 32 33 34 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 10 - May 30, 2018 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2015 2016 2017 2017 2018 Line Q1 Q2 Q3 Q4 Q1 117.231 118.118 119.039 119.889 120.536 1 2 Personal consumption expenditures ............................................... 114.393 117.520 120.755 119.408 120.372 121.018 122.223 122.534 3 Goods ............................................................................................... 122.789 127.318 132.232 129.607 131.311 132.752 135.259 135.055 4 Durable goods............................................................................... 147.737 155.873 166.286 160.977 163.956 167.383 172.829 171.713 5 Nondurable goods......................................................................... 112.488 115.593 118.386 116.783 117.996 118.682 120.083 120.211 6 Services ............................................................................................ 110.402 112.917 115.441 114.628 115.280 115.597 116.262 116.782 7 Gross private domestic investment.................................................. 154.695 152.188 157.196 154.250 155.724 158.485 160.323 163.146 8 Fixed investment............................................................................... 137.373 138.395 143.947 141.960 143.085 143.942 146.801 149.118 9 Nonresidential ............................................................................... 136.126 135.323 141.677 138.581 140.843 142.456 144.829 148.042 10 Structures.................................................................................. 106.212 101.864 107.596 106.806 108.617 106.654 108.307 111.971 11 Equipment ................................................................................. 168.324 162.618 170.427 164.423 167.930 172.290 177.063 179.453 12 Intellectual property products .................................................... 123.034 130.765 135.911 134.064 135.283 137.005 137.291 140.895 13 Residential .................................................................................... 141.987 149.766 152.429 154.371 151.463 149.655 154.228 153.455 14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... 2 3 4 5 6 7 8 9 10 11 12 13 14 1 Gross domestic product......................................................... 114.237 115.934 118.569 r 15 Exports of goods and services ......................................................... 133.967 133.527 138.021 136.187 137.374 138.084 140.437 141.893 15 16 Imports of goods and services ......................................................... 134.751 136.463 141.855 140.407 140.924 140.682 145.408 146.420 16 17 Government consumption expenditures and gross investment ... 18 Federal.............................................................................................. 19 State and local .................................................................................. 93.184 91.493 94.196 93.884 91.536 95.310 93.987 91.684 95.384 93.770 91.024 95.445 93.724 91.461 95.097 93.878 91.766 95.155 94.575 92.484 95.839 94.843 92.884 96.024 17 18 19 Addenda: Final sales of domestic product ........................................................ Gross domestic purchases ............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers....................................... Gross national product...................................................................... 112.275 114.871 112.957 118.199 114.228 114.402 116.791 115.296 120.973 115.849 117.133 119.578 118.176 124.593 118.569 115.908 118.276 116.983 123.140 117.236 116.753 119.087 117.756 124.130 118.039 117.437 119.888 118.325 124.811 119.102 118.435 121.063 119.641 126.292 119.900 119.036 121.672 120.207 126.938 120.494 20 21 22 23 24 20 21 22 23 24 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 11 - May 30, 2018 Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2015 2016 2017 2017 2018 Q1 Q2 Q3 Q4 Gross domestic product ........................................................ 110.012 111.419 113.425 112.752 113.037 113.626 114.285 114.836 1 2 Personal consumption expenditures (PCE) .................................... 3 Goods............................................................................................... 4 Durable goods .............................................................................. 5 Nondurable goods ........................................................................ 6 Services............................................................................................ 109.481 102.695 90.430 108.961 113.065 110.789 101.209 88.460 107.800 115.878 112.657 101.561 86.605 109.573 118.570 112.198 102.062 87.587 109.746 117.585 112.273 101.127 86.793 108.735 118.213 112.699 101.307 86.244 109.392 118.773 113.459 101.748 85.797 110.419 119.708 114.178 102.243 85.439 111.479 120.551 2 3 4 5 6 7 Gross private domestic investment ................................................. 106.477 106.978 108.849 108.014 108.697 109.207 109.477 110.272 8 Fixed investment .............................................................................. 107.148 107.801 109.642 108.808 109.485 109.999 110.276 111.095 9 Nonresidential............................................................................... 105.069 104.790 105.844 105.292 105.780 106.079 106.227 106.571 10 Structures.................................................................................. 115.484 115.637 118.814 117.183 118.292 119.605 120.178 121.215 11 Equipment................................................................................. 99.761 99.634 100.024 99.832 100.032 100.084 100.146 100.224 12 Intellectual property products.................................................... 105.753 104.966 105.640 105.248 105.754 105.775 105.784 106.089 13 Residential .................................................................................... 115.883 120.157 125.028 123.102 124.503 125.862 126.646 129.352 14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... .................... 7 8 9 10 11 12 13 14 15 Exports of goods and services......................................................... 106.481 104.458 106.956 106.168 106.136 107.006 108.515 109.566 15 16 Imports of goods and services ......................................................... 104.364 101.090 103.635 103.381 103.134 103.238 104.789 107.076 16 17 Government consumption expenditures and gross investment... 18 Federal ............................................................................................. 19 State and local.................................................................................. 111.825 109.866 113.168 112.676 110.488 114.164 115.514 112.917 117.260 114.624 112.266 116.220 115.088 112.763 116.664 115.741 113.078 117.530 116.602 113.561 118.628 117.535 114.693 119.437 17 18 19 109.453 108.186 107.934 110.116 109.564 109.659 109.125 110.109 111.391 109.067 109.467 111.554 110.661 110.785 110.305 111.511 113.106 110.654 110.838 113.555 112.693 112.811 112.170 113.505 112.590 110.390 110.539 112.883 112.100 112.219 111.636 112.834 112.847 110.288 110.617 113.166 112.340 112.458 111.830 113.118 113.222 110.627 110.886 113.756 112.818 112.936 112.274 113.705 113.765 111.311 111.312 114.417 113.513 113.634 112.939 114.363 114.411 112.035 111.954 114.972 114.281 114.406 113.679 114.917 20 21 22 23 24 25 26 27 110.012 110.116 109.564 109.659 110.109 111.416 111.554 110.659 110.785 111.509 113.421 113.556 112.688 112.812 113.500 112.746 112.879 112.094 112.215 112.827 113.029 113.163 112.331 112.454 113.108 113.614 113.752 112.806 112.931 113.692 114.275 114.413 113.503 113.629 114.352 114.828 114.968 114.273 114.401 114.909 28 29 30 31 32 1 20 21 22 23 24 25 26 27 28 29 30 31 32 Addenda: PCE excluding food and energy 1 ..................................................... Market-based PCE 2 ......................................................................... Market-based PCE excluding food and energy 2 .............................. Final sales of domestic product........................................................ Gross domestic purchases............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers ...................................... Gross national product ..................................................................... Implicit price deflators: Gross domestic product................................................................ Final sales of domestic product .................................................... Gross domestic purchases ........................................................... Final sales to domestic purchasers .............................................. Gross national product.................................................................. Q1 Line r 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. Source: U.S. Bureau of Economic Analysis - 12 - May 30, 2018 Table 7. Real Gross Domestic Product: Annual Percent Change Percent change from preceding year Line 1 2010 2011 2012 2013 2014 2015 Percent change fourth quarter to fourth quarter 2016 2017 r 2010 2011 2012 2013 2014 2015 2016 2017 r Line Gross domestic product (GDP) ........................................ 2.5 1.6 2.2 1.7 2.6 2.9 1.5 2.3 2.7 1.7 1.3 2.7 2.7 2.0 1.8 2.6 1 2 Personal consumption expenditures (PCE) ............................... 3 Goods.......................................................................................... 4 Durable goods ......................................................................... 5 Nondurable goods ................................................................... 6 Services ...................................................................................... 1.9 3.4 6.1 2.2 1.2 2.3 3.1 6.1 1.8 1.8 1.5 2.7 7.4 0.6 0.8 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.9 2.5 2.4 3.6 4.6 7.7 3.1 3.2 2.7 3.7 5.5 2.8 2.3 2.8 3.9 6.7 2.4 2.2 3.1 5.1 9.3 3.3 2.0 1.5 1.7 4.8 0.4 1.4 1.3 2.8 7.2 0.8 0.6 2.0 3.5 5.2 2.6 1.3 3.6 4.7 8.7 2.8 3.0 3.0 4.0 6.4 2.8 2.6 2.8 4.0 7.0 2.5 2.3 2.8 4.5 7.3 3.1 2.1 2 3 4 5 6 7 Gross private domestic investment ............................................ 12.9 5.2 10.6 6.1 5.5 5.2 –1.6 3.3 11.1 9.6 3.7 9.3 4.7 2.2 0.9 3.6 8 Fixed investment ......................................................................... 1.5 6.3 9.8 5.0 6.2 3.9 0.7 4.0 5.5 8.4 7.0 5.2 6.1 2.4 1.1 5.4 9 Nonresidential ......................................................................... 2.5 7.7 9.0 3.5 6.9 2.3 –0.6 4.7 8.1 9.0 5.2 4.8 6.1 0.3 0.7 6.3 10 Structures ............................................................................ –16.4 2.3 12.9 1.4 10.5 –1.8 –4.1 5.6 –4.0 8.0 4.1 5.8 8.8 –9.1 3.5 5.0 11 Equipment ........................................................................... 15.9 13.6 10.8 4.6 6.6 3.5 –3.4 4.8 20.9 13.1 6.9 6.1 4.1 3.4 –3.7 8.9 12 Intellectual property products .............................................. 1.9 3.6 3.9 3.4 4.6 3.8 6.3 3.9 1.8 4.1 3.4 2.2 7.0 3.2 5.2 3.8 13 Residential............................................................................... –2.5 0.5 13.5 11.9 3.5 10.2 5.5 1.8 –5.2 6.0 15.7 6.8 6.3 10.3 2.5 2.6 14 Change in private inventories...................................................... .......... .......... ........... ........... ........... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ............................................. .......... .......... ........... ........... ........... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... 16 Exports ........................................................................................ 11.9 6.9 3.4 3.5 4.3 0.4 –0.3 3.4 10.1 4.2 2.2 5.9 3.0 –1.8 0.6 5.0 17 Goods...................................................................................... 14.4 6.5 3.6 3.1 4.6 –0.4 0.3 4.5 10.9 4.8 1.2 7.0 2.7 –3.1 1.8 6.5 18 Services................................................................................... 6.8 7.6 3.0 4.4 3.6 2.1 –1.5 1.3 8.4 2.7 4.5 3.6 3.7 0.9 –1.8 2.0 19 Imports ........................................................................................ 12.7 5.5 2.2 1.1 4.5 5.0 1.3 4.0 12.0 3.5 0.3 2.5 6.2 2.9 2.7 4.7 20 Goods...................................................................................... 14.9 5.8 2.1 1.2 4.9 5.2 0.9 4.3 13.6 3.4 0.1 2.7 6.6 2.8 2.5 5.5 21 Services................................................................................... 3.8 4.0 3.0 0.6 2.6 4.0 3.1 2.5 4.9 3.8 1.2 1.1 3.9 3.5 3.5 0.8 22 Government consumption expenditures and gross investment ................................................................................. 0.1 –3.0 –1.9 –2.9 –0.6 1.4 0.8 0.1 –1.1 –3.0 –2.2 –2.8 0.5 1.6 0.4 0.7 23 Federal ........................................................................................ 4.4 –2.7 –1.9 –5.8 –2.4 –0.1 0.0 0.2 3.2 –4.0 –2.1 –6.7 –1.2 1.2 –0.3 1.0 24 National defense ..................................................................... 3.2 –2.3 –3.4 –6.8 –4.0 –2.2 –0.7 0.2 2.0 –4.1 –3.9 –7.1 –4.0 0.0 –1.4 2.3 25 Nondefense ............................................................................. 6.4 –3.4 0.9 –4.1 0.2 3.2 1.2 0.1 5.5 –3.9 1.0 –6.0 3.5 2.9 1.2 –0.9 26 State and local ............................................................................ –2.7 –3.3 –1.9 –0.8 0.5 2.3 1.2 0.1 –4.0 –2.3 –2.3 –0.1 1.5 1.9 0.8 0.5 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Addenda: Gross domestic income (GDI) 1 ................................................... Average of GDP and GDI............................................................ Final sales of domestic product................................................... Gross domestic purchases.......................................................... Final sales to domestic purchasers............................................. Final sales to private domestic purchasers ................................. Gross national product ................................................................ Real disposable personal income ............................................... 2.7 2.6 1.1 2.9 1.5 1.9 2.8 1.0 2.2 1.9 1.7 1.6 1.7 2.9 1.8 2.5 3.3 2.7 2.1 2.1 1.9 2.9 2.1 3.2 1.2 1.5 1.5 1.3 1.2 2.1 1.7 –1.4 3.1 2.8 2.7 2.7 2.7 3.5 2.5 3.6 3.0 2.9 2.6 3.5 3.3 3.7 2.7 4.2 0.9 1.2 1.9 1.7 2.1 2.3 1.4 1.4 1.7 2.0 2.4 2.4 2.5 3.0 2.3 1.2 2.6 2.7 2.0 3.2 2.5 3.5 2.9 2.6 2.1 1.9 1.5 1.7 1.5 2.6 2.0 1.7 2.8 2.1 1.7 1.0 1.4 2.3 1.0 5.1 1.3 2.0 2.0 2.2 1.6 2.6 2.7 –2.8 4.2 3.5 2.9 3.2 3.4 4.1 2.5 4.9 1.6 1.8 2.0 2.6 2.7 2.9 2.0 3.2 0.5 1.2 1.9 2.1 2.1 2.5 1.9 0.2 2.1 2.3 2.9 2.6 2.9 3.3 2.5 1.9 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Price indexes: Gross domestic purchases...................................................... Gross domestic purchases excluding food and energy 2 ......... GDP......................................................................................... GDP excluding food and energy 2 ............................................ PCE ......................................................................................... PCE excluding food and energy 2 ............................................ Market-based PCE 3 ................................................................ Market-based PCE excluding food and energy 3 ..................... 1.5 1.3 1.2 1.4 1.7 1.3 1.5 1.0 2.4 1.8 2.1 1.9 2.5 1.5 2.5 1.4 1.8 1.8 1.8 1.8 1.9 1.9 1.8 1.8 1.4 1.5 1.6 1.7 1.3 1.5 1.0 1.2 1.7 1.8 1.8 1.9 1.5 1.6 1.2 1.2 0.4 1.1 1.1 1.3 0.3 1.3 –0.1 1.1 1.0 1.4 1.3 1.6 1.2 1.8 0.8 1.4 1.8 1.7 1.8 1.8 1.7 1.5 1.5 1.3 1.6 1.4 1.8 1.6 1.3 1.0 1.1 0.7 2.4 1.9 1.9 1.9 2.7 1.9 2.8 1.9 1.7 1.7 1.9 1.8 1.8 1.8 1.6 1.5 1.4 1.7 1.6 1.9 1.2 1.5 0.9 1.1 1.4 1.6 1.6 1.7 1.2 1.5 0.8 1.2 0.4 1.0 1.0 1.2 0.4 1.3 0.1 1.1 1.4 1.5 1.5 1.7 1.6 1.9 1.3 1.5 1.9 1.8 1.9 1.8 1.7 1.5 1.4 1.2 35 36 37 38 39 40 41 42 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 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. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 13 - May 30, 2018 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2014 Line 1 Q2 Q3 2015 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 2018 Q3 Q4 r Q1 r Line Gross domestic product (GDP)......................................... 2.7 3.2 2.7 3.8 3.3 2.4 2.0 1.4 1.2 1.5 1.8 2.0 2.2 2.3 2.6 2.8 1 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... 2.7 3.9 6.9 2.5 2.1 3.2 4.3 7.8 2.6 2.6 3.6 4.7 8.7 2.8 3.0 4.0 5.1 9.2 3.2 3.5 3.9 4.7 8.1 3.1 3.5 3.6 4.7 7.4 3.4 3.1 3.0 4.0 6.4 2.8 2.6 2.6 3.4 4.7 2.8 2.1 2.8 3.8 4.6 3.4 2.3 2.8 3.5 5.7 2.4 2.4 2.8 4.0 7.0 2.5 2.3 2.9 3.6 6.7 2.1 2.5 2.7 3.5 6.4 1.9 2.4 2.6 3.8 6.3 2.5 2.0 2.8 4.5 7.3 3.1 2.1 2.6 4.2 6.7 2.9 1.9 2 3 4 5 6 7 Gross private domestic investment............................................. 6.8 6.4 4.7 9.5 5.8 3.5 2.2 –1.9 –2.8 –2.7 0.9 1.7 3.3 4.5 3.6 5.8 8 Fixed investment.......................................................................... 6.1 7.7 6.1 5.9 4.5 3.1 2.4 1.3 0.5 0.1 1.1 3.2 3.6 3.8 5.4 5.0 9 Nonresidential .......................................................................... 7.0 9.1 6.1 4.8 3.2 1.1 0.3 –1.2 –1.1 –0.7 0.7 3.5 4.3 4.6 6.3 6.8 10 Structures............................................................................. 13.0 8.1 8.8 3.1 1.3 –2.3 –9.1 –8.1 –9.0 –2.0 3.5 6.6 8.3 2.8 5.0 4.8 11 Equipment ............................................................................ 6.1 12.3 4.1 6.0 3.5 1.4 3.4 –2.1 –2.4 –5.3 –3.7 0.8 3.1 6.4 8.9 9.1 12 Intellectual property products ............................................... 4.1 5.2 7.0 4.4 4.4 3.2 3.2 5.5 7.0 7.4 5.2 5.1 3.3 3.5 3.8 5.1 13 Residential ............................................................................... 2.7 2.4 6.3 9.9 9.6 11.2 10.3 10.8 6.4 2.6 2.5 2.0 1.3 1.3 2.6 –0.6 14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 16 Exports......................................................................................... 5.3 4.6 3.0 2.4 1.1 0.0 –1.8 –1.3 –1.6 1.0 0.6 3.1 3.2 2.2 5.0 4.2 17 Goods ...................................................................................... 5.7 5.3 2.7 2.0 0.7 –1.1 –3.1 –0.9 –1.5 1.7 1.8 4.4 4.3 2.7 6.5 5.2 18 Services ................................................................................... 4.4 3.2 3.7 3.3 2.0 2.1 0.9 –2.2 –1.7 –0.4 –1.8 0.5 1.3 1.2 2.0 2.3 19 Imports......................................................................................... 4.6 3.9 6.2 6.6 4.9 5.6 2.9 1.2 0.5 0.7 2.7 3.8 4.1 3.2 4.7 4.3 20 Goods ...................................................................................... 5.0 4.2 6.6 7.2 5.2 5.7 2.8 0.7 0.0 0.2 2.5 3.8 4.1 3.7 5.5 4.9 21 Services ................................................................................... 2.6 2.1 3.9 3.9 3.4 5.2 3.5 3.4 2.5 3.1 3.5 3.9 4.2 1.3 0.8 1.5 22 Government consumption expenditures and gross investment.................................................................................. –1.1 –0.1 0.5 1.0 1.6 1.4 1.6 1.7 0.6 0.4 0.4 –0.2 0.0 0.0 0.7 1.1 23 Federal......................................................................................... –3.2 –1.2 –1.2 –0.7 0.1 –0.9 1.2 0.4 –0.3 0.4 –0.3 –0.6 0.1 0.1 1.0 2.0 24 National defense ...................................................................... –4.5 –2.2 –4.0 –2.9 –2.0 –3.7 0.0 –0.4 –1.4 0.3 –1.4 –1.5 0.1 0.1 2.3 3.6 25 Nondefense.............................................................................. –1.1 0.5 3.5 2.8 3.5 3.5 2.9 1.6 1.5 0.5 1.2 0.9 0.2 0.1 –0.9 –0.2 26 State and local ............................................................................. 0.3 0.6 1.5 2.1 2.5 2.8 1.9 2.4 1.1 0.4 0.8 0.0 –0.1 0.0 0.5 0.6 Addenda: 27 Gross domestic income (GDI) 1 .................................................... 2.6 3.7 4.2 4.3 3.5 2.4 1.6 1.1 0.5 1.4 0.5 1.3 1.8 1.4 2.1 2.1 28 Average of GDP and GDI ............................................................ 2.7 3.4 3.5 4.0 3.4 2.4 1.8 1.2 0.9 1.4 1.2 1.6 2.0 1.9 2.3 2.5 29 Final sales of domestic product ................................................... 2.5 3.4 2.9 3.2 3.1 2.3 2.0 1.9 1.8 2.0 1.9 2.2 2.2 2.2 2.9 2.7 30 Gross domestic purchases .......................................................... 2.6 3.1 3.2 4.4 3.8 3.2 2.6 1.7 1.5 1.5 2.1 2.1 2.4 2.4 2.6 2.9 31 Final sales to domestic purchasers ............................................. 2.5 3.3 3.4 3.8 3.6 3.1 2.7 2.2 2.0 1.9 2.1 2.4 2.4 2.3 2.9 2.8 32 Final sales to private domestic purchasers.................................. 3.3 4.0 4.1 4.4 4.0 3.5 2.9 2.3 2.3 2.2 2.5 2.9 2.9 2.8 3.3 3.1 33 Gross national product................................................................. 2.5 3.1 2.5 3.6 3.0 2.1 2.0 1.1 1.2 1.5 1.9 2.2 2.2 2.5 2.5 2.8 34 Real disposable personal income................................................ 3.2 3.7 4.9 4.9 4.6 4.0 3.2 2.2 1.7 1.4 0.2 0.9 1.1 1.1 1.9 2.0 Price indexes: 35 Gross domestic purchases....................................................... 1.9 1.9 1.4 0.5 0.5 0.4 0.4 0.7 0.9 1.0 1.4 2.0 1.7 1.7 1.9 1.9 1.8 1.9 1.6 1.3 1.2 1.0 1.0 1.2 1.3 1.4 1.5 1.8 1.7 1.7 1.8 1.9 36 Gross domestic purchases excluding food and energy 2 .......... 37 GDP ......................................................................................... 2.0 1.9 1.6 1.1 1.1 1.0 1.0 1.2 1.2 1.2 1.5 2.0 1.6 1.8 1.9 1.8 2.0 2.0 1.7 1.4 1.3 1.2 1.2 1.4 1.5 1.6 1.7 2.0 1.8 1.7 1.8 1.9 38 GDP excluding food and energy 2 ............................................ 39 PCE.......................................................................................... 1.8 1.7 1.2 0.3 0.3 0.3 0.4 1.0 1.0 1.2 1.6 2.0 1.6 1.5 1.7 1.8 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.6 1.7 1.8 1.9 1.8 1.5 1.4 1.5 1.6 40 PCE excluding food and energy 2 ............................................. 41 Market-based PCE 3 ................................................................. 1.5 1.3 0.8 –0.1 –0.1 –0.1 0.1 0.6 0.6 0.7 1.3 1.8 1.3 1.3 1.4 1.5 42 Market-based PCE excluding food and energy 3 ...................... 1.3 1.3 1.2 1.1 1.1 1.0 1.1 1.4 1.4 1.5 1.5 1.5 1.2 1.1 1.2 1.3 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 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 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. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 14 - May 30, 2018 Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2015 2016 2017 2017 r Q1 Q2 2018 Q3 Q4 r Q1 r Line 1 Gross domestic product (GDP) ......................................................... 2 Plus: Income receipts from the rest of the world................................... 3 Less: Income payments to the rest of the world ................................... 18,120.7 812.9 608.4 18,624.5 844.3 647.2 19,390.6 934.7 717.9 19,057.7 895.9 681.7 19,250.0 914.8 712.4 19,500.6 952.1 723.9 19,754.1 975.9 753.6 19,956.8 1,011.9 795.6 1 2 3 4 Equals: Gross national product ........................................................ 5 Less: Consumption of fixed capital....................................................... 6 Less: Statistical discrepancy................................................................. 18,325.2 2,841.5 –255.9 18,821.6 2,916.7 –147.2 19,607.4 3,034.7 –37.1 19,272.0 2,986.2 –102.4 19,452.4 3,020.7 –67.0 19,728.9 3,052.1 –34.0 19,976.4 3,080.0 54.8 20,173.1 3,120.5 25.1 4 5 6 7 Equals: National income.................................................................... 8 Compensation of employees ............................................................ 9 Wages and salaries....................................................................... 10 Supplements to wages and salaries ............................................. 11 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................. 12 Rental income of persons with capital consumption adjustment ...... 13 Corporate profits with inventory valuation and capital consumption adjustments................................................................................... 14 Net interest and miscellaneous payments ........................................ 15 Taxes on production and imports less subsidies............................... 16 Business current transfer payments (net) ......................................... 17 Current surplus of government enterprises....................................... Addenda: 18 Gross domestic income (GDI)........................................................... 19 Average of GDP and GDI ................................................................. 20 Statistical discrepancy as a percentage of GDP............................... 15,739.6 9,708.3 7,858.9 1,849.4 16,052.0 9,978.6 8,085.2 1,893.4 16,609.8 10,309.3 8,353.2 1,956.1 16,388.2 10,166.3 8,232.1 1,934.2 16,498.7 10,243.0 8,295.2 1,947.9 16,710.8 10,356.1 8,392.6 1,963.5 16,841.7 10,471.7 8,493.0 1,978.7 17,027.5 10,607.9 8,612.4 1,995.5 7 8 9 10 1,318.8 662.5 1,341.9 707.3 1,386.0 743.9 1,380.2 730.8 1,378.6 740.3 1,381.9 747.2 1,403.1 757.4 1,420.0 761.7 11 12 2,117.5 583.4 1,198.5 165.0 –14.3 2,073.5 570.6 1,226.2 164.0 –10.1 2,164.6 586.4 1,268.8 161.8 –11.0 2,109.0 588.2 1,248.2 176.5 –11.0 2,123.4 598.3 1,261.2 164.6 –10.7 2,213.7 599.8 1,270.1 152.7 –10.6 2,212.5 559.4 1,295.6 153.5 –11.7 2,200.1 553.1 1,329.1 169.7 –14.3 13 14 15 16 17 18,376.6 18,248.7 –1.4 18,771.6 18,698.1 –0.8 19,427.7 19,409.2 –0.2 19,160.1 19,108.9 –0.5 19,317.0 19,283.5 –0.3 19,534.6 19,517.6 –0.2 19,699.3 19,726.7 0.3 19,931.7 19,944.3 0.1 18 19 20 2018 Line r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. Source: U.S. Bureau of Economic Analysis Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2015 2016 2017 r 2017 Q1 Q2 Q3 Q4 r Q1 r 1 Personal income 1.............................................................................................................. 2 Compensation of employees........................................................................................... 3 Wages and salaries ..................................................................................................... 4 Supplements to wages and salaries............................................................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments....... 6 Farm ............................................................................................................................ 7 Nonfarm....................................................................................................................... 8 Rental income of persons with capital consumption adjustment..................................... 9 Personal income receipts on assets ............................................................................... 10 Personal interest income............................................................................................. 11 Personal dividend income ........................................................................................... 12 Personal current transfer receipts ................................................................................... 13 Less: Contributions for government social insurance, domestic ..................................... 14 Less: Personal current taxes .............................................................................................. 15,553.0 9,708.3 7,858.9 1,849.4 1,318.8 53.7 1,265.1 662.5 2,387.1 1,367.3 1,019.8 2,684.4 1,208.0 1,937.9 15,928.7 16,429.1 16,245.2 16,339.6 9,978.6 10,309.3 10,166.3 10,243.0 8,085.2 8,353.2 8,232.1 8,295.2 1,893.4 1,956.1 1,934.2 1,947.9 1,341.9 1,386.0 1,380.2 1,378.6 43.2 35.1 41.9 37.0 1,298.7 1,350.9 1,338.4 1,341.6 707.3 743.9 730.8 740.3 2,377.8 2,442.4 2,420.1 2,434.5 1,415.3 1,477.1 1,476.6 1,465.1 962.5 965.3 943.5 969.4 2,768.4 2,850.1 2,831.9 2,836.9 1,245.3 1,302.6 1,284.1 1,293.8 1,960.1 2,048.6 2,018.8 2,007.9 16,468.9 10,356.1 8,392.6 1,963.5 1,381.9 31.9 1,350.0 747.2 2,433.9 1,460.6 973.2 2,858.4 1,308.5 2,058.1 16,662.6 10,471.7 8,493.0 1,978.7 1,403.1 29.6 1,373.6 757.4 2,481.1 1,506.1 975.0 2,873.2 1,323.9 2,109.7 16,839.8 10,607.9 8,612.4 1,995.5 1,420.0 29.8 1,390.2 761.7 2,497.4 1,518.9 978.5 2,908.7 1,355.9 2,076.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Equals: Disposable personal income ............................................................................. 16 Less: Personal outlays........................................................................................................ 13,615.0 12,786.7 13,968.6 13,288.0 14,331.6 13,805.9 14,410.8 13,927.2 14,552.9 14,167.3 14,763.3 14,302.0 15 16 17 Equals: Personal saving .................................................................................................. 18 Personal saving as a percentage of disposable personal income .................................. 828.4 6.1 680.6 4.9 554.6 3.9 525.7 3.7 483.7 3.4 385.7 2.7 461.3 3.1 17 18 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 Disposable personal income, billions of chained (2009) dollars 2 .................................... 11,754.2 12,436.0 11,878.7 12,608.2 12,053.6 11,955.7 12,765.0 12,680.4 12,027.2 12,765.6 12,077.6 12,787.7 12,154.3 12,827.3 12,201.9 12,930.8 19 20 19 20 14,380.4 14,226.4 13,893.0 13,671.8 487.4 3.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 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. Source: U.S. Bureau of Economic Analysis - 15 - May 30, 2018 Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Line 2015 2016 2017 2017 Q1 Q2 2018 Q3 Q4 6 7 8 9 10 11 12 13 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment ............................................................. Undistributed profits with inventory valuation and capital consumption adjustments ........................ Consumption of fixed capital ................................... Less: Capital transfers paid (net) ............................ Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)........................... Profits after tax (without inventory valuation and capital consumption adjustments)........................... Inventory valuation adjustment ................................... Capital consumption adjustment................................. 2016 2017 Q1 1 Corporate profits with inventory valuation and capital consumption adjustments ........................... 2,117.5 2,073.5 2,164.6 2,109.0 2,123.4 2,213.7 2,212.5 2,200.1 2 Less: Taxes on corporate income ................................... 507.4 471.0 466.7 466.3 479.6 475.5 445.6 328.2 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments.................... 1,610.0 1,602.4 1,697.9 1,642.7 1,643.8 1,738.2 1,767.0 1,872.0 4 Net dividends .............................................................. 1,039.9 981.9 990.2 988.1 994.2 998.6 979.9 983.3 5 Undistributed profits with inventory valuation and capital consumption adjustments ............................ 570.1 620.6 707.7 654.6 649.6 739.6 787.1 888.7 Quarter one year ago Line Quarterly rates 2017 Q2 Q3 Q4 2018 2018 Q1 Q1 –2.1 –7.2 4.4 –0.9 0.7 2.9 4.3 –0.9 –0.1 –6.3 –0.6 –26.4 4.3 –29.6 1 2 –0.5 –5.6 6.0 0.9 0.1 0.6 5.7 0.4 1.7 –1.9 5.9 0.3 14.0 –0.5 3 4 8.9 14.0 –0.8 13.9 6.4 12.9 35.8 5 3.9 –6.3 1.8 –1.7 –35.5 78.0 14.9 6 570.1 620.6 707.7 654.6 649.6 739.6 787.1 888.7 8.9 14.0 –0.8 13.9 6.4 12.9 35.8 1,525.1 1,563.2 1,626.0 1,599.7 1,618.8 1,634.7 1,650.7 1,671.1 2.5 4.0 1.2 1.0 1.0 1.2 4.5 –3.2 4.4 291.5 25.3 –1.5 143.3 998.9 –1.1 ............. ............ ............ ............. ............ ............ ............. 7 8 9 2,098.4 2,179.3 2,042.2 2,229.1 2,269.9 2,230.9 1,438.8 2,560.9 2,158.5 2,158.9 2,247.7 2,276.8 2,254.3 2,333.8 2,125.8 2,140.0 –6.0 10 1,651.1 1,687.9 1,781.0 1,810.5 1,774.7 1,858.4 1,680.3 1,811.8 2.2 5.5 –2.0 4.7 –9.6 7.8 0.1 52.4 2.7 –49.1 –75.0 –33.6 –22.6 –65.4 –81.4 ............. ............ ............ ............. ............ ............ ............. –93.5 –88.2 –33.9 –92.8 –97.4 –97.6 152.2 141.5 ............. ............ ............ ............. ............ ............ ............. 11 12 13 Source: U.S. Bureau of Economic Analysis - 16 - 0.0 4.1 –1.0 3.5 –8.9 0.7 May 30, 2018 Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Seasonally adjusted at annual rates Line 1 Change from preceding period 2015 2016 2017 Corporate profits with inventory valuation and capital consumption adjustments ................. 2,117.5 2,073.5 2 Domestic industries ................................................... 3 Financial.................................................................... 4 Nonfinancial .............................................................. 1,732.5 456.7 1,275.8 1,678.7 1,731.9 454.6 470.3 1,224.1 1,261.6 5 Rest of the world......................................................... 6 Receipts from the rest of the world ........................... 7 Less: Payments to the rest of the world.................... 8 Corporate profits with inventory valuation adjustment ....................................................... 385.0 653.1 268.1 394.7 671.4 276.7 432.8 725.9 293.2 9 Domestic industries ................................................... 10 Financial.................................................................... 11 Federal Reserve banks ......................................... 12 Other financial ....................................................... 13 Nonfinancial .............................................................. 14 Utilities................................................................... 15 Manufacturing........................................................ 16 Durable goods ................................................... 17 Fabricated metal products ............................. 18 Machinery ...................................................... 19 Computer and electronic products................. 20 Electrical equipment, appliances, and components ............................................... 21 Motor vehicles, bodies and trailers, and parts 22 Other durable goods ...................................... 23 Nondurable goods ............................................. 24 Food and beverage and tobacco products .... 25 Petroleum and coal products ......................... 26 Chemical products ......................................... 27 Other nondurable goods ................................ 28 Wholesale trade .................................................... 29 Retail trade............................................................ 30 Transportation and warehousing........................... 31 Information ............................................................ 32 Other nonfinancial ................................................. 33 Rest of the world......................................................... 2,164.6 2017 2018 2016 2017 2017 Q2 Q3 Q4 Q1 2,109.0 2,123.4 2,213.7 2,212.5 2,200.1 –44.0 91.2 14.4 90.2 –1.1 –12.4 1 1,770.9 1,754.1 474.8 477.0 1,296.1 1,277.1 –53.8 –2.0 –51.7 53.2 15.7 37.4 25.2 –33.8 59.1 58.2 47.8 10.4 4.8 –14.6 19.4 –16.8 2.2 –19.0 2 3 4 9.8 18.3 8.6 38.0 54.5 16.5 –10.8 5.5 16.3 32.0 26.9 –5.2 –5.9 14.9 20.8 4.4 20.0 15.7 5 6 7 426.3 704.7 278.3 415.5 710.1 294.6 447.5 737.0 289.5 441.6 751.9 310.2 446.0 771.9 325.9 Q3 Q4 Line Q1 1,682.7 1,707.9 1,766.1 475.5 441.6 489.4 1,207.2 1,266.3 1,276.7 Q2 2018 Q1 2,210.9 2,161.6 2,198.6 2,201.8 2,220.8 2,311.3 2,060.4 2,058.6 –49.3 36.9 18.9 90.5 –250.9 –1.7 8 1,826.0 497.9 100.7 397.1 1,328.1 21.8 417.1 218.4 23.6 24.2 53.9 1,766.9 501.8 92.0 409.9 1,265.1 19.3 392.6 212.2 20.1 17.8 49.9 1,765.8 511.9 79.2 432.7 1,253.8 27.0 382.2 212.7 19.9 25.0 46.5 1,775.5 523.7 90.5 433.2 1,251.8 27.6 370.4 208.5 16.2 23.5 43.3 1,805.2 1,863.7 489.9 536.9 80.9 72.5 409.0 464.4 1,315.3 1,326.8 28.2 26.3 389.6 419.3 219.2 223.9 21.6 21.8 24.6 28.7 43.0 54.4 1,618.7 497.3 73.0 424.3 1,121.5 25.8 349.6 199.2 19.8 23.2 45.4 1,612.6 500.7 70.9 429.7 1,112.0 .............. .............. .............. .............. .............. .............. –59.0 4.0 –8.8 12.7 –63.0 –2.5 –24.5 –6.2 –3.6 –6.4 –4.0 –1.1 10.1 –12.7 22.9 –11.2 7.7 –10.4 0.5 –0.2 7.2 –3.4 29.8 –33.8 –9.6 –24.2 63.5 0.6 19.2 10.7 5.4 1.1 –0.3 58.5 47.0 –8.4 55.3 11.5 –2.0 29.7 4.7 0.3 4.1 11.4 –245.0 –39.6 0.5 –40.1 –205.3 –0.5 –69.7 –24.7 –2.0 –5.5 –9.0 –6.1 3.4 –2.0 5.5 –9.5 ............. ............. ............. ............. ............. ............. 9 10 11 12 13 14 15 16 17 18 19 19.6 26.3 70.7 198.7 71.7 17.3 73.7 36.0 147.6 171.8 61.2 137.2 371.3 385.0 23.7 26.4 74.3 180.4 76.0 –2.2 68.9 37.7 125.4 179.1 56.1 137.6 355.0 394.7 19.7 19.0 82.6 169.5 69.4 6.0 60.3 33.9 93.4 177.5 59.7 130.9 383.1 432.8 22.7 19.6 83.2 161.9 63.0 2.1 61.5 35.3 90.3 179.6 59.2 138.2 386.6 426.3 14.5 17.4 78.8 150.4 68.4 3.2 47.9 30.9 70.1 161.7 45.9 111.7 356.7 441.6 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 446.0 4.1 0.1 3.6 –18.3 4.3 –19.5 –4.9 1.7 –22.3 7.2 –5.1 0.4 –16.3 9.8 –4.0 –7.4 8.3 –10.9 –6.6 8.2 –8.6 –3.8 –32.0 –1.6 3.6 –6.7 28.1 38.0 –0.3 0.8 4.0 8.6 3.3 4.2 1.1 –0.1 17.5 4.4 14.5 –7.2 14.5 –10.8 –3.3 –1.6 –6.1 25.0 13.4 6.2 6.6 –1.3 –2.4 0.9 –13.4 11.8 –13.1 32.0 –4.7 –1.3 –2.3 –45.0 –11.3 –9.3 –21.3 –3.1 –35.3 –23.1 –14.3 –31.1 –31.3 –5.9 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 4.4 20 21 22 23 24 25 26 27 28 29 30 31 32 33 22.4 20.3 87.2 170.4 66.3 6.2 62.6 35.3 107.8 183.9 73.6 131.0 401.1 415.5 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 17 - 19.2 18.7 81.1 195.4 79.8 12.5 69.2 34.0 105.4 184.8 60.2 142.8 388.0 447.5 May 30, 2018 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2015 2016 2017 2017 r 2018 Q1 Q2 Q3 Q4 r Q1 r Line Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 9,059.3 1,336.1 9,165.4 1,364.9 9,471.6 1,422.5 9,294.5 1,399.5 9,426.1 1,416.1 9,529.1 1,430.4 9,636.9 1,444.1 9,746.2 1,461.6 1 2 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................................................................................. Undistributed profits with inventory valuation and capital 15 consumption adjustments .......................................................... 7,723.3 5,269.3 4,412.3 857.0 764.6 1,689.4 308.9 104.6 7,800.5 5,406.9 4,539.1 867.8 783.0 1,610.6 300.9 85.6 8,049.1 5,586.9 4,690.4 896.5 807.9 1,654.3 311.1 81.7 7,895.0 5,500.8 4,615.1 885.7 795.8 1,598.4 309.7 81.5 8,010.0 5,544.5 4,652.5 892.0 803.1 1,662.4 315.0 81.2 8,098.7 5,614.0 4,714.0 900.0 808.7 1,675.9 317.4 81.9 8,192.8 5,688.2 4,779.8 908.3 824.0 1,680.6 302.2 82.4 8,284.6 5,773.5 4,855.6 917.9 844.1 1,667.0 303.8 86.1 3 4 5 6 7 8 9 10 1,275.8 281.1 1,224.1 274.1 1,261.6 279.0 1,207.2 277.5 1,266.3 294.1 1,276.7 289.4 1,296.1 255.0 1,277.1 164.6 11 12 994.7 651.8 950.0 685.2 982.6 707.3 929.7 696.2 972.2 728.7 987.3 649.9 1,041.1 754.3 1,112.5 –169.9 13 14 343.0 264.8 275.3 233.5 243.5 337.4 286.8 1,282.4 15 1,275.7 1,262.4 1,303.0 1,326.8 1,348.9 1,349.4 1,186.9 1,193.3 16 994.6 52.4 –52.3 988.2 2.7 –41.0 1,024.0 –49.1 7.7 1,049.3 –75.0 –44.6 1,054.8 –33.6 –49.0 1,060.1 –22.6 –50.1 932.0 –65.4 174.6 1,028.7 –81.4 165.1 17 18 19 8,566.1 1,313.3 7,252.8 8,700.6 1,323.0 7,377.6 8,738.0 1,333.7 7,404.4 8,821.9 1,344.9 7,477.0 8,913.3 1,356.9 7,556.5 20 21 22 16 17 18 19 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).......................................................................................... Profits after tax (without inventory valuation and capital consumption adjustments).......................................................................................... Inventory valuation adjustment ................................................................. Capital consumption adjustment............................................................... Billions of chained (2009) dollars 20 Gross value added of nonfinancial corporate business ................ 21 Consumption of fixed capital 2 ....................................................................... 22 Net value added 3 .......................................................................................... 1 8,358.1 1,255.8 7,102.3 8,471.7 1,292.5 7,179.3 8,706.9 1,328.7 7,378.2 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 ....................................................................................... 1.084 0.630 0.301 0.160 1.082 0.638 0.299 0.161 1.088 0.642 0.301 0.163 1.085 0.642 0.302 0.163 1.083 0.637 0.301 0.163 1.091 0.642 0.302 0.164 1.092 0.645 0.301 0.164 1.093 0.648 0.302 0.164 23 24 25 26 0.104 0.037 0.103 0.036 0.102 0.036 0.102 0.036 0.102 0.036 0.102 0.036 0.103 0.034 0.104 0.034 27 28 0.153 0.034 0.144 0.032 0.145 0.032 0.141 0.032 0.146 0.034 0.146 0.033 0.147 0.029 0.143 0.018 29 30 0.119 0.112 0.113 0.109 0.112 0.113 0.118 0.125 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 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). Source: U.S. Bureau of Economic Analysis - 18 - May 30, 2018 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 2015 2016 2017 2014 Q2 Q3 2015 Q4 Q1 Q2 2016 Q3 Q4 2017 Q1 Q2 2018 Line Q1 Q2 Q3 Q4 Q3 0.6 –2.2 0.7 10.0 2.8 0.5 38.9 0.5 3.3 0.5 26.6 0.2 2.2 4.1 2.4 –5.2 9.4 2.0 12.3 2.2 11.2 2.0 14.4 2.5 2.8 4.7 2.2 0.1 2.7 2.8 –7.9 2.8 2.2 2.8 3.5 3.3 1.8 1.2 3.1 3.2 3.0 –1.6 7.3 9.6 1.0 1.5 2.1 1.5 3.4 10.3 –4.3 –6.2 –1.9 –7.3 0.8 –10.3 1.9 1.5 3.1 3.6 –7.8 23.3 22.3 –24.2 1.8 1.2 3.0 3.3 –1.1 7.1 1.3 0.9 1.8 1.1 3.1 3.2 –3.8 –32.4 –13.9 –5.7 2.2 1.8 3.9 4.0 Q4 Q1 r 2.9 2.6 1.9 12.2 35.1 2.1 19.8 2.8 –0.4 3.0 –5.1 3.7 2.2 3.2 1.5 4.0 8.5 2.0 21.9 2.1 6.7 2.1 –6.4 2.7 1 2 3 4 5 6 7 8 9 10 11 12 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 ............... 2.9 3.1 2.6 4.0 5.4 2.8 6.3 2.8 1.2 2.9 7.8 3.4 1.5 2.3 1.4 3.7 1.7 1.7 0.4 1.9 1.6 –0.6 1.5 2.4 13.0 5.0 1.4 2.3 4.9 2.8 1.4 2.3 12.4 –12.3 1.5 2.9 4.6 9.2 1.6 11.6 12.6 4.4 38.3 4.5 –1.0 4.8 3.9 5.8 5.2 2.0 10.6 –1.4 3.1 3.1 1.4 6.9 13.0 –4.7 5.0 2.2 0.2 –21.6 5.2 2.1 3.7 10.0 5.2 1.8 –1.6 18.2 6.9 2.3 3.2 2.8 3.5 3.1 5.4 3.2 11.8 3.2 –9.2 3.6 4.6 4.0 2.7 2.5 1.9 10.3 10.0 2.5 31.5 2.6 4.0 2.7 –0.2 3.3 1.6 0.5 3.1 –0.7 1.4 2.2 –1.7 –8.0 16.7 –17.1 1.2 1.1 1.2 8.5 1.6 0.5 1.8 7.4 1.6 0.3 29.8 –0.7 1.3 0.3 1.1 1.3 1.1 0.4 1.1 1.3 1.6 1.3 1.0 1.4 1.8 1.8 1.8 1.8 1.7 2.2 1.8 2.2 1.6 1.7 1.9 1.9 1.9 1.5 1.8 0.6 1.2 0.6 0.2 1.2 –0.1 0.6 –0.1 –1.3 0.4 2.2 1.7 2.2 1.4 1.4 1.4 1.5 1.4 1.1 1.3 0.8 1.1 0.8 0.2 1.0 0.3 1.3 0.3 0.1 1.1 2.4 2.2 2.5 2.1 2.0 1.4 1.9 1.4 1.5 1.7 2.0 1.6 2.0 1.8 1.4 2.0 2.4 2.1 2.6 2.3 1.0 1.1 1.1 0.9 1.3 2.1 1.6 2.1 1.7 1.6 2.3 2.2 2.4 2.5 2.0 1.9 2.6 2.0 2.7 2.6 13 14 15 16 17 0.5 0.3 1.3 –0.1 1.1 1.0 1.2 1.8 0.8 1.4 1.9 1.7 1.5 1.5 1.3 1.7 1.8 2.0 1.3 1.5 1.6 1.2 1.6 0.9 1.3 0.3 –0.3 1.1 –0.8 0.7 –1.3 –1.6 0.9 –2.0 0.7 1.5 1.7 1.7 1.6 1.5 1.1 1.3 1.5 1.0 1.2 0.3 0.2 1.2 –0.2 1.0 0.2 0.6 2.1 0.1 1.7 2.2 2.1 2.0 1.7 1.5 1.5 1.7 2.0 1.4 1.6 1.9 2.0 1.3 1.9 1.1 2.6 2.2 1.8 2.3 1.9 0.9 0.3 0.9 –0.4 0.3 1.7 1.5 1.3 1.2 1.0 2.5 2.7 1.9 2.5 1.5 2.8 2.6 2.3 2.6 2.3 18 19 20 21 22 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.2 23 0.77 0.93 –0.21 –0.64 1.21 1.39 0.88 –0.47 2.10 2.74 0.78 1.18 0.84 1.37 0.46 1.46 1.39 0.61 0.91 1.32 0.93 1.18 0.80 –0.15 –0.67 0.76 –0.43 0.01 0.27 0.80 –0.36 –0.51 0.93 0.28 0.47 –0.56 0.08 0.26 0.08 –0.06 –0.22 0.02 –0.30 0.83 0.11 0.01 0.03 0.13 0.05 –0.03 –0.03 0.08 0.08 –0.10 0.07 0.10 0.05 0.18 0.08 0.27 0.06 –0.03 0.18 0.03 0.02 –0.01 0.94 0.91 0.33 0.23 0.07 0.16 24 25 26 27 28 29 Contributions to percent change in real gross domestic product Percent change at annual rate: 23 Gross domestic product ............................................. 2.9 24 25 26 27 28 29 Percentage points at annual rates: Goods.................................................................................... Services ................................................................................ Structures.............................................................................. Motor vehicle output.............................................................. Final sales of computers ....................................................... Research and development .................................................. 0.93 1.61 0.32 0.15 0.02 0.03 1.5 2.3 4.6 0.41 1.08 2.75 1.04 1.05 0.98 0.04 0.15 0.86 0.05 –0.02 0.34 0.05 0.02 0.14 0.12 0.07 –0.02 5.2 2.0 3.2 3.18 –0.41 0.85 1.92 1.90 2.14 0.11 0.53 0.25 0.36 –0.14 0.16 0.00 –0.10 0.04 0.09 0.24 –0.24 2.7 1.6 0.5 0.6 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. 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. Source: U.S. Bureau of Economic Analysis - 19 - 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. - 20 -
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