The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 30, 2009 Lisa S. Mataloni: (202) 606-5304 Recorded message: (202) 606-5306 BEA 09-02 GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2008 (ADVANCE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 3.8 percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP decreased 0.5 percent. The Bureau emphasized that the fourth-quarter “advance” estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 4). The fourthquarter “preliminary” estimates, based on more comprehensive data, will be released on February 27, 2009. The decrease in real GDP in the fourth quarter primarily reflected negative contributions from exports, personal consumption expenditures, equipment and software, and residential fixed investment that were partly offset by positive contributions from private inventory investment and federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased. Most of the major components contributed to the much larger decrease in real GDP in the fourth quarter than in the third. The largest contributors were a downturn in exports and a much larger decrease in equipment and software. The most notable offset was a much larger decrease in imports. Final sales of computers subtracted less than 0.01 percentage point from the change in real GDP after subtracting 0.01 percentage point from the third-quarter change. Motor vehicle output subtracted 2.04 percentage points from the fourth-quarter change in real GDP after contributing 0.16 percentage point to the third-quarter change. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2The price index for gross domestic purchases, which measures prices paid by U.S. residents, decreased 4.6 percent in the fourth quarter, in contrast to an increase of 4.5 percent in the third. Excluding food and energy prices, the price index for gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 2.8 percent in the third. Real personal consumption expenditures decreased 3.5 percent in the fourth quarter, compared with a decrease of 3.8 percent in the third. Durable goods decreased 22.4 percent, compared with a decrease of 14.8 percent. Nondurable goods decreased 7.1 percent, the same as in the third. Services expenditures increased 1.7 percent, in contrast to a decrease of 0.1 percent. Real nonresidential fixed investment decreased 19.1 percent in the fourth quarter, compared with a decrease of 1.7 percent in the third. Nonresidential structures decreased 1.8 percent, in contrast to an increase of 9.7 percent. Equipment and software decreased 27.8 percent, compared with a decrease of 7.5 percent. Real residential fixed investment decreased 23.6 percent, compared with a decrease of 16.0 percent. Real exports of goods and services decreased 19.7 percent in the fourth quarter, in contrast to an increase of 3.0 percent in the third. Real imports of goods and services decreased 15.7 percent, compared with a decrease of 3.5 percent. Real federal government consumption expenditures and gross investment increased 5.8 percent in the fourth quarter, compared with an increase of 13.8 percent in the third. National defense increased 2.1 percent, compared with an increase of 18.0 percent. Nondefense increased 14.5 percent, compared with an increase of 5.1 percent. Real state and local government consumption expenditures and gross investment decreased 0.5 percent, in contrast to an increase of 1.3 percent. The real change in private inventories added 1.32 percentage points to the fourth-quarter change in real GDP after adding 0.84 percentage point to the third-quarter change. Private businesses increased inventories $6.2 billion in the fourth quarter, following a decrease of $29.6 billion in the third quarter and a decrease of $50.6 billion in the second. Real final sales of domestic product -- GDP less change in private inventories -- decreased 5.1 percent in the fourth quarter, compared with a decrease of 1.3 percent in the third. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 3.7 percent in the fourth quarter, compared with a decrease of 1.5 percent in the third. Disposition of personal income Current-dollar personal income decreased $35.3 billion (1.2 percent) in the fourth quarter, in contrast to an increase of $7.2 billion (0.2 percent) in the third. Personal current taxes increased $29.6 billion in the fourth quarter, compared with an increase of $122.5 billion in the third. The sharp deceleration reflected the pattern of rebates to individuals with tax liabilities (which are treated as an offset to taxes) from the Economic Stimulus Act of 2008. - more - -3Disposable personal income (DPI) decreased $64.8 billion (2.4 percent) in the fourth quarter, compared with a decrease of $115.3 billion (4.2 percent) in the third. Real DPI increased 3.3 percent, in contrast to a decrease of 8.8 percent. The increase in real DPI, in contrast to the decrease in currentdollar DPI, reflected the sharp downturn in the personal consumption expenditures implicit price deflator (IPD) that is used to deflate DPI; the IPD decreased 5.5 percent in the fourth quarter, following an increase of 5.0 percent in the third. Personal outlays decreased $244.2 billion (8.9 percent) in the fourth quarter, in contrast to an increase of $21.7 billion (0.8 percent) in the third. Personal saving -- disposable personal income less personal outlays -- was $310.3 billion in the fourth quarter, compared with $130.8 billion in the third. The personal saving rate -- saving as a percentage of disposable personal income -- was 2.9 percent in the fourth quarter, compared with 1.2 percent in the third. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/NipaFrb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- decreased 4.1 percent, or $148.2 billion, in the fourth quarter to a level of $14,264.6 billion. In the third quarter, current-dollar GDP increased 3.4 percent, or $118.3 billion. 2008 GDP Real GDP increased 1.3 percent in 2008 (that is, from the 2007 annual level to the 2008 annual level), compared with an increase of 2.0 percent in 2007. The major contributors to the increase in real GDP in 2008 were exports, personal consumption expenditures (PCE) for services, federal government spending, nonresidential structures, and state and local government spending. These were partly offset by residential fixed investment, PCE for goods, equipment and software, and private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased. The deceleration in real GDP primarily reflected a sharp deceleration in PCE, a downturn in equipment and software, and decelerations in exports and in state and local government spending that were partly offset by a sharp downturn in imports, an acceleration in federal government spending, and a smaller decrease in private inventory investment. The price index for gross domestic purchases increased 3.2 percent in 2008, compared with an increase of 2.8 percent in 2007. Current-dollar GDP increased 3.4 percent, or $473.1 billion, in 2008. Current-dollar GDP increased 4.8 percent, or $629.2 billion, in 2007. During 2008 (that is, measured from the fourth quarter of 2007 to the fourth quarter 2008), real GDP decreased 0.2 percent. Real GDP increased 2.3 percent during 2007. The price index for gross domestic purchases increased 1.8 percent during 2008, compared with an increase of 3.3 percent during 2007. - more - -4- Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimates of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- February 27, 2009, at 8:30 A.M. EST for: Gross Domestic Product: Fourth Quarter 2008 (Preliminary) Release dates in 2009 Gross Domestic Product Advance......... Preliminary… Final.............. 2008: IV and 2008 annual January 30 February 27 March 26 2009: I April 29 May 29 June 25 2009: II July 31 August 27 September 30 2009: III October 29 November 24 December 22 ……….. March 26 May 29 June 25 August 27 November 24 September 30 December 22 Corporate Profits Preliminary..... Final............... - more - -5Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: “Advance” estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, “preliminary” and “final” estimates are released near the end of the second and third months, respectively. The “latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.2 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the introduction of chain indexes and the capitalization of software. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to preliminary..... Advance to final................ Preliminary to final........... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .4 1.1 .9 Real GDP Advance to preliminary..... Advance to final................ Preliminary to final........... 0.1 .1 .0 0.5 .6 .3 0.4 .4 .2 Advance to latest............... .3 1.2 1.0 NOTE.--These comparisons are based on the period from 1983 through 2005. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III IV Gross domestic product (GDP)................ 2.8 2.0 1.3 3.0 2.6 3.8 1.3 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.9 2.8 –0.5 –3.8 Personal consumption expenditures.................. 3.0 2.8 0.3 1.7 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 0.9 1.2 –3.8 –3.5 Durable goods .................................................... 4.5 4.8 –4.4 0.6 12.1 5.4 –11.7 18.9 1.8 3.5 4.2 9.2 5.0 2.3 0.4 –4.3 –2.8 –14.8 –22.4 Nondurable goods .............................................. 3.7 2.5 –0.4 2.4 4.2 3.0 4.7 4.4 3.1 2.3 3.1 3.5 1.9 1.2 0.3 –0.4 3.9 –7.1 –7.1 Services.............................................................. 2.5 2.6 1.5 1.7 1.7 3.8 2.5 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4 0.7 –0.1 1.7 Gross private domestic investment.................... 2.1 –5.4 –5.9 9.1 –5.1 4.0 12.2 6.2 –0.4 –5.3 –15.0 –9.6 6.2 3.5 –11.9 –5.8 –11.5 0.4 –12.3 Fixed investment................................................. 1.9 –3.1 –4.8 5.3 7.6 5.3 2.3 8.3 –2.5 –4.8 –7.6 –3.4 3.0 –0.9 –6.2 –5.6 –1.7 –5.3 –20.1 Nonresidential ................................................. 7.5 4.9 1.8 3.7 6.3 6.1 3.7 15.9 6.4 5.3 –1.0 3.4 10.3 8.7 3.4 2.4 2.5 –1.7 –19.1 Structures.................................................... 8.2 12.7 11.8 7.5 –1.3 –9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6 18.5 9.7 –1.8 Equipment and software ............................. 7.2 1.7 –2.9 2.3 9.2 12.2 4.4 16.3 1.7 2.0 –2.4 0.0 6.9 3.6 1.0 –0.6 –5.0 –7.5 –27.8 Residential ...................................................... –7.1 –17.9 –20.8 8.1 9.7 4.0 0.2 –3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1 –13.3 –16.0 –23.6 Change in private inventories ............................. ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Net exports of goods and services..................... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Exports ............................................................... 9.1 8.4 6.5 8.1 8.8 0.4 10.9 16.7 5.5 3.5 15.6 0.6 8.8 23.0 4.4 5.1 12.3 3.0 –19.7 Goods ............................................................. 9.9 7.5 6.4 7.1 14.5 –0.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5 16.3 3.7 –27.7 Services .......................................................... 7.2 10.5 6.8 10.2 –2.8 3.2 5.7 13.4 2.7 3.2 28.6 –2.7 13.3 25.9 2.7 6.4 3.8 1.4 0.6 Imports................................................................ 6.0 2.2 –3.3 3.2 0.6 0.8 15.3 10.3 0.1 3.1 2.0 7.7 –3.7 3.0 –2.3 –0.8 –7.3 –3.5 –15.7 Goods ............................................................. 6.0 1.7 –4.1 5.0 0.7 1.1 17.0 9.0 0.5 3.8 –0.8 8.4 –4.0 2.4 –2.6 –2.0 –7.1 –4.7 –18.8 Services .......................................................... 6.0 4.4 0.7 –5.7 0.0 –1.0 6.8 17.7 –2.0 –0.3 18.4 4.2 –2.0 6.3 –0.9 5.5 –8.0 3.3 0.9 Government consumption expenditures and gross investment .............................................. 1.7 2.1 2.9 –0.2 0.9 3.4 –1.7 3.9 1.2 1.7 1.6 0.9 3.9 3.8 0.8 1.9 3.9 5.8 1.9 Federal................................................................ 2.3 1.6 6.0 1.1 1.1 9.7 –7.2 10.0 –1.5 1.9 1.8 –3.6 6.7 7.2 –0.5 5.8 6.6 13.8 5.8 National defense ............................................. 1.6 2.5 7.1 3.1 4.0 12.3 –14.2 8.8 1.9 –0.9 7.0 –5.9 8.5 10.2 –0.9 7.3 7.3 18.0 2.1 Nondefense..................................................... 3.6 –0.2 3.6 –2.7 –4.5 4.4 8.9 12.4 –8.1 7.7 –8.1 1.2 3.1 1.2 0.4 2.9 5.0 5.1 14.5 State and local .................................................... 1.3 2.3 1.2 –1.0 0.8 –0.1 1.6 0.5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 –0.3 2.5 1.3 –0.5 Addenda: Final sales of domestic product .......................... 2.8 2.4 1.4 2.3 4.8 4.1 –0.3 5.1 2.3 0.9 2.9 1.1 4.3 4.0 0.8 0.9 4.4 –1.3 –5.1 Gross domestic purchases ................................. 2.6 1.4 –0.1 2.5 1.7 3.7 2.5 4.5 2.0 0.9 0.2 1.2 2.9 2.6 –1.0 0.1 –0.1 –1.5 –3.7 Final sales to domestic purchasers .................... 2.6 1.8 0.0 1.9 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 –0.1 0.1 1.3 –2.3 –4.9 Gross national product (GNP) ............................ 2.6 2.2 ........... 4.7 2.2 4.1 0.4 4.9 2.8 0.2 2.0 –0.3 4.4 6.3 1.3 0.1 2.1 –0.2 ........... Disposable personal income............................... 3.5 2.8 1.3 –4.7 2.5 –1.3 7.5 5.1 1.3 2.3 5.8 4.4 –0.6 3.1 0.6 –0.7 10.7 –8.8 3.3 Current-dollar measures: GDP ................................................................ 6.1 4.8 3.4 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5 4.1 3.4 –4.1 Final sales of domestic product ...................... 6.1 5.2 3.7 6.5 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6 5.6 2.6 –5.1 Gross domestic purchases ............................. 6.1 4.2 3.0 6.3 4.8 9.1 6.5 7.5 5.7 3.8 0.7 5.0 6.4 4.9 2.6 3.5 4.3 2.9 –8.4 Final sales to domestic purchasers................. 6.1 4.6 3.2 5.7 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7 5.7 2.2 –9.4 GNP ................................................................ 5.9 4.9 ........... 8.8 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6 3.4 3.7 ........... Disposable personal income........................... 6.4 5.5 4.6 –2.4 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 2.9 15.4 –4.2 –2.4 See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2006 2007 2008 2005 I Percent change at annual rate: Gross domestic product ............................... Percentage points at annual rates: Personal consumption expenditures............... Durable goods................................................ Motor vehicles and parts.............................. Furniture and household equipment ............ Other ............................................................ Nondurable goods ......................................... Food............................................................. Clothing and shoes ...................................... Gasoline, fuel oil, and other energy goods... Other ............................................................ Services.......................................................... Housing........................................................ Household operation.................................... Electricity and gas .................................... Other household operation....................... Transportation .............................................. Medical care................................................. Recreation.................................................... Other ............................................................ Gross private domestic investment................. Fixed investment............................................ Nonresidential .............................................. Structures................................................. Equipment and software .......................... Information processing equipment and software ............................................ Computers and peripheral equipment ..................................... Software............................................ Other................................................. Industrial equipment ............................. Transportation equipment..................... Other equipment................................... Residential ................................................... Change in private inventories....................... Farm............................................................. Nonfarm ....................................................... Net exports of goods and services.................. Exports ........................................................... Goods .......................................................... Services ....................................................... Imports ........................................................... Goods .......................................................... Services ....................................................... Government consumption expenditures and gross investment ........................................... Federal ............................................................ National defense .......................................... Consumption expenditures....................... Gross investment ..................................... Nondefense.................................................. Consumption expenditures....................... Gross investment ..................................... State and local ............................................... Consumption expenditures....................... Gross investment ..................................... Addenda: Goods .............................................................. Services........................................................... Structures ........................................................ Motor vehicle output ........................................ Final sales of computers.................................. See “Explanatory Note” at the end of the tables. 2.8 2.0 1.3 2.13 0.36 –0.09 0.35 0.10 0.74 0.38 0.16 –0.05 0.25 1.02 0.34 –0.02 –0.05 0.03 0.05 0.31 0.09 0.24 0.35 0.32 0.77 0.23 0.54 1.95 0.38 0.07 0.24 0.08 0.50 0.18 0.13 0.02 0.17 1.07 0.16 0.07 0.03 0.04 0.05 0.35 0.13 0.31 –0.90 –0.50 0.52 0.40 0.13 0.20 –0.33 –0.42 0.10 –0.01 –0.10 –0.01 0.01 –0.12 0.02 0.62 0.10 0.00 –0.03 0.03 –0.02 0.42 –0.02 0.14 –0.91 –0.74 0.20 0.41 –0.21 0.32 0.34 0.19 0.15 0.06 0.11 0.07 0.09 0.05 –0.45 0.03 –0.03 0.06 –0.02 0.96 0.73 0.23 –0.98 –0.82 –0.16 0.11 0.15 0.08 0.02 –0.17 –0.07 –1.02 –0.40 0.04 –0.44 0.58 0.95 0.59 0.36 –0.37 –0.25 –0.12 0.05 0.08 0.05 –0.06 –0.33 –0.02 –0.93 –0.17 0.02 –0.19 1.41 0.79 0.54 0.25 0.62 0.64 –0.02 0.32 0.16 0.08 0.04 0.04 0.08 0.05 0.03 0.16 0.16 0.00 0.40 0.11 0.12 0.11 0.01 0.00 0.00 0.00 0.28 0.20 0.09 1.67 1.35 –0.24 –0.03 0.15 0.97 1.61 –0.55 –0.03 0.13 II 3.0 2.6 2006 III 3.8 1.25 2.50 2.59 0.04 0.95 0.44 –0.32 0.53 0.15 0.26 0.29 0.37 0.11 0.13 –0.08 0.49 0.83 0.59 0.32 0.29 0.45 0.15 0.27 0.00 –0.09 0.09 0.02 0.12 0.17 0.11 0.72 0.72 1.55 0.34 0.36 0.39 0.01 0.02 0.15 0.03 0.00 0.12 –0.02 0.01 0.04 0.02 0.02 0.02 0.31 0.37 0.48 0.08 0.02 0.04 –0.03 –0.08 0.46 1.48 –0.86 0.69 0.85 1.21 0.88 0.37 0.64 0.64 0.19 –0.04 –0.26 0.18 0.68 0.90 0.23 0.31 0.36 IV 1.3 I II 2007 III IV I II 2008 III IV I 0.9 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.94 2.86 –1.02 1.37 –1.59 0.53 0.41 0.55 0.17 0.29 0.93 0.85 0.37 0.50 0.35 0.18 –0.04 –0.17 0.25 0.33 1.02 0.64 0.35 0.37 –0.01 –0.42 –0.04 –0.42 0.03 0.01 0.01 0.08 0.39 0.37 0.04 0.08 0.24 0.16 1.98 1.15 0.41 1.39 0.40 1.62 0.05 0.42 0.35 1.20 1.88 0.14 0.06 0.15 –0.06 0.62 0.43 0.02 –0.11 0.27 1.12 0.31 0.26 0.20 0.06 0.08 0.15 0.04 0.27 –0.02 –0.40 0.71 0.54 0.16 1.52 0.27 0.06 0.20 0.00 0.46 0.10 0.14 0.03 0.19 0.79 0.25 0.10 0.05 0.05 0.03 0.07 0.18 0.15 –0.92 –0.81 0.59 0.42 0.17 2.55 0.33 0.01 0.23 0.09 0.62 0.20 0.12 0.03 0.26 1.61 0.22 0.03 –0.01 0.04 0.10 0.35 0.36 0.55 –2.68 –1.27 –0.09 0.08 –0.18 2.71 0.71 0.30 0.34 0.07 0.71 0.12 0.25 0.13 0.22 1.29 0.12 0.08 0.07 0.00 0.03 0.63 0.06 0.37 –1.63 –0.57 0.33 0.35 –0.02 1.42 0.40 0.05 0.17 0.17 0.40 0.27 0.08 –0.07 0.12 0.62 0.09 0.02 –0.04 0.06 0.04 0.13 0.08 0.27 0.94 0.47 1.07 0.57 0.50 1.44 0.19 –0.22 0.26 0.15 0.25 0.03 0.12 –0.01 0.11 1.00 0.08 0.06 0.02 0.04 0.06 0.45 0.07 0.28 0.54 –0.15 0.91 0.65 0.26 0.67 0.03 –0.03 0.11 –0.06 0.05 0.27 –0.09 –0.05 –0.08 0.59 0.12 0.09 0.01 0.08 –0.02 0.48 –0.01 –0.08 –1.93 –0.97 0.36 0.29 0.07 0.15 0.31 0.37 IV 2.8 –0.5 –3.8 0.61 0.87 –0.33 –0.21 –0.35 –0.64 0.05 0.39 –0.04 0.04 –0.08 0.80 0.13 0.40 0.08 0.28 –0.18 –0.20 –0.10 0.33 1.02 0.28 0.05 0.18 0.07 –0.17 0.11 –0.19 –0.05 0.02 0.04 –0.08 0.59 0.35 –0.14 0.04 0.40 –0.03 –0.89 –1.74 –0.86 –0.25 0.26 0.27 0.30 0.64 –0.04 –0.37 –2.75 –1.16 –0.83 –0.25 –0.08 –1.57 –0.75 –0.38 –0.45 0.01 –0.03 0.08 –0.33 –0.38 0.05 –0.06 0.31 –0.04 0.02 0.06 –0.79 –0.19 0.36 –0.55 –2.47 –1.71 –1.15 –0.27 –0.29 –1.49 –1.44 –0.26 0.63 –0.43 0.74 0.02 0.47 0.42 0.05 –0.18 0.27 0.01 0.15 –1.80 –3.12 –2.26 –0.07 –2.19 0.34 0.04 0.57 0.41 0.30 –0.16 –0.76 0.22 0.16 0.10 0.03 0.02 0.41 0.19 –0.07 –0.24 0.52 0.07 0.15 0.01 –0.23 1.56 –0.24 –0.15 0.02 1.71 –0.26 –1.26 0.09 1.09 1.70 0.91 1.27 0.18 0.42 –2.35 –1.61 –2.18 –1.18 –0.17 –0.43 0.17 0.13 0.02 0.07 –0.04 0.14 0.25 –0.12 –0.25 0.06 0.02 –0.12 –1.11 –1.40 0.38 –0.11 –0.24 0.00 0.62 –0.12 0.59 –0.12 0.58 0.39 0.49 0.28 0.09 0.11 0.01 –0.51 –0.04 –0.51 0.05 0.01 0.02 0.14 –0.11 –0.02 –0.15 –0.05 –1.18 –1.41 0.12 –1.52 1.33 1.66 0.78 0.87 –0.33 0.13 –0.46 0.17 0.21 0.19 –0.10 –0.21 –0.28 –0.91 –1.06 –0.07 –0.99 –1.20 0.06 0.15 –0.09 –1.25 –1.14 –0.11 0.09 0.22 0.09 0.34 –0.32 0.07 –0.60 0.47 0.14 0.33 1.66 1.01 0.55 0.46 0.65 0.59 0.06 0.12 0.12 0.10 0.16 0.09 0.10 –0.04 –0.20 –0.07 –0.18 0.06 0.08 –1.06 –1.33 0.69 –0.96 –0.08 0.47 0.77 –1.43 2.03 0.94 2.54 0.53 1.66 0.43 0.88 0.10 –0.51 0.40 –0.34 0.38 –0.17 0.02 0.10 0.08 0.16 0.04 0.00 0.18 0.01 –0.05 –0.16 –0.58 –0.16 –0.04 –1.12 –0.52 –0.02 –1.50 –0.17 –0.14 0.15 –1.36 0.77 2.93 0.63 1.54 0.39 1.39 0.24 0.15 0.14 1.39 0.29 1.14 –0.15 0.25 –0.16 –0.08 0.08 –0.12 –0.47 0.20 –0.60 0.84 0.01 0.83 1.05 0.40 0.34 0.06 0.65 0.74 –0.09 –0.21 –0.15 –0.40 –0.22 –0.88 –0.33 –0.85 1.32 –0.01 1.33 0.09 –2.84 –2.87 0.03 2.93 2.95 –0.03 0.58 0.43 0.34 0.26 0.08 0.08 0.06 0.02 0.15 0.13 0.02 –0.04 0.08 0.14 0.22 –0.08 –0.07 –0.03 –0.03 –0.12 –0.13 0.01 –0.34 0.72 –0.53 0.66 –0.73 0.39 –0.70 0.40 –0.02 –0.01 0.20 0.27 0.10 0.22 0.10 0.05 0.19 0.06 0.09 0.23 0.10 –0.18 0.23 0.32 –0.11 0.13 0.09 –0.04 –0.02 0.00 0.11 –0.05 –0.20 0.17 –0.14 0.15 –0.07 0.03 0.34 0.19 0.16 0.24 0.18 –0.05 0.30 0.17 0.12 –0.26 0.32 –0.29 0.14 –0.08 0.18 –0.21 –0.20 0.03 –0.20 0.06 0.01 –0.04 0.18 0.43 0.23 0.20 –0.06 0.24 0.77 0.47 0.40 0.28 0.12 0.07 0.02 0.05 0.30 0.17 0.13 0.75 0.16 0.51 –0.04 0.48 –0.04 0.45 –0.06 0.03 0.02 0.03 0.01 0.03 –0.02 –0.01 0.02 0.24 0.19 0.15 0.15 0.09 0.04 0.38 0.41 0.34 0.31 0.04 0.06 0.06 0.01 –0.03 0.14 –0.18 0.78 0.47 0.36 0.15 0.21 0.11 0.08 0.03 0.31 0.12 0.19 1.14 0.97 0.85 0.72 0.14 0.12 0.11 0.00 0.17 0.11 0.06 0.38 0.44 0.11 0.11 0.01 0.33 0.18 0.15 –0.06 0.01 –0.07 0.46 1.31 –0.49 –0.50 0.12 1.12 1.24 0.62 0.15 0.06 0.65 0.52 0.15 –1.22 0.21 1.84 1.26 –0.42 –0.34 0.15 0.42 2.19 –1.10 –0.65 0.20 3.08 1.61 0.09 0.13 0.21 2.71 0.01 2.35 0.79 –0.30 –0.97 0.47 –0.86 0.28 0.14 0.29 1.62 –1.03 –0.41 0.05 1.49 1.02 0.32 –1.01 0.17 –1.29 0.87 –0.09 0.16 –0.01 –3.90 1.03 –0.93 –2.04 0.00 1.49 0.59 0.54 0.24 0.22 1.68 2.23 –0.06 0.76 0.07 0.61 III –0.06 0.12 0.09 0.07 0.16 0.04 0.22 0.03 0.23 0.12 –0.04 0.19 –0.20 0.24 0.31 0.04 0.17 0.04 0.48 0.57 0.25 0.63 –2.07 –0.19 –0.22 0.14 0.19 0.85 –2.20 –0.39 0.28 0.79 –0.07 0.80 0.89 0.04 0.49 0.98 –0.06 0.31 –0.09 0.10 –0.52 –0.10 –0.11 –0.67 –0.10 –0.14 0.15 0.00 0.03 0.17 0.65 0.08 0.66 0.18 0.56 0.06 0.45 0.12 0.11 –0.11 0.10 –0.12 0.03 0.01 0.07 0.10 –0.01 0.02 0.06 0.08 –0.07 0.33 3.40 1.48 –0.07 0.59 0.16 0.51 1.29 –1.00 0.40 0.04 –0.80 1.26 –0.41 0.10 –0.03 0.27 II Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2008 2007 Change from preceding period Seasonally adjusted at annual rates 2008 2008 2007 2008 2008 2008 IV Gross domestic product .................................. Personal consumption expenditures ..................... Durable goods ...................................................... Motor vehicles and parts..................................... Furniture and household equipment................... Other................................................................... Nondurable goods................................................ Food.................................................................... Clothing and shoes ............................................. Gasoline, fuel oil, and other energy goods ......... Other................................................................... Services................................................................. Housing............................................................... Household operation........................................... Electricity and gas........................................... Other household operation ............................. Transportation ..................................................... Medical care ....................................................... Recreation .......................................................... Other................................................................... Gross private domestic investment........................ Fixed investment .................................................. Nonresidential..................................................... Structures........................................................ Equipment and software ................................. Information processing equipment and software ................................................... Computers and peripheral equipment ..... Software .................................................. Other ....................................................... Industrial equipment.................................... Transportation equipment............................ Other equipment ......................................... Residential .......................................................... Change in private inventories ............................. Farm ................................................................... Nonfarm .............................................................. Net exports of goods and services ........................ Exports .................................................................. Goods ................................................................. Services.............................................................. Imports .................................................................. Goods ................................................................. Services.............................................................. Government consumption expenditures and gross investment .................................................. Federal................................................................... National defense................................................. Consumption expenditures ............................. Gross investment ............................................ Nondefense ........................................................ Consumption expenditures ............................. Gross investment ............................................ State and local ...................................................... Consumption expenditures ............................. Gross investment ............................................ Residual ..................................................................... Addenda: Final sales of domestic product.............................. Gross domestic purchases..................................... Final sales to domestic purchasers ........................ Gross domestic product ...................................... Plus: Income receipts from the rest of the world .... Less: Income payments to the rest of the world ..... Equals: Gross national product .......................... I II III IV IV I II III IV 14,280.7 14,031.2 14,150.8 14,294.5 14,412.8 14,264.6 11,671.3 11,620.7 11,646.0 11,727.4 11,712.4 11,599.4 10,058.5 9,892.7 10,002.3 10,138.0 10,163.5 9,930.2 8,276.2 8,298.2 8,316.1 8,341.3 8,260.6 8,186.9 1,022.7 1,083.0 1,071.0 1,059.3 1,016.2 944.4 1,188.3 1,250.6 1,237.0 1,228.3 1,180.1 1,107.7 379.6 437.8 424.7 400.6 370.7 322.4 387.1 442.6 430.2 407.2 376.9 334.1 411.6 415.3 415.1 423.0 411.2 397.0 614.1 606.6 609.3 629.6 616.2 601.5 231.6 229.9 231.3 235.7 234.3 225.0 226.5 230.8 229.4 230.8 228.1 217.9 2,966.9 2,906.2 2,950.7 3,026.2 3,044.6 2,846.0 2,381.9 2,400.2 2,397.9 2,420.7 2,376.3 2,332.8 1,399.6 1,359.8 1,380.5 1,416.3 1,418.4 1,383.1 1,110.0 1,118.7 1,122.4 1,133.6 1,112.3 1,071.7 373.2 373.2 375.5 382.4 374.4 360.6 414.4 413.2 416.3 427.2 412.2 401.8 413.4 405.3 423.7 441.8 463.6 324.5 191.0 197.0 194.0 190.8 184.1 195.0 780.7 767.9 771.1 785.7 788.2 777.8 689.3 687.9 684.8 695.1 695.5 681.8 6,068.9 5,903.5 5,980.6 6,052.5 6,102.7 6,139.8 4,714.8 4,676.1 4,704.3 4,712.1 4,711.3 4,731.6 1,513.5 1,482.7 1,495.1 1,508.8 1,520.9 1,529.2 1,182.3 1,175.9 1,177.3 1,182.3 1,184.5 1,185.0 554.4 534.3 541.7 554.5 555.8 565.6 421.1 424.0 425.9 421.3 412.4 424.9 233.5 221.1 228.1 236.3 231.9 237.7 148.8 151.2 154.0 149.6 141.2 150.4 320.9 313.2 313.6 318.1 323.9 327.9 274.1 273.9 272.5 273.2 274.6 276.1 372.9 362.9 368.8 372.9 376.8 373.0 297.3 299.9 301.2 298.9 297.2 292.0 1,779.8 1,721.9 1,746.6 1,769.3 1,792.9 1,810.5 1,374.0 1,344.5 1,360.8 1,370.3 1,378.9 1,386.2 412.9 409.7 408.2 412.3 415.8 415.1 332.5 336.3 332.3 333.4 332.1 332.4 1,435.4 1,392.0 1,420.2 1,434.6 1,440.4 1,446.4 1,105.6 1,093.9 1,105.0 1,104.0 1,104.6 1,108.8 2,004.1 2,092.3 2,056.1 2,000.9 2,010.9 1,948.4 1,702.2 1,781.3 1,754.7 1,702.0 1,703.7 1,648.5 2,044.0 2,113.4 2,081.7 2,077.0 2,060.6 1,956.7 1,721.2 1,788.2 1,762.4 1,754.9 1,731.1 1,636.4 1,556.2 1,542.1 1,553.6 1,571.9 1,581.2 1,518.0 1,408.2 1,414.7 1,423.1 1,431.8 1,425.7 1,352.2 556.3 508.7 522.7 549.8 572.4 580.4 340.5 319.7 326.4 340.5 348.4 346.9 999.9 1,033.4 1,030.9 1,022.1 1,008.8 937.6 1,047.2 1,090.1 1,088.6 1,074.7 1,054.0 971.5 537.3 90.4 241.2 205.8 180.5 111.4 170.7 487.8 –39.9 –3.1 –36.8 –665.1 1,867.8 1,289.6 578.2 2,533.0 2,117.0 415.9 532.5 95.7 235.6 201.2 179.9 148.4 172.6 571.3 –21.1 5.7 –26.7 –696.7 1,759.7 1,213.7 546.0 2,456.5 2,060.9 395.6 539.6 95.8 241.8 202.0 182.0 142.1 167.3 528.1 –25.6 0.2 –25.8 –705.7 1,820.8 1,256.9 563.9 2,526.5 2,118.0 408.5 550.9 96.8 244.6 209.5 183.2 121.4 166.5 505.0 –76.0 –4.1 –71.9 –718.2 1,923.2 1,343.7 579.5 2,641.4 2,225.5 415.9 544.5 89.2 242.5 212.9 182.2 105.5 176.6 479.4 –49.7 –4.2 –45.5 –707.7 1,968.9 1,374.3 594.6 2,676.6 2,251.0 425.6 14,052.3 14,728.0 14,749.0 14,031.2 907.4 742.0 14,196.6 14,176.4 14,856.6 14,882.2 14,150.8 843.2 705.1 14,289.0 14,370.5 15,012.7 15,088.7 14,294.5 822.8 708.9 14,408.3 14,462.5 15,120.5 15,170.2 14,412.8 815.6 688.7 14,539.6 –15.0 –80.7 –48.2 –30.3 –13.4 –2.7 –44.4 –21.3 –15.0 –6.7 0.4 –0.8 2.2 –8.9 –8.4 1.4 –1.7 8.6 –1.3 0.6 1.7 –23.8 –6.1 7.9 –20.7 IV –113.0 –73.7 –72.4 –42.8 –14.7 –10.2 –43.5 –40.6 –10.4 10.9 –13.7 20.3 0.5 12.5 9.2 1.5 –5.2 7.3 0.3 4.2 –55.2 –94.7 –73.5 –1.5 –82.5 514.4 687.0 677.6 689.6 702.9 695.5 660.1 33.1 –7.4 –35.4 79.7 .............. .............. .............. .............. .............. .............. .............. .............. .............. 236.0 249.2 245.1 251.0 252.3 249.5 244.0 12.2 –2.8 –5.5 198.7 226.3 223.5 223.6 230.6 233.6 217.6 8.3 3.0 –16.0 174.4 149.0 153.1 153.4 152.0 148.6 142.0 –6.7 –3.4 –6.6 76.5 98.7 131.9 127.0 108.6 93.6 65.7 –40.7 –15.0 –27.9 172.3 146.2 151.5 146.5 145.3 151.5 141.5 –2.2 6.2 –10.0 438.7 359.2 411.6 383.0 369.6 353.7 330.7 –94.6 –15.9 –23.0 –8.3 –21.0 –8.1 –10.2 –50.6 –29.6 6.2 –18.5 21.0 35.8 –4.5 3.1 10.5 6.0 2.4 2.2 1.8 2.1 –0.2 –0.4 –3.8 –25.6 –20.6 –17.9 –55.1 –33.3 4.0 –21.9 21.8 37.3 –528.9 –388.2 –484.5 –462.0 –381.3 –353.1 –356.4 158.3 28.2 –3.3 1,758.4 1,518.6 1,482.1 1,500.6 1,544.7 1,556.1 1,472.8 92.7 11.4 –83.3 1,183.7 1,062.4 1,037.0 1,048.6 1,088.9 1,098.7 1,013.3 63.7 9.8 –85.4 574.8 455.8 444.7 451.7 455.8 457.4 458.1 28.9 1.6 0.7 2,287.4 1,906.7 1,966.5 1,962.6 1,926.0 1,909.1 1,829.2 –65.7 –16.9 –79.9 1,873.6 1,609.1 1,670.2 1,662.0 1,631.6 1,612.2 1,530.5 –68.6 –19.4 –81.7 413.8 298.4 297.8 301.8 295.5 297.9 298.6 2.0 2.4 0.7 2,883.2 2,742.9 2,798.1 2,873.7 2,946.1 2,914.9 1,071.2 998.3 1,026.5 1,056.1 1,098.0 1,103.9 734.3 679.3 699.9 723.3 759.5 754.4 639.1 594.7 613.8 629.0 659.6 653.9 95.2 84.6 86.1 94.3 99.9 100.5 336.9 319.0 326.6 332.9 338.5 349.6 292.0 276.9 284.2 289.2 294.5 300.2 44.9 42.1 42.4 43.7 44.0 49.4 1,812.1 1,744.6 1,771.6 1,817.6 1,848.1 1,811.0 1,454.4 1,395.2 1,426.3 1,462.7 1,485.7 1,443.0 357.7 349.4 345.3 354.9 362.4 368.0 .............. .............. .............. .............. .............. .............. 14,320.6 14,945.8 14,985.7 14,280.7 .............. .............. .............. III 147.4 23.4 –54.1 –59.6 20.1 –1.8 –10.7 –0.5 1.5 –7.1 2.0 68.6 10.6 –0.1 –2.3 3.2 –1.9 46.2 –2.5 15.7 –107.5 –87.3 25.3 35.9 –31.7 14,272.9 14,793.5 14,801.9 14,264.6 .............. .............. .............. 2,071.0 797.7 537.7 452.2 88.6 259.4 217.7 42.7 1,274.3 1,021.3 252.8 –159.0 2,029.4 761.7 509.9 431.9 79.9 251.5 212.0 40.2 1,267.5 1,013.9 253.4 –171.9 2,039.1 772.6 518.9 439.7 81.0 253.2 213.5 40.5 1,266.7 1,017.6 249.0 –178.7 2,058.9 785.0 528.1 443.4 87.9 256.3 215.6 41.6 1,274.4 1,020.6 253.7 –191.6 2,088.1 810.8 550.4 461.5 92.6 259.5 218.5 41.8 1,278.7 1,023.4 255.2 –162.8 11,690.0 12,052.5 12,070.7 11,671.3 .............. .............. .............. 11,628.0 12,103.2 12,109.8 11,620.7 749.9 611.7 11,758.3 11,653.7 12,105.8 12,113.3 11,646.0 690.9 575.2 11,760.9 11,778.8 12,102.6 12,153.0 11,727.4 667.2 571.6 11,822.2 11,739.2 12,057.8 12,084.1 11,712.4 653.9 548.5 11,817.3 Net domestic product.............................................. 12,447.6 12,272.6 12,372.9 12,491.3 12,514.8 12,411.2 10,074.0 10,096.1 10,093.2 10,151.2 10,062.4 2,097.7 58.9 29.2 9.6 822.3 44.8 25.8 11.5 553.3 35.6 22.3 2.9 464.1 26.4 18.1 2.6 92.8 10.6 4.7 0.2 268.4 9.0 3.2 8.9 223.3 6.0 2.9 4.8 46.8 3.4 0.2 5.0 1,277.2 15.3 4.3 –1.5 1,023.7 13.3 2.8 0.3 253.4 1.9 1.5 –1.8 –104.1 .............. .............. .............. 11,588.0 166.6 11,943.7 –14.3 11,932.3 4.7 11,599.4 147.4 .............. .............. .............. .............. .............. .............. 9,989.2 48.1 –39.6 –151.2 –44.8 –114.1 –68.9 –151.8 –15.0 –113.0 –13.3 .............. –23.1 .............. –4.9 .............. –88.8 –73.2 NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III IV Gross domestic product (GDP) ............................... 3.2 2.7 2.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 –0.1 Personal consumption expenditures ................................. 2.8 2.6 3.3 2.5 2.5 4.7 3.3 1.8 3.3 3.1 –0.5 3.4 3.6 2.5 4.3 3.6 4.3 5.0 –5.5 Durable goods .................................................................... –1.3 –1.8 –1.3 0.4 –0.9 –3.1 –0.9 –0.9 –0.8 –1.3 –2.7 –1.8 –1.6 –1.9 –1.6 –0.1 –1.6 –0.6 –3.9 Nondurable goods .............................................................. 3.0 3.0 5.2 1.5 2.0 11.2 2.3 0.3 4.9 4.4 –6.2 5.1 6.4 2.9 8.4 6.7 6.5 10.3 –17.8 Services.............................................................................. 3.5 3.3 3.2 3.3 3.5 3.3 4.7 3.0 3.3 3.3 2.8 3.6 3.3 3.1 3.5 2.8 4.2 3.4 0.7 Gross private domestic investment.................................... 4.2 1.4 0.5 4.7 4.0 5.0 5.4 5.2 3.5 1.6 3.3 1.6 –0.3 –0.3 1.3 –0.5 0.4 2.0 2.0 Fixed investment................................................................. 4.2 1.4 0.7 4.7 4.2 5.3 5.7 5.0 3.4 1.5 3.2 1.6 –0.2 –0.4 1.2 –0.2 0.8 2.3 1.8 Nonresidential................................................................. 3.3 1.4 1.7 4.4 2.7 2.0 4.4 4.3 3.3 1.7 2.9 1.3 0.3 –0.6 1.7 0.6 2.3 4.2 5.0 Structures.................................................................... 12.3 3.8 3.6 11.9 10.1 14.8 17.0 14.1 12.0 4.6 6.7 3.4 0.7 0.5 4.5 2.7 3.3 7.1 7.7 Equipment and software ............................................. 0.1 0.3 0.7 1.8 0.1 –2.3 0.2 0.7 –0.1 0.5 1.2 0.4 0.1 –1.2 0.4 –0.4 1.7 2.6 3.4 Residential ...................................................................... 5.9 1.5 –2.3 5.2 6.8 11.0 7.8 6.4 3.7 1.2 3.9 2.2 –1.3 0.3 0.0 –2.6 –3.5 –3.3 –8.2 Change in private inventories ............................................. ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Net exports of goods and services .................................... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Exports ............................................................................... 3.5 3.5 5.5 4.6 3.5 2.5 3.2 2.9 5.8 4.7 –0.8 3.6 5.3 3.5 6.2 9.1 10.8 6.7 –20.7 Goods ............................................................................. 3.3 3.5 5.5 4.3 3.0 1.3 2.2 3.0 6.2 5.2 0.0 3.3 5.1 2.8 6.0 10.0 12.3 5.6 –23.9 Services.......................................................................... 3.8 3.5 5.6 5.2 4.6 5.3 5.5 2.7 4.9 3.7 –2.6 4.3 5.9 5.2 6.6 6.9 7.5 9.3 –13.3 Imports ............................................................................... 4.3 3.7 10.5 2.3 9.7 10.3 4.5 –1.1 10.3 5.0 –9.1 0.9 12.8 7.4 12.8 12.8 28.8 9.2 –36.7 Goods ............................................................................. 4.2 3.6 11.1 2.1 10.0 10.8 5.0 –2.0 10.4 5.4 –10.1 0.8 13.0 7.7 14.5 13.8 31.2 9.8 –40.9 Services.......................................................................... 4.8 3.7 7.3 3.5 7.9 7.8 2.0 4.1 9.9 3.2 –3.8 1.1 11.7 6.1 4.5 7.8 16.8 6.2 –11.4 Government consumption expenditures and gross investment......................................................................... 4.7 4.5 4.7 7.7 4.1 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2 7.0 4.4 –5.9 Federal ............................................................................... 4.1 3.4 3.2 11.8 1.7 3.1 0.8 10.2 4.1 1.2 0.9 7.6 3.7 0.9 2.3 5.6 5.1 2.7 –3.5 National defense............................................................. 4.5 3.5 3.6 12.6 1.8 3.2 1.3 10.9 4.4 1.5 0.7 7.0 4.3 1.6 3.1 5.1 6.3 3.1 –4.7 Nondefense .................................................................... 3.4 3.1 2.6 10.2 1.6 3.0 –0.1 8.9 3.5 0.5 1.2 8.8 2.6 –0.5 0.5 6.8 2.8 1.9 –0.7 State and local.................................................................... 5.1 5.1 5.6 5.3 5.6 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6 8.1 5.5 –7.4 Addenda: Final sales of domestic product.......................................... 3.2 2.7 2.2 4.0 2.1 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7 1.2 4.0 –0.1 Gross domestic purchases................................................. 3.4 2.8 3.2 3.7 3.1 5.2 3.9 2.9 3.6 2.9 0.6 3.6 3.3 2.2 4.0 3.5 4.2 4.5 –4.6 Final sales to domestic purchasers .................................... 3.4 2.8 3.2 3.7 3.1 5.2 4.0 2.8 3.6 2.9 0.6 3.7 3.3 2.2 4.0 3.5 4.3 4.5 –4.7 Gross national product (GNP) ............................................ 3.2 2.7 .......... 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 3.9 .......... Implicit price deflators: GDP ................................................................................ 3.2 2.7 2.1 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6 1.3 3.9 –0.3 Gross domestic purchases ............................................. 3.4 2.8 3.1 3.7 3.1 5.2 4.0 2.9 3.6 2.9 0.6 3.7 3.3 2.2 3.7 3.4 4.4 4.4 –4.8 GNP ................................................................................ 3.2 2.7 .......... 4.0 2.1 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5 1.3 3.9 .......... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2006 2007 2008 2007 IV 2008 I II III IV Gross domestic product .................................................................... 115.054 117.388 118.889 118.374 118.631 119.460 119.308 118.157 Personal consumption expenditures............................................................... 119.135 122.456 122.804 123.130 123.395 123.770 122.572 121.478 Durable goods.................................................................................................. 137.274 143.908 137.639 144.856 143.284 142.273 136.695 128.302 Nondurable goods............................................................................................ 119.930 122.872 122.325 123.261 123.147 124.317 122.035 119.802 Services ........................................................................................................... 115.298 118.259 120.006 119.020 119.739 119.937 119.916 120.433 Gross private domestic investment ................................................................. 110.200 104.278 98.085 102.639 101.110 98.071 98.169 94.989 Fixed investment .............................................................................................. 111.109 107.717 102.515 106.503 104.969 104.522 103.102 97.466 Nonresidential .............................................................................................. 106.987 112.244 114.295 114.819 115.504 116.212 115.714 109.751 Structures ................................................................................................. 86.318 97.264 108.734 102.076 104.206 108.716 111.257 110.756 Equipment and software........................................................................... 115.467 117.412 113.965 118.636 118.470 116.961 114.709 105.721 Residential ................................................................................................... 123.728 101.534 80.385 92.110 85.698 82.692 79.154 73.997 Change in private inventories........................................................................... .................. .................. .................. .................. .................. .................. .................. .................. Exports of goods and services ........................................................................ 119.937 130.068 138.520 135.189 136.880 140.908 141.943 134.347 Imports of goods and services ........................................................................ 130.815 133.654 129.205 133.254 132.991 130.509 129.367 123.951 Government consumption expenditures and gross investment................... 114.497 116.871 120.293 117.879 118.443 119.594 121.288 121.847 Federal............................................................................................................. 128.019 130.078 137.819 131.610 133.488 135.628 140.080 142.080 State and local ................................................................................................. 107.642 110.167 111.503 110.914 110.844 111.517 111.891 111.760 Addenda: Final sales of domestic product ....................................................................... 115.254 118.062 119.768 119.133 119.397 120.679 120.273 118.724 Gross domestic purchases .............................................................................. 116.748 118.343 118.203 118.700 118.726 118.694 118.255 117.136 Final sales to domestic purchasers.................................................................. 116.948 118.995 119.041 119.427 119.461 119.853 119.173 117.676 Gross national product..................................................................................... 115.284 117.795 .................. 119.302 119.329 119.950 119.901 .................. See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2000=100] Seasonally adjusted 2006 2007 2008 2007 IV 2008 I II III IV Gross domestic product .................................................................... 116.676 119.819 122.453 120.826 121.613 121.951 123.134 123.113 Personal consumption expenditures (PCE) .................................................... 114.675 117.659 121.542 119.221 120.283 121.544 123.041 121.300 Durable goods.................................................................................................. 88.772 87.154 86.046 86.598 86.581 86.237 86.110 85.256 Nondurable goods............................................................................................ 114.984 118.407 124.554 121.092 123.059 125.021 128.129 122.007 Services ........................................................................................................... 120.752 124.712 128.722 126.253 127.133 128.450 129.538 129.767 Gross private domestic investment ................................................................. 116.102 117.735 118.335 117.960 117.815 117.926 118.510 119.090 Fixed investment .............................................................................................. 116.380 117.995 118.770 118.189 118.117 118.353 119.037 119.573 Nonresidential .............................................................................................. 107.277 108.739 110.537 109.015 109.177 109.788 110.913 112.268 Structures ................................................................................................. 151.822 157.662 163.326 159.138 160.182 161.496 164.285 167.341 Equipment and software........................................................................... 94.594 94.870 95.507 94.798 94.700 95.101 95.710 96.519 Residential ................................................................................................... 136.897 138.884 135.699 138.803 137.900 136.687 135.535 132.672 Change in private inventories........................................................................... .................. .................. .................. ................. .................. .................. .................. ................. Exports of goods and services ........................................................................ 112.618 116.586 123.001 118.794 121.397 124.560 126.592 119.452 Imports of goods and services ........................................................................ 115.932 120.168 132.771 124.907 128.722 137.136 140.189 125.039 Government consumption expenditures and gross investment................... 127.239 132.941 139.227 135.174 137.237 139.588 141.107 138.973 Federal............................................................................................................. 125.806 130.076 134.283 131.070 132.879 134.553 135.447 134.255 State and local ................................................................................................. 128.109 134.671 142.211 137.649 139.866 142.632 144.540 141.807 Addenda: PCE excluding food and energy....................................................................... 112.129 114.548 117.016 115.512 116.158 116.782 117.481 117.643 Market-based PCE 1 ........................................................................................ 113.167 115.893 119.714 117.371 118.452 119.719 121.348 119.337 1 Market-based PCE excluding food and energy ............................................. 109.715 111.700 113.806 112.439 113.021 113.522 114.228 114.452 Final sales of domestic product ....................................................................... 116.710 119.853 122.510 120.856 121.653 122.008 123.204 123.176 Gross domestic purchases .............................................................................. 117.066 120.294 124.097 121.766 122.821 124.103 125.475 123.991 Final sales to domestic purchasers.................................................................. 117.101 120.329 124.155 121.798 122.863 124.160 125.543 124.054 Gross national product..................................................................................... 116.673 119.815 .................. 120.822 121.601 121.938 123.117 ................. Implicit price deflators: Gross domestic product ............................................................................... 116.676 119.816 122.357 120.743 121.508 121.890 123.056 122.976 Final sales of domestic product.................................................................... 116.709 119.853 122.503 120.849 121.647 122.002 123.198 123.169 Gross domestic purchases........................................................................... 117.066 120.292 124.006 121.687 122.722 124.045 125.400 123.860 Final sales to domestic purchasers.............................................................. 117.101 120.329 124.150 121.794 122.858 124.156 125.538 124.049 Gross national product ................................................................................. 116.672 119.813 .................. 120.737 121.495 121.876 123.037 ................. 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Gross domestic product (GDP) .................................................. 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.6 2.5 3.6 2.9 2.8 2.0 1.3 Personal consumption expenditures .................................................... 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.0 3.0 2.8 0.3 Durable goods ....................................................................................... 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.6 4.5 4.8 –4.4 Nondurable goods ................................................................................. 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.4 3.7 2.5 –0.4 Services................................................................................................. 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.6 2.5 2.6 1.5 Gross private domestic investment....................................................... 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 –7.9 –2.6 3.6 9.7 5.8 2.1 –5.4 –5.9 Fixed investment.................................................................................... 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 –3.0 –5.2 3.4 7.3 6.8 1.9 –3.1 –4.8 Nonresidential.................................................................................... 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 –4.2 –9.2 1.0 5.8 7.2 7.5 4.9 1.8 Structures....................................................................................... –0.7 1.8 6.4 5.6 7.3 5.1 –0.4 6.8 –2.3 –17.1 –4.1 1.3 1.3 8.2 12.7 11.8 Equipment and software ................................................................ 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 –4.9 –6.2 2.8 7.4 9.3 7.2 1.7 –2.9 Residential ......................................................................................... 8.2 9.6 –3.2 8.0 1.9 7.6 6.0 0.8 0.4 4.8 8.4 10.0 6.3 –7.1 –17.9 –20.8 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 –5.4 –2.3 1.3 9.7 7.0 9.1 8.4 6.5 Goods ................................................................................................ 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 –6.1 –4.0 1.8 9.0 7.7 9.9 7.5 6.4 Services............................................................................................. 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 –3.7 1.9 0.0 11.5 5.6 7.2 10.5 6.8 Imports .................................................................................................. 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 –2.7 3.4 4.1 11.3 5.9 6.0 2.2 –3.3 Goods ................................................................................................ 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 –3.2 3.7 4.9 11.3 6.8 6.0 1.7 –4.1 Services............................................................................................. 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 –0.3 2.1 0.0 11.5 1.4 6.0 4.4 0.7 Government consumption expenditures and gross investment ........ –0.9 0.0 0.5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 0.4 1.7 2.1 2.9 Federal .................................................................................................. –4.2 –3.7 –2.7 –1.2 –1.0 –1.1 2.2 0.9 3.9 7.0 6.8 4.2 1.2 2.3 1.6 6.0 National defense................................................................................ –5.6 –4.9 –3.8 –1.4 –2.8 –2.1 1.9 –0.5 3.9 7.4 8.7 5.8 1.5 1.6 2.5 7.1 Nondefense ....................................................................................... –0.7 –1.2 –0.4 –0.7 2.6 0.7 2.8 3.5 3.9 6.3 3.4 1.1 0.6 3.6 –0.2 3.6 State and local....................................................................................... 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 0.2 –0.2 –0.1 1.3 2.3 1.2 Addenda: Final sales of domestic product............................................................. 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.1 2.8 2.4 1.4 Gross domestic purchases.................................................................... 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 0.9 2.2 2.8 4.1 3.0 2.6 1.4 –0.1 Final sales to domestic purchasers ....................................................... 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.1 2.6 1.8 0.0 Gross national product .......................................................................... 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 0.8 1.5 2.7 3.8 3.0 2.6 2.2 ........... Real disposable personal income.......................................................... 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.4 3.5 2.8 1.3 Price indexes: Gross domestic purchases ................................................................ 2.2 2.1 2.1 1.8 1.4 0.6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 3.2 Gross domestic purchases excluding food and energy ..................... 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 3.1 2.4 2.2 GDP ................................................................................................... 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 GDP excluding food and energy ........................................................ 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.2 2.5 2.0 Personal consumption expenditures.................................................. 2.3 2.1 2.1 2.2 1.7 0.9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 3.3 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III IV Gross domestic product (GDP) .................................................. 3.2 2.9 3.0 2.7 3.1 3.2 2.4 2.4 1.3 1.8 2.8 2.3 2.5 2.1 0.7 –0.2 Personal consumption expenditures (PCE).......................................... 3.0 3.3 3.3 2.6 3.2 3.0 2.7 3.2 3.1 2.9 2.9 2.2 1.5 1.3 –0.2 –1.3 Durable goods ....................................................................................... 4.3 6.8 6.2 1.2 5.5 3.0 2.5 6.9 4.6 5.4 5.1 4.2 0.8 –1.1 –5.5 –11.4 Nondurable goods ................................................................................. 3.0 3.6 3.6 3.6 4.1 3.8 3.6 3.2 3.0 2.7 2.4 1.7 0.7 1.2 –0.9 –2.8 Services................................................................................................. 2.7 2.4 2.6 2.4 2.4 2.7 2.2 2.6 2.9 2.6 2.7 2.1 1.9 1.7 1.1 1.2 Gross private domestic investment....................................................... 10.9 4.4 3.5 4.8 4.1 5.4 3.0 –3.9 –7.7 –6.2 –4.1 –3.3 –2.3 –6.6 –7.3 –7.5 Fixed investment.................................................................................... 8.7 7.3 6.4 5.1 5.8 3.3 0.7 –1.8 –4.6 –3.3 –2.3 –1.9 –2.5 –3.6 –4.7 –8.5 Nonresidential.................................................................................... 9.2 8.1 6.6 4.9 7.9 7.9 7.7 6.5 3.5 4.4 5.3 6.4 6.2 4.2 1.6 –4.4 Structures....................................................................................... 4.2 2.3 –1.0 –0.5 1.4 6.4 12.7 12.8 11.7 11.4 12.9 14.5 13.9 13.9 11.3 8.5 Equipment and software ................................................................ 11.0 10.2 9.4 7.0 10.5 8.5 5.9 4.2 0.3 1.6 2.0 2.8 2.7 –0.3 –3.1 –10.9 Residential ......................................................................................... 7.7 6.1 6.0 5.4 2.5 –4.3 –10.8 –15.5 –18.5 –17.3 –17.0 –19.0 –21.3 –21.7 –20.6 –19.7 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 6.9 7.5 6.8 7.0 9.0 8.2 9.0 10.1 6.1 7.0 11.7 8.9 10.1 11.0 6.1 –0.6 Goods ................................................................................................ 6.9 8.7 6.8 8.3 11.0 9.0 10.2 9.5 5.6 5.7 10.0 8.7 9.4 11.7 7.3 –2.3 Services............................................................................................. 6.9 4.8 6.6 4.0 4.7 6.2 6.2 11.5 7.3 10.0 15.6 9.3 11.7 9.3 3.5 3.0 Imports .................................................................................................. 9.1 5.5 4.5 4.8 6.6 6.5 7.1 3.8 3.2 2.2 2.2 1.1 –1.0 –1.9 –3.5 –7.0 Goods ................................................................................................ 10.2 6.3 5.2 5.8 6.8 6.7 7.4 3.1 2.9 1.7 1.4 0.9 –1.6 –2.4 –4.1 –8.4 Services............................................................................................. 3.7 1.5 0.8 –0.1 5.6 5.1 5.3 8.0 4.8 4.8 6.5 1.8 2.2 0.6 –0.2 0.3 Government consumption expenditures and gross investment ........ 0.2 0.1 0.6 0.6 1.6 1.7 1.3 2.1 1.4 2.0 2.6 2.4 2.6 2.6 3.1 3.4 Federal .................................................................................................. 1.2 0.9 1.7 1.0 3.1 2.5 0.6 2.9 –0.4 1.6 2.9 2.3 4.8 4.7 6.3 8.0 National defense................................................................................ 1.3 1.8 2.1 0.8 2.2 1.7 –1.5 4.1 0.4 2.0 4.7 2.7 6.2 5.9 7.7 8.5 Nondefense ....................................................................................... 1.0 –0.9 0.8 1.4 5.1 4.1 4.9 0.5 –2.1 0.8 –0.8 1.5 1.9 2.3 3.3 6.7 State and local....................................................................................... –0.4 –0.3 –0.1 0.3 0.7 1.2 1.7 1.6 2.4 2.3 2.3 2.4 1.4 1.4 1.3 0.8 Addenda: Final sales of domestic product............................................................. 2.8 3.4 3.5 2.7 3.4 2.8 2.0 2.8 1.8 2.3 3.1 2.5 2.5 2.5 1.2 –0.3 Gross domestic purchases.................................................................... 3.6 2.9 2.8 2.6 3.1 3.2 2.4 1.9 1.1 1.3 1.7 1.4 1.1 0.4 –0.6 –1.3 Final sales to domestic purchasers ....................................................... 3.3 3.3 3.3 2.6 3.4 2.8 2.1 2.2 1.6 1.8 2.0 1.6 1.1 0.8 –0.2 –1.5 Gross national product .......................................................................... 3.2 3.1 3.1 2.8 2.9 3.1 2.1 2.5 1.2 1.6 3.1 2.9 3.0 2.4 0.8 ........... Real disposable personal income.......................................................... 1.9 1.9 0.9 0.9 3.4 3.1 4.0 3.6 3.4 2.9 3.1 1.8 0.6 3.3 0.2 0.9 Price indexes: Gross domestic purchases ................................................................ 3.6 3.3 3.9 4.0 3.8 3.9 3.3 2.5 2.7 2.6 2.4 3.3 3.3 3.5 4.1 1.8 Gross domestic purchases excluding food and energy ..................... 3.2 3.0 3.1 3.2 3.0 3.2 3.1 2.9 2.8 2.4 2.3 2.3 2.1 2.2 2.4 2.1 GDP ................................................................................................... 3.3 2.9 3.4 3.5 3.4 3.5 3.2 2.8 2.9 2.8 2.5 2.6 2.3 2.0 2.6 1.9 GDP excluding food and energy ........................................................ 3.3 3.1 3.2 3.3 3.2 3.4 3.2 3.0 2.9 2.5 2.3 2.3 2.0 1.9 2.2 1.8 PCE ................................................................................................... 2.8 2.5 3.2 3.3 3.1 3.3 2.9 1.9 2.3 2.4 2.2 3.5 3.5 3.7 4.3 1.7 PCE excluding food and energy......................................................... 2.3 2.1 2.1 2.2 2.1 2.3 2.5 2.3 2.3 2.1 2.0 2.2 2.2 2.3 2.3 1.8 Market-based PCE 1 .......................................................................... 2.5 2.2 3.1 3.1 2.9 3.1 2.7 1.6 2.1 2.2 2.0 3.3 3.4 3.6 4.5 1.7 Market-based PCE excluding food and energy 1 ............................... 1.7 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.1 1.8 1.6 1.8 1.7 1.9 2.1 1.8 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Gross domestic product ................................................................................................... Plus: Income receipts from the rest of the world.................................................................. Less: Income payments to the rest of the world .................................................................. Equals: Gross national product ....................................................................................... Less: Consumption of fixed capital ...................................................................................... Less: Statistical discrepancy................................................................................................ Equals: National income................................................................................................... Compensation of employees............................................................................................ Wage and salary accruals............................................................................................ Supplements to wages and salaries ............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ....... Rental income of persons with capital consumption adjustment ..................................... Corporate profits with inventory valuation and capital consumption adjustments............ Net interest and miscellaneous payments ....................................................................... Taxes on production and imports less subsidies.............................................................. Business current transfer payments................................................................................. Current surplus of government enterprises ..................................................................... Addendum: Gross domestic income ................................................................................................... 2006 2007 2008 2007 2008 IV I II III IV 13,178.4 725.4 647.1 13,256.6 1,623.9 –163.0 11,795.7 7,433.8 6,028.5 1,405.3 1,014.7 44.3 1,668.5 631.2 926.4 85.4 –8.6 13,807.5 861.7 759.3 13,910.0 1,720.5 –81.4 12,270.9 7,812.3 6,355.7 1,456.6 1,056.2 40.0 1,642.4 664.4 963.2 100.2 –7.9 14,280.7 ................ ................ ................ 1,833.1 ................ ................ 8,047.6 6,543.2 1,504.4 1,072.4 63.9 ................ 677.3 986.0 103.4 –8.1 14,031.2 907.4 742.0 14,196.6 1,758.6 13.9 12,424.1 7,941.0 6,465.5 1,475.5 1,073.8 38.6 1,611.1 688.1 975.3 103.1 –6.7 14,150.8 843.2 705.1 14,289.0 1,778.0 63.4 12,447.6 8,009.7 6,518.0 1,491.7 1,071.7 39.1 1,593.5 662.3 975.1 103.2 –7.1 14,294.5 822.8 708.9 14,408.3 1,803.1 136.6 12,468.6 8,033.5 6,531.3 1,502.2 1,076.9 58.6 1,533.3 683.4 988.5 102.1 –7.7 14,412.8 815.6 688.7 14,539.6 1,898.1 162.8 12,478.8 8,080.4 6,570.1 1,510.3 1,080.5 68.5 1,514.8 656.6 993.8 92.1 –8.0 14,264.6 ............... ............... ............... 1,853.3 ............... ............... 8,066.9 6,553.3 1,513.6 1,060.5 89.6 ............... 706.8 986.5 116.2 –9.5 13,341.4 13,889.0 ................ 14,017.4 14,087.4 14,157.8 14,250.0 ............... Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2006 1 2007 2008 2007 2008 IV I II III IV Personal income ............................................................................................................. Compensation of employees, received ............................................................................ Wage and salary disbursements.................................................................................. Supplements to wages and salaries ............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ....... Farm............................................................................................................................. Nonfarm ....................................................................................................................... Rental income of persons with capital consumption adjustment ..................................... Personal income receipts on assets ................................................................................ Personal interest income.............................................................................................. Personal dividend income ............................................................................................ Personal current transfer receipts .................................................................................... Less: Contributions for government social insurance ...................................................... Less: Personal current taxes ............................................................................................... Equals: Disposable personal income .............................................................................. Less: Personal outlays......................................................................................................... Equals: Personal saving ................................................................................................... 10,993.9 7,432.6 6,027.2 1,405.3 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 925.5 1,353.2 9,640.7 9,570.0 70.7 11,663.2 7,818.6 6,362.0 1,456.6 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 965.1 1,492.8 10,170.5 10,113.1 57.4 12,099.0 8,047.6 6,543.2 1,504.4 1,072.4 34.5 1,037.9 63.9 2,040.4 1,206.3 834.1 1,869.8 995.2 1,462.0 10,637.0 10,454.6 182.4 11,872.1 7,941.0 6,465.5 1,475.5 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 975.3 1,520.5 10,351.5 10,309.2 42.4 11,960.5 8,009.7 6,518.0 1,491.7 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 992.2 1,535.0 10,425.5 10,404.9 20.6 12,152.2 8,033.5 6,531.3 1,502.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 995.4 1,346.1 10,806.0 10,538.2 267.9 12,159.4 8,080.4 6,570.1 1,510.3 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 998.4 1,468.6 10,690.7 10,559.9 130.8 12,124.1 8,066.9 6,553.3 1,513.6 1,060.5 25.9 1,034.6 89.6 1,999.6 1,174.5 825.1 1,902.3 994.8 1,498.2 10,625.9 10,315.7 310.3 Personal saving as a percentage of disposable personal income ................................... Addendum: Disposable personal income, billions of chained (2000) dollars 2 .................................... 0.7 0.6 1.7 0.4 0.2 2.5 1.2 2.9 8,407.0 8,644.0 8,752.3 8,683.1 8,667.9 8,891.0 8,689.1 8,760.4 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 I Gross domestic product (GDP) and related aggregates: GDP.................................................................................. Goods............................................................................... Services............................................................................ Structures ......................................................................... Motor vehicle output ......................................................... GDP excluding motor vehicle output ................................ Final sales of computers 1 ................................................ GDP excluding final sales of computers........................... Farm gross value added 2 ................................................ Nonfarm business gross value added 3 ............................ Price indexes: GDP.................................................................................. GDP excluding food and energy ....................................... GDP excluding final sales of computers........................... Gross domestic purchases............................................... Gross domestic purchases excluding food and energy .... Gross domestic purchases excluding final sales of computers to domestic purchasers............................... Personal consumption expenditures (PCE)...................... PCE excluding food and energy ....................................... Market-based PCE 4......................................................... Market-based PCE excluding food and energy 4 .............. 2.8 5.4 2.3 –2.2 –0.9 2.9 25.0 2.6 –6.9 3.2 2.0 1.3 3.1 1.5 2.8 2.2 –5.0 –4.8 –1.1 –17.7 2.1 1.8 21.3 18.9 1.9 1.2 9.7 –2.0 2.0 1.0 2006 II III IV I II 3.0 3.6 2.1 6.0 4.6 2.9 8.5 2.9 –1.9 3.7 2.6 4.7 1.0 5.1 7.1 2.5 38.5 2.4 27.7 2.9 3.8 1.3 4.8 2.7 5.3 2.0 11.1 5.9 3.9 0.9 2.6 2.3 –0.6 1.3 –0.8 –3.8 24.6 –31.0 20.2 –10.1 3.2 2.6 4.3 3.1 11.5 37.2 27.8 25.2 3.8 1.1 4.7 2.5 3.1 –26.8 –22.3 3.1 4.8 1.3 6.0 2.9 2007 III IV 0.8 1.5 1.5 1.3 2.3 3.8 –8.8 –9.8 13.7 –19.0 0.4 2.2 7.0 34.2 0.8 1.3 6.9 30.4 0.3 1.4 I 2008 II III IV I II 0.1 –2.5 2.1 –3.9 3.8 –0.1 –5.0 0.1 12.5 –0.9 4.8 10.3 2.7 0.8 4.6 4.8 37.2 4.6 –6.1 5.8 4.8 –0.2 0.9 2.8 9.0 0.0 0.9 4.9 4.0 1.3 2.7 1.7 –2.9 –9.3 –10.1 3.3 17.3 –25.7 –14.2 –33.8 4.4 0.7 1.3 4.0 52.6 23.7 8.2 28.4 4.5 –0.3 0.8 2.7 8.6 8.2 –15.5 –10.7 5.5 –0.7 0.9 2.8 III IV –0.5 –3.8 –4.2 –12.4 1.5 1.7 –1.0 –9.5 7.3 –63.4 –0.7 –1.8 –1.7 –0.4 –0.5 –3.8 7.1 24.2 –1.9 –5.5 3.2 3.2 3.4 3.4 3.1 2.7 2.5 2.8 2.8 2.4 2.2 2.0 2.3 3.2 2.2 4.0 3.9 4.2 3.7 3.9 2.1 2.7 2.3 3.1 2.7 4.1 3.2 4.2 5.2 2.9 3.7 3.5 3.9 3.9 3.2 3.5 3.6 3.7 2.9 3.4 2.7 3.2 2.9 3.6 3.2 2.8 2.6 2.9 2.9 2.5 2.2 2.6 2.3 0.6 2.5 4.1 3.2 4.2 3.6 2.9 2.0 1.7 2.1 3.3 1.8 1.5 1.8 1.7 2.2 1.9 2.8 2.4 3.0 4.0 2.4 2.6 2.0 2.7 3.5 2.2 1.1 1.5 1.2 4.2 2.2 3.9 3.0 4.1 4.5 2.8 –0.1 0.7 0.0 –4.6 1.2 3.6 2.8 2.3 2.6 1.9 2.9 2.6 2.2 2.4 1.8 3.3 3.3 2.2 3.3 1.9 3.9 2.5 2.5 2.2 2.2 3.3 2.5 2.1 2.2 1.6 5.4 4.7 1.6 4.9 1.2 4.1 3.3 2.4 3.2 2.0 3.0 1.8 2.1 1.4 1.8 3.8 3.3 3.0 3.1 2.6 3.1 3.1 2.3 3.1 2.1 0.7 –0.5 1.8 –1.1 1.5 3.8 3.4 2.4 3.5 2.3 3.5 3.6 1.8 3.5 1.2 2.4 2.5 2.1 2.0 1.4 4.2 4.3 2.5 4.4 2.2 3.7 3.6 2.3 3.7 2.1 4.4 4.3 2.2 4.3 1.8 4.7 5.0 2.4 5.6 2.5 –4.6 –5.5 0.6 –6.5 0.8 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2006-07 annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual percent change in GDP prices uses quantities for 2006 and 2007 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.
@FedFRASER