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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 25, 2011
BEA 11-13
Lisa Mataloni:
(202) 606-5304 (GDP)
Andrew Hodge:
(202) 606-5564 (Profits)
Recorded message: (202) 606-5306

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2010 (THIRD ESTIMATE)
CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2010

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the fourth quarter of 2010,
(that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly
offset by negative contributions from private inventory investment and state and local government
spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The fourth-quarter acceleration in real GDP primarily reflected a sharp downturn in imports, an
acceleration in PCE, an upturn in residential fixed investment, and an acceleration in exports that were
partly offset by downturns in private inventory investment, in federal government spending, and in state
and local government spending, and a deceleration in nonresidential fixed investment.
Final sales of computers added 0.35 percentage point to the fourth-quarter change in real GDP
after adding 0.29 percentage point to the third-quarter change. Motor vehicle output subtracted 0.27
percentage point from the fourth-quarter change in real GDP after adding 0.49 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 (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.

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- 2The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.1 percent in the fourth quarter, the same increase as in the second estimate; this index
increased 0.7 percent in the third quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 0.4 percent
in the third.
Real personal consumption expenditures increased 4.0 percent in the fourth quarter, compared
with an increase of 2.4 percent in the third. Durable goods increased 21.1 percent, compared with an
increase of 7.6 percent. Nondurable goods increased 4.1 percent, compared with an increase of 2.5
percent. Services increased 1.5 percent, compared with an increase of 1.6 percent.
Real nonresidential fixed investment increased 7.7 percent in the fourth quarter, compared with
an increase of 10.0 percent in the third. Nonresidential structures increased 7.6 percent, in contrast to a
decrease of 3.5 percent. Equipment and software increased 7.7 percent, compared with an increase of
15.4 percent. Real residential fixed investment increased 3.3 percent, in contrast to a decrease of 27.3
percent.
Real exports of goods and services increased 8.6 percent in the fourth quarter, compared with an
increase of 6.8 percent in the third. Real imports of goods and services decreased 12.6 percent, in
contrast to an increase of 16.8 percent.
Real federal government consumption expenditures and gross investment decreased 0.3 percent
in the fourth quarter, in contrast to an increase of 8.8 percent in the third. National defense decreased
2.2 percent, in contrast to an increase of 8.5 percent. Nondefense increased 3.7 percent, compared with
an increase of 9.5 percent. Real state and local government consumption expenditures and gross
investment decreased 2.6 percent, in contrast to an increase of 0.7 percent.
The change in real private inventories subtracted 3.42 percentage points from the fourth-quarter
change in real GDP, after adding 1.61 percentage points to the third-quarter change. Private businesses
increased inventories $16.2 billion in the fourth quarter, following increases of $121.4 billion in the third
quarter and $68.8 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 6.7
percent in the fourth quarter, compared with an increase of 0.9 percent in the third.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.2 percent in the fourth quarter, in contrast to an increase of 4.2 percent in the
third.

Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 2.8 percent in the fourth quarter, compared with an increase of
2.3 percent in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $10.5 billion in the fourth quarter after decreasing $7.1 billion in the third; in the
fourth quarter, receipts increased $21.1 billion, and payments increased $31.5 billion.
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- 3Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.5 percent, or $126.3 billion, in the fourth quarter to a level of $14,871.4 billion. In the third quarter,
current-dollar GDP increased 4.6 percent, or $166.4 billion.
Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
private inventory investment and to nonresidential fixed investment that were partly offset by a
downward revision to exports of goods and services.

Second Estimate Third Estimate
Advance Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

3.2
3.4
2.1

2.8
3.2
2.1

3.1
3.5
2.1

2010 GDP
Real GDP increased 2.9 percent in 2010 (that is, from the 2009 annual level to the 2010 annual
level), in contrast to a decrease of 2.6 percent in 2009.
The increase in real GDP in 2010 primarily reflected positive contributions from private
inventory investment, exports, personal consumption expenditures (PCE), nonresidential fixed
investment, and federal government spending. Imports, which are a subtraction in the calculation of
GDP, increased.
The upturn in real GDP primarily reflected upturns in exports, in nonresidential fixed
investment, in PCE, and in private inventory investment and a smaller decrease in residential fixed
investment that were partly offset by an upturn in imports.
The price index for gross domestic purchases increased 1.3 percent in 2010, in contrast to a
decrease of 0.2 percent in 2009.
Current-dollar GDP increased 3.8 percent, or $541.4 billion, in 2010. In contrast, current-dollar
GDP decreased 1.7 percent, or $250.1 billion, in 2009.
During 2010 (that is, measured from the fourth quarter of 2009 to the fourth quarter of 2010),
real GDP increased 2.8 percent. Real GDP increased 0.2 percent during 2009. The price index for gross
domestic purchases increased 1.2 percent during 2010, compared with an increase of 0.5 percent during
2009.

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- 4Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $38.2 billion in the fourth quarter, compared with an increase of
$26.0 billion in the third quarter. Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- increased $36.9 billion in the
fourth quarter, in contrast to a decrease of $68.4 billion in the third.
Taxes on corporate income decreased $1.3 billion in the fourth quarter, in contrast to an increase
of $23.8 billion in the third. Profits after tax with inventory valuation and capital consumption
adjustments increased $39.5 billion in the fourth quarter, compared with an increase of $2.2 billion in
the third. Dividends increased $8.9 billion, compared with an increase of $8.1 billion; currentproduction undistributed profits increased $30.6 billion, in contrast to a decrease of $5.9 billion.
Domestic profits of financial corporations increased $57.7 billion in the fourth quarter, compared
with an increase of $34.6 billion in the third. Domestic profits of nonfinancial corporations decreased
$10.1 billion in the fourth quarter, in contrast to an increase of $0.3 billion in the third. In the fourth
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real gross
value added decreased. The decrease in unit profits reflected a decrease in unit prices that more than
offset a slight decrease in unit labor costs. Unit nonlabor costs were unchanged.
The rest-of-the-world component of profits decreased $9.4 billion in the fourth quarter,
compared with a decrease of $8.9 billion in the third. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter
decrease was accounted for by a larger increase in payments than in receipts.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns and is affected by the
bonus depreciation provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job
Creation Act of 2010 (see below). According to this measure, domestic profits of financial corporations
increased and profits of nonfinancial corporations decreased. The decrease in nonfinancial corporations
reflected decreases in all industries shown, except for small increases in some detailed manufacturing
industries. The largest decrease was in wholesale trade.
Profits before tax decreased $48.3 billion in the fourth quarter, in contrast to an increase of $57.5
billion in the third. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $153.5 billion in the fourth quarter (from -$169.3 billion to -$15.8 billion),
compared with an increase of $1.4 billion in the third. The inventory valuation adjustment decreased
$66.8 billion (from -$36.4 billion to -$103.2 billion), compared with a decrease of $32.9 billion.

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- 5-

Provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of
2010
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, signed
into law December 17, 2010, provided a retroactive increase in bonus depreciation from 50 percent to
100 percent for qualified purchases made between September 9, 2010 and December 31, 2011.
Profits from current production are not affected because they do not depend on the depreciationaccounting practices used for federal income tax returns; rather, they are based on depreciation of fixed
assets valued at current cost and using consistent depreciation profiles based on used-asset prices. The
additional depreciation provided for by the Act is estimated to have increased tax-based depreciation
expenses of corporations in the fourth quarter by $156.0 billion (annual rate) and reduced profits before
tax, which is based on earnings reported on tax returns, by the same amount. The capital consumption
adjustment, which is the difference between the depreciation specified in the tax code and the
depreciation underlying profits from current production, also increased by the same amount because the
Act raised tax depreciation by $156.0 billion. (Fourth-quarter profits tax liability was reduced by $36.1
billion, and profits after tax were reduced by $119.9 billion.)
As with corporate profits from current production, nonfarm proprietors’ income with capital
consumption and inventory valuation adjustments (table 10) was not affected by the provisions of the
act; nonfarm proprietors’ income without these adjustments was reduced, and the related capital
consumption adjustment was increased by the same amount. The other major national income and
product account components and aggregates shown in this release were not affected.
Further information is available in FAQ #955: “How did the Small Business Jobs and Credit Act
of 2010 and the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
impact the current quarterly estimates of the capital consumption adjustment for domestic business in
2010?”

Corporate profits in 2010
Profits from current production increased 29.2 percent in 2010, in contrast to a decrease of 0.4
percent in 2009. Domestic profits increased 37.0 percent, compared with an increase of 6.4 percent.
The rest-of-the-world component of profits increased 8.9 percent, in contrast to a decrease of 14.3
percent.
Taxes on corporate income increased 63.4 percent in 2010, in contrast to a decrease of 17.3
percent in 2009. Profits after tax with inventory valuation and capital consumption adjustments
increased 20.4 percent, compared with an increase of 5.1 percent. Dividends increased 1.9 percent, in
contrast to a decrease of 9.9 percent; current-production undistributed profits increased 67.3 percent,
compared with an increase of 81.3 percent.

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- 6According to the measure of profits before tax with inventory valuation adjustment, domestic
profits of both financial and nonfinancial corporations increased in 2010. The increase in nonfinancial
corporations reflected increases in all industries shown except chemical products and food and beverage
and tobacco products. Within manufacturing, the largest increase was in computer and electronic
products.

*

*

*

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 -- April 28, 2011, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2011 (Advance Estimate)

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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008

2009

2010 r

2007
I

II

2008
III

IV

I

II

2009
III

IV

I

II

2010
III

IV

I

II

III

IV r

Gross domestic product (GDP) ...
0.0
–2.6
2.9
0.9
3.2
2.3
2.9
–0.7
0.6
–4.0
–6.8
–4.9
–0.7
1.6
5.0
3.7
1.7
2.6
3.1
Personal consumption expenditures .....
–0.3
–1.2
1.7
2.4
1.5
1.7
1.4
–0.8
0.1
–3.5
–3.3
–0.5
–1.6
2.0
0.9
1.9
2.2
2.4
4.0
Goods.....................................................
–2.5
–2.0
4.3
2.3
1.4
2.4
1.1
–5.8
0.3
–7.7 –10.8
1.8
–1.5
7.2
1.7
5.7
3.4
4.1
9.3
Durable goods ....................................
–5.2
–3.7
7.7
4.6
4.6
3.8
2.4 –10.8
–2.9 –12.0 –22.3
4.8
–3.1
20.1
–1.1
8.8
6.8
7.6
21.1
Nondurable goods ..............................
–1.1
–1.2
2.7
1.1
–0.2
1.7
0.5
–3.0
2.0
–5.5
–4.9
0.4
–0.7
1.7
3.1
4.2
1.9
2.5
4.1
Services..................................................
0.9
–0.8
0.5
2.4
1.6
1.4
1.5
1.9
0.0
–1.3
0.6
–1.6
–1.7
–0.5
0.5
0.1
1.6
1.6
1.5
Gross private domestic investment........
–9.5 –22.6
17.1
–3.6
9.5
–2.9
–9.4
–9.4
–7.6 –12.5 –36.8 –42.2 –18.5
11.8
26.7
29.1
26.2
15.0 –18.7
Fixed investment.....................................
–6.4 –18.3
3.9
–1.0
3.7
–1.2
–4.8
–6.2
–4.6 –11.9 –24.9 –35.4 –10.1
0.7
–1.3
3.3
18.9
1.5
6.8
Nonresidential.....................................
0.3 –17.1
5.7
6.8
11.1
9.4
5.7
2.0
–1.6
–8.6 –22.7 –35.2
–7.5
–1.7
–1.4
7.8
17.2
10.0
7.7
Structures........................................
5.9 –20.4 –13.7
10.7
28.0
24.3
7.4
–0.1
7.5
–3.6
–8.9 –41.0 –20.2 –12.4 –29.2 –17.8
–0.5
–3.5
7.6
Equipment and software .................
–2.4 –15.3
15.3
5.1
4.3
2.9
4.8
3.0
–6.0 –11.1 –29.5 –31.6
0.2
4.2
14.6
20.4
24.8
15.4
7.7
Residential .......................................... –24.0 –22.9
–3.0 –16.4 –12.0 –24.1 –29.3 –27.9 –14.0 –22.6 –32.6 –36.2 –19.7
10.6
–0.8 –12.3
25.7 –27.3
3.3
Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Exports ...................................................
6.0
–9.5
11.7
6.4
6.8
15.8
11.6
5.7
13.2
–5.0 –21.9 –27.8
–1.0
12.2
24.4
11.4
9.1
6.8
8.6
Goods .................................................
6.3 –12.0
14.7
12.9
7.6
12.8
9.9
9.6
14.5
–4.3 –26.6 –34.1
–3.7
18.7
31.7
14.0
11.5
5.8
11.1
Services..............................................
5.3
–3.9
5.7
–6.9
4.9
23.0
15.7
–2.8
10.2
–6.6
–9.8 –12.3
4.7
0.1
10.2
5.8
3.9
8.9
3.0
Imports ...................................................
–2.6 –13.8
12.6
4.6
4.6
5.0 –10.6
–1.4
2.9
–0.1 –22.9 –35.3 –10.6
21.9
4.9
11.2
33.5
16.8 –12.6
Goods .................................................
–3.5 –15.8
14.8
6.8
4.8
5.1 –11.8
–3.3
4.6
–1.0 –28.3 –38.9 –10.6
27.4
6.2
12.0
40.5
17.4 –14.2
Services..............................................
2.4
–4.2
3.5
–6.3
3.6
4.4
–4.0
9.4
–6.0
5.0
11.7 –16.8 –10.9
1.5
–0.5
7.8
4.3
14.2
–4.1
Government consumption expenditures
and gross investment...........................
2.8
1.6
1.0
–0.5
3.4
3.5
1.2
2.3
3.3
5.3
1.5
–3.0
6.1
1.6
–1.4
–1.6
3.9
3.9
–1.7
Federal ...................................................
7.3
5.7
4.8
–4.8
7.1
9.6
1.1
6.9
7.8
14.2
8.1
–5.0
14.9
5.7
0.0
1.8
9.1
8.8
–0.3
National defense.................................
7.5
5.4
3.9
–7.2
8.3
10.2
0.0
6.8
6.9
19.7
5.2
–8.4
16.8
9.0
–2.5
0.4
7.4
8.5
–2.2
Nondefense ........................................
6.7
6.5
6.6
0.5
4.7
8.2
3.4
6.9
9.6
3.0
14.8
2.6
10.9
–0.9
5.6
5.0
12.8
9.5
3.7
State and local........................................
0.3
–0.9
–1.4
2.1
1.3
0.2
1.3
–0.3
0.8
0.3
–2.4
–1.7
1.0
–1.0
–2.3
–3.8
0.6
0.7
–2.6
Addenda:
Final sales of domestic product..............
0.5
–2.1
1.4
1.3
2.3
2.6
3.7
–0.2
1.1
–3.9
–4.6
–3.9
0.2
0.4
2.1
1.1
0.9
0.9
6.7
Gross domestic purchases.....................
–1.1
–3.6
3.3
0.9
3.1
1.3
–0.4
–1.6
–0.5
–3.2
–7.7
–7.2
–2.1
3.0
3.0
3.9
5.1
4.2
–0.2
Final sales to domestic purchasers ........
–0.6
–3.1
1.9
1.3
2.2
1.6
0.4
–1.1
0.0
–3.1
–5.7
–6.3
–1.2
1.8
0.2
1.3
4.3
2.6
3.2
Gross national product (GNP) ................
0.3
–2.8
3.1
0.8
3.5
4.1
4.4
–0.9
0.1
–3.2
–8.6
–4.9
–0.5
2.6
4.9
4.4
1.8
2.3
2.8
Disposable personal income ..................
1.7
0.6
1.4
1.8
0.6
1.5
2.2
1.4
9.2
–8.4
2.7
0.4
5.9
–4.4
0.0
1.3
5.6
1.0
1.9
Current-dollar measures:
GDP ....................................................
2.2
–1.7
3.8
5.3
6.5
4.4
3.8
1.0
4.1
0.4
–7.9
–3.9
–0.4
2.3
4.7
4.8
3.7
4.6
3.5
Final sales of domestic product ..........
2.7
–1.1
2.4
5.8
5.6
4.6
4.6
1.8
4.3
0.5
–6.1
–2.7
0.6
1.2
1.8
2.1
2.9
3.0
6.9
Gross domestic purchases .................
2.1
–3.8
4.6
5.4
6.3
3.4
3.4
2.1
4.2
0.6 –11.7
–9.2
–1.5
4.3
5.1
6.2
5.2
4.8
1.9
Final sales to domestic purchasers ....
2.5
–3.2
3.2
5.8
5.5
3.6
4.1
2.9
4.5
0.8 –10.1
–8.1
–0.5
3.3
2.2
3.5
4.4
3.2
5.2
GNP ....................................................
2.5
–1.9
4.1
5.3
6.7
6.3
5.3
0.9
3.5
1.1
–9.8
–4.0
–0.2
3.4
4.6
5.5
3.8
4.4
3.1
Disposable personal income...............
5.1
0.7
3.1
5.8
4.1
3.9
6.5
5.4
14.3
–4.4
–3.3
–1.2
8.0
–1.6
2.7
3.4
5.5
1.7
3.6
r Revised
See “Explanatory Note” at the end of the tables.

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2008

2009

2010 r

2007
I

Percent change at annual rate:
Gross domestic product .................................
Percentage points at annual rates:
Personal consumption expenditures ....................
Goods ...................................................................
Durable goods ...................................................
Motor vehicles and parts................................
Furnishings and durable household
equipment ..................................................
Recreational goods and vehicles ...................
Other durable goods ......................................
Nondurable goods .............................................
Food and beverages purchased for offpremises consumption ...............................
Clothing and footwear ....................................
Gasoline and other energy goods..................
Other nondurable goods ................................
Services................................................................
Household consumption expenditures (for
services) ........................................................
Housing and utilities.......................................
Health care.....................................................
Transportation services..................................
Recreation services .......................................
Food services and accommodations .............
Financial services and insurance...................
Other services................................................
Final consumption expenditures of nonprofit
institutions serving households......................
Gross output of nonprofit institutions .............
Less: Receipts from sales of goods and
services by nonprofit institutions ................
Gross private domestic investment...................
Fixed investment..............................................
Nonresidential ................................................
Structures...................................................
Equipment and software ............................
Information processing equipment and
software ..............................................
Computers and peripheral equipment
Software..............................................
Other...................................................
Industrial equipment ...............................
Transportation equipment.......................
Other equipment.....................................
Residential .....................................................
Change in private inventories.........................
Farm...............................................................
Nonfarm .........................................................
Net exports of goods and services....................
Exports .............................................................
Goods ............................................................
Services .........................................................
Imports .............................................................
Goods ............................................................
Services .........................................................
Government consumption expenditures and
gross investment .............................................
Federal..............................................................
National defense ............................................
Consumption expenditures.........................
Gross investment .......................................
Nondefense....................................................
Consumption expenditures.........................
Gross investment .......................................
State and local .................................................
Consumption expenditures.........................
Gross investment .......................................
Addenda:
Goods ................................................................
Services.............................................................
Structures ..........................................................
Motor vehicle output ..........................................
Final sales of computers....................................
r Revised
See “Explanatory Note” at the end of the tables.

II

0.0

–2.6

2.9

0.9

3.2

–0.18
–0.60
–0.42
–0.39

–0.84
–0.46
–0.27
–0.17

1.26
0.99
0.55
0.08

1.64
0.56
0.38
0.06

–0.07 –0.12
0.08 0.03
–0.04 –0.02
–0.18 –0.18

0.15
0.26
0.06
0.44

0.10 –0.07
0.21 0.20
0.01 0.07
0.17 –0.03

2008
III
2.3

IV
2.9

I
–0.7

II
0.6

2009
III

IV

I

II

–4.0

–6.8

–4.9

–0.7

1.08 1.20 0.98 –0.54 0.08 –2.46 –2.26
0.34 0.57 0.27 –1.42 0.08 –1.86 –2.57
0.38 0.31 0.20 –0.92 –0.23 –0.95 –1.79
0.17 –0.08 –0.07 –0.53 –0.57 –0.60 –0.85
0.04
0.32
0.03
0.27

0.02 –0.18 0.09
0.23 –0.13 0.28
0.01 –0.09 –0.02
0.07 –0.50 0.31

–0.34 –1.12
0.41 –0.32
0.35 –0.21
0.26 –0.10

–0.20 –0.33 –0.15 –0.12
–0.09 –0.39 0.19 –0.05
–0.06 –0.22 0.06 0.05
–0.91 –0.78 0.06 –0.11

2010
III
1.6

IV
5.0

0.16
0.18

–0.30 0.23 1.16 0.84 0.36 0.42 0.74
0.14 0.14 0.10 –0.03 0.12 –0.07 0.31
0.23 0.17 0.47 0.16 0.14 0.29 0.58
–0.18 0.03 0.05 0.00 –0.04 –0.06 –0.11
–0.06 –0.02 0.05 0.10 0.11 0.00 –0.01
–0.16 0.10 –0.01 0.15 0.12 0.16 –0.23
–0.21 –0.13 0.21 0.30 0.13 0.14 0.02
–0.07 –0.06 0.28 0.15 –0.22 –0.04 0.18
–0.08
0.04

0.04 –0.08
0.07 0.29

–0.10
0.00

0.02
–1.53
–1.02
0.03
0.22
–0.19

0.12 0.03 0.37
–3.24 1.87 –0.65
–2.69 0.48 –0.15
–1.96 0.55 0.75
–0.81 –0.42 0.35
–1.15 0.97 0.40

0.10
1.51
0.62
1.23
0.88
0.35

0.23
0.08
0.10
0.05
–0.06
–0.31
–0.05
–1.05
–0.51
0.01
–0.53
1.18
0.72
0.53
0.19
0.46
0.52
–0.07

0.01 0.50 0.64
–0.01 0.15 0.15
0.03 0.18 0.18
–0.02 0.17 0.30
–0.31 0.06 –0.09
–0.54 0.31 –0.01
–0.30 0.10 –0.13
–0.74 –0.07 –0.91
–0.55 1.40 –0.49
0.02 0.02 0.25
–0.57 1.37 –0.74
1.13 –0.49 –0.02
–1.18 1.34 0.71
–1.04 1.13 0.95
–0.15 0.21 –0.24
2.32 –1.83 –0.73
2.20 –1.74 –0.89
0.12 –0.09 0.16

0.11
–0.03
0.01
0.13
0.38
–0.32
0.18
–0.62
0.90
–0.31
1.21
0.01
0.76
0.58
0.17
–0.75
–0.65
–0.10

0.54 0.32 0.21
0.51 0.43 0.39
0.36 0.27 0.22
0.27 0.23 0.14
0.09 0.04 0.08
0.15 0.16 0.17
0.13 0.14 0.13
0.02 0.01 0.05
0.04 –0.11 –0.18
0.00 –0.07 –0.10
0.03 –0.05 –0.08

–0.09
–0.33
–0.34
–0.27
–0.08
0.01
0.02
–0.01
0.25
0.17
0.07

0.64
0.48
0.38
0.20
0.17
0.10
0.08
0.03
0.16
0.14
0.02

–0.13 –0.99 2.86 0.55
0.94 –0.10 0.54 0.92
–0.81 –1.54 –0.55 –0.59
–0.53 –0.56 0.46 0.29
0.14 0.03 0.10 0.02

1.69
1.23
0.32
0.13
0.07

0.27
0.07

–0.04
0.04
0.29
–0.15
–0.03
0.06
–0.08
–0.16

–0.79 0.08
–0.20 0.60
–0.02 0.23
–0.18 –0.31
–0.12 –0.09
–0.15 –0.30
0.03 –0.26
–0.14 0.22

0.29
0.27

0.14
0.30

0.04
0.11

–0.20 –0.02
–0.46 –1.53
–0.18 –0.76
1.06 0.67
0.82 0.28
0.24 0.39

0.17
–1.47
–0.98
0.25
0.00
0.25

0.07
–1.17
–0.69
–0.16
0.30
–0.46

–0.11 0.10
–1.95 –6.32
–1.83 –4.01
–1.00 –2.84
–0.14 –0.36
–0.86 –2.47

0.32
0.11
0.06
0.15
0.01
–0.08
–0.01
–1.24
–0.28
0.08
–0.36
0.87
1.71
0.98
0.74
–0.84
–0.72
–0.12

0.38
0.19
0.26
–0.07
0.04
–0.02
–0.14
–1.23
–0.49
–0.19
–0.30
0.84
0.67
0.78
–0.11
0.18
0.42
–0.24

0.25
0.11
0.04
0.10
–0.04
–0.67
0.01
–0.53
–0.48
0.37
–0.85
1.04
1.61
1.24
0.37
–0.57
–0.75
0.18

–0.19
–0.12
0.04
–0.11
–0.11
–0.59
0.04
–0.84
–0.12
–0.08
–0.04
–0.63
–0.66
–0.41
–0.25
0.03
0.15
–0.12

0.61
0.15
0.09
0.38
–0.27
0.04
0.00
–1.43
–0.77
0.06
–0.82
3.21
1.32
0.78
0.54
1.89
1.78
0.11

0.66 0.24 0.44 0.65
0.64 0.08 0.47 0.55
0.47 0.01 0.32 0.34
0.45 0.01 0.31 0.02
0.01 0.00 0.01 0.32
0.18 0.07 0.15 0.21
0.15 0.08 0.13 0.17
0.02 –0.01 0.02 0.04
0.02 0.16 –0.04 0.10
0.02 0.09 –0.06 –0.05
0.00 0.07 0.02 0.14
0.89 2.52
1.87 1.53
–0.49 –1.16
–0.06 –0.45
0.26 0.19

0.20
0.08

–0.52
–0.19
–0.04
–0.30
–0.30
–1.16
–0.50
–1.18
–2.31
0.13
–2.44
1.50
–3.03
–2.65
–0.38
4.53
4.82
–0.29

–0.36 –0.09 –3.01
0.92 0.69 –0.08
–1.28 –0.01 –0.91
–0.23 –1.09 –0.53
0.11 0.19 0.04

–5.19
0.08
–1.66
–1.72
0.08

IV r

2.6

3.1

1.41 0.69 1.33
1.62 0.42 1.29
1.35 –0.07 0.62
0.83 –0.56 –0.06

1.54
0.79
0.49
0.15

1.67
0.94
0.54
0.12

2.79
2.10
1.45
0.98

0.15
0.20
–0.02
0.31

0.10
0.26
0.07
0.39

0.16
0.27
0.04
0.65

0.12 0.16
0.36 0.34
0.05 –0.01
0.27 0.49

0.23
0.28
0.18
0.67

0.20 –0.16
0.26 0.14
0.02 0.07
0.18 0.25
0.03 0.75

0.34 0.28 –0.18
–6.80 –2.30 1.22
–5.71 –1.26 0.12
–4.49 –0.72 –0.13
–1.99 –0.76 –0.41
–2.50 0.04 0.28

–0.03 –0.09
2.70 3.04
–0.12 0.39
–0.10 0.71
–1.01 –0.53
0.91 1.24

0.18
2.88
2.06
1.51
–0.01
1.52

0.07 0.37
1.80 –2.61
0.18 0.80
0.93 0.73
–0.09 0.19
1.02 0.54

–0.25
–0.07
–0.12
–0.07
–0.78
–0.92
–0.55
–1.22
–1.09
–0.11
–0.97
2.88
–3.61
–3.14
–0.47
6.48
5.95
0.53

0.52
0.12
0.13
0.27
–0.11
–0.05
–0.07
0.25
1.10
–0.19
1.29
–1.37
1.30
1.29
0.01
–2.67
–2.64
–0.03

0.79
0.36
0.25
0.18
–0.03
0.20
–0.05
–0.02
2.83
0.21
2.62
1.90
2.56
2.19
0.37
–0.66
–0.68
0.02

0.32
0.03
0.17
0.12
0.00
0.62
0.30
–0.32
2.64
0.07
2.57
–0.31
1.30
1.09
0.21
–1.61
–1.41
–0.20

0.57
0.24
0.15
0.17
0.39
0.40
0.17
0.55
0.82
0.02
0.80
–3.50
1.08
0.93
0.15
–4.58
–4.46
–0.12

0.34
0.01
0.18
0.15
0.07
0.40
0.20
–0.75
1.61
–0.09
1.71
–1.70
0.82
0.49
0.33
–2.53
–2.16
–0.37

0.56
0.16
0.21
0.19
0.11
–0.20
0.07
0.07
–3.42
–0.15
–3.27
3.27
1.06
0.94
0.12
2.21
2.10
0.12

1.24 0.33
1.11 0.45
0.85 0.48
0.67 0.37
0.17 0.12
0.26 –0.03
0.25 –0.07
0.01 0.04
0.13 –0.12
–0.03 –0.17
0.16 0.05

–0.28
0.01
–0.13
–0.17
0.04
0.14
0.12
0.02
–0.29
–0.03
–0.25

–0.32
0.15
0.02
0.02
0.01
0.13
0.07
0.06
–0.48
–0.11
–0.36

0.80
0.72
0.40
0.25
0.15
0.32
0.27
0.05
0.08
–0.09
0.17

0.79
0.71
0.46
0.41
0.05
0.25
0.18
0.06
0.09
–0.14
0.23

–0.34
–0.02
–0.12
–0.33
0.21
0.10
0.06
0.04
–0.31
–0.10
–0.21

–0.17 1.67 5.74 4.90
0.61 –0.10 0.57 0.02
–1.14 0.02 –1.30 –1.18
–0.04 1.56 0.25 0.74
–0.06 –0.02 0.09 0.10

–0.20
1.21
0.71
–0.06
0.03

1.99 2.47
1.15 0.56
–0.58 0.09
0.49 –0.27
0.29 0.35

–0.62
–0.95
–3.30
–1.18
0.05

0.15
0.12

0.72 0.82
0.44 –0.04
0.14 0.52
0.08 0.01
0.11 –0.05
0.12 0.12
–0.27 0.16
0.11 0.11

0.06
0.25

0.36
0.09
0.16
0.12
–0.17
0.22
–0.38
–0.54
–1.03
0.12
–1.15
1.47
–0.08
–0.26
0.18
1.55
1.23
0.33

0.16
–0.02

0.69
0.14
0.35
0.08
–0.01
0.11
0.07
–0.05

0.17 0.26
–0.03 0.27
0.00 –0.15
0.25 0.28
0.74 0.70

0.02
–0.07

1.04 0.31 –0.61
1.00 0.61 –0.40
0.93 0.28 –0.45
0.81 0.26 –0.29
0.12 0.02 –0.17
0.07 0.33 0.06
0.04 0.30 0.09
0.03 0.03 –0.03
0.04 –0.30 –0.21
0.04 –0.11 –0.07
0.00 –0.19 –0.15

–0.34
–0.05

III

1.7

–0.29 –0.46 –0.37 0.12 0.01
0.01 0.06 0.24 0.23 –0.06
0.40 0.38 –0.01 0.21 –0.04
–0.23 –0.10 –0.07 –0.02 0.07
0.02 –0.08 –0.12 –0.03 0.00
–0.19 –0.16 –0.06 0.02 0.29
–0.30 –0.23 –0.21 –0.21 –0.16
0.00 –0.34 –0.14 –0.08 –0.08

0.22 –0.46
0.32 –0.11

II

3.7

–0.04 –0.05 0.15 –0.01 –0.11 0.09 0.19 –0.07 –0.01 –0.26 –0.50 0.01 0.20 0.22 0.28
–0.01 –0.10 0.13 0.12 0.04 0.08 –0.02 –0.05 0.23 –0.27 –0.28 –0.07 –0.10 0.01 0.13
–0.13 0.03 –0.01 –0.05 –0.07 –0.01 –0.12 –0.22 –0.13 –0.41 0.30 0.14 –0.01 –0.04 –0.05
0.01 –0.06 0.17 0.11 0.11 0.11 0.02 –0.15 0.22 0.03 –0.29 –0.02 –0.20 0.08 0.14
0.41 –0.38 0.27 1.08 0.74 0.62 0.71 0.88 0.00 –0.59 0.30 –0.75 –0.79 –0.21 0.27
0.25
0.09
0.29
–0.12
–0.01
–0.03
0.03
–0.02

I

0.02
0.09

–0.12
0.25

Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period
Billions of current dollars

Billions of chained (2005) dollars

Seasonally adjusted at annual rates
2010 r

2009

Seasonally adjusted at annual rates
2010 r

2010

2009

Change from preceding period

2010

2010
2010 r

IV
Gross domestic product .................................
Personal consumption expenditures ....................
Goods ...................................................................
Durable goods ...................................................
Motor vehicles and parts................................
Furnishings and durable household
equipment ..................................................
Recreational goods and vehicles ...................
Other durable goods ......................................
Nondurable goods .............................................
Food and beverages purchased for offpremises consumption ...............................
Clothing and footwear ....................................
Gasoline and other energy goods..................
Other nondurable goods ................................
Services................................................................
Household consumption expenditures (for
services) ........................................................
Housing and utilities.......................................
Health care.....................................................
Transportation services..................................
Recreation services .......................................
Food services and accommodations .............
Financial services and insurance...................
Other services................................................
Final consumption expenditures of nonprofit
institutions serving households......................
Gross output of nonprofit institutions .............
Less: Receipts from sales of goods and
services by nonprofit institutions ................
Gross private domestic investment.......................
Fixed investment .................................................
Nonresidential....................................................
Structures.......................................................
Equipment and software ................................
Information processing equipment and
software ..................................................
Computers and peripheral equipment ....
Software .................................................
Other ......................................................
Industrial equipment...................................
Transportation equipment...........................
Other equipment ........................................
Residential .........................................................
Change in private inventories ............................
Farm ..................................................................
Nonfarm .............................................................
Net exports of goods and services .......................
Exports .................................................................
Goods ................................................................
Services.............................................................
Imports .................................................................
Goods ................................................................
Services.............................................................
Government consumption expenditures and
gross investment .................................................
Federal..................................................................
National defense................................................
Consumption expenditures ............................
Gross investment ...........................................
Nondefense .......................................................
Consumption expenditures ............................
Gross investment ...........................................
State and local .....................................................
Consumption expenditures ................................
Gross investment...............................................
Residual ....................................................................
Addenda:
Final sales of domestic product.............................
Gross domestic purchases....................................
Final sales to domestic purchasers .......................
Gross domestic product .....................................
Plus: Income receipts from the rest of the world ...
Less: Income payments to the rest of the world ....
Equals: Gross national product .........................
Net domestic product.............................................

I

II

III

IV

r

IV

I

II

III

IV

r

14,660.4 14,277.3 14,446.4 14,578.7 14,745.1 14,871.4 13,248.2 13,019.0 13,138.8 13,194.9 13,278.5 13,380.7
10,349.1 10,131.5 10,230.8 10,285.4 10,366.3 10,513.6 9,313.6 9,182.9 9,225.4 9,275.7 9,330.6 9,422.9
3,425.7 3,312.9 3,380.0 3,377.5 3,419.6 3,525.6 3,250.4 3,151.8 3,195.4 3,222.6 3,255.2 3,328.4
1,089.4 1,043.9 1,060.7 1,074.1 1,087.8 1,134.8 1,178.3 1,115.1 1,138.9 1,157.8 1,179.3 1,237.2
346.0
327.0
328.3
335.9
342.2
377.7
335.4
322.7
320.6
326.0
330.1
364.8

IV r

III
367.6
159.7
133.0
83.7
11.4

83.6
54.9
32.6
21.5
4.1

102.2
92.3
73.2
57.9
34.7

258.3
334.8
150.3
2,336.3

249.3
323.9
143.7
2,269.0

255.3
328.8
148.3
2,319.3

258.2
331.9
148.0
2,303.4

258.2
336.9
150.7
2,331.8

261.4
341.5
154.2
2,390.8

275.8
447.7
134.3
2,072.6

259.3
417.9
127.8
2,032.3

267.9
430.7
133.4
2,053.5

273.7
440.3
132.7
2,063.4

277.5
453.2
134.8
2,076.2

284.0
466.5
136.1
2,097.4

21.9
48.4
7.4
55.2

3.8
12.9
2.1
12.8

6.5
13.3
1.3
21.2

801.8
337.8
357.2
839.5
6,923.4

786.5
325.5
344.1
812.9
6,818.6

797.4
333.8
364.1
824.1
6,850.9

794.6
335.5
340.0
833.3
6,907.9

801.4
337.6
348.2
844.7
6,946.7

813.8
344.3
376.5
856.2
6,988.1

703.7
345.0
284.5
744.2
6,064.7

696.3
329.5
283.5
726.0
6,028.7

702.7
339.0
284.0
731.9
6,029.6

697.6
344.3
286.1
740.0
6,053.4

703.0
343.4
286.1
748.0
6,076.9

711.5
353.4
281.7
757.0
6,099.2

18.6
18.2
–1.0
21.1
32.0

5.4
–0.9
0.0
8.0
23.5

8.5
10.0
–4.4
9.0
22.3

6,658.3
1,900.7
1,687.7
299.7
380.5
626.4
820.6
942.6

6,556.2
1,887.6
1,650.1
290.2
377.3
604.7
816.3
930.1

6,589.6
1,887.1
1,657.5
294.6
376.8
615.2
824.9
933.3

6,643.2
1,892.5
1,680.4
299.6
378.5
623.3
829.9
939.1

6,679.2
1,910.9
1,694.3
301.5
384.1
630.5
812.2
945.7

6,721.0
1,912.4
1,718.7
303.0
382.5
636.7
815.4
952.3

5,804.1
1,674.5
1,461.1
253.9
339.7
540.2
725.9
809.0

5,769.7
1,666.3
1,447.9
248.6
338.6
526.1
732.5
810.1

5,769.9
1,664.3
1,446.7
250.8
338.5
535.0
727.4
807.7

5,791.7
1,668.9
1,457.6
253.3
338.2
538.3
729.5
806.1

5,814.4
1,683.0
1,461.9
255.7
341.8
542.0
720.7
809.5

5,840.6
1,681.7
1,478.3
255.9
340.2
545.7
725.9
812.9

27.1
17.6
20.7
3.0
–2.1
12.5
–17.1
–8.0

22.7
14.1
4.3
2.4
3.6
3.7
–8.8
3.4

26.2
–1.3
16.4
0.2
–1.6
3.7
5.2
3.4

265.1
1,092.1

262.4
1,070.7

261.3
1,071.5

264.7
1,087.7

267.5
1,097.1

267.1
1,112.0

261.5
961.3

259.9
954.1

260.6
952.0

262.9
959.9

263.5
962.7

259.1
970.7

5.5
9.2

0.6
2.8

–4.4
8.0

827.0
1,827.5
1,755.8
1,415.3
383.5
1,031.8

808.3
1,637.7
1,681.9
1,330.9
398.2
932.7

810.2
1,739.7
1,689.8
1,349.6
380.1
969.5

823.0
1,841.8
1,761.4
1,404.2
381.5
1,022.7

829.6
1,907.2
1,768.6
1,438.8
380.9
1,057.9

845.0
1,821.3
1,803.5
1,468.8
391.7
1,077.1

700.2
1,774.5
1,694.7
1,364.9
319.0
1,056.1

694.7
1,585.7
1,617.1
1,278.3
335.3
944.7

692.0
1,690.2
1,630.5
1,302.6
319.3
989.7

697.6
1,791.5
1,702.5
1,355.3
318.9
1,046.0

699.7
1,855.1
1,708.8
1,388.0
316.0
1,084.2

711.3
1,761.3
1,737.3
1,413.9
321.9
1,104.5

4.2
258.8
64.0
74.1
–50.6
139.8

2.1
63.6
6.3
32.7
–2.9
38.2

11.6
–93.8
28.5
25.9
5.9
20.3

590.9
97.4
283.2
210.4
160.7
113.0
167.2
340.5
71.7
6.5
65.2
–516.4
1,837.5
1,277.4
560.1
2,353.9
1,949.4
404.6

559.0
90.1
269.4
199.5
146.4
78.8
148.6
351.0
–44.2
7.1
–51.3
–426.4
1,689.9
1,157.6
532.3
2,116.3
1,731.8
384.5

568.0
90.5
274.7
202.8
146.8
97.0
157.7
340.2
50.0
9.3
40.7
–479.9
1,757.8
1,213.0
544.8
2,237.6
1,843.5
394.1

586.2
98.4
279.6
208.3
161.6
110.9
163.9
357.2
80.4
9.6
70.8
–539.3
1,817.9
1,262.8
555.1
2,357.1
1,957.2
400.0

595.5
97.8
285.3
212.4
164.7
125.4
172.3
329.8
138.6
6.3
132.2
–550.5
1,848.9
1,282.0
566.9
2,399.4
1,988.2
411.2

614.0
676.2
632.9
645.7
669.1
683.3
706.8
80.4
14.2
23.5
102.8 .............. .............. ............. .............. .............. .............. .............. ............. ..............
293.2
284.8
269.5
275.4
280.9
287.5
295.3
25.5
6.6
7.8
218.0
243.0
227.4
232.3
239.5
245.9
254.1
27.5
6.4
8.2
169.8
139.7
128.3
128.4
140.7
143.0
146.7
7.5
2.3
3.7
118.6
112.1
74.5
95.8
110.2
124.8
117.5
42.7
14.6
–7.3
174.7
150.4
132.7
142.4
147.8
154.5
156.8
12.6
6.7
2.3
334.7
332.5
341.7
330.7
350.1
323.3
325.9
–10.2
–26.8
2.6
17.8
62.7
–36.7
44.1
68.8
121.4
16.2
175.8
52.6 –105.2
0.9
5.4
6.4
7.6
7.8
5.1
1.2
2.0
–2.7
–3.9
16.9
57.3
–43.0
36.5
61.0
116.6
15.1
174.2
55.6 –101.5
–495.9 –422.5 –330.1 –338.4 –449.0 –505.0 –397.7
–59.5
–56.0
107.3
1,925.6 1,665.5 1,573.5 1,616.4 1,652.1 1,679.3 1,714.3
174.8
27.2
35.0
1,352.0 1,167.5 1,091.7 1,128.0 1,159.2 1,175.8 1,207.1
149.3
16.6
31.3
573.6
498.7
482.0
488.9
493.6
504.2
508.0
26.7
10.6
3.8
2,421.5 2,088.0 1,903.6 1,954.8 2,101.1 2,184.3 2,112.0
234.2
83.2
–72.3
2,008.5 1,736.8 1,566.1 1,611.0 1,753.9 1,825.5 1,756.7
223.3
71.6
–68.8
413.0
352.4
338.3
344.6
348.3
360.1
356.4
11.9
11.8
–3.7

3,000.2 2,934.5 2,955.7 2,990.8 3,022.2 3,032.3
1,214.3 1,159.9 1,178.1 1,206.7 1,233.9 1,238.3
817.7
785.4
796.3
813.0
830.8
830.6
698.2
673.5
684.0
695.2
711.2
702.6
119.5
111.9
112.4
117.9
119.6
128.0
396.6
374.5
381.8
393.7
403.1
407.7
345.2
328.3
333.3
343.3
350.4
353.6
51.4
46.2
48.4
50.3
52.7
54.1
1,786.0 1,774.7 1,777.6 1,784.1 1,788.2 1,794.0
1,447.2 1,432.2 1,447.4 1,446.7 1,441.3 1,453.5
338.7
342.4
330.2
337.4
346.9
340.5
.............. ............... ............... ............... .............. ..............
14,588.7
15,176.8
15,105.1
14,660.4
706.2
517.9
14,848.7
12,791.6

14,321.5
14,703.7
14,748.0
14,277.3
664.7
499.1
14,442.8
12,425.1

14,396.4
14,926.3
14,876.3
14,446.4
693.7
502.6
14,637.6
12,594.0

14,498.3
15,118.0
15,037.6
14,578.7
696.1
500.8
14,774.0
12,718.3

14,606.5
15,295.6
15,157.0
14,745.1
704.0
515.5
14,933.6
12,873.2

14,853.5
15,367.2
15,349.4
14,871.4
730.8
552.8
15,049.3
12,980.6

2,568.3
1,076.9
720.2
608.7
112.6
356.7
306.6
50.4
1,497.4
1,220.0
277.6
–42.2

2,550.3
1,043.6
703.8
598.5
106.0
339.8
294.5
45.3
1,511.2
1,228.4
282.9
–13.7

2,540.2
1,048.4
704.4
598.9
106.2
344.0
296.6
47.5
1,496.8
1,225.1
272.1
–22.1

2,564.9
1,071.5
717.1
606.8
111.2
354.5
305.3
49.4
1,499.1
1,222.3
277.0
–37.8

2,589.6
1,094.3
731.8
619.8
112.9
362.6
311.3
51.7
1,501.7
1,217.9
283.9
–42.6

13,176.7
13,663.6
13,592.1
13,248.2
637.5
467.1
13,419.0
11,480.0

13,051.1
13,338.2
13,369.9
13,019.0
604.0
453.1
13,170.1
11,271.2

13,085.5
13,467.6
13,414.3
13,138.8
627.8
454.0
13,313.0
11,384.8

13,114.7
13,637.7
13,557.7
13,194.9
629.8
452.3
13,372.7
11,432.7

13,145.3
13,777.6
13,644.6
13,278.5
635.7
465.3
13,449.3
11,506.1

2,578.8
25.7
24.7
–10.8
1,093.4
49.3
22.8
–0.9
727.7
27.2
14.7
–4.1
609.1
17.0
13.0
–10.7
120.2
10.7
1.7
7.3
365.9
22.1
8.1
3.3
313.3
16.0
6.0
2.0
53.0
6.4
2.3
1.3
1,491.9
–21.4
2.6
–9.8
1,214.7
–12.1
–4.4
–3.2
277.4
–9.2
6.9
–6.5
–66.7 .............. ............. ..............
13,361.2
13,771.5
13,752.0
13,380.7
656.8
496.8
13,540.9
11,596.5

183.9
430.0
247.1
367.6
62.0
25.5
404.3
342.7

30.6
139.9
86.9
83.6
5.9
13.0
76.6
73.4

215.9
–6.1
107.4
102.2
21.1
31.5
91.6
90.4

r Revised
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s
relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the tables.

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008

2009

2010

r

2007
I

II

2008
III

IV

I

II

2009
III

IV

I

II

2010
III

IV

I

II

III

IV r

Gross domestic product (GDP) .......
2.2
0.9
1.0
4.4
3.2
2.0
0.9
1.9
3.2
4.5
–1.2
1.1
0.3
0.7
–0.2
1.0
1.9
2.1
0.4
Personal consumption expenditures .........
3.3
0.2
1.7
4.0
3.5
2.3
4.2
3.9
4.6
4.4
–5.8
–1.6
1.9
2.9
2.7
2.1
0.0
0.8
1.7
Goods.........................................................
3.2
–2.5
1.7
3.2
4.7
0.8
5.4
5.1
4.9
7.2 –17.7
–6.0
3.7
5.7
2.8
2.6
–3.6
0.9
3.4
Durable goods ........................................
–1.4
–1.6
–1.4
–1.8
–1.4
–2.1
–1.4
–0.7
–2.0
–0.7
–3.4
–2.1
0.1
–2.5
0.7
–2.0
–1.6
–2.2
–2.2
Nondurable goods ..................................
5.6
–2.9
3.2
6.1
8.1
2.3
9.1
8.1
8.3
11.0 –23.5
–7.9
5.4
9.7
3.8
4.7
–4.6
2.4
6.1
Services......................................................
3.4
1.5
1.7
4.4
2.9
3.1
3.7
3.3
4.5
3.0
0.7
0.5
1.1
1.7
2.7
1.8
1.8
0.7
0.9
Gross private domestic investment............
0.7
–2.0
–1.7
2.1
0.1
–0.2
0.4
–0.2
1.0
1.9
4.8
–4.1
–6.7
–6.0
–0.7
–2.0
–0.7
0.5
2.6
Fixed investment.........................................
0.8
–1.7
–1.6
2.1
0.2
–0.2
0.2
0.0
1.3
2.8
2.2
–3.0
–5.7
–4.8
–1.0
–1.4
–0.7
0.1
1.2
Nonresidential.........................................
1.4
–1.2
–1.9
2.0
0.7
–0.3
0.2
0.6
2.1
4.5
4.3
–3.1
–5.7
–5.1
–2.4
–1.9
0.0
0.2
0.9
Structures............................................
4.7
–2.6
–1.4
5.0
1.8
3.3
4.8
3.5
4.9
8.1
8.1
–5.6 –12.2 –10.5
–2.1
0.9
2.0
2.9
4.0
Equipment and software .....................
–0.2
–0.5
–1.9
0.7
0.3
–2.0
–2.1
–0.9
0.8
2.6
2.2
–1.6
–2.0
–2.4
–2.5
–3.1
–0.8
–0.8
–0.2
Residential ..............................................
–1.2
–3.4
–0.3
2.2
–1.2
0.1
0.7
–1.4
–1.1
–2.8
–5.2
–2.9
–6.0
–3.3
4.3
0.6
–3.2
–0.1
2.7
Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ...........
Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ...........
Exports .......................................................
4.7
–5.4
4.2
3.4
4.4
2.6
5.8
7.8
10.6
5.7 –22.3 –11.5
0.7
4.6
4.6
5.1
4.8
0.2
8.4
Goods .....................................................
4.8
–6.8
4.8
2.7
4.5
2.2
6.1
8.6
13.2
5.4 –27.5 –13.8
2.7
4.8
4.6
5.8
5.3
0.4
11.3
Services..................................................
4.2
–2.2
2.9
5.1
4.2
3.7
5.1
5.8
4.8
6.4
–9.0
–6.6
–3.2
4.0
4.7
3.7
3.7
–0.2
1.8
Imports .......................................................
10.4 –10.7
6.5
3.9
4.0
2.8
24.3
19.4
16.6
2.2 –32.1 –27.3
2.3
8.6
21.8
12.4
–7.7
–8.1
18.7
Goods .....................................................
11.3 –12.3
7.1
4.1
3.5
2.1
28.0
22.0
17.3
1.7 –34.6 –30.7
2.0
9.2
24.8
14.6
–9.6
–9.2
21.4
Services..................................................
5.7
–2.8
3.7
2.8
6.8
6.6
5.9
6.2
13.4
4.8 –17.2 –10.2
3.8
6.2
9.2
2.5
1.6
–2.2
6.1
Government consumption expenditures
and gross investment...............................
4.7
–0.3
1.9
8.4
4.6
2.9
4.7
7.3
6.5
3.9
–5.2
–1.7
0.6
0.4
1.5
4.6
0.9
0.3
3.1
Federal .......................................................
3.1
–0.2
1.7
8.7
3.5
0.4
2.3
6.5
4.7
1.6
–4.2
0.7
–0.8
–0.1
1.5
4.5
0.9
0.5
1.8
National defense.....................................
3.6
–0.7
2.0
8.4
4.1
0.9
3.1
6.4
6.3
2.0
–5.9
0.1
–1.8
0.3
1.6
5.3
1.2
0.5
2.2
Nondefense ............................................
2.2
0.8
1.1
9.3
2.3
–0.6
0.8
6.6
1.6
0.6
–0.4
2.2
1.1
–1.0
1.5
2.8
0.2
0.4
1.0
State and local............................................
5.6
–0.4
2.0
8.3
5.3
4.4
6.2
7.7
7.5
5.3
–5.8
–3.2
1.5
0.8
1.5
4.6
0.9
0.2
4.0
Addenda:
Final sales of domestic product..................
2.2
1.0
1.0
4.4
3.2
2.0
0.8
2.0
3.2
4.6
–1.5
1.3
0.4
0.8
–0.3
1.0
1.9
2.1
0.2
Gross domestic purchases.........................
3.2
–0.2
1.3
4.4
3.2
2.0
3.8
4.0
4.5
3.9
–4.4
–2.0
0.6
1.4
2.1
2.1
0.1
0.7
2.1
Final sales to domestic purchasers ............
3.2
–0.2
1.4
4.5
3.2
2.0
3.7
4.0
4.5
4.1
–4.6
–1.9
0.7
1.5
2.0
2.2
0.1
0.6
1.9
Gross national product (GNP) ....................
2.2
0.9
1.0
4.4
3.1
2.0
0.9
2.0
3.2
4.5
–1.3
1.1
0.3
0.8
–0.2
1.0
1.9
2.1
0.4
Implicit price deflators:
GDP ........................................................
2.2
0.9
1.0
4.4
3.2
2.0
0.9
1.8
3.4
4.5
–1.2
1.0
0.3
0.7
–0.3
1.1
2.0
2.0
0.3
Gross domestic purchases .....................
3.2
–0.2
1.3
4.4
3.1
2.1
3.8
3.8
4.7
4.0
–4.3
–2.2
0.5
1.3
2.0
2.2
0.1
0.6
2.1
GNP ........................................................
2.2
0.9
1.0
4.4
3.1
2.0
0.9
1.8
3.4
4.5
–1.2
1.0
0.3
0.7
–0.3
1.0
1.9
2.0
0.4
r Revised
See “Explanatory Note” at the end of the tables.

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2008

2009

2010

r

2009
IV

2010
I

II

III

IV r

Gross domestic product......................................................
104.672
101.917
104.825
103.012
103.960
104.403
105.065
105.873
Personal consumption expenditures ................................................
105.057
103.797
105.609
104.126
104.608
105.178
105.801
106.848
Goods................................................................................................
103.462
101.416
105.741
102.533
103.952
104.837
105.898
108.278
Durable goods ...............................................................................
102.798
99.011
106.586
100.870
103.025
104.735
106.673
111.910
Nondurable goods .........................................................................
103.698
102.487
105.293
103.247
104.321
104.823
105.476
106.551
Services.............................................................................................
105.870
105.006
105.564
104.936
104.952
105.366
105.775
106.163
Gross private domestic investment...................................................
90.105
69.778
81.691
73.000
77.811
82.474
85.400
81.081
Fixed investment................................................................................
94.096
76.835
79.855
76.198
76.826
80.219
80.517
81.858
Nonresidential................................................................................
115.532
95.804
101.307
94.879
96.677
100.592
103.019
104.939
Structures...................................................................................
131.976
105.064
90.690
95.310
90.761
90.649
89.848
91.500
Equipment and software ............................................................
108.681
92.035
106.078
94.895
99.408
105.067
108.898
110.939
Residential .....................................................................................
57.324
44.220
42.905
44.092
42.670
45.177
41.719
42.054
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... .........................
Exports of goods and services..........................................................
126.255
114.228
127.623
120.569
123.858
126.592
128.679
131.362
Imports of goods and services ..........................................................
106.113
91.418
102.972
93.874
96.401
103.613
107.718
104.155
Government consumption expenditures and gross investment ....
105.605
107.287
108.374
107.613
107.185
108.228
109.270
108.815
Federal ..............................................................................................
110.900
117.266
122.893
119.091
119.634
122.276
124.882
124.779
State and local...................................................................................
102.611
101.688
100.253
101.179
100.213
100.367
100.541
99.890
Addenda:
Final sales of domestic product.........................................................
105.399
103.212
104.673
103.676
103.948
104.181
104.424
106.139
Gross domestic purchases................................................................
102.756
99.045
102.264
99.829
100.797
102.070
103.117
103.071
Final sales to domestic purchasers ...................................................
103.433
100.254
102.111
100.441
100.775
101.852
102.505
103.312
Gross national product ......................................................................
105.129
102.192
105.366
103.413
104.534
105.003
105.604
106.324
r Revised
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
2008

2009

2010

r

2009
IV

2010
I

II

III

IV r

Gross domestic product......................................................
108.598
109.618
110.668
109.693
109.959
110.485
111.060
111.166
Personal consumption expenditures (PCE)......................................
109.061
109.258
111.117
110.333
110.901
110.888
111.102
111.578
Goods................................................................................................
106.262
103.634
105.397
105.120
105.784
104.812
105.058
105.932
Durable goods ...............................................................................
95.340
93.782
92.456
93.603
93.121
92.755
92.235
91.714
Nondurable goods .........................................................................
112.484
109.262
112.724
111.651
112.949
111.638
112.315
113.996
Services.............................................................................................
110.566
112.233
114.156
113.102
113.620
114.116
114.314
114.574
Gross private domestic investment...................................................
106.977
104.873
103.045
103.466
102.952
102.765
102.895
103.568
Fixed investment................................................................................
107.053
105.260
103.627
104.030
103.661
103.487
103.523
103.835
Nonresidential................................................................................
106.984
105.700
103.719
104.144
103.639
103.636
103.689
103.913
Structures...................................................................................
125.460
122.187
120.467
119.017
119.291
119.887
120.755
121.933
Equipment and software ............................................................
100.083
99.620
97.702
98.721
97.954
97.764
97.574
97.518
Residential .....................................................................................
106.361
102.736
102.394
102.712
102.869
102.030
101.994
102.684
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... ..........................
Exports of goods and services..........................................................
111.874
105.877
110.327
107.424
108.771
110.060
110.122
112.353
Imports of goods and services ..........................................................
118.685
105.987
112.835
111.222
114.514
112.234
109.892
114.699
Government consumption expenditures and gross investment ....
115.009
114.644
116.814
115.067
116.358
116.606
116.706
117.586
Federal ..............................................................................................
111.119
110.895
112.749
111.141
112.375
112.615
112.756
113.250
State and local...................................................................................
117.349
116.892
119.275
117.434
118.760
119.014
119.083
120.242
Addenda:
PCE excluding food and energy 1 ......................................................
107.151
108.774
110.203
109.551
109.887
110.171
110.318
110.436
Market-based PCE 2..........................................................................
109.016
109.372
111.082
110.356
110.824
110.763
111.127
111.614
2
Market-based PCE excluding food and energy ...............................
106.778
108.826
110.008
109.445
109.626
109.903
110.214
110.288
Final sales of domestic product.........................................................
108.608
109.647
110.715
109.736
110.020
110.552
111.117
111.171
Gross domestic purchases................................................................
109.813
109.614
111.084
110.265
110.838
110.852
111.034
111.612
Final sales to domestic purchasers ...................................................
109.823
109.649
111.130
110.309
110.900
110.917
111.086
111.617
Gross national product ......................................................................
108.605
109.612
110.663
109.691
109.957
110.478
111.052
111.165
Implicit price deflators:
Gross domestic product.................................................................
108.619
109.615
110.659
109.665
109.952
110.488
111.045
111.141
Final sales of domestic product .....................................................
108.608
109.647
110.716
109.734
110.018
110.550
111.116
111.169
Gross domestic purchases ............................................................
109.834
109.611
111.075
110.238
110.831
110.854
111.018
111.587
Final sales to domestic purchasers ...............................................
109.823
109.649
111.131
110.308
110.899
110.915
111.085
111.616
Gross national product...................................................................
108.626
109.609
110.654
109.664
109.950
110.479
111.036
111.140
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010 r

Gross domestic product (GDP) ..............................................
2.5
3.7
4.5
4.4
4.8
4.1
1.1
1.8
2.5
3.6
3.1
2.7
1.9
0.0
–2.6
2.9
Personal consumption expenditures ................................................
2.7
3.5
3.7
5.2
5.5
5.1
2.7
2.7
2.8
3.5
3.4
2.9
2.4
–0.3
–1.2
1.7
Goods................................................................................................
3.0
4.5
4.8
6.8
8.0
5.3
3.1
4.1
4.6
4.4
4.0
3.3
2.8
–2.5
–2.0
4.3
Durable goods ...............................................................................
3.9
7.5
8.2
12.2
13.0
8.8
5.4
7.6
6.0
6.6
5.2
4.1
4.2
–5.2
–3.7
7.7
Nondurable goods .........................................................................
2.5
2.9
2.9
3.8
5.1
3.2
1.8
2.0
3.7
3.2
3.4
2.8
2.0
–1.1
–1.2
2.7
Services.............................................................................................
2.5
2.9
3.1
4.4
4.1
5.0
2.5
1.9
1.9
2.9
3.0
2.7
2.2
0.9
–0.8
0.5
Gross private domestic investment...................................................
3.1
8.8
12.4
10.0
8.8
6.8
–7.0
–1.4
3.6
10.0
5.5
2.7
–3.1
–9.5 –22.6
17.1
Fixed investment................................................................................
6.4
9.0
9.2
10.9
9.3
7.4
–1.9
–4.2
3.2
7.3
6.5
2.3
–1.8
–6.4 –18.3
3.9
Nonresidential................................................................................
10.5
9.3
12.1
12.0
10.4
9.8
–2.8
–7.9
0.9
6.0
6.7
7.9
6.7
0.3 –17.1
5.7
Structures...................................................................................
6.4
5.7
7.3
5.1
0.1
7.8
–1.5 –17.7
–3.8
1.1
1.4
9.2
14.1
5.9 –20.4 –13.7
Equipment and software ............................................................
12.0
10.6
13.8
14.5
14.1
10.5
–3.2
–4.2
2.5
7.7
8.5
7.4
3.7
–2.4 –15.3
15.3
Residential .....................................................................................
–3.3
8.0
1.9
7.7
6.3
1.0
0.6
5.2
8.2
9.8
6.2
–7.3 –18.7 –24.0 –22.9
–3.0
Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Exports ..............................................................................................
10.1
8.3
11.9
2.3
4.4
8.6
–5.6
–2.0
1.6
9.5
6.7
9.0
9.3
6.0
–9.5
11.7
Goods ............................................................................................
11.7
8.8
14.4
2.2
3.8
11.1
–6.2
–3.6
1.8
8.5
7.5
9.4
9.8
6.3 –12.0
14.7
Services.........................................................................................
6.3
7.0
5.9
2.4
5.7
2.7
–4.1
1.9
1.2
11.9
5.0
7.9
8.3
5.3
–3.9
5.7
Imports ..............................................................................................
8.0
8.7
13.5
11.7
11.5
13.0
–2.8
3.4
4.4
11.0
6.1
6.1
2.7
–2.6 –13.8
12.6
Goods ............................................................................................
9.0
9.4
14.4
11.8
12.5
13.4
–3.2
3.7
4.9
11.0
6.8
5.9
2.9
–3.5 –15.8
14.8
Services.........................................................................................
3.0
5.2
8.7
10.9
6.8
11.0
–0.8
1.8
1.9
11.2
2.8
7.1
1.4
2.4
–4.2
3.5
Government consumption expenditures and gross investment ....
0.6
1.0
1.9
2.1
3.6
2.0
3.8
4.7
2.2
1.4
0.3
1.4
1.3
2.8
1.6
1.0
Federal ..............................................................................................
–2.7
–1.2
–1.0
–1.1
1.9
0.5
4.1
7.3
6.6
4.1
1.3
2.1
1.2
7.3
5.7
4.8
National defense............................................................................
–3.7
–1.3
–2.8
–2.1
1.9
–0.5
3.8
7.4
8.7
5.7
1.5
1.6
2.2
7.5
5.4
3.9
Nondefense ...................................................................................
–0.4
–0.8
2.7
0.8
2.1
2.4
4.6
7.2
2.8
1.0
0.9
3.2
–0.8
6.7
6.5
6.6
State and local...................................................................................
2.7
2.3
3.6
3.9
4.5
2.8
3.7
3.3
–0.1
–0.2
–0.2
0.9
1.4
0.3
–0.9
–1.4
Addenda:
Final sales of domestic product.........................................................
3.0
3.7
3.9
4.4
4.9
4.2
2.0
1.3
2.4
3.2
3.2
2.6
2.2
0.5
–2.1
1.4
Gross domestic purchases................................................................
2.4
3.8
4.7
5.5
5.7
4.8
1.2
2.4
2.8
4.0
3.2
2.6
1.3
–1.1
–3.6
3.3
Final sales to domestic purchasers ...................................................
2.8
3.8
4.2
5.6
5.8
4.9
2.1
1.9
2.8
3.6
3.3
2.5
1.5
–0.6
–3.1
1.9
Gross national product ......................................................................
2.6
3.7
4.3
4.3
4.9
4.2
1.2
1.8
2.6
3.7
3.1
2.4
2.3
0.3
–2.8
3.1
Real disposable personal income......................................................
3.0
3.3
3.5
6.0
3.0
5.1
2.4
3.3
2.5
3.4
1.3
4.0
2.3
1.7
0.6
1.4
Price indexes:
Gross domestic purchases ............................................................
2.1
1.8
1.5
0.7
1.6
2.5
1.9
1.4
2.3
3.0
3.7
3.4
2.9
3.2
–0.2
1.3
Gross domestic purchases excluding food and energy 1 ...............
2.2
1.6
1.5
1.0
1.5
2.0
1.8
1.7
2.0
2.7
3.3
3.2
2.7
2.6
0.7
1.1
GDP ...............................................................................................
2.1
1.9
1.8
1.1
1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.2
0.9
1.0
GDP excluding food and energy 1..................................................
2.1
1.8
1.8
1.2
1.6
2.2
2.0
1.8
2.1
2.8
3.5
3.3
2.8
2.3
0.8
1.2
Personal consumption expenditures..............................................
2.2
2.2
1.9
1.0
1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
0.2
1.7
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2007
I

II

2008
III

IV

I

II

2009
III

IV

I

II

2010
III

IV

I

II

III

IV r

Gross domestic product (GDP) ..............................................
1.3
1.8
2.3
2.3
1.9
1.2
–0.3
–2.8
–3.8
–4.1
–2.7
0.2
2.4
3.0
3.2
2.8
Personal consumption expenditures (PCE)......................................
2.8
2.6
2.4
1.7
1.0
0.6
–0.7
–1.9
–1.8
–2.2
–0.9
0.2
0.8
1.7
1.8
2.6
Goods................................................................................................
3.0
3.2
3.0
1.8
–0.3
–0.5
–3.1
–6.1
–4.2
–4.7
–1.0
2.3
3.2
4.5
3.7
5.6
Durable goods ...............................................................................
3.4
4.8
4.6
3.9
–0.2
–2.0
–6.0 –12.3
–8.7
–8.7
–1.3
4.8
5.8
8.4
5.5
10.9
Nondurable goods .........................................................................
2.8
2.4
2.1
0.8
–0.3
0.3
–1.6
–2.9
–2.1
–2.7
–0.9
1.1
2.1
2.7
2.9
3.2
Services.............................................................................................
2.6
2.3
2.1
1.7
1.6
1.2
0.5
0.3
–0.6
–1.0
–0.8
–0.8
–0.4
0.4
0.9
1.2
Gross private domestic investment...................................................
–5.2
–2.9
–2.3
–1.8
–3.3
–7.3
–9.7 –17.5 –26.3 –28.5 –24.0
–9.6
10.5
23.3
24.1
11.1
Fixed investment................................................................................
–3.3
–1.9
–1.0
–0.8
–2.2
–4.2
–6.9 –12.3 –20.1 –21.3 –18.6 –12.9
–2.0
5.1
5.3
7.4
Nonresidential................................................................................
5.2
6.1
7.4
8.2
7.0
3.8
–0.8
–8.3 –18.1 –19.3 –17.8 –12.7
–0.8
5.2
8.2
10.6
Structures...................................................................................
11.0
12.2
15.6
17.3
14.3
9.4
2.7
–1.5 –13.6 –19.8 –21.7 –26.5 –20.1 –15.6 –13.5
–4.0
Equipment and software ............................................................
3.0
3.6
3.8
4.3
3.8
1.1
–2.6 –11.8 –20.3 –19.1 –15.8
–4.9
9.5
15.7
18.7
16.9
Residential ..................................................................................... –18.6 –17.4 –18.2 –20.7 –23.6 –24.0 –23.7 –24.6 –26.9 –28.1 –21.4 –13.4
–6.3
4.8
–5.6
–4.6
Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Exports ..............................................................................................
7.7
7.7
11.6
10.1
9.9
11.5
6.1
–2.9 –11.7 –14.7 –11.0
–0.1
11.4
14.1
12.7
9.0
Goods ............................................................................................
8.3
8.3
11.6
10.8
10.0
11.7
7.2
–3.1 –14.7 –18.3 –13.8
–0.2
14.4
18.7
15.4
10.6
Services.........................................................................................
6.5
6.4
11.6
8.6
9.8
11.1
3.7
–2.5
–5.0
–6.2
–4.6
0.3
5.1
4.9
7.2
5.4
Imports ..............................................................................................
3.4
3.4
3.4
0.7
–0.8
–1.2
–2.4
–6.0 –15.3 –18.3 –14.1
–7.2
6.2
17.4
16.1
11.0
Goods ............................................................................................
3.7
3.6
3.5
0.9
–1.6
–1.6
–3.1
–8.0 –18.0 –21.1 –16.0
–7.3
7.9
20.8
18.3
12.2
Services.........................................................................................
1.5
2.0
2.7
–0.7
3.3
0.8
0.9
4.8
–2.1
–3.4
–4.3
–7.0
–0.8
3.2
6.3
5.3
Government consumption expenditures and gross investment ....
0.4
1.2
1.9
1.9
2.6
2.6
3.0
3.1
1.7
2.4
1.5
0.8
1.1
0.6
1.2
1.1
Federal ..............................................................................................
–1.9
0.7
3.1
3.1
6.1
6.3
7.4
9.2
6.0
7.7
5.7
3.6
5.5
4.1
4.9
4.8
National defense............................................................................
0.0
1.7
4.7
2.6
6.3
5.9
8.2
9.5
5.4
7.7
5.2
3.3
5.6
3.4
3.3
3.4
Nondefense ...................................................................................
–5.5
–1.4
–0.1
4.2
5.8
7.0
5.7
8.5
7.4
7.7
6.7
4.5
5.1
5.5
8.2
7.7
State and local...................................................................................
1.8
1.4
1.2
1.2
0.6
0.5
0.5
–0.4
–0.8
–0.7
–1.1
–1.0
–1.5
–1.6
–1.2
–1.3
Addenda:
Final sales of domestic product.........................................................
1.7
2.0
2.6
2.5
2.1
1.8
0.1
–1.9
–2.9
–3.1
–2.0
–0.3
0.9
1.1
1.2
2.4
Gross domestic purchases................................................................
1.0
1.4
1.6
1.2
0.6
–0.3
–1.4
–3.3
–4.7
–5.1
–3.6
–0.9
1.9
3.8
4.1
3.2
Final sales to domestic purchasers ...................................................
1.4
1.6
1.8
1.4
0.8
0.2
–1.0
–2.5
–3.8
–4.1
–2.9
–1.4
0.5
1.9
2.1
2.9
Gross national product ......................................................................
1.2
1.8
2.9
3.2
2.7
1.9
0.0
–3.2
–4.2
–4.4
–2.9
0.5
2.8
3.4
3.3
2.8
Real disposable personal income......................................................
3.1
2.4
2.3
1.5
1.4
3.5
0.9
1.0
0.8
0.0
1.1
0.4
0.7
0.6
2.0
2.4
Price indexes:
Gross domestic purchases ............................................................
3.0
2.9
2.6
3.3
3.2
3.6
4.0
1.9
0.4
–0.5
–1.1
0.5
1.5
1.4
1.2
1.2
Gross domestic purchases excluding food and energy 1 ...............
3.1
2.7
2.5
2.6
2.4
2.7
2.9
2.1
1.3
0.7
0.2
0.6
1.1
1.1
1.1
1.0
GDP ...............................................................................................
3.2
3.1
2.8
2.6
2.0
2.0
2.6
2.1
1.9
1.2
0.2
0.5
0.5
0.8
1.2
1.3
1
GDP excluding food and energy ..................................................
3.2
2.8
2.6
2.6
2.3
2.4
2.7
1.9
1.2
0.8
0.3
0.8
1.1
1.2
1.2
1.1
PCE ...............................................................................................
2.5
2.6
2.4
3.5
3.5
3.8
4.3
1.7
0.3
–0.3
–0.7
1.5
2.4
1.9
1.4
1.1
PCE excluding food and energy 1 ..................................................
2.5
2.2
2.2
2.4
2.3
2.5
2.5
2.0
1.6
1.5
1.3
1.7
1.8
1.5
1.2
0.8
Market-based PCE 2 ......................................................................
2.3
2.4
2.1
3.5
3.6
3.8
4.6
1.8
0.5
–0.1
–0.6
1.5
2.2
1.7
1.3
1.1
2
Market-based PCE excluding food and energy ...........................
2.3
2.0
1.9
2.2
2.2
2.3
2.6
2.2
2.1
2.1
1.8
1.7
1.4
1.1
1.1
0.8
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2008

2009

2010

r

2009
IV

Gross domestic product................................................................................................
Plus: Income receipts from the rest of the world ..............................................................
Less: Income payments to the rest of the world...............................................................
Equals: Gross national product....................................................................................
Less: Consumption of fixed capital...................................................................................
Less: Statistical discrepancy ............................................................................................
Equals: National income................................................................................................
Compensation of employees ........................................................................................
Wage and salary accruals ........................................................................................
Supplements to wages and salaries .........................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments ....
Rental income of persons with capital consumption adjustment..................................
Corporate profits with inventory valuation and capital consumption adjustments ........
Net interest and miscellaneous payments....................................................................
Taxes on production and imports less subsidies ..........................................................
Business current transfer payments (net).....................................................................
Current surplus of government enterprises..................................................................
Addendum:
Gross domestic income ................................................................................................

2010
I

II

III

IV r

14,369.1
839.2
664.7
14,543.6
1,849.2
136.6
12,557.8
8,060.8
6,554.0
1,506.8
1,102.0
222.0
1,262.8
812.8
992.3
121.7
–16.7

14,119.0
629.8
483.6
14,265.3
1,861.1
179.1
12,225.0
7,811.7
6,279.1
1,532.6
1,011.9
274.0
1,258.0
784.3
964.4
134.0
–13.2

14,660.4
706.2
517.9
14,848.7
1,868.9
151.6
12,828.2
7,991.1
6,405.0
1,586.1
1,055.0
300.9
1,624.8
738.1
999.5
132.1
–13.3

14,277.3
664.7
499.1
14,442.8
1,852.2
175.2
12,415.5
7,831.4
6,284.9
1,546.5
1,022.1
282.8
1,418.2
765.6
976.8
129.8
–11.3

14,446.4
693.7
502.6
14,637.6
1,852.4
164.2
12,621.0
7,858.1
6,291.4
1,566.7
1,030.7
292.7
1,566.6
765.9
988.5
130.5
–12.1

14,578.7
696.1
500.8
14,774.0
1,860.4
131.1
12,782.6
7,969.9
6,388.8
1,581.1
1,049.7
298.8
1,614.1
736.2
996.1
130.8
–13.1

14,745.1
704.0
515.5
14,933.6
1,871.9
181.0
12,880.7
8,036.2
6,443.7
1,592.4
1,059.5
303.8
1,640.1
719.6
1,002.2
133.4
–14.2

14,871.4
730.8
552.8
15,049.3
1,890.7
130.0
13,028.7
8,100.3
6,496.2
1,604.1
1,080.2
308.4
1,678.3
730.6
1,011.1
133.5
–13.7

14,232.5

13,939.9

14,508.8

14,102.1

14,282.2

14,447.6

14,564.1

14,741.4

r Revised

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2008

2009

2010 r

2009
IV

Personal income 1 .........................................................................................................
Compensation of employees, received........................................................................
Wage and salary disbursements..............................................................................
Supplements to wages and salaries ........................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments ...
Farm ........................................................................................................................
Nonfarm ...................................................................................................................
Rental income of persons with capital consumption adjustment.................................
Personal income receipts on assets ............................................................................
Personal interest income .........................................................................................
Personal dividend income........................................................................................
Personal current transfer receipts................................................................................
Less: Contributions for government social insurance, domestic..................................
Less: Personal current taxes ...........................................................................................
Equals: Disposable personal income..........................................................................
Less: Personal outlays ....................................................................................................
Equals: Personal saving ...............................................................................................
Personal saving as a percentage of disposable personal income ...............................
Addenda:
Personal income excluding current transfer receipts, billions of chained (2005)
dollars 2....................................................................................................................
Disposable personal income, billions of chained (2005) dollars 2 ...............................

2010
I

II

III

IV r

12,391.1
8,065.8
6,559.0
1,506.8
1,102.0
50.8
1,051.2
222.0
2,109.3
1,314.7
794.6
1,879.2
987.2
1,438.2
10,952.9
10,505.0
447.9
4.1

12,174.9
7,806.7
6,274.1
1,532.6
1,011.9
30.5
981.5
274.0
1,919.7
1,222.3
697.4
2,132.8
970.3
1,140.0
11,034.9
10,379.6
655.3
5.9

12,546.7
7,991.1
6,405.0
1,586.1
1,055.0
44.9
1,010.1
300.9
1,907.6
1,194.9
712.7
2,296.4
1,004.4
1,166.8
11,379.9
10,720.7
659.2
5.8

12,239.0
7,831.4
6,284.9
1,546.5
1,022.1
36.2
985.9
282.8
1,889.2
1,205.8
683.4
2,188.2
974.8
1,117.2
11,121.7
10,505.7
616.0
5.5

12,350.3
7,858.1
6,291.4
1,566.7
1,030.7
36.8
994.0
292.7
1,911.1
1,208.7
702.4
2,245.5
987.8
1,134.7
11,215.6
10,603.9
611.8
5.5

12,517.1
7,969.9
6,388.8
1,581.1
1,049.7
38.9
1,010.8
298.8
1,914.4
1,205.3
709.2
2,286.1
1,001.9
1,149.1
11,368.0
10,663.7
704.3
6.2

12,595.5
8,036.2
6,443.7
1,592.4
1,059.5
48.5
1,011.0
303.8
1,889.7
1,174.7
715.0
2,316.4
1,010.2
1,178.2
11,417.3
10,736.3
681.0
6.0

12,724.0
8,100.3
6,496.2
1,604.1
1,080.2
55.5
1,024.7
308.4
1,915.0
1,190.9
724.2
2,337.7
1,017.6
1,205.1
11,518.9
10,878.9
640.0
5.6

9,638.5
10,042.9

9,191.1
10,099.8

9,224.8
10,241.4

9,109.7
10,080.4

9,111.7
10,113.3

9,226.6
10,251.9

9,252.1
10,276.6

9,308.7
10,323.8

r Revised
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts
on assets, and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates
2008

2009

2010

2009
2009

Corporate profits with inventory valuation and
capital consumption adjustments ..........................
Less: Taxes on corporate income...................................
Equals: Profits after tax with inventory valuation
and capital consumption adjustments ...................
Net dividends..............................................................
Undistributed profits with inventory valuation and
capital consumption adjustments............................
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment
Undistributed profits with inventory valuation and
capital consumption adjustments........................
Consumption of fixed capital...................................
Less: Capital transfers paid (net) ............................
Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments) ..........................
Profits after tax (without inventory valuation and
capital consumption adjustments) ..........................
Inventory valuation adjustment...................................
Capital consumption adjustment ................................

Quarter
one year
ago

Quarterly rates
2010

2010

2010

IV

I

II

III

IV

I

2010

II

III

IV

IV

1,262.8
308.4

1,258.0
254.9

1,624.8
416.6

1,418.2
319.1

1,566.6
403.2

1,614.1
405.6

1,640.1
429.4

1,678.3
428.1

–0.4
–17.3

29.2
63.4

10.5
26.4

3.0
0.6

1.6
5.9

2.3
–0.3

18.3
34.2

954.4
797.7

1,003.1
718.9

1,208.2
732.7

1,099.2
708.5

1,163.3
720.3

1,208.5
728.4

1,210.7
736.5

1,250.2
745.4

5.1
–9.9

20.4
1.9

5.8
1.7

3.9
1.1

0.2
1.1

3.3
1.2

13.7
5.2

156.7

284.2

475.5

390.6

443.0

480.1

474.2

504.8

81.3

67.3

13.4

8.4

–1.2

6.5

29.2

1,239.4

1,427.9

1,538.2

1,484.0

1,517.3

1,578.4

1,510.0

1,546.9

15.2

7.7

2.2

4.0

–4.3

2.4

4.2

156.7
1,018.5
–64.1

284.2
1,019.8
–123.9

475.5
1,017.5
–45.2

390.6
1,010.8
–82.6

443.0
1,008.0
–66.3

480.1
1,013.7
–84.6

474.2
1,019.0
–16.8

504.8
81.3
67.3
13.4
8.4
–1.2
6.5
29.2
1,029.1
0.1
–0.2
–0.3
0.6
0.5
1.0
1.8
–13.0 ............. .............. .............. .............. .............. ............. ..............

1,333.2

1,316.7

1,801.1

1,548.4

1,772.9

1,788.2

1,845.7

1,797.4

1,024.8
–44.1
–26.3

1,061.8
11.9
–70.6

1,384.5
–44.9
–131.4

1,229.3
–67.2
–63.0

1,369.7
–36.4
–169.9

1,382.6
–3.5
–170.7

1,416.3
–36.4
–169.3

1,369.3
3.6
30.4
11.4
0.9
2.4
–3.3
11.4
–103.2 ............. .............. .............. .............. .............. ............. ..............
–15.8 ............. .............. .............. .............. .............. ............. ..............

–1.2

36.8

14.5

0.9

3.2

–2.6

16.1

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates
2010
2008

2009

2010

2009
IV

Corporate profits with inventory valuation and
capital consumption adjustments...................
Domestic industries.....................................................
Financial .....................................................................
Nonfinancial................................................................
Rest of the world ..........................................................
Receipts from the rest of the world.............................
Less: Payments to the rest of the world......................
Corporate profits with inventory valuation
adjustment.........................................................
Domestic industries.....................................................
Financial .....................................................................
Federal Reserve banks...........................................
Other financial.........................................................
Nonfinancial................................................................
Utilities ....................................................................
Manufacturing .........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery .......................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components.................................................
Motor vehicles, bodies and trailers, and parts
Other durable goods........................................
Nondurable goods...............................................
Food and beverage and tobacco products ......
Petroleum and coal products...........................
Chemical products ..........................................
Other nondurable goods..................................
Wholesale trade......................................................
Retail trade .............................................................
Transportation and warehousing.............................
Information..............................................................
Other nonfinancial...................................................
Rest of the world ..........................................................

2010
I

II

2009
III

2010

IV

I

II

III

IV

1,262.8
851.5
128.0
723.5
411.3
571.8
160.5

1,258.0
905.7
242.4
663.3
352.3
480.6
128.3

1,624.8
1,241.0
366.8
874.2
383.8
568.5
184.7

1,418.2
1,055.7
332.4
723.2
362.6
529.1
166.5

1,566.6
1,178.1
337.6
840.4
388.5
561.4
172.9

1,614.1
1,222.7
334.2
888.6
391.3
557.5
166.1

1,640.1
1,257.7
368.8
888.9
382.4
566.3
183.9

1,678.3
1,305.3
426.5
878.8
373.0
589.0
216.0

–4.8
54.2
114.4
–60.2
–59.0
–91.2
–32.2

366.8
335.3
124.4
210.9
31.5
87.9
56.4

148.4
122.4
5.2
117.2
25.9
32.3
6.4

47.5
44.6
–3.4
48.2
2.8
–3.9
–6.8

26.0
35.0
34.6
0.3
–8.9
8.8
17.8

38.2
47.6
57.7
–10.1
–9.4
22.7
32.1

1,289.1
877.8
139.9
35.1
104.9
737.9
28.3
183.7
51.4
16.6
15.6
8.9

1,328.6
976.3
258.0
47.3
210.6
718.4
30.0
150.9
53.3
16.4
12.4
13.4

1,756.2
1,372.4
387.9
58.1
329.7
984.5
33.0
259.6
150.1
18.9
25.9
53.1

1,481.2
1,118.6
346.7
49.6
297.1
771.9
26.4
170.9
83.9
12.0
14.3
24.1

1,736.5
1,348.0
362.7
56.9
305.8
985.3
41.5
250.4
140.1
17.4
19.9
44.8

1,784.7
1,393.4
359.4
60.3
299.1
1,034.0
32.8
277.1
147.0
17.0
23.3
51.2

1,809.3
1,427.0
393.7
59.0
334.6
1,033.3
35.2
269.2
160.5
19.6
29.1
54.6

1,694.1
1,321.1
435.8
56.3
379.4
885.4
22.5
241.5
152.9
21.5
31.5
61.6

39.5
98.5
118.1
12.2
105.7
–19.5
1.7
–32.8
1.9
–0.2
–3.2
4.5

427.6
396.1
129.9
10.8
119.1
266.1
3.0
108.7
96.8
2.5
13.5
39.7

255.3
229.4
16.0
7.3
8.7
213.4
15.1
79.5
56.2
5.4
5.6
20.7

48.2
45.4
–3.3
3.4
–6.7
48.7
–8.7
26.7
6.9
–0.4
3.4
6.4

24.6
33.6
34.3
–1.3
35.5
–0.7
2.4
–7.9
13.5
2.6
5.8
3.4

–115.2
–105.9
42.1
–2.7
44.8
–147.9
–12.7
–27.7
–7.6
1.9
2.4
7.0

3.6
–34.6
41.3
132.3
28.4
78.2
22.2
3.4
84.0
75.0
28.1
75.2
263.6
411.3

6.1
–23.5
28.5
97.5
35.4
15.7
36.4
10.1
80.4
99.0
24.7
83.5
250.0
352.3

8.3
5.9
38.0
109.4
33.0
33.8
32.3
10.4
83.5
125.1
46.1
109.3
328.0
383.8

6.3
–4.6
31.8
87.0
31.5
9.7
35.1
10.7
73.0
97.1
29.5
109.0
266.0
362.6

9.2
5.7
43.2
110.3
36.6
33.5
28.7
11.6
91.5
129.1
39.4
112.9
320.4
388.5

9.6
8.4
37.6
130.1
35.1
55.2
30.6
9.2
107.7
126.7
52.4
104.9
332.5
391.3

9.4
9.8
38.1
108.7
34.0
22.7
38.4
13.6
90.2
123.2
54.3
114.6
346.6
382.4

5.3
–0.1
33.1
88.6
26.3
23.7
31.6
7.0
44.7
121.2
38.2
104.7
312.6
373.0

2.5
11.1
–12.8
–34.8
7.0
–62.5
14.2
6.7
–3.6
24.0
–3.4
8.3
–13.6
–59.0

2.2
29.4
9.5
11.9
–2.4
18.1
–4.1
0.3
3.1
26.1
21.4
25.8
78.0
31.5

2.9
10.3
11.4
23.3
5.1
23.8
–6.4
0.9
18.5
32.0
9.9
3.9
54.4
25.9

0.4
2.7
–5.6
19.8
–1.5
21.7
1.9
–2.4
16.2
–2.4
13.0
–8.0
12.1
2.8

–0.2
1.4
0.5
–21.4
–1.1
–32.5
7.8
4.4
–17.5
–3.5
1.9
9.7
14.1
–8.9

–4.1
–9.9
–5.0
–20.1
–7.7
1.0
–6.8
–6.6
–45.5
–2.0
–16.1
–9.9
–34.0
–9.4

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
2008

2009

2010

2009
IV

2010
I

III r

II

IV

Billions of dollars
Gross value added of nonfinancial corporate business ........................................
Consumption of fixed capital ...............................................................................................
Net value added.................................................................................................................
Compensation of employees ...........................................................................................
Wage and salary accruals ...........................................................................................
Supplements to wages and salaries ............................................................................
Taxes on production and imports less subsidies .............................................................
Net operating surplus ......................................................................................................
Net interest and miscellaneous payments ...................................................................
Business current transfer payments (net) ....................................................................
Corporate profits with inventory valuation and capital consumption adjustments .......
Taxes on corporate income ......................................................................................
Profits after tax with inventory valuation and capital consumption adjustments ......
Net dividends .......................................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments ......................................................................................................
Addenda:
Profits before tax (without inventory valuation and capital consumption adjustments)....
Profits after tax (without inventory valuation and capital consumption adjustments).......
Inventory valuation adjustment........................................................................................
Capital consumption adjustment .....................................................................................

6,990.5
878.8
6,111.7
4,435.3
3,684.9
750.5
615.3
1,061.1
271.3
66.2
723.5
226.4
497.1
482.8

6,625.2
879.0
5,746.3
4,193.6
3,441.0
752.5
590.2
962.5
220.1
79.1
663.3
170.3
492.9
511.4

6,937.5
876.2
6,061.3
4,293.5
3,515.5
778.0
611.7
1,156.1
203.0
78.9
874.2
282.1
592.1
521.3

6,667.8
870.7
5,797.1
4,192.4
3,434.6
757.9
598.3
1,006.4
205.3
77.8
723.2
201.8
521.4
497.3

6,804.4
868.2
5,936.2
4,205.1
3,437.6
767.6
604.8
1,126.3
208.3
77.5
840.4
265.2
575.3
515.5

6,923.0
872.9
6,050.0
4,271.7
3,496.1
775.6
609.0
1,169.3
202.3
78.3
888.6
287.4
601.1
499.1

6,986.2
877.5
6,108.6
4,327.3
3,545.5
781.8
613.4
1,167.9
199.2
79.8
888.9
293.6
595.3
538.7

7,036.7
886.2
6,150.5
4,369.8
3,582.6
787.2
619.6
1,161.0
202.2
80.0
878.8
282.3
596.5
531.7

14.4

–18.5

70.8

24.1

59.7

102.0

56.6

64.8

782.0
555.6
–44.1
–14.4

706.4
536.1
11.9
–55.1

1,029.4
747.3
–44.9
–110.3

839.1
637.3
–67.2
–48.7

1,021.8
756.6
–36.4
–144.9

1,037.5
750.1
–3.5
–145.4

1,069.7
776.1
–36.4
–144.4

988.6
706.3
–103.2
–6.5

6,501.5
838.4
5,663.1

6,486.0
844.9
5,641.2

6,558.2
852.3
5,705.9

Billions of chained (2005) dollars
1

Gross value added of nonfinancial corporate business .....................................
Consumption of fixed capital 2.............................................................................................
Net value added 3................................................................................................................

6,520.3
819.9
5,700.4

6,141.7
830.5
5,311.2

6,494.3
842.3
5,652.0

6,266.5
830.3
5,436.2

6,431.3
833.6
5,597.7

Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real gross value added of nonfinancial
corporate business:
Price per unit of real gross value added of nonfinancial corporate business 4 ......
Compensation of employees (unit labor cost) .................................................................
Unit nonlabor cost............................................................................................................
Consumption of fixed capital........................................................................................
Taxes on production and imports less subsidies plus business current transfer
payments (net) .........................................................................................................
Net interest and miscellaneous payments ...................................................................
Corporate profits with inventory valuation and capital consumption adjustments (unit
profits from current production)....................................................................................
Taxes on corporate income..........................................................................................
Profits after tax with inventory valuation and capital consumption adjustments ..........

1.072
0.680
0.282
0.135

1.079
0.683
0.288
0.143

1.068
0.661
0.272
0.135

1.064
0.669
0.280
0.139

1.058
0.654
0.273
0.135

1.065
0.657
0.271
0.134

1.077
0.667
0.273
0.135

1.073
0.666
0.273
0.135

0.105
0.042

0.109
0.036

0.106
0.031

0.108
0.033

0.106
0.032

0.106
0.031

0.107
0.031

0.107
0.031

0.111
0.035
0.076

0.108
0.028
0.080

0.135
0.043
0.091

0.115
0.032
0.083

0.131
0.041
0.089

0.137
0.044
0.092

0.137
0.045
0.092

0.134
0.043
0.091

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided
by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008

2009 2010

r

2007
I

Gross domestic product (GDP) and related aggregates:
GDP....................................................................................
0.0 –2.6
Goods................................................................................. –0.5 –3.8
Services..............................................................................
1.5 –0.2
Structures ........................................................................... –7.9 –16.6
Motor vehicle output ........................................................... –18.6 –24.7
GDP excluding motor vehicle output ..................................
0.5 –2.1
Final sales of computers 1 .................................................. 26.5
5.0
GDP excluding final sales of computers............................. –0.1 –2.7
Farm gross value added 2 .................................................. 13.3
6.1
Nonfarm business gross value added 3 .............................. –1.1 –3.8
Gross domestic income 4 ................................................... –0.8 –2.9
Price indexes:
GDP....................................................................................
2.2
0.9
GDP excluding food and energy 5 ......................................
2.3
0.8
GDP excluding final sales of computers.............................
2.3
1.0
Gross domestic purchases.................................................
3.2 –0.2
5
Gross domestic purchases excluding food and energy ....
2.6
0.7
Gross domestic purchases excluding final sales of
computers to domestic purchasers.................................
3.3 –0.1
Personal consumption expenditures (PCE)........................
3.3
0.2
PCE excluding food and energy 5 .......................................
2.3
1.5
Market-based PCE 6...........................................................
3.4
0.3
Market-based PCE excluding food and energy 6 ................
2.3
1.9

2.9
11.1
0.8
–7.1
26.1
2.4
19.1
2.8
2.6
3.7
3.1

II

2008
III

IV

I

II

2009
III

IV

I

II

2010
III

IV

I

0.9
3.2
2.3
2.9 –0.7
0.6 –4.0 –6.8 –4.9 –0.7
1.6
5.0
3.7
2.0
6.3
3.3
9.6 –1.2 –0.1 –10.8 –18.6 –2.4 –0.4
6.8 23.9 19.5
1.5
2.0
3.0
2.5
1.5
1.1 –0.2
0.0 –1.5
0.8 –0.2
0.8
0.0
–5.5
3.1 –4.7 –10.9 –12.3 –0.2 –9.4 –16.9 –31.9 –13.4 –0.1 –15.9 –15.2
10.2
4.4 –2.0 –14.6 –8.4 –35.1 –20.7 –58.0 –51.1 –2.0 145.5 13.7 42.3
0.6
3.2
2.4
3.5 –0.5
1.7 –3.6 –5.2 –3.8 –0.7
0.0
4.8
3.0
2.1 12.2 56.0 37.2 19.6 36.0
5.5 12.0
7.8 –10.5 –4.0 17.3 19.2
0.9
3.2
2.0
2.7 –0.8
0.4 –4.1 –6.9 –4.9 –0.6
1.6
5.0
3.7
–9.4 –15.6 –19.3 41.9 55.4 –14.5
6.7 13.8 16.3 –7.3 19.3 –13.9 –0.8
0.3
4.2
2.5
2.5 –2.5 –0.3 –6.2 –9.5 –6.4 –0.2
1.4
6.7
5.0
–2.3
0.2 –2.0
2.5
0.8 –2.5 –2.6 –6.9 –4.9 –1.6
0.0
6.7
4.1

IV r

II

III

1.7
–0.8
1.9
10.6
–2.7
1.8
5.3
1.7
24.6
1.6
2.7

2.6
3.1
7.4
9.1
1.8
0.8
–7.9
1.2
25.0 –11.6
2.1
3.5
65.1 72.8
2.3
2.8
5.8 –14.4
3.8
4.4
1.2
4.6

1.0
1.2
1.0
1.3
1.1

4.4
4.1
4.5
4.4
3.8

3.2
2.0
3.3
3.2
2.0

2.0
1.7
2.1
2.0
1.9

0.9
2.7
1.0
3.8
2.8

1.9
2.9
2.0
4.0
3.1

3.2
2.5
3.3
4.5
3.2

4.5
2.7
4.6
3.9
2.6

–1.2
–0.6
–1.1
–4.4
–0.4

1.1
0.3
1.2
–2.0
–0.2

0.3
0.8
0.4
0.6
0.8

0.7
0.6
0.9
1.4
0.4

–0.2
1.5
–0.2
2.1
1.5

1.0
1.7
1.0
2.1
1.6

1.9
1.0
2.0
0.1
0.8

2.1
0.6
2.2
0.7
0.4

0.4
1.2
0.4
2.1
1.1

1.4
1.7
1.3
1.6
1.1

4.6
4.0
2.9
3.7
2.5

3.3
3.5
1.7
3.7
1.6

2.2
2.3
2.2
2.0
1.7

3.9
4.2
2.8
4.5
2.9

4.1
3.9
2.6
4.1
2.5

4.6
4.6
2.6
4.5
2.1

4.1
4.4
2.2
5.2
2.8

–4.3
–5.8
0.6
–6.0
1.5

–1.9
–1.6
0.9
–1.1
1.9

0.7
1.9
2.3
1.9
2.3

1.5
2.9
1.5
3.0
1.3

2.1
2.7
2.1
2.2
1.4

2.2
2.1
1.2
1.7
0.7

0.1
0.0
1.0
–0.2
1.0

0.7
0.8
0.5
1.3
1.1

2.2
1.7
0.4
1.8
0.3

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Gross domestic income deflated by the implicit price deflator for gross domestic product.
5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
See “Explanatory Note” at the end of the tables.

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2005 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are
“chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November
2003 Survey, pp. 8-16.