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March 27, 2015
2014:IV (Third Estimate) Comparisons
Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures
[Percent]
2014:IV
% change
Gross domestic product (GDP)
Personal consumption expenditures (PCE)
Goods
Durable goods
Nondurable goods
Services

2.2

III 2014

5.0

I 2014

-2.1

4.4
4.8
6.2
4.1
4.3

II 2005
III 1999

4.4
4.8

IV 1992
III 1956

4.1
4.3

I 2006
II 2014
III 2014
I 2013
II 2000

4.6
5.9
9.2
4.8
4.9

III 2014
III 2014
I 2014
III 2014
III 2014

3.2
4.7
3.2
2.5
2.5

I 1992
III 1951
II 1979

4.5
4.7
5.9

IV 1981
I 1978

10.3
3.8

III 2014
III 2014
III 2014
II 2014
III 2014
I 2000
II 2014

7.2
7.7
8.9
12.6
11.0
12.1
8.8

I 2014
I 2014
I 2014
III 2014
I 2014
III 2014
III 2014

-6.9
0.2
1.6
4.8
-1.0
8.8
3.2

III 2014
I 1998

4.5
2.4

II 1987
II 1996
III 1967

10.4
10.4
10.0

II 2014
III 2014
IV 2012
II 2014
II 2014
II 2011

11.1
7.5
12.7
11.3
12.5
15.3

I 2014
I 2014
III 2014
III 2014
III 2014
III 2014

-9.2
-11.9
-1.9
-0.9
-1.3
1.0

4.4
9.9
16.0
6.6
3.4

IV 2013
IV 2013
IV 2012
III 2014
III 2014

-3.8
-10.4
-20.1
0.4
1.1

Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services

4.5
2.4
9.2
10.4
10.4
10.0

Chain-type price measures:
Gross domestic purchases
Gross domestic purchases
excluding food and energy

Last quarter with
smaller value

II 2002

3.7
4.5
4.7
5.9
0.6
10.3
3.8

Addenda:
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product
Disposable personal income
Current-dollar GDP

Last quarter with
larger value

2.2

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

Last quarter with
equal value

-1.9
-7.3
-12.2
1.5
1.6

I 1970
I 1989

-1.9
-7.3

III 1995
II 2007

1.5
1.6

III 2014
III 2014
III 2014
I 2014
II 2014

2.3
3.2
3.3
1.4
3.6
2.4

II 2008
I 1989
I 2005
II 2012
I 1999
IV 2002

2.3
3.2
3.3
1.4
3.6
2.4

III 2014
III 2014
III 2014
III 2014
II 2013
III 2014

5.0
4.1
4.1
5.3
3.8
6.4

I 2014
I 2014
I 2014
I 2014
III 2014
I 2014

-1.0
-0.4
0.7
-2.8
2.4
-0.8

-0.1

IV 1948

-0.1

III 2014

1.4

I 2009

-2.4

III 2014

1.6

III 2009

0.4

1.4
1.7
1.4

III 2009
III 2009
III 2009

0.0
0.6
-0.1

0.7

GDP
GDP excluding food and energy
GDP implicit price deflator

0.1
0.7
0.2

IV 1949

0.1

IV 1957

0.2

III 2014
III 2014
III 2014

PCE
PCE excluding food and energy

-0.4
1.1

IV 1954
II 2010

-0.4
1.1

III 2014
III 2014

1.2
1.4

I 2009
II 2013

-2.2
1.0

Market-based PCE
Market-based PCE excluding food and energy

-0.9
0.7

II 2013

0.7

III 2014
III 2014

1.2
1.4

I 2009
IV 2010

-1.3
0.6

1

March 27, 2015
2014:IV (Third Estimate) Comparisons
Contributions to Percent Change in Real Gross Domestic Product
2014:IV
contribution

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Percent change at annual rate:
Gross domestic product

2.2

II 2002

2.2

III 2014

5.0

I 2014

-2.1

IV 1985
II 1959

0.61
1.91

I 2006
II 2014
III 2014
I 2013
II 2000

3.01
1.33
0.67
0.74
2.08

III 2014
III 2014
I 2014
III 2014
III 2014

2.21
1.06
0.23
0.39
1.15

IV 1965
I 1985
I 2005
III 1965

0.61
0.72
0.60
0.17

I 1999
III 2001
I 1990

0.39
0.12
-0.10

III 2014
III 2014
III 2014
II 2014
III 2014
I 2000
II 2014
III 2014

1.18
1.21
1.10
0.35
0.63
0.45
0.27
-0.03

I 2014
I 2014
I 2014
III 2014
I 2014
III 2014
III 2014
I 2014

-1.13
0.03
0.20
0.14
-0.06
0.34
0.10
-1.16

III 2014
III 2014
III 2014
IV 2012
III 2014
III 2014
III 2014

0.78
0.61
0.69
0.50
0.16
0.19
-0.03

I 2014
I 2014
I 2014
III 2014
II 2014
II 2014
II 2011

-1.66
-1.30
-1.18
-0.08
-1.77
-1.62
-0.40

III 2014
III 2014
III 2014
I 2014
II 2014

0.80
0.68
0.66
0.17
0.38

IV 2013
IV 2013
IV 2012
III 2014
III 2014

-0.71
-0.79
-1.12
0.01
0.13

Percentage points at annual rates:
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

2.98
1.07
0.45
0.61
1.91

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential
Change in private inventories

0.61
0.72
0.60
0.17
0.04
0.39
0.12
-0.10

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

-1.03
0.59
0.22
0.37
-1.62
-1.35
-0.27

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

-0.35
-0.53
-0.57
0.04
0.18

III 1989
II 2011

0.22
0.37

IV 2003

-0.27

I 1989

-0.35

IV 1964
III 2001
III 2003

-0.57
0.04
0.18

2

March 27, 2015
2014:IV (Third Estimate) Comparisons
Corporate Profits: Level and Percent Change
2014:IV
change

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Dollar change from preceding quarter
Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj

-30.4
-25.8

III 2014
III 2014

64.5
70.1

I 2014
I 2014

-201.7
-268.6

-61.8
-57.1

III 2014
III 2014

47.0
52.4

I 2011
I 2011

-145.1
-144.3

III 2014
46.9
I 2014
Percent change from preceding quarter (quarterly rates)

-163.0

Net cash flow with IVA

12.2

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj

-1.4
-1.6

III 1984
III 1982

-1.4
-1.6

III 2014
III 2014

3.1
4.7

I 2014
I 2014

-9.4
-16.3

-2.5
-3.0

IV 2000

-2.5

III 2014
III 2014

1.9
2.8

I 2011
I 2011

-7.7
-9.6

0.6

II 1991
0.6
III 2014
2.3
I 2014
Percent change from quarter one year ago

-7.8

-0.2
-6.4

III 2014
III 2014

1.4
-6.3

I 2014
II 2014

-4.8
-8.9

Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

6.7
2.9

IV 2006

2.9

III 2014
III 2014

10.0
5.1

I 2014
I 2014

5.9
2.4

1.4

II 1967

1.4

II 2014

5.5

III 2014

-3.4

IVA
Inventory valuation adjustment
CCAdj Capital consumption adjustment

3

March 27, 2015
2014 (Third Estimate) Comparisons
Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures
[Percent]
2014
% change
Gross domestic product (GDP)

Last year with
larger value

2.4

Personal consumption expenditures (PCE)
Goods
Durable goods
Nondurable goods
Services

2.5
3.4
6.9
1.8
2.1

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential

5.8
5.3
6.3
8.2
6.4
4.8
1.6

Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services

3.2
4.0
1.4
4.0
4.1
3.6

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

Last year with
equal value

1957
2013

2.5
3.4

2011

1.8

1973

8.2

2007

4.8

1988

-0.2
-1.9
-2.1
-1.5
1.0

4.1

Last year with
smaller value

2010

2.5

2013

2.2

2006
2006
2012
2013
2006

3.0
3.6
7.3
1.9
2.7

2013
2012
2013
2012
2013

2.4
2.8
6.7
0.7
1.9

2012
2012
2012
2012
2012
2005
2013

9.2
8.3
7.2
13.1
6.8
6.5
11.9

2013
2013
2013
2013
2013
2013
2011

4.9
4.7
3.0
-0.5
4.6
3.4
0.5

2012
2011
2013
2011
2011
2011

3.3
6.5
3.6
5.5
5.8
4.0

2013
2013
2009
2013
2013
2013

3.0
2.8
-1.1
1.1
0.9
2.2

2010
2012
2010
2012
2009

0.1
-1.8
3.2
1.0
1.6

2013
2013
2013
2013
2013

-2.0
-5.7
-6.6
-4.1
0.5

2006
2010
2006
2010
2012
2012

2.6
2.9
2.6
2.8
3.0
4.2

2013
2013
2013
2013
2013
2013

2.2
1.9
1.9
2.2
-0.2
3.7

1998

-2.1

1949
1979

2.3
2.5

2011

2.5

1.4

2002

1.4

2012

1.7

2013

1.3

1.5

1999

1.5

2012

1.7

2013

1.4

GDP
GDP excluding food and energy
GDP implicit price deflator

1.5
1.6
1.5

2013
2013
2013

1.5
1.6
1.5

2012
2012
2012

1.8
1.7
1.8

2010
2010
2010

1.2
1.4
1.2

PCE
PCE excluding food and energy

1.3
1.4

2002
1962

1.3
1.4

2012
2012

1.8
1.8

2013
2013

1.2
1.3

Market-based PCE
Market-based PCE excluding food and energy

1.2
1.2

2013

1.2

2012
2012

1.8
1.8

2013
2010

1.1
1.0

Addenda:
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product
Disposable personal income
Current-dollar GDP
Chain-type price measures:
Gross domestic purchases
Gross domestic purchases
excluding food and energy

2.3
2.5
2.5
2.3
2.5
3.9

4

March 27, 2015
2014 (Third Estimate) Comparisons
Contributions to Percent Change in Real Gross Domestic Product
2014
contribution

Last year with
equal value

Last year with
larger value

Last year with
smaller value

Percent change at annual rate:
Gross domestic product

2.4

2010

2.5

2013

2.2

2006
2006
2012
2013
2006

2.04
0.85
0.52
0.29
1.19

2013
2012
2013
2012
2013

1.64
0.64
0.49
0.12
0.86

2012
2012
2012
2012
2012
2005
2013
2012

1.33
1.17
0.84
0.32
0.37
0.23
0.33
0.15

2013
2013
2013
2013
2013
2013
2011
2013

0.76
0.70
0.37
-0.01
0.26
0.13
0.01
0.06

2013
2012
2011
2013
2013
2013
2013

0.22
0.44
0.57
0.15
-0.19
-0.13
-0.06

2010
2013
2013
2009
2011
2011
2011

-0.46
0.41
0.26
-0.04
-0.89
-0.78
-0.11

2010
2010
2010
2012
2009

0.02
0.37
0.18
0.03
0.20

2013
2013
2013
2013
2013

-0.39
-0.45
-0.33
-0.12
0.06

Percentage points at annual rates:
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

1.73
0.78
0.50
0.28
0.94

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential
Change in private inventories

0.92
0.83
0.78
0.23
0.36
0.19
0.05
0.09

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

-0.22
0.43
0.37
0.06
-0.65
-0.55
-0.10

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

-0.03
-0.14
-0.10
-0.04
0.11

5

2013

0.78

2011

0.28

1992

0.83

2000

0.23

2004
1958

0.19
0.05

2001
1955

-0.22
0.43

1966

0.06

1972
2012

-0.55
-0.10

1992

-0.14

1984
2006

-0.04
0.11

March 27, 2015
2014 (Third Estimate) Comparisons
Corporate Profits: Level and Percent Change
2014
change

Last year with
equal value

Last year with
larger value

Last year with
smaller value

Dollar change from preceding year
Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj

-17.1
-135.4*

2013
2013

84.1
64.6

2008
------

-243.9
------

184.6
66.2

2012
2013

329.3
79.8

2013
2011

99.2
-42.4

2007

-113.6

-34.7

2013
14.3
Percent change from preceding year

-0.8
-8.3

2013
2013

4.2
4.1

2008
2008

-16.0
-9.9

8.3
3.8

2012
2013

18.2
4.7

2013
2011

4.6
-2.9

2013

0.7

2007

-7.2

Net cash flow with IVA
-1.7
* Smallest dollar change from preceding year in series, which begins in 1929.
IVA
Inventory valuation adjustment
CCAdj Capital consumption adjustment

6