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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