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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Wednesday, February 28, 2024 Technical: Media: Lisa Mataloni (GDP) Connie O'Connell (301) 278-9083 (301) 278-9003 BEA 24–05 gdpniwd@bea.gov Connie.OConnell@bea.gov Gross Domestic Product, Fourth Quarter and Year 2023 (Second Estimate) Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.3 percent. The update primarily reflected a downward revision to private inventory investment that was partly offset by upward revisions to state and local government spending and consumer spending (refer to “Updates to GDP”). The increase in real GDP reflected increases in consumer spending, exports, state and local government spending, nonresidential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2). Real GDP: Percent change from preceding quarter 40 30 20 10 0 -10 -20 -30 -40 Q1 Q2 Q3 2020 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 2023 Seasonally adjusted annual rates Q4 Compared to the third quarter of 2023, the deceleration in real GDP in the fourth quarter primarily reflected a downturn in private inventory investment and slowdowns in federal government spending, residential fixed investment, and consumer spending. Imports decelerated. Current-dollar GDP increased 4.9 percent at an annual rate, or $334.5 billion, in the fourth quarter to a level of $27.94 trillion, an upward revision of $5.8 billion from the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website. The price index for gross domestic purchases increased 1.9 percent in the fourth quarter, the same as in the previous estimate. The personal consumption expenditures (PCE) price index increased 1.8 percent, an upward revision of 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.1 percent, an upward revision of 0.1 percentage point. Personal Income Current-dollar personal income increased $219.5 billion in the fourth quarter, a downward revision of $5.4 billion from the previous estimate. The increase primarily reflected increases in compensation, personal income receipts on assets, and proprietors’ income that were partly offset by a decrease in personal current transfer receipts (table 8). Disposable personal income increased $202.5 billion, or 4.0 percent, in the fourth quarter, a downward revision of $9.2 billion from the previous estimate. Real disposable personal income increased 2.2 percent, a downward revision of 0.3 percentage point. Personal saving was $809.2 billion in the fourth quarter, a downward revision of $22.4 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.9 percent in the fourth quarter, a downward revision of 0.1 percentage point. Updates to GDP With the second estimate, downward revisions to private inventory investment and federal government spending were partly offset by upward revisions to state and local government spending, consumer spending, residential fixed investment, nonresidential fixed investment, and exports. Imports were revised up. For more information, refer to the Technical Note. For information on updates to GDP, refer to the "Additional Information" section that follows. Page 2 of 18 Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Advance Estimate Second Estimate (Percent change from preceding quarter) 3.3 3.2 4.8 4.9 … … … … 1.9 1.9 1.7 1.8 2.0 2.1 Updates to Third-Quarter Wages and Salaries In addition to presenting updated estimates for the fourth quarter, today's release presents revised estimates of third-quarter wages and salaries, personal taxes, and contributions for government social insurance, based on updated data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and salaries are now estimated to have increased $184.2 billion in the third quarter, an upward revision of $23.0 billion. Personal current taxes are now estimated to have increased $61.5 billion, an upward revision of $8.9 billion. Contributions for government social insurance are now estimated to have increased $23.2 billion, an upward revision of $3.0 billion. With the incorporation of these new data, real gross domestic income is now estimated to have increased 1.9 percent in the third quarter, an upward revision of 0.4 percentage point from the previously published estimate. GDP for 2023 Real GDP increased 2.5 percent in 2023 (from the 2022 annual level to the 2023 annual level), compared with an increase of 1.9 percent in 2022 (table 1). The increase in real GDP in 2023 primarily reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, exports, and federal government spending that were partly offset by decreases in residential fixed investment and private inventory investment. Imports decreased (table 2). Current-dollar GDP increased 6.3 percent, or $1.61 trillion, in 2023 to a level of $27.36 trillion, compared with an increase of 9.1 percent, or $2.15 trillion, in 2022 (tables 1 and 3). The price index for gross domestic purchases increased 3.4 percent in 2023, compared with an increase of 6.8 percent in 2022 (table 4). The PCE price index increased 3.7 percent, compared with an increase of 6.5 percent. Excluding food and energy prices, the PCE price index increased 4.1 percent, compared with an increase of 5.2 percent. Measured from the fourth quarter of 2022 to the fourth quarter of 2023, real GDP increased 3.1 percent during the period (table 5), compared with an increase of 0.7 percent from the fourth quarter of 2021 to the fourth quarter of 2022. Page 3 of 18 The price index for gross domestic purchases, as measured from the fourth quarter of 2022 to the fourth quarter of 2023, increased 2.4 percent, compared with an increase of 6.2 percent from the fourth quarter of 2021 to the fourth quarter of 2022. The PCE price index increased 2.8 percent, compared with an increase of 5.9 percent from the fourth quarter of 2021 to the fourth quarter of 2022. Excluding food and energy, the PCE price index increased 3.2 percent, compared with an increase of 5.1 percent. Advance Estimate Second Estimate (Percent change from 2022 annual level to 2023 annual level) 2.5 2.5 Real GDP 6.3 6.3 Current-dollar GDP 3.4 3.4 Gross domestic purchases price index 3.7 3.7 PCE price index 4.1 4.1 PCE price index excluding food and energy (Percent change from fourth quarter 2022 to fourth quarter 2023) 3.1 Real GDP 2.4 Gross domestic purchases price index 2.7 PCE price index 3.2 PCE price index excluding food and energy * * * Next release, March 28, 2024, at 8:30 a.m. EDT Gross Domestic Product (Third Estimate) Corporate Profits Gross Domestic Product by Industry Fourth Quarter 2023 and Year 2023 * * Page 4 of 18 * 3.1 2.4 2.8 3.2 Additional Information Resources The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Additional resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on X, formerly known as Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data Application Programming Interface (API). For more on BEA’s statistics, refer to our online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. For more definitions, refer to the Glossary: National Income and Product Accounts. Page 5 of 18 Statistical conventions Updates to GDP Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ “Why does BEA publish estimates at annual rates?” BEA releases three vintages of the current quarterly estimate for GDP. "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency. "Second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Quarterly not seasonally adjusted values are expressed only at quarterly rates. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 201 7). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2017) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.3 Note - Based on estimates from 1996 through 2022. For more information on GDP updates, refer to Revision Information on the BEA website. Annual and comprehensive updates are released in late September. Annual updates generally cover at least the five most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. GDP by industry and gross output estimates are released with the third estimate of GDP. Page 6 of 18 GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Page 7 of 18 February 28, 2024 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2020 2021 2022 2023 r Line Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line Q3 r Q4 r Gross domestic product (GDP) 5.8 1.9 2.5 -5.3 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.2 2 Personal consumption expenditures 8.4 2.5 2.2 -6.4 -30.2 40.5 5.6 8.9 13.6 2.8 4.0 1.6 1.2 3.8 0.8 3.1 3.0 2 11.3 0.3 2.0 -2.1 -8.6 51.7 3.2 16.5 14.7 -8.5 5.6 -1.2 -0.3 -0.7 0.0 5.1 0.5 4.9 3.2 3 16.7 -0.3 4.2 -16.6 -0.2 100.7 8.5 0.6 0.9 1 3 Goods 4 Durable goods 5 Nondurable goods 6 Services 6.1 -12.5 5.7 28.4 14.3 -23.1 11.1 0.0 2.0 1.5 -0.9 0.9 -1.0 14.0 -0.3 30.8 1.8 10.1 14.8 1.1 2.6 -2.7 0.0 -1.6 6.8 9.3 3.2 3.2 5.1 13.0 0.6 0.5 1.8 3.1 6.9 3.7 2.3 -8.4 -38.7 35.1 7 Gross private domestic investment 8.7 4.8 -1.2 -9.9 -46.4 98.9 13.2 -3.3 -5.4 16.1 27.9 6.2 -10.6 -7.6 8 Fixed investment 7.1 1.3 0.6 -3.3 -28.2 28.3 15.2 9.3 7.2 -0.2 -4.3 -5.4 4.4 -7.7 -28.6 5.9 -1.6 1.9 2.7 10.7 9 Nonresidential 5.9 5.2 18.3 10.5 8.9 9.7 -1.3 10 Structures -3.2 -2.1 13.0 -5.2 -40.0 -8.9 7.8 1.0 -4.1 -7.7 -1.2 -0.5 -1.3 11 Equipment 50.8 15.6 12 Intellectual property products 13 14 Residential 6.4 5.2 -0.3 -20.5 -38.0 10.4 9.1 4.4 10.7 -9.0 -10.6 14.1 -26.7 6.2 -9.5 1.5 2.0 10.5 -8.0 4.7 3.2 4 3.9 3.3 5 1.0 6 2.2 2.8 5.2 10.0 0.9 7 3.1 5.2 2.6 2.5 8 5.7 7.4 1.4 2.4 9 3.4 -9.0 1.7 6.7 0.9 6.5 30.3 16.1 11.2 7.5 10 1.9 16.8 4.9 5.6 -5.0 -4.1 7.7 -4.4 -1.7 11 9.1 11.4 8.7 7.1 2.7 1.8 3.3 12 9.8 -4.4 -2.7 -0.5 -1.8 -14.1 -26.4 -24.9 -5.3 -2.2 6.7 2.9 13 7.9 10.4 16.9 13.6 66.1 30.1 5.3 2.8 0.5 1 7.1 6.1 3.8 Change in private inventories .......... .......... .......... ......... ........... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services .......... .......... .......... ......... ........... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 17 18 19 20 Exports Goods Services Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 Federal 6.3 7.0 2.7 -15.4 -61.5 7.6 5.8 2.6 -4.3 -66.9 106.6 27.5 -0.2 -0.5 -1.8 26.9 -8.8 62.0 25.8 0.9 2.0 1.5 24.2 -4.6 10.6 16.2 -3.5 6.8 -9.3 5.4 6.4 16 9.2 21.5 -6.3 12.0 -16.0 7.7 4.8 17 3.8 9.6 3.0 -33.1 -49.4 2.7 22.0 2.7 7.3 8.9 18.5 6.2 1.0 9.6 18 14.5 8.6 -1.6 -13.0 -53.6 88.6 32.0 8.0 7.7 8.5 20.6 14.7 5.4 13.9 4.1 -4.8 -4.3 4.9 3.1 -3.5 1.3 -7.6 4.2 2.7 19 14.6 6.8 4.1 1.5 21.5 14.5 2.1 -7.3 -4.4 1.9 -6.5 -1.6 -9.5 -49.2 104.5 30.8 8.7 5.9 1.3 20 13.9 17.5 -1.5 -26.4 -69.3 25.1 38.2 4.1 28.9 50.8 16.6 15.6 14.2 8.1 -3.9 -1.2 -12.2 -2.8 9.1 21 -0.3 -0.9 4.0 4.4 -6.1 -1.9 5.7 -4.3 -1.5 -0.3 -2.9 -1.9 2.9 5.3 4.8 3.3 5.8 4.2 22 1.4 -2.8 4.2 5.2 1.2 9.8 5.2 1.1 7.1 2.3 23 0.9 -0.3 7.7 1.9 2.3 8.4 0.4 24 8.6 31.8 -12.3 -1.9 18.1 -8.9 -6.8 0.9 -0.4 2.1 -6.9 -3.9 24 National defense -1.9 -2.8 3.4 3.9 8.7 -7.1 -4.7 -3.2 -4.8 -6.9 25 Nondefense 5.9 -2.9 5.2 7.1 90.1 -25.8 -15.1 63.4 -13.9 -11.4 11.8 -6.9 -9.8 3.3 12.6 9.5 -0.4 5.5 4.7 25 26 State and local -1.3 0.2 3.9 4.0 -3.6 3.8 4.6 5.0 5.4 26 -2.0 -1.9 -1.3 -1.4 2.0 -1.6 -0.4 -0.8 2.8 4.7 Addenda: 27 Gross domestic income (GDI) 1 6.1 2.1 .......... -2.4 -30.5 28.9 15.3 3.1 4.6 3.6 6.2 0.0 2.7 -3.0 0.5 0.5 1.9 ......... 27 28 Average of GDP and GDI 6.0 2.0 .......... -3.9 -29.3 31.8 9.6 4.2 5.4 3.4 6.6 -0.8 -0.3 2.7 -0.3 1.4 1.3 3.4 ......... 28 29 Final sales of domestic product 5.5 1.3 2.9 -4.2 -24.4 25.1 4.5 7.6 8.3 0.3 2.6 -1.9 1.5 3.4 1.0 4.6 2.1 3.6 30 Gross domestic purchases 6.9 2.3 1.9 -5.2 -27.5 38.1 5.5 6.1 6.9 4.2 7.1 0.6 -1.1 0.1 2.2 1.6 2.0 4.7 2.8 30 31 32 Final sales to domestic purchasers 6.6 1.7 2.2 -4.1 -23.9 28.3 5.8 8.4 8.9 1.3 2.9 0.7 0.9 0.7 0.7 3.8 2.0 3.5 3.1 31 8.1 2.3 1.9 -5.8 -29.8 37.9 7.5 8.9 11.9 1.9 3.6 1.5 1.5 0.3 -0.2 3.6 1.7 3.0 2.9 32 33 Final sales to private domestic purchasers Gross national product (GNP) 5.6 1.9 .......... -5.2 -29.0 35.3 3.7 5.9 3.1 7.1 -2.4 0.2 2.4 2.4 1.8 2.3 4.7 ......... 33 34 Disposable personal income 3.1 -5.9 4.2 45.8 -13.3 -7.6 56.1 -27.6 -5.2 -5.7 -9.8 -1.4 3.6 2.2 10.8 3.3 0.5 2.2 34 6.3 -3.5 -29.2 4.9 35 2.4 5.0 0.5 3.5 29 Current-dollar measures: 35 GDP 10.7 9.1 36 GDI 11.0 9.3 .......... -0.6 -31.6 37 Average of GDP and GDI 10.8 38 Final sales of domestic product 10.4 39 Gross domestic purchases 11.4 40 41 Final sales to domestic purchasers 42 Final sales to private domestic purchasers GNP 43 Disposable personal income 9.5 14.6 6.2 8.5 7.2 6.5 6.3 3.8 8.3 33.5 18.6 8.6 11.1 9.9 13.8 8.9 9.1 7.3 0.7 4.5 2.1 5.3 ......... 36 9.2 .......... -2.1 -30.4 36.6 12.7 9.7 12.0 9.7 14.2 7.5 8.8 7.2 3.6 5.4 3.0 6.8 ......... 37 8.5 6.7 -2.5 -25.3 29.4 7.4 13.4 15.1 6.6 6.4 10.8 7.9 5.0 8.8 3.9 7.0 9.3 5.4 -3.4 -28.4 42.7 8.1 11.1 13.1 10.1 14.8 8.7 7.1 4.9 6.1 5.3 3.4 7.7 4.8 39 11.2 8.7 5.8 -2.4 -24.6 32.4 8.4 13.6 15.3 7.3 10.2 8.9 9.3 5.5 4.6 7.7 3.4 6.4 5.1 40 12.5 9.2 5.6 -4.5 -30.6 42.1 9.8 13.7 18.4 8.0 11.0 9.7 9.3 5.4 3.8 8.0 3.7 5.5 4.8 41 10.4 9.0 .......... -3.3 -30.1 40.2 6.6 11.5 11.5 9.3 14.7 5.8 9.3 7.0 6.4 5.8 4.0 8.1 ......... 42 0.7 -2.9 5.7 8.5 6.4 15.5 5.8 3.1 7.4 0.2 8.1 3.7 39.7 7.1 10.9 12.8 43.2 -10.4 -5.8 63.5 -23.1 0.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis Page 8 of 18 9.9 5.2 38 4.0 43 February 28, 2024 Table 2. Contributions to Percent Change in Real Gross Domestic Product Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 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 1.9 5.59 2.51 1.28 0.40 0.23 0.42 1.72 0.07 -0.02 -0.20 -0.05 0.19 Q2 2.5 -5.3 -28.0 Q3 Q4 6.2 3.3 Q4 Q1 Q2 7.0 -2.0 -0.6 Q3 2023 Q4 Q1 Q2 Line Q3 Q4 r 2.1 4.9 3.2 1 1.05 -0.18 0.08 -0.10 -0.01 0.18 0.79 -0.01 -0.08 0.12 -0.02 -0.08 2.54 1.14 1.07 0.80 0.03 0.23 0.55 0.11 -0.03 -0.27 0.00 0.27 2.11 1.09 0.53 -0.03 0.10 0.40 2.00 0.72 0.25 -0.06 0.04 0.18 2 3 4 5 6 7 Other durable goods 0.24 0.04 0.00 -0.17 -0.65 1.30 0.17 0.18 0.24 0.03 0.14 -0.02 0.06 0.00 -0.09 0.01 -0.02 0.07 Nondurable goods 1.22 0.09 0.12 0.80 -1.70 4.31 0.26 1.42 2.08 0.16 0.38 -0.42 -0.01 -0.26 0.07 0.07 0.14 0.56 Food and beverages purchased 0.24 -0.11 -0.08 1.23 -0.07 0.25 -0.07 0.67 0.34 -0.01 0.03 -0.18 -0.27 -0.24 -0.07 -0.17 0.05 0.10 for off-premises consumption Clothing and footwear 0.43 0.03 0.01 -0.67 -1.08 1.98 0.17 0.51 0.62 -0.07 0.02 -0.09 0.10 0.03 0.01 0.02 -0.14 0.11 Gasoline and other energy goods 0.17 0.00 0.04 -0.37 -0.84 0.78 -0.16 0.15 0.53 0.16 0.00 -0.24 0.04 -0.10 0.03 0.06 0.15 -0.02 Other nondurable goods 0.39 0.16 0.15 0.62 0.28 1.30 0.32 0.09 0.59 0.09 0.33 0.08 0.11 0.05 0.10 0.16 0.08 0.36 Services 3.08 1.65 1.03 -3.90 -19.92 14.70 2.92 2.18 5.49 3.99 1.45 0.27 1.41 1.23 0.80 1.40 0.44 1.02 Household consumption expenditures (for services) 3.36 1.56 1.13 -5.11 -20.80 16.03 3.04 2.51 5.93 3.91 1.26 0.08 1.22 1.22 1.02 1.65 0.47 0.97 Housing and utilities 0.34 0.13 0.05 -0.01 0.69 0.38 0.32 0.55 0.15 0.27 -0.09 0.39 0.03 -0.09 0.19 -0.17 0.08 0.35 Health care 0.94 0.34 0.58 -1.73 -6.89 6.53 1.57 -0.09 1.37 0.68 0.44 -0.08 0.00 0.51 0.67 1.04 0.27 0.30 Transportation services 0.38 0.19 0.00 -0.75 -2.58 0.96 0.23 0.20 1.01 0.94 0.14 -0.09 0.07 0.00 -0.09 -0.03 0.08 0.02 Recreation services 0.40 0.21 0.10 -0.86 -3.34 1.69 0.10 0.57 0.82 0.62 0.37 -0.08 0.15 0.01 0.13 0.19 0.04 0.06 Food services and accommodations 0.81 0.41 0.20 -1.62 -5.53 4.43 -0.15 0.81 2.03 0.77 0.13 -0.16 0.88 0.23 0.10 0.15 -0.05 0.34 Financial services and insurance 0.00 -0.09 0.07 0.04 -0.13 0.34 0.28 -0.05 -0.20 -0.08 0.03 -0.24 -0.13 0.13 -0.01 0.08 0.21 0.07 Other services 0.49 0.37 0.13 -0.19 -3.01 1.70 0.69 0.52 0.76 0.70 0.24 0.33 0.22 0.43 0.03 0.39 -0.16 -0.18 Final consumption expenditures of nonprofit -0.28 0.09 -0.10 1.21 0.88 -1.33 -0.12 -0.33 -0.45 0.07 0.18 0.20 0.19 0.01 -0.22 -0.26 -0.03 0.05 institutions serving households Gross output of nonprofit institutions 0.17 0.15 0.12 0.06 -1.50 1.05 0.69 -0.44 0.44 0.20 0.42 -0.19 -0.05 0.46 0.23 -0.03 0.05 0.08 Less: Receipts from sales of goods and services 0.45 0.06 0.22 -1.15 -2.38 2.37 0.81 -0.11 0.88 0.13 0.23 -0.39 -0.24 0.45 0.45 0.23 0.07 0.02 by nonprofit institutions Gross private domestic investment 1.52 0.86 -0.23 -1.87 -9.29 13.52 2.36 -0.46 -0.84 2.71 4.63 1.16 -2.10 -1.45 0.62 -1.69 0.90 1.74 Fixed investment 1.25 0.24 0.10 -0.57 -5.28 5.04 2.55 1.63 1.05 -0.28 0.35 1.23 -0.05 -0.79 -0.99 0.53 0.90 0.46 Nonresidential 0.78 0.68 0.59 -1.09 -4.12 2.69 1.35 1.18 1.27 -0.15 0.37 1.32 0.68 0.62 0.24 0.76 0.98 0.21 Structures -0.09 -0.06 0.36 -0.16 -1.47 -0.27 0.03 0.19 0.02 -0.12 -0.21 -0.03 -0.01 -0.03 0.17 0.77 0.46 0.33 Equipment 0.33 0.26 -0.02 -1.23 -2.16 2.50 0.79 0.15 0.55 -0.40 0.11 0.77 0.25 0.28 -0.26 -0.21 0.38 -0.22 Information processing equipment 0.18 0.14 -0.10 -0.41 0.35 0.58 0.15 0.17 0.00 -0.09 0.49 0.38 -0.13 0.09 -0.38 -0.02 -0.11 -0.12 Industrial equipment 0.07 0.04 -0.01 -0.18 -0.33 0.24 0.13 -0.03 0.19 0.08 0.08 0.10 -0.07 -0.07 0.04 0.04 -0.06 -0.06 Transportation equipment 0.03 0.01 0.14 -0.52 -1.66 1.14 0.37 -0.03 0.41 -0.41 -0.50 0.03 0.41 0.30 0.16 -0.14 0.54 -0.02 Other equipment 0.05 0.07 -0.04 -0.12 -0.51 0.53 0.13 0.03 -0.06 0.02 0.05 0.26 0.04 -0.05 -0.08 -0.11 0.01 -0.03 Intellectual property products 0.54 0.48 0.24 0.31 -0.49 0.46 0.53 0.85 0.70 0.37 0.47 0.58 0.45 0.37 0.32 0.20 0.15 0.10 Software 0.31 0.29 0.21 0.26 -0.02 0.16 0.31 0.52 0.32 0.18 0.20 0.46 0.21 0.28 0.31 0.16 0.13 0.17 Research and development 0.24 0.15 0.02 0.05 -0.38 0.35 0.21 0.36 0.36 0.14 0.21 0.12 0.18 0.05 0.03 0.04 0.00 -0.06 Entertainment, literary, and artistic originals -0.01 0.03 0.01 -0.01 -0.09 -0.05 0.00 -0.03 0.02 0.04 0.06 0.00 0.06 0.04 -0.01 0.00 0.01 0.00 Residential 0.47 -0.44 -0.48 0.52 -1.16 2.35 1.20 0.44 -0.22 -0.13 -0.02 -0.09 -0.73 -1.41 -1.23 -0.22 -0.09 0.26 Change in private inventories 0.26 0.62 -0.33 -1.30 -4.01 8.48 -0.18 -2.08 -1.89 2.99 4.28 -0.07 -2.05 -0.66 1.61 -2.22 0.00 1.27 Farm 0.05 -0.07 0.07 -0.14 0.13 0.07 -0.02 0.25 -0.09 -0.01 -0.09 -0.09 -0.08 -0.04 0.12 0.12 0.15 0.03 0.09 0.47 8 9 0.08 0.07 0.07 0.25 1.28 1.36 0.05 0.64 0.06 0.11 0.38 -0.12 0.24 10 11 12 13 14 15 16 17 18 19 20 21 22 -21.51 24.93 3.63 5.70 8.73 1.89 2.71 -1.59 10.23 0.71 3.52 3.24 -2.10 1.26 0.11 5.92 0.45 2.10 1.17 -2.26 0.89 -0.12 2.15 0.05 1.11 0.44 -1.87 0.23 -0.11 1.19 -0.02 0.49 0.08 -0.25 0.00 0.99 1.28 0.26 0.32 0.41 -0.16 0.51 -0.03 -0.30 0.12 -0.01 -0.09 0.24 1.32 -0.09 -0.08 -0.19 0.00 0.05 -0.09 23 0.21 24 0.30 0.17 0.43 0.32 0.23 -0.08 0.15 0.00 -0.27 0.03 0.18 0.27 -0.08 -0.01 0.11 -0.27 -0.08 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 0.21 -1.25 0.66 0.53 0.13 -1.91 -1.60 -0.31 0.69 -0.48 0.76 0.44 0.33 -1.24 -0.82 -0.42 -0.40 0.57 0.32 0.22 0.11 0.25 0.21 0.04 -1.17 0.09 -1.81 -0.27 -1.53 1.89 1.10 0.79 -4.14 1.00 -8.78 -6.58 -2.20 9.78 7.07 2.71 8.41 -2.58 5.06 4.90 0.16 -7.65 -7.21 -0.44 -0.16 -1.44 2.31 1.65 0.65 -3.74 -3.06 -0.68 -2.34 -1.04 0.06 -0.02 0.08 -1.10 -1.02 -0.08 -1.80 -0.87 0.20 -0.03 0.24 -1.07 -0.51 -0.56 3.00 -1.03 0.16 -0.13 0.29 -1.19 -0.20 -0.99 4.37 -0.34 2.42 1.83 0.59 -2.76 -2.38 -0.38 0.02 -2.59 -0.50 -0.69 0.18 -2.08 -1.72 -0.36 -1.97 0.56 1.19 0.73 0.46 -0.63 -0.28 -0.35 -0.62 2.58 1.80 1.63 0.17 0.77 0.98 -0.21 1.49 0.26 -0.41 -0.52 0.11 0.66 0.55 0.11 -2.34 0.58 0.76 0.89 -0.13 -0.18 -0.22 0.04 -0.14 0.04 -1.09 -1.31 0.22 1.13 0.78 0.35 1.24 0.03 0.59 0.55 0.04 -0.56 -0.64 0.08 -0.19 0.32 0.69 0.35 0.34 -0.37 -0.15 -0.22 42 43 44 45 46 47 48 49 -0.05 0.10 -0.08 -0.07 -0.01 0.17 0.14 0.04 -0.15 -0.02 -0.13 -0.16 -0.19 -0.11 -0.12 0.02 -0.08 -0.12 0.03 0.03 0.12 -0.09 0.69 0.27 0.12 0.09 0.03 0.14 0.08 0.06 0.43 0.20 0.23 0.78 0.34 0.15 0.15 0.00 0.19 0.05 0.14 0.44 0.22 0.23 1.78 2.07 0.07 -0.07 0.14 2.00 1.87 0.13 -0.29 -0.21 -0.08 -1.03 -0.89 0.01 0.00 0.01 -0.90 -0.97 0.07 -0.14 -0.04 -0.10 -0.35 -0.13 0.34 0.22 0.13 -0.47 -0.40 -0.07 -0.22 -0.35 0.13 1.04 1.19 -0.30 -0.14 -0.16 1.49 1.43 0.05 -0.15 0.00 -0.15 -0.80 -0.65 -0.19 -0.16 -0.03 -0.46 -0.52 0.06 -0.15 0.11 -0.27 -0.26 -0.48 -0.12 -0.15 0.03 -0.36 -0.41 0.05 0.22 0.49 -0.27 -0.04 0.13 -0.18 -0.24 0.06 0.31 0.28 0.04 -0.17 -0.06 -0.12 -0.52 -0.47 -0.26 -0.25 -0.01 -0.21 -0.23 0.02 -0.04 0.05 -0.09 -0.34 -0.26 0.03 0.02 0.01 -0.29 -0.30 0.01 -0.08 0.08 -0.16 0.49 0.07 -0.01 0.05 -0.06 0.08 0.05 0.03 0.41 0.20 0.22 0.90 0.59 0.27 0.07 0.20 0.32 0.25 0.08 0.31 0.14 0.17 0.82 0.33 0.07 0.16 -0.09 0.26 0.17 0.08 0.49 0.29 0.21 0.57 0.07 0.08 0.02 0.06 -0.01 -0.07 0.05 0.50 0.16 0.34 0.99 0.45 0.30 0.23 0.07 0.15 0.13 0.02 0.53 0.23 0.30 0.73 0.15 0.02 -0.06 0.08 0.13 0.05 0.09 0.58 0.22 0.36 50 51 52 53 54 55 56 57 58 59 60 r Revised Source: U.S. Bureau of Economic Analysis 5.2 Q3 2.2 -4.34 -0.44 -1.24 -1.14 -0.07 0.14 4.2 Q2 2.6 1.49 0.46 0.34 0.14 0.02 0.18 34.8 Q1 2.7 42 Nonfarm 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 Consumption expenditures 54 Gross investment 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment 5.8 Seasonally adjusted at annual rates 2021 2022 2020 2021 2022 2023 r Line Page 9 of 18 February 28, 2024 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2023 r 2022 Q4 2023 2023 Q1 Q2 Q3 r Change from preceding period Seasonally adjusted at annual rates Q4 r r 2022 Q4 2023 Q1 Q2 Q3 r Q4 r 2023 Line 2023 r Q3 r Q4 r Gross domestic product (GDP) 27,357.8 26,408.4 26,813.6 27,063.0 27,610.1 27,944.6 22,374.3 21,990.0 22,112.3 22,225.4 22,490.7 22,669.0 552.3 265.3 178.3 1 2 Personal consumption expenditures 18,567.4 17,917.0 18,269.6 18,419.0 18,679.5 18,901.5 15,423.2 15,171.4 15,312.9 15,343.6 15,461.4 15,574.9 332.4 117.8 113.5 2 1 3 4 5 6 7 8 9 10 6,192.4 6,047.6 6,133.8 6,144.7 6,231.8 6,259.5 5,388.5 5,275.2 5,341.0 5,347.3 5,411.3 5,454.5 107.0 63.9 43.2 3 2,198.7 2,129.0 2,194.9 2,193.6 2,204.5 2,202.0 2,041.8 1,957.5 2,022.5 2,020.9 2,053.9 2,069.9 81.8 33.0 16.0 4 Motor vehicles and parts 767.8 733.9 776.2 772.7 764.6 757.5 601.5 572.5 614.1 599.6 597.8 594.6 28.9 -1.8 -3.2 5 Furnishings and durable household equipment 478.5 478.0 483.0 475.4 478.9 476.6 417.1 411.8 413.6 413.6 419.2 421.8 4.1 5.7 2.5 6 681.5 271.0 653.0 264.1 666.7 268.8 676.4 269.1 689.7 271.3 693.1 274.7 778.3 277.9 727.7 274.1 744.5 274.8 764.5 273.7 795.0 278.5 809.1 284.8 53.5 0.1 30.5 4.8 14.1 6.4 7 8 3,993.7 3,918.6 3,939.0 3,951.1 4,027.3 4,057.5 3,356.3 3,323.7 3,327.8 3,335.4 3,367.3 3,394.5 28.7 31.8 27.2 9 1,442.9 516.9 1,428.9 506.6 1,430.6 515.0 1,434.1 511.4 1,447.8 520.6 1,459.2 520.8 1,151.6 499.8 1,155.0 500.3 1,145.8 501.9 1,148.5 492.7 1,153.9 500.2 1,158.2 504.6 -16.2 2.9 5.4 7.5 Goods Durable goods Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 15 Services Household consumption expenditures (for services) 4.3 10 4.4 11 471.1 485.5 465.3 456.7 484.5 478.1 318.6 310.6 313.0 319.8 319.0 322.4 7.4 -0.8 3.3 12 1,562.7 1,497.7 1,528.0 1,549.0 1,574.4 1,599.5 1,395.8 1,367.5 1,377.4 1,382.0 1,404.0 1,419.6 35.6 22.0 15.6 13 12,374.9 11,869.4 12,135.7 12,274.4 12,447.7 12,642.0 10,062.5 9,922.3 9,998.9 10,023.1 10,078.7 10,149.5 226.5 55.6 70.8 14 11,825.8 11,324.1 11,595.2 11,730.1 11,890.7 12,087.3 3,279.4 3,155.0 3,206.1 3,243.8 3,309.0 3,358.6 9,661.9 2,559.0 9,505.9 2,554.7 9,597.0 2,545.8 9,622.9 2,550.0 9,675.8 2,568.7 9,751.9 2,571.5 248.8 9.9 52.9 18.7 76.2 15 2.8 16 16 Housing and utilities 17 Health care 2,996.4 2,851.7 2,929.5 2,972.9 3,009.1 3,074.3 2,614.3 2,523.0 2,584.0 2,600.0 2,617.5 2,655.8 135.0 17.5 38.3 17 18 Transportation services 603.6 582.4 595.5 597.8 604.0 617.0 468.6 465.9 464.2 468.2 469.3 472.6 0.0 1.1 3.3 18 19 20 Recreation services 717.9 677.0 702.7 709.3 722.3 737.4 590.0 574.8 585.3 587.4 590.7 596.7 22.8 3.3 5.9 19 Food services and accommodations 1,368.6 1,298.6 1,333.5 1,347.1 1,377.8 1,415.9 1,055.7 1,035.9 1,043.5 1,041.1 1,059.0 1,079.3 41.2 18.0 20.3 20 21 Financial services and insurance 1,320.9 1,539.0 1,273.0 1,486.3 1,298.0 1,529.7 1,316.7 1,542.5 1,336.0 1,532.6 1,332.9 1,551.3 1,045.9 1,339.1 1,032.8 1,325.0 1,037.3 1,348.0 1,048.7 1,338.4 1,052.2 1,327.6 1,045.4 1,342.2 14.4 31.3 3.5 -10.7 -6.8 21 14.6 22 549.1 2,009.9 545.3 1,953.2 540.5 1,972.4 544.3 1,996.9 557.0 2,019.6 554.7 2,050.6 404.3 1,640.0 418.1 1,634.7 405.2 1,633.1 403.8 1,635.7 406.4 1,639.7 401.9 1,651.5 -19.4 26.8 2.6 4.1 -4.5 23 11.8 24 1,460.8 4,844.1 1,407.9 4,796.2 1,431.9 4,725.8 1,452.6 4,780.3 1,462.6 4,915.0 1,495.9 4,955.3 1,239.2 4,052.2 1,218.0 4,058.5 1,231.0 3,963.7 1,235.3 4,014.1 1,236.5 4,111.1 1,254.0 4,119.8 49.7 -50.6 1.2 96.9 17.5 25 8.7 26 24.5 27 22 23 Other services Final consumption expenditures of nonprofit institutions serving households 24 Gross output of nonprofit institutions Less: Receipts from sales of 25 goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment 4,786.8 4,618.4 4,702.1 4,761.7 4,813.0 4,870.5 3,962.2 3,876.5 3,905.9 3,955.9 3,981.3 4,005.8 22.9 25.4 28 Nonresidential 3,712.6 3,536.0 3,641.3 3,709.1 3,730.6 3,769.5 3,268.9 3,170.0 3,214.5 3,272.7 3,284.5 3,303.7 137.3 11.8 19.2 28 29 Structures 837.9 736.1 800.2 832.5 849.8 869.2 624.8 558.4 596.6 619.3 635.9 647.6 71.9 16.6 11.7 29 30 31 Equipment 1,380.8 1,357.1 1,368.7 1,390.4 1,382.6 1,381.7 1,245.4 1,249.5 1,236.4 1,259.6 1,245.5 1,240.1 -3.8 -14.1 -5.4 30 462.6 303.2 465.2 310.6 457.8 308.6 450.0 305.7 460.9 306.1 482.2 251.8 490.7 253.6 489.6 256.0 482.0 252.7 473.3 249.2 484.1 249.1 -27.6 -3.1 -8.7 -3.5 10.8 31 -0.1 32 -16.5 33 Information processing equipment 32 Industrial equipment 458.5 307.8 33 Transportation equipment 293.4 269.9 273.8 302.7 305.9 291.1 263.8 252.1 243.8 276.7 275.5 259.1 35.6 -1.2 34 Other equipment 321.2 321.4 319.0 321.2 320.9 323.5 252.7 258.4 252.7 253.1 251.7 253.3 -9.4 -1.4 1.7 34 1,493.9 1,442.8 1,472.5 1,486.2 1,498.2 1,518.6 1,397.8 1,372.1 1,384.9 1,394.0 1,400.4 1,411.8 59.1 6.3 11.5 35 35 Intellectual property products 36 Software 640.8 616.3 632.4 633.6 640.9 656.3 721.2 690.4 702.2 712.1 724.9 745.7 61.0 12.8 20.8 36 37 38 Research and development 741.3 718.8 730.2 740.2 745.5 749.1 602.2 602.8 604.9 605.1 601.7 597.2 4.6 -3.5 -4.5 37 111.8 1,074.2 107.7 1,082.5 109.9 1,060.8 112.4 1,052.6 111.8 1,082.4 113.2 1,101.0 94.0 735.3 93.5 741.2 93.8 731.1 94.4 727.1 94.1 738.9 93.7 744.2 2.0 -87.3 -0.3 11.9 -0.4 38 5.3 39 -11.4 40 39 Entertainment, literary, and artistic originals Residential 57.3 177.7 23.7 18.6 102.0 84.8 46.5 151.9 27.2 14.9 77.8 66.3 -81.5 62.8 41 Farm -0.9 -16.3 -7.8 2.0 3.8 -1.6 -1.1 -2.4 -1.5 0.2 -0.2 -2.8 14.1 -0.4 -2.5 41 42 Nonfarm 58.2 194.0 31.5 16.6 98.3 86.4 48.0 154.8 28.8 14.8 78.5 69.9 -94.2 63.6 -8.5 42 40 Change in private inventories r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 10 of 18 February 28, 2024 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2023 r 2022 Q4 2023 2023 Q1 Q2 Q3 r Change from preceding period Seasonally adjusted at annual rates Q4 r r 2022 Q4 2023 Q1 Q2 Q3 r Q4 r 2023 Line 2023 r Q3 r Q4 r -797.4 -877.2 -825.7 -806.1 -779.2 -778.7 -927.2 -965.6 -935.1 -928.2 -930.7 -914.9 123.8 -2.5 15.8 43 3,029.6 3,013.8 3,064.8 2,961.8 3,030.8 3,061.1 2,505.9 2,484.1 2,525.4 2,464.7 2,497.3 2,536.2 66.3 32.6 38.9 44 Goods 2,029.5 2,046.9 2,090.4 1,968.6 2,026.7 2,032.2 1,695.7 1,682.0 1,730.5 1,656.8 1,687.7 1,707.6 42.4 30.9 19.8 45 Services 1,000.1 966.9 974.4 993.2 1,004.0 1,028.9 813.4 805.6 798.5 810.7 812.8 831.7 23.4 2.0 18.9 46 23.2 47 43 Net exports of goods and services 44 Exports 45 46 47 Imports 3,827.0 3,891.0 3,890.5 3,767.9 3,810.0 3,839.8 3,433.1 3,449.6 3,460.5 3,392.9 3,428.0 3,451.1 -57.5 35.1 48 Goods 3,111.8 3,163.0 3,158.5 3,058.0 3,107.5 3,123.2 2,838.7 2,838.6 2,851.6 2,804.3 2,844.7 2,854.1 -47.5 40.4 9.4 48 715.2 728.0 731.9 709.8 702.4 716.7 597.8 613.4 611.5 591.8 587.6 600.5 -9.1 -4.3 12.9 49 4,743.8 1,771.8 4,572.4 1,691.8 4,643.9 1,730.6 4,669.8 1,744.3 4,794.8 1,791.9 4,866.5 1,820.1 3,818.8 1,480.7 3,714.8 1,444.5 3,758.8 1,462.8 3,789.8 1,466.9 3,843.4 1,492.3 3,883.3 1,500.7 148.4 59.8 53.6 25.4 40.0 50 8.4 51 49 Services 50 Government consumption expenditures and gross investment 51 Federal 52 53 54 55 56 57 58 National defense 994.7 956.2 968.7 978.9 1,009.1 1,022.1 827.5 811.5 815.4 820.1 836.8 837.7 27.4 16.7 0.9 52 Consumption expenditures 777.1 743.6 760.0 764.9 789.1 794.5 637.2 622.1 630.8 632.1 644.7 641.2 19.6 12.6 -3.5 53 Gross investment 217.6 212.7 208.8 214.0 220.1 227.6 191.1 190.4 185.2 188.8 192.9 197.7 8.0 4.1 4.7 54 777.0 735.5 761.9 765.5 782.8 798.0 653.2 633.0 647.4 646.7 655.5 663.0 32.5 8.7 7.6 55 552.0 524.3 543.0 542.3 557.2 565.4 454.4 443.2 452.8 449.1 456.5 459.1 19.1 7.4 2.6 56 Nondefense Consumption expenditures Gross investment State and local 59 Consumption expenditures 60 Gross investment 61 Residual 225.1 211.2 218.9 223.2 225.6 232.6 199.7 190.4 195.3 198.6 199.8 205.0 13.7 1.3 5.2 57 2,972.0 2,880.6 2,913.2 2,925.5 3,002.9 3,046.4 2,338.4 2,270.8 2,296.5 2,323.0 2,351.4 2,382.6 88.8 28.4 31.2 58 2,423.1 2,386.5 2,399.1 2,388.3 2,443.9 2,461.1 1,916.2 1,885.5 1,900.5 1,909.2 1,921.7 1,933.4 41.8 12.5 11.7 59 548.9 494.1 514.2 537.2 559.0 585.3 421.0 384.9 395.5 412.8 428.4 447.5 46.1 15.6 19.1 60 ............... ............... ............... ............... ............... ............... -106.9 -103.8 -107.2 -102.5 -101.2 -116.8 .............. .............. .............. 61 Addenda: 62 1 ............... 26,198.2 26,485.4 26,625.7 26,969.7 ............... ............... 21,814.9 21,841.7 21,866.2 21,969.0 ............... .............. 102.7 .............. 62 ............... 26,303.3 26,649.5 26,844.4 27,289.9 ............... ............... 21,902.4 21,977.0 22,045.8 22,229.8 ............... .............. 184.0 .............. 63 Final sales of domestic product 27,300.6 26,230.7 26,789.9 27,044.5 27,508.1 27,859.8 22,285.0 21,809.9 22,054.3 22,167.1 22,362.5 22,556.0 623.8 195.4 65 Gross domestic purchases 28,155.3 27,285.6 27,639.3 27,869.1 28,389.4 28,723.3 23,287.6 22,936.7 23,028.5 23,140.9 23,409.0 23,571.8 433.2 268.1 162.8 65 66 Final sales to domestic purchasers 28,098.0 27,107.9 27,615.6 27,850.5 28,287.3 28,638.5 23,197.8 22,755.3 22,970.4 23,082.6 23,280.0 23,458.3 505.4 197.3 178.3 66 63 Gross domestic income (GDI) Average of GDP and GDI 64 193.5 64 67 Final sales to private domestic purchasers 23,354.2 22,535.5 22,971.7 23,180.7 23,492.5 23,772.0 19,384.8 19,047.2 19,218.1 19,298.9 19,442.1 19,580.2 354.8 143.2 138.0 67 68 69 GDP 27,357.8 26,408.4 26,813.6 27,063.0 27,610.1 27,944.6 22,374.3 21,990.0 22,112.3 22,225.4 22,490.7 22,669.0 552.3 265.3 178.3 68 Plus: Income receipts from the rest of the world ............... 70 Less: Income payments to the rest of the world 71 72 1,340.7 1,390.7 1,452.7 1,499.9 ............... ............... 1,182.6 1,215.4 1,265.2 1,297.1 ............... .............. 31.9 .............. 69 Equals: Gross national product ............... 1,155.2 1,231.8 1,279.7 1,335.8 ............... ............... 1,019.1 1,076.8 1,114.6 1,155.4 ............... .............. ............... 26,594.0 26,972.5 27,236.1 27,774.2 ............... ............... 22,161.3 22,260.3 22,384.6 22,641.8 ............... .............. 40.8 .............. 70 257.2 .............. 71 Net domestic product 22,772.5 21,978.1 22,306.2 22,506.0 22,998.7 23,279.0 18,591.6 18,274.5 18,370.3 18,455.6 18,693.8 18,846.6 238.1 443.3 152.8 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 11 of 18 February 28, 2024 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 r 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Line 2023 Q3 Q4 Q1 Q2 Q3 Q4 r Gross domestic product (GDP) 4.6 7.1 3.6 1.8 -1.4 3.6 2.8 5.4 6.1 6.1 7.0 8.5 9.1 4.4 3.9 3.9 1.7 3.3 1.6 2 Personal consumption expenditures 4.2 6.5 3.7 1.3 -1.7 3.3 2.0 4.8 6.3 5.6 6.8 7.7 7.2 4.7 4.1 4.2 2.5 2.6 1.8 2 3 4.9 8.6 1.2 -1.2 -5.8 4.1 1.3 5.5 8.5 7.7 10.5 11.9 9.9 2.9 0.1 0.7 0.2 0.9 -1.4 3 1.4 1 Goods 4 Durable goods 5.5 6.4 -0.8 -1.1 -3.0 4.5 2.5 1.1 14.4 9.7 2.9 -1.6 -0.9 0.1 -4.4 -3.5 4 5 Nondurable goods 4.6 9.8 2.3 -1.2 -7.1 3.9 0.6 8.2 5.3 6.5 11.3 13.9 14.9 2.9 1.0 1.6 0.3 3.9 -0.2 5 6 6 Services 9.2 8.6 1 3.8 5.4 5.1 2.5 0.3 3.0 2.4 4.4 5.1 4.6 4.9 5.5 5.8 5.6 6.3 6.0 3.6 3.5 3.5 7 Gross private domestic investment 3.4 7.7 3.0 1.8 0.5 3.0 2.6 2.6 3.1 6.1 8.5 9.9 9.0 6.7 2.8 3.2 -0.1 1.7 2.2 7 8 Fixed investment 3.7 7.9 3.4 1.5 1.5 2.0 2.5 2.9 4.0 7.1 8.6 9.6 9.4 6.6 3.6 4.2 0.0 1.7 2.3 8 1.3 6.0 3.6 1.2 1.7 -0.2 1.2 -0.1 0.2 4.5 7.5 6.6 7.4 6.0 3.2 6.4 0.2 0.9 1.8 9 3.4 14.7 5.9 2.7 -1.5 -0.5 -1.3 0.8 6.2 9.1 23.1 14.0 16.1 16.1 7.0 7.2 0.9 -2.3 3.0 -3.3 4.9 5.9 8.4 8.2 5.6 5.9 1.8 1.9 1.6 2.7 1.7 -1.1 9 Nonresidential 10 Structures 11 Equipment 0.6 6.2 4.4 0.7 0.1 -1.5 -1.7 12 Intellectual property products 1.0 1.7 1.8 1.1 5.3 1.4 5.3 -3.6 11.0 13.8 2.8 2.4 1.1 9.4 6.6 12.2 15.4 14.9 11.9 18.4 15.4 13 14 Residential 0.6 8.4 1.8 10 7.9 -1.1 2.3 4.5 1.1 1.4 1.5 11 2.2 12 4.9 -2.6 -0.9 4.8 4.0 13 Change in private inventories ......... ......... ......... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 14 15 Net exports of goods and services ......... ......... ......... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 15 16 17 18 19 20 Exports Goods Services Imports 11.5 -1.5 -1.7 -17.8 13.0 6.4 20.9 18.3 -4.1 -4.0 -22.1 15.9 7.1 26.3 23.8 11.1 9.5 6.6 18.3 19.8 -9.3 -5.6 0.1 -3.9 4.0 -2.2 16 7.4 23.6 26.5 -13.8 -10.6 -2.9 -6.4 4.4 -3.5 17 6.4 5.7 4.3 3.0 -9.5 8.0 5.2 10.5 7.2 6.3 5.0 1.6 3.4 0.6 18 7.2 7.2 -1.9 -1.1 -12.4 8.7 3.1 12.1 12.3 6.1 6.9 13.4 10.7 -4.3 -4.3 -1.3 -4.8 7.2 5.9 1.8 6.5 6.9 0.3 0.4 19 0.7 0.7 20 7.6 7.4 -3.0 -1.7 -13.9 9.5 2.8 13.3 13.0 6.1 7.5 15.4 11.1 -6.1 -6.7 -2.4 -6.1 21 Services 22 Government consumption expenditures and gross investment 5.4 5.8 3.2 1.7 -4.7 4.9 4.9 5.7 8.8 6.3 4.4 4.2 9.1 4.2 7.2 3.5 5.3 7.0 2.5 3.7 -0.5 3.9 4.3 7.0 6.2 5.6 6.6 8.4 11.2 2.8 3.2 1.5 -1.1 23 3.2 5.6 4.0 1.3 0.1 2.3 2.9 3.4 4.0 4.1 4.6 7.2 6.9 4.8 4.1 4.1 2.1 4.0 4.1 23 3.5 6.3 3.6 0.9 -1.1 3.0 2.7 4.3 4.3 4.2 5.1 9.1 9.1 2.9 3.6 3.3 1.9 4.2 4.8 24 24 Goods 9.8 14.1 11.7 Federal National defense 0.8 -1.3 -0.7 21 5.1 1.8 22 25 Nondefense 2.9 4.7 4.4 1.8 1.7 1.5 3.2 2.2 3.5 4.0 4.1 4.9 3.9 7.5 4.7 5.2 2.3 3.7 3.1 25 26 State and local 6.5 7.9 1.7 5.3 -0.8 4.9 5.1 9.2 7.6 6.5 7.9 9.1 13.8 1.7 2.7 0.0 -2.9 5.7 0.5 26 1.6 27 Addenda: 27 Final sales of domestic product 4.6 7.1 3.7 1.8 -1.3 3.5 2.8 5.4 6.2 6.3 7.0 8.4 9.1 4.4 4.0 4.1 1.8 3.3 28 Gross domestic purchases 4.2 6.8 3.4 1.8 -1.1 3.4 2.5 4.8 5.7 5.7 7.0 8.2 8.2 4.7 3.8 3.6 1.4 2.9 1.9 28 29 Final sales to domestic purchasers 4.3 6.8 3.5 1.8 -1.0 3.2 2.5 4.8 5.9 5.9 7.0 8.1 8.2 4.7 3.9 3.7 1.4 2.9 1.9 29 30 Final sales to private domestic purchasers 4.1 6.8 3.7 1.3 -1.1 3.1 2.1 4.4 5.8 6.0 7.1 8.1 7.7 5.1 4.0 4.2 2.0 2.4 1.9 30 31 Gross national product (GNP) 4.6 7.1 ......... 1.8 -1.4 3.6 2.8 5.4 6.1 6.1 7.0 8.5 9.0 4.4 3.9 3.9 1.7 3.3 ........ 31 32 33 GDP excluding food and energy 1 Gross domestic purchases excluding food and energy 1 4.1 6.2 2.2 -0.6 3.2 2.6 4.4 5.8 5.5 6.4 6.9 7.2 5.2 4.3 4.6 2.3 3.0 3.9 6.1 3.6 2.1 -0.3 3.1 2.4 4.1 5.6 5.3 6.1 7.1 6.8 4.9 4.1 4.1 2.1 2.5 2.1 33 34 PCE excluding food and energy 1 3.6 5.2 4.1 1.7 -0.8 3.1 1.8 3.6 6.0 4.8 5.2 6.0 4.7 5.0 4.7 5.0 3.7 2.0 2.1 34 35 Market-based PCE 2 Market-based PCE excluding food and energy 1,2 3.6 6.5 3.6 1.2 -1.3 2.8 1.4 4.0 5.5 5.2 6.6 7.9 7.6 4.7 3.7 3.9 2.3 2.5 2.0 35 2.9 5.0 4.0 1.6 -0.1 2.4 1.0 2.5 5.1 4.2 4.8 6.0 4.8 5.0 4.3 4.8 3.7 1.9 2.3 36 36 4.0 2.4 32 Implicit price deflators: 37 GDP 4.6 7.0 3.6 1.9 -1.6 3.6 2.8 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 1.7 37 38 Gross domestic purchases 4.3 6.8 3.4 1.9 -1.3 3.3 2.5 4.7 5.8 5.7 7.2 8.1 8.2 4.8 3.7 3.6 1.4 2.8 1.9 38 39 GNP 4.6 7.0 ......... 1.9 -1.6 3.6 2.8 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 ........ 39 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. Source: U.S. Bureau of Economic Analysis Page 12 of 18 February 28, 2024 Table 5. Real Gross Domestic Product: Annual Percent Change Percent change from fourth quarter to fourth quarter one year ago Percent change from preceding year Line Line 2016 2017 2018 2019 2020 2021 2022 2023 r 2016 2017 2018 2019 2020 2021 2022 2023 r Gross domestic product (GDP) 1 2 Personal consumption expenditures (PCE) 3 Goods 1.8 2.5 3.0 2.5 -2.2 5.8 1.9 2.5 2.2 3.0 2.1 3.2 -1.1 5.4 0.7 3.1 2.5 2.6 2.7 2.0 -2.5 8.4 2.5 2.2 2.5 3.1 2.0 2.6 -0.8 7.2 1.2 2.7 2 3.6 4.1 4.0 3.0 4.9 11.3 0.3 2.0 3.7 5.4 2.1 3.8 8.8 6.6 -0.6 3.4 3 4 1 4 Durable goods 5.4 6.8 6.6 3.3 8.0 16.7 -0.3 4.2 6.5 8.6 2.8 5.5 15.3 5.8 0.1 5.7 5 Nondurable goods 2.8 2.8 2.6 2.9 3.3 8.5 0.6 0.9 2.3 3.8 1.8 2.9 5.4 7.0 -1.0 2.1 5 1.9 1.9 2.2 1.5 -5.9 6.9 3.7 2.3 1.9 2.0 2.0 2.0 -5.1 7.6 2.1 2.3 6 -0.1 4.4 5.8 3.1 -4.7 8.7 4.8 -1.2 2.3 4.9 4.7 1.3 2.1 7.9 -2.4 1.5 7 2.9 4.5 5.1 2.7 -2.1 7.1 1.3 0.6 3.5 5.5 3.3 2.9 0.7 3.8 -0.8 3.3 8 4.2 9 6 Services 7 Gross private domestic investment 8 Fixed investment 9 Nonresidential 1.8 4.6 6.9 3.7 -4.7 5.9 5.2 4.4 3.3 5.6 5.6 3.1 -3.7 4.9 5.6 10 Structures -3.1 2.6 5.8 2.5 -9.5 -3.2 -2.1 13.0 3.7 -0.4 3.5 6.4 -14.9 -0.9 0.8 16.0 10 11 Equipment -0.9 3.8 5.9 1.1 -10.1 6.4 5.2 -0.3 -0.9 7.5 3.3 -2.1 -3.7 1.4 5.3 -0.8 11 12 Intellectual property products 9.5 6.9 8.9 7.8 4.5 10.4 9.1 4.4 9.0 7.2 9.9 7.3 3.4 11.6 8.3 2.9 12 7.1 4.3 -0.7 -0.9 7.2 10.7 -9.0 -10.6 4.5 5.1 -4.1 2.2 15.9 0.4 -17.4 0.4 13 13 Residential Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 15 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 14 16 Exports 0.5 4.1 2.9 0.5 -13.1 6.3 7.0 2.7 1.4 6.1 0.3 0.8 -9.7 6.7 4.3 2.1 16 17 Goods 0.6 4.1 4.2 0.2 -10.0 7.6 5.8 2.6 2.4 6.1 1.6 0.0 -4.4 5.5 3.2 1.5 17 18 Services 0.2 4.1 0.3 1.2 -18.7 3.8 9.6 3.0 -0.6 6.0 -1.9 2.5 -19.3 9.2 6.7 3.2 18 1.5 4.7 4.0 1.2 -9.0 14.5 8.6 -1.6 2.2 5.8 3.0 -1.9 0.1 11.1 2.1 0.0 19 1.1 4.5 5.1 0.6 -5.9 14.6 6.8 -1.6 2.7 5.5 3.7 -2.7 5.3 8.7 0.9 0.5 20 3.0 5.7 -0.6 4.0 -21.9 13.9 17.5 -1.5 0.2 7.1 -0.1 1.7 -20.9 23.9 8.2 -2.1 21 19 20 Imports Goods Services 21 22 Government consumption expenditures and gross investment 23 Federal 2.0 0.6 2.0 3.9 3.2 -0.3 -0.9 4.0 1.5 1.0 1.9 4.7 1.1 -0.2 0.8 4.5 22 0.6 0.5 3.5 3.8 6.1 1.4 -2.8 4.2 0.2 1.4 3.5 3.9 4.5 0.6 -0.1 3.9 23 24 National defense -0.5 1.0 3.5 5.3 2.8 -1.9 -2.8 3.4 -0.5 2.1 4.5 4.3 3.2 -5.0 0.2 3.2 24 25 Nondefense 2.2 -0.2 3.4 1.7 10.9 5.9 -2.9 5.2 1.2 0.4 2.1 3.2 6.4 8.6 -0.6 4.7 25 26 State and local 2.8 0.6 1.1 4.0 1.4 -1.3 0.2 3.9 2.2 0.8 0.9 5.2 -0.9 -0.6 1.3 4.9 26 Addenda: 1 27 Gross domestic income (GDI) 28 Average of GDP and GDI 1.0 2.4 3.0 2.6 -2.3 6.1 2.1 .......... 1.3 3.0 2.8 2.6 0.2 4.4 0.0 .......... 27 1.4 2.4 3.0 2.5 -2.3 6.0 2.0 .......... 1.7 3.0 2.4 2.9 -0.4 4.9 0.3 .......... 28 29 Final sales of domestic product 2.4 2.5 2.9 2.4 -1.7 5.5 1.3 2.9 2.4 3.1 1.9 3.5 -1.3 4.7 1.0 30 Gross domestic purchases 1.9 2.6 3.1 2.5 -1.9 6.9 2.3 1.9 2.3 3.0 2.5 2.7 0.0 6.1 0.5 2.8 30 31 Final sales to domestic purchasers 2.4 2.6 3.0 2.4 -1.5 6.6 1.7 2.2 2.5 3.1 2.2 3.0 -0.2 5.3 0.8 3.1 31 32 Final sales to private domestic purchasers 2.5 3.0 3.2 2.1 -2.4 8.1 2.3 1.9 2.7 3.6 2.3 2.7 -0.5 6.5 0.8 2.8 32 33 34 Gross national product 1.8 2.7 2.9 2.4 -2.5 5.6 1.9 .......... 2.4 3.3 1.8 3.1 -1.4 5.2 0.7 .......... 33 Real disposable personal income 1.9 3.1 3.6 3.1 6.4 3.1 -5.9 4.2 1.8 3.5 4.0 2.4 4.6 0.3 -1.5 4.1 34 3.4 29 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding food and energy 2 0.7 1.8 2.2 1.5 1.3 4.2 6.8 3.4 1.2 1.9 2.1 1.3 1.6 5.8 6.2 2.4 35 1.0 1.7 2.1 1.6 1.5 3.9 6.1 3.6 1.4 1.7 2.2 1.4 1.8 5.3 5.7 2.7 36 37 GDP 1.0 1.8 2.3 1.7 1.3 4.6 7.1 3.6 1.4 1.9 2.2 1.5 1.7 6.1 6.4 2.6 37 38 GDP excluding food and energy 2 1.2 1.8 2.3 1.8 1.5 4.1 6.2 4.0 1.6 1.9 2.4 1.6 1.8 5.5 5.9 3.1 38 39 PCE 1.0 1.7 2.0 1.4 1.1 4.2 6.5 3.7 1.5 1.7 2.0 1.4 1.2 5.9 5.9 2.8 39 40 PCE excluding food and energy 2 1.6 1.6 1.9 1.6 1.3 3.6 5.2 4.1 1.8 1.6 2.0 1.5 1.4 4.9 5.1 3.2 40 0.7 1.4 1.8 1.3 1.0 3.6 6.5 3.6 1.1 1.4 1.7 1.3 1.0 5.3 6.0 2.7 41 1.3 1.2 1.6 1.5 1.3 2.9 5.0 4.0 1.4 1.2 1.7 1.5 1.2 4.1 5.0 3.2 42 41 42 3 Market-based PCE Market-based PCE excluding food and energy 2,3 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Note. Estimates under the Percent change from preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. Source: U.S. Bureau of Economic Analysis Page 13 of 18 February 28, 2024 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2020 Line Q1 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Q3 r Q4 r Line 1.2 -7.5 -1.5 -1.1 1.6 11.9 4.7 5.4 3.6 1.9 1.7 0.7 1.7 2.4 2.9 3.1 2 Personal consumption expenditures (PCE) 0.8 -8.6 -1.5 -0.8 3.0 16.4 7.6 7.2 5.0 2.2 1.9 1.2 2.1 1.8 2.2 2.7 2 3 3.0 -0.9 8.8 13.6 20.3 6.0 6.6 2.3 -1.2 0.8 -0.6 1.0 1.2 2.6 3.4 3 3.0 1 Gross domestic product (GDP) Q2 Goods 8.4 4 Durable goods 1.6 -0.9 15.3 15.3 28.4 32.8 4.5 5.8 -0.2 -3.7 5 Nondurable goods 3.7 -0.9 6.8 7.0 3.8 6 Services 5.0 5.4 6.4 13.9 0.1 1 3.1 3.2 4.7 5.7 4 0.2 -0.5 -1.0 -0.2 0.1 1.4 2.1 5 6 -0.2 -12.1 -6.0 -5.1 -1.8 14.4 8.5 7.6 6.4 4.0 2.5 2.2 2.0 2.3 7 Gross private domestic investment -2.0 -16.8 -2.2 2.1 3.9 19.8 4.7 7.9 10.5 9.0 2.9 -2.4 -6.1 -2.2 2.1 1.5 7 8 Fixed investment 1.9 -7.9 -3.1 0.7 3.8 14.4 7.0 3.8 3.3 1.8 1.1 -0.8 -1.8 -0.5 1.3 3.3 8 0.6 -9.3 -6.4 -3.7 0.4 11.8 6.8 4.9 5.3 4.3 4.1 4.2 9 9 Nonresidential 10 Structures 4.7 -10.8 -16.3 -14.9 -12.1 11 Equipment -7.8 -19.2 -9.4 -3.7 2.5 18.4 4.9 3.5 12 Intellectual property products 7.9 5.9 12.2 11.9 11.6 10.3 9.0 13 14 Residential 3.3 6.7 -2.7 3.4 3.4 0.1 8.8 15.9 14.8 22.7 2.1 2.7 5.8 5.6 4.4 1.4 -0.9 -3.1 -3.4 -2.7 0.8 8.1 12.3 15.7 16.0 10 4.6 7.2 5.3 0.2 0.9 -1.6 -0.8 11 9.0 8.3 6.4 4.9 7.3 1.4 4.9 3.6 2.9 12 0.4 -2.4 -5.0 -11.4 -17.4 -18.1 -15.4 -7.2 0.4 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 -4.3 -24.1 -14.5 -9.7 -5.7 20.3 7.1 6.7 5.2 7.4 11.1 4.3 7.3 2.1 -0.4 17 Goods -2.2 -24.1 -9.7 -4.4 -3.4 27.2 5.6 5.5 3.1 5.6 11.3 3.2 8.6 1.7 -1.3 1.5 17 18 Services -8.2 -24.2 -22.9 -19.3 -10.2 8.4 10.0 9.2 9.9 11.5 10.5 6.7 4.4 2.6 1.6 3.2 18 2.1 -1.0 -3.9 -1.7 0.0 19 19 20 Exports Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 Federal -5.5 -22.1 -8.4 8.2 0.9 -2.0 -4.1 -0.9 0.5 20 8.2 4.1 -2.6 -5.2 -2.1 21 4.4 0.8 2.7 4.1 4.8 4.5 22 0.6 -5.2 -4.0 -1.9 -0.1 3.0 4.3 5.7 3.9 23 0.2 2.5 2.9 5.0 3.2 24 8.6 -5.6 -4.5 -0.8 -0.6 3.5 6.1 6.7 4.7 25 2.6 4.0 4.3 4.9 26 5.0 2.2 1.1 1.4 -1.8 -0.6 -0.2 -2.3 -1.6 -0.6 4.3 10.2 5.2 4.5 7.6 -1.9 -0.4 1.7 3.2 0.3 -1.1 -1.8 -5.0 -4.9 -3.5 -2.8 National defense 3.0 25 Nondefense 6.3 20.3 10.6 26 State and local Addenda: Gross domestic income (GDI) 1 5.7 30.4 13.6 11.1 12.7 11.8 -4.9 -19.8 -3.8 5.3 10.3 31.9 10.7 8.7 10.1 9.6 7.1 -8.0 -31.5 -27.3 -20.9 -13.8 23.4 29.3 23.9 27.2 23.4 13.6 24 27 0.1 2.1 16 4.5 3.4 1.9 6.4 18.3 -3.0 1.4 0.4 -0.9 -2.2 -1.7 -0.7 -0.6 -0.4 -0.2 1.3 0.2 1.6 12.5 6.6 4.4 3.7 2.5 2.3 0.0 0.0 0.1 -0.1 ......... 27 28 Average of GDP and GDI 1.1 -7.7 -2.0 -0.4 1.6 12.2 5.6 4.9 3.6 2.2 2.0 0.3 0.9 1.3 29 Final sales of domestic product 1.9 -5.9 -1.6 -1.3 1.6 11.1 5.1 4.7 2.3 0.6 1.4 1.0 2.6 2.7 2.8 30 Gross domestic purchases 0.9 -7.7 -1.0 0.0 2.9 13.4 5.7 6.1 4.7 2.7 1.6 0.5 0.7 1.5 2.6 2.8 30 31 Final sales to domestic purchasers 1.6 -6.1 -1.1 -0.2 2.9 12.5 6.1 5.3 3.4 1.5 1.3 0.8 1.5 1.8 2.5 3.1 31 32 Final sales to private domestic purchasers 1.0 -8.5 -1.8 -0.5 3.2 16.0 7.5 6.5 4.6 2.1 1.7 0.8 1.3 1.3 2.0 2.8 32 33 Gross national product 1.1 -7.9 -1.8 -1.4 1.3 11.8 4.4 5.2 3.1 1.9 1.8 0.7 1.7 2.2 2.8 ......... 33 Real disposable personal income 1.8 11.9 7.3 4.6 16.2 -2.5 -0.3 0.3 -12.6 -5.6 -3.5 -1.5 3.7 4.9 4.1 4.1 34 34 1.1 -7.9 -2.5 0.2 1.4 ......... 28 3.4 29 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding 1.5 0.7 1.3 1.6 2.4 4.1 4.7 5.8 6.7 7.3 7.0 6.2 5.0 3.4 2.9 2.4 35 1.5 1.1 1.5 1.8 2.3 3.8 4.3 5.3 6.0 6.3 6.2 5.7 5.0 3.8 3.2 2.7 36 37 food and energy 2 GDP 1.6 0.8 1.3 1.7 2.6 4.5 5.1 6.1 6.9 7.7 7.2 6.4 5.3 3.5 3.2 2.6 37 38 GDP excluding food and energy 2 1.7 1.0 1.5 1.8 2.4 4.0 4.6 5.5 6.2 6.5 6.4 5.9 5.3 4.1 3.6 3.1 38 39 PCE 1.5 0.5 1.1 1.2 2.1 4.1 4.7 5.9 6.6 6.8 6.6 5.9 5.0 3.9 3.3 2.8 39 40 PCE excluding food and energy 2 1.6 0.9 1.3 1.4 1.9 3.6 4.0 4.9 5.5 5.2 5.2 5.1 4.8 4.6 3.8 3.2 40 41 Market-based PCE 3 1.4 0.6 1.1 1.0 1.7 3.4 4.0 5.3 6.3 6.8 6.7 6.0 5.0 3.7 3.1 2.7 41 42 Market-based PCE excluding food and energy 2,3 1.5 1.1 1.3 1.2 1.5 2.7 3.2 4.1 5.0 4.9 5.2 5.0 4.7 4.5 3.7 3.2 42 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Page 14 of 18 February 28, 2024 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2021 1 Gross domestic product (GDP) 2 Plus: Income receipts from the rest of the world 3 Less: Income payments to the rest of the world 4 Equals: Gross national product 5 Less: Consumption of fixed capital 6 Less: Statistical discrepancy 2022 2023 r 2022 Line 2023 Q3 r Q4 r 23,594.0 25,744.1 27,357.8 26,408.4 26,813.6 27,063.0 27,610.1 27,944.6 Q4 Q1 Q2 1 1,112.1 1,252.6 ............... 1,340.7 1,390.7 1,452.7 1,499.9 ............... 2 928.6 1,070.7 ............... 1,155.2 1,231.8 1,279.7 1,335.8 ............... 3 23,777.6 25,926.0 ............... 26,594.0 26,972.5 27,236.1 27,774.2 ............... 3,873.3 -5.5 4,299.9 4,585.4 4,430.3 4,507.4 4,557.0 -52.3 ............... 210.2 328.2 437.3 4,611.5 4 4,665.6 5 640.5 ............... 6 7 Equals: National income 19,909.7 21,678.4 ............... 21,953.5 22,136.9 22,241.8 22,522.2 ............... 7 8 12,545.9 13,439.2 14,254.2 13,675.0 13,965.2 14,154.1 14,368.7 14,528.9 8 10,312.6 11,116.0 11,817.0 11,317.0 11,565.4 11,733.3 11,917.5 12,051.7 9 Compensation of employees 9 Wages and salaries 10 11 Supplements to wages and salaries 12 13 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 2,233.2 2,323.2 2,437.3 2,357.9 2,399.8 2,420.9 2,451.2 2,477.2 10 1,749.1 814.2 1,790.9 878.3 1,849.2 967.3 1,825.3 907.5 1,827.4 945.8 1,824.1 961.1 1,859.6 974.4 1,885.8 11 988.1 12 14 Net interest and miscellaneous payments 2,922.8 504.6 3,208.7 ............... 457.4 176.6 3,248.4 360.7 3,165.1 307.8 3,172.1 212.4 3,280.7 ............... 13 105.7 80.6 14 15 Taxes on production and imports less subsidies 1,189.2 1,682.8 1,728.7 1,711.3 1,729.7 1,721.7 1,727.6 1,735.8 15 16 Business current transfer payments (net) 189.0 216.8 214.5 227.6 203.1 206.4 216.7 231.9 16 -5.0 4.4 -9.7 -2.3 -7.1 -10.0 -11.2 -10.4 17 17 Current surplus of government enterprises Addenda: 18 Gross domestic income (GDI) 23,599.5 25,796.4 ............... 26,198.2 26,485.4 26,625.7 26,969.7 ............... 18 19 Average of GDP and GDI 23,596.8 25,770.3 ............... 26,303.3 26,649.5 26,844.4 27,289.9 ............... 19 20 Statistical discrepancy as a percentage of GDP 0.0 -0.2 ............... r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. Source: U.S. Bureau of Economic Analysis Page 15 of 18 0.8 1.2 1.6 2.3 ............... 20 February 28, 2024 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 2 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security 3 24 Medicare 4 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 5 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2017) dollars 6 Disposable personal income: 46 Total, billions of chained (2017) dollars 6 Per capita: 47 Current dollars 48 Chained (2017) dollars 49 Population (midperiod, thousands) 7 21,407.7 21,840.8 22,975.7 12,545.9 13,439.2 14,254.2 10,312.6 11,116.0 11,817.0 8,766.4 9,493.6 10,082.6 1,604.9 1,740.5 1,851.5 961.6 1,034.8 1,091.3 7,161.4 7,753.1 8,231.1 1,595.3 1,714.1 1,813.8 5,566.2 6,039.0 6,417.3 1,546.3 1,622.5 1,734.4 2,233.2 2,323.2 2,437.3 1,526.8 1,559.1 1,620.7 706.4 764.0 816.6 Seasonally adjusted at annual rates 2023 2022 Q4 Q1 Q2 Q3 r Q4 r 22,274.1 22,643.9 22,868.0 23,085.7 23,305.2 13,675.0 13,965.2 14,154.1 14,368.7 14,528.9 11,317.0 11,565.4 11,733.3 11,917.5 12,051.7 9,660.8 9,879.6 10,022.3 10,164.2 10,264.3 1,776.0 1,809.9 1,837.4 1,867.4 1,891.3 1,050.4 1,067.2 1,081.8 1,102.6 1,113.8 7,884.8 8,069.7 8,184.9 8,296.7 8,373.0 1,738.0 1,790.2 1,798.5 1,827.3 1,839.2 6,146.9 6,279.5 6,386.4 6,469.4 6,533.8 1,656.2 1,685.8 1,710.9 1,753.3 1,787.4 2,357.9 2,399.8 2,420.9 2,451.2 2,477.2 1,579.6 1,598.8 1,609.7 1,628.5 1,645.6 778.3 800.9 811.2 822.7 831.6 1,749.1 72.2 1,676.8 814.2 3,214.7 1,515.5 1,699.2 4,641.9 4,554.1 1,114.6 874.5 736.5 324.0 154.1 1,350.5 87.7 1,558.0 2,743.3 18,664.4 16,543.9 16,043.0 5,506.6 2,006.4 3,500.2 10,536.3 273.6 227.3 120.2 107.1 2,120.5 11.4 1,825.3 84.0 1,741.4 907.5 3,525.4 1,706.7 1,818.7 4,073.7 3,974.9 1,225.8 934.2 828.4 22.1 173.7 790.7 98.8 1,732.8 3,095.7 19,178.4 18,556.0 17,917.0 6,047.6 2,129.0 3,918.6 11,869.4 395.3 243.7 129.2 114.4 622.4 3.2 2021 2022 1,790.9 81.7 1,709.1 878.3 3,432.0 1,627.5 1,804.5 4,002.1 3,903.0 1,211.5 926.1 814.4 22.3 170.5 758.2 99.1 1,701.7 3,138.3 18,702.5 18,079.7 17,511.7 5,997.0 2,128.9 3,868.1 11,514.7 326.1 241.8 127.7 114.1 622.8 3.3 2023 r 1,849.2 54.9 1,794.3 967.3 3,612.9 1,772.0 1,840.9 4,097.2 3,992.9 1,357.3 944.4 879.8 22.0 173.0 616.4 104.3 1,805.1 2,753.8 20,221.9 19,309.7 18,567.4 6,192.4 2,198.7 3,993.7 12,374.9 497.1 245.2 130.8 114.4 912.2 4.5 1,827.4 71.2 1,756.2 945.8 3,577.0 1,744.3 1,832.7 4,102.4 4,001.5 1,340.0 938.1 871.5 22.0 172.9 657.1 100.9 1,773.9 2,763.7 19,880.2 18,932.0 18,269.6 6,133.8 2,194.9 3,939.0 12,135.7 419.8 242.6 129.7 112.9 948.2 4.8 1,824.1 58.2 1,765.9 961.1 3,602.6 1,754.8 1,847.8 4,120.1 4,017.3 1,353.8 941.9 911.4 22.3 172.6 615.4 102.8 1,794.0 2,703.8 20,164.2 19,136.6 18,419.0 6,144.7 2,193.6 3,951.1 12,274.4 474.7 242.9 130.4 112.5 1,027.6 5.1 1,859.6 49.9 1,809.6 974.4 3,606.5 1,776.4 1,830.2 4,093.7 3,987.8 1,361.3 946.3 880.6 21.0 172.8 605.7 105.9 1,817.1 2,765.3 20,320.4 19,456.5 18,679.5 6,231.8 2,204.5 4,027.3 12,447.7 530.6 246.4 131.2 115.2 863.9 4.3 1,885.8 40.1 1,845.7 988.1 3,665.4 1,812.4 1,853.0 4,072.5 3,965.0 1,374.3 951.3 855.9 22.7 173.6 587.2 107.5 1,835.5 2,782.3 20,522.9 19,713.8 18,901.5 6,259.5 2,202.0 4,057.5 12,642.0 563.2 249.0 132.1 116.9 809.2 3.9 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 15,381.3 15,372.5 15,681.6 15,411.3 15,540.8 15,617.5 15,720.1 15,847.8 45 17,123.1 16,116.9 16,797.5 16,239.5 16,662.8 16,797.3 16,819.6 16,911.0 46 56,156 56,068 60,326 57,386 59,424 60,203 60,580 61,094 47 51,519 48,317 50,111 48,592 49,807 50,151 50,143 50,342 48 332,367 333,568 335,208 334,201 334,547 334,934 335,430 335,923 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts. 2. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 3. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 4. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 5. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 6. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 7. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Source: U.S. Bureau of Economic Analysis Page 16 of 18 February 28, 2024 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2021 2022 2023 r Line 2020 Q1 Q2 Q3 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line Q3 Q4 r Percent change from preceding period Gross domestic product (GDP) and related aggregates: 1 GDP 5.8 1.9 2.5 -5.3 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.2 1 2 Goods 8.7 3.5 2.8 -5.7 -28.0 72.3 1.5 4.0 6.4 1.6 19.0 -4.4 -3.1 7.9 6.2 -1.3 0.9 7.3 2.8 2 3 Services 4.9 2.4 2.6 -6.9 -28.1 21.4 4.0 6.0 7.9 5.5 2.7 -0.6 2.3 2.5 2.5 3.2 1.9 2.9 2.7 3 4 Structures 2.2 -6.4 0.9 7.0 -27.5 19.4 15.7 4.5 -4.9 -5.1 -3.7 -2.8 -9.5 -13.5 -9.6 8.9 7.7 10.0 5 6 Motor vehicle output 7.9 -2.5 5.7 -31.4 -85.1 1,189.9 -27.5 10.7 4.3 15.3 -1.2 14.7 15.4 5.7 2.1 2.4 -4.5 -25.6 28.0 5.3 5.1 6.7 4.8 6.3 -1.7 -0.7 2.3 2.7 1.9 7.2 2.1 2.6 -7.3 -32.8 45.8 5.4 6.5 7.3 3.4 8.9 -2.8 -1.1 2.8 2.8 -2.0 -0.6 2.7 2.6 7 GDP excluding motor vehicle output Nonfarm business gross value added 1 -8.7 -40.1 33.7 -12.5 8.5 4 -7.1 -21.9 5 1.7 5.2 4.0 6 1.8 2.0 5.8 3.5 7 2.2 2.1 4.9 3.2 8 9 Contributions to percent change in real gross domestic product Percent change at annual rate: 8 Gross domestic product 5.8 1.9 2.5 -5.3 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 Percentage points at annual rates: 9 Goods 2.65 1.10 0.90 -1.71 -7.55 19.64 0.57 1.38 2.09 0.56 5.66 -1.39 -0.99 2.44 1.95 -0.40 0.29 2.30 0.90 10 Services 2.95 1.43 1.56 -4.23 -17.82 13.42 2.36 3.48 4.59 3.22 1.64 -0.34 1.49 1.48 1.92 1.13 1.73 1.59 10 11 Structures 0.20 -0.59 0.08 0.61 -2.65 1.78 1.28 0.38 -0.47 -0.48 -0.34 -0.25 -0.89 -1.27 -0.86 0.72 0.63 0.83 0.72 11 12 Motor vehicle output 0.20 -0.07 0.15 -0.97 -3.77 6.02 -0.93 0.27 -0.25 -1.33 0.37 0.40 -0.21 -0.65 12 r Revised 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Page 17 of 18 0.75 -0.35 1.32 0.11 0.38 -0.03 February 28, 2024 Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line Q3 1 2 3 4 5 6 7 Billions of chained (2017) dollars at quarterly rates 2022 2023 2021 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q3 r Q4 r Q4 Percent change from quarter one year ago 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 r Line Q4 r 5,386.2 5,568.3 5,303.8 5,434.7 5,487.0 5,596.5 5,415.4 5,569.5 5,642.7 5,760.9 5.3 3.7 1.8 1.9 0.5 2.1 2.5 2.8 2.9 1 3,698.8 3,849.8 3,637.5 3,777.9 3,775.0 3,900.4 3,723.3 3,854.2 3,864.7 3,992.2 6.9 4.7 2.3 2.1 1.3 2.4 2.0 2.4 2.4 2 1,026.8 1,040.0 1,032.6 1,018.0 1,059.2 9.5 12.6 9.4 3.2 -4.5 -5.0 -2.4 0.3 2.3 3 993.0 981.4 993.9 1,062.3 1,016.2 -265.1 -248.7 -262.5 -283.0 -272.0 -233.5 -211.7 -233.0 -249.8 -221.4 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4 Exports 559.0 609.4 573.0 607.8 623.7 635.1 613.1 623.3 621.9 647.1 Imports 824.1 858.0 835.5 890.8 895.7 868.6 824.7 856.3 871.7 868.6 10.5 13.1 12.2 925.5 926.5 895.3 918.9 921.3 935.0 921.2 952.4 963.7 973.5 -1.0 -2.1 -2.1 -0.5 Government consumption expenditures and gross investment 6.1 4.9 7.3 11.6 8.7 4.2 7.0 2.6 -0.3 1.9 5 1.2 -1.3 -3.9 -2.7 0.0 6 0.9 2.9 3.7 4.6 4.1 7 Addenda: Current dollar measures: (Billions of dollars) 8 GDP 5,975.1 6,271.5 6,098.9 6,414.3 6,539.2 6,701.5 6,546.7 6,802.4 6,927.6 7,080.6 11.8 10.8 9.4 6.9 7.3 6.1 5.9 5.7 8 9 Gross domestic income 5,911.6 6,340.9 6,309.1 6,340.3 6,516.3 6,630.6 6,729.0 6,567.5 6,606.6 ............. 11.3 12.2 10.8 10.2 4.6 6.7 3.6 1.4 ......... 9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023. Source: U.S. Bureau of Economic Analysis Page 18 of 18 9.6
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