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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Tuesday, December 5, 2023 Technical: Media: Lisa Mataloni (GDP) Tom Howells (Update) Connie O'Connell (301) 278-9083 (301) 278-9586 (301) 278-9003 BEA 23–57 gdpniwd@bea.gov Connie.OConnell@bea.gov Gross Domestic Product by Industry Second Quarter 2023 and Comprehensive Update Real GDP by Industry Percent Change Real gross domestic product (GDP) by 8.0 industry, or value added, is a measure of an 6.0 industry’s contribution to GDP. In the second 4.0 quarter, value added increased 7.7 percent 2.0 for private goods-producing industries, 1.0 0.0 percent for private services-producing -2.0 industries, and 1.0 percent for government -4.0 (table 1). Overall, 13 of 22 industry groups -6.0 contributed to the 2.1 percent annualized -8.0 growth rate in real GDP in the second quarter -10.0 of 2023 (table 2). -12.0 GDP Private Goods Private Services Government 2022:Q2 2022:Q3 U.S. Bureau of Economic Analysis 2022:Q4 2023:Q1 2023:Q2 Seasonally adjusted annual rates Comprehensive Updates to the National, Industry, and State Economic Accounts As part of this first-ever synchronization of the national, industry, and state comprehensive updates, updated annual industry GDP estimates for 2017–2022 were released September 28. Today, BEA released the initial results of the 2023 comprehensive update of quarterly GDP by industry. The release includes new estimates for the second quarter of 2023 and revised estimates for the first quarter of 2018 through the first quarter of 2023. These updates incorporate new and revised source data that are more complete and more detailed than previously available. For details, refer to Information on 2023 Comprehensive Updates to the National, Industry, and State Economic Accounts. Contributions to Percent Change in Real GDP by Industry Group, 2023:Q2 Real GDP increased 2.1 percent Private goods Utilities Professional, scientific, and technical services Mining Durable goods manufacturing Nondurable goods manufacturing Transportation and warehousing Construction Health care and social assistance Federal government Information Arts, entertainment, and recreation Real estate and rental and leasing Agriculture, forestry, fishing, and hunting Management of companies and enterprises Educational services State and local government Finance and insurance Other services, except government Administrative and waste management services Retail trade Accommodation and food services Wholesale trade Private services Government 0.77 0.46 -0.02 -0.02 -0.02 -0.06 -0.13 -0.17 -0.18 0.14 0.14 0.12 0.05 0.04 0.03 0.35 0.35 0.30 0.27 0.23 -0.27 -0.32 Percentage points Seasonally adjusted annual rates U.S. Bureau of Economic Analysis • Within private goods-producing industries, the increase was led by mining, durable goods manufacturing, and nondurable goods manufacturing. • Within private services-producing industries, the increase was led by utilities and professional, scientific, and technical services. These increases were partly offset by decreases in several industries, led by wholesale trade and accommodation and food services. • The increase in government reflected an increase in federal government that was partly offset by a decrease in state and local government. Gross Output by Industry Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.4 percent in the second quarter, reflecting increases of 3.5 percent for private goods-producing industries, 1.8 percent for government, and 0.6 percent for private services-producing industries (table 5). Overall, 12 of 22 industry groups contributed to the second-quarter increase in real gross output. Page 2 of 13 First Quarter 2018 through First Quarter 2023 The average annual growth rate in real GDP over the revision period (calculated from the first quarter of 2018 through the first quarter of 2023) is 2.0 percent, 0.1 percentage point higher than previously published. Real value added for private goods-producing industries is now estimated to have decreased less than one tenth of one percent; in the previously published estimates, private goods-producing industries decreased 0.2 percent. Private services-producing industries is now estimated to have increased 2.7 percent, an upward revision of 0.1 percentage point. Government is now estimated to have increased 0.6 percent, a downward revision of 0.1 percentage point. Real GDP by Industry Group: Percent Change over the Period 2018:Q1-2023:Q1 Revised Previously published Information Management of companies and enterprises Professional, scientific, and technical services Arts, entertainment, and recreation Administrative and waste management services Health care and social assistance Real estate and rental and leasing Gross domestic product Accommodation and food services Transportation and warehousing Educational services Durable goods Federal Finance and insurance Utilities Retail trade State and local Mining Agriculture, forestry, fishing, and hunting Other services, except government Nondurable goods Wholesale trade Construction Revised from 1.9 to 2.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Percent U.S. Bureau of Economic Analysis Seasonally adjusted annual rates Real gross output is now estimated to have increased 1.9 percent over the revision period, the same as previously published. Private goods-producing industries is now estimated to have decreased 0.5 percent, an upward revision of 0.1 percentage point. Private services-producing industries is now estimated to have increased 2.7 percent, a downward revision of 0.2 percentage point. Government is now estimated to have increased 1.6 percent, an upward revision of 0.1 percentage point. * * * Next release, December 21, 2023, at 8:30 a.m. EST Gross Domestic Product (Third Estimate) Corporate Profits (Revised Estimate) Gross Domestic Product by Industry Third Quarter 2023 Page 3 of 13 Additional Information The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Resources 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 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. 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." 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. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Page 4 of 13 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. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. 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. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2017). 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. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 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 5 of 13 GDP by Industry News Release Tables Table 1. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Table 3. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 5. Real Gross Output by Industry Group: Percent Change from Preceding Period Table 6. Gross Output by Industry Group: Level and Change from Preceding Period Table 7. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Page 6 of 13 December 5, 2023 Table 1. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q3 2020 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Line 2023 Q3 Q4 Q1 Q2 Gross domestic product -2.2 5.8 1.9 4.6 2.6 -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 1 2 Private industries 3 Agriculture, forestry, fishing, and hunting -2.4 6.5 2.0 4.9 2.4 -6.0 -29.8 39.6 4.7 5.9 6.7 3.0 7.9 -2.4 -0.8 3.0 2.7 2.4 2.2 2 1.5 5.8 -7.4 -5.0 6.6 27.8 3.6 3 4 Mining -2.9 -11.8 -9.0 14.2 -12.9 15.6 -24.4 -5.9 -8.4 -7.1 -21.6 -8.1 -14.5 -21.1 -16.5 28.4 42.7 11.9 29.1 4 5 Utilities 6.2 -4.7 6 Construction -2.9 3.7 -6.8 2.6 -2.4 -6.7 -21.5 26.0 6.8 6.2 7.4 -8.4 -10.3 3.4 -16.3 -13.8 -0.1 7 Manufacturing -4.3 5.7 1.3 3.9 -1.6 -9.7 -34.8 54.7 5.1 2.0 2.8 -2.2 -6.6 0.8 3.8 -0.4 -0.8 -8.6 -43.2 70.5 5.7 5.1 3.4 -2.7 15.6 1.9 2.2 2.2 -6.7 -15.5 -5.3 -8.9 1 0.6 8 Durable goods -5.6 6.6 9 Nondurable goods -2.7 4.6 -1.4 3.3 9.4 -34.6 67.4 11.8 1.9 31.1 -7.3 7.9 -8.3 -4.5 4.8 10.4 -6.5 -24.2 9.5 -2.6 -11.2 -22.5 37.1 4.7 -1.5 5.5 6.1 3.8 -16.3 -14.1 -3.4 1.2 -10.9 17.3 -14.2 18.7 -3.1 60.9 0.0 15.7 3.2 15.7 10 Wholesale trade 0.7 -0.6 -3.9 5.4 3.6 11 Retail trade -1.5 7.4 0.9 -8.5 -23.6 50.8 -8.8 19.4 -18.3 -16.2 12 Transportation and warehousing -8.3 13.5 2.0 Information 3.8 14.7 7.5 10.0 3.3 -6.1 -4.5 26.7 6.8 15.4 22.3 11.5 18.3 2.3 6.3 -6.6 -3.2 10.3 6.9 13 14 15 16 17 18 19 20 21 Finance, insurance, real estate, rental, and leasing Finance and insurance Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 0.5 -4.7 1.0 5.5 1.4 4.8 -1.6 0.8 5.9 -28.4 45.3 -2.1 -3.2 -2.4 -12.0 6.7 -1.8 -2.5 -55.8 60.2 3.0 1.6 14.2 -17.1 10.1 8.0 32.7 10.2 10.9 2.4 5.5 -17.1 7.7 5.5 6 2.5 -9.1 6.5 7 0.4 3.8 -4.7 6.4 8 1.2 1.0 -14.0 6.6 9 3.3 1.4 -2.3 -5.2 10 1.8 10.1 13.4 11.5 -2.8 11 -7.6 -0.5 6.0 0.9 6.0 7.7 12 -2.3 8.6 7.8 4.4 2.2 13 3.4 3.1 6.6 4.6 9.2 0.5 -0.6 -1.2 -3.5 3.9 14.5 -1.8 4.6 1.1 9.9 -5.4 -4.9 -5.4 -11.2 -1.3 -0.9 15 7.8 6.7 0.2 -10.3 14.3 2.6 6.2 0.3 -0.1 14 5.9 4.5 3.8 1.8 8.8 4.2 2.0 1.2 1.0 1.2 0.3 16 -0.6 11.3 7.5 5.4 1.9 -0.5 -25.3 27.5 11.7 12.2 12.8 13.3 12.8 4.0 3.3 6.8 4.3 1.2 2.1 17 0.6 11.8 6.8 7.8 2.4 0.2 -21.3 25.9 0.6 2.8 7.2 6.2 3.6 6.0 18 2.2 10.3 10.3 -0.1 2.3 1.4 -5.4 6.9 18.4 6.8 4.2 -2.3 -1.1 19 -5.0 10.8 7.4 2.8 0.4 -3.5 -43.7 48.9 14.4 14.6 2.4 14.9 15.4 -2.9 4.8 3.8 3.3 1.4 -3.1 -42.9 73.6 4.1 7.0 13.2 16.1 17.0 10.4 5.2 28.5 4.9 17.1 -3.3 19.3 5.1 -4.4 4.5 6.1 10.9 -3.5 2.3 2.1 5.7 -0.4 -2.5 -5.2 20 6.2 2.3 10.9 22 Educational services -8.0 3.4 5.7 2.0 -1.9 -5.8 -37.6 23.0 -12.3 11.7 10.4 11.3 5.1 3.5 4.6 6.4 2.7 23 24 Health care and social assistance -2.1 5.0 3.6 3.5 2.0 -2.6 -43.8 83.5 8.0 -6.6 3.4 6.3 2.1 1.7 6.2 2.2 11.8 -26.5 25.4 10.8 9.0 0.8 -30.4 -90.7 348.1 7.4 27.6 69.7 24.8 8.2 Arts, entertainment, recreation, accommodation, and food services 3.2 25 Arts, entertainment, and recreation -31.1 26.0 22.4 18.5 15.9 -32.3 -95.4 328.1 65.9 51.1 16.0 35.4 21.2 26 Accommodation and food services -24.8 25.3 27 Other services, except government 28 Government 5 3.3 -4.8 19.8 1.4 21 5.9 -1.9 22 2.0 23 8.6 -3.2 12.3 -4.6 24 13.4 36.5 22.3 7.4 9.3 4.8 25 7.3 5.9 -4.3 -29.9 -88.2 354.3 -6.1 20.6 91.7 21.7 4.4 -10.1 14.8 4.4 -6.6 13.4 -7.7 26 -9.3 3.4 3.2 6.2 3.3 -14.3 -55.9 87.3 -2.6 -9.1 15.7 7.8 0.9 1.1 2.1 3.7 0.3 -2.5 -5.8 27 -1.4 0.8 1.6 2.0 3.7 -0.5 -15.4 5.3 0.1 1.8 1.3 0.4 1.4 1.4 1.0 28 3.9 29 29 Federal 3.3 0.7 -0.7 1.5 2.7 30 State and local -3.5 0.9 2.2 4.1 -2.3 -22.9 3.6 -3.6 -2.1 0.3 0.0 2.3 5.5 -0.9 -1.6 2.8 -0.4 -1.4 0.1 -3.0 -1.0 2.1 1.7 6.6 0.8 0.8 2.0 8.0 0.8 2.6 1.1 1.2 -0.3 30 3.9 -2.2 3.9 -2.6 -6.6 -30.9 42.6 4.9 2.8 1.4 -3.0 4.9 -4.0 -10.7 -0.6 5.4 -2.4 7.7 31 7.1 5.1 4.7 6.6 8.0 8.6 -2.1 2.1 1.0 32 2.7 3.4 6.3 3.4 1.0 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 3.0 3.6 -5.9 -29.6 38.9 4.4 1.7 3.9 3.5 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 7 of 13 December 5, 2023 Table 2. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q3 2020 Q4 Q1 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Line 2023 Q2 Q3 Q3 Q4 Q1 Q2 -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 1 6.97 -2.18 -0.73 2.61 2.42 2.09 1.96 2 Percent change at annual rate: 1 Gross domestic product -2.2 5.8 1.9 4.6 2.6 -5.3 -2.09 5.65 1.75 4.28 2.09 -5.32 -26.23 33.83 4.11 5.15 5.89 2.61 Percentage points at annual rates: 2 Private industries 3 Agriculture, forestry, fishing, and hunting 0.01 0.05 -0.08 -0.03 0.03 0.07 -0.27 0.41 0.08 0.06 -0.09 -0.05 0.03 -0.17 -0.16 -0.04 0.07 0.26 0.03 3 4 Mining -0.03 -0.14 -0.14 0.20 -0.22 0.10 -0.22 0.04 0.08 0.22 -0.03 0.11 -0.09 -0.34 -0.29 0.51 0.63 0.17 0.35 4 5 Utilities 0.09 -0.08 0.01 0.03 0.42 -0.13 0.11 0.28 0.01 -0.29 0.19 0.13 -0.02 -0.29 0.18 -0.33 0.27 -0.05 0.77 5 6 Construction -0.13 0.16 -0.30 0.12 -0.10 -0.29 -0.93 1.21 0.29 0.26 0.28 -0.43 -0.54 0.03 -0.81 -0.67 -0.03 0.14 0.23 6 7 Manufacturing 8 9 -0.45 0.57 0.13 0.33 -0.22 -1.07 -3.68 5.07 0.54 0.26 0.28 -0.08 1.38 -0.41 -0.84 -0.01 0.22 -0.98 0.64 7 Durable goods -0.33 0.36 0.20 0.00 -0.01 -0.46 -2.70 3.44 0.29 0.22 0.10 -0.27 0.64 -0.07 -0.02 -0.07 0.16 -0.26 0.35 8 Nondurable goods 9 -0.12 0.21 -0.07 0.33 -0.21 -0.61 -0.98 1.63 0.25 0.03 0.18 0.19 0.74 -0.34 -0.82 0.05 0.06 -0.72 0.30 10 Wholesale trade 0.04 -0.04 -0.24 0.34 0.19 0.28 -1.80 2.54 -0.22 -0.29 -0.18 -0.75 0.21 -0.20 -0.47 0.26 0.12 -0.14 -0.32 10 11 Retail trade -0.09 0.03 -0.32 0.41 0.02 -0.54 -1.40 3.06 -0.56 1.20 -1.32 -1.15 0.35 -1.21 0.09 0.59 0.80 0.69 -0.18 11 12 Transportation and warehousing -0.27 0.41 0.07 0.21 -0.08 -0.11 -2.19 1.51 0.16 0.78 0.28 0.36 0.34 -0.13 0.09 0.28 0.07 0.21 0.27 12 13 Information 0.20 0.78 0.40 0.51 0.18 -0.32 -0.19 1.53 0.36 0.80 1.13 0.60 0.95 -0.15 0.17 0.44 0.40 0.23 0.12 13 14 Finance, insurance, real estate, rental, and leasing 0.21 1.17 0.47 0.70 1.40 -1.20 -0.31 2.60 1.33 0.46 1.21 0.87 1.88 0.16 -0.09 -0.22 -0.72 0.06 -0.02 14 15 Finance and insurance 0.11 0.39 -0.12 0.18 1.12 -1.31 0.91 0.46 1.02 -0.28 0.26 0.02 0.74 -0.42 -0.37 -0.40 -0.87 -0.09 -0.06 15 16 Real estate and rental and leasing 0.10 0.79 0.59 0.52 0.28 0.11 -1.23 2.14 0.31 0.74 0.96 0.85 1.15 0.58 0.28 0.18 0.14 0.16 0.04 16 -0.07 1.42 0.93 0.68 0.26 -0.02 -3.22 3.59 1.39 1.44 1.53 1.60 1.60 0.52 0.43 0.86 0.54 0.15 0.27 17 0.04 0.90 0.52 0.60 0.20 0.05 -1.63 2.08 0.49 0.91 1.14 1.22 0.79 0.05 0.22 0.55 0.48 0.28 0.46 18 0.04 0.19 0.18 0.00 0.05 0.03 -0.09 0.11 0.47 0.09 0.30 -0.06 0.35 0.14 0.33 0.13 0.08 -0.04 -0.02 19 -0.16 0.33 0.23 0.09 0.02 -0.10 -1.50 1.40 0.43 0.44 0.08 0.44 0.46 0.33 -0.12 0.17 -0.02 -0.08 -0.17 20 17 Professional and business services 18 Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 19 20 21 22 23 24 Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services -0.26 0.42 0.32 0.28 0.12 -0.27 -4.17 5.60 0.48 -0.35 0.38 0.39 0.52 0.18 0.16 0.50 0.19 0.88 0.12 21 -0.10 0.04 0.06 0.02 -0.02 -0.07 -0.50 0.29 -0.16 0.12 0.11 0.12 0.06 0.04 0.05 0.07 0.03 0.07 -0.02 22 -0.16 0.38 0.26 0.26 0.14 -0.20 -3.67 5.31 0.64 -0.48 0.27 0.27 0.46 0.14 0.11 0.43 0.16 0.82 0.14 23 -0.21 24 -1.14 0.82 0.42 0.37 0.03 -1.49 -6.47 4.87 0.21 0.79 1.91 0.87 0.35 -0.15 0.78 0.37 -0.13 0.52 25 Arts, entertainment, and recreation -0.35 0.20 0.20 0.20 0.19 -0.41 -2.09 1.09 0.40 0.35 0.14 0.28 0.19 0.13 0.32 0.21 0.08 0.10 0.05 25 26 Accommodation and food services -0.79 0.62 0.21 0.18 -0.16 -1.09 -4.38 3.79 -0.19 0.43 1.77 0.59 0.16 -0.28 0.46 0.16 -0.21 0.41 -0.27 26 -0.21 0.07 0.07 0.13 0.07 -0.34 -1.49 1.51 -0.05 -0.19 0.31 0.16 0.01 0.01 0.04 0.07 0.00 -0.06 -0.13 27 -0.17 0.10 0.19 0.26 0.45 -0.05 -1.84 0.93 0.05 0.03 0.29 0.63 0.02 0.21 0.16 0.05 0.16 0.16 0.11 28 27 Other services, except government 28 Government 29 Federal 0.13 0.03 -0.03 0.06 0.10 0.12 0.16 0.26 -0.03 -0.05 0.12 -0.01 -0.06 -0.01 -0.12 -0.04 0.07 0.06 0.14 29 30 State and local -0.30 0.08 0.22 0.20 0.35 -0.18 -1.99 0.67 0.08 0.08 0.18 0.65 0.08 0.22 0.28 0.09 0.09 0.10 -0.02 30 -0.60 0.64 -0.39 0.62 -0.52 -1.18 -5.10 6.73 1.00 0.80 0.45 -0.46 0.78 -0.90 -2.11 -0.21 0.88 -0.41 1.26 31 -1.49 5.00 2.13 3.67 2.61 -4.14 -21.14 27.10 3.11 4.35 5.45 3.07 6.18 -1.27 1.38 2.83 1.54 2.50 0.69 32 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Note. Percentage-point contributions do not sum to the percent change in real gross domestic product because the industry details are calculated using source data and methodologies that differ from those used to calculate growth in the top-line, expenditure-based measure of real GDP. Source: U.S. Bureau of Economic Analysis Page 8 of 13 December 5, 2023 Table 3. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2022 Q2 1 Billions of chained (2017) dollars Gross domestic product 2 Private industries 2022 Q3 2022 2023 Q4 Q1 Change from preceding period Seasonally adjusted at annual rates Q2 Q2 2022 Q3 2023 Q4 Q1 Q2 2022 Line 2023 Q1 Q2 25,744.1 25,544.3 25,994.6 26,408.4 26,813.6 27,063.0 21,822.0 21,708.2 21,851.1 21,990.0 22,112.3 22,225.4 414.3 122.3 113.0 1 22,807.5 22,630.1 23,041.1 23,417.0 23,772.8 23,988.8 19,283.1 19,170.6 19,310.7 19,441.5 19,555.2 19,662.3 373.7 113.7 107.1 2 3 3 Agriculture, forestry, fishing, and hunting 270.8 273.2 276.0 282.2 271.1 256.4 170.1 168.5 167.0 169.7 180.5 182.1 -13.7 10.7 1.6 4 Mining 457.4 504.0 484.4 421.9 382.5 357.7 245.3 229.6 244.4 267.1 274.7 292.8 -24.2 7.6 18.1 4 5 Utilities 438.2 451.3 462.0 447.2 442.2 437.7 318.4 324.2 312.1 325.7 323.2 364.0 1.8 -2.5 40.8 5 6 Construction 1,090.1 1,066.2 1,093.1 1,138.4 1,161.2 1,180.7 827.8 833.6 803.1 802.9 809.4 820.3 -60.3 6.5 10.9 6 7 Manufacturing 2,649.7 2,635.3 2,658.5 2,740.1 2,729.0 2,750.8 2,277.8 2,262.3 2,266.9 2,280.9 2,227.1 2,262.3 29.7 -53.8 35.2 7 8 Durable goods 1,406.9 1,385.1 1,422.2 1,463.5 1,470.9 1,513.7 1,297.0 1,295.0 1,296.4 1,308.4 1,292.9 1,313.0 47.5 -15.6 20.1 8 9 Nondurable goods 1,242.8 1,250.2 1,236.3 1,276.7 1,258.1 1,237.1 985.4 972.9 975.7 978.2 942.1 957.3 -14.2 -36.1 15.2 9 Wholesale trade 1,546.8 1,537.9 1,554.4 1,575.7 1,592.9 1,596.6 1,146.8 1,134.5 1,143.8 1,147.8 1,141.1 1,125.8 -46.0 -6.8 -15.3 10 11 Retail trade 1,621.0 1,600.9 1,629.6 1,676.2 1,704.5 1,715.1 1,182.3 1,159.9 1,188.2 1,226.2 1,259.9 1,251.1 -58.9 33.7 -8.9 11 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 5,329.9 5,291.6 5,361.6 5,427.2 5,537.9 5,588.6 4,549.9 4,565.3 4,551.4 4,510.8 15 Finance and insurance 1,932.9 1,929.0 1,940.9 1,931.4 1,965.7 1,954.9 1,591.7 1,609.3 1,587.2 1,540.9 3,396.9 3,362.7 3,420.7 3,495.9 3,572.1 3,633.7 2,962.3 2,959.3 2,968.5 2,976.3 3,314.3 3,275.5 3,346.9 3,393.0 3,462.5 3,526.5 3,224.6 3,196.2 3,249.1 2,013.4 1,988.0 2,029.2 2,067.0 2,124.7 2,170.1 1,972.6 1,951.3 480.4 478.1 488.7 489.8 491.1 500.5 524.1 820.6 809.3 829.0 836.2 846.7 855.8 2,149.8 2,114.8 2,171.4 2,216.1 2,290.5 293.5 288.9 297.0 302.8 310.6 1,856.4 1,825.9 1,874.4 1,913.3 1,081.6 1,061.3 1,109.8 271.2 262.2 810.4 799.1 10 16 17 18 19 20 21 22 23 24 25 26 27 Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 28 Government 29 Federal 30 State and local 31 910.6 940.4 950.6 967.6 976.7 699.3 693.6 703.7 705.2 715.5 729.0 13.7 10.3 13.5 12 1,376.7 1,400.7 1,428.6 1,440.2 1,456.6 1,505.5 1,486.0 1,516.9 1,545.6 1,562.2 1,570.9 105.0 16.6 8.7 13 4,514.2 4,512.8 100.4 3.4 -1.5 14 1,536.0 1,532.7 -25.2 -4.8 -3.3 15 2,984.9 2,986.9 128.8 8.7 2.0 16 3,283.2 3,292.9 3,310.1 224.1 9.7 17.3 17 1,985.6 2,015.9 2,033.7 2,063.3 126.4 17.8 29.6 18 523.8 532.5 538.0 534.8 533.3 48.9 -3.2 -1.5 19 731.7 725.2 735.3 734.5 729.8 720.1 50.2 -4.7 -9.7 20 2,330.7 1,923.2 1,908.4 1,937.4 1,948.4 1,999.6 2,006.7 71.0 51.2 7.2 21 313.2 258.7 257.0 261.0 262.7 266.5 265.2 13.9 3.8 -1.2 22 1,979.8 2,017.5 1,664.8 1,651.7 1,676.6 1,686.0 1,733.5 1,741.9 57.1 47.5 8.4 23 1,145.3 1,205.9 1,222.0 884.1 886.4 905.0 897.7 924.2 913.3 86.1 26.4 -10.9 24 282.2 293.1 312.0 313.6 240.1 237.3 249.6 254.1 259.8 262.8 44.0 5.7 3.0 25 827.6 852.3 893.8 908.4 645.4 650.2 657.2 646.2 666.8 653.6 43.7 20.6 -13.2 26 544.4 530.7 552.5 574.5 585.0 592.7 434.2 432.7 436.7 437.0 434.3 427.8 13.3 -2.8 -6.5 27 2,936.6 2,914.2 2,953.5 2,991.4 3,040.8 3,074.2 2,525.6 2,524.4 2,526.7 2,535.5 2,544.2 2,550.5 40.5 8.7 6.3 28 939.4 933.1 944.9 955.8 970.6 984.4 802.5 800.9 798.9 803.0 806.3 814.0 -5.5 3.4 7.7 29 1,997.2 1,981.1 2,008.7 2,035.6 2,070.1 2,089.8 1,723.8 1,724.0 1,728.4 1,733.1 1,738.4 1,737.0 45.9 5.3 -1.4 30 4,468.1 4,478.7 4,511.9 4,582.6 4,543.8 4,545.6 3,517.0 3,483.3 3,477.8 3,524.1 3,502.7 3,568.4 -80.9 -21.4 65.6 31 18,339.4 18,151.4 18,529.1 18,834.4 19,229.1 19,443.3 15,766.8 15,688.6 15,837.6 15,919.5 16,058.4 16,096.7 460.1 138.9 38.3 32 Addenda: Private goods-producing 1 32 920.5 1,392.8 industries Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 9 of 13 December 5, 2023 Table 4. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q3 2020 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Line 2023 Q3 Q4 Q1 Q2 Gross domestic product 1.3 4.6 7.1 1.3 1.4 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 1 2 Private industries 3 Agriculture, forestry, fishing, and hunting 0.9 4.9 7.6 1.1 1.3 1.1 -2.9 4.2 2.9 5.8 6.8 6.7 7.7 9.1 10.0 4.4 3.8 3.8 1.4 2 -2.2 32.7 29.7 16.6 7.8 4.4 -52.5 39.8 57.3 22.1 118.8 16.3 -20.0 71.6 61.5 7.9 2.6 -33.4 -22.8 3 7.4 -53.6 -81.6 235.3 89.0 156.8 88.2 57.9 120.4 56.0 151.4 -33.3 -59.6 -39.6 -40.8 4 1 4 Mining -29.4 86.8 51.4 -32.8 5 Utilities -2.0 17.7 12.7 10.2 -19.7 -7.5 10.7 6 Construction 2.9 2.8 15.3 7 Manufacturing -1.0 4.2 10.5 -2.4 6.7 4.5 8 Durable goods 0.7 -0.7 9 Nondurable goods -3.1 10.5 15.0 -5.6 1.4 Wholesale trade -0.4 Retail trade 6.1 14.4 10.9 1.4 -1.0 12 Transportation and warehousing -1.9 1.7 Information 15 16 17 18 19 20 21 Finance, insurance, real estate, rental, and leasing 9.8 5.9 77.8 -16.3 10.9 19.4 -1.5 49.2 27.7 -26.0 -1.4 -40.4 2.0 -2.3 -0.2 0.6 4.8 20.7 28.0 17.6 7.2 8.7 9.0 11.3 19.2 2.4 -0.3 -2.7 -3.5 0.6 0.7 6.4 4.1 -1.3 -4.5 -8.7 12.5 7.4 3.1 -3.3 11.3 25.1 7.5 4.4 -3.4 -11.0 -3.4 11 7.3 16.3 4.8 2.7 -1.2 -3.7 -1.7 -0.7 10 13 14 9.6 13.7 0.2 4.2 6.3 10.6 8 9 2.8 10.2 13.3 20.2 6.9 6.5 10 4.5 -2.3 -1.2 -4.1 5.4 11 9.7 22.0 15.3 2.3 -2.8 -7.2 -7.2 7.0 1.5 21.8 16.4 19.6 22.2 14.8 -0.6 -2.4 -1.8 -1.0 0.0 2.4 -5.4 -1.7 3.4 -3.3 -5.3 -3.3 -3.2 -1.1 0.9 1.1 7.2 4.1 3.5 7.1 1.3 -3.6 12 0.1 -1.3 0.4 -1.0 2.3 13 8.8 3.8 14 2.5 2.3 4.8 2.7 6.1 -0.8 2.7 2.1 1.6 3.3 3.2 3.2 5.4 4.7 6.7 2.1 3.4 6.0 1.6 -1.8 10.0 -3.9 1.9 2.3 3.6 7.1 4.2 4.7 6.3 4.7 8.3 10.3 Real estate and rental and leasing 2.8 1.2 Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 7 5.4 Finance and insurance Professional and business services 6 8.2 -3.0 9.6 -12.3 6.6 46.2 11.1 12.2 18.1 8.0 5 1.3 1.8 22.8 15.6 18.6 12.1 13.3 35.5 -5.6 12.5 9.5 19.2 -1.1 9.7 2.6 10.1 4.9 8.1 8.7 -1.3 15 1.7 4.2 3.4 2.5 3.9 1.1 3.2 2.0 0.5 2.6 2.3 4.9 4.7 5.8 8.0 7.8 6.8 16 0.5 -0.2 1.8 0.4 0.6 0.3 0.4 0.3 1.5 0.1 -2.9 -0.7 1.9 4.8 0.8 2.1 1.3 7.2 5.4 17 0.6 -0.7 1.5 0.1 0.4 1.2 0.6 -0.6 2.8 -0.8 -4.6 -1.4 2.0 4.7 1.0 1.3 1.3 7.8 2.7 18 9.1 19 -2.4 -1.2 -1.2 -2.1 -0.9 -3.9 -5.3 0.7 -0.8 -0.6 -1.9 -1.3 -1.6 1.3 -5.6 2.2 -3.1 3.4 2.1 2.4 -0.2 7.2 4.3 4.2 4.0 7.9 10.1 20 1.8 4.3 3.0 2.1 0.7 3.8 3.1 0.7 1.5 3.7 2.5 2.8 2.5 2.5 3.2 2.6 2.8 2.4 1.3 6.5 -0.4 2.6 3.1 1.8 1.3 4.7 6.0 2.9 22 Educational services 2.9 2.9 2.0 2.6 3.6 3.5 2.1 2.6 2.7 3.6 2.8 2.9 2.0 0.1 0.8 4.9 5.2 4.7 5.2 22 23 24 Health care and social assistance 2.5 2.7 2.6 2.5 3.1 2.5 2.9 2.4 1.1 7.0 -0.9 2.6 3.2 2.1 1.4 4.6 6.2 2.6 5.8 23 Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation 2.4 4.4 3.8 0.5 8.0 2.7 2.2 1.5 5.7 9.1 1.6 -0.1 6.2 3.9 Accommodation and food services 1.7 4.9 9.7 2.5 4.6 0.1 -1.5 0.6 7.4 4.6 -2.3 17.1 13.3 7.8 4.8 10.1 20.2 4.5 4.2 8.2 2.5 5.3 7.0 3.8 2.6 3.7 6.3 1.1 8.7 6.2 13.2 16.5 10.3 11.9 27 25 26 27 Other services, except government 0.6 5.5 -0.3 2.2 13.6 12.3 5.4 1.5 0.7 -0.7 -13.7 17.5 3.0 9.2 -1.7 -7.9 5.5 7.6 5.7 21 9.9 17.0 9.4 10.6 24 9.7 8.2 17.6 -2.6 25 6.7 15.5 26 28 Government 4.4 2.8 2.9 2.9 1.7 8.0 8.3 0.4 3.0 3.2 2.7 1.6 2.5 2.7 2.4 5.1 3.8 5.3 29 Federal 1.5 3.8 5.4 1.4 0.4 2.0 3.0 2.2 3.3 6.2 2.2 3.5 5.5 5.9 7.3 6.2 2.6 4.6 3.4 28 1.8 29 30 State and local 5.8 2.3 1.7 3.7 2.3 10.8 10.8 -0.4 2.9 1.8 2.9 0.7 1.2 1.3 0.2 4.6 4.3 5.7 4.2 30 -2.3 9.5 16.1 -2.7 3.8 -4.5 -13.5 6.3 5.8 13.5 13.4 13.2 18.2 16.3 31.7 3.6 0.9 -1.0 -7.0 31 1.7 3.9 0.7 3.7 2.2 4.5 4.6 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 5.7 2.1 2.5 -0.3 4.0 5.3 5.3 5.4 7.4 5.2 4.9 3.5 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 10 of 13 December 5, 2023 Table 5. Real Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q3 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting 2020 Q4 Q1 Q2 2021 Q3 Q4 Q1 2.7 4.5 0.8 1.4 2.2 -0.1 3.6 1.4 1 -3.8 7.2 2.5 3.4 0.3 -5.4 -32.8 34.1 9.8 8.9 6.9 3.0 5.0 1.0 1.4 2.2 -0.4 3.7 1.3 2 0.1 -4.4 2.4 5.6 3.2 -3.4 -3.0 -2.5 -5.0 -8.1 -4.9 7 Manufacturing 5.7 -10.3 19.8 6.3 6.0 11.7 -9.0 -2.0 -66.9 -2.3 2.3 3.0 1.8 1.6 -6.3 -6.8 3.1 0.8 -0.3 -8.6 -7.6 -36.8 47.3 5.6 3.8 -4.4 -3.1 7.1 1.5 -4.8 2.8 -2.2 -8.0 -9.3 -47.7 82.6 8.3 4.2 -4.6 -6.9 8.5 5.8 -0.9 3.1 3.7 -4.0 5.7 -2.5 -8.4 8 Durable goods -7.9 4.6 9 Nondurable goods -5.6 1.6 -1.1 7.4 14.1 21.8 32.7 -4.7 10.9 6.8 -1.3 -11.2 -7.2 14.2 7.9 1.5 5.2 -12.3 4.0 6.2 10.6 1.7 -9.3 -5.8 -23.5 18.4 4.6 -0.5 -1.6 -7.5 Wholesale trade -4.9 10.9 -0.2 -1.6 -3.1 -4.8 -40.0 59.1 14.6 15.8 11 Retail trade 0.0 12 Transportation and warehousing 19 20 21 22 23 24 Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 0.7 9.7 -3.1 0.1 3.4 2.3 -10.7 -16.0 44.3 -12.4 11.0 7.3 5.6 2.3 -9.1 -66.5 68.2 27.0 12.1 3.4 11.7 7.4 7.4 6.0 -0.3 -12.1 24.3 14.7 11.8 11.8 9.0 10.8 4.0 0.9 4.3 0.4 2.3 3.1 -1.7 -6.4 2.3 -2.6 2.1 2.9 -2.3 0.2 6.9 21.2 -2.9 -10.1 5.8 8.2 1.9 9.0 13.7 10.9 4.1 6.8 2.8 5 7.1 7.3 6 4.6 3.0 -0.9 3.9 7 6.1 7.3 -2.8 8.0 8 0.0 9 3.1 -0.9 4.1 1.2 1.0 5.8 -1.9 11 6.1 1.7 13 1.8 -3.3 -1.0 4.6 -2.2 7.3 5.4 14 6.0 4.4 7.8 -1.7 -0.9 -5.8 -10.5 7.1 2.0 2.6 2.5 3.3 -1.3 -15.5 16.7 7.5 7.1 5.4 0.1 -29.3 21.7 18.8 12.3 11.3 7.6 1.2 10.7 7.3 8.9 6.0 3.3 -27.4 23.0 14.7 14.6 10.3 10.9 2.0 8.7 -1.9 4.6 0.2 -5.9 7.1 8.2 4.3 -6.2 -43.0 28.8 23.3 14.3 11.5 16.5 16.5 9.3 12.2 8.5 0.6 14.7 -8.9 19.6 1.3 10.8 -0.5 16.7 11.3 15 1.8 -2.5 0.6 -3.4 1.2 1.3 16 6.7 6.0 3.4 2.6 2.1 0.4 17 6.3 3.8 8.4 7.1 1.6 0.8 18 6.2 17.2 6.1 1.7 -3.9 3.3 19 7.6 5.1 -7.3 -5.6 -5.2 6.3 3.4 1.3 0.4 -5.7 -39.6 40.4 11.5 0.6 9.4 7.4 5.3 -0.1 1.0 5.1 Educational services -9.3 2.3 6.3 -0.4 1.6 -5.0 -44.2 22.9 -6.8 6.6 8.2 9.8 8.2 5.2 4.3 8.6 -1.4 Health care and social assistance -4.6 6.8 3.0 1.5 0.3 -5.8 -38.9 43.0 14.2 -0.2 9.6 7.0 5.0 -0.8 0.5 2.7 -29.8 -88.6 312.6 -1.2 33.6 77.4 31.9 -0.4 -6.4 30.8 Arts, entertainment, recreation, accommodation, and food services 1.0 3.5 -0.3 4.6 7.6 3 4 6.6 10.6 -0.4 -6.4 -3.3 -0.3 12 8.9 8.5 8.0 -7.3 7.6 5.7 -5.3 12.5 0.5 12.0 -1.0 4.6 -6.7 -6.1 -7.6 -5.4 -8.9 10 7.2 -0.7 5.7 27.8 0.0 4.4 11.7 -3.2 9.9 20.5 -6.7 -6.3 -5.9 4.7 -0.7 -0.6 10.8 7.9 3.3 8.6 -4.7 -7.5 -7.4 -1.0 -9.6 -10.7 -4.1 10 Real estate and rental and leasing Q2 6.0 Construction Professional and business services Q1 8.8 Utilities 17 18 Q4 8.5 6 16 Q3 0.6 -4.8 -29.8 29.7 3.3 Finance and insurance Q2 3.4 5 15 Q1 2.3 -17.0 Information Q4 6.5 Mining Finance, insurance, real estate, rental, and leasing Q3 Line 2023 -3.3 4 13 14 Q2 2022 6.4 -1.9 20 1.6 11.2 2.8 21 5.8 2.8 22 4.7 2.0 11.9 2.8 23 2.2 4.0 7.4 -5.4 24 1.6 34.8 13.6 11.8 0.4 -1.4 25 -24.9 26.9 11.1 7.0 25 Arts, entertainment, and recreation -32.7 30.8 21.3 2.9 -4.4 -27.6 -93.3 235.1 40.3 60.0 37.7 59.0 21.0 26 Accommodation and food services -22.3 25.8 8.2 8.4 5.0 -30.5 -86.7 336.0 -10.1 26.8 90.4 25.2 -5.9 -8.7 29.6 -1.0 1.7 9.7 -6.6 26 -10.4 7.5 2.9 6.6 2.4 -12.7 -55.2 62.6 0.8 1.4 0.6 3.7 2.9 27 Other services, except government 28 Government 0.1 -3.3 2.9 4.7 22.9 5.5 3.5 -3.5 -1.9 11.0 3.7 0.3 -2.7 27 1.4 -1.4 7.6 -1.0 0.3 0.8 -1.0 1.7 2.6 29 Federal 5.3 2.2 -3.0 2.2 -0.4 30 State and local -1.1 1.1 4.3 -5.1 2.7 -0.6 2.1 -6.1 -4.1 -32.8 33.0 -3.3 8.7 3.8 2.1 3.2 32.2 -12.7 -1.5 24.3 -8.9 -9.8 4.3 -1.2 -16.1 8.6 -1.3 1.6 2.3 1.8 28 1.4 -7.1 0.1 3.1 1.1 2.5 1.0 29 5.2 0.5 1.8 2.2 1.9 1.9 2.7 2.1 30 5.1 -2.5 -4.1 3.5 0.5 -5.1 1.7 0.9 2.0 3.5 31 5.5 1.1 2.4 -0.8 4.3 0.6 32 0.7 2.9 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 3.6 6.8 2.6 -5.8 -32.8 34.4 10.8 10.2 10.3 5.6 3.9 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 11 of 13 December 5, 2023 Table 6. Gross Output by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2022 Q2 1 Billions of chained (2017) dollars All Industries 2 Private industries 2022 Q3 2022 2023 Q4 Q1 Change from preceding period Seasonally adjusted at annual rates Q2 Q2 2022 Q3 2023 Q4 Q1 Q2 2022 Line 2023 Q1 Q2 46,083.3 46,124.8 46,690.3 46,733.6 47,300.5 47,365.2 38,062.5 37,994.2 38,205.2 38,191.7 38,527.4 38,660.5 845.8 335.7 133.1 1 41,206.3 41,257.3 41,757.0 41,752.9 42,272.3 42,328.0 34,025.2 33,968.6 34,156.6 34,126.5 34,435.9 34,550.5 823.9 309.4 114.6 2 3 Agriculture, forestry, fishing, and hunting 632.6 636.1 648.2 651.8 642.2 618.5 434.8 433.2 433.2 433.8 446.3 445.2 -20.0 12.5 -1.1 3 4 Mining 861.1 939.0 919.2 790.0 746.0 669.0 531.9 527.0 541.8 537.4 547.9 537.5 30.3 10.4 -10.3 4 5 Utilities 701.3 731.1 750.1 688.7 665.5 600.2 507.1 519.6 510.6 502.3 494.7 498.1 14.6 -7.6 3.4 5 6 Construction 2,134.8 2,139.6 2,138.5 2,152.2 2,201.1 2,235.9 1,564.3 1,580.1 1,536.2 1,520.2 1,546.6 1,574.2 -105.0 26.4 27.6 6 7 Manufacturing 7,191.6 7,246.8 7,274.3 7,258.0 7,217.1 7,193.6 5,541.9 5,483.6 5,545.3 5,586.7 5,574.4 5,628.2 43.7 -12.3 53.8 7 3,457.5 3,432.9 3,487.8 3,540.5 3,550.0 3,639.3 2,834.0 2,798.8 2,840.8 2,891.4 2,870.9 2,926.6 77.6 -20.5 55.7 8 0.0 9 8 9 Durable goods 3,734.1 3,813.9 3,786.6 3,717.5 3,667.1 3,554.3 2,713.3 2,689.5 2,710.1 2,704.1 2,711.0 2,711.0 -29.7 6.8 Wholesale trade 2,790.9 2,821.6 2,793.2 2,752.4 2,745.6 2,705.4 2,198.7 2,216.9 2,182.5 2,139.8 2,110.3 2,061.9 -4.8 -29.4 -48.4 10 11 Retail trade 2,709.7 2,720.9 2,730.3 2,729.3 2,752.1 2,753.8 2,092.2 2,093.1 2,099.2 2,104.5 2,134.2 2,124.2 2.6 29.8 -10.0 11 12 Transportation and warehousing 1,797.6 1,833.4 1,838.8 1,798.0 1,771.6 1,737.9 1,360.5 1,375.4 1,373.9 1,351.3 1,339.9 1,338.8 92.7 -11.3 -1.1 12 13 Information 2,458.4 2,460.6 2,484.5 2,483.6 2,514.3 2,524.9 2,440.8 2,441.7 2,462.8 2,461.3 2,498.0 2,508.6 167.5 36.7 10.6 13 14 Finance, insurance, real estate, rental, and leasing 8,301.1 8,199.1 8,401.4 8,481.4 8,755.4 8,918.3 7,065.5 7,031.6 7,110.3 7,070.7 7,196.0 7,290.5 31.6 125.4 94.5 14 15 Finance and insurance 3,345.4 3,280.8 3,402.3 3,449.1 3,635.5 3,729.2 2,847.7 2,814.4 2,887.1 2,883.7 2,997.2 3,078.7 -76.3 113.4 81.6 15 4,955.7 4,918.2 4,999.1 5,032.3 5,119.9 5,189.2 4,220.4 4,219.9 4,225.8 4,189.4 4,201.6 4,215.0 108.5 12.1 13.5 16 5,393.0 5,367.7 5,448.8 5,500.6 5,596.6 5,648.1 5,018.4 5,007.1 5,049.1 5,082.1 5,109.1 5,113.8 348.4 27.0 4.7 17 3,112.5 3,069.6 3,148.0 3,211.4 3,268.1 3,290.4 2,923.7 2,888.2 2,947.1 2,997.9 3,010.2 3,016.1 199.9 12.3 5.9 18 755.7 752.8 770.9 772.1 770.1 787.0 760.2 761.1 772.4 775.6 768.0 774.2 61.1 -7.7 6.2 19 1,524.8 1,545.3 1,529.9 1,517.1 1,558.3 1,570.6 1,335.9 1,357.6 1,332.2 1,313.1 1,333.6 1,327.2 88.3 20.5 -6.4 20 3,393.1 3,350.3 3,428.9 3,474.2 3,591.8 3,646.9 2,991.5 2,971.6 3,009.1 3,020.7 3,101.8 3,123.5 97.0 81.1 21.7 21 410.6 405.3 418.3 420.3 430.0 435.5 358.3 355.9 363.3 362.0 367.1 369.6 21.3 5.1 2.5 22 2,982.6 2,945.0 3,010.6 3,053.8 3,161.8 3,211.4 2,633.5 2,616.1 2,646.1 2,659.1 2,735.1 2,754.3 75.6 76.1 19.2 23 1,951.4 1,948.1 1,995.0 2,057.0 2,122.0 2,115.3 1,619.7 1,637.8 1,646.7 1,662.9 1,692.7 1,669.5 161.9 29.9 -23.3 24 458.8 449.2 472.4 492.1 507.0 500.1 404.0 401.8 414.8 426.5 426.9 425.4 71.0 0.4 -1.5 25 1,492.6 1,498.9 1,522.6 1,564.9 1,614.9 1,615.2 1,217.6 1,237.3 1,234.1 1,239.2 1,268.2 1,246.7 92.7 29.0 -21.5 26 10 16 17 18 19 20 21 22 23 24 25 26 27 Nondurable goods Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 28 Government 889.7 863.2 905.6 935.7 951.3 960.1 731.2 719.2 738.2 744.9 745.5 740.4 20.5 0.6 -5.1 27 4,876.9 4,867.5 4,933.4 4,980.8 5,028.1 5,037.2 4,038.1 4,026.5 4,049.2 4,066.1 4,092.4 4,110.8 22.2 26.3 18.4 28 29 Federal 1,450.1 1,440.0 1,469.2 1,483.1 1,506.2 1,513.3 1,235.5 1,229.9 1,239.4 1,242.9 1,250.5 1,253.7 -37.8 7.7 3.2 29 30 State and local 3,426.9 3,427.5 3,464.2 3,497.7 3,522.0 3,523.9 2,801.8 2,795.6 2,808.8 2,822.3 2,840.9 2,856.0 58.3 18.6 15.1 30 1 10,820.1 10,961.4 10,980.3 10,852.0 10,806.3 10,717.0 8,086.9 8,038.6 8,072.6 8,091.2 8,132.2 8,203.1 -51.4 41.0 70.9 31 2 30,386.2 30,295.9 30,776.7 30,900.8 31,466.0 31,611.0 25,964.1 25,960.2 26,117.0 26,064.6 26,337.3 26,376.6 900.1 272.7 39.2 32 31 32 Addenda: Private goods-producing industries Private services-producing industries 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 12 of 13 December 5, 2023 Table 7. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q3 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 4.4 7.7 10.4 8.3 8.1 10.4 10.9 2.7 0.5 1.3 -0.8 1 0.5 6.8 8.3 0.4 0.5 0.1 -4.0 5.3 4.4 7.7 11.1 8.6 8.3 10.7 10.9 2.6 0.3 1.3 -0.8 2 -2.2 20.6 23.6 3.6 1.6 -1.6 -27.8 17.3 27.1 15.3 57.3 17.6 0.9 44.7 37.9 7.9 1.7 -15.9 -13.1 3 3.9 -34.7 -59.7 97.1 48.7 83.8 44.2 42.5 68.7 30.8 85.1 -17.9 -43.7 -26.4 -30.2 4 5.6 -13.4 -8.2 2.4 2.7 7 Manufacturing -2.2 13.0 13.3 -3.8 -17.2 49.4 32.8 -20.2 8.2 14.8 8 Durable goods 0.3 9 Nondurable goods -4.6 18.1 17.8 -6.6 8.0 Wholesale trade 0.1 11 Retail trade 4.3 10.8 7.6 10.3 12 Transportation and warehousing -2.0 10.0 14.6 Information 0.0 0.1 2.7 9.9 9.6 63.7 -9.7 18.0 22.4 2.5 -0.5 5.3 2.7 2.1 -0.8 6 1.0 -3.3 -12.7 8.0 6.9 18.9 21.6 16.8 13.5 17.1 21.6 -2.9 -3.8 -1.4 -5.0 7 2.7 3.4 2.4 8.7 -1.0 -1.1 10 21 Q1 5.1 -2.3 18.4 13.8 20 Q4 0.5 -3.6 Construction 19 Q3 0.7 Utilities 17 18 Q2 0.5 6 16 Q1 8.1 5 15 Q4 Line 2023 6.6 Mining Finance, insurance, real estate, rental, and leasing Q3 2022 0.7 4 13 14 Q2 2021 9.0 0.3 0.2 9.0 14.8 11.6 9.6 12.0 8.8 7.0 0.4 -1.0 2.3 8 9 8.4 3.1 7.2 12.4 14.0 7.9 15.7 11.0 2.2 4.7 3.5 10 6.4 13.5 0.9 5.6 31.0 9.5 14.1 0.3 -1.1 -2.3 2.1 11 1.3 -3.5 -9.5 -2.4 8.7 6.6 24.5 17.7 17.4 19.4 16.5 1.6 -0.9 1.1 -0.7 -0.2 4.5 2.4 -5.0 0.7 4.9 -2.5 9.0 0.8 -0.3 -1.1 3.3 5.5 2.0 2.0 4.0 5 3.1 -6.8 -24.0 13.5 10.6 30.0 28.7 21.9 17.3 22.2 34.8 -5.8 -6.3 -6.3 -11.7 3.0 -0.6 -2.8 -5.0 0.6 1.1 45.3 18.7 -24.2 -7.3 -35.6 8.5 12.6 11.8 17.3 16.8 17.3 11.7 1.5 -2.4 -2.5 -7.1 12 0.4 0.1 -1.0 0.0 13 2.2 14 1.9 3.4 5.0 2.4 -0.3 4.2 -0.7 3.3 2.5 2.9 5.7 4.0 3.8 5.9 4.9 5.4 6.2 5.8 Finance and insurance 1.6 3.8 4.3 1.8 -2.8 6.6 -2.9 3.7 2.0 4.0 7.8 3.8 3.7 4.8 2.7 4.5 6.1 5.8 -0.6 15 Real estate and rental and leasing 2.2 3.0 5.5 2.8 1.7 2.5 1.1 3.0 2.8 2.1 4.2 4.2 4.0 6.7 6.4 6.1 6.3 5.9 4.2 16 0.7 1.5 3.3 0.7 0.5 0.2 0.6 1.0 2.1 0.9 1.5 1.6 3.0 6.0 2.7 2.7 1.2 4.9 3.3 17 0.7 1.0 2.9 0.4 0.3 0.6 0.7 0.4 2.9 0.2 0.0 0.9 3.0 5.7 2.7 2.0 1.1 5.5 2.0 18 -0.9 0.1 1.0 -0.7 -0.9 -0.7 -2.6 0.4 0.0 -0.1 1.1 0.6 0.1 3.4 -2.0 3.6 -1.0 3.0 5.6 19 1.5 3.2 5.2 2.7 1.4 3.1 5.0 3.5 4.6 8.0 5.1 3.5 2.5 4.6 5.2 20 3.4 21 Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 2.1 1.4 0.0 2.4 2.1 3.4 3.6 2.1 2.1 1.5 3.0 2.5 2.0 5.1 3.0 3.6 3.9 3.6 2.8 4.3 3.8 2.8 22 Educational services 2.4 3.5 3.3 2.2 2.5 2.5 2.0 2.8 3.1 3.2 4.9 4.2 3.5 2.1 2.8 4.5 3.4 3.5 2.4 22 23 24 Health care and social assistance 2.1 3.4 3.6 2.1 2.0 1.4 3.1 2.5 1.9 5.4 2.7 3.6 4.0 3.8 2.8 4.3 3.8 2.7 3.5 23 1.5 6.7 10.1 5.5 4.4 24 Arts, entertainment, recreation, accommodation, and food services 2.0 4.6 7.1 1.6 3.1 1.4 1.1 1.3 4.9 25 Arts, entertainment, and recreation 3.3 1.7 3.4 1.1 5.9 3.9 3.6 1.6 0.8 -10.4 17.0 26 Accommodation and food services 1.6 5.5 8.3 1.8 2.2 0.7 0.4 1.3 6.1 5.3 3.2 4.2 7.3 2.0 3.0 4.2 3.1 3.0 3.2 4.8 4.0 2.3 5.3 6.7 1.3 2.1 3.6 0.0 3.9 4.1 7.7 5.4 27 Other services, except government 28 Government 9.2 6.6 3.4 7.5 8.6 3.8 7.8 0.6 -4.7 7.5 5.3 12.3 -4.0 25 4.0 12.0 9.6 8.5 6.0 7.5 9.7 3.4 7.1 26 5.4 6.7 8.7 6.3 9.1 9.9 6.4 6.6 27 5.4 6.4 7.8 10.8 3.2 2.2 1.2 -1.1 28 29 Federal 0.9 4.0 6.3 1.1 1.0 1.2 0.0 2.5 2.9 6.2 3.3 4.7 5.9 7.4 9.4 5.1 2.7 3.8 30 State and local 2.8 5.8 6.9 1.4 2.6 4.7 0.0 4.6 4.6 8.3 6.4 5.7 6.6 8.0 11.4 2.4 2.0 0.1 -1.9 30 0.9 29 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 -2.1 14.1 15.5 -3.3 1.6 -4.2 -14.2 10.8 8.8 19.2 22.7 17.3 16.7 19.5 25.9 -1.0 -5.5 -3.6 -6.6 31 1.3 0.2 3.0 4.5 5.9 1.7 1.6 -0.4 3.6 4.1 7.4 5.8 5.6 7.8 6.0 3.9 2.4 3.1 1.2 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 13 of 13
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