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B U R E A U O F E C O N O M IC A N A L Y S IS U,S. PEPA K T M E N T OF COM MESCE NEW S RELEASE EM B A R G O ED U N T IL R E L E A S E A T 8:30 A .M . ED T, W E D N E SD A Y , A U G U S T 30, 2006 V irginia H. M annering: B EA 06-36 G R O S S D O M E S T IC P R O D U C T : S E C O N D Q U A R T E R 2 0 0 6 (P R E L IM IN A R Y ) C O R P O R A T E P R O F IT S : S E C O N D Q U A R T E R 2 0 0 6 (P R E L IM IN A R Y ) Real gross dom estic p ro d u ct — the o utput o f goods and services p ro d u ced by labor and property located in the U nited States -- increased at an annual rate o f 2.9 p ercen t in the second quarter o f 2006, according to p relim inary estim ates released by the B ureau o f E conom ic A nalysis. In the first quarter, real GDP increased 5.6 percent. The G D P estim ates released today are based on m ore com plete source data th an w ere available for the advance estim ates issu ed last m onth. In the advance estim ates, the increase in real G D P w as 2.5 percent (see "R evisions" on p ag e 3). The increase in real G D P in the second q uarter prim arily reflected p o sitiv e contributions from personal consum ption expenditures (PCE) for services, private inventory investm ent, nonresidential structures, exports, and state and local governm ent spending that w ere p artly offset by negative contributions from residential fix ed investm ent and federal governm ent spending. Im ports, w hich are a subtraction in the calculation o f G D P, increased. The deceleration in real G D P grow th in the second quarter prim arily reflected a deceleration in PC E for durable goods, dow nturns in equipm ent and softw are and in federal governm ent spending, decelerations in exports and in P C E for n ondurable goods, and a larger decrease in residential fixed investm ent that w ere p artly offset by a deceleration in im ports, an acceleration in P C E for services, and an upturn in private inventory investm ent. Final sales o f com puters contributed 0.05 percentage point to the second-quarter grow th in real G D P after contributing 0.07 percentage p o in t to the first-quarter grow th. M o to r vehicle output subtracted 0.28 p ercentage p o in t fro m the second-quarter grow th in real G D P after contributing 0.12 percentage point to the first-q u arter grow th. N O T E .-Q u a rte rly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter dollar changes are differences betw een these pu b lish ed estim ates. Percent changes are calculated from unrounded data and are annualized. “R eal” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. This new s release is available on B E A ’s W eb site at w w w .bea.gov/bea/rels.htm . - more - -2- The price index for gross dom estic purchases, w hich m easures p rices p aid by U .S. residents, increased 4.0 percent in the second quarter, the sam e as in the advance estim ate; th is index increased 2.7 percent in the first quarter. E x clu d in g food and energy prices, the p rice index for gross dom estic purchases increased 2.9 p ercen t in th e second quarter, com pared w ith an increase o f 3.0 percent in the first. R eal personal con su m p tio n expenditures increased 2.6 percent in the second quarter, com pared w ith an increase o f 4.8 percen t in the first. R eal nonresidential fixed in v estm en t increased 4.7 percent, com pared w ith an increase o f 13.7 percent. N onresidential structures in creased 22.2 percent, com pared w ith an increase o f 8.7 percent. E quipm ent and softw are decreased 1.6 p ercent, in contrast to an increase o f 15.6 percent. R eal residential fixed investm ent decreased 9.8 p ercent, com pared w ith a decrease o f 0.3 percent. R eal exports o f goods and services increased 5.1 percent in the second quarter, com pared w ith an increase o f 14.0 p ercen t in the first. R eal im ports o f goods and services increased 0.6 percent, com pared w ith an increase o f 9.1 percent. R eal federal governm ent consum ption expenditures and gross in v estm en t decreased 4.3 percent in the second quarter, in contrast to an increase o f 8.8 percent in the first. N atio n al defense decreased 1.8 percent, in contrast to an increase o f 8.9 percent. N ondefense decreased 9.3 percent, in contrast to an increase o f 8.5 percent. R eal state and local governm ent consum ption expenditures and gross investm ent increased 4.2 percent, com pared w ith an increase o f 2.7 percent. The real change in p riv ate inventories added 0.63 percentage p o in t to the second-quarter change in real G D P, after subtracting 0.03 p ercentage p o in t from the first-quarter change. P rivate businesses increased inventories $58.7 b illio n in the second quarter, follow ing increases o f $41.2 billio n in the first quarter and $43.5 b illio n in the fourth. R eal final sales o f dom estic p ro d u ct -- G D P less change in priv ate inventories — increased 2.3 percen t in the second quarter, co m p ared w ith an increase o f 5.6 p ercen t in the first. G r o s s d o m e s t ic p u r c h a s e s R eal gross dom estic p u rch ases — purchases by U .S. residents o f goods and services w herever produced - increased 2.3 p ercen t in the second quarter, com pared w ith an increase o f 5.3 percent in the first. - more - -3- G r o s s n a t io n a l p r o d u c t R eal gross national p ro d u ct — the goods and services p ro d u ced by th e lab o r and property supplied by U .S. residents -- increased 2.6 p ercen t in the second quarter, com pared w ith an increase o f 6.1 percen t in the first. G N P includes, and G D P excludes, net receipts o f incom e from the rest o f the w orld, w hich decreased $8.6 b illio n in the second quarter after increasing $14.4 b illio n in the first; in the second quarter, receipts in creased $38.7 billion, and paym ents in creased $47.3 billion. C u r r e n t-d o lla r G D P C urrent-dollar G D P - the m ark et v alu e o f the nation's o u tp u t o f goods and services -- increased 6.3 percent, or $201.3 billion, in the second quarter to a level o f $13,209.7 billion. In the first quarter, current-dollar G D P increased 9.0 p ercent, or $277.9 billion. R e v is io n s The prelim inary estim ate o f th e second-quarter increase in real G D P is 0.4 percentage point, or $12.3 billion, m ore than the advance estim ate issued last m onth. The up w ard revision to the percentage change in real G D P prim arily reflected upw ard revisions to exports o f goods, to nonresidential structures, to private inventory investm ent, and to state and local go v ern m en t spending that w ere partly offset by a dow nw ard rev isio n to resid en tial fixed investm ent. A dvance Prelim inary (Percent change from p reced in g quarter) R eal G D P .................................................. C urrent-dollar G D P ................................. G ross dom estic purchases price index... 2.5 5.8 4.0 - more - 2.9 6.3 4.0 -4- C o r p o r a t e P r o f it s Profits from current p ro d u ctio n (corporate profits w ith inventory v alu atio n and capital consum ption adjustm ents) increased $49.5 billio n in the second quarter, co m p ared w ith an increase o f $175.6 billion in the first quarter. C urrent-production cash flow (net cash flo w w ith inventory valuation and capital consum ption adjustm ents) - the internal funds available to corporations for investm ent increased $16.7 b illio n in the second quarter, com pared w ith an increase o f $125.3 billion in the first. Taxes on corporate incom e in creased $26.5 billion in th e second quarter, com pared w ith an increase o f $32.3 b illio n in the first. Profits after tax w ith inventory v alu atio n and capital consum ption adjustm ents increased $23.1 b illio n in the second quarter, com pared w ith an increase o f $143.2 billion in the first. D ividends in creased $15.4 billion, com pared w ith an increase o f $14.7 billion; currentproduction undistributed p rofits increased $7.6 billion, com pared w ith an increase o f $128.5 billion. D om estic profits o f financial corporations increased $34.7 b illio n in the second quarter, com pared w ith an increase o f $51,4 b illio n in the first. D om estic profits o f n o n fin an cial corporations increased $5.6 billion in the second quarter, com pared w ith an increase o f $94.5 b illio n in the first. In the second quarter, real gross no n fin an cial corporate value added increased, and p ro fits p er unit o f real value added decreased. The decrease in u n it p rofits reflected an increase in u n it p rices th a t w as m ore th an offset by an increase in unit labor costs; u n it no n lab o r costs w ere unchanged. The rest-of-the-w orld co m p o n en t o f profits increased $9.1 b illio n in the second quarter, com pared w ith an increase o f $29.8 billio n in the first. This m easure is calculated as (1) receipts by U .S. residents o f earnings from th eir foreign affiliates plus dividends received by U .S. resid en ts from unaffiliated foreign corporations m in u s (2) paym ents by U .S. affiliates o f earnings to th e ir foreign parents plus dividends paid by U .S. corporations to unaffiliated foreign residents. T he second-quarter increase was accounted for by a larg er increase in receipts than in paym ents. Profits before tax increased $91.8 b illio n in the second quarter, co m p ared w ith an increase o f $142.3 billio n in the first. The b efo re-tax m easure o f profits does n o t reflect, as does profits from current production, the capital con su m p tio n and inventory v aluation adjustm ents. These adjustm ents convert depreciation o f fixed assets and inventory w ithdraw als rep o rted o n a tax-return, historical-cost basis to the current-cost m easures u sed in the national incom e and p ro d u c t accounts. The capital consum ption adjustm ent decreased $8.4 billio n in the second q uarter (from -$148.6 billion to -$157.0 billion), in contrast to an increase o f $17.0 billion in the first. T he in v en to ry valu atio n adjustm ent decreased $33.9 b illio n (from -$22.9 b illio n to -$56.8 billion), in co n trast to an increase o f $16.3 billion - more - -5- B E A 'S natio n al> international, regional, and industry estim ates; the S u r v e y o f C u r r e n t B u s i n e s s ' , and B EA new s releases are available w ith o u t charge on B EA 's W eb site at w w w .b ea.g o v . B y v isiting the site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents. Sum m ary B E A estim ates are available on recorded m essages at the tim e o f public release at the follow ing telephone num bers: (202) (202) 606-5306 606-5303 G ross dom estic product Personal incom e and outlays * * * N ex t release - Septem ber 28, 2006, at 8:30 A .M . E D T for: G ross D om estic Product: Second Q uarter 2006 (Final) C orporate Profits: Second Q uarter 2006 (Final) - more - T a b le 1 ,— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2 (1 0 2 III 2003 IV I II 2004 III IV I II 2005 III IV I II 2006 III IV I" II " 2.5 3.9 3.2 2.4 0 .2 1 .2 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 1 .8 5.6 2.9 ..................... 2 .8 Durable g o o d s ........................................................... Nondurable g o o d s ...................................... S e r v ic e s ......................................................... 3.5 5.5 4.5 1.4 -5 .2 3.6 3.6 16.8 2.3 4.7 3.9 9.6 3.4 3.2 .8 4,8 26 5.4 3.4 2.7 2.4 5.2 2 .8 3.9 8.7 3.7 3.1 4.2 4.3 4.6 2.9 1.7 1.7 3.8 4.3 1 .8 5.8 16.7 7.7 2.9 2.3 .7 2 .6 2.3 11.5 .3 1.3 2 .1 5.8 3.2 1.9 3.9 6.4 3.6 3.5 3.6 3.4 9.8 7,3 3.3 7 .5 17.7 9.3 4.8 21.7 2 .0 5.1 1 .0 5.9 6 .8 -4.1 2 .2 1 .1 2 .8 7.3 9.9 8.9 - 2 !o -1 5.5 3.3 8 .6 2 .0 6 .8 2.9 7.5 5.1 2 .2 G r o s s d o m e st i c p r o d u c t ( G D P ) . . . . . . . . . . . . . . P e r so n a l c o n su m p t i o n G r o ss p rivat e e x p e n d it u r e s d o m e s t i c i n v e st m e n t .. . . . . . . . . . . . . . . . . . . . . . Fixed investm ent ............................................. Non re s id e n tia l......................................................... S tr u c tu re s .......................................................... Equipment and software ................................... R e s id e n tia l............................................................. Change in private In v e n to rie s .................................... Net e xports of g o o d s a n d se r v i c e s 5.8 _7 - 1 .0 -1 .3 A -L 4 - 5 .0 -5 .3 -4 .9 6.4 -2.6 -6 .9 - 1 .0 4.1 10.7 14.7 9.3 10.5 9.4 1 .8 2 .8 6 .1 1.7 3.3 13.2 -4 .7 5.6 2 2 .2 1 0 .6 3.1 11.4 2 0 .8 8 .8 19.8 23.1 17.6 17.2 19.6 ’ 72 7.1 7.5 -.8 1 .2 7.2 6.9 7.3 19.8 10.3 3.1 13.0 3.2 “ T i 6.4 5.6 16.0 17.7 7.6 .... 4 i 8.3 - 2 .8 4.4 4.7 3.1 2 .2 6 .1 8.3 e x p e n d it u r e s a n d 1 2 .8 1 .6 4.9 2.3 8 .2 -3 .6 - 2 .0 12.3 5.3 6.3 -.6 1 1 .1 1 .8 0 4.1 4.9 0 9.2 9.0 9.7 -3 .1 -9 .1 11.7 9.0 -5 .3 2 .0 10.9 6.7 1 0 .0 2 .8 4.6 5.7 6.5 1.7 1.9 4.3 5.9 .9 1.5 1.7 2.3 3.0 4.1 1 0 .2 .1 14.8 1 .2 1.1 12 2 .1 1.9 2 .0 -4 .4 9.0 - 2 .2 1 0 .8 6 .1 - -5 .0 -3 .9 8 .1 14.0 2 0 .0 - 1 0 .6 - 1 .7 - 1 .2 - 2 .8 4.1 17.5 3.7 1 0 .2 8 .6 .6 -1 5 .7 2 1 .2 6 .1 19.7 36.3 -6 .4 1.5 .4 - 5 .3 12.4 - 6 .0 -.8 2 .1 -.6 6.9 2 .1 6 .6 7.3 6.3 3.0 2.5 3.5 1.7 3.4 4.4 4.0 3.5 3.9 9.7 9.1 9.1 8.5 9.6 8.9 4.9 4.4 4.9 4.4 5.8 3.2 7.8 7.3 8.9 8.5 7.4 7.7 1 0 .1 10.9 4.7 5.5 2.9 4.1 4.9 6 .1 19.2 1 2 .0 1 2 .6 2 .0 19 R 5J} 1.7 1 .6 3.5 16.2 7.8 2 .8 8 .2 5.2 120 13.7 8,7 22 2 2 .8 15.6 _U 5 ......... 2 .0 7.9 1 1 .0 2 0 .0 7.1 -9 ......... ......... ......... 3.2 .... £ 6 3.7 11.5 2 .1 5.5 2.5 13.2 2.7 14.1 1 .2 8.3 iiio 5.2 - ......... 1.3 -1 2 3 3.9 5.2 6.3 5.9 -7 .0 6 .0 ...................... E x p o rts ....................................................................... Goods .................................................................... S e rv ic e s ................................................................. Im p o rts .............................................................. Goods ...................................................... S e rv ic e s ................................................. G o v e r n m e n t c o n su m p t i o n 8.4 5.4 1 .6 .4 3.8 1.5 .... 9 4 1 2 .8 2 .0 1.4 2 .0 9.0 -.2 -1 .5 1.3 5.0 9.1 -2 .9 -.9 -1 .9 -5 .2 -9 .1 3.4 1 .6 1 .1 3.4 4.5 .1 .6 .4 2.9 -4 .4 1.5 4.0 3.1 4.0 3.3 2 .6 2 .0 2 .8 7.5 3.3 3.4 3.3 3.6 -4 .0 5.6 2.4 4.6 3.0 .5 5.3 5.9 5.9 7.0 7.0 5.3 10.7 17.3 6.7 9.1 9.4 7.4 2 8 - .9 4.7 .... 5 J 55 3,9 £ -1 4.5 gr o ss in v e st m e n t . . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. F e d e ra l................................................... National defense .................................................... Nondefense ........................................... State and local ................................................ 2.5 6 .8 8.7 3.4 .2 .5 .5 2.5 3.5 3.3 3.6 3.1 2 .2 3.5 4.4 4.0 3.8 3.6 4.7 4.7 5.2 5.2 4.9 4.2 6.9 6.5 7.6 7.2 6.7 6.4 6.3 6.7 6.9 7.2 4.8 -1 .4 .7 3.1 8 .1 2.9 7.2 9.1 3.6 .5 2.5 2 .0 3.5 2 .1 1 .2 3.4 9.6 6 .2 - 1 .1 -4 .6 -9 .9 7.1 -.1 1 .0 4.4 4.0 4.2 4.9 1 1 .2 4.9 8 .8 .9 -4 ,3 8.9 8.5 2.7 -9 3 -3 2,7 7 5,6 23 .5 5.5 6 1 -1 8 4.2 Adde nda: Final sales of dom estic p ro d u c t................................. Gross dom estic purchases ........................................ R nal sales to dom estic p u rc h a s e rs ........................... Gross national product (GNP) ................................... Disposable personal In c o m e ...................................... 2 .8 2 .8 2.7 1.4 .1 2 .8 1.7 1.3 .9 1 .8 1 .6 1.1 2.9 1 .0 .8 1 .6 .2 1.7 4.5 4.0 5.1 4.1 5.0 6 .2 3.9 3.0 4.4 3.6 4.4 4.1 .2 2.4 2.4 3.9 3.8 3.2 1.9 4.4 4.6 5.1 5.3 4.0 4.8 4.8 5.8 4.7 5.7 5.4 5.7 1 .2 - 6 .1 2 .6 5.5 4.1 2.9 2.4 3.3 3.2 -.6 5 .3 5 ,4 17 2.5 4.6 1.5 9.0 9J 6.3 C u r r e n t - d o l l a r m e a su r e s: G D P .................................................. Final sales of dom estic p r o d u c t............................ Gross dom estic purchases .................................... R nal sales to domestic purchasers ...................... G N P ....................................................................... Disposable personal Income ................................. r R e v i s e d . R e v i s i o n s i n c l u d e c h a n g e s t o s e r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v is e d w a g e a n d s a l a r y e s t im a t e s f o r t h e f ir st q u a r t e r o f 2006 . S e e " E x p la n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s . 7.9 6.4 9.7 8.3 6.7 6 .0 6 .2 5.B 6.7 5.4 4.7 7.0 6.9 6.7 6.7 7.2 - 1 .8 5.8 5.8 7.6 7.8 8.5 8 .1 8 .8 5.6 3.6 8.4 3.5 8 .2 5.1 ID 6.3 R? 4.3 3.8 8 .2 8 .6 6 .8 9.6 5.8 60 5.7 T ab le 2.— C o ntribu tio ns to Percent C hange in Real G ross D o m estic Pro duct Seasonally adjusted at annual rates 2003 2004 2005 2 302 III 2003 IV 2004 1 II 0 .2 1 .2 3.5 7.5 III IV 2005 I II 2.7 3.9 4.0 3.1 in IV 2006 I II 2 .6 3.4 3.3 4.2 1.94 2.94 20 1 .0 2 III IV I II ' Pe r c e n t c h a n g e a t a n n u a l rat e: 2.5 3.9 3.2 2.4 P e r so n a l c o n su m p t i o n e x p e n d i t u r e s .................... 1.94 2.71 2.44 1.57 .97 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 Du r a b l e g o o d s ................................................. .50 .45 .98 .89 .06 -.4 7 -.75 .14 -.1 4 .28 .0 2 .21 .06 -.29 .27 .08 .51 .09 .33 .0 2 1.39 .46 .67 .26 .50 .17 .07 1.35 .65 .49 .71 .21 .03 -.04 .05 .1 0 .01 .06 .70 1.53 .61 .31 .86 .31 -.04 .23 .45 .04 .29 .36 -.0 5 .04 .07 .75 .39 .0 2 .54 .32 .34 .16 -.1 4 .54 .74 -.07 .19 .23 -.04 G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .8 5.6 2.9 2.76 .53 3.38 .74 .38 .40 -.03 -1.08 -1.51 .33 1.50 .60 ,65 1.80 ,04 _.Q3 .1 0 .26 .70 .61 .08 -.15 .16 .79 .39 .27 -.06 .19 1 .2 0 .64 .23 -.03 .36 1.32 .24 .09 .03 .06 -.04 .53 .05 .44 .83 .18 .67 .24 P e r c e n t a g e p o i n t s a t a n n u a l r a t e s: Fu r n i t u r e a n d h o u se h o l d e q u i p m e n t . . . . . . . . . . . . . . . . .27 .54 .07 .35 O t h e r ............................ ................................ .1 0 .11 .29 .14 .64 .23 .14 .73 .33 .14 .90 .51 .17 .01 .0 2 M o t o r v e h ic le s a n d p a r t s............................. . Nond urab le go o d s .12 ........................................... F o o d ............................................................. Cl o t h i n g a n d sh o e s ....................................... G a so l i n e , f u e l oi l , a n d o t h e r e n e r q y q o o d s . . . . . . .0 2 - .0 1 O t h e r ...................................... “ . . . . . ............... .26 .24 .23 Se r v i c e s ........................................................... .80 .TO .06 .03 .03 1.45 .40 1.09 .30 .08 .04 .04 H o u s i n g ........................................................ H o u se h o l d o p e r a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . El e c t r i c i t y a n d g a s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 .0 2 Re c r e a t i o n ................................................... .1 0 O t h e r ..................... . ..................................... .09 .08 .03 .37 .14 .41 G r o s s p r i v a t e d o m e st i c i n v e s t m e n t . . .. . .. . .. . .. . .. . .. . .. .54 1.49 .51 1 .1 1 .1 0 .58 .06 .52 O t h e r h o u se h o l d o p e r a t i o n ......................... T r a n sp o r t a t i o n . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Medical care 0 .45 ................................................. Fix e d In v e st m e n t .............................................. ............................................... N o n r e si d e n t i a l St r u c t u r e s ................................................ - .1 1 Eq u i p m e n t a n d s o f t w a r e . . . . . . . . . . . . . . . . . . . . . 21 0 .2 0 - .1 1 - .1 1 -.0 7 -.04 -.0 7 .59 .04 - .0 2 - .0 2 - .0 2 .39 .14 .63 .73 .18 .11 0 0 -.05 .05 .07 .47 ............................................ Co m p u t e r s a n d p e r ip h e r al e q u ip m e n t ... So f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ot her ................................................ I n d u st r i a l e q u i p m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T r a n sp o r t a t i o n e q u i p m e n t . . . . . . . . . . . . . . . . . . . . . . . R e si d e n t i a l .................................................... F a r m ............................................................. Nonf arm ................................................. N e t e x p o r t s o f g o o d s a n d s e r v i c e s ...................... Ex p o r t s -.58 .82 1.32 -.61 .84 2.51 1.31 .47 -.1 2 -¿ 1 2 .0 0 -.52 -.14 -.38 -.04 -.24 -.18 -.06 1.52 .83 .29 1.16 .97 .08 .90 .77 .81 -.05 .59 .14 .45 1.62 .51 -.06 .56 1 .0 2 1.01 .92 1 .2 2 - .2 1 1.34 1.36 .25 -.15 48 - .2 0 .46 .52 .31 .78 .21 1.11 -.1 2 .21 .43 .29 .25 .16 .04 .04 .19 -.31 .08 -.06 .74 .15 .18 .40 -.05 .31 -.0 5 1.17 .67 .03 .64 - .0 1 .59 .16 -.44 .23 .12 .11 .1 0 -.0 5 .14 .07 .53 .15 .09 .50 -.05 .08 -.0 7 .38 .07 .31 -.65 .0 2 -.38 -.04 -.17 -.1 7 .1 2 -.1 2 .66 .95 .41 .1 0 .13 .82 .26 .32 .23 -.14 .70 .26 1.08 -.13 .07 .55 .30 -.03 .17 .16 -.09 -.08 -.04 .16 .05 -.0 3 .03 .05 -.05 .46 .06 1.03 .56 -.05 .60 .40 .27 .13 1.44 .61 .B4 .05 .08 .14 .31 .08 .51 .1 2 .0 2 1.72 .69 .17 .52 0 .06 .28 .16 .15 .06 .05 .05 .33 .18 .76 .05 .34 .18 .08 .35 .31 -.03 .05 .03 .28 .13 .40 - .0 2 .21 .2 0 .29 .32 .13 -.07 -.1 2 -.30 -.06 -.24 .98 .31 .67 .08 .03 .04 - .1 2 .19 -.31 -.16 -.85 .56 -.06 .62 -.26 -.49 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.31 -.64 .33 -.53 .13 -.65 -.16 -.08 -.08 1 .0 2 1.81 .55 .47 1 .2 0 .69 .47 .61 .22 .60 .43 .17 .46 .55 -.09 -.90 -.31 .74 .47 .27 -.57 -.97 .40 -.51 -.07 -.44 -2.29 - 1 .8 6 -.43 -1.42 -1.17 -.25 - 2 .2 2 -2.03 -.18 -.59 -.08 .6 8 .52 .16 .27 .14 .13 -1.53 -1.29 -.24 -.94 -.87 -.07 -.76 -.72 -.04 - 1.2 1 1.01 .33 .17 .16 .19 .39 .59 .44 .04 .16 1.11 .05 -.38 .43 .09 .16 -.06 -2.23 -.26 -1.97 -.18 .28 -.46 2.05 .14 1.90 -.81 -.16 .72 -.06 .96 .42 .54 .47 .38 .09 .94 -1.77 -1.55 -.63 -.64 -.2 2 .01 .18 -.84 -.48 -.35 -2 0 - .6 6 .2 0 -.0 2 0 .63 0 .05 .40 .08 -.04 .1 0 .02 .04 -.03 .40 .05 .26 .06 .07 .13 .23 .27 .03 .43 21 .2 0 - .8 6 .1 2 .30 - .2 2 0 .01 .53 .09 .24 .09 0 .01 0 .04 .43 .05 .30 .0 2 .01 -.0 2 0 0 .17 -.57 .04 .1 0 .8 8 0 -¿ 8 .32 .60 .28 ................................................. .01 .03 42 .25 ?? 99 3.17 .09 Se r v i c e s .01 .18 1 .74 .23 .16 -.56 -.56 -.0 6 .16 .06 .47 .13 .42 .94 .28 .04 1.39 .1 2 ............................................................ .1 2 .28 .70 .29 2.56 .30 G o o d s .............................................. Z Z Z ™ .1 0 1.39 .32 25 .25 -.1 0 .51 .12 Im p o r t s .11 1.30 .37 .06 -.07 .13 .1 2 21 -.04 .1 2 0 1.59 .42 .01 .16 -0 5 .34 99 -J O .04 -.16 ............................................................ ............................................. Z Z Z 1.92 .49 .98 .55 .25 -.14 G o o d s ........................................... Z Z Z Z ! ! Se r v i c e s 1.18 .40 .17 1.04 .53 .17 -.1 2 .36 -.44 .32 1.07 .70 .19 20 .T5 0 .02 0 0 .74 .28 .18 -.04 .32 .87 .1 0 .04 .03 C h a n g e In p r i v a t e i n v e n t o r i e s . .. .. .. .. .. .. .. .. .. .. .. .. . .35 0 .50 .28 .24 .87 .43 .08 .22 .07 .41 1.2 1 .06 .30 .21 .2 0 0 .09 .07 .05 .04 - .1 2 Ot h e r e q u i p m e n t .................................... .52 - .0 2 -.29 .27 .12 .36 .13 -.08 .08 -.03 .28 .15 .16 In f o r m a t i o n p r o c e ssi n g e q u i p m e n t a n d so f t w a r e .1 0 21 .2 2 .1 0 .1 0 .03 .30 .16 -.14 .12 .01 .06 -.07 .11 .24 o 0 .1 0 .52 .09 .31 .04 JO -0 6 .57 £0 .11 03 05 -1 3 16 -.32 .09 - .0 2 -.6 3 -.03 - .0 1 .63 - .0 1 - .0 2 .63 -1.07 -.04 .44 .33 .27 .06 .97 .80 .17 1.41 .54 .42 .13 -.26 .04 -.39 -.36 -.03 -2.04 -1.84 -1.46 -1.27 -.19 .8 8 .06 - .2 2 -.2 0 1 .2 0 .21 -.1 0 .0 2 -.1 2 G o v e r n m e n t c o n su m p t i o n e x p e n d i t u r e s a n d g r o s s i n v e st m e n t ............................................. .47 .36 .17 .43 .89 -.26 1.16 .29 .14 .55 .43 24 -.37 .31 .21 .64 -2 1 .94 ............................................................. .30 .27 .18 .11 .2 0 .08 .05 .03 .03 .17 .07 .64 .59 .67 -.08 .05 .07 .01 .18 .09 .23 .03 .13 .03 .66 -.33 -.49 -.47 .61 .41 .37 .05 -.31 -.08 -.16 .08 -.23 G r o s s i n v e st m e n t ...................................... - .1 2 .11 .01 .34 .41 .34 .08 -.07 -.06 -.38 -.45 -.44 .12 .35 .31 .05 -.14 .49 .41 .40 .02 .03 -.25 -.32 .07 .28 .27 .21 - .2 2 1.26 1.41 1.30 C o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . .44 .37 .32 .05 .08 .07 .01 -.03 -.0 3 ................................................ .0 2 .26 -.04 .30 -.07 .07 -.15 .06 .19 -.13 5.00 1.15 1.33 .30 .50 .81 1.63 Fe d e r al Nat ional d e f e n se ........................ . . . Z Z Z Z Z C o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . G r o ss i n v e st m e n t ....................................... N o n d e f e n se ................................................... St a t e a n d l o c a l C o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .2 2 .05 .03 .03 0 .06 .1 0 0 .0 2 -.08 .06 .08 .23 .17 .06 -.0 4 -.0 2 G o o d s ............................................................... 1 .0 0 Se r v i c e s ......................................... Z Z Z Z Z " 1 .2 0 1.56 1.84 .51 1.43 1.31 .49 ...................................... .03 .11 .02 G r o s s I n v e st m e n t .1 0 - .2 0 .21 -.16 .19 - .2 1 .01 .06 -.27 -.19 -.09 -.07 .01 1.27 .03 -.09 -.46 .56 2.06 .85 .36 .11 .1 2 - .0 2 -.0 2 .25 .15 .1 0 -.1 0 - .0 2 0 0 .1 0 .09 .08 .03 .05 .25 .15 .11 - .0 1 -.0 1 .08 .05 .03 -.1 0 .08 -.18 1.56 1.48 .06 .52 .15 .21 .25 -.04 .03 - .1 1 .1 0 .01 -.09 .01 - .0 2 .01 .08 .15 -.14 .06 .18 .05 .13 1.43 1.47 -.29 .06 .26 1.51 1.07 .82 .38 .16 .0 2 .52 .45 .07 .14 .08 .06 -.0 1 .14 -.15 -.0 2 .16 .05 .2 0 .16 .03 - .1 0 .11 .13 .09 .03 .33 .17 .16 .49 .19 .30 .97 .46 .33 -.71 3.86 1.39 .33 .2 0 .07 1.35 1.36 .19 -.28 .05 Addenda: St r u c t u r e s r ....................................... . . . . . Z Z Z Z Mot or vehicle o u t p u t ............................. Z Z Z " Fin a l sa l e s o f com put ers ....................... Z Z Z ! Re v i se d Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e f a b l e s. .31 .05 .15 .1 2 .2 0 1.69 .98 -.29 .40 .06 .16 .2 0 -1.74 1.65 .29 .2 2 -.23 .15 1 .2 0 2.59 .05 .33 -.13 .99 1.74 1.31 -.24 Æ. 1.09 1.04 1.13 -.03 .2 0 2.07 2 .0 2 .09 .70 .08 .1 2 -.1 3 T a b le 3 .— G r o s s D o m e s t ic P r o d u c t a n d R e la t e d M e a s u r e s : L e v e l a n d C h a n g e F r o m Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 Gross domestic product................. Seasonally adjusted at annual rates 2005 II 12,455.8 12,346.1 III 2005 2006 IV P r e c e d in g P e r io d I II' 12,573.5 12,730.5 13,008.4 13,209.7 11,048.6 Change from preceding period 2005 II III 1 1 ,0 0 1 .8 11,115.1 2006 IV I 2006 II' 11,163.8 11,316.4 11,397.6 I 345.1 II' 152.6 81.2 Personal consumption expenditures............ 8,742.4 8,674.6 8,847.3 8,927.8 9,079.2 9,229.6 7,841.2 7,819.8 7,895.3 7,910.2 8,003.8 8,054.8 264.1 93.6 Durable goods..................................... Motor vehicles and parts....................... Furniture and household equipment......... Other............................................. 51.0 1,033.1 448.2 377.2 207.7 1,042.3 459.6 374.4 208.3 1,057.3 468.1 380.0 209.2 1,019.6 421.6 386.0 1,063.2 442.1 401.8 219.3 1,145.3 452.9 490.6 2 1 2 .0 1,064.1 442.7 402.3 219.1 1,175.9 474.6 497.7 213.1 1,137.9 426.3 511.5 216.3 1,190.5 445.1 538.5 224.6 1,191.8 444.2 543.5 223.0 59.6 2.5 44.6 17.0 52.6 18.8 27.0 8.3 1.3 -.9 5.0 2 1 2 .6 1,150.8 463.0 482.0 214.2 Nondurable goods ............................... Food.............................................. Clothing and shoes ............................. Gasoline, fuel oil, and other energy goods ... Other............................... .............. 2,539.3 1,201.4 341.8 302.1 694.0 2,508.6 1,191.9 341.5 285.5 689.7 2,584.9 1,214.7 341.3 331.0 698.0 2,613.5 1,233.7 349.1 322.1 708.6 2,658.2 1,262.3 355.4 316.2 724.2 2,723.0 1,274.8 355.3 359.9 733.0 2,276.8 1,065.7 372.7 199.5 643.9 2,268.4 1,058.5 371.1 200.7 642.2 2,287.6 1,074.9 373.9 197.8 646.7 2,309.6 1,085.7 383.1 196.6 652.4 2,342.8 1,103.4 391.1 196.0 662.6 2,352.4 1,109.5 387.6 196.8 97.6 54.7 33.2 17.7 9.6 2 1 .8 8 .0 -3 .5 - 1 .0 25.4 - .6 .8 1 0 .2 5.4 Services............................................. Housing.......................................... Household operation............................ . Electricity and gas........................... . Other household operation ................. Transportation.................................... Medical care ..................................... Recreation........................................ Other.............................................. 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 360.6 1,208.4 5,123.7 1,297.2 474.3 192.1 262.2 318.8 1,478.3 357.9 1,197.1 5,205.1 1,311.7 484.3 199.4 285.0 322.3 1,505.0 362.6 1,219.1 5,294.7 1,326.6 506.1 219.9 286.2 325.9 1,534.0 367.7 1,234.4 5,356.8 1,345.4 494.8 206.2 288.6 330.4 1,557.2 372.4 1,256.5 5,443.5 1,370.1 496.2 206.5 289.7 335.7 1,581.2 374.5 1,285.7 4,436.6 1 , 1 2 2 .6 418.0 153.B 264.1 284.4 1,260.9 313.1 1,036.2 4,420.0 1 , 1 2 0 .0 416.9 153.2 263.7 284.8 1,253.8 312.5 1,030.6 4,454.5 1,126.4 419.4 154.0 265.4 283.6 1,267.5 313.9 1,042.2 4,476.7 1,131.2 419.8 154.7 264.9 283.5 1,279.0 315.1 1,046.5 4,494.5 1,137.6 404.3 141.7 264.8 286.3 1,292.6 317.5 1,054.9 4,532.9 1,144.5 410.1 146.7 264.7 287.3 1,303.4 315.9 1,070.2 17.8 6.4 -15.5 -13.0 38.4 6.9 5.8 5.0 Gross private domestic investment.............. 2,057.4 2,009.1 2,052.6 2,154.5 2,214.8 2,245.7 1,866.3 1,832.6 1,855.9 1,927.0 1,963.6 1,977.0 95.7 36.6 13.4 Fixed Investment.................................. Nonresidential.................................... Structures ..................................... Equipment and software.................... Information processing equipment and software ................................. Computers and peripheral equipment Software................................. Other ..................................... Industrial equipment....................... Transportation equipment................ Other equipment.......................... Residential ........................................ 2,036.2 1,265.7 338.6 927.1 2,016.7 1,251.8 332.0 919.8 2,067.9 1,276.7 336.3 940.4 2,105.8 1,304.3 359.7 944.7 2,167.7 1,359.2 378.2 981.0 2,177.6 1,384.9 407.8 977.1 1,842.0 1,223.8 251.5 984.9 1,835.8 1,214.8 251.7 974.8 1,864.2 1,232.4 247.1 1 ,0 0 0 .6 1,877.3 1,248.2 254.2 1,007.6 1,914.6 1,288.8 259.6 1,044.8 1,910.2 1,303.7 272.9 1,040.6 128.1 78.0 80.7 37.3 40.6 5.4 37.2 -4.4 14.9 13.3 -4 .2 454.3 85.1 194.0 175.2 155.1 158.3 159.4 770.4 452.3 85.3 193.8 173.3 149.5 158.0 159.9 764.9 456.6 83.9 195.6 177.2 157.0 165.0 161.8 791.2 461.3 85.9 196.9 178.4 163.9 154.6 164.9 801.5 482.4 479.4 85.9 206.3 187.2 170.1 155.7 172.0 792.7 552.6 547.9 557.7 567.3 595.9 593.9 43.3 28.6 - 203.6 190.8 163.4 165.7 169.4 808.5 206.2 193.6 143.5 145.4 147.3 608.0 205.7 191.5 138.4 144.6 148.0 609.9 208.0 196.0 144.9 152.3 148.8 620.4 209.5 197.5 150.4 143.2 151.2 618.9 215.6 1 1 .2 6.1 12.9 149.0 152.2 154.3 618.5 217.2 206.8 153.8 142.6 157.0 602.7 16.6 9.7 48.1 14.1 -1.4 9.0 3.1 -.4 -4.8 4.8 -9 .6 2.7 -15.8 Change in private Inventories.................. Farm............................................... Nonfarm ........................................... 21.3 .3 -7.6 -6 .7 -.9 -15.3 1.3 -16.6 48.6 5.8 42.8 47.2 5.4 41.8 68 .1 19.6 19.6 -7.4 -5.8 - 1 .0 -12.7 5.2 62.9 -14.0 43.5 4.8 38.6 41.2 4.3 36.8 58.7 4.0 54.8 -33.8 -5.9 -27.4 -2.3 -.5 17.5 - .3 18.0 2 1 .0 8 8 .0 .2 1.1 2 1 1 .6 6 6 8 .0 112.7 31.0 8.7 4.0 4.6 .4 43.6 8.3 1 0 .8 - 1 .6 6.1 -.1 -.1 2 0 .2 2 .8 - 2 .8 1 .0 13.6 2.4 8.4 1 0 .8 1 .8 - 1 .6 15.3 2 .0 Net exports of goods and services............... -716.7 -686.4 -728.8 -775.4 -765.2 -780.4 -619.2 -606.1 -607.6 -636.6 -636.6 -623.6 -28.3 0 13.0 Exports .............................................. Goods ............................................. Services ........................................... 1,303.1 907.5 395.6 1,293.8 902.6 391.2 1,312.4 913.9 398.5 1,352.4 944.3 408.1 1,405.4 989.3 416.0 1,444.0 1,017.6 426.4 1,196.1 843.2 352.9 1,191.0 839.7 351.2 1,200.5 847.5 353.0 1,228.4 870.8 357.8 1,269.3 906.2 363.6 1,285.1 918.5 367.1 75.7 58.8 17.0 40.9 35.4 5.8 15.8 12.3 3.5 Imports .............................................. Goods............................................. Services ........................................... 2,019.9 1,699.0 320.9 1,980.2 1,662.4 317.8 2,041.2 1,719.1 322.1 2,127.8 1,799.3 328.5 2,170.6 1,832.6 336.1 2,224.4 1,878.8 345.6 1,815.3 1,549.9 267.5 1,797.1 1,533.6 265.5 1,808.1 1,543.9 266.3 1,865.0 1,595.8 271.7 1,905.9 1,631.9 276.6 1,908.7 1,631.4 279.6 104.0 97.7 7.2 40.9 36.1 4.9 - .5 3.0 Government consumption expenditures and gross investment .................................. 2,372.8 2,348.9 2,402.4 2,423.6 2,479.6 2,514.7 1,958.0 1,952.6 1,968.8 1,963.5 1,987.1 1,991.8 17.4 23.6 4.7 Federal ............................................... National defense................................. Consumption expenditures.................. Gross investment ............................. Nondefense....................................... Consumption expenditures.................. Gross investment ............................. 878.3 5B9.3 516.9 72.4 289.0 251.7 37.4 868.4 584.3 512.1 72.2 284.1 248.7 35.4 895.8 605.0 530.9 74.2 290.7 253.4 37.4 8 8 6 .2 590.9 516.9 74.1 295.3 254.2 41.1 921.7 613.5 537.7 75.8 308.2 265.9 42.4 919.9 616.7 537.9 78.8 303.1 264.7 38.4 727.5 483.6 413.3 71.2 243.7 207.3 36.7 721.6 481.1 410.9 71.2 240.1 205.4 34.8 738.2 494.1 421.9 73.2 243.8 207.5 36.6 729.6 481.4 410.0 72.6 248.0 208.7 40.1 745.1 491.8 419.0 74.0 253.1 736.9 489.6 414.9 76.5 247.0 10.9 2 1 2 .8 2 1 0 .2 15.5 10.4 9.0 1.4 5.1 4.1 - 8 .2 - 2 .2 -4.1 2.5 - 6 .1 - 2 .6 -4 .0 State and local ..................................... Consumption expenditures.................. Gross investment ............................. 1,494.4 1,207.2 287.3 1,480.5 1,192.8 287.7 1,506.6 1,217.8 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,594.8 1,280.7 314.2 1,230.4 988.0 242.1 1,230.9 986.0 244.7 1,230.5 989.5 240.7 -42.6 -39.1 -47.1 Residual................................................. 8 .2 5.0 3.7 2.7 .3 2 .8 41.1 37.1 2 .8 1 .0 1,233.7 991.9 241.6 1,242.0 996.1 245.7 1,254.8 1 , 0 0 1 .0 253.7 6.5 8.4 1 2 .8 - 2 .0 8.3 4.2 4.1 -5 3 7 -7 8 7 -7 6 3 4.9 8 .0 Addenda: Final sales of domestic product.................. Gross domestic purchases........................ Final sales to domestic purchasers .............. 12,434.6 12,353.7 12,588.8 12,681.9 12,961.2 13,141.6 11,025.2 11,005.3 11,123.5 11,115.5 11,269.0 11,332.5 13,172.5 13,032.6 13,302.3 13,505.9 13,773.6 13,990.1 11,659.7 11,599.9 11,714.6 11,792.9 11,946.3 12,014.8 13,151.3 13,040.2 13,317.6 13,457.3 13,726.4 13,922.0 11,636.1 11,603.2 11,722.8 11,744.6 11,898.7 11,949.7 376.9 373.2 405.0 153.5 153.4 154.1 63.5 68.5 51.0 Gross domestic product......................... Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product................ 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,209.7 11,048.6 1 1 ,0 0 1 .8 11,115.1 11,163.8 11,316.4 11,397.6 513.3 489.0 527.2 564.9 603.3 654.0 456.9 438.0 467.2 496.1 526.4 565.1 481.5 460.6 475.0 552.4 574.3 634.8 427.2 411.3 419.9 483.8 499.7 547.0 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,228.9 11,077.9 11,028.2 11,162.0 11,175.6 11,342.7 11,415.1 345.1 80.2 93.9 331.1 152.6 30.3 15.9 167.1 81.2 38.7 47.3 72.4 Net domestic product............................... 10,851.0 10,855.1 237.4 168.6 72.7 r 10,675.5 11,168.0 11,460.3 11,643.1 Re v i se d N o t e .— U s e r s a r e c a u t io n e d t hat p a r t icu l ar l y f or c o m p o n e n t s t hat exhi b it r a p i d c h a n g e in p r i c e s r e l at i ve t o o t h e r p r i c e s i n t h e e c o r r a m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t 's r e l a t i v e i m p o r t ance o r i t s c o n t r i b u t i o n t o t h e gr o w t h r at e o f m o r e a g g r e g a t e t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2. Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. se r i e s. Fo r ac c u r at e e st i m a t e s o f t h e c o n t r i b u t i o n s 9,557.2 9,603.5 9,371.6 9,727.9 9,896.5 9,969.2 | T a b l e 4 .— P r i c e I n d e x e s f o r G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Se a s o n a l l y a d j u st e d a t a n n u a l r a t e s 2004 2005 2 )0 2 III Gross domestic product (GDP) 2.8 Personal consumption expenditures Durable goods... Nondurable goods Services Gross private domestic investment fixed investment................... Nonresidential.................... Structures...................... Equipment and software .... Residential........................ Change in private inventories..... - IV 2005 III IV I II 2006 III IV 3.7 3.7 2 .1 3.2 3.5 2.4 3.3 3.3 1 .8 2.4 -4.0 3.9 3.0 1.5 -3 .5 .5 3.0 3.6 .3 1.9 -2.3 3.0 .3 4.4 3.0 2.3 .3 2.9 -1.3 2 .8 .7 -4.2 -2.9 3.5 3.1 .9 3.0 3.1 -4.8 5.6 3.6 3.7 1 .8 1.7 -2 .7 2.9 3.0 1.3 1.3 .7 2.3 3.5 3.5 1.4 4.2 .4 7.7 4.3 4.6 3.5 16.8 - 1 .0 6.3 .2 .2 Government consumption expenditures and gross investment............................................. Federal........................................... ZZZZZZZZZ National defense........................... ZZZZZZZ. Nondefense..................................... ...Z.Z State and local................................ 5.6 4.8 5.1 4.1 6.2 2.4 -1.4 3.4 Addenda: final sales of domestic product...................... Gross domestic purchases ......................... final sales to domestic purchasers................. Gross national product (GNP)........................ 3.0 3.5 3.5 3.0 R e v i se d II 2 .2 8.1 Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. I 2.1 3.0 3.3 r IV 1.3 -.4 4.3 3.0 3.5 3.0 III 3.1 3.6 3.1 4.8 6.3 6.5 5.4 g n p ................................................;;;;; II 2004 2 .2 - 2 .0 TT5 Implicit price deflators: GDP................................................... Gross domestic purchases............. I 1 .6 -.4 5.1 Net exports of goods and services Exports............................... Goods ............................. Services........................... Imports............................... Goods .. Services 2 CO o 2003 2.1 1 .2 2 .8 -.7 3.1 - .8 1.1 .1 571 -.3 7.0 -1 .3 4.8 -1.5 9.4 -1.7 .1 2 2 .6 .6 4.1 3.6 5.3 11.3 11.9 i. i .9 -.7 4.7 -3.9 -6.7 8.1 1 1 .8 3.6 4.6 6.9 .5 3.0 9.2 11.3 10.3 12.9 1.3 1.5 1.4 1 .6 .6 .6 8.1 1.1 3.3 2.9 3.2 4.1 4.2 3.2 1.3 3.2 4.1 3.1 .5 .7 3.5 .6 2 .6 .4 1.4 2 .6 1 .0 1 .6 2.3 1.7 1.7 2 .2 1 .6 2 .2 1.5 2 .2 2 .2 1 .6 2 .2 1.5 2.3 - .2 1 .6 - .2 2 .6 2.5 3.1 3.0 4.1 .7 .4 .5 0 0 1.9 2.1 2 .2 3.6 3.0 4.9 9.2 2 .6 2 .8 1.3 5.6 2.3 4.2 4.3 5.1 1 .8 6.1 6.5 5.0 9.7 10.1 6 .0 5.0 5.2 4.5 7.3 7.9 4.4 3.7 4.0 3.7 2 .2 2.3 4.6 4.4 5.1 .2 3.8 4.3 3.8 2.1 .6 1.3 4.0 3.6 5.0 6.7 7.8 9.0 3.7 4.1 4.1 3.7 1.3 13.2 -1.5 6.9 6.7 -.9 10.5 3.7 4.3 4.3 3.7 2 .2 9.2 -.4 3.8 2.1 5.3 5.3 5.8 4.3 5.3 2 .1 .9 2.3 1 .0 3.6 3.6 1.4 1.3 1.3 1 1 .6 -.5 5.6 4.5 4.6 1 .2 1.9 1.9 1 2 .0 4.2 4.3 6 .8 2 .2 1 0 .2 -1.5 7.4 3.1 11.5 10.5 13.7 4.1 2.1 22 3.2 1.1 2 .2 3.7 4.0 2 .0 1.1 2 .2 2 .2 3.0 3.1 3.6 2.7 2.7 2 .6 6 .0 1 .0 .6 4.8 3.1 5.7 3.5 2.5 .6 3.2 4.1 -2.9 9.0 3.2 1.1 3.7 3.7 1.1 - .6 .6 5.0 3.5 5.5 5.4 6 .6 1 .8 10.1 6 .2 6.3 6 .8 5.1 4.6 5.7 2.9 3.2 2.3 7.4 7.0 11.3 2 .2 1 1 .6 2.4 1 0 .6 1 .8 4.6 6.1 5.9 3.3 3.4 3.2 7.4 3.2 3.6 3.6 3.2 3.5 3.2 3.2 3.5 2.4 3.3 3.3 2.4 3.3 4.4 4.4 3.3 3.3 3.5 3.5 3.2 3.2 3.6 3? 3.4 3.2 3.4 2.5 3.4 ?5 3.3 4.3 33 3.3 3.5 3.3 2 .2 2 .8 .9 6.1 2.1 2 .6 2 .6 2.1 2.1 2 .6 2 .1 2 .6 4.6 1 0 .2 11.3 4.3 -.1 4.7 .4 1 .0 -.7 7.3 II' T ab le 5.— Real G ross Do m estic Product, Q uantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 II 2006 III IV I II ' Gross dom estic p r o d u c t.................................................................................. 104.931 109.031 112.546 112.069 113.223 113.719 115.274 116.101 Personal consum ption e x p e n d itu re s ............................................................................... Durable g o o d s ............................................................................................................ Nondurable g o o d s ......................................................................................................... S erv ices .................................................................................................................. 108.249 118.214 108.002 106.363 112.430 125.753 111.913 110.055 116.349 132.666 116.924 112.925 116.031 133.299 116.496 112.501 117.152 136.207 117.481 113.379 117.373 131.799 118.608 113.945 118.761 137.893 120.313 114.398 119.519 138.048 120.809 115.375 Gross private dom estic In v e s tm e n t................................................................................. Fixed Investm ent........................................................................................................... N onresidential........................................................................................................... S tructures............................................................................................................. Equipment and software ........................................................................................ Residential................................................................................................................ Change In private Inventories......................................................................................... 92.949 95.110 87.804 77.735 91.747 113.977 102.026 102.080 92.995 79.41 B 98.400 125.281 107.537 109.708 99.326 80.302 107.180 136.050 105.595 109.339 98.601 80.356 . 106.087 136.476 106.938 111.032 100.025 78.903 108.889 138.821 111.034 111.811 101.308 81.174 109.653 138.495 113.143 114.033 104.606 82.893 113.704 138.391 113.920 113.770 105.810 87.148 113.245 134.855 Exports of goods and services ....................................................................................... 93.599 1024201 109.105 108.637 109.503 112.054 115.783 117.222 Imports of goods and services ....................................................................................... 104.693 115.962 123.007 121.775 122.520 126.377 129.146 129.338 Government consum ption expenditures and gross Investment ...................................... Federal ............................................................................................................. State and lo c a l............................................................................................................. 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 113.417 124.668 107.709 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.682 115.696 127.313 109.795 Addenda: Final sales of domestic p ro d u c t..................................................................................... Gross domestic purchases ............................................................................................ Final sales to domestic purchasers ................................................................................ Gross national produ ct................................................................................................... 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 112.754 113.764 114.430 111.894 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.106 117.833 117.848 115.820 r Re v i se d Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. T ab le 6 — Price indexes fo r G ross D o m estic Pro duct [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 II III 2006 IV I II' Gross dom estic p r o d u c t.................................................................................. 106.409 109.429 112.744 112.229 113.139 114.048 114.967 115.916 Personal consum ption expenditures (P C E )..................................................................... Durable g o o d s .............................................................................................................. Nondurable g o o d s ................................................................................................. S erv ices ....................................................................................................................... 105.597 92.366 104.145 109.379 108.373 90.845 107.617 112.863 111.493 90.198 111.530 116.529 110.940 90.570 110.604 115.929 112.067 89.908 113.016 116.858 112.873 89.606 113.177 118.281 113.445 89.385 113.484 119.194 114.594 89.204 115.771 120.097 Gross private dom estic in v e s tm e n t................................................................................. Fixed Investm ent........................................................................................................ Nonresidential ........................................................................................................... Structures............................................................................................................. Equipment and software ........................................................................................ Residential................................................................................................................ Change in private inventories......................................................................................... 103.191 103.313 99.591 113.872 94.912 112.372 106.645 106.811 100.B34 120.951 94.503 120.518 110.284 110.542 103.428 134.647 94.134 126.714 109.664 109.875 103.055 131.941 94.347 125.450 110.675 110.946 103.607 136.089 93.983 127.573 111.853 112.194 104.510 141.476 93.754 129.536 112.860 113.238 105.471 145.684 93.887 130.765 113.660 114.021 106.241 149.397 93.897 131.581 Exports of goods and s e r v ic e s ....................................................................................... 101.429 105.151 108.949 108.648 109.341 110.108 110.737 112.385 Imports of goods and services ....................................................................................... 99.685 104.678 111.268 1 1 0 .2 2 2 112.919 114.117 113.918 116.565 Government consum ption expenditures and gross Investment ...................................... Federal ............................................................................................... State and local ............................................................................................................. 109.849 110.094 109.712 114.718 115.249 114.417 121.183 120.726 121.463 120.302 120.361 120.276 122.029 121.353 122.438 123.444 121.479 124.620 124.791 123.721 125.434 126.260 124.845 127.108 Addenda: PCE excluding food and energy .................................................................................... Market-based P C E 1 ................................................................................................... Market-based PCE excluding food and energy 1 ............................................................. 105.175 104.995 104.330 107.314 107.393 105.855 109.559 110.339 107.713 109.298 109.801 107.530 109.732 110.952 107.B54 110.418 111.647 108.375 110.983 112.116 108.810 111.764 113.276 109.528 Final sales of domestic p ro d u c t..................................................................................... Gross domestic purchases ............................................................................................ Final sales to domestic purchasers ................................................................................ Gross national product................................................................................................... 106.430 105.966 105.986 106.401 109.455 109.210 109.235 109.419 112.783 112.981 113.021 112.733 112.261 112.362 112.395 112.218 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.972 116.459 116.516 115.906 Im plicit price deflators: Gross domestic product ............................................................................................ Final sales of domestic p ro d u c t.................................................................................. Gross domestic purchases......................................................................................... Final sales to domestic purchasers ............................................................................ Gross national product .............................................................................................. 106.404 106.430 105.961 105.985 106.396 109.426 109.455 109.207 109.235 109.416 112.737 112.783 112.975 113.021 112.726 112.219 112.252 112.351 112.385 112.209 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.899 115.964 116.441 116.505 115.889 r Re v i se d 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p r i c e m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s (f o r ex am p l e , i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. a d d e n d a t o t a b l e 8 a n d i n a p p e n d i x t a b l e A. Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. t h e se r v i c e s f u r n i sh e d w it h ou t p ay m e n t P e r c e n t a g e c h a n g e s f o r t h e se b y f i nan cial se r i e s a r e i n c l u d e d in t he T a b le 7 .— R e a l G r o s s D o m e s tic P r o d u c t: P e r c e n t C h a n g e F r o m 1 1990 1991 1992 1993 1994 1.9 2.0 - .3 -0 .2 2.7 4.0 2 3.3 3.3 -5.6 5.9 1 .6 - .2 2 .0 Gross dom estic p rod uc t (G D P ) ... Personal co nsum ption e x p e n d itu re s ................... Durable g o od s ............................. Nondurable g o od s ...................... S ervices................................. - 3 .4 Fixed Investm ent.................................. Nonresidential ............................ Structures ............................. Equipment and so ftw a re .................. Residential ....................................... Change In private inventories...................... - -8 .1 1996 7.8 2.7 4.4 8.1 3.5 4.5 5.1 3.7 4.7 2.5 11.7 4.6 4.0 7.3 3.8 4.5 4.3 8.9 13.6 2000 2003 2004 2005 1.6 2.7 2.5 2.8 3.9 5.8 3.2 1.9 3.2 3.5 2.4 7.1 2.5 1.9 -7 .9 - 2 .6 3.6 -5.2 -9.2 -17.1 - 6 .2 4.8 3.4 2 00 1 2 .6 2 .6 2.9 2.7 3.3 3.1 8.9 9.0 12.4 9.8 7.8 5.7 1 0 .2 8.3 9.2 -.4 12.7 6.5 8.7 9.4 -3.0 -4.2 -2.3 -4.9 6 .0 .8 .4 9.2 11.1 7.3 7.3 5.1 13.3 7.6 1.9 8 .0 6 .8 2002 0.8 2 .2 - 8 .6 2 .0 3.9 6.4 3.6 3.5 5.5 4.5 2 .6 5.4 9.8 7.3 5.9 7.5 -4.1 2 .2 1.1 2 .8 7.3 9.9 8.9 1 .0 8^4 6 .8 8 .6 ...... ..... ...... ...... ...... ...... ...... ...... ...... ...... ...... Net exports of goods and s e r v ic e s ......................................................... 9.0 6.9 6.6 3.2 -.1 7.0 9.3 10.1 - 2 .6 - 2 .6 2.9 3.2 1.1 .5 Federal .................................... National defense........................... Nondefense............................... State and lo c a l.................................... 8.7 - .6 8 .8 11.9 13.3 5.7 9.0 3.3 8.7 9.3 5.5 .5 1.0 6 .0 -1.4 -.7 2.3 8.3 4.1 Add enda: Final sales of domestic p ro d u c t................... Gross domestic purchases................ Final sales to domestic purchasers ............ Gross national product............................. Real disposable personal in c o m e ..................... 2.1 Price indexes: Gross domestic purchases.............. Gross domestic purchases excluding food and en ergy ....................... 8.4 10.1 8 .8 10.5 3.6 3.0 6.5 G overnm ent consum p tion expen ditu re s a n d g ro ss in ve stm ent .... GDP excluding food and e n e rg y ................ Personal consumption expenditures ............... 4.2 5.0 11.3 4.0 4.2 12.1 -¿ 6 1999 8 .6 2.1 0 1998 7.8 .5 1.5 G o od s................................................ Services ...................................... Im ports........................................... .. G o o ds ................................................ Services ............................................ 1997 3.3 0.0 G ross private dom estic In v e s tm e n t.................... 1995 P r e c e d in g Y e a r 3.0 3.3 3.1 3.3 3.4 .1 1.4 jj 1 .6 - .6 2 .0 1.9 -.3 .5 4.1 3.7 3.3 3.5 3.7 4.6 iï.9 14.3 5.9 13.6 14.4 9.4 2.4 2 .2 2.9 1 1 .6 11.7 11.4 - 1 .0 - 2 .8 1 .0 3.9 2.7 2 .6 2 .8 3.7 3.0 3.6 3.6 2.5 2.9 2.3 2.4 2.3 2 .2 2 .2 1.5 2.1 2 .2 4.1 4.9 10.9 6.7 2 .1 0 1 0 .0 2 .8 3.9 2.1 3.4 4.4 3.9 3.9 3.9 3.2 2.5 2 .2 7.0 7.4 6.3 3.1 8.7 3.4 1.9 4.3 5.9 1.5 1.7 1 .2 1.1 1 .6 3.6 4.7 4.4 3.5 4.2 5.3 5.3 4.0 5.8 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 .6 1 .6 1 .0 1.4 1.4 1.5 1.7 2.5 1.9 2 .6 1.3 1.7 1.1 2 .2 2.1 -2.3 -4.0 1.9 3.4 3.7 11.1 -5.4 - 6.1 -3.7 -2.7 -3.2 -.3 2.9 13.1 13.5 .9 -.5 3.5 2.7 2.3 2 .6 8.7 1 1 .2 - 1.1 - 2 .1 .7 3.6 2 .6 3.2 2.7 4.3 3.8 5.6 11.5 12.4 6.9 1.7 .9 1.9 2 .8 1.3 92 9.0 9.7 1 .8 0 6 .8 7.5 5.1 1 0 .8 6 .8 6 .1 .9 .2 .5 .5 3.5 4.4 4.0 3.8 3.6 3.5 3.3 3.6 3.1 2.3 1.9 3.1 2.7 3.5 2.1 2 .8 3.0 3.0 2.9 1 .2 2.5 .9 2 .2 2 .8 1 .8 1 .8 2 .8 .8 1.9 1.5 3.1 2 .2 2 .0 1 .6 2 .2 1.9 2.4 1.9 1.7 2 .0 2.1 2.1 2.5 1.9 2.7 2 .1 1.4 2 .0 2 .6 2.7 1 .2 2 .8 T ab le 8 — Real G ross Dom estic Product: P ercen t C h an g e From Q uarter O ne Y e a r Ago 2 C02 > III G ross dom estic p rod uc t (G D P ) .... Personal consu m ptio n ex pe n ditu re s (PC E ) ... 2.2 3.2 Durable g o o d s ..................... Nondurable g o o d s ...................... S ervices................................. 2003 IV II 1 1.9 1.9 1.5 2.0 2004 III 1.8 2.3 IV 3.1 3.2 2.4 in IV O.u 2.1 2 .2 -1 .4 Fixed investm ent......................... Nonresidential ............................ Structures ............................. Equipment and so ftw a re ......................... Residential ............................ Change in private inventories......................... 4.9 1.3 1.6 4.4 -14.9 -3.4 -11.9 -.9 -3 2 .1 -4.9 -8.7 - 2 2 .0 -3.2 4.4 Net exports of goods an d se rvic es .......... Í G o od s............................ Services .................................... Im ports............................. G o od s................................ Services .......................... .6 3.8 Ï.Ï -1.9 .1 Federal .................................. National defense.................. Nondefense............................ State and lo c a l............................... 4.9 4.0 2 .6 7J5 72 22 2.7 3.0 2.9 ........ ........ 5.8 7.1 9.1 8.4 4.8 5.3 G overnm ent consu m ptio n expen ditu re s an d g ro ss in ve stm ent ........... 8 .8 3.5 2.9 3.6 3.6 Final sales of domestic p ro d u c t............... Gross domestic purchases ..................... Final sales to domestic purchasers ......... Gross national product.................... Real disposable personal income ........................ 1.7 Price indexes: Gross domestic purchases............... Gross domestic purchases excluding food and energy .. . GDP excluding food and e n e rg y .................. P C E ............................. PCE excluding food and e n e rg y ...................... Market-based P C E 1 ............. Market-based PCE excluding food and energy > .......... 2.1 J3 1.1 .2 27 2 .0 2.3 2.3 1.4 1 .6 1.7 2.4 2.9 .6 1.3 1.9 1.7 u 2 .6 1.9 1 .8 1 .6 2 .0 1.9 2 .0 12 1 .6 1.9 1-5 1.9 1.1 1.5 .3 1 .6 1.5 1.4 1.7 1.4 1.3 1 .2 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p a y m e n t b y f ina nc ial 1.1 3.1 4.7 4.0 3.0 14.7 10.1 1 1 .2 7.6 3.3 3.3 4.4 7.0 .3 1 .0 .3 1.9 1 .0 2.1 1.3 2 .6 1.5 2 .8 1.4 7.9 4.1 7.3 8.5 6.7 7.4 6.3 5.6 6.9 7.4 1 .6 1 .8 2 .6 9.3 9.1 7.0 9.0 6.1 ........ ........ 8 .0 1 .0 ........ - 6.4 7.2 6 .8 6 .6 8.1 5.9 9.0 9.8 4.8 5.0 5.4 2.3 2.5 1.3 1.4 1 .8 1 .2 .4 .5 3.1 3.1 3.8 2.9 3.0 3.0 3.2 3.1 3.0 3.4 3.0 3.1 3.1 2.7 2 .2 1.7 6.2 7.7 7.4 8.1 1 0 .6 3.6 3.7 6.3 9.8 7.0 7.0 7.1 4.5 2.3 2 .6 8.1 9.6 10.3 7.9 11.9 12.3 3.6 3.0 6 .6 3.6 8 .0 1 1 .2 7.5 4.7 2.8 3.2 9.7 6 .8 2 .6 9.2 ........ - 1 .2 ........ _ 67 ~ i 9Ü _ 7Ü 8.3 1 1 .2 9.4 3.1 4.0 4.5 5.2 6.4 6 .2 5.8 6.9 6.4 1.9 3.7 5.3 6 .0 7.0 6.3 4.9 5.5 2.5 2 .0 .5 1.0 1.2 2.1 1.9 2.0 .8 2.1 2.1 1.9 2.4 .8 3.4 2.9 4.2 1.3 3.2 3.1 3.2 3.0 .3 3.8 3.6 3.7 3.6 2.5 1 .6 2 .1 -.7 .3 1.5 .5 3.9 3.0 3.8 3.0 4.0 3.3 3.8 3.4 1 .6 .8 3.2 3.6 3.6 2 .8 2 .8 2 .8 2 .8 2 .6 3.1 2.9 3.1 3.1 3.0 3.1 3.5 2.7 3.1 2.9 3.0 2 .2 2 .0 2 .0 2.1 2 .0 2.5 2.4 1.7 3.1 1.7 3.0 2.9 1 .8 1 .6 1 .8 ii' 3.7 3.4 2 .6 6 .6 10.4 13.2 11.7 I' 3.1 2.9 9.0 6.9 2.7 8.3 ........ IV 3.4 3.8 2.5 4.4 2.3 1.7 -.4 3.8 7.4 4.8 6.7 9.0 6.1 .......... ........ 2006 III 2 .0 1 .6 12 II 3.3 3.5 1.1 1 .8 2 .8 0 5 10 se r e s a I, e 0 , e a “ V m a ™> a u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s t h e se r v i c e s f u r n i sh e d w i t h o u t .7 5.6 3.8 3.7 1 8 .2 6 .8 Addenda: p n c e m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s ( f o r e x a m p l e , i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. II 3.7 1 1 .0 G ross priva te dom estic in v e s tm e n t............... | r 't h e f i r ei q u a r t e r o f 2 0 0 6 I 2005 2.9 1 .8 2.9 1.9 3.0 3.6 3.0 3.5 2 .8 3.6 2.9 3.3 3.1 3.3 2.3 3.2 1.9 T a b le 9 .— R e la tio n o f G r o s s D o m e s t ic P r o d u c t, G r o s s N a tio n a l P r o d u c t, a n d N a tio n a l In c o m e [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 II 2006 III IV I' II ' Gross domestic p r o d u c t................................ 10,960.8 11,712.5 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,209.7 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 336.8 280.0 410.2 363.9 513.3 481.5 489.0 460.6 527.2 475.0 564.9 552.4 603.3 574.3 654.0 634.8 Equals: Gross national p r o d u c t..................... 11,017.6 11,758.7 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,228.9 Less: Consumption of fixed capital .................... Less: Statistical discrepancy.............................. 1,336.5 48.8 1,436.2 66.7 1,604.8 71.0 1,491.1 1,898.0 84.5 1,562.5 74.3 1,548.0 -61.9 Equals: Nation al In co m e ............ ................................................................... 1,566.6 -76.5 9,632.3 6,325.4 5,127.7 1,197.7 811.3 133.0 993.1 524.7 759.3 83.8 1.7 10,255.9 6,650.3 5,377.1 1,273.2 911.1 127.0 1,182.6 485.1 819.4 85.5 -5.0 10,811.8 7,030.3 5,664.8 1,365.5 970.7 72.8 1,330.7 483.4 865.1 74.2 -15.4 10,795.4 6,953.7 5,601.3 1,352.4 965.8 10,643.2 7,093.6 5,715.2 1,378.4 967.3 -11.5 1,266.3 482.9 872.1 -27.7 11,106.2 7,184.4 5,787.0 1,397.4 996.8 81.5 1,393.5 490.0 874.2 99.1 -13.3 11,551.3 7,400.3 5,970.1 1,430.3 1,008.3 76.8 1,569.1 514.8 897.4 93.8 -9.2 11,738.8 7,532.4 6,080.4 1,451.9 1,014.5 67.0 1,618.6 510.0 911.2 94.5 -9.5 10,912.0 11,645.8 12,384.8 12,258.1 12,489.0 12,656.2 13,070.3 13,286.2 Compensation of em ployees............................................................................. Wage and salary accruals............................................................................. Supplements to wages and sa la ries ............................................................... Proprietors' income with Inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustm ent........................... Corporate profits with Inventory valuation and capital consumption adjustments.... Net Interest and miscellaneous pa ym e nts .......................................................... Taxes on production and Imports less su b sid ie s ................................................ Business current transfer paym ents................................................................... . Current surplus of government enterprises ......... ............................................... . 88 .1 1 0 2 .8 1,342.9 477.1 864.7 99.9 -11.3 .2 Add endum : Gross domestic in c o m e ..................................................................................... r Rsv t e e d . R e v i si o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e In t r o d u c t i o n o f r e v i se d w a g e a n d s a l a r y e st i m a t e s f o r t h e f i r st q u a r t e r o f 2 0 0 6 . T ab le 1 0 — Perso n al Incom e and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 II Personal inc om e 1 .............................................................................. Compensation of employees, received ........................................ Wage and salary disbursem ents........................................................................ Supplements to wages and sa la ries ........................................................................... Proprietors Income with Inventory valuation and capital consumption adjustments ............ F a rm ........................................................ N onfarm ..................................................................................... Rental Income of persons with capital consumption adjustm ent....................................... Personal Income receipts on assets ...................................... Personal interest Inco m e ......................................................... Personal dividend Income ................................................... Personal current transfer re ce ip ts ............................................. Less: Contributions for government social insurance.................................................. 2006 1' IV Ik 9,163.6 9,731.4 10,239.2 10,161.5 10,262.7 10,483.7 10,721.4 10,900.8 6,310.4 5,112.7 1,197.7 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 6,665.3 5,392.1 1,273.2 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 7,030.3 5,664.8 1,365.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 6,953.7 5,601.3 1,352.4 965.8 28.7 937.1 7,093.6 5,715.2 1,378.4 967.3 29.7 937.7 -11.5 1,532.7 951.2 581.5 1,569.0 7,184.4 5,787.0 1,397.4 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 7,400.3 5Í970.1 1,430.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 7,532.4 6Í080.4 1Í451.9 1Í014.5 19.0 995 5 67 0 1,649.9 1¡021.4 628 5 1,589.8 778.6 Less: Personal current ta x e s .................................. III 1 ,0 0 1 .1 1 0 2 .8 1,500.5 934.8 565.7 1,510.1 826.4 880.6 871.5 888.5 898.9 936.7 952.8 1,049.8 1,203.1 1,191.8 1,215.0 1,247.6 1,332.6 1,380.5 Equals: Disposable personal In c o m e ......................................................... 8,162.5 8,681.6 9,036.1 8,969.7 9,047.7 9,236.1 9,388.8 9,520.3 Less: Personal o u tla y s ............................................... 7,987.7 8,507.2 9,070.9 9,000.4 9,180.3 9,264.5 9,418.5 9,582.6 Equals: Personal s a v in g .............................................................................. 174.9 174.3 -34.8 -30.8 -132.6 -28.5 -29.7 -62.2 Personal saving as a percentage of disposable personal Inco m e ..................................... 2 .1 2 .0 - .4 -.3 -1.5 -.3 -.3 -.7 Addendum: Disposable personal income, billions of chained (2000) dollars2 ...................................... 7,729.9 8 , 0 1 0 .8 8,104.6 8,085.8 8,074.1 8,183.3 8,276.8 8,308.5 r Re v i se d . R e v i si o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d s a l a r y e st i m a t e s f o r t h e f i r st q u a r t e r o f 2 0 0 6 . 1. P e r so n a l in co m e i s a l so eq ual t o nat ional i n c o m e l e ss c o r p o r a t e c o n su m p t i o n a d j u st m e n t s, t a x e s o n p r o d u c t i o n a n d an c e , n e t i n t e r e st a n d m i sc e l l a n e o u s p a y m e n t s, p r of i t s w it h i n v e n t o r y v a l u a t i o n and capi t al i m p o r t s l e ss su b si d i e s, c o n t r i b u t i o n s f o r g o v e r n m e n t so c i a l i n su r b u s i n e s s c u r r e n t t r a n sf e r p a y m e n t s, c u r r e n t su r p l u s o f g o v e r n m e n t e n t e r p r i se s, a n d w a g e a c c r u a l s l e ss d i sb u r se m e n t s, p l u s p e r so n a l i n c o m e r e c e i p t s o n a sse t s, t r a n sf e r r e c ei p t s. a n d p e r so n a l c u r r e n t 2 . Eq u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. T ab le 11.— Co rp o rate Profits: Level and Percent Ch an ge Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 II [V I 993.1 Less: Taxes on corporate income................................... 243.3 300.1 399.3 392.8 378.9 424.6 749.9 424.7 882.5 539.5 931.4 576.9 950.1 568.2 887.5 584.0 968.9 601.0 1 ,1 1 2 .1 325.1 343.0 354.5 381.9 303.5 367.9 Net dividends ....................................................... Undistributed profits with inventory valuation and capital consumption adjustments...................................... Cash flow : Net cash flo w w ith in ve n to ry valu atio n an d capital co nsu m p tio n a d ju s tm e n ts ......................................... Undistributed profits with Inventory valuation and capital consumption adjustments................................... 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 2005 2006 III IV I 2006 II h 1,618.6 19.1 12.5 -5 .7 1 0 .0 1 2 .6 3.2 20.5 483.4 23.3 33.1 -3.5 12.1 7.6 5.8 23.1 615.7 1,135.2 631.1 17.7 27.0 5.5 6.9 - 6 .6 9.2 2.9 14.8 2.5 2.1 195 2 .8 2.5 11.1 496.4 504.0 5.5 3.4 -20.5 2 1 .2 34.9 1.5 32.0 1,084.9 1,139.2 1,211.3 1,209.8 1,230.7 1,223.9 1,349.2 1,365.9 5.0 6.3 1.7 -.5 1 0 .2 1 .2 12.9 5.5 4.8 3.4 7.6 -20.5 2 1 .2 1.5 3? 1 2 .0 -7.7 34.9 -.4 1.1 n 4.1 7.3 5.5 2.5 .1 8 .6 3.7 15.6 456.9 Consumption of fixed c a p ita l.......................................... 325.1 /Ò9.8 343.0 796.2 354.5 856.8 381.9 827.9 303.5 927.2 367.9 856.0 496.4 852.8 Less: Inventory valuation adjustment............................ -13.6 -39.8 -32.6 - 2 1 .0 -30.9 -39.2 -22.9 -56.8 1,098.5 1,178.9 1,243.9 1,230.8 1,261.5 1,263.2 1,372.1 1,422.7 Equals: N et cash flo w ................................................... 2005 II Co rp o rate pro fits w ith in ve n to ry valu atio n and capita l co nsu m p tio n ad ju s tm e n ts ............................................. Equals: Profits afte r ta x w ith in ve n to ry valuation an d capital co nsu m p tio n ad ju stm ents ............................................. 2004 2006 III Quarter one year ago Quarterly rates 504.0 861.8 Add end a: Profits before tax (without inventory valuation and capital consumption adjustm ents).............................................. Profits after tax (without inventory valuation and capital consumption adjustments)...................................... Inventory valuation adjustment.................................... Capital consumption adjustment.................................. 908.1 1,144.3 1,518.7 1,508.3 1,475.8 1,598.3 1,740.6 1,832.4 26.0 32.7 - 2 .2 8.3 8.9 5.3 21.5 664.8 -13.6 98.7 844.2 1,119.4 1,115.5 1,096.9 1,173.7 1,283.7 1,349.0 -39.8 -32.6 - 2 1 .0 -30.9 -39.2 -22.9 -56.8 78.1 -155.5 -144.5 -178.6 -165.6 -148.6 -157.0 27.0 32.6 -1.7 7.0 9.4 5.1 20 9 T able 12.— Co rp o rate Profits b y Ind ustry: Level and Change F ro m Precedin g Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 II Corpo rate pro fits w ith in ve n to ry valuation an d capital co nsu m p tio n a d ju s tm e n ts ............................................................................. D om estic indu stries Financial .............. Nonfinancial........ Rest o f th e w o rld ............................................................. Corpo rate pro fits w ith in ven to ry valu atio n ad ju stm ent . ZZZ. Z. b a se d -76.6 127.2 175.6 49.5 1 1 1 .6 154.3 94.7 59.6 145.8 51.4 94.5 40.4 34.7 5.6 1 0 .8 20.7 36.0 15.2 38.2 16.6 -21.7 -27.1 16.6 43.7 29.8 15.7 -14.0 9.1 22.4 13.3 176.3 302.0 125.8 the 1 9 9 7 No r t h A m e r i c a n 197.0 338.0 141.0 235.2 398.7 163.5 52.9 42.2 2 1 0 .0 381.6 -42.5 114.2 158.6 57.8 199.2 26.9 360.9 44.8 -80.7 -74.3 -.1 6 .6 1 .0 38.4 -75.1 128.8 50.6 .5 50.1 48.7 36.7 26.9 141.3 95.9 3.5 92.3 584.0 16.2 150.2 31.3 12.3 7.0 -6 .7 172.2 4.6 74.2 37.2 4.4 5.5 8.9 -1.9 316.1 14.1 104.6 42.5 8.3 -6.4 -8.5 -3.3 45.3 15.9 - 1.8 -2.5 - 1 .6 .5 1.3 - 1.1 -5.5 4.0 78.3 1.4 41.8 29.3 4.5 41 4.3 28 71 64 1 2 .0 29.7 13.8 3.9 5.7 -17.9 47.7 81.9 23.6 23.3 19.5 15.5 118.9 22.4 49.3 23.8 23.4 55.2 8 6 .2 904.1 22.4 260.7 75.4 949.4 38.3 258.9 72.9 2 1 .2 2 2 .8 2 1 .2 13.7 15.0 52.2 14.5 6.7 6.7 -19.8 44.5 5.6 -25.3 48.5 25.7 19.1 12.3 8.4 -1 8.2 54.9 181.0 28.5 70.4 45.3 36.8 177.8 26.7 66.4 46.4 38.3 185.2 29.3 74.2 43.3 38.4 186.0 28.6 76.0 44.4 37.0 198.5 29.6 74.5 54.1 40.1 37.0 - 1 .2 26.0 4.3 7.9 21 5 13.4 69.9 89.3 97.6 113.7 102.1 107.3 105.9 129.1 19.0 83.6 314.6 107.2 123.0 27.3 89.8 340.1 14.7 2.5 4.5 34.5 37.1 27.7 24.4 9.2 39.8 96.4 196.3 226.1 1 0 .8 20.7 .2 - 1 1 .2 2 .8 7.2 - 1 0 .8 7.3 3.2 171.7 1 1 .8 2 1 .0 2 2 .0 37.7 208.8 77.5 305.2 79.9 304.3 94.1 115.9 23.1 77.8 310.1 165.5 176.3 197.0 185.2 223.4 Sy s t e m 226.1 376.3 150.2 1,717.7 1,775.5 2 0 .6 Cl a ssi f i c a t i o n 196.3 360.6 164.2 1,487.4 1,444.9 1,559.1 910.5 30.9 264.0 -12.3 10.5 223.4 344.0 120.5 928.2 1,289.1 1,302.2 1,221.5 1,362.8 1,491.6 1,540.3 344.2 389.0 391.7 317.4 413.3 463.9 500.6 2 0 .0 26.6 25.9 26.9 30.4 30.9 33.7 324.1 362.5 365.7 290.6 382.9 433.0 466.9 2.1 In d u st r y 185.2 327.4 142.2 900.1 30.3 254.8 73.8 8 6 .8 on II -114.8 -77.2 -37.5 1 1 .6 . Rest o f the w o rld I 148.1 76.0 -5.9 7.9 1.5 -15.6 Wholesale tra d e ........................ Retail trade .............................. Transportation and warehousing . Information ............................... Other nonfinancial .................... IV 127.4 15.7 411.8 Nondurable g o o d s ...................................... Food and beverage and tobacco products Petroleum and coal p ro d u c ts ................... Chemical p ro d u cts ..................... ............. Other nondurable g o o d s .......................... III 178.6 18.1 160.5 2 0 .1 ZZ...ZZ.. ,ZZ. ZZ"Z1 ZZZ~. 2005 189.5 297.2 Nonfinancial................................................................. U tilities........................................................ Manufacturing ..................................................... Durable g o o d s ........................................... Fabricated metal produ cts........................ M achinery.......................................................... Computer and electronic p ro du cts ....................... Electrical equipment, appliances, and components Motor vehicles, bodies and trailers, and p a r ts ...... Other durable g o o d s ........................................... 2004 II 1,618.6 729.0 317.3 F ina ncia l.................................................................. Federal Reserve b a n k s .............................................. Other financial ............................................. I 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 894.5 1,104.5 1,486.1 Do m es tic In d u s tr ie s ......................................................... 2006 IV 2006 827.7 1,006.3 1,133.7 1,157.7 1,042.9 1,197.2 1,343.0 1,383.4 335.6 353.7 369.4 373.3 296.1 390.8 442.2 476.9 492.1 652.6 764.2 784.3 746.8 806.4 900.9 906.5 165.5 249.1 83.6 ..Z'ZZ"ZZZI, Receipts from the rest of the w o r ld ............. Less: Payments to the rest of the w o r ld ............................. NOT E. — Est i m a t e s i n t h i s t a b l e a r e 993.1 III 2005 ( N A I C S) . 8 .0 1,027.7 1,039.7 39.7 300.7 1 0 2 .2 1.1 19.2 235.2 - 1 0 .8 1 .6 6 .8 .8 1 0 .6 3.9 -.5 -9.0 -7.7 5.5 -6.7 18.0 62.1 7.4 .8 6.1 2 .6 -.7 1 0 21.1 7.8 -3 J 1 .8 1 1 .1 -1 .4 -1 5 9J 3J - 125 8 .0 1 1 .8 8 .6 - 2.1 5.8 13.2 -4.1 5.8 4.5 1.3 - 6J 83 62 25.5 38.2 -27.1 29.8 1.1 2 .8 33.9 9.1 T ab le 1 3 — G ro ss V alu e A d d ed o f No nfin an cial Do m estic C o rp orate B usiness Seasonally adjusted at annual rates 2003 2004 2005 2005 II 2006 III IV |n II Billions of dollars G ro s s v a lu e ad d e d o f n o n fin an c ia l c o rp o ra te b u s in e s s ................................................. 5,558.4 5,932.9 6,369.7 6,324.4 6,425.7 6,534.8 6,788.2 Consumption of fixed c a p ita l............................................................................................ 657.5 6 8 6 .2 739.7 713.2 804.9 737.2 733.7 741.1 N e t va lu e a d d e d ................................................................................................................................... 4,900.9 5,246.7 5,630.1 5,611.3 5,620.8 5,797.6 6,054.5 6,158.0 Compensation of employees ........................................................................................ Wage and salary accruals ......................................................................................... Supplements to wages and salaries .......................................................................... Taxes on production and imports less subsidies ............................................................ Net operating s urplus ................................................................................................... Net interest and miscellaneous paym ents.................................................................. Business current transfer payments .......................................................................... Corporate profits with inventory valuation and capital consumption adjustments .......... Taxes on corporate in c o m e .................................................................................. Profits after tax with inventory valuation and capital consumption adjustm ents......... Net d iv id e nd s ................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments 3,703.2 3,019.4 683.8 488.5 709.2 152.6 64.4 492.1 135.7 356.4 292.7 63.8 3,873.4 3,158.4 714.9 522.9 850.4 137.8 60.0 652.6 185.3 467.4 366.9 100.5 4,099.7 3,335.1 764.6 558.1 972.2 156.6 51.4 764.2 251.4 512.9 228.5 284.4 4,049.9 3,292.7 757.1 556.8 1,004.6 152.9 67.3 784.3 244.9 539.4 303.0 236.5 4,140.7 3,369.0 771.7 562.9 917.3 159.3 4,198.0 3,414.5 783.5 567.2 1,032.4 165.1 60.9 806.4 266.4 540.0 419.9 4,341.0 3,537.5 803.5 576.7 1,136.8 175.1 60.9 900.9 280.9 620.0 377.7 242.3 4,427.1 3,610.5 816.6 583.8 1,147.1 178.9 61.7 906.5 293.2 613.2 386.4 226.9 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ....... Profits after tax (without inventory valuation and capital consumption adjustments) .......... Inventory valuation adjustm ent...................................................................................... Capital consumption adjustm ent.................................................................................... 425.4 289.7 -13.6 80.3 623.8 438.6 -39.8 932.6 681.3 -32.6 -135.8 931.4 686.5 - 2 1 .0 -126.2 935.0 679.2 -30.9 -157.3 988.7 722.3 -39.2 -143.0 1,050.6 769.7 -22.9 -126.8 1,096.5 803.3 -56.8 -133.2 6,268.0 6,326.7 6 8 .6 11.1 746.8 255.8 491.0 126.3 364.7 1 2 0 .1 6,899.2 Billions of chained (2000) dollars G ross valu e ad de d o f no nfinancial co rp orate b u s in e s s 1 5,382.1 5,654.5 5,959.9 5,935.2 5,994.7 6,079.8 Consumption of fixed capital 2 ................................................. . Net value added 3 .................................................................... 630.5 4,751.6 650.9 5,003.6 681.6 5,278.3 660.5 5,274.7 738.9 5,255.8 670.5 5,409.3 5,601.8 669.3 5,657.4 1.090 6 6 6 .1 Dollars; quarters seasonally adjusted Price, costs, an d pro fits pe r un it o f real gross valu e ad de d o f no n fin an cia l co rp orate busin ess : Price pe r un it of real gros s valu e ad ded o f no nfin an cial co rp o rate b u s in e s s 4 ........................... 1.033 1.049 1.069 1.066 1.072 1.075 1.083 Compensation of employees (unit labor c o s t) .................................................................................... .6 8 8 .685 .6 8 8 .682 .691 .690 .693 .700 .253 .248 .252 .124 .251 .251 .247 .117 .103 .027 .247 .117 .1 0 2 .1 0 2 .028 .028 .133 .044 .089 .144 .045 .099 .143 .046 .097 Unit nonlabor c o s t............................................................................................................................ Consumption of fixed c a p ita l............................................................................................ Taxes on production and imports less subsidies plus business current transfer paym ents................ Net interest and miscellaneous paym ents...................................................................................... .1 2 2 .121 .103 .028 .103 .024 .1 0 2 .026 .105 .026 .257 .134 .096 .027 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) .................................................................................................................................. Taxes on corporate income ........................................................................................... . . Z Z Z Z Profits after tax with inventory valuation and capital consumption adjustments ................................. .091 .025 .066 .115 .033 .083 .128 .042 .086 .132 .041 .091 .125 .043 .082 r Re v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e f i r st q u a r t e r o f 2 0 0 6 . 1. T h e c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n - f i n a n c i a i i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e i n d e x i s n o t a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2 . Ch a i n e d - d o l l a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s c a l c u l a t e d a s t h e p r o d u c t o f .1 2 0 .121 t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . 3. Ch a i n e d - d o l l a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4 . T h e d e f l a t o r f o r g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss d i v i d e d b y 1 0 0 . NOTE. — Est i m a t e s i n t h i s t a b l e a r e b a s e d on t he 1 9 9 7 No r ih Am e r i c an I n d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . A p p e n d ix T a b le A . - R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la t e d A g g r e g a t e s a n d P r ic e In d e x e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2C 02 III 2C03 IV i II 2004 III IV I II 2005 III IV 1 II 2006 III IV G ros s do m estic pro d uc t (G D P) and related aggrega tes: GDP ............................................ 2.5 3.9 3.2 2.4 0 .2 1 .2 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 Goods ..... Services ... S tructures. 3.3 4.2 1 .8 5.6 2.9 3.1 2.1 3.3 4.9 3.2 5.2 4.6 2.3 4.6 5.2 1.7 -3.0 -5.2 2.9 3.1 3.9 1 .6 2.5 3.6 9.2 3.0 3.0 13.6 5.0 2.5 1 .8 1 .8 8 .0 11.1 Motor vehicle ou tp u t............................................ GDP excluding motor vehicle ou tp u t............... 6.7 3.5 .7 3.1 .6 4.6 2.5 -2.7 3.5 2 .2 3.7 4.5 .5 4.9 .1 16.2 1.9 14.1 12.8 2.4 2.9 4.3 2.3 1.7 1.3 2.6 3.5 3.9 5.9 3.1 1 1 .6 .5 2 .0 1.7 10.9 3.2 8.9 7.4 -6.5 3.0 9.9 3.6 -7.1 4.5 16.6 2.7 1.9 1 2 .0 .2 3.1 -.7 3.4 2 2 .6 -19.1 2 .6 Final sales of computers 1 ............... ................... GDP excluding final sales of com puters............... 3.6 2 .6 3.8 5.6 -8.5 3.3 20.8 2.4 8.2 3.9 24.5 3.1 29.3 15.3 16.9 .1 1.1 -2.5 3.5 90.4 7.0 2 0 .0 2 .2 2.5 -16.0 4.0 -17.4 4.2 23.0 3.0 42.8 2.4 24.3 3.3 31.5 3.1 1 1 .6 33.8 4.1 1 .6 Farm gross value added 2 ................................... 9.5 5.6 7.4 2.9 8.4 7.4 1.0 63.9 34.2 -16.1 26.6 -34.7 -36.1 1 2 0 .0 -17.4 19.4 23.7 - 2 .0 -24.6 Nonfarm business gross value added 3 ................ 11.3 8.1 14.1 12.7 3.1 4.3 3.8 3.1 .1 1 .2 4.3 1 1 .0 1 .6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1 .8 6.7 3.1 GDP .................................................................. GDP excluding food and e n e rg y .......................... GDP excluding final sales of com puters................ 2.1 1.9 2.3 2.8 2.7 2.9 3.0 3.0 3.2 2 .2 1.1 1.7 2.3 3.5 3.4 3.7 2 .8 2 .2 3.2 3.1 3.4 2.4 2.4 2 .2 3.7 3.4 3.7 3.3 2.1 1.4 3.7 3.4 3.8 2.1 2 .0 2.4 3.1 2.7 3.3 2 .2 1 .6 1.7 2 .6 Gross domestic purchases .................................. Gross domestic purchases excluding food and en ergy ............................................................ Gross domestic purchases excluding final sales of computers to domestic purchasers................... 3.4 3.3 3.3 3.4 3.3 3.1 3.4 3.3 3.1 3.5 2.3 3.1 3.5 1.7 2 .2 4.1 .6 2 .2 1.9 4.3 4.1 2 .6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 1.9 2.7 2.8 1 .6 1 .8 2 .6 1.3 1 .8 2 .0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 2.5 3.2 3.7 1.9 2.4 4.4 .7 2.4 2 .0 4.4 4.2 2 .8 3.8 3.4 3.5 4.6 3.7 Personal consumption expenditures (P C E )....... PCE excluding food and energy..................... Market-based PCE 4 ....................................... Market-based PCE excluding food and energy 4 2.9 4.3 2.0 1.4 1.9 2.6 2.9 1 .8 1.7 3.1 2.0 2.1 1.5 1 .2 1.1 1 .8 1 .6 1.7 3.1 .7 3.0 2.3 2.9 1.8 2 .2 2.9 2.5 2.5 1.9 2.8 1 .2 3.1 1.9 3.1 1.7 2. 0 2.1 1.4 1.9 1.7 1.5 1 .0 .9 .9 3.6 2.5 3.4 1.9 2.3 2.4 2 .2 3.7 2.5 3.3 1.7 4.1 2.7 1.7 .7 1.3 .3 2.4 2.3 1.5 1.9 1.7 1.7 - 1 .0 1 1.8 2 .8 Price indexes: r 1.1 1.6 1 .2 1.3 2 .1 2 .6 2.1 1 .6 4.3 1 .2 .8 3.1 1.7 1.6 4.1 4.2 2.7 R e v i se d 4 . T h i s i n d e x I s a su p p l e m e n t a l m e a su r e t h a t I s b a se d o n h o u se h o l d e x p e n d i t u r e s t or w h i c h t h e r e a r e o b se r v a b l e 1. So m e c o m p o n e n t s o f f i n a l sa l e s o f c o m p u t e r s i n c l u d e c o m p u t e r p a r t s. pri ce 2 . F a r m o u t p u t l e ss In t e r m e d i a t e g o o d s a n d se r v i c e s p u r c h a se d . 3 . C o n s i s t s o f G D P l e s s g r o s s v a l u e a d d e d o f f a r m , o f h o u se h o l d s a n d i n st i t u t i o n s, . , a n d o f ge n e r a l go v e r n m e n t . m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r e ss (f or e xam pl e, i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i nst i t u t i on s, Se e “ Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. t h e se r v i c e s f u r n i sh e d w i t h o u t p a y m e n t b v f i n a n c i a l E x p la n a to r y N o te : N I P A M e a s u r e s o f Q u a n titie s a n d P r ic e s Current-dollar GDP is a measure o f the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year - at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2004-05 annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual percent change in GDP prices uses quantities for 2004 and 2005 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio o f the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values o f the IPD are very close to the values o f the corresponding "chain-type" price index.) Index numbers o f quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by major components to changes in real GDP are presented in table 2. Measures o f real GDP and its major components are also presented in dollar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value o f this component in 2001 would b e $ 1 1 0 (= $ 1 0 0 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate o f GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure o f the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum o f the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition o f GDP growth. In particular, for components for which relative prices are changing rapidly, calculation o f contributions using chained-dollar estimates may be misleading even just a few years from the reference year. R e f e r e n c e : “Chained-Dollar S u r v e y , pp. 8-16. Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003
@FedFRASER