The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, SEPTEMBER 29, 2011 BEA 11-49 Lisa Mataloni: (202) 606-5304 (GDP) Greg Key: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: SECOND QUARTER 2011 (THIRD ESTIMATE) CORPORATE PROFITS: SECOND QUARTER 2011 (REVISED ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.0 percent (see "Revisions" on page 3). The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, and federal government spending that were partly offset by negative contributions from state and local government spending and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the second quarter primarily reflected a deceleration in imports, an upturn in federal government spending, and an acceleration in nonresidential fixed investment that were partly offset by a deceleration in PCE, a downturn in private inventory investment, and a deceleration in exports. Final sales of computers added 0.07 percentage point to the second-quarter change in real GDP after adding 0.08 percentage point to the first-quarter change. Motor vehicle output subtracted 0.10 percentage point from the second-quarter change in real GDP after adding 1.08 percentage points to the first-quarter change. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - - 2The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.3 percent in the second quarter, the same increase as in the second estimate; this index increased 4.0 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 2.7 percent in the second quarter, compared with an increase of 2.4 percent in the first. Real personal consumption expenditures increased 0.7 percent in the second quarter, compared with an increase of 2.1 percent in the first. Durable goods decreased 5.3 percent, in contrast to an increase of 11.7 percent. Nondurable goods increased 0.2 percent, compared with an increase of 1.6 percent. Services increased 1.9 percent, compared with an increase of 0.8 in the first. Real nonresidential fixed investment increased 10.3 percent, compared with an increase of 2.1 percent. Nonresidential structures increased 22.6 percent, in contrast to a decrease of 14.3 percent. Equipment and software increased 6.2 percent, compared with an increase of 8.7 percent. Real residential fixed investment increased 4.2 percent, in contrast to a decrease of 2.4 percent. Real exports of goods and services increased 3.6 percent in the second quarter, compared with an increase of 7.9 percent in the first. Real imports of goods and services increased 1.4 percent, compared with an increase of 8.3 percent. Real federal government consumption expenditures and gross investment increased 1.9 percent in the second quarter, in contrast to a decrease of 9.4 percent in the first. National defense increased 7.0 percent, in contrast to a decrease of 12.6 percent. Nondefense decreased 7.6 percent, compared with a decrease of 2.7 percent. Real state and local government consumption expenditures and gross investment decreased 2.8 percent, compared with a decrease of 3.4 percent. The change in real private inventories subtracted 0.28 percentage point from the second-quarter change in real GDP, after adding 0.32 percentage point to the first-quarter change. Private businesses increased inventories $39.1 billion in the second quarter, following increases of $49.1 billion in the first quarter and $38.3 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.6 percent in the second quarter, after increasing less than 0.1 percent. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.0 percent in the second quarter, compared with an increase of 0.7 percent in the first. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 2.2 percent in the second quarter, compared with an increase of 1.5 percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $28.0 billion in the second quarter after increasing $36.6 billion in the first; in the second quarter, receipts increased $39.4 billion, and payments increased $11.4 billion. - more - - 3Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.0 percent, or $145.0 billion, in the second quarter to a level of $15,012.8 billion. In the first quarter, current-dollar GDP increased 3.1 percent, or $112.8 billion. Revisions The third estimate of the second-quarter increase in real GDP is 0.3 percentage point, or $11.3 billion, higher than the second estimate issued last month, primarily reflecting an upward revision to personal consumption expenditures, a downward revision to imports, and an upward revision to exports. Second Estimate Third Estimate Advance Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 1.3 3.7 3.2 1.0 3.5 3.3 1.3 4.0 3.3 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $61.2 billion in the second quarter, compared with an increase of $19.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $86.2 billion in the second quarter, compared with an increase of $21.1 billion in the first. Taxes on corporate income decreased $1.8 billion in the second quarter, in contrast to an increase of $17.6 billion in the first. Profits after tax with inventory valuation and capital consumption adjustments increased $63.0 billion in the second quarter, compared with an increase of $1.4 billion in the first. Dividends increased $13.6 billion, compared with an increase of $19.0 billion; currentproduction undistributed profits increased $49.3 billion, in contrast to a decrease of $17.6 billion. Domestic profits of financial corporations decreased $54.2 billion in the second quarter, compared with a decrease of $38.7 billion in the first. Domestic profits of nonfinancial corporations increased $80.8 billion in the second quarter, compared with an increase of $19.7 billion in the first. In the second quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added increased. The increase in unit profits reflected an increase in unit prices and decreases in both the unit labor and nonlabor costs that corporations incurred. - more - - 4The rest-of-the-world component of profits increased $34.6 billion in the second quarter, compared with an increase of $37.9 billion in the first. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter increase was accounted for by a larger increase in receipts than in payments. Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits of financial corporations decreased while domestic profits of nonfinancial corporations increased. The increase in profits of nonfinancial corporations reflected increases in all the major subaggregates shown, except for retail trade. Within manufacturing, the largest increase in profits was for petroleum and coal products. Profits before tax increased $13.5 billion in the second quarter, compared with an increase of $134.6 billion in the first. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $8.1 billion in the second quarter (from $115.4 billion to $107.3 billion), compared with a decrease of $89.8 billion in the first. The inventory valuation adjustment increased $55.6 billion (from -$116.0 billion to -$60.4 billion), in contrast to a decrease of $25.7 billion. * * * BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- October 27, 2011, at 8:30 A.M. EDT for: Gross Domestic Product: Third Quarter 2011 (Advance Estimate) - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I II r Gross domestic product (GDP) ... –0.3 –3.5 3.0 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 3.8 2.5 2.3 0.4 1.3 Personal consumption expenditures ..... –0.6 –1.9 2.0 1.8 1.2 –1.0 –0.1 –3.8 –5.1 –1.5 –1.9 2.3 0.4 2.7 2.9 2.6 3.6 2.1 0.7 Goods..................................................... –2.5 –3.0 4.3 3.0 1.0 –5.6 0.5 –7.7 –12.6 0.1 –2.3 7.6 0.5 6.4 3.8 4.8 8.3 4.7 –1.6 Durable goods .................................... –4.9 –5.4 7.2 5.2 2.3 –9.6 –2.9 –12.3 –25.4 2.4 –4.0 20.3 –4.8 9.9 7.8 8.8 17.2 11.7 –5.3 Nondurable goods .............................. –1.2 –1.8 2.9 1.9 0.4 –3.3 2.3 –5.4 –5.8 –1.0 –1.5 2.0 3.1 4.8 1.9 3.0 4.3 1.6 0.2 Services.................................................. 0.4 –1.4 0.9 1.1 1.3 1.5 –0.5 –1.7 –1.2 –2.3 –1.7 –0.1 0.4 1.0 2.5 1.6 1.3 0.8 1.9 Gross private domestic investment........ –10.2 –25.0 17.9 –3.0 –9.3 –12.2 –6.0 –16.5 –33.9 –46.7 –22.8 2.9 36.8 31.5 26.4 9.2 –7.1 3.8 6.4 Fixed investment..................................... –7.1 –18.8 2.6 –1.4 –4.9 –8.3 –5.2 –12.3 –25.2 –32.2 –17.0 0.7 –3.8 1.2 19.5 2.3 7.5 1.2 9.2 Nonresidential..................................... –0.8 –17.8 4.4 9.1 5.4 –0.8 –2.3 –9.9 –22.9 –31.3 –15.8 –3.3 –3.7 6.0 18.6 11.3 8.7 2.1 10.3 Structures........................................ 6.4 –21.2 –15.8 24.3 7.4 0.8 9.4 –3.7 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7 7.5 4.2 10.5 –14.3 22.6 Equipment and software ................. –4.3 –16.0 14.6 2.5 4.4 –1.7 –7.9 –13.1 –29.3 –30.8 –4.2 6.4 11.7 21.7 23.2 14.1 8.1 8.7 6.2 Residential .......................................... –23.9 –22.2 –4.3 –24.1 –29.3 –28.5 –14.5 –20.0 –33.2 –35.4 –21.3 17.8 –3.8 –15.3 22.8 –27.7 2.5 –2.4 4.2 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 6.1 –9.4 11.3 15.7 11.6 5.5 12.7 –3.5 –21.4 –29.0 –0.5 13.9 23.5 7.2 10.0 10.0 7.8 7.9 3.6 Goods ................................................. 6.3 –12.0 14.4 12.7 9.9 9.3 14.1 –2.4 –27.4 –34.9 –2.9 21.3 28.4 12.1 11.8 8.9 9.2 10.6 2.5 Services.............................................. 5.6 –3.5 5.0 23.0 15.7 –2.7 9.5 –6.2 –5.6 –14.7 4.7 0.1 13.7 –2.7 6.1 12.6 4.7 1.7 6.2 Imports ................................................... –2.7 –13.6 12.5 1.0 –5.2 1.4 –2.5 –6.6 –14.9 –34.0 –15.0 16.3 17.4 12.5 21.6 12.3 –2.3 8.3 1.4 Goods ................................................. –3.8 –15.6 14.8 0.3 –5.5 –0.6 –2.2 –9.1 –18.5 –37.1 –17.9 19.6 21.8 14.4 26.0 12.4 –0.5 9.5 1.6 Services.............................................. 3.6 –3.5 2.9 4.4 –4.0 13.0 –4.2 8.2 5.6 –19.3 –2.5 4.2 0.4 4.6 3.3 11.6 –10.4 2.2 0.4 Government consumption expenditures and gross investment........................... 2.6 1.7 0.7 3.5 1.2 3.1 1.7 4.3 1.6 –1.7 5.9 1.3 –0.9 –1.2 3.7 1.0 –2.8 –5.9 –0.9 Federal ................................................... 7.2 6.0 4.5 9.6 1.1 9.7 4.9 11.7 9.1 –3.3 14.4 5.9 2.2 2.8 8.8 3.2 –3.0 –9.4 1.9 National defense................................. 7.5 5.8 3.3 10.2 0.0 8.2 5.4 17.6 8.3 –7.5 16.3 8.2 –1.3 0.5 6.0 5.7 –5.9 –12.6 7.0 Nondefense ........................................ 6.5 6.5 7.1 8.2 3.4 13.0 3.9 –0.1 10.9 6.5 10.4 1.0 9.9 7.8 14.7 –1.8 3.1 –2.7 –7.6 State and local........................................ 0.0 –0.9 –1.8 0.2 1.3 –0.6 –0.1 0.1 –2.8 –0.8 0.9 –1.5 –2.9 –3.9 0.4 –0.5 –2.7 –3.4 –2.8 Addenda: Final sales of domestic product.............. 0.2 –2.6 1.4 3.3 2.5 –1.1 1.5 –3.0 –7.4 –4.2 –0.2 1.4 –0.2 0.8 3.0 1.7 4.2 0.0 1.6 Gross domestic purchases..................... –1.5 –4.4 3.4 1.3 –0.5 –2.1 –0.7 –4.2 –8.3 –8.6 –2.8 2.2 3.5 4.8 5.6 3.1 0.9 0.7 1.0 Final sales to domestic purchasers ........ –1.0 –3.6 1.8 1.6 0.2 –1.4 –0.5 –3.6 –6.9 –6.2 –2.3 1.9 –0.3 1.7 4.9 2.3 2.7 0.4 1.3 Gross national product (GNP) ................ 0.0 –3.6 3.3 4.8 3.2 –2.3 1.3 –3.2 –10.8 –6.2 –0.5 2.3 4.0 3.8 4.5 2.8 1.7 1.5 2.2 Disposable personal income .................. 2.4 –2.3 1.8 1.6 2.2 5.9 8.2 –8.8 –0.2 –3.8 0.3 –5.4 –0.6 4.9 5.6 2.3 1.5 1.2 0.6 Current-dollar measures: GDP .................................................... 1.9 –2.5 4.2 4.3 3.6 0.6 4.0 –0.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 Final sales of domestic product .......... 2.4 –1.6 2.6 4.6 4.4 1.5 4.0 0.2 –7.4 –2.5 –0.5 1.8 1.0 2.3 4.5 3.1 6.1 2.5 4.2 Gross domestic purchases ................. 1.8 –4.5 5.0 3.4 3.2 1.9 3.9 –0.3 –12.0 –10.4 –2.4 3.9 5.6 7.0 6.2 4.0 2.9 4.9 4.5 Final sales to domestic purchasers .... 2.2 –3.7 3.3 3.6 4.0 2.7 3.9 0.4 –11.0 –7.9 –1.8 3.7 1.9 3.8 5.3 3.2 4.8 4.3 4.7 GNP .................................................... 2.2 –2.6 4.4 6.2 5.2 0.0 4.1 –0.1 –10.4 –4.8 –0.9 2.6 5.1 5.4 6.1 4.1 3.5 4.2 4.8 Disposable personal income............... 5.8 –2.1 3.6 3.9 6.5 10.0 13.1 –4.9 –5.8 –5.4 2.2 –2.6 2.2 6.8 5.9 3.3 3.5 5.2 3.9 r Revised See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2008 2009 2010 2007 III Percent change at annual rate: Gross domestic product ................................. Percentage points at annual rates: Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment................... 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 ..................................................... Change in private inventories......................... Farm............................................................... Nonfarm ......................................................... Net exports of goods and services.................... Exports ............................................................. Goods ............................................................ Services ......................................................... Imports ............................................................. Goods ............................................................ Services ......................................................... Government consumption expenditures and gross investment ............................................. Federal.............................................................. National defense ............................................ Consumption expenditures......................... Gross investment ....................................... Nondefense.................................................... Consumption expenditures......................... Gross investment ....................................... State and local ................................................. Consumption expenditures......................... Gross investment ....................................... Addenda: Goods ................................................................ Services............................................................. Structures .......................................................... Motor vehicle output .......................................... Final sales of computers.................................... r Revised See “Explanatory Note” at the end of the tables. –0.3 –3.5 –0.39 –0.59 –0.41 –0.38 –1.32 –0.69 –0.41 –0.17 1.3 III IV I II –3.7 –8.9 –6.7 –0.7 III I II III IV I II r 2.3 0.4 1.3 1.44 1.24 0.83 –0.70 –0.08 –2.67 –3.53 –1.02 –1.28 0.99 0.72 0.25 –1.37 0.12 –1.89 –3.04 0.05 –0.52 0.53 0.43 0.19 –0.84 –0.23 –1.01 –2.12 0.19 –0.29 0.05 –0.09 –0.07 –0.48 –0.58 –0.53 –0.98 0.35 –0.10 1.66 0.33 1.70 0.12 1.39 –0.36 0.92 –0.79 1.92 1.45 0.70 –0.02 2.05 0.87 0.56 0.16 1.85 1.09 0.63 0.19 2.48 1.87 1.20 0.76 1.47 1.10 0.85 0.37 0.49 –0.38 –0.42 –0.74 –0.08 –0.15 0.09 –0.04 –0.04 –0.06 –0.18 –0.28 0.13 0.27 0.07 0.46 0.05 0.02 –0.17 0.07 –0.25 –0.35 –0.21 –0.12 0.41 0.25 –0.09 0.30 –0.15 –0.51 0.07 –0.11 0.07 –0.01 –0.09 –0.02 –0.08 –0.29 –0.01 0.04 0.29 0.06 –0.53 0.35 –0.89 –0.92 –0.15 –0.23 0.08 0.13 0.34 0.33 0.04 –0.03 0.31 0.48 0.22 0.32 0.18 0.75 0.17 0.21 0.02 0.30 0.06 0.27 0.11 0.47 0.14 0.24 0.05 0.67 0.06 0.32 0.10 0.25 0.05 0.20 0.07 0.04 –0.05 –0.07 –0.01 –0.11 –0.13 0.01 0.02 –0.10 0.21 –0.63 0.13 0.13 0.00 0.20 0.46 0.09 0.16 0.09 –0.01 0.00 –0.13 0.11 0.04 0.52 0.58 0.15 –0.14 0.26 0.15 0.09 0.01 0.24 0.29 0.47 1.18 0.18 0.01 0.02 0.26 0.75 0.25 0.27 –0.15 0.30 0.61 0.04 0.06 0.07 0.05 –0.17 –0.24 0.30 0.16 0.36 0.87 1.11 0.07 0.45 0.08 0.11 0.18 0.12 0.10 0.89 0.30 0.28 0.05 0.20 0.13 –0.16 0.09 0.76 –0.10 0.49 0.00 –0.03 0.16 0.05 0.19 0.35 –0.19 0.06 –0.01 –0.05 0.30 0.23 0.02 0.85 0.09 0.32 0.00 0.23 0.05 0.07 0.09 0.05 –0.09 0.07 0.44 –0.14 0.14 –0.15 0.27 0.01 –0.13 0.01 0.10 0.37 2.92 2.12 1.62 0.18 1.45 0.28 1.14 0.28 1.04 0.10 0.94 0.43 –0.91 0.88 0.82 0.26 0.56 –0.15 0.47 0.15 0.20 –0.40 0.60 0.09 0.79 1.07 0.98 0.54 0.44 0.38 0.23 0.03 0.12 0.39 0.47 0.21 0.50 0.79 –0.11 0.90 –1.94 1.19 0.97 0.23 –3.13 –3.05 –0.08 0.31 0.06 0.12 0.13 0.09 0.34 0.20 –0.76 0.86 –0.20 1.06 –0.68 1.21 0.75 0.46 –1.89 –1.58 –0.31 0.39 0.14 0.14 0.11 0.11 0.00 0.05 0.06 –1.79 0.01 –1.80 1.37 0.98 0.79 0.18 0.39 0.08 0.31 0.01 –0.05 0.04 0.02 0.14 0.30 0.15 –0.06 0.32 –0.09 0.41 –0.34 1.01 0.94 0.07 –1.35 –1.29 –0.06 0.32 0.27 0.14 –0.09 –0.01 0.14 –0.01 0.09 –0.28 –0.02 –0.26 0.24 0.48 0.24 0.24 –0.24 –0.23 –0.01 –0.14 0.05 –0.25 –0.51 –0.10 0.26 0.20 0.20 –0.08 0.25 –0.23 –0.32 –0.07 –0.17 0.09 0.10 –0.20 –0.15 –0.41 0.27 0.14 –0.10 –0.06 –0.01 –0.11 0.21 0.00 –0.36 –0.12 –0.22 0.08 0.19 0.67 –0.20 –0.78 –0.49 –1.07 –0.76 –0.04 0.21 0.43 0.25 0.30 0.42 –0.32 –0.92 –0.80 –0.94 –0.59 0.12 0.13 –0.09 0.32 –0.01 –0.18 0.48 0.13 0.05 0.16 0.13 0.28 0.36 0.31 0.19 0.02 0.21 0.41 0.02 –0.04 –0.07 –0.12 –0.16 –0.20 –0.33 –0.25 –0.11 0.05 0.08 –0.02 0.00 –0.05 –0.19 –0.18 –0.07 –0.09 0.14 0.03 0.16 –0.21 0.08 –0.17 –0.23 –0.24 –0.17 –0.07 0.14 0.09 0.00 –0.24 –0.17 –0.59 –0.59 –0.41 0.02 –0.22 –0.04 0.08 –0.24 –0.18 0.02 –0.13 –0.27 0.02 0.15 0.27 0.08 0.28 0.27 1.7 IV 2.5 0.03 0.12 –1.8 II 2011 3.8 0.20 0.22 1.7 I 2010 3.9 –0.66 0.13 0.21 –0.19 –0.11 –0.15 –0.43 –0.12 3.0 IV 2009 3.8 0.00 0.09 0.25 –0.12 –0.03 –0.04 –0.06 –0.08 3.0 2008 0.25 0.31 0.12 0.22 0.14 0.22 0.31 –0.13 0.22 0.02 –0.17 0.06 –0.10 0.06 0.42 0.17 0.16 0.07 0.25 0.12 –0.28 –0.08 –0.01 0.06 –0.09 0.05 0.07 –0.03 0.01 0.35 –0.28 –0.30 0.20 –0.03 0.03 –0.04 0.06 0.14 0.14 0.17 0.02 –1.66 –1.15 –0.09 0.24 –0.34 0.09 0.13 –0.19 –3.61 1.96 –0.50 –2.77 0.32 –0.22 –2.05 0.42 1.03 –0.85 –0.51 0.82 –1.20 0.93 0.20 –0.01 0.05 0.10 0.08 –1.58 –2.02 –0.94 –2.63 –0.81 –1.36 –0.80 –1.91 0.62 –0.10 –0.25 –1.18 0.28 0.03 0.37 –0.14 0.34 –0.13 –0.63 –1.04 –0.09 –5.59 –4.05 –2.84 –0.41 –2.43 0.15 0.23 0.08 0.02 –0.14 –7.76 –2.84 0.35 3.51 3.25 –5.09 –2.26 0.13 –0.42 0.15 –3.90 –1.66 –0.29 –0.33 0.56 –1.47 –1.41 –0.71 –1.07 –0.76 –2.43 –0.25 0.42 0.74 1.32 0.08 0.05 0.07 –0.04 –0.05 –0.31 –0.05 –1.05 –0.51 0.01 –0.52 1.21 0.73 0.53 0.20 0.47 0.57 –0.10 –0.14 0.35 0.28 –0.02 0.16 0.11 –0.01 0.05 0.06 –0.11 0.14 0.11 –0.28 0.08 0.01 –0.53 0.36 –0.08 –0.25 0.14 –0.01 –0.72 –0.11 –1.25 –0.84 1.64 –0.28 –0.02 0.00 0.08 –0.82 1.64 –0.36 1.11 –0.51 1.55 –1.18 1.31 1.72 –1.04 1.12 0.98 –0.13 0.19 0.74 2.29 –1.82 –0.17 2.19 –1.74 –0.05 0.10 –0.08 –0.12 0.57 0.15 0.09 0.34 –0.27 0.04 0.00 –1.43 –0.77 0.06 –0.83 2.22 1.32 0.78 0.54 0.90 0.79 0.11 –0.80 –0.22 –0.09 –0.49 –0.23 –0.99 –0.41 –1.21 –1.54 –0.08 –1.46 –0.12 –2.97 –2.75 –0.21 2.84 2.98 –0.14 –0.28 –0.04 –0.11 –0.13 –0.73 –0.97 –0.44 –1.19 –2.66 –0.06 –2.60 2.44 –3.82 –3.25 –0.57 6.26 5.63 0.63 0.50 0.34 0.14 0.50 0.45 0.37 0.36 0.30 0.18 0.25 0.25 0.14 0.11 0.05 0.04 0.15 0.16 0.19 0.12 0.14 0.14 0.02 0.01 0.05 0.00 –0.11 –0.23 –0.02 –0.07 –0.13 0.02 –0.05 –0.10 –0.21 0.66 –0.78 –0.53 0.11 0.09 0.13 0.19 –0.24 0.01 –0.06 –0.17 –1.26 –0.66 –0.17 –0.49 0.38 0.65 0.75 –0.10 –0.28 0.05 –0.33 0.01 0.05 0.01 –0.06 –0.04 –0.63 0.03 –0.55 –0.14 0.32 –0.46 2.00 1.56 1.21 0.35 0.44 0.31 0.13 –0.30 –0.14 0.02 –0.18 –0.08 –0.68 0.03 –0.73 –0.73 0.06 –0.79 0.79 –0.47 –0.22 –0.24 1.25 1.47 –0.21 0.15 0.06 0.09 0.00 –0.20 0.15 –0.35 –0.60 –0.58 –0.03 –0.55 2.21 –0.02 –0.20 0.18 2.24 2.15 0.09 0.67 0.23 0.58 0.34 0.85 0.35 –0.33 1.21 0.64 0.08 0.66 0.35 0.84 0.69 –0.25 1.09 0.47 0.01 0.38 0.27 0.85 0.44 –0.40 0.84 0.45 0.01 0.32 –0.05 0.69 0.37 –0.23 0.64 0.01 0.00 0.06 0.32 0.15 0.07 –0.17 0.20 0.18 0.07 0.28 0.09 –0.01 0.25 0.15 0.25 0.15 0.08 0.25 0.06 –0.03 0.23 0.17 0.26 0.02 –0.01 0.03 0.03 0.02 0.02 –0.02 0.00 0.02 0.16 –0.08 –0.01 0.01 –0.34 –0.08 0.12 0.02 0.09 –0.09 –0.13 0.02 –0.10 –0.04 –0.03 0.00 0.07 0.01 0.12 –0.01 –0.24 –0.05 0.15 –1.56 3.01 1.68 –0.34 0.72 1.77 –1.59 –0.69 –0.49 –0.55 0.49 –0.06 0.01 0.10 0.25 1.46 –1.23 1.14 –2.32 –6.83 –2.82 1.40 0.72 0.15 –0.55 –0.35 –1.11 –1.16 –1.25 0.02 –0.79 –1.72 –2.73 –0.45 –0.40 –0.74 –0.70 –1.73 –1.32 0.20 0.04 0.15 –0.01 0.02 0.09 0.48 0.54 0.18 0.13 0.34 0.07 0.06 0.12 –0.06 0.30 0.08 0.17 –0.07 0.00 0.02 0.04 0.21 0.75 –0.04 0.00 0.36 0.42 –0.10 –0.41 0.21 3.93 3.10 –0.12 0.13 0.17 0.33 3.80 2.92 –0.59 0.15 –0.97 1.49 2.51 0.86 1.48 2.01 0.96 0.01 0.49 –0.10 –2.08 –2.36 –1.83 –1.98 –2.36 –1.71 –0.10 0.00 –0.12 0.28 0.48 0.45 0.38 0.07 0.03 –0.03 0.05 –0.19 –0.15 –0.04 0.82 1.91 0.37 0.07 –1.88 –0.29 0.26 1.48 –0.08 –0.06 –0.18 –0.26 0.77 0.20 –0.58 –1.23 –0.18 0.18 0.23 0.71 0.26 –0.26 –0.82 0.16 –0.07 0.03 0.33 0.31 –0.34 –0.74 0.37 0.04 –0.01 0.23 0.26 –0.40 –0.36 0.42 –0.11 0.04 0.10 0.05 0.06 –0.38 –0.04 0.25 0.21 0.38 –0.05 0.09 –0.08 –0.22 0.20 0.17 0.29 –0.06 0.06 –0.06 –0.20 0.05 0.04 0.09 0.01 0.02 –0.02 –0.02 –0.37 –0.49 0.05 –0.06 –0.33 –0.41 –0.34 –0.09 –0.18 –0.14 –0.13 –0.11 0.00 –0.14 –0.27 –0.32 0.20 0.07 –0.22 –0.41 –0.20 4.44 0.84 –1.48 0.20 0.02 5.19 0.23 –1.48 0.73 0.16 1.12 1.69 0.97 0.34 0.06 2.12 0.98 –0.59 0.33 0.29 1.63 0.65 0.07 –0.43 0.29 1.36 –0.17 –0.05 1.18 –0.95 0.33 1.08 –0.10 0.08 0.07 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates 2010 2010 Seasonally adjusted at annual rates 2011 2010 2010 Change from preceding period 2011 2011 2010 II Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment....................... 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 ......................................................... Change in private inventories ............................ Farm .................................................................. Nonfarm ............................................................. Net exports of goods and services ....................... Exports ................................................................. Goods ................................................................ Services............................................................. Imports ................................................................. Goods ................................................................ Services............................................................. Government consumption expenditures and gross investment ................................................. Federal.................................................................. National defense................................................ Consumption expenditures ............................ Gross investment ........................................... Nondefense ....................................................... Consumption expenditures ............................ Gross investment ........................................... State and local ..................................................... Consumption expenditures ................................ Gross investment............................................... Residual .................................................................... Addenda: Final sales of domestic product............................. Gross domestic purchases.................................... Final sales to domestic purchasers ....................... 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 ......................... Net domestic product............................................. III IV I II r II III IV I II r 14,526.5 14,467.8 14,605.5 14,755.0 14,867.8 15,012.8 13,088.0 13,058.5 13,139.6 13,216.1 13,227.9 13,271.8 10,245.5 10,184.8 10,276.6 10,417.1 10,571.7 10,676.0 9,220.9 9,186.9 9,247.1 9,328.4 9,376.7 9,392.7 3,387.0 3,340.1 3,386.5 3,483.4 3,592.2 3,622.7 3,230.7 3,202.9 3,240.8 3,306.0 3,344.4 3,331.2 1,085.5 1,071.7 1,087.5 1,124.7 1,154.5 1,143.8 1,188.3 1,169.3 1,194.1 1,242.4 1,277.4 1,260.2 340.1 330.6 339.6 367.1 383.0 363.4 330.1 321.4 328.0 354.9 368.2 342.1 I II r 384.9 183.4 132.7 80.0 7.6 11.8 48.3 38.4 35.0 13.3 43.9 16.0 –13.2 –17.2 –26.1 243.8 329.8 171.8 2,301.5 244.5 327.6 169.1 2,268.3 243.4 331.2 173.3 2,299.0 246.1 334.5 176.9 2,358.7 248.3 340.5 182.7 2,437.8 251.2 342.5 186.7 2,478.9 260.1 459.6 154.9 2,041.3 259.2 452.1 152.9 2,030.8 261.4 465.8 156.4 2,045.8 267.0 478.5 158.1 2,067.4 269.3 495.9 161.4 2,075.4 271.4 506.5 163.8 2,076.6 19.5 50.4 8.9 57.9 2.3 17.4 3.3 8.0 2.1 10.6 2.4 1.2 766.4 334.3 354.1 846.7 6,858.5 759.4 332.3 337.0 839.7 6,844.7 766.4 333.9 345.9 852.8 6,890.1 778.2 341.3 374.1 865.2 6,933.7 792.0 344.5 420.2 881.1 6,979.4 806.7 348.6 431.5 892.1 7,053.3 673.1 341.0 281.3 750.7 5,991.8 667.2 339.6 282.1 746.4 5,984.3 672.8 340.0 282.7 754.8 6,008.1 680.8 350.1 278.4 764.5 6,027.5 682.1 352.8 274.2 774.4 6,039.1 684.1 354.7 268.5 779.6 6,067.0 15.8 18.6 0.2 24.9 56.3 1.3 2.7 –4.2 9.9 11.6 2.0 1.9 –5.7 5.2 27.9 6,578.3 1,893.2 1,667.4 295.5 382.6 638.0 780.2 921.4 6,562.3 1,887.1 1,659.1 295.3 379.9 634.9 788.6 917.4 6,610.9 1,900.8 1,677.1 297.0 388.6 642.8 779.2 925.4 6,656.0 1,901.1 1,700.4 298.5 387.7 650.1 782.7 935.5 6,700.0 1,901.7 1,708.1 302.1 387.9 663.7 795.7 940.7 6,771.6 1,913.3 1,729.5 304.6 398.6 673.9 803.1 948.5 5,714.0 1,669.2 1,442.9 250.2 341.4 551.0 667.8 791.7 5,702.6 1,665.7 1,438.2 249.9 339.4 549.2 670.8 789.6 5,730.6 1,675.3 1,446.9 251.6 345.8 553.2 665.9 792.4 5,754.7 1,672.2 1,462.3 251.6 344.7 558.2 667.6 798.3 5,765.9 1,666.0 1,464.3 251.4 343.0 567.6 674.7 798.8 5,793.2 1,669.1 1,474.5 251.2 350.6 569.1 676.9 801.8 53.5 14.3 19.8 2.1 6.6 16.7 –8.3 2.2 11.2 –6.2 2.0 –0.2 –1.7 9.4 7.1 0.5 27.3 3.1 10.2 –0.2 7.6 1.5 2.2 3.0 280.2 1,118.9 282.4 1,113.9 279.2 1,125.3 277.6 1,141.6 279.4 1,143.5 281.7 1,154.9 280.0 989.2 284.6 988.2 279.5 992.8 273.9 1,001.6 274.3 997.2 274.9 1,000.6 2.9 18.5 0.4 –4.4 0.6 3.4 838.6 1,795.1 1,728.2 1,390.1 374.4 1,015.7 831.5 1,809.7 1,731.6 1,377.1 370.2 1,006.9 846.1 1,850.5 1,743.8 1,416.5 376.6 1,039.9 864.0 1,818.0 1,779.3 1,447.9 389.6 1,058.3 864.0 1,853.1 1,791.1 1,460.5 379.5 1,081.0 873.2 1,895.3 1,841.7 1,506.0 405.2 1,100.8 710.3 1,714.9 1,648.4 1,319.2 309.1 1,019.4 705.5 1,728.3 1,654.0 1,308.0 306.9 1,010.1 714.1 1,766.8 1,663.5 1,343.6 310.1 1,044.1 727.3 1,734.5 1,693.9 1,371.9 318.0 1,064.5 722.8 1,750.9 1,699.0 1,378.9 305.9 1,086.9 725.5 1,778.4 1,736.7 1,413.2 321.9 1,103.5 15.3 260.7 42.1 56.0 –58.2 129.7 –4.5 16.4 5.1 7.0 –12.1 22.4 2.7 27.5 37.7 34.3 16.0 16.6 543.8 93.8 257.9 192.1 168.6 122.7 180.5 338.1 66.9 –1.6 68.6 –516.9 1,839.8 1,277.8 562.0 2,356.7 1,947.3 409.4 539.8 94.1 255.1 190.5 169.1 120.7 177.4 354.5 78.1 1.0 77.1 –531.2 1,813.8 1,259.7 554.2 2,345.0 1,939.7 405.3 548.0 95.3 258.6 194.0 172.9 132.8 186.3 327.3 106.7 –6.2 112.9 –540.3 1,860.6 1,288.9 571.6 2,400.9 1,982.7 418.2 559.3 99.3 263.2 196.8 178.0 133.1 187.9 331.3 38.7 –6.5 45.2 –500.2 1,935.3 1,353.8 581.5 2,435.5 2,022.8 412.7 557.9 95.6 265.1 197.3 185.0 145.4 192.7 330.6 62.0 –9.4 71.4 –571.3 2,024.1 1,431.0 593.2 2,595.4 2,176.2 419.3 567.6 602.6 596.1 608.5 624.5 625.0 638.4 54.3 0.5 13.4 103.9 .............. .............. ............. .............. .............. .............. .............. ............. .............. 270.4 256.1 252.9 257.2 262.4 263.7 268.9 7.0 1.3 5.2 193.3 207.3 204.8 209.9 214.4 215.2 211.5 21.2 0.8 –3.7 186.5 146.6 147.3 150.1 153.7 158.1 157.7 9.5 4.4 –0.4 152.0 119.3 117.6 129.1 128.9 139.6 144.6 48.6 10.7 5.0 194.6 162.6 160.5 167.1 168.9 174.0 173.8 17.0 5.1 –0.2 335.7 330.8 348.2 321.1 323.1 321.1 324.4 –14.8 –2.0 3.3 53.6 58.8 64.6 92.3 38.3 49.1 39.1 203.7 10.8 –10.0 –9.9 –1.4 0.8 –5.7 –5.2 –7.8 –8.7 0.1 –2.6 –0.9 63.5 60.7 64.0 98.8 44.7 59.7 51.0 204.5 15.0 –8.7 –597.1 –421.8 –437.4 –458.7 –414.2 –424.4 –416.4 –63.0 –10.2 8.0 2,085.3 1,663.2 1,645.0 1,684.8 1,716.8 1,749.6 1,765.0 169.2 32.8 15.4 1,473.5 1,164.9 1,153.8 1,178.8 1,204.9 1,235.6 1,243.2 146.3 30.7 7.6 611.7 498.8 491.8 506.5 512.4 514.6 522.4 23.9 2.2 7.8 2,682.4 2,085.0 2,082.4 2,143.5 2,131.0 2,173.9 2,181.4 232.2 42.9 7.5 2,257.3 1,729.3 1,728.5 1,779.8 1,777.4 1,818.4 1,825.4 223.3 41.0 7.0 425.1 357.4 355.6 365.5 355.6 357.5 357.9 10.2 1.9 0.4 3,002.8 3,004.6 3,018.7 3,020.2 3,014.4 3,038.6 1,222.8 1,224.5 1,237.5 1,234.3 1,219.9 1,237.1 819.2 818.0 831.3 823.9 809.0 830.6 702.1 701.6 713.1 702.7 701.0 723.4 117.1 116.4 118.2 121.2 108.0 107.3 403.6 406.5 406.2 410.3 410.9 406.5 351.9 354.4 353.6 356.9 358.1 354.1 51.7 52.1 52.6 53.5 52.8 52.4 1,780.0 1,780.1 1,781.2 1,786.0 1,794.4 1,801.5 1,443.5 1,441.8 1,438.9 1,450.1 1,471.7 1,482.9 336.5 338.3 342.3 335.9 322.8 318.6 .............. ............... ............... ............... .............. .............. 14,459.6 15,043.4 14,976.5 14,526.5 702.9 513.5 14,715.9 12,651.6 14,389.8 14,999.0 14,921.0 14,467.8 699.0 502.8 14,664.0 12,601.0 14,498.8 15,145.8 15,039.1 14,605.5 708.9 501.6 14,812.8 12,727.3 14,716.3 15,255.2 15,216.6 14,755.0 729.4 545.0 14,939.4 12,858.9 14,805.8 15,439.1 15,377.1 14,867.8 752.1 525.0 15,094.9 12,953.5 14,959.2 15,609.9 15,556.3 15,012.8 803.2 542.0 15,274.0 13,072.9 2,556.8 1,075.9 718.3 609.0 110.2 357.7 307.5 50.4 1,487.0 1,213.0 274.3 –39.3 2,564.0 1,079.4 718.6 609.8 109.6 360.8 310.3 50.8 1,490.8 1,214.8 276.4 –34.6 2,570.3 1,087.8 728.6 618.1 111.4 359.2 308.3 51.2 1,488.9 1,210.8 278.4 –42.0 2,552.1 1,079.6 717.7 605.3 113.6 361.9 310.3 52.0 1,478.9 1,207.4 271.9 –61.2 2,513.9 1,053.3 694.0 594.0 100.3 359.4 308.4 51.3 1,466.4 1,207.4 259.6 –74.8 13,028.9 13,500.4 13,440.7 13,088.0 634.2 461.4 13,261.0 11,333.3 12,992.2 13,486.8 13,419.9 13,058.5 632.1 452.5 13,238.4 11,308.9 13,046.0 13,589.6 13,495.4 13,139.6 639.9 450.9 13,328.9 11,381.6 13,181.6 13,621.2 13,585.9 13,216.1 655.2 487.7 13,383.9 11,448.2 13,182.8 13,644.2 13,598.4 13,227.9 669.3 465.2 13,432.2 11,451.3 2,508.2 17.2 –38.2 –5.7 1,058.3 46.4 –26.3 5.0 705.9 22.7 –23.7 11.9 607.1 17.5 –11.3 13.1 98.8 5.4 –13.3 –1.5 352.4 23.9 –2.5 –7.0 302.1 17.8 –1.9 –6.3 50.6 6.3 –0.7 –0.7 1,456.1 –27.2 –12.5 –10.3 1,203.2 –15.9 0.0 –4.2 253.6 –11.0 –12.3 –6.0 –86.5 .............. ............. .............. 13,236.2 13,679.9 13,643.4 13,271.8 708.7 476.6 13,504.2 11,485.7 176.2 448.8 240.7 384.9 49.6 16.5 417.8 366.3 1.2 23.0 12.5 11.8 14.1 –22.5 48.3 3.1 53.4 35.7 45.0 43.9 39.4 11.4 72.0 34.4 r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I II r Gross domestic product (GDP) ....... 2.2 1.1 1.2 1.3 1.9 2.5 2.5 3.1 0.5 1.7 –0.4 0.3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 Personal consumption expenditures ......... 3.3 0.2 1.8 2.2 4.2 3.9 4.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 0.3 1.0 1.9 3.9 3.3 Goods......................................................... 3.1 –2.6 1.6 0.6 5.3 4.8 4.8 7.0 –17.8 –6.3 4.1 5.6 2.5 2.1 –3.4 0.8 3.4 8.0 5.1 Durable goods ........................................ –1.9 –1.8 –1.7 –2.5 –1.5 –1.3 –2.7 –1.1 –3.5 –2.1 –0.1 –2.7 0.5 –2.1 –2.4 –2.5 –2.4 –0.6 1.7 Nondurable goods .................................. 5.7 –2.9 3.2 2.3 9.1 8.1 8.8 11.1 –23.8 –8.3 6.1 9.8 3.5 4.1 –3.9 2.4 6.2 12.4 6.7 Services...................................................... 3.4 1.6 1.9 3.1 3.7 3.4 4.4 3.0 1.2 0.6 0.9 1.8 2.9 1.7 2.2 1.1 1.2 1.9 2.4 Gross private domestic investment............ 1.1 –1.0 –1.6 –0.1 0.4 0.3 1.2 2.4 6.9 –2.2 –6.4 –5.8 –1.7 –1.2 0.0 0.9 1.7 2.1 2.2 Fixed investment......................................... 1.2 –1.2 –1.4 –0.1 0.4 0.9 1.4 3.3 2.9 –2.3 –5.3 –4.4 –1.0 –1.3 –0.5 0.5 0.8 1.4 2.4 Nonresidential......................................... 2.0 –0.6 –1.6 –0.1 0.4 1.9 2.2 5.1 5.3 –2.2 –5.2 –4.7 –2.0 –1.7 0.2 0.5 0.4 1.4 2.5 Structures............................................ 4.9 –2.6 –1.1 3.3 4.8 5.2 3.9 7.7 8.2 –5.6 –12.0 –10.0 –1.5 1.3 2.4 2.5 3.6 5.0 6.1 Equipment and software ..................... 0.5 0.5 –1.8 –1.6 –1.8 0.2 1.3 3.7 3.6 –0.2 –1.3 –2.2 –2.5 –3.1 –0.7 –0.3 –0.8 0.2 1.2 Residential .............................................. –1.2 –3.4 –0.4 0.1 0.7 –1.6 –1.1 –2.8 –5.2 –2.9 –5.9 –3.1 3.1 0.5 –3.0 0.6 2.5 1.5 2.0 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 4.7 –5.4 4.4 2.6 5.8 7.8 10.7 6.0 –22.0 –11.9 0.1 5.0 5.5 4.8 5.0 0.6 8.6 11.0 8.8 Goods ..................................................... 5.0 –6.8 4.9 2.2 6.1 8.9 13.3 5.7 –27.1 –14.4 2.1 5.1 5.3 5.5 5.5 0.6 11.5 12.9 9.7 Services.................................................. 4.1 –2.2 3.2 3.7 5.1 5.4 4.7 6.7 –8.9 –6.7 –3.8 4.6 5.8 3.5 3.9 0.6 2.2 6.5 6.5 Imports ....................................................... 10.6 –10.6 6.1 6.8 17.0 16.8 21.0 10.6 –36.7 –29.2 6.6 14.4 11.5 8.3 –2.2 –2.2 8.4 19.1 12.5 Goods ..................................................... 11.6 –12.4 6.8 6.9 19.3 19.2 22.7 11.6 –40.8 –33.4 8.5 17.1 12.5 9.9 –2.9 –3.0 8.9 22.3 14.0 Services.................................................. 5.8 –2.2 2.7 6.6 5.9 5.1 12.6 5.5 –11.6 –7.9 –0.8 4.0 7.1 1.0 0.8 1.6 5.8 4.2 5.2 Government consumption expenditures and gross investment............................... 4.9 –0.3 2.2 2.9 4.7 7.9 6.6 4.2 –5.4 –1.8 0.0 1.2 2.0 4.7 1.3 0.9 3.1 5.4 4.2 Federal ....................................................... 3.2 –0.2 2.4 0.4 2.3 7.5 4.1 1.7 –4.7 1.2 –2.0 1.4 2.3 5.6 1.3 1.1 2.0 5.3 3.8 National defense..................................... 3.6 –0.7 2.4 0.9 3.1 7.5 5.3 2.0 –5.8 0.2 –2.5 1.1 2.5 5.7 1.3 0.9 2.5 6.3 3.8 Nondefense ............................................ 2.3 0.9 2.4 –0.6 0.8 7.6 1.5 1.1 –2.3 3.5 –1.0 2.2 1.9 5.5 1.2 1.5 1.1 3.4 3.7 State and local............................................ 5.9 –0.4 2.1 4.4 6.2 8.2 8.1 5.7 –5.7 –3.6 1.3 1.0 1.7 4.1 1.3 0.7 3.8 5.5 4.5 Addenda: Final sales of domestic product.................. 2.2 1.0 1.2 1.3 1.9 2.6 2.5 3.2 0.0 1.7 –0.3 0.4 1.2 1.4 1.4 1.4 1.8 2.4 2.5 Gross domestic purchases......................... 3.2 –0.1 1.5 2.0 3.7 4.1 4.5 4.0 –4.0 –1.9 0.5 1.6 2.1 2.1 0.5 1.0 2.1 4.0 3.3 Final sales to domestic purchasers ............ 3.3 –0.1 1.5 2.0 3.7 4.2 4.5 4.1 –4.4 –1.8 0.6 1.7 2.2 2.1 0.4 0.9 2.0 3.9 3.4 Gross national product (GNP) .................... 2.2 1.1 1.1 1.3 1.9 2.5 2.5 3.1 0.4 1.7 –0.4 0.3 1.1 1.5 1.4 1.4 1.9 2.5 2.5 Implicit price deflators: GDP ........................................................ 2.2 1.1 1.2 1.3 1.9 2.4 2.7 3.2 0.5 1.5 –0.4 0.2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 Gross domestic purchases ..................... 3.3 –0.1 1.5 2.1 3.8 4.0 4.6 4.1 –4.0 –2.0 0.5 1.6 2.0 2.1 0.6 0.9 2.0 4.2 3.4 GNP ........................................................ 2.2 1.0 1.1 1.3 1.9 2.4 2.7 3.2 0.4 1.5 –0.4 0.2 1.0 1.5 1.5 1.3 1.8 2.7 2.6 r Revised See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 II III 2011 IV II r I Gross domestic product...................................................... 104.270 100.635 103.684 103.450 104.093 104.699 104.792 105.140 Personal consumption expenditures ................................................ 104.637 102.657 104.741 104.355 105.038 105.962 106.511 106.693 Goods................................................................................................ 103.776 100.693 105.006 104.100 105.333 107.452 108.700 108.272 Durable goods ............................................................................... 104.314 98.660 105.782 104.087 106.294 110.600 113.710 112.180 Nondurable goods ......................................................................... 103.363 101.536 104.501 103.962 104.733 105.839 106.249 106.306 Services............................................................................................. 105.067 103.644 104.628 104.496 104.912 105.250 105.453 105.941 Gross private domestic investment................................................... 89.296 66.944 78.945 79.562 81.333 79.848 80.600 81.869 Fixed investment................................................................................ 93.228 75.688 77.667 77.935 78.380 79.812 80.052 81.829 Nonresidential................................................................................ 114.125 93.755 97.913 97.081 99.725 101.822 102.342 104.889 Structures................................................................................... 132.595 104.426 87.883 87.261 88.169 90.399 86.974 91.511 Equipment and software ............................................................ 106.411 89.367 102.393 101.463 104.873 106.925 109.174 110.839 Residential ..................................................................................... 57.345 44.587 42.681 44.933 41.427 41.684 41.428 41.855 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 126.376 114.479 127.444 126.049 129.101 131.551 134.061 135.240 Imports of goods and services .......................................................... 105.733 91.372 102.821 102.695 105.708 105.091 107.207 107.573 Government consumption expenditures and gross investment .... 105.381 107.161 107.886 108.193 108.457 107.691 106.076 105.837 Federal .............................................................................................. 110.819 117.479 122.782 123.177 124.138 123.197 120.195 120.769 State and local................................................................................... 102.310 101.378 99.557 99.814 99.689 99.020 98.177 97.488 Addenda: Final sales of domestic product......................................................... 104.991 102.224 103.626 103.334 103.762 104.841 104.850 105.275 Gross domestic purchases................................................................ 102.303 97.796 101.160 101.057 101.828 102.064 102.237 102.504 Final sales to domestic purchasers ................................................... 102.974 99.280 101.091 100.934 101.502 102.182 102.276 102.615 Gross national product ...................................................................... 104.692 100.968 104.253 104.074 104.786 105.218 105.598 106.164 r Revised See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 II III 2011 IV I II r Gross domestic product...................................................... 108.565 109.732 111.000 110.770 111.162 111.699 112.390 113.091 Personal consumption expenditures (PCE)...................................... 108.943 109.169 111.112 110.864 111.136 111.673 112.747 113.666 Goods................................................................................................ 105.912 103.209 104.837 104.286 104.497 105.367 107.412 108.752 Durable goods ............................................................................... 94.628 92.901 91.348 91.639 91.058 90.507 90.362 90.745 Nondurable goods ......................................................................... 112.567 109.301 112.748 111.704 112.379 114.092 117.463 119.383 Services............................................................................................. 110.584 112.353 114.465 114.380 114.682 115.037 115.574 116.260 Gross private domestic investment................................................... 107.501 106.401 104.743 104.510 104.755 105.199 105.755 106.342 Fixed investment................................................................................ 107.587 106.305 104.843 104.693 104.826 105.035 105.412 106.039 Nonresidential................................................................................ 107.717 107.106 105.373 105.293 105.424 105.536 105.909 106.560 Structures................................................................................... 125.706 122.490 121.117 120.647 121.399 122.475 123.982 125.835 Equipment and software ............................................................ 101.000 101.496 99.634 99.677 99.595 99.406 99.446 99.743 Residential ..................................................................................... 106.296 102.637 102.214 101.784 101.941 102.563 102.958 103.479 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 111.975 105.959 110.617 110.295 110.461 112.757 115.725 118.182 Imports of goods and services .......................................................... 119.237 106.571 113.032 112.610 111.994 114.271 119.370 122.949 Government consumption expenditures and gross investment .... 115.245 114.883 117.445 117.182 117.444 118.341 119.910 121.146 Federal .............................................................................................. 111.225 111.000 113.653 113.444 113.759 114.331 115.827 116.902 State and local................................................................................... 117.666 117.214 119.704 119.404 119.627 120.757 122.372 123.721 Addenda: PCE excluding food and energy 1 ...................................................... 107.020 108.691 110.208 110.147 110.353 110.534 110.963 111.585 Market-based PCE 2.......................................................................... 108.909 109.201 110.857 110.554 110.894 111.394 112.498 113.478 2 Market-based PCE excluding food and energy ............................... 106.666 108.647 109.763 109.667 109.943 110.025 110.391 111.038 Final sales of domestic product......................................................... 108.576 109.703 110.981 110.761 111.140 111.647 112.315 113.021 Gross domestic purchases................................................................ 109.858 109.803 111.438 111.190 111.456 112.048 113.147 114.081 Final sales to domestic purchasers ................................................... 109.869 109.783 111.426 111.188 111.441 112.006 113.084 114.024 Gross national product ...................................................................... 108.571 109.721 110.979 110.746 111.139 111.676 112.372 113.080 Implicit price deflators: Gross domestic product................................................................. 108.582 109.729 110.992 110.793 111.156 111.644 112.398 113.118 Final sales of domestic product ..................................................... 108.576 109.703 110.981 110.757 111.136 111.642 112.311 113.017 Gross domestic purchases ............................................................ 109.875 109.799 111.429 111.213 111.451 111.996 113.155 114.108 Final sales to domestic purchasers ............................................... 109.869 109.783 111.426 111.185 111.438 112.003 113.080 114.021 Gross national product................................................................... 108.589 109.717 110.971 110.769 111.133 111.623 112.379 113.106 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Gross domestic product (GDP) .............................................. 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.5 3.0 Personal consumption expenditures ................................................ 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 –0.6 –1.9 2.0 Goods................................................................................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 –2.5 –3.0 4.3 Durable goods ............................................................................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 –4.9 –5.4 7.2 Nondurable goods ......................................................................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 –1.2 –1.8 2.9 Services............................................................................................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 0.4 –1.4 0.9 Gross private domestic investment................................................... 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –25.0 17.9 Fixed investment................................................................................ 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –18.8 2.6 Nonresidential................................................................................ 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –17.8 4.4 Structures................................................................................... 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.2 –15.8 Equipment and software ............................................................ 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.0 14.6 Residential ..................................................................................... –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.2 –4.3 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.4 11.3 Goods ............................................................................................ 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.7 6.3 –12.0 14.4 Services......................................................................................... 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –3.5 5.0 Imports .............................................................................................. 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.6 12.5 Goods ............................................................................................ 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.1 6.8 5.9 2.6 –3.8 –15.6 14.8 Services......................................................................................... 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.5 2.9 Government consumption expenditures and gross investment .... 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 1.7 0.7 Federal .............................................................................................. –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.0 4.5 National defense............................................................................ –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.8 3.3 Nondefense ................................................................................... –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.5 6.5 7.1 State and local................................................................................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 –0.9 –1.8 Addenda: Final sales of domestic product......................................................... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.6 1.4 Gross domestic purchases................................................................ 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.4 3.4 Final sales to domestic purchasers ................................................... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.6 1.8 Gross national product ...................................................................... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.6 3.3 Real disposable personal income...................................................... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.3 1.8 Price indexes: Gross domestic purchases ............................................................ 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.1 1.5 Gross domestic purchases excluding food and energy 1 ............... 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.8 1.2 GDP ............................................................................................... 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 GDP excluding food and energy 1.................................................. 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.8 1.4 Personal consumption expenditures.............................................. 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.2 1.8 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2007 III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I II r Gross domestic product (GDP) .............................................. 2.5 2.2 1.6 1.0 –0.6 –3.3 –4.5 –5.0 –3.7 –0.5 2.2 3.3 3.5 3.1 2.2 1.6 Personal consumption expenditures (PCE)...................................... 2.3 1.7 0.9 0.4 –1.0 –2.5 –2.7 –3.1 –1.6 –0.2 0.9 2.1 2.2 3.0 2.8 2.2 Goods................................................................................................ 3.2 2.1 0.0 –0.3 –3.0 –6.5 –5.1 –5.8 –2.1 1.4 2.9 4.5 3.8 5.8 5.4 4.0 Durable goods ............................................................................... 5.4 4.6 0.7 –1.4 –5.8 –13.0 –10.2 –10.4 –3.1 3.0 4.8 7.9 5.2 10.9 11.3 7.8 Nondurable goods ......................................................................... 2.0 0.8 –0.3 0.3 –1.5 –3.1 –2.5 –3.5 –1.6 0.6 2.1 2.9 3.2 3.5 2.7 2.3 Services............................................................................................. 1.9 1.4 1.3 0.8 0.1 –0.5 –1.4 –1.7 –1.3 –0.9 –0.1 0.9 1.4 1.6 1.5 1.4 Gross private domestic investment................................................... –2.5 –2.0 –4.2 –7.7 –11.1 –17.8 –27.5 –31.0 –27.3 –12.8 9.4 23.7 25.5 14.0 7.4 2.9 Fixed investment................................................................................ –1.2 –1.0 –2.9 –5.0 –7.7 –13.1 –19.4 –22.0 –19.3 –14.1 –5.0 4.0 4.4 7.4 7.4 5.0 Nonresidential................................................................................ 7.1 7.9 6.0 2.8 –2.1 –9.4 –17.4 –20.4 –19.0 –14.4 –4.5 4.0 7.7 11.1 10.0 8.0 Structures................................................................................... 15.6 17.3 14.6 10.2 3.4 –1.2 –10.5 –20.9 –24.5 –29.3 –27.4 –18.2 –12.6 –1.8 1.5 4.9 Equipment and software ............................................................ 3.4 3.9 2.3 –0.8 –4.8 –13.6 –20.9 –20.1 –16.0 –5.8 8.5 15.5 17.6 16.6 13.4 9.2 Residential ..................................................................................... –18.2 –20.7 –23.8 –24.3 –23.3 –24.4 –26.3 –27.8 –20.5 –12.9 –6.8 4.2 –7.8 –6.3 –2.9 –6.9 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 11.6 10.1 9.8 11.3 6.4 –2.5 –11.7 –14.4 –10.8 –0.1 10.7 13.5 12.5 8.8 8.9 7.3 Goods ............................................................................................ 11.6 10.7 9.9 11.5 7.5 –3.0 –14.8 –18.2 –13.6 –0.4 14.1 18.2 15.1 10.5 10.1 7.7 Services......................................................................................... 11.6 8.6 9.8 11.0 3.7 –1.4 –4.6 –5.7 –4.1 0.4 3.8 4.1 7.2 5.0 6.2 6.2 Imports .............................................................................................. 2.1 0.8 –0.3 –1.4 –3.3 –5.9 –15.4 –18.3 –13.7 –6.5 6.9 16.9 15.9 10.7 9.6 4.7 Goods ............................................................................................ 2.0 1.1 –1.1 –2.0 –4.4 –7.9 –17.8 –21.4 –15.8 –6.9 8.1 20.4 18.5 12.7 11.5 5.6 Services......................................................................................... 2.7 –0.7 4.1 2.1 3.0 5.5 –3.0 –2.6 –3.5 –4.7 1.7 3.1 4.9 1.9 1.4 0.6 Government consumption expenditures and gross investment .... 1.9 1.9 2.8 2.4 2.6 2.7 1.4 2.5 1.7 1.1 1.2 0.7 0.6 0.1 –1.1 –2.2 Federal .............................................................................................. 3.1 3.1 6.8 6.3 6.8 8.8 5.4 7.8 6.3 4.6 6.2 4.9 4.2 2.9 –0.3 –2.0 National defense............................................................................ 4.7 2.6 6.6 5.9 7.6 9.8 5.5 8.2 5.9 3.5 5.7 3.3 2.7 1.5 –2.0 –1.8 Nondefense ................................................................................... –0.1 4.2 7.3 7.0 4.9 6.8 5.2 6.8 7.1 6.9 7.2 8.2 7.5 5.7 3.1 –2.4 State and local................................................................................... 1.2 1.2 0.5 0.2 0.2 –0.9 –0.9 –0.6 –1.0 –1.1 –1.8 –2.0 –1.7 –1.7 –1.5 –2.3 Addenda: Final sales of domestic product......................................................... 2.7 2.4 1.8 1.5 0.0 –2.6 –3.3 –3.7 –2.6 –0.8 0.5 1.3 1.3 2.4 2.2 1.9 Gross domestic purchases................................................................ 1.5 1.1 0.4 –0.5 –1.9 –3.9 –5.5 –6.0 –4.5 –1.5 1.9 4.0 4.2 3.6 2.6 1.4 Final sales to domestic purchasers ................................................... 1.7 1.3 0.6 0.0 –1.3 –3.1 –4.3 –4.8 –3.4 –1.8 0.3 2.0 2.1 2.9 2.5 1.7 Gross national product ...................................................................... 3.0 3.1 2.4 1.7 –0.3 –3.8 –4.8 –5.2 –3.9 –0.2 2.4 3.7 3.8 3.2 2.6 2.0 Real disposable personal income...................................................... 2.3 1.6 2.6 4.4 1.7 1.0 –1.4 –3.2 –2.3 –2.4 –0.3 1.0 3.0 3.5 2.6 1.4 Price indexes: Gross domestic purchases ............................................................ 2.6 3.3 3.3 3.6 4.1 2.1 0.6 –0.4 –1.0 0.6 1.6 1.6 1.4 1.4 1.9 2.6 Gross domestic purchases excluding food and energy 1 ............... 2.5 2.6 2.5 2.8 3.0 2.2 1.4 0.8 0.3 0.7 1.1 1.2 1.3 1.2 1.4 1.8 GDP ............................................................................................... 2.6 2.6 2.1 2.0 2.5 2.1 1.9 1.2 0.5 0.7 0.6 1.1 1.4 1.6 1.8 2.1 1 GDP excluding food and energy .................................................. 2.6 2.6 2.4 2.5 2.8 2.0 1.2 0.8 0.3 0.9 1.3 1.4 1.4 1.3 1.5 1.8 PCE ............................................................................................... 2.4 3.5 3.4 3.7 4.2 1.7 0.3 –0.3 –0.6 1.5 2.4 2.0 1.5 1.3 1.8 2.5 PCE excluding food and energy 1 .................................................. 2.2 2.4 2.3 2.5 2.4 2.0 1.6 1.5 1.4 1.7 1.7 1.5 1.3 1.0 1.1 1.3 Market-based PCE 2 ...................................................................... 2.1 3.4 3.6 3.7 4.5 1.8 0.4 –0.1 –0.6 1.4 2.1 1.6 1.2 1.1 1.7 2.6 2 Market-based PCE excluding food and energy ........................... 1.8 2.1 2.2 2.2 2.4 2.2 1.9 2.1 1.8 1.7 1.4 1.0 1.0 0.7 0.9 1.3 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2010 II 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.................................................................................... Less: Consumption of fixed capital................................................................................... Less: Statistical discrepancy ............................................................................................ Equals: National income................................................................................................ Compensation of employees ........................................................................................ Wage and salary accruals ........................................................................................ Supplements to wages and salaries ......................................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .... Rental income of persons with capital consumption adjustment.................................. Corporate profits with inventory valuation and capital consumption adjustments ........ Net interest and miscellaneous payments.................................................................... Taxes on production and imports less subsidies .......................................................... Business current transfer payments (net)..................................................................... Current surplus of government enterprises.................................................................. Addendum: Gross domestic income ................................................................................................ 2011 III IV II r I 14,291.5 856.1 686.9 14,460.7 1,854.1 –2.4 12,609.1 8,068.3 6,545.9 1,522.5 1,097.9 231.6 1,248.4 870.1 985.7 123.0 –16.0 13,939.0 639.8 487.5 14,091.2 1,866.2 77.4 12,147.6 7,806.4 6,275.3 1,531.1 941.2 305.9 1,362.0 656.7 958.2 132.0 –14.9 14,526.5 702.9 513.5 14,715.9 1,874.9 0.8 12,840.1 7,971.4 6,408.2 1,563.1 1,036.4 350.2 1,800.1 564.3 996.7 136.7 –15.7 14,467.8 699.0 502.8 14,664.0 1,866.9 –6.6 12,803.7 7,960.0 6,399.8 1,560.2 1,025.6 349.1 1,785.8 569.2 993.8 135.7 –15.5 14,605.5 708.9 501.6 14,812.8 1,878.2 –7.4 12,942.1 8,022.2 6,454.5 1,567.7 1,057.0 352.8 1,833.1 550.1 1,002.0 140.9 –16.0 14,755.0 729.4 545.0 14,939.4 1,896.1 24.5 13,018.8 8,050.8 6,477.0 1,573.7 1,081.5 354.8 1,857.4 548.7 1,006.4 135.7 –16.5 14,867.8 752.1 525.0 15,094.9 1,914.3 –52.0 13,232.6 8,172.5 6,578.2 1,594.4 1,095.6 385.0 1,876.4 556.6 1,027.3 134.7 –15.6 15,012.8 803.2 542.0 15,274.0 1,939.9 –52.6 13,386.8 8,262.4 6,656.9 1,605.5 1,106.5 396.9 1,937.6 525.6 1,038.5 133.9 –14.6 14,294.0 13,861.5 14,525.7 14,474.4 14,612.9 14,730.5 14,919.8 15,065.4 r Revised Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2010 II Personal income 1 ......................................................................................................... Compensation of employees, received........................................................................ Wage and salary disbursements.............................................................................. Supplements to wages and salaries ........................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ... Farm ........................................................................................................................ Nonfarm ................................................................................................................... Rental income of persons with capital consumption adjustment................................. Personal income receipts on assets ............................................................................ Personal interest income ......................................................................................... Personal dividend income........................................................................................ Personal current transfer receipts................................................................................ Less: Contributions for government social insurance, domestic.................................. Less: Personal current taxes ........................................................................................... Equals: Disposable personal income.......................................................................... Less: Personal outlays .................................................................................................... Equals: Personal saving ............................................................................................... Personal saving as a percentage of disposable personal income ............................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2.................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................... 2011 III IV I II r 12,460.2 8,073.3 6,550.9 1,522.5 1,097.9 51.8 1,046.1 231.6 2,165.4 1,382.0 783.4 1,879.2 987.3 1,435.7 11,024.5 10,432.2 592.3 5.4 11,930.2 7,801.4 6,270.3 1,531.1 941.2 39.2 902.0 305.9 1,707.7 1,108.9 598.8 2,138.1 964.1 1,141.4 10,788.8 10,236.3 552.6 5.1 12,373.5 7,971.4 6,408.2 1,563.1 1,036.4 52.2 984.2 350.2 1,721.2 1,003.4 717.7 2,281.2 986.8 1,193.9 11,179.7 10,586.9 592.8 5.3 12,325.6 7,960.0 6,399.8 1,560.2 1,025.6 45.8 979.7 349.1 1,724.5 1,014.1 710.4 2,252.1 985.7 1,175.4 11,150.2 10,527.0 623.3 5.6 12,453.2 8,022.2 6,454.5 1,567.7 1,057.0 58.3 998.7 352.8 1,723.4 983.9 739.4 2,289.4 991.5 1,212.8 11,240.4 10,614.8 625.6 5.6 12,577.6 8,050.8 6,477.0 1,573.7 1,081.5 60.1 1,021.4 354.8 1,743.5 989.6 753.9 2,341.2 994.1 1,240.9 11,336.7 10,748.6 588.1 5.2 12,846.9 8,172.5 6,578.2 1,594.4 1,095.6 66.1 1,029.5 385.0 1,777.2 1,004.7 772.5 2,328.1 911.5 1,365.9 11,481.0 10,902.1 578.9 5.0 12,992.6 8,262.4 6,656.9 1,605.5 1,106.5 67.3 1,039.2 396.9 1,802.3 1,015.9 786.4 2,347.3 922.8 1,401.1 11,591.5 11,002.6 588.9 5.1 9,712.3 10,119.5 8,969.7 9,882.7 9,083.0 10,061.6 9,086.5 10,057.8 9,145.7 10,114.4 9,166.7 10,152.0 9,329.8 10,183.2 9,365.7 10,198.1 r Revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2008 2009 2010 2009 2010 Corporate profits with inventory valuation and capital consumption adjustments .......................... Less: Taxes on corporate income................................... Equals: Profits after tax with inventory valuation and capital consumption adjustments ................... Net dividends.............................................................. Undistributed profits with inventory valuation and capital consumption adjustments............................ Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment Undistributed profits with inventory valuation and capital consumption adjustments........................ Consumption of fixed capital................................... Less: Capital transfers paid (net) ............................ Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .......................... Profits after tax (without inventory valuation and capital consumption adjustments) .......................... Inventory valuation adjustment................................... Capital consumption adjustment ................................ Quarter one year ago Quarterly rates 2010 2011 2010 II III IV I II r 2011 III IV 2011 II r I II r 1,248.4 309.0 1,362.0 272.4 1,800.1 411.1 1,785.8 399.6 1,833.1 430.3 1,857.4 404.7 1,876.4 422.3 1,937.6 420.5 9.1 –11.9 32.2 50.9 2.6 7.7 1.3 –5.9 1.0 4.3 3.3 –0.4 8.5 5.2 939.4 786.9 1,089.6 620.0 1,389.1 737.3 1,386.3 729.3 1,402.8 760.5 1,452.7 774.8 1,454.1 793.8 1,517.1 807.4 16.0 –21.2 27.5 18.9 1.2 4.3 3.6 1.9 0.1 2.5 4.3 1.7 9.4 10.7 152.5 469.6 651.7 657.0 642.3 677.9 660.3 709.6 207.9 38.8 –2.2 5.5 –2.6 7.5 8.0 1,245.2 1,583.6 1,699.0 1,750.5 1,688.9 1,704.9 1,726.0 1,812.2 27.2 7.3 –3.5 1.0 1.2 5.0 3.5 152.5 1,028.5 –64.2 469.6 1,030.4 –83.6 651.7 1,027.1 –20.2 657.0 1,023.5 –70.0 642.3 1,028.5 –18.0 677.9 1,038.3 11.3 660.3 1,048.0 –17.7 709.6 207.9 38.8 –2.2 5.5 –2.6 7.5 8.0 1,063.1 0.2 –0.3 0.5 0.9 0.9 1.4 3.9 –39.4 ............. .............. .............. .............. .............. ............. .............. 1,359.9 1,455.7 1,819.5 1,865.5 1,844.5 1,742.5 1,877.1 1,890.6 1,050.9 –44.5 –67.1 1,183.3 0.6 –94.3 1,408.4 –39.1 19.7 1,465.9 –5.6 –74.1 1,414.2 –32.0 20.5 1,337.8 –90.3 205.2 1,454.8 –116.0 115.4 1,470.1 12.6 19.0 –3.5 –5.4 8.7 1.1 0.3 –60.4 ............. .............. .............. .............. .............. ............. .............. 107.3 ............. .............. .............. .............. .............. ............. .............. 7.0 25.0 –1.1 –5.5 7.7 0.7 1.3 r Revised Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2010 2008 2009 2010 2010 II Corporate profits with inventory valuation and capital consumption adjustments................... Domestic industries..................................................... Financial ..................................................................... Nonfinancial................................................................ Rest of the world .......................................................... Receipts from the rest of the world............................. Less: Payments to the rest of the world...................... Corporate profits with inventory valuation adjustment......................................................... Domestic industries..................................................... Financial ..................................................................... Federal Reserve banks........................................... Other financial......................................................... Nonfinancial................................................................ Utilities .................................................................... Manufacturing ......................................................... Durable goods..................................................... Fabricated metal products............................... Machinery ....................................................... Computer and electronic products .................. Electrical equipment, appliances, and components................................................. Motor vehicles, bodies and trailers, and parts Other durable goods........................................ Nondurable goods............................................... Food and beverage and tobacco products ...... Petroleum and coal products........................... Chemical products .......................................... Other nondurable goods.................................. Wholesale trade...................................................... Retail trade ............................................................. Transportation and warehousing............................. Information.............................................................. Other nonfinancial................................................... Rest of the world .......................................................... III 2011 IV I 2009 2011 2010 II r III IV I II r 1,248.4 841.8 86.8 755.0 406.6 581.9 175.3 1,362.0 1,001.6 359.5 642.1 360.4 490.4 130.0 1,800.1 1,418.2 466.7 951.5 381.9 569.6 187.7 1,785.8 1,395.2 452.7 942.5 390.6 565.9 175.3 1,833.1 1,437.8 460.0 977.8 395.3 575.5 180.3 1,857.4 1,484.5 512.0 972.6 372.9 591.6 218.8 1,876.4 1,465.7 473.3 992.3 410.8 611.9 201.1 1,937.6 1,492.2 419.1 1,073.1 445.4 660.9 215.5 113.6 159.8 272.7 –112.9 –46.2 –91.5 –45.3 438.1 416.6 107.2 309.4 21.5 79.2 57.7 47.3 42.6 7.3 35.3 4.7 9.6 5.0 24.3 46.7 52.0 –5.2 –22.4 16.1 38.5 19.0 –18.8 –38.7 19.7 37.9 20.3 –17.7 61.2 26.5 –54.2 80.8 34.6 49.0 14.4 1,315.5 908.9 122.2 35.1 87.1 786.7 30.7 195.5 56.8 15.8 16.6 12.2 1,456.3 1,095.9 401.8 47.3 354.5 694.1 22.2 125.2 20.5 10.5 7.8 15.4 1,780.4 1,398.5 494.7 71.6 423.2 903.7 25.0 217.1 95.0 11.7 15.3 39.5 1,859.9 1,469.3 490.6 73.9 416.7 978.7 18.2 237.3 100.4 9.3 14.3 37.4 1,812.6 1,417.3 487.8 71.4 416.4 929.5 28.0 227.2 95.2 12.5 16.8 39.0 1,652.2 1,279.3 520.8 69.5 451.3 758.5 7.1 187.7 84.5 13.5 16.9 41.9 1,761.1 1,350.3 491.5 72.7 418.8 858.8 14.9 217.6 90.8 14.6 20.0 29.0 1,830.2 1,384.9 438.9 80.7 358.3 945.9 15.2 249.9 97.1 15.6 20.3 34.5 140.8 187.0 279.6 12.2 267.4 –92.6 –8.5 –70.3 –36.3 –5.3 –8.8 3.2 324.1 302.6 92.9 24.3 68.7 209.6 2.8 91.9 74.5 1.2 7.5 24.1 –47.3 –52.0 –2.8 –2.5 –0.3 –49.2 9.8 –10.1 –5.2 3.2 2.5 1.6 –160.4 –138.0 33.0 –1.9 34.9 –171.0 –20.9 –39.5 –10.7 1.0 0.1 2.9 108.9 71.0 –29.3 3.2 –32.5 100.3 7.8 29.9 6.3 1.1 3.1 –12.9 69.1 34.6 –52.6 8.0 –60.5 87.1 0.3 32.3 6.3 1.0 0.3 5.5 4.6 –33.1 40.7 138.6 29.9 77.8 23.9 7.1 86.3 81.6 31.9 75.1 285.7 406.6 8.4 –45.1 23.6 104.7 41.5 9.4 38.3 15.5 83.3 106.0 23.5 81.2 252.8 360.4 7.0 –12.7 34.1 122.1 37.8 36.0 34.7 13.7 85.8 122.6 34.4 87.7 331.2 381.9 9.3 –6.9 36.9 136.9 40.8 52.8 29.4 13.9 111.0 125.4 37.7 93.5 355.6 390.6 7.6 –9.9 29.2 132.0 39.6 31.7 45.5 15.2 89.4 119.0 39.3 86.6 340.0 395.3 2.4 –19.1 28.8 103.2 29.6 28.4 35.0 10.2 49.5 117.3 28.2 79.1 289.6 372.9 4.3 –12.0 34.8 126.9 33.5 37.9 36.1 19.3 71.6 120.2 23.5 98.9 312.0 410.8 2.0 –12.2 36.8 152.9 34.7 71.3 32.4 14.4 90.8 112.7 26.8 103.6 346.9 445.4 3.8 –12.0 –17.1 –33.9 11.6 –68.4 14.4 8.4 –3.0 24.4 –8.4 6.1 –32.9 –46.2 –1.4 32.4 10.5 17.4 –3.7 26.6 –3.6 –1.8 2.5 16.6 10.9 6.5 78.4 21.5 –1.7 –3.0 –7.7 –4.9 –1.2 –21.1 16.1 1.3 –21.6 –6.4 1.6 –6.9 –15.6 4.7 –5.2 –9.2 –0.4 –28.8 –10.0 –3.3 –10.5 –5.0 –39.9 –1.7 –11.1 –7.5 –50.4 –22.4 1.9 7.1 6.0 23.7 3.9 9.5 1.1 9.1 22.1 2.9 –4.7 19.8 22.4 37.9 –2.3 –0.2 2.0 26.0 1.2 33.4 –3.7 –4.9 19.2 –7.5 3.3 4.7 34.9 34.6 r Revised NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2008 2009 2010 2010 II III 2011 IV I II r Billions of dollars Gross value added of nonfinancial corporate business ........................................ Consumption of fixed capital ............................................................................................... Net value added................................................................................................................. Compensation of employees ........................................................................................... Wage and salary accruals ........................................................................................... Supplements to wages and salaries ............................................................................ Taxes on production and imports less subsidies ............................................................. Net operating surplus ...................................................................................................... Net interest and miscellaneous payments ................................................................... Business current transfer payments (net) .................................................................... Corporate profits with inventory valuation and capital consumption adjustments ....... Taxes on corporate income ...................................................................................... Profits after tax with inventory valuation and capital consumption adjustments ...... Net dividends ....................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ...................................................................................................... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).... Profits after tax (without inventory valuation and capital consumption adjustments)....... Inventory valuation adjustment........................................................................................ Capital consumption adjustment ..................................................................................... 6,991.4 864.3 6,127.1 4,441.2 3,681.4 759.8 615.2 1,070.8 257.7 58.1 755.0 227.4 527.7 474.1 6,592.0 862.2 5,729.8 4,178.2 3,436.4 741.7 587.4 964.2 243.7 78.3 642.1 175.0 467.1 349.0 6,902.0 856.8 6,045.2 4,263.0 3,513.4 749.6 614.3 1,167.8 130.9 85.4 951.5 229.3 722.3 398.8 6,876.6 853.9 6,022.6 4,247.5 3,499.0 748.5 612.3 1,162.8 135.5 84.8 942.5 232.0 710.5 376.2 6,953.9 857.7 6,096.2 4,299.8 3,548.2 751.6 617.1 1,179.4 114.9 86.7 977.8 239.4 738.3 406.0 6,966.5 865.4 6,101.1 4,315.9 3,562.4 753.4 620.7 1,164.6 106.5 85.5 972.6 212.4 760.2 432.3 7,078.3 873.4 6,205.0 4,386.5 3,621.5 765.0 633.2 1,185.3 106.6 86.3 992.3 238.5 753.8 422.0 7,235.3 885.4 6,349.9 4,445.1 3,674.8 770.3 641.2 1,263.6 103.0 87.5 1,073.1 252.2 821.0 459.2 53.5 118.1 323.5 334.3 332.3 327.9 331.8 361.7 831.2 603.8 –44.5 –31.7 693.5 518.5 0.6 –52.0 942.8 713.5 –39.1 47.8 984.3 752.3 –5.6 –36.2 961.5 722.0 –32.0 48.3 848.9 636.5 –90.3 214.1 974.8 736.3 –116.0 133.6 1,006.3 754.1 –60.4 127.2 6,455.9 811.3 5,644.6 6,526.7 816.3 5,710.4 6,642.0 821.7 5,820.2 Billions of chained (2005) dollars 1 Gross value added of nonfinancial corporate business ..................................... Consumption of fixed capital 2............................................................................................. Net value added 3................................................................................................................ 6,521.2 798.9 5,722.3 6,110.9 805.4 5,305.5 6,442.7 805.4 5,637.3 6,441.6 802.5 5,639.1 6,477.8 805.9 5,671.9 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 ...... Compensation of employees (unit labor cost) ................................................................. Unit nonlabor cost............................................................................................................ Consumption of fixed capital........................................................................................ Taxes on production and imports less subsidies plus business current transfer payments (net) ......................................................................................................... Net interest and miscellaneous payments ................................................................... Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production).................................................................................... Taxes on corporate income.......................................................................................... Profits after tax with inventory valuation and capital consumption adjustments .......... 1.072 0.681 0.276 0.133 1.079 0.684 0.290 0.141 1.071 0.662 0.262 0.133 1.068 0.659 0.262 0.133 1.073 0.664 0.259 0.132 1.079 0.669 0.259 0.134 1.085 0.672 0.260 0.134 1.089 0.669 0.259 0.133 0.103 0.040 0.109 0.040 0.109 0.020 0.108 0.021 0.109 0.018 0.109 0.016 0.110 0.016 0.110 0.016 0.116 0.035 0.081 0.105 0.029 0.076 0.148 0.036 0.112 0.146 0.036 0.110 0.151 0.037 0.114 0.151 0.033 0.118 0.152 0.037 0.116 0.162 0.038 0.124 r Revised 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 III Gross domestic product (GDP) and related aggregates: GDP.................................................................................... –0.3 –3.5 Goods................................................................................. –0.8 –5.9 Services.............................................................................. 1.0 –0.5 Structures ........................................................................... –7.7 –16.9 Motor vehicle output ........................................................... –18.6 –24.5 GDP excluding motor vehicle output .................................. 0.2 –3.0 Final sales of computers 1 .................................................. 20.1 1.3 GDP excluding final sales of computers............................. –0.4 –3.5 Farm gross value added 2 .................................................. 12.6 15.1 Nonfarm business gross value added 3 .............................. –1.5 –5.1 Gross domestic income 4 ................................................... –0.4 –4.0 Price indexes: GDP.................................................................................... 2.2 1.1 GDP excluding food and energy 5 ...................................... 2.4 0.8 GDP excluding final sales of computers............................. 2.3 1.2 Gross domestic purchases................................................. 3.2 –0.1 5 Gross domestic purchases excluding food and energy .... 2.6 0.8 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 3.4 0.0 Personal consumption expenditures (PCE)........................ 3.3 0.2 PCE excluding food and energy 5 ....................................... 2.3 1.6 Market-based PCE 6........................................................... 3.4 0.3 Market-based PCE excluding food and energy 6 ................ 2.3 1.9 2008 IV I II 2009 III IV I II 2010 III IV I 3.0 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 11.7 6.2 5.5 –4.4 4.5 –8.2 –23.9 –10.6 3.7 7.9 18.3 20.9 1.1 2.9 2.3 1.1 0.2 –0.9 –0.7 –1.8 0.5 0.0 1.2 0.3 –8.8 –4.7 –10.9 –12.0 0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6 27.4 –2.0 –14.6 –14.1 –25.4 –26.0 –58.1 –55.3 18.8 128.2 10.1 40.1 2.6 3.1 2.2 –1.4 2.1 –3.0 –7.4 –5.5 –1.0 0.2 3.7 3.3 20.5 55.0 39.3 7.3 30.0 –2.8 1.1 17.1 –13.8 –11.7 2.5 37.0 2.9 2.7 1.5 –1.8 1.2 –3.7 –8.9 –6.8 –0.6 1.8 3.8 3.8 –0.5 –19.3 41.9 48.4 –11.5 –16.5 79.6 15.1 5.9 41.8 –36.7 0.3 4.0 3.4 0.9 –3.6 0.4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 3.6 –1.3 1.4 2.6 –1.1 –2.6 –9.8 –7.0 –2.1 1.3 4.8 6.3 2011 II III IV I 3.8 4.0 2.6 15.0 15.7 3.5 12.7 3.7 17.7 4.6 3.8 2.5 2.3 0.4 7.9 5.9 4.9 1.5 1.0 –0.1 –8.0 1.0 –13.1 14.9 –17.4 59.2 2.2 2.9 –0.7 72.7 64.2 14.7 2.2 2.1 0.3 21.4 –29.8 –31.8 3.5 3.8 0.9 2.5 1.5 2.4 II r 1.3 –0.6 1.8 5.0 –4.1 1.5 13.0 1.3 –9.7 1.8 1.3 1.2 1.4 1.2 1.5 1.2 1.3 1.7 1.4 2.0 1.9 1.9 2.7 2.0 3.7 2.8 2.5 3.2 2.6 4.1 3.4 2.5 2.4 2.6 4.5 3.1 3.1 2.7 3.2 4.0 2.7 0.5 –0.5 0.6 –4.0 –0.1 1.7 0.3 1.8 –1.9 0.0 –0.4 0.6 –0.3 0.5 0.6 0.3 0.9 0.4 1.6 0.6 1.1 1.8 1.2 2.1 1.7 1.5 1.8 1.5 2.1 1.6 1.5 1.3 1.5 0.5 1.1 1.4 0.8 1.5 1.0 0.8 1.9 1.3 2.0 2.1 1.2 2.5 2.5 2.6 4.0 2.4 2.5 2.7 2.6 3.3 2.7 1.6 1.8 1.4 1.5 1.0 2.1 2.2 2.1 1.9 1.7 3.9 4.2 2.8 4.4 2.8 4.3 3.9 2.5 4.3 2.8 4.6 4.5 2.4 4.2 1.7 4.2 4.3 2.0 5.0 2.4 –3.9 –5.6 1.0 –5.9 1.7 –1.8 –1.7 1.0 –1.3 1.9 0.6 1.9 2.1 2.0 2.2 1.7 3.0 1.5 2.9 1.2 2.2 2.8 2.2 2.2 1.4 2.1 1.9 1.1 1.5 0.6 0.5 0.3 1.3 –0.1 0.9 1.0 1.0 0.8 1.2 1.0 2.2 1.9 0.7 1.8 0.3 4.1 3.9 1.6 4.0 1.3 3.5 3.3 2.3 3.5 2.4 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of 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 2005 -- 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 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 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 of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of 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, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 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 of 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 of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of 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 of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.
@FedFRASER