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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, SEPTEMBER 28, 2017 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 17-51 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the second quarter of 2017 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 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 3.0 percent. With this third estimate for the second quarter, private inventory investment increased more than previously estimated, but the general picture of economic growth remains the same. (see "Updates to GDP" on page 2). Real GDP: Percent change from preceding quarter 6 5 4 3 2 1 0 -1 -2 Q3 Q4 Q1 2013 U.S. Bureau of Economic Analysis Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 Q2 2017 Seasonally adjusted annual rates Real gross domestic income (GDI) increased 2.9 percent in the second quarter, compared with an increase of 2.7 percent in the first. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.0 percent in the second quarter, compared with an increase of 2.0 percent in the first quarter (table 1). The increase in real GDP in the second quarter primarily reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The acceleration in real GDP in the second quarter reflected an upturn in private inventory investment, an acceleration in PCE, a deceleration in imports, and an upturn in federal government spending that were partly offset by a downturn in residential fixed investment, a deceleration in exports, and a downturn in state and local government spending. Current-dollar GDP increased 4.1 percent, or $192.3 billion, in the second quarter to a level of $19,250.0 billion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion (table 1 and table 3). The price index for gross domestic purchases increased 0.9 percent in the second quarter, compared with an increase of 2.6 percent in the first quarter (table 4). The PCE price index increased 0.3 percent, compared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index increased 0.9 percent, compared with an increase of 1.8 percent (appendix table A). Updates to GDP The revision to the percent change in real GDP primarily reflected an upward revision to private inventory investment. For more information, see the Technical Note. For information on updates to GDP, see the "Additional Information" section that follows. Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) 2.6 3.0 3.1 3.6 4.0 4.1 … 2.9 2.9 … 3.0 3.0 0.8 0.8 0.9 0.3 0.3 0.3 -2- Corporate Profits (table 12) Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) increased $14.4 billion in the second quarter, in contrast to a decrease of $46.2 billion in the first quarter. Profits of domestic financial corporations decreased $33.8 billion in the second quarter, compared with a decrease of $40.7 billion in the first. Profits of domestic nonfinancial corporations increased $59.1 billion, compared with an increase of $3.8 billion. Rest-of-the-world profits decreased $10.8 billion, compared with a decrease of $9.3 billion. In the second quarter, receipts increased $5.5 billion, and payments increased $16.3 billion. * * * Next release: October 27, 2017 at 8:30 A.M. EDT Gross Domestic Product: Third Quarter 2017 (Advance Estimate) * * -3- * Additional Information Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the within the geographic borders of the United States. Rest-of-the-world profits are measured as profits earned abroad by U.S. corporations less profits earned in the United States by foreign corporations. Resources Additional resources available at www.bea.gov: Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data application programming interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts For more definitions, see the Glossary: National Income and Product Accounts. Definitions Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Statistical conventions Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Real GDI is calculated by deflating gross domestic income using the GDP price index as the deflator, and is therefore conceptually equivalent to real GDP. Percent changes in quarterly series are calculated from unrounded data and are displayed at annual rates, unless otherwise specified. For details, see the FAQ "How is average annual growth calculated?" Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ "Why does BEA publish estimates at annual rates?" Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." -4- Updates to GDP Vintage BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.2 Advance to latest 1.1 Note - Based on estimates from 1993 through 2015. For more information on GDP updates, see Revision Information on the BEA Web site. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. The larger average revision from the advance to the latest estimate reflects the fact that periodic comprehensive updates include major statistical and methodological improvements. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change From Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 5. Real Gross Domestic Product, Quantity Indexes Table 6. Price Indexes for Gross Domestic Product Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income Table 10. Personal Income and Its Disposition Table 11. Corporate Profits: Level and Percent Change Table 12. Corporate Profits by Industry: Level and Change From Preceding Period Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change -5- September 28, 2017 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 Q3 1 2014 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Line Q2 r Gross domestic product (GDP) .... 2.6 2.9 1.5 3.1 4.0 –0.9 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 1 2 Personal consumption expenditures ...... 3 Goods ...................................................... 4 Durable goods...................................... 5 Nondurable goods................................ 6 Services ................................................... 2.9 3.9 6.9 2.5 2.4 3.6 4.6 7.7 3.1 3.2 2.7 3.7 5.5 2.8 2.3 1.9 2.9 4.1 2.4 1.3 3.4 4.0 4.9 3.6 3.1 1.9 2.4 5.5 0.9 1.7 3.5 6.2 13.2 3.0 2.1 3.9 4.5 7.7 3.0 3.6 5.1 5.7 8.3 4.5 4.7 3.7 4.2 7.8 2.4 3.4 3.0 4.5 8.6 2.5 2.3 2.8 4.4 5.0 4.0 2.0 2.7 2.8 4.2 2.2 2.6 1.8 2.1 1.0 2.6 1.7 3.8 6.0 8.5 4.7 2.8 2.8 3.2 9.4 0.1 2.7 2.9 4.7 9.2 2.5 2.1 1.9 0.7 –0.1 1.1 2.5 3.3 5.4 7.6 4.2 2.3 2 3 4 5 6 7 Gross private domestic investment......... 5.5 5.2 –1.6 13.4 5.4 –5.7 15.6 11.5 –1.3 13.1 0.8 2.0 –6.2 –4.0 –2.7 2.4 8.5 –1.2 3.9 8 Fixed investment...................................... 6.2 3.9 0.7 2.9 6.6 5.1 10.2 9.2 0.3 4.1 4.7 3.4 –2.4 –0.2 1.4 1.5 1.7 8.1 3.2 9 Nonresidential ...................................... 6.9 2.3 –0.6 2.1 9.5 7.2 9.4 10.5 –2.3 2.2 2.9 1.5 –5.1 –4.0 3.3 3.4 0.2 7.2 6.7 10 Structures......................................... 10.5 –1.8 –4.1 17.1 2.1 21.4 12.2 –1.8 4.7 –2.1 4.6 –15.2 –21.4 2.3 0.5 14.3 –2.2 14.8 7.0 11 Equipment ........................................ 6.6 3.5 –3.4 –5.2 19.5 0.8 10.9 19.2 –11.8 8.2 0.8 10.0 –4.6 –13.1 –0.6 –2.1 1.8 4.4 8.8 12 Intellectual property products ........... 4.6 3.8 6.3 3.6 1.1 7.0 5.1 7.7 8.2 –2.9 4.9 2.9 8.0 6.3 11.1 4.2 –0.4 5.7 3.7 13 Residential ........................................... 3.5 10.2 5.5 6.0 –4.5 –2.8 13.2 4.5 10.9 11.4 11.7 10.6 7.3 13.4 –4.7 –4.5 7.1 11.1 –7.3 14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 16 Exports..................................................... 4.3 0.4 –0.3 3.1 11.8 –2.4 9.2 0.6 4.9 –4.5 3.7 –4.0 –2.3 –2.6 2.8 6.4 –3.8 7.3 3.5 17 Goods .................................................. 4.6 –0.4 0.3 3.5 15.7 –6.0 10.7 2.2 4.6 –8.6 5.4 –4.9 –3.8 0.3 2.8 8.1 –3.4 10.8 2.2 18 Services ............................................... 3.6 2.1 –1.5 2.2 3.7 5.9 5.9 –2.7 5.8 4.6 0.5 –2.1 0.7 –7.8 2.7 3.2 –4.6 1.0 6.2 19 Imports..................................................... 4.5 5.0 1.3 1.7 1.6 5.0 10.2 –1.0 10.8 6.7 3.3 1.7 0.0 –0.2 0.4 2.7 8.1 4.3 1.5 20 Goods .................................................. 4.9 5.2 0.9 1.7 1.6 5.8 11.0 –1.1 11.3 7.9 3.1 0.7 –0.4 –0.5 0.3 1.2 9.2 4.7 1.3 21 Services ............................................... 2.6 4.0 3.1 1.7 1.3 1.2 6.5 –0.5 8.6 1.4 4.4 6.5 1.6 1.1 1.0 9.0 3.2 2.5 2.2 22 Government consumption expenditures and gross investment............................ –0.6 1.4 0.8 –2.0 –2.8 –0.6 1.1 2.1 –0.6 1.5 3.4 1.2 0.3 1.8 –0.9 0.5 0.2 –0.6 –0.2 23 Federal..................................................... –2.4 –0.1 0.0 –5.1 –5.7 –0.3 –1.6 3.1 –5.6 1.5 1.8 –1.1 2.5 –1.5 –0.9 1.6 –0.5 –2.4 1.9 24 National defense .................................. –4.0 –2.2 –0.7 –6.6 –4.2 –5.4 –1.6 2.4 –10.9 –1.0 2.1 –4.5 3.6 –2.7 –2.1 2.5 –3.2 –3.3 4.7 25 Nondefense.......................................... 0.2 3.2 1.2 –2.6 –8.1 8.4 –1.5 4.1 3.3 5.5 1.3 4.2 0.9 0.2 0.8 0.3 3.6 –1.2 –1.9 26 State and local ......................................... 0.5 2.3 1.2 0.1 –1.0 –0.8 2.8 1.5 2.6 1.5 4.5 2.6 –1.1 3.9 –1.0 –0.2 0.6 0.5 –1.5 Addenda: 27 Gross domestic income (GDI) 1 ................ 3.1 3.0 0.9 0.8 2.5 1.6 5.7 4.8 4.8 1.9 2.5 0.6 1.5 –0.3 0.2 4.1 –1.7 2.7 2.9 28 Average of GDP and GDI ........................ 2.8 2.9 1.2 2.0 3.2 0.3 5.2 5.0 3.4 2.6 2.6 1.1 1.0 0.1 1.2 3.4 0.0 2.0 3.0 29 Final sales of domestic product ............... 2.7 2.6 1.9 1.5 4.1 0.9 3.7 4.8 2.3 1.8 3.4 1.9 1.2 1.2 2.9 2.6 0.7 2.7 2.9 30 Gross domestic purchases ...................... 2.7 3.5 1.7 2.9 2.6 0.2 4.9 4.8 3.0 4.8 2.7 2.4 0.7 0.8 1.9 2.4 3.3 1.0 2.8 31 Final sales to domestic purchasers ......... 2.7 3.3 2.1 1.3 2.7 2.0 4.1 4.4 3.3 3.4 3.4 2.6 1.4 1.5 2.6 2.2 2.3 2.4 2.7 32 Final sales to private domestic 3.5 3.7 2.3 2.1 4.0 2.5 4.7 4.9 4.1 3.7 3.3 2.9 1.7 1.4 3.3 2.6 2.7 3.1 3.3 purchasers ........................................... 33 Gross national product (GNP) ................. 2.5 2.7 1.4 3.2 3.9 –1.2 4.3 5.5 1.4 3.2 2.1 1.6 1.0 –0.3 2.6 2.6 2.6 0.9 2.8 34 Disposable personal income.................... 3.6 4.2 1.4 2.4 0.9 4.3 5.3 4.2 5.9 4.3 3.8 1.8 2.9 0.2 1.9 0.7 –1.8 2.9 3.3 Current-dollar measures: 35 GDP ..................................................... 4.4 4.0 2.8 5.1 6.1 0.7 7.0 7.1 2.6 3.2 5.0 3.0 1.3 0.8 4.7 4.2 3.8 3.3 4.1 36 GDI....................................................... 4.9 4.1 2.1 2.8 4.7 3.3 8.1 6.8 5.4 1.9 4.7 2.0 2.4 –0.1 2.6 5.5 0.3 4.7 3.9 37 Average of GDP and GDI .................... 4.7 4.0 2.5 3.9 5.4 2.0 7.6 7.0 4.0 2.5 4.8 2.5 1.8 0.4 3.7 4.9 2.1 4.0 4.0 38 Final sales of domestic product ........... 4.5 3.8 3.2 3.6 6.4 2.5 6.0 6.8 2.9 1.8 5.7 3.3 2.0 1.6 5.4 4.1 2.7 4.8 4.0 39 Gross domestic purchases .................. 4.4 3.9 2.7 4.4 4.7 2.5 6.7 6.4 3.2 3.5 4.1 3.4 1.0 0.9 4.1 3.9 5.3 3.6 3.6 40 Final sales to domestic purchasers...... 4.5 3.8 3.1 3.0 5.0 4.2 5.8 6.0 3.5 2.1 4.9 3.7 1.7 1.7 4.7 3.8 4.1 5.0 3.5 41 Final sales to private domestic 5.2 4.2 3.5 3.7 5.9 4.9 6.5 6.5 4.3 2.6 4.7 4.1 1.8 1.9 5.4 4.3 4.7 5.2 4.0 purchasers ....................................... 42 GNP ..................................................... 4.3 3.8 2.7 5.2 6.1 0.4 6.6 7.4 2.0 3.0 4.4 3.0 1.9 –0.1 5.1 4.0 4.7 2.9 3.8 43 Disposable personal income................ 5.1 4.5 2.6 3.9 2.6 6.5 7.1 5.5 5.7 2.6 5.6 3.2 3.1 0.9 4.0 2.5 0.1 5.2 3.6 15 16 17 18 19 20 21 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -6- 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 September 28, 2017 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2014 Line 2015 2016 2013 Q3 2014 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Line Q2 r Percent change at annual rate: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 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 off-premises 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............................................................. Information processing equipment .................... Computers and peripheral equipment ........... Other ............................................................. Industrial equipment.......................................... Transportation equipment ................................. Other equipment ............................................... Intellectual property products................................ Software ............................................................ Research and development .............................. Entertainment, literary, and artistic originals ..... 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...................................................... 2.6 2.9 1.95 0.88 0.50 0.15 0.14 0.15 0.06 0.38 2.47 1.03 0.57 0.17 0.14 0.18 0.08 0.47 1.5 3.1 4.0 –0.9 4.6 5.2 2.0 3.2 1.86 1.28 0.81 0.67 0.41 0.30 0.08 –0.05 0.12 0.18 0.18 0.15 0.03 0.02 0.40 0.37 2.29 0.90 0.36 0.10 0.08 0.07 0.10 0.54 1.27 0.52 0.39 0.19 0.06 0.09 0.05 0.13 2.33 1.38 0.93 0.35 0.28 0.22 0.08 0.45 2.65 1.01 0.56 0.14 0.13 0.25 0.04 0.45 3.36 1.26 0.60 0.16 0.14 0.20 0.09 0.67 2.48 0.93 0.57 0.23 0.11 0.14 0.10 0.36 –0.02 0.03 0.17 0.08 –0.13 0.00 0.43 0.35 0.96 1.64 0.87 1.68 –0.28 –0.03 0.65 0.81 0.08 0.17 –0.12 0.12 0.28 0.22 0.08 0.25 0.18 0.14 0.03 0.21 0.18 0.24 2.10 2.15 0.50 0.82 0.04 0.09 0.28 0.13 0.29 0.07 0.07 –0.02 0.26 1.07 1.09 0.17 0.34 0.11 0.06 0.14 0.08 0.17 0.03 0.13 0.10 0.22 0.10 0.08 0.05 –0.03 0.04 0.02 0.09 0.02 0.03 0.04 –0.11 0.27 0.20 0.27 0.25 0.12 1.44 1.05 0.61 1.39 0.74 1.42 0.95 0.67 1.35 0.84 0.21 0.16 –0.11 0.34 0.58 0.57 0.43 0.18 0.37 –0.22 0.09 0.08 0.09 –0.04 0.25 0.06 0.06 0.20 0.07 0.13 0.19 0.11 0.07 0.29 –0.04 0.15 –0.09 0.03 0.19 –0.06 0.15 0.20 0.21 0.13 0.20 –0.02 0.10 0.02 0.22 0.12 0.90 0.97 0.86 0.30 0.39 0.07 0.01 0.06 0.05 0.17 0.10 0.18 0.14 0.04 0.00 0.11 –0.07 –0.08 0.01 –0.16 0.58 0.42 0.16 –0.74 –0.67 –0.07 0.20 0.87 0.64 0.30 –0.06 0.21 0.07 –0.02 0.09 0.01 0.16 –0.04 0.15 0.10 0.02 0.02 0.34 0.23 0.03 0.20 –0.73 0.05 –0.03 0.09 –0.78 –0.67 –0.11 –0.12 –0.18 –0.18 –0.13 –0.05 0.01 0.00 0.01 0.06 0.06 0.00 0.25 0.13 –0.37 –0.53 –0.11 –0.01 0.00 –0.39 –0.42 –0.03 –0.09 –0.03 –0.31 –0.19 –0.25 –0.08 –0.03 –0.36 –0.13 –0.03 –0.02 0.00 0.05 –0.06 –0.22 0.09 0.03 –0.07 –0.23 0.22 0.07 0.02 –0.06 –0.21 0.19 0.01 0.01 –0.02 –0.02 0.03 0.26 0.13 0.01 –0.11 –0.09 0.20 0.15 0.00 –0.03 0.02 0.06 –0.02 0.02 –0.08 –0.10 0.10 –0.06 0.24 0.00 0.14 –0.28 0.12 –0.08 –0.12 –0.20 0.03 –0.01 0.05 0.03 –0.12 –0.14 0.25 0.13 0.11 0.01 0.20 –0.40 0.00 –0.39 –0.23 –0.04 0.02 –0.06 –0.19 –0.11 –0.09 0.06 2.08 0.48 0.29 0.44 –0.29 –0.02 0.02 –0.04 0.06 –0.14 –0.19 0.14 0.14 0.01 –0.01 0.18 1.60 0.14 1.46 0.13 0.41 0.32 0.09 –0.28 –0.23 –0.05 0.04 –0.10 0.29 –0.43 0.25 0.91 1.01 1.16 0.06 1.05 –0.04 0.08 –0.11 –0.12 0.49 0.72 0.04 0.08 –0.04 0.00 –0.15 –0.11 0.06 –0.16 1.29 1.54 1.38 0.16 –0.24 –0.21 –0.03 –0.33 –0.93 0.76 0.85 0.57 0.02 0.07 –0.07 0.14 0.15 –0.03 –0.17 0.26 0.18 0.10 –0.02 –0.09 –1.69 –0.45 –1.25 –1.14 –0.35 –0.60 0.25 –0.79 –0.76 –0.03 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -7- 0.6 2.2 2.8 1.8 1.2 3.1 1 2.03 1.86 1.80 1.23 0.99 0.95 0.63 0.46 0.63 0.37 0.31 0.08 0.29 –0.01 –0.11 –0.09 0.13 0.15 0.14 0.09 0.13 0.17 0.23 0.11 0.07 0.06 0.06 –0.03 0.36 0.58 0.32 0.38 2.57 1.30 0.62 0.18 0.15 0.25 0.04 0.68 1.92 0.69 0.68 0.36 0.10 0.16 0.06 0.01 1.99 1.03 0.67 0.32 0.09 0.22 0.04 0.35 1.32 0.15 –0.01 –0.26 0.08 0.21 –0.03 0.16 2.24 1.16 0.56 0.02 0.15 0.26 0.12 0.61 2 3 4 5 6 7 8 9 0.06 –0.02 0.04 0.04 0.16 0.30 0.09 0.21 0.06 0.01 0.00 0.07 0.05 0.05 0.02 0.11 0.03 0.03 –0.08 0.20 0.15 0.04 0.11 0.01 0.10 –0.08 –0.05 –0.03 –0.10 0.12 0.15 0.27 0.38 0.22 0.10 0.34 –0.06 0.15 0.28 0.28 1.56 1.04 0.90 1.17 0.77 1.28 1.23 0.97 1.17 1.08 1.71 0.90 0.72 0.93 0.78 1.24 1.08 0.98 1.11 1.11 0.50 –0.10 0.24 –0.01 0.20 0.35 0.27 –0.11 –0.04 0.42 0.60 0.24 0.44 0.31 0.50 0.62 0.13 0.62 0.24 0.15 0.09 0.09 0.04 0.14 0.07 0.02 0.11 0.06 0.04 0.01 0.05 0.08 –0.01 0.20 –0.01 –0.02 0.12 0.07 0.12 0.04 0.05 0.29 0.07 0.17 0.02 0.18 0.07 0.00 0.12 –0.03 0.26 0.21 –0.09 0.01 –0.35 –0.12 0.13 0.07 0.40 0.14 0.17 0.08 0.02 0.10 0.35 0.20 0.25 0.27 0.23 0.38 10 11 12 13 14 15 16 17 18 19 20 21 22 0.09 –0.04 –0.06 –0.15 0.37 0.36 0.43 0.10 0.29 2.47 1.56 1.16 0.36 0.61 0.25 0.09 0.16 0.17 0.22 –0.03 0.19 0.21 –0.01 –0.01 0.40 0.91 0.04 0.87 –0.40 1.22 0.97 0.25 –1.62 –1.44 –0.18 0.40 1.90 1.45 1.31 –0.05 1.07 –0.07 –0.02 –0.05 0.15 0.41 0.58 0.29 0.19 0.09 0.01 0.14 0.44 0.05 0.40 0.28 0.09 0.21 –0.12 0.18 0.17 0.02 0.20 0.39 –0.11 0.22 –0.07 0.11 –0.15 0.14 0.08 –0.03 –0.04 0.11 –0.06 0.10 0.02 0.01 0.31 0.17 0.16 0.14 0.14 0.03 2.7 1.6 0.14 0.05 0.19 0.16 0.25 2.12 0.67 0.30 –0.07 0.49 –0.02 –0.11 0.09 0.00 0.50 0.00 –0.11 0.11 –0.25 0.03 0.37 1.45 0.17 1.27 –1.64 –0.59 –0.78 0.19 –1.05 –1.01 –0.04 –0.09 0.14 0.77 0.38 0.14 0.06 0.08 0.02 0.06 0.12 –0.06 –0.08 0.19 0.07 0.09 0.02 0.39 –0.63 –0.06 –0.57 –0.03 0.47 0.45 0.02 –0.50 –0.38 –0.12 –0.03 0.33 0.55 0.19 –0.50 0.58 0.23 0.05 0.18 –0.02 0.37 0.00 0.11 0.05 0.04 0.03 0.36 –0.22 0.01 –0.23 –0.77 –0.51 –0.43 –0.09 –0.25 –0.08 –0.17 –0.11 0.27 –0.40 0.11 –0.48 –0.04 –0.47 0.07 –0.02 –0.11 0.09 0.15 0.04 0.15 0.04 0.00 0.28 0.17 0.21 0.22 0.08 –0.05 0.60 0.12 0.08 0.01 0.08 0.04 0.02 0.01 0.48 0.20 0.28 0.48 –0.21 0.04 –0.30 0.14 –0.76 0.14 0.03 0.12 –0.22 –0.25 –0.43 0.31 0.05 0.23 0.03 0.35 –0.26 –0.03 –0.23 –1.02 0.65 0.41 0.24 –1.67 –1.44 –0.23 0.5 0.24 –0.01 0.29 0.20 0.04 0.38 0.15 –0.01 0.06 –0.04 0.19 0.36 0.12 –0.23 0.04 0.40 0.25 0.42 0.37 –0.12 0.10 0.00 0.11 0.03 –0.23 –0.03 0.17 0.12 0.02 0.03 –0.18 0.16 –0.05 0.20 0.36 0.74 0.60 0.13 –0.37 –0.14 –0.24 0.38 1.34 0.28 0.02 –0.06 0.10 0.05 –0.01 0.06 0.07 –0.05 0.04 –0.02 0.04 –0.07 0.02 0.26 1.06 –0.09 1.15 –1.61 –0.47 –0.27 –0.19 –1.14 –1.05 –0.09 0.06 –0.20 1.27 0.86 0.39 0.24 0.13 0.01 0.11 0.09 –0.04 0.06 0.23 0.09 0.13 0.01 0.41 –1.46 0.13 –1.59 0.22 0.85 0.81 0.04 –0.63 –0.56 –0.07 23 24 0.05 –1.08 –0.41 –0.67 –0.69 –0.28 0.04 –0.10 0.14 0.09 –0.24 –0.17 0.31 0.12 0.17 0.01 0.26 –0.68 –0.09 –0.59 –0.28 –0.29 –0.32 0.03 0.01 0.06 –0.05 0.21 –0.68 –0.05 –0.52 0.06 –0.82 –0.16 –0.02 –0.14 –0.07 –0.37 –0.23 0.24 0.17 0.08 0.00 0.47 –0.64 0.00 –0.63 –0.28 –0.33 0.01 –0.33 0.04 0.07 –0.03 0.34 –0.45 0.22 0.41 0.01 –0.04 0.08 0.01 0.06 0.08 0.01 –0.21 0.43 0.19 0.25 –0.01 –0.18 –0.67 0.14 –0.81 0.28 0.32 0.21 0.11 –0.04 –0.02 –0.03 –0.19 0.64 0.53 0.82 0.20 0.48 0.17 0.15 0.02 0.14 0.02 0.15 0.15 0.13 0.02 0.00 –0.30 0.12 –0.04 0.15 0.21 0.42 0.18 0.25 –0.22 –0.16 –0.06 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 0.21 0.05 –0.07 0.17 –0.19 0.14 –0.14 0.07 –0.04 0.07 0.11 0.02 0.11 0.03 0.00 –0.01 0.28 –0.12 0.23 0.11 0.05 –0.23 0.32 –0.10 –0.11 –0.09 –0.01 0.00 –0.02 0.02 0.42 0.17 0.25 –0.16 0.09 0.03 –0.11 –0.03 –0.06 0.11 –0.03 –0.16 0.13 –0.08 0.10 –0.13 –0.13 0.18 –0.04 0.10 –0.16 –0.21 0.02 –0.04 0.00 0.03 0.08 0.16 0.02 0.01 0.10 –0.03 –0.05 0.00 –0.01 0.06 –0.07 –0.05 0.02 0.01 0.03 0.04 0.00 –0.11 –0.02 0.06 0.05 –0.16 0.14 0.17 0.01 0.04 0.09 –0.24 –0.18 0.05 0.01 –0.25 52 53 54 55 56 57 58 59 60 61 62 September 28, 2017 Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2016 2016 Q2 Q3 2016 2017 Q4 Change from preceding period Line Seasonally adjusted at annual rates Q1 Q2 2016 Q2 r Q3 2017 Q4 Q1 Q2 r 2016 2017 Q1 Q2 r Gross domestic product (GDP)......... 18,624.5 18,538.0 18,729.1 18,905.5 19,057.7 19,250.0 16,716.2 16,663.5 16,778.1 16,851.4 16,903.2 17,031.1 244.6 51.8 127.8 1 2 Personal consumption expenditures........... 12,820.7 12,755.0 12,899.4 13,056.9 13,191.6 13,307.0 11,572.1 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 307.9 55.9 94.9 2 3 4 5 6 1 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 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....................... 4,121.4 1,411.0 480.8 4,108.5 1,401.1 471.3 4,134.4 1,420.2 486.3 4,195.9 1,440.2 500.0 4,230.8 1,443.2 489.1 4,247.2 1,456.6 486.3 4,072.2 1,595.1 438.5 4,059.1 1,576.2 429.2 4,090.8 1,611.9 444.5 4,138.4 1,647.9 458.4 4,145.4 1,647.3 447.0 4,199.9 1,677.8 447.9 144.9 83.3 12.4 7.0 –0.6 –11.4 54.5 30.5 0.9 3 4 5 325.2 385.5 219.6 2,710.4 325.1 385.3 219.4 2,707.4 326.3 386.9 220.6 2,714.2 328.2 389.2 222.8 2,755.7 332.9 397.9 223.2 2,787.6 335.9 405.8 228.6 2,790.6 384.7 577.2 217.8 2,514.3 382.7 571.9 216.4 2,517.5 388.2 583.1 219.0 2,517.9 393.4 598.6 220.9 2,533.2 397.8 613.8 219.3 2,540.2 406.6 633.1 225.1 2,566.6 25.7 48.0 5.9 67.5 4.5 15.2 –1.6 7.0 8.8 19.2 5.8 26.4 6 7 8 9 915.1 393.7 273.7 1,128.0 916.2 394.2 270.8 1,126.2 915.4 395.3 269.5 1,134.0 922.3 395.3 294.0 1,144.1 925.8 396.0 306.3 1,159.6 930.8 399.5 286.5 1,173.7 832.4 378.7 289.0 1,025.9 831.5 378.9 289.5 1,029.2 835.2 380.3 287.3 1,026.6 844.1 381.6 285.8 1,032.9 846.6 378.0 281.5 1,044.8 846.9 387.0 287.1 1,056.7 22.2 9.0 3.4 32.9 2.5 –3.6 –4.3 11.9 0.3 9.0 5.6 11.9 10 11 12 13 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....... 8,699.3 8,646.5 8,765.0 8,861.0 8,960.7 9,059.8 7,507.3 7,485.7 7,534.9 7,573.8 7,621.0 7,664.4 167.2 47.2 43.4 14 8,340.4 2,331.5 2,163.7 392.5 492.6 849.2 984.7 1,126.1 8,292.3 2,319.2 2,156.1 389.5 488.2 847.2 974.6 1,117.5 8,400.8 2,352.9 2,171.9 394.6 496.6 854.9 995.4 1,134.4 8,493.5 2,369.9 2,208.0 398.4 501.5 860.4 1,007.1 1,148.1 8,584.9 2,387.2 2,226.6 403.6 512.9 870.9 1,025.9 1,157.8 8,683.1 2,425.8 2,241.9 406.1 515.7 873.8 1,047.1 1,172.7 7,191.1 2,025.2 1,949.1 353.1 432.4 719.8 728.7 990.2 7,172.0 2,024.5 1,946.4 350.4 429.0 720.1 724.8 984.4 7,215.2 2,035.3 1,951.7 354.9 434.0 723.0 729.3 994.6 7,254.6 2,030.7 1,977.9 357.4 436.9 723.1 731.8 1,005.7 7,299.2 2,028.9 1,988.1 359.1 441.6 727.8 745.5 1,015.5 7,344.1 2,045.9 1,994.6 359.4 443.1 726.7 750.3 1,031.4 151.2 26.5 70.6 12.5 8.9 17.1 –11.9 32.9 44.6 –1.8 10.2 1.7 4.7 4.7 13.7 9.7 44.9 17.0 6.5 0.3 1.5 –1.1 4.8 16.0 15 16 17 18 19 20 21 22 358.9 1,411.3 354.2 1,402.3 364.2 1,420.5 367.5 1,446.1 375.8 1,461.5 376.7 1,458.3 316.5 1,229.2 314.0 1,225.5 320.0 1,233.2 319.5 1,247.9 322.1 1,252.9 320.6 1,243.5 16.2 39.1 2.6 5.0 –1.5 –9.4 23 24 1,052.5 1,048.1 1,056.3 1,078.6 1,085.7 1,081.6 912.8 911.6 913.3 928.5 930.8 923.0 23.1 2.4 –7.9 25 26 Gross private domestic investment............. 3,057.2 3,023.1 3,048.0 3,126.2 3,128.7 3,178.1 2,858.3 2,830.2 2,847.2 2,905.7 2,897.0 2,924.7 –47.1 –8.7 27.7 26 27 28 29 30 31 32 3,022.1 2,316.3 516.2 1,043.9 303.9 3,010.9 2,311.2 508.7 1,044.3 302.6 3,031.5 2,329.1 525.6 1,040.9 306.8 3,056.7 2,333.7 525.8 1,044.3 307.1 3,128.9 2,383.4 548.4 1,057.6 310.8 3,173.3 2,433.6 563.0 1,082.3 319.3 2,803.4 2,210.4 446.4 1,047.8 350.2 2,797.5 2,205.3 439.7 1,049.0 347.9 2,808.2 2,224.0 454.6 1,043.4 353.4 2,820.3 2,224.9 452.1 1,048.0 355.9 2,875.7 2,263.6 468.0 1,059.4 362.9 2,898.5 2,300.6 476.0 1,082.0 372.2 20.7 –13.1 –19.1 –36.8 6.3 55.3 38.8 15.9 11.4 7.0 22.8 37.0 7.9 22.6 9.3 27 28 29 30 31 73.1 230.8 225.0 286.7 228.3 756.2 352.8 320.8 73.9 228.7 224.4 291.8 225.5 758.2 351.6 324.6 73.4 233.4 226.0 283.3 224.9 762.5 356.1 323.6 72.1 235.0 229.0 281.3 226.9 763.7 359.1 320.8 72.8 238.1 234.3 282.6 229.9 777.4 363.2 329.5 80.1 239.2 241.7 283.5 237.8 788.2 370.6 332.2 84.0 265.6 212.1 277.6 216.9 720.4 360.4 281.5 84.4 262.8 211.7 283.4 214.7 721.5 359.3 284.5 84.2 268.5 212.9 273.3 213.6 729.0 364.9 285.2 83.6 271.7 215.8 270.8 215.3 728.3 366.8 282.2 84.3 278.0 219.9 268.9 218.2 738.6 371.1 287.6 92.3 279.1 226.0 269.6 225.2 745.3 377.3 288.4 –3.1 9.4 4.8 –22.0 –23.5 42.6 23.8 17.3 0.7 6.2 4.1 –1.9 2.9 10.2 4.3 5.4 8.0 1.2 6.2 0.7 6.9 6.7 6.1 0.9 32 33 34 35 36 37 38 39 41 Fixed investment........................................ Nonresidential .......................................... Structures ............................................. Equipment ............................................ Information processing equipment ... Computers and peripheral equipment ................................. Other............................................. Industrial equipment ......................... Transportation equipment................. Other equipment............................... Intellectual property products ............... Software ........................................... Research and development.............. Entertainment, literary, and artistic originals ........................................ Residential ............................................... 82.6 705.9 82.1 699.7 82.9 702.4 83.7 723.0 84.7 745.5 85.4 739.7 80.4 587.4 79.3 586.5 80.8 579.8 81.6 589.8 82.0 605.5 82.1 594.1 1.7 30.5 0.4 15.7 0.1 –11.4 40 41 42 43 44 Change in private inventories................... Farm......................................................... Nonfarm ................................................... 35.1 –0.6 35.7 12.2 3.3 8.9 16.5 0.6 15.9 69.5 –3.5 73.0 –0.1 2.5 –2.7 4.9 0.3 4.6 33.4 –0.6 34.5 12.2 2.6 9.4 17.6 0.8 17.1 63.1 –2.9 66.8 1.2 2.7 –1.8 5.5 1.2 4.2 –67.2 –0.8 –68.3 –61.9 5.7 –68.6 4.3 –1.5 6.0 42 43 44 33 34 35 36 37 38 39 40 45 Net exports of goods and services .............. –521.2 –501.6 –492.8 –564.3 –582.8 –567.2 –586.3 –572.4 –557.3 –631.1 –622.2 –613.6 –41.0 8.9 8.6 45 46 47 48 Exports........................................................ Goods....................................................... Services ................................................... 2,214.6 1,446.0 768.5 2,201.8 1,436.1 765.7 2,248.4 1,473.0 775.5 2,241.5 1,467.2 774.3 2,295.6 1,515.0 780.6 2,314.9 1,520.9 794.0 2,120.1 1,447.5 672.8 2,112.5 1,439.1 673.3 2,145.3 1,467.2 678.5 2,124.4 1,454.5 670.6 2,162.3 1,492.3 672.2 2,181.1 1,500.4 682.3 –7.0 4.4 –10.4 37.9 37.8 1.6 18.9 8.1 10.1 46 47 48 49 50 51 Imports........................................................ Goods....................................................... Services ................................................... 2,735.8 2,224.2 511.6 2,703.4 2,197.4 506.0 2,741.3 2,225.2 516.1 2,805.8 2,285.1 520.7 2,878.4 2,353.0 525.5 2,882.1 2,350.3 531.9 2,706.3 2,220.0 484.0 2,684.9 2,204.6 478.2 2,702.6 2,211.4 488.6 2,755.5 2,260.7 492.4 2,784.5 2,286.7 495.5 2,794.8 2,294.3 498.2 34.0 18.8 14.8 29.1 26.0 3.1 10.3 7.5 2.7 49 50 51 r Revised 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -8- September 28, 2017 Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2016 2016 Q2 Q3 2016 2017 Q4 Q1 Change from preceding period Seasonally adjusted at annual rates 2016 Q2 Q2 r Q3 2017 Q4 Q1 Q2 r 2016 Line 2017 Q1 Q2 r 52 Government consumption expenditures and gross investment................................. 3,267.8 3,261.5 3,274.6 3,286.8 3,320.2 3,332.1 2,900.2 2,896.3 2,899.9 2,901.2 2,896.6 2,895.2 21.6 –4.6 –1.4 52 53 54 55 56 57 58 59 1,231.5 728.9 585.2 143.7 502.6 379.4 123.3 1,228.2 726.9 583.9 143.0 501.3 378.6 122.8 1,234.6 732.3 589.3 143.0 502.3 378.9 123.4 1,235.4 727.6 583.2 144.4 507.8 382.7 125.1 1,244.3 730.2 581.6 148.6 514.1 386.3 127.8 1,255.8 741.4 584.7 156.6 514.5 386.1 128.4 1,114.6 667.0 531.6 135.1 447.0 333.5 113.4 1,112.1 665.4 530.8 134.4 446.1 333.0 113.0 1,116.5 669.6 534.9 134.4 446.4 332.7 113.6 1,115.2 664.1 528.3 135.7 450.3 335.4 115.0 1,108.4 658.6 519.5 139.1 449.0 332.5 116.7 1,113.7 666.2 520.3 146.2 446.9 330.3 116.7 0.5 –5.0 –5.6 0.7 5.4 3.3 2.1 –6.8 –5.5 –8.8 3.5 –1.3 –2.9 1.7 5.3 7.6 0.8 7.1 –2.2 –2.2 0.1 53 54 55 56 57 58 59 60 State and local ............................................ 2,036.3 2,033.3 2,040.0 2,051.4 2,075.9 2,076.2 61 Consumption expenditures ....................... 1,693.6 1,689.4 1,704.4 1,712.2 1,733.4 1,743.7 62 Gross investment ...................................... 342.7 343.9 335.6 339.2 342.5 332.5 63 Residual............................................................ .............. .............. ............... .............. .............. ............... 1,783.6 1,478.2 304.4 –101.9 1,782.3 1,476.1 305.2 –99.9 1,781.6 1,482.9 297.6 –106.4 1,784.1 1,483.4 299.6 –110.1 1,786.2 1,485.1 300.0 –113.8 1,779.6 20.9 2.1 –6.5 1,488.8 24.4 1.7 3.7 289.6 –3.6 0.4 –10.4 –129.1 ........... .......... ........... 60 61 62 63 16,848.2 16,782.2 16,664.1 17,301.6 17,250.3 14,362.7 16,783.0 16,723.2 16,632.6 17,236.2 17,206.1 14,322.3 16,953.0 16,865.6 16,741.1 17,336.7 17,300.6 14,413.5 16,882.1 16,866.8 16,770.0 17,478.6 17,397.7 14,509.8 16,994.1 16,948.7 16,883.5 17,521.6 17,502.7 14,619.9 64 65 66 67 68 69 70 71 72 73 74 Federal ......................................................... National defense ....................................... Consumption expenditures.................... Gross investment .................................. Nondefense............................................... Consumption expenditures.................... Gross investment .................................. Addenda: Gross domestic income (GDI) 1 ..................... Average of GDP and GDI ............................. Final sales of domestic product .................... Gross domestic purchases ........................... Final sales to domestic purchasers............... Final sales to private domestic purchasers... 18,771.6 18,698.1 18,589.4 19,145.7 19,110.6 15,842.8 18,670.9 18,604.5 18,525.9 19,039.6 19,027.4 15,765.9 18,924.4 18,826.7 18,712.7 19,222.0 19,205.5 15,930.9 18,939.9 18,922.7 18,836.1 19,469.9 19,400.4 16,113.6 19,160.1 19,108.9 19,057.8 19,640.5 19,640.7 16,320.4 19,345.4 19,297.7 19,245.2 19,817.2 19,812.4 16,480.3 17,115.5 17,073.3 17,006.6 17,641.8 17,618.3 14,737.6 144.1 194.4 309.8 284.4 349.9 329.3 112.0 81.9 113.5 42.9 105.0 110.2 121.4 124.6 123.2 120.2 115.6 117.6 64 65 66 67 68 69 Gross domestic product ............................ 18,624.5 18,538.0 18,729.1 18,905.5 19,057.7 19,250.0 16,716.2 16,663.5 16,778.1 16,851.4 16,903.2 17,031.1 Plus: Income receipts from the rest of the 844.3 843.8 848.4 882.1 895.9 914.8 697.4 698.5 699.5 723.7 731.1 745.1 world.......................................................... Less: Income payments to the rest of the world.......................................................... 647.2 648.8 660.1 653.1 681.7 712.4 532.2 534.5 541.7 533.6 551.9 575.5 244.6 51.8 127.8 70 18.8 7.4 13.9 71 26.3 18.3 23.6 72 Equals: Gross national product ................ 18,821.6 18,733.0 18,917.5 19,134.5 19,272.0 19,452.4 16,879.0 16,825.0 16,932.8 17,041.1 17,081.0 17,198.0 Net domestic product.................................... 15,707.8 15,629.7 15,801.5 15,955.6 16,071.5 16,229.3 14,019.2 13,972.6 14,073.7 14,134.7 14,174.8 14,289.9 236.2 183.2 39.9 40.1 117.1 115.1 73 74 r Revised 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis -9- September 28, 2017 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 Q3 1 2014 Q4 Q1 Q2 2015 Q3 Gross domestic product (GDP).... 1.8 1.1 1.3 2.1 2.1 1.6 2.2 1.9 2 Personal consumption expenditures...... 3 Goods...................................................... 4 Durable goods..................................... 5 Nondurable goods............................... 6 Services .................................................. 1.5 –0.3 –2.3 0.7 2.5 0.3 –2.9 –2.1 –3.3 1.9 1.2 –1.4 –2.2 –1.1 2.5 1.5 0.3 –2.6 1.8 2.1 1.7 0.0 –2.1 1.0 2.7 2.1 0.9 –2.4 2.6 2.7 1.8 0.1 –2.2 1.2 2.7 1.2 –0.7 –1.9 –0.2 2.2 Q4 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Line Q2 r –0.1 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 1 –0.3 –1.6 –4.2 –7.6 –3.1 –2.5 –4.8 –10.0 1.8 1.5 1.7 1.0 –0.9 2.0 2.0 1.3 –0.5 –2.0 0.2 2.2 0.2 –3.4 –2.1 –4.0 1.9 0.6 –3.4 –1.3 –4.4 2.6 2.1 0.2 –2.8 1.8 3.0 1.7 –0.6 –3.5 1.0 2.9 2.0 1.3 –3.2 3.7 2.3 2.2 2.7 1.0 3.6 2.0 0.3 –3.6 –3.6 –3.6 2.2 2 3 4 5 6 7 Gross private domestic investment ........ 2.1 0.8 0.5 1.9 1.9 2.9 1.2 2.6 2.1 0.0 –0.4 0.7 –0.2 –0.4 1.7 1.0 1.7 1.7 2.6 8 Fixed investment..................................... 2.3 1.1 0.6 2.0 2.3 3.1 1.2 2.6 2.2 0.8 –0.3 0.9 0.1 –0.2 1.5 1.2 1.6 1.6 2.5 9 Nonresidential ..................................... 1.3 0.6 –0.3 1.2 1.0 1.7 1.2 1.4 1.4 0.8 –0.4 0.3 –0.6 –0.9 0.2 –0.3 0.6 1.5 1.9 10 Structures ........................................ 4.9 1.8 0.1 2.7 4.8 5.7 5.0 5.7 4.8 0.3 –1.5 1.5 –0.4 –2.0 2.8 –0.3 2.3 3.1 3.8 11 Equipment ....................................... –0.1 –0.1 –0.1 0.5 –1.8 0.1 0.7 0.0 0.2 0.2 –0.7 –0.8 –0.3 0.1 –0.1 0.9 –0.4 0.7 0.8 12 Intellectual property products .......... 1.0 0.9 –0.7 1.2 2.7 1.3 –0.8 0.2 0.7 2.3 1.1 1.1 –1.1 –1.5 –1.0 –1.9 1.0 1.6 1.9 13 Residential........................................... 6.1 2.7 3.7 5.4 7.6 8.7 1.1 7.5 5.3 0.5 0.1 3.3 2.6 2.4 5.9 6.4 4.8 1.7 4.6 14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 16 Exports.................................................... 0.0 –5.0 –1.9 0.7 –0.3 3.0 –0.1 –1.0 –7.0 –9.6 –1.0 –4.1 –5.9 –5.2 3.8 2.2 2.7 2.5 –0.1 17 Goods.................................................. –1.0 –7.1 –3.7 0.1 –1.7 3.2 –1.3 –2.5 –9.7 –12.6 –2.1 –6.1 –8.0 –10.2 5.3 2.4 1.9 2.6 –0.6 18 Services............................................... 2.1 –0.5 1.7 1.9 2.9 2.5 2.6 2.3 –1.1 –3.2 1.1 –0.2 –1.6 5.0 1.1 2.0 4.2 2.3 0.8 19 Imports .................................................... –0.3 –7.8 –3.1 –1.8 0.0 6.4 –3.1 –2.6 –7.7 –14.7 –5.4 –4.9 –8.0 –5.2 1.2 3.0 1.6 6.2 –1.0 20 Goods.................................................. –0.7 –9.1 –3.7 –2.4 –0.9 7.3 –3.9 –3.2 –8.9 –16.7 –6.5 –5.5 –9.3 –6.3 1.2 3.9 1.8 7.4 –1.8 21 Services............................................... 1.7 –1.6 –0.5 1.1 4.7 2.1 0.8 0.7 –1.8 –4.1 0.2 –2.4 –1.9 0.0 1.0 –0.7 0.5 1.1 2.7 22 Government consumption expenditures and gross investment ........................... 2.0 0.6 0.8 1.9 3.7 1.8 1.5 1.9 0.4 –1.5 2.1 0.7 0.9 –1.3 2.6 1.1 1.3 4.8 1.6 23 Federal.................................................... 1.6 0.6 0.6 1.6 6.3 –1.0 1.2 1.2 0.5 0.6 0.3 0.3 –0.1 0.9 1.0 0.5 0.8 5.5 1.8 24 National defense ................................. 1.3 0.3 0.4 1.3 4.2 0.1 0.9 0.9 0.3 0.4 –0.2 0.1 –0.3 0.6 1.0 0.5 0.7 4.9 1.4 25 Nondefense......................................... 2.0 1.0 0.8 2.1 9.8 –3.0 1.8 1.7 0.8 0.9 1.1 0.7 0.2 1.4 1.1 0.5 0.8 6.3 2.3 26 State and local ........................................ 2.2 0.6 0.9 2.0 2.0 3.7 1.6 2.4 0.4 –2.8 3.2 1.0 1.5 –2.7 3.6 1.5 1.7 4.4 1.5 Addenda: 27 Final sales of domestic product............... 1.8 1.1 1.3 2.1 2.2 1.6 2.2 1.9 0.6 0.0 2.3 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 28 Gross domestic purchases...................... 1.7 0.4 1.0 1.6 2.1 2.2 1.6 1.5 0.2 –1.3 1.4 1.1 0.2 0.1 2.1 1.5 1.8 2.6 0.9 29 Final sales to domestic purchasers......... 1.7 0.5 1.0 1.6 2.2 2.2 1.6 1.5 0.2 –1.2 1.5 1.1 0.3 0.2 2.1 1.6 1.8 2.5 0.9 30 Final sales to private domestic 1.7 0.4 1.1 1.6 1.8 2.3 1.7 1.4 0.2 –1.1 1.3 1.2 0.2 0.5 2.0 1.6 1.9 2.1 0.7 purchasers........................................... 31 Gross national product (GNP)................. 1.8 1.1 1.3 2.1 2.1 1.6 2.2 1.9 0.6 –0.2 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 Implicit price deflators: 32 GDP..................................................... 1.8 1.1 1.3 1.9 2.1 1.7 2.3 1.8 0.6 –0.1 2.2 1.4 0.8 0.2 2.4 1.4 2.0 2.0 1.0 33 Gross domestic purchases.................. 1.7 0.4 1.0 1.5 2.1 2.3 1.7 1.5 0.2 –1.3 1.4 1.1 0.3 0.1 2.1 1.5 1.9 2.5 0.8 34 GNP..................................................... 1.8 1.1 1.3 1.9 2.1 1.7 2.3 1.8 0.6 –0.1 2.2 1.4 0.8 0.2 2.4 1.4 2.0 1.9 1.0 15 16 17 18 19 20 21 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 10 - 0.6 Q1 22 23 24 25 26 27 28 29 30 31 32 33 34 September 28, 2017 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 1 2014 Gross domestic product......................................................... 111.059 2015 114.237 2016 115.934 2016 2017 Line Q2 Q3 Q4 Q1 Q2 115.568 116.363 116.872 117.231 r 118.118 1 2 Personal consumption expenditures ............................................... 110.373 114.393 117.520 117.170 117.987 118.840 119.408 120.372 3 Goods ............................................................................................... 117.354 122.789 127.318 126.910 127.900 129.387 129.607 131.311 4 Durable goods............................................................................... 137.111 147.737 155.873 154.025 157.516 161.032 160.977 163.956 5 Nondurable goods......................................................................... 109.095 112.488 115.593 115.742 115.759 116.462 116.783 117.996 6 Services ............................................................................................ 107.024 110.402 112.917 112.593 113.332 113.917 114.628 115.280 7 Gross private domestic investment.................................................. 147.048 154.695 152.188 150.696 151.601 154.715 154.250 155.724 8 Fixed investment............................................................................... 132.166 137.373 138.395 138.100 138.627 139.229 141.960 143.085 9 Nonresidential ............................................................................... 133.012 136.126 135.323 135.011 136.154 136.207 138.581 140.843 10 Structures.................................................................................. 108.167 106.212 101.864 100.334 103.739 103.173 106.806 108.617 11 Equipment ................................................................................. 162.569 168.324 162.618 162.810 161.944 162.649 164.423 167.930 12 Intellectual property products .................................................... 118.545 123.034 130.765 130.965 132.331 132.205 134.064 135.283 13 Residential .................................................................................... 128.801 141.987 149.766 149.535 147.805 150.358 154.371 151.463 14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Exports of goods and services ......................................................... 133.420 133.967 133.527 133.051 135.115 133.799 136.187 137.374 15 16 Imports of goods and services ......................................................... 128.383 134.751 136.463 135.384 136.275 138.942 140.407 140.924 16 17 Government consumption expenditures and gross investment ... 18 Federal.............................................................................................. 19 State and local .................................................................................. 91.907 91.566 92.068 93.184 91.493 94.196 93.884 91.536 95.310 93.760 91.332 95.237 93.877 91.694 95.199 93.917 91.583 95.334 93.770 91.024 95.445 93.724 91.461 95.097 17 18 19 Addenda: Final sales of domestic product ........................................................ Gross domestic purchases ............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers....................................... Gross national product...................................................................... 109.382 110.987 109.358 113.982 111.268 112.275 114.871 112.957 118.199 114.228 114.402 116.791 115.296 120.973 115.849 114.185 116.349 115.001 120.633 115.479 114.930 117.028 115.632 121.401 116.218 115.129 117.986 116.281 122.212 116.962 115.908 118.276 116.983 123.140 117.236 116.753 119.087 117.756 124.130 118.039 20 21 22 23 24 20 21 22 23 24 r Revised See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 11 - September 28, 2017 Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2014 2015 2016 2016 2017 Line Q2 Q3 Q4 Q1 Gross domestic product ........................................................ 108.839 110.012 111.419 111.257 111.641 112.190 112.752 113.037 1 2 Personal consumption expenditures (PCE) .................................... 3 Goods............................................................................................... 4 Durable goods .............................................................................. 5 Nondurable goods ........................................................................ 6 Services............................................................................................ 109.157 105.780 92.395 112.689 110.929 109.481 102.695 90.430 108.961 113.065 110.789 101.209 88.460 107.800 115.878 110.555 101.217 88.873 107.546 115.512 111.034 101.067 88.085 107.802 116.332 111.583 101.392 87.376 108.788 117.002 112.198 102.062 87.587 109.746 117.585 112.273 101.127 86.793 108.735 118.213 2 3 4 5 6 7 Gross private domestic investment ................................................. 105.640 106.477 106.978 106.840 107.104 107.569 108.014 108.697 8 Fixed investment .............................................................................. 106.019 107.148 107.801 107.632 107.956 108.385 108.808 109.485 9 Nonresidential............................................................................... 104.399 105.069 104.790 104.801 104.726 104.893 105.292 105.780 10 Structures.................................................................................. 113.398 115.484 115.637 115.707 115.629 116.295 117.183 118.292 11 Equipment................................................................................. 99.906 99.761 99.634 99.549 99.763 99.651 99.832 100.032 12 Intellectual property products.................................................... 104.779 105.753 104.966 105.082 104.590 104.844 105.248 105.754 13 Residential .................................................................................... 112.854 115.883 120.157 119.293 121.144 122.580 123.102 124.503 14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... .................... 7 8 9 10 11 12 13 14 15 Exports of goods and services......................................................... 112.051 106.481 104.458 104.233 104.813 105.516 106.168 106.136 15 16 Imports of goods and services ......................................................... 113.240 104.364 101.090 100.693 101.439 101.835 103.381 103.134 16 17 Government consumption expenditures and gross investment... 18 Federal ............................................................................................. 19 State and local.................................................................................. 111.199 109.252 112.533 111.825 109.866 113.168 112.676 110.488 114.164 112.608 110.438 114.083 112.919 110.571 114.506 113.291 110.782 114.979 114.624 112.266 116.220 115.088 112.763 116.664 17 18 19 108.021 108.242 106.787 108.892 109.101 109.151 108.641 108.955 109.453 108.186 107.934 110.116 109.564 109.659 109.125 110.109 111.391 109.067 109.467 111.554 110.661 110.785 110.305 111.511 111.157 108.862 109.266 111.386 110.470 110.588 110.084 111.348 111.710 109.239 109.711 111.781 110.887 111.015 110.533 111.734 112.084 109.756 110.024 112.324 111.393 111.515 111.059 112.285 112.590 110.390 110.539 112.883 112.100 112.219 111.636 112.834 112.847 110.288 110.617 113.166 112.340 112.458 111.830 113.118 20 21 22 23 24 25 26 27 108.832 108.892 109.094 109.151 108.948 110.012 110.116 109.564 109.659 110.109 111.416 111.554 110.659 110.785 111.509 111.249 111.383 110.463 110.585 111.340 111.628 111.777 110.874 111.011 111.721 112.190 112.320 111.392 111.511 112.284 112.746 112.879 112.094 112.215 112.827 113.029 113.163 112.331 112.454 113.108 28 29 30 31 32 1 20 21 22 23 24 25 26 27 28 29 30 31 32 Addenda: PCE excluding food and energy 1 ..................................................... Market-based PCE 2 ......................................................................... Market-based PCE excluding food and energy 2 .............................. Final sales of domestic product........................................................ Gross domestic purchases............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers ...................................... Gross national product ..................................................................... Implicit price deflators: Gross domestic product................................................................ Final sales of domestic product .................................................... Gross domestic purchases ........................................................... Final sales to domestic purchasers .............................................. Gross national product.................................................................. Q2 r 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. Source: U.S. Bureau of Economic Analysis - 12 - September 28, 2017 Table 7. Real Gross Domestic Product: Annual Percent Change Percent change from preceding year Line 2009 2010 Gross domestic product (GDP)......................................... –2.8 2.5 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... –1.6 –3.0 –5.5 –1.8 –0.9 1.9 3.4 6.1 2.2 1.2 2013 2014 2015 2016 2009 2010 1.6 2.2 1.7 2.6 2.9 1.5 –0.2 2.7 1.7 1.3 2.7 2.7 2.0 1.8 1 2.3 3.1 6.1 1.8 1.8 1.5 2.7 7.4 0.6 0.8 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.9 2.5 2.4 3.6 4.6 7.7 3.1 3.2 2.7 3.7 5.5 2.8 2.3 –0.2 0.9 2.5 0.2 –0.8 3.1 5.1 9.3 3.3 2.0 1.5 1.7 4.8 0.4 1.4 1.3 2.8 7.2 0.8 0.6 2.0 3.5 5.2 2.6 1.3 3.6 4.7 8.7 2.8 3.0 3.0 4.0 6.4 2.8 2.6 2.8 4.0 7.0 2.5 2.3 2 3 4 5 6 –11.0 11.1 9.6 3.7 9.3 4.7 2.2 0.9 –11.9 5.5 8.4 7.0 5.2 6.1 2.4 1.1 –12.2 8.1 9.0 5.2 4.8 6.1 0.3 0.7 –27.1 –4.0 8.0 4.1 5.8 8.8 –9.1 3.5 –11.5 20.9 13.1 6.9 6.1 4.1 3.4 –3.7 1.3 1.8 4.1 3.4 2.2 7.0 3.2 5.2 –10.8 –5.2 6.0 15.7 6.8 6.3 10.3 2.5 .......... .......... .......... .......... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 16 Exports......................................................................................... –8.8 11.9 6.9 3.4 3.5 4.3 0.4 –0.3 0.8 10.1 4.2 2.2 5.9 3.0 –1.8 0.6 17 Goods ...................................................................................... –12.1 14.4 6.5 3.6 3.1 4.6 –0.4 0.3 –0.2 10.9 4.8 1.2 7.0 2.7 –3.1 1.8 18 Services ................................................................................... –1.1 6.8 7.6 3.0 4.4 3.6 2.1 –1.5 3.2 8.4 2.7 4.5 3.6 3.7 0.9 –1.8 19 Imports......................................................................................... –13.7 12.7 5.5 2.2 1.1 4.5 5.0 1.3 –6.2 12.0 3.5 0.3 2.5 6.2 2.9 2.7 20 Goods ...................................................................................... –15.8 14.9 5.8 2.1 1.2 4.9 5.2 0.9 –6.7 13.6 3.4 0.1 2.7 6.6 2.8 2.5 21 Services ................................................................................... –3.8 3.8 4.0 3.0 0.6 2.6 4.0 3.1 –4.2 4.9 3.8 1.2 1.1 3.9 3.5 3.5 22 Government consumption expenditures and gross investment.................................................................................. 3.2 0.1 –3.0 –1.9 –2.9 –0.6 1.4 0.8 2.3 –1.1 –3.0 –2.2 –2.8 0.5 1.6 0.4 23 Federal......................................................................................... 5.7 4.4 –2.7 –1.9 –5.8 –2.4 –0.1 0.0 3.9 3.2 –4.0 –2.1 –6.7 –1.2 1.2 –0.3 24 National defense ...................................................................... 5.4 3.2 –2.3 –3.4 –6.8 –4.0 –2.2 –0.7 3.6 2.0 –4.1 –3.9 –7.1 –4.0 0.0 –1.4 25 Nondefense.............................................................................. 6.2 6.4 –3.4 0.9 –4.1 0.2 3.2 1.2 4.6 5.5 –3.9 1.0 –6.0 3.5 2.9 1.2 26 State and local ............................................................................. 1.6 –2.7 –3.3 –1.9 –0.8 0.5 2.3 1.2 1.3 –4.0 –2.3 –2.3 –0.1 1.5 1.9 0.8 15 16 17 18 19 20 21 7 Gross private domestic investment............................................. –21.6 12.9 5.2 10.6 6.1 5.5 5.2 –1.6 8 Fixed investment.......................................................................... –16.7 1.5 6.3 9.8 5.0 6.2 3.9 0.7 9 Nonresidential .......................................................................... –15.6 2.5 7.7 9.0 3.5 6.9 2.3 –0.6 10 Structures............................................................................. –18.9 –16.4 2.3 12.9 1.4 10.5 –1.8 –4.1 11 Equipment ............................................................................ –22.9 15.9 13.6 10.8 4.6 6.6 3.5 –3.4 12 Intellectual property products ............................................... –1.4 1.9 3.6 3.9 3.4 4.6 3.8 6.3 13 Residential ............................................................................... –21.2 –2.5 0.5 13.5 11.9 3.5 10.2 5.5 14 Change in private inventories ...................................................... .......... .......... .......... .......... .......... .......... .......... .......... 2011 2012 2013 2014 2015 2016 Line 2012 1 2011 Percent change fourth quarter to fourth quarter 22 23 24 25 26 27 28 29 30 31 32 33 34 Addenda: Gross domestic income (GDI) 1 .................................................... Average of GDP and GDI ............................................................ Final sales of domestic product ................................................... Gross domestic purchases .......................................................... Final sales to domestic purchasers ............................................. Final sales to private domestic purchasers.................................. Gross national product................................................................. Real disposable personal income................................................ –2.6 –2.7 –2.0 –3.8 –3.1 –4.6 –2.9 –0.4 2.7 2.6 1.1 2.9 1.5 1.9 2.8 1.0 2.2 1.9 1.7 1.6 1.7 2.9 1.8 2.5 3.3 2.7 2.1 2.1 1.9 2.9 2.1 3.2 1.2 1.5 1.5 1.3 1.2 2.1 1.7 –1.4 3.1 2.8 2.7 2.7 2.7 3.5 2.5 3.6 3.0 2.9 2.6 3.5 3.3 3.7 2.7 4.2 0.9 1.2 1.9 1.7 2.1 2.3 1.4 1.4 0.3 0.0 –0.4 –1.3 –1.4 –2.4 0.1 –0.7 2.6 2.7 2.0 3.2 2.5 3.5 2.9 2.6 2.1 1.9 1.5 1.7 1.5 2.6 2.0 1.7 2.8 2.1 1.7 1.0 1.4 2.3 1.0 5.1 1.3 2.0 2.0 2.2 1.6 2.6 2.7 –2.8 4.2 3.5 2.9 3.2 3.4 4.1 2.5 4.9 1.6 1.8 2.0 2.6 2.7 2.9 2.0 3.2 0.5 1.2 1.9 2.1 2.1 2.5 1.9 0.2 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Price indexes: Gross domestic purchases....................................................... Gross domestic purchases excluding food and energy 2 .......... GDP ......................................................................................... GDP excluding food and energy 2 ............................................ PCE.......................................................................................... PCE excluding food and energy 2 ............................................. Market-based PCE 3 ................................................................. Market-based PCE excluding food and energy 3 ...................... –0.2 0.5 0.8 0.5 –0.1 1.2 0.4 1.9 1.5 1.3 1.2 1.4 1.7 1.3 1.5 1.0 2.4 1.8 2.1 1.9 2.5 1.5 2.5 1.4 1.8 1.8 1.8 1.8 1.9 1.9 1.8 1.8 1.4 1.5 1.6 1.7 1.3 1.5 1.0 1.2 1.7 1.8 1.8 1.9 1.5 1.6 1.2 1.2 0.4 1.1 1.1 1.3 0.3 1.3 –0.1 1.1 1.0 1.4 1.3 1.6 1.2 1.8 0.8 1.4 0.3 0.5 0.4 0.6 1.2 1.4 1.5 1.8 1.6 1.4 1.8 1.6 1.3 1.0 1.1 0.7 2.4 1.9 1.9 1.9 2.7 1.9 2.8 1.9 1.7 1.7 1.9 1.8 1.8 1.8 1.6 1.5 1.4 1.7 1.6 1.9 1.2 1.5 0.9 1.1 1.4 1.6 1.6 1.7 1.2 1.5 0.8 1.2 0.4 1.0 1.0 1.2 0.4 1.3 0.1 1.1 1.4 1.5 1.5 1.7 1.6 1.9 1.3 1.5 35 36 37 38 39 40 41 42 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. NOTE. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 13 - September 28, 2017 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2013 Line 1 Q3 2014 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Q1 Q2 r Line Gross domestic product (GDP)......................................... 1.7 2.7 1.7 2.7 3.2 2.7 3.8 3.3 2.4 2.0 1.4 1.2 1.5 1.8 2.0 2.2 1 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... 1.4 3.0 6.0 1.7 0.6 2.0 3.5 5.2 2.6 1.3 2.0 2.7 4.1 1.9 1.7 2.7 3.9 6.9 2.5 2.1 3.2 4.3 7.8 2.6 2.6 3.6 4.7 8.7 2.8 3.0 4.0 5.1 9.2 3.2 3.5 3.9 4.7 8.1 3.1 3.5 3.6 4.7 7.4 3.4 3.1 3.0 4.0 6.4 2.8 2.6 2.6 3.4 4.7 2.8 2.1 2.8 3.8 4.6 3.4 2.3 2.8 3.5 5.7 2.4 2.4 2.8 4.0 7.0 2.5 2.3 2.9 3.6 6.7 2.1 2.5 2.7 3.5 6.4 1.9 2.4 2 3 4 5 6 7 Gross private domestic investment............................................. 7.0 9.3 4.3 6.8 6.4 4.7 9.5 5.8 3.5 2.2 –1.9 –2.8 –2.7 0.9 1.7 3.3 8 Fixed investment.......................................................................... 5.3 5.2 4.7 6.1 7.7 6.1 5.9 4.5 3.1 2.4 1.3 0.5 0.1 1.1 3.2 3.6 9 Nonresidential .......................................................................... 3.4 4.8 5.3 7.0 9.1 6.1 4.8 3.2 1.1 0.3 –1.2 –1.1 –0.7 0.7 3.5 4.3 10 Structures............................................................................. 3.2 5.8 12.5 13.0 8.1 8.8 3.1 1.3 –2.3 –9.1 –8.1 –9.0 –2.0 3.5 6.6 8.3 11 Equipment ............................................................................ 3.3 6.1 4.1 6.1 12.3 4.1 6.0 3.5 1.4 3.4 –2.1 –2.4 –5.3 –3.7 0.8 3.1 12 Intellectual property products ............................................... 3.6 2.2 2.0 4.1 5.2 7.0 4.4 4.4 3.2 3.2 5.5 7.0 7.4 5.2 5.1 3.3 13 Residential ............................................................................... 13.6 6.8 2.5 2.7 2.4 6.3 9.9 9.6 11.2 10.3 10.8 6.4 2.6 2.5 2.0 1.3 14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 16 Exports......................................................................................... 2.9 5.9 4.3 5.3 4.6 3.0 2.4 1.1 0.0 –1.8 –1.3 –1.6 1.0 0.6 3.1 3.2 17 Goods ...................................................................................... 2.2 7.0 4.7 5.7 5.3 2.7 2.0 0.7 –1.1 –3.1 –0.9 –1.5 1.7 1.8 4.4 4.3 18 Services ................................................................................... 4.5 3.6 3.3 4.4 3.2 3.7 3.3 2.0 2.1 0.9 –2.2 –1.7 –0.4 –1.8 0.5 1.3 19 Imports......................................................................................... 1.1 2.5 3.4 4.6 3.9 6.2 6.6 4.9 5.6 2.9 1.2 0.5 0.7 2.7 3.8 4.1 20 Goods ...................................................................................... 1.2 2.7 3.7 5.0 4.2 6.6 7.2 5.2 5.7 2.8 0.7 0.0 0.2 2.5 3.8 4.1 21 Services ................................................................................... 0.6 1.1 1.7 2.6 2.1 3.9 3.9 3.4 5.2 3.5 3.4 2.5 3.1 3.5 3.9 4.2 22 Government consumption expenditures and gross investment.................................................................................. –3.0 –2.8 –1.9 –1.1 –0.1 0.5 1.0 1.6 1.4 1.6 1.7 0.6 0.4 0.4 –0.2 0.0 23 Federal......................................................................................... –6.6 –6.7 –4.1 –3.2 –1.2 –1.2 –0.7 0.1 –0.9 1.2 0.4 –0.3 0.4 –0.3 –0.6 0.1 24 National defense ...................................................................... –8.0 –7.1 –5.4 –4.5 –2.2 –4.0 –2.9 –2.0 –3.7 0.0 –0.4 –1.4 0.3 –1.4 –1.5 0.1 25 Nondefense.............................................................................. –4.3 –6.0 –2.0 –1.1 0.5 3.5 2.8 3.5 3.5 2.9 1.6 1.5 0.5 1.2 0.9 0.2 26 State and local ............................................................................. –0.5 –0.1 –0.3 0.3 0.6 1.5 2.1 2.5 2.8 1.9 2.4 1.1 0.4 0.8 0.0 –0.1 Addenda: 27 Gross domestic income (GDI) 1 .................................................... 1.5 1.3 1.7 2.6 3.7 4.2 4.3 3.5 2.4 1.6 1.1 0.5 1.4 0.5 1.3 2.0 28 Average of GDP and GDI ............................................................ 1.6 2.0 1.7 2.7 3.4 3.5 4.0 3.4 2.4 1.8 1.2 0.9 1.4 1.2 1.6 2.1 29 Final sales of domestic product ................................................... 1.4 2.0 1.8 2.5 3.4 2.9 3.2 3.1 2.3 2.0 1.9 1.8 2.0 1.9 2.2 2.2 30 Gross domestic purchases .......................................................... 1.4 2.2 1.7 2.6 3.1 3.2 4.4 3.8 3.2 2.6 1.7 1.5 1.5 2.1 2.1 2.4 31 Final sales to domestic purchasers ............................................. 1.1 1.6 1.7 2.5 3.3 3.4 3.8 3.6 3.1 2.7 2.2 2.0 1.9 2.1 2.4 2.4 32 Final sales to private domestic purchasers.................................. 2.1 2.6 2.5 3.3 4.0 4.1 4.4 4.0 3.5 2.9 2.3 2.3 2.2 2.5 2.9 2.9 33 Gross national product................................................................. 1.7 2.7 1.8 2.5 3.1 2.5 3.6 3.0 2.1 2.0 1.1 1.2 1.5 1.9 2.2 2.2 34 Real disposable personal income................................................ –0.5 –2.8 2.5 3.2 3.7 4.9 4.9 4.6 4.0 3.2 2.2 1.7 1.4 0.2 0.9 1.2 Price indexes: 35 Gross domestic purchases....................................................... 1.4 1.4 1.6 1.9 1.9 1.4 0.5 0.5 0.4 0.4 0.7 0.9 1.0 1.4 2.0 1.7 1.5 1.7 1.7 1.8 1.9 1.6 1.3 1.2 1.0 1.0 1.2 1.3 1.4 1.5 1.8 1.7 36 Gross domestic purchases excluding food and energy 2 .......... 37 GDP ......................................................................................... 1.5 1.6 1.7 2.0 1.9 1.6 1.1 1.1 1.0 1.0 1.2 1.2 1.2 1.5 2.0 1.6 1.7 1.9 1.9 2.0 2.0 1.7 1.4 1.3 1.2 1.2 1.4 1.5 1.6 1.7 2.0 1.8 38 GDP excluding food and energy 2 ............................................ 39 PCE.......................................................................................... 1.3 1.2 1.4 1.8 1.7 1.2 0.3 0.3 0.3 0.4 1.0 1.0 1.2 1.6 2.0 1.6 1.5 1.5 1.5 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.6 1.7 1.8 1.9 1.8 1.5 40 PCE excluding food and energy 2 ............................................. 41 Market-based PCE 3 ................................................................. 1.0 0.9 1.0 1.5 1.3 0.8 –0.1 –0.1 –0.1 0.1 0.6 0.6 0.7 1.3 1.8 1.3 42 Market-based PCE excluding food and energy 3 ...................... 1.1 1.1 1.0 1.3 1.3 1.2 1.1 1.1 1.0 1.1 1.4 1.4 1.5 1.5 1.5 1.2 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See Explanatory Note at the end of the tables. Source: U.S. Bureau of Economic Analysis - 14 - September 28, 2017 Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2016 Q2 2017 Q3 Q4 Line Q1 Q2 r 1 Gross domestic product (GDP) ......................................................... 2 Plus: Income receipts from the rest of the world................................... 3 Less: Income payments to the rest of the world ................................... 17,427.6 847.2 612.6 18,120.7 812.9 608.4 18,624.5 844.3 647.2 18,538.0 843.8 648.8 18,729.1 848.4 660.1 18,905.5 882.1 653.1 19,057.7 895.9 681.7 19,250.0 914.8 712.4 1 2 3 4 Equals: Gross national product ........................................................ 5 Less: Consumption of fixed capital....................................................... 6 Less: Statistical discrepancy................................................................. 17,662.1 2,748.0 –229.9 18,325.2 2,841.5 –255.9 18,821.6 2,916.7 –147.2 18,733.0 2,908.3 –132.9 18,917.5 2,927.6 –195.2 19,134.5 2,950.0 –34.4 19,272.0 2,986.2 –102.4 19,452.4 3,020.7 –95.4 4 5 6 7 Equals: National income.................................................................... 8 Compensation of employees ............................................................ 9 Wages and salaries....................................................................... 10 Supplements to wages and salaries ............................................. 11 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................. 12 Rental income of persons with capital consumption adjustment ...... 13 Corporate profits with inventory valuation and capital consumption adjustments................................................................................... 14 Net interest and miscellaneous payments ........................................ 15 Taxes on production and imports less subsidies............................... 16 Business current transfer payments (net) ......................................... 17 Current surplus of government enterprises....................................... Addenda: 18 Gross domestic income (GDI)........................................................... 19 Average of GDP and GDI ................................................................. 20 Statistical discrepancy as a percentage of GDP............................... 15,144.0 9,256.5 7,476.8 1,779.7 15,739.6 9,708.3 7,858.9 1,849.4 16,052.0 9,978.6 8,085.2 1,893.4 15,957.6 9,979.6 8,090.2 1,889.4 16,185.1 10,081.4 8,178.1 1,903.4 16,218.9 10,014.9 8,107.8 1,907.1 16,388.2 10,166.3 8,232.1 1,934.2 16,527.1 10,271.4 8,321.7 1,949.7 7 8 9 10 1,315.8 611.7 1,318.8 662.5 1,341.9 707.3 1,339.5 704.8 1,346.1 708.1 1,354.6 718.9 1,380.2 730.8 1,378.6 740.3 11 12 2,140.6 535.0 1,163.6 138.9 –17.9 2,117.5 583.4 1,198.5 165.0 –14.3 2,073.5 570.6 1,226.2 164.0 –10.1 1,996.6 568.0 1,214.3 165.0 –10.3 2,101.2 573.7 1,233.5 151.2 –10.1 2,155.2 566.5 1,242.5 176.6 –10.2 2,109.0 588.2 1,248.2 176.5 –11.0 2,123.4 598.3 1,261.2 164.6 –10.7 13 14 15 16 17 17,657.5 17,542.6 –1.3 18,376.6 18,248.7 –1.4 18,771.6 18,698.1 –0.8 18,670.9 18,604.5 –0.7 18,924.4 18,826.7 –1.0 18,939.9 18,922.7 –0.2 19,160.1 19,108.9 –0.5 19,345.4 19,297.7 –0.5 18 19 20 r Revised Source: U.S. Bureau of Economic Analysis Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2016 Q2 Line Q4 Q1 1 Personal income 1.............................................................................................................. 2 Compensation of employees........................................................................................... 3 Wages and salaries ..................................................................................................... 4 Supplements to wages and salaries............................................................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments....... 6 Farm ............................................................................................................................ 7 Nonfarm....................................................................................................................... 8 Rental income of persons with capital consumption adjustment..................................... 9 Personal income receipts on assets ............................................................................... 10 Personal interest income............................................................................................. 11 Personal dividend income ........................................................................................... 12 Personal current transfer receipts ................................................................................... 13 Less: Contributions for government social insurance, domestic ..................................... 14 Less: Personal current taxes .............................................................................................. 14,818.2 9,256.5 7,476.8 1,779.7 1,315.8 68.1 1,247.7 611.7 2,245.1 1,303.3 941.9 2,544.4 1,155.3 1,785.6 15,553.0 15,928.7 15,910.1 16,028.0 9,708.3 9,978.6 9,979.6 10,081.4 7,858.9 8,085.2 8,090.2 8,178.1 1,849.4 1,893.4 1,889.4 1,903.4 1,318.8 1,341.9 1,339.5 1,346.1 53.7 43.2 46.7 41.4 1,265.1 1,298.7 1,292.8 1,304.6 662.5 707.3 704.8 708.1 2,387.1 2,377.8 2,371.4 2,373.2 1,367.3 1,415.3 1,408.4 1,416.9 1,019.8 962.5 962.9 956.4 2,684.4 2,768.4 2,760.2 2,777.4 1,208.0 1,245.3 1,245.4 1,258.2 1,937.9 1,960.1 1,950.7 1,983.8 16,025.7 10,014.9 8,107.8 1,907.1 1,354.6 37.8 1,316.7 718.9 2,391.6 1,438.5 953.0 2,795.9 1,250.2 1,977.2 16,245.2 10,166.3 8,232.1 1,934.2 1,380.2 41.9 1,338.4 730.8 2,420.1 1,476.6 943.5 2,831.9 1,284.1 2,018.8 16,364.4 10,271.4 8,321.7 1,949.7 1,378.6 37.0 1,341.6 740.3 2,434.5 1,465.1 969.4 2,836.9 1,297.4 2,012.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Equals: Disposable personal income ............................................................................. 16 Less: Personal outlays........................................................................................................ 13,032.6 12,293.8 13,615.0 12,786.7 14,044.3 13,366.6 14,048.5 13,537.0 14,226.4 13,671.8 14,351.5 13,805.9 15 16 17 Equals: Personal saving .................................................................................................. 18 Personal saving as a percentage of disposable personal income .................................. 738.8 5.7 828.4 6.1 745.2 5.3 677.7 4.8 511.5 3.6 554.6 3.9 545.6 3.8 17 18 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 Disposable personal income, billions of chained (2009) dollars 2 .................................... 11,244.2 11,939.3 11,754.2 12,436.0 11,878.7 11,894.9 12,608.2 12,627.2 11,934.4 12,649.2 11,857.1 12,590.8 11,955.7 12,680.4 12,049.3 12,783.3 19 20 19 20 13,968.6 13,959.4 13,288.0 13,214.2 680.6 4.9 Q3 2017 Q2 r 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 (net), and current surplus of government enterprises, 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. Source: U.S. Bureau of Economic Analysis - 15 - September 28, 2017 Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Line 2014 2015 2016 2016 Q2 Q3 2015 2017 Q4 Q1 6 7 8 9 10 11 12 13 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment............................................................. 2,111.3 2,098.4 2,179.3 Undistributed profits with inventory valuation and capital consumption adjustments........................ 648.9 570.1 620.6 Consumption of fixed capital................................... 1,465.7 1,525.1 1,563.2 Less: Capital transfers paid (net)............................ 3.3 –3.2 4.4 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .......................... 2,249.1 2,158.5 2,158.9 Profits after tax (without inventory valuation and capital consumption adjustments) .......................... 1,743.8 1,651.1 1,687.9 Inventory valuation adjustment................................... 4.1 52.4 2.7 Capital consumption adjustment ................................ –112.6 –93.5 –88.2 2016 Q2 r 1 Corporate profits with inventory valuation and capital consumption adjustments .......................... 2,140.6 2,117.5 2,073.5 1,996.6 2,101.2 2,155.2 2,109.0 2,123.4 2 Less: Taxes on corporate income................................... 505.3 507.4 471.0 471.5 487.2 469.5 466.3 479.6 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments ................... 1,635.3 1,610.0 1,602.4 1,525.1 1,614.1 1,685.7 1,642.7 1,643.8 4 Net dividends.............................................................. 986.4 1,039.9 981.9 971.3 976.3 979.1 988.1 994.2 5 Undistributed profits with inventory valuation and 648.9 570.1 620.6 553.9 637.7 706.6 654.6 649.6 capital consumption adjustments............................ Quarter one year ago Line Quarterly rates 2016 Q3 2017 Q4 Q1 2017 Q2 r Q2 r –1.1 0.4 –2.1 –7.2 5.2 3.3 2.6 –3.6 –2.1 –0.7 0.7 2.9 6.3 1.7 1 2 –1.5 5.4 –0.5 –5.6 5.8 0.5 4.4 0.3 –2.6 0.9 0.1 0.6 7.8 2.4 3 4 –12.1 8.9 15.1 10.8 –7.4 –0.8 17.3 5 –0.6 3.9 4.7 2.8 –1.8 1.8 7.7 6 553.9 637.7 706.6 654.6 649.6 –12.1 8.9 15.1 10.8 –7.4 –0.8 17.3 1,559.8 1,567.4 1,577.9 1,599.7 1,618.8 4.1 2.5 0.5 0.7 1.4 1.2 3.8 5.6 –1.6 15.4 25.3 –1.5 ............ ............. ............. ............ ............. ............. ............ 7 8 9 2,108.1 2,206.8 2,269.1 2,229.1 2,269.9 2,123.6 2,179.6 2,256.8 2,276.8 2,254.3 6.2 10 1,652.1 1,692.4 1,787.4 1,810.5 1,774.7 –5.3 2.2 2.4 5.6 1.3 –2.0 7.4 –36.1 7.3 –17.5 –75.0 –33.6 ............ ............. ............. ............ ............. ............. ............ –90.9 –85.7 –84.2 –92.8 –97.4 ............ ............. ............. ............ ............. ............. ............ 11 12 13 r Revised Source: U.S. Bureau of Economic Analysis - 16 - –4.0 0.0 2.6 3.5 0.9 –1.0 September 28, 2017 Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Seasonally adjusted at annual rates Line 2014 2015 2016 2016 Q2 1 Change from preceding period Corporate profits with inventory valuation and capital consumption adjustments ................... 2 Domestic industries ..................................................... 3 Financial...................................................................... 4 Nonfinancial ................................................................ 5 Rest of the world........................................................... 6 Receipts from the rest of the world ............................. 7 Less: Payments to the rest of the world...................... 8 Corporate profits with inventory valuation adjustment ......................................................... 9 Domestic industries ..................................................... 10 Financial...................................................................... 11 Federal Reserve banks ........................................... 12 Other financial ......................................................... 13 Nonfinancial ................................................................ 14 Utilities..................................................................... 15 Manufacturing.......................................................... 16 Durable goods ..................................................... 17 Fabricated metal products ............................... 18 Machinery ........................................................ 19 Computer and electronic products................... 20 Electrical equipment, appliances, and components ................................................. 21 Motor vehicles, bodies and trailers, and parts 22 Other durable goods ........................................ 23 Nondurable goods ............................................... 24 Food and beverage and tobacco products ...... 25 Petroleum and coal products ........................... 26 Chemical products ........................................... 27 Other nondurable goods .................................. 28 Wholesale trade ...................................................... 29 Retail trade.............................................................. 30 Transportation and warehousing............................. 31 Information .............................................................. 32 Other nonfinancial ................................................... 33 Rest of the world........................................................... 2,140.6 2017 Q3 Q4 Q1 2015 2016 2016 Q3 Q2 r 2017 Q4 Q1 Line Q2 r 2,117.5 2,073.5 1,996.6 2,101.2 2,155.2 2,109.0 2,123.4 –23.1 –44.0 104.6 53.9 –46.2 14.4 1 1,743.0 1,732.5 446.3 456.7 1,296.7 1,275.8 1,678.7 454.6 1,224.1 1,607.6 426.4 1,181.2 1,712.9 489.0 1,223.8 1,719.6 516.2 1,203.4 1,682.7 475.5 1,207.2 1,707.9 441.6 1,266.3 –10.6 10.3 –20.9 –53.8 –2.0 –51.7 105.3 62.6 42.6 6.7 27.2 –20.5 –36.9 –40.7 3.8 25.2 –33.8 59.1 2 3 4 389.0 674.4 285.4 388.4 674.2 285.8 435.6 699.3 263.7 426.3 704.7 278.3 415.5 710.1 294.6 –12.6 –33.3 –20.7 9.8 18.3 8.6 –0.7 –0.2 0.4 47.3 25.1 –22.2 –9.3 5.4 14.7 –10.8 5.5 16.3 5 6 7 397.5 686.4 288.9 385.0 653.1 268.1 394.7 671.4 276.7 2,253.2 2,210.9 2,161.6 2,087.5 2,187.0 2,239.4 2,201.8 2,220.8 –42.2 –49.3 99.5 52.4 –37.5 18.9 8 1,855.6 483.9 103.5 380.5 1,371.7 31.5 452.0 230.0 23.9 34.6 53.2 1,826.0 497.9 100.7 397.1 1,328.1 21.8 417.1 218.4 23.6 24.2 53.9 1,766.9 501.8 92.0 409.9 1,265.1 19.3 392.6 212.2 20.1 17.8 49.9 1,698.5 473.4 93.0 380.5 1,225.0 17.1 374.0 198.2 16.9 16.8 46.5 1,798.6 1,803.7 536.8 564.8 89.5 88.1 447.3 476.7 1,261.8 1,238.9 16.1 21.2 385.4 386.8 206.4 224.3 19.6 20.9 17.6 18.1 48.6 49.3 1,775.5 523.7 90.5 433.2 1,251.8 27.6 370.4 208.5 16.2 23.5 43.3 1,805.2 489.9 80.9 409.0 1,315.3 28.2 389.6 219.2 21.6 24.6 43.0 –29.7 13.9 –2.7 16.7 –43.6 –9.7 –34.9 –11.6 –0.2 –10.4 0.7 –59.0 4.0 –8.8 12.7 –63.0 –2.5 –24.5 –6.2 –3.6 –6.4 –4.0 100.1 63.4 –3.5 66.9 36.7 –1.0 11.4 8.2 2.7 0.8 2.1 5.1 28.0 –1.5 29.4 –22.8 5.0 1.4 17.9 1.3 0.5 0.7 –28.2 –41.1 2.4 –43.5 12.8 6.5 –16.4 –15.8 –4.6 5.4 –6.0 29.8 –33.8 –9.6 –24.2 63.5 0.6 19.2 10.7 5.4 1.1 –0.3 9 10 11 12 13 14 15 16 17 18 19 14.2 30.7 73.5 222.0 58.9 58.5 75.6 29.1 149.8 159.8 60.4 114.8 403.5 397.5 19.6 26.3 70.7 198.7 71.7 17.3 73.7 36.0 147.6 171.8 61.2 137.2 371.3 385.0 23.7 26.4 74.3 180.4 76.0 –2.2 68.9 37.7 125.4 179.1 56.1 137.6 355.0 394.7 22.7 32.4 62.9 175.8 78.5 –2.1 64.8 34.5 116.9 171.4 57.3 135.7 352.5 389.0 22.7 19.6 83.2 161.9 63.0 2.1 61.5 35.3 90.3 179.6 59.2 138.2 386.6 426.3 22.4 20.3 87.2 170.4 66.3 6.2 62.6 35.3 107.8 183.9 73.6 131.0 401.1 415.5 5.4 –4.3 –2.7 –23.3 12.8 –41.2 –1.9 6.9 –2.2 12.1 0.9 22.4 –32.2 –12.6 4.1 0.1 3.6 –18.3 4.3 –19.5 –4.9 1.7 –22.3 7.2 –5.1 0.4 –16.3 9.8 1.9 –9.3 9.9 3.3 –1.1 –0.3 2.2 2.4 25.0 13.7 –3.3 –3.4 –5.7 –0.7 1.8 –2.9 16.5 –16.5 –3.1 –9.8 –5.7 2.1 –43.6 –1.3 –4.3 9.6 10.5 47.3 –3.8 –0.6 –6.1 –0.6 –11.4 14.2 0.1 –3.6 –8.0 –4.2 9.4 –3.7 29.3 –9.3 –0.3 0.8 4.0 8.6 3.3 4.2 1.1 –0.1 17.5 4.4 14.5 –7.2 14.5 –10.8 20 21 22 23 24 25 26 27 28 29 30 31 32 33 24.7 23.1 72.8 179.0 77.4 –2.4 67.1 36.9 141.9 185.1 54.1 132.3 346.9 388.4 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 17 - 26.5 20.1 89.3 162.5 74.4 –12.2 61.3 38.9 98.3 183.8 49.7 141.9 357.3 435.6 September 28, 2017 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2014 2015 2016 2016 2017 Line Q2 Q3 Q4 Q1 Q2 r Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 8,716.9 1,285.7 9,059.3 1,336.1 9,165.4 1,364.9 9,112.4 1,362.6 9,217.3 1,367.7 9,186.7 1,375.6 9,294.5 1,399.5 9,449.9 1,416.1 1 2 3 Net value added .......................................................................................... 4 Compensation of employees .................................................................... 5 Wages and salaries............................................................................... 6 Supplements to wages and salaries ..................................................... 7 Taxes on production and imports less subsidies....................................... 8 Net operating surplus................................................................................ 9 Net interest and miscellaneous payments ............................................ 10 Business current transfer payments (net) ............................................. 11 Corporate profits with inventory valuation and capital consumption adjustments ....................................................................................... 12 Taxes on corporate income ............................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments ................................................................................... 14 Net dividends................................................................................. Undistributed profits with inventory valuation and capital 15 consumption adjustments .......................................................... 7,431.2 5,004.2 4,182.1 822.1 746.6 1,680.4 291.6 92.1 7,723.3 5,269.3 4,412.3 857.0 764.6 1,689.4 308.9 104.6 7,800.5 5,406.9 4,539.1 867.8 783.0 1,610.6 300.9 85.6 7,749.9 5,411.2 4,542.7 868.5 776.0 1,562.7 301.6 79.9 7,849.7 5,457.1 4,580.7 876.4 788.0 1,604.6 299.4 81.4 7,811.0 5,415.9 4,546.6 869.3 792.8 1,602.3 298.6 100.4 7,895.0 5,500.8 4,615.1 885.7 795.8 1,598.4 309.7 81.5 8,033.8 5,568.3 4,675.0 893.3 803.1 1,662.4 315.0 81.2 3 4 5 6 7 8 9 10 1,296.7 291.8 1,275.8 281.1 1,224.1 274.1 1,181.2 272.6 1,223.8 277.5 1,203.4 283.5 1,207.2 277.5 1,266.3 294.1 11 12 1,005.0 598.3 994.7 651.8 950.0 685.2 908.6 678.8 946.3 680.6 919.9 705.9 929.7 696.2 972.2 728.7 13 14 406.6 343.0 264.8 229.9 265.7 214.0 233.5 243.5 15 1,367.6 1,275.7 1,262.4 1,261.2 1,254.4 1,256.4 1,326.8 1,348.9 16 1,075.9 4.1 –75.0 994.6 52.4 –52.3 988.2 2.7 –41.0 988.6 –36.1 –43.8 976.9 7.3 –37.9 973.0 –17.5 –35.6 1,049.3 –75.0 –44.6 1,054.8 –33.6 –49.0 17 18 19 8,413.3 1,288.9 7,124.4 8,565.5 1,296.9 7,268.7 8,481.3 1,304.1 7,177.2 8,566.1 1,313.3 7,252.8 8,722.6 1,323.0 7,399.6 20 21 22 16 17 18 19 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............................................................... Billions of chained (2009) dollars 20 Gross value added of nonfinancial corporate business ................ 21 Consumption of fixed capital 2 ....................................................................... 22 Net value added 3 .......................................................................................... 1 8,064.8 1,215.0 6,849.9 8,358.1 1,255.8 7,102.3 8,471.7 1,292.5 7,179.3 Dollars; quarters seasonally adjusted 23 24 25 26 27 28 29 30 31 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 ....................................................................................... 1.081 0.620 0.300 0.159 1.084 0.630 0.301 0.160 1.082 0.638 0.299 0.161 1.083 0.643 0.300 0.162 1.076 0.637 0.296 0.160 1.083 0.639 0.303 0.162 1.085 0.642 0.302 0.163 1.083 0.638 0.300 0.162 23 24 25 26 0.104 0.036 0.104 0.037 0.103 0.036 0.102 0.036 0.101 0.035 0.105 0.035 0.102 0.036 0.101 0.036 27 28 0.161 0.036 0.153 0.034 0.144 0.032 0.140 0.032 0.143 0.032 0.142 0.033 0.141 0.032 0.145 0.034 29 30 0.125 0.119 0.112 0.108 0.110 0.108 0.109 0.111 31 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 2009 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). Source: U.S. Bureau of Economic Analysis - 18 - September 28, 2017 Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates Line 2014 2015 2016 2013 Q3 2014 Q4 Q1 Q2 2015 Q3 Q4 2016 Q1 Q2 Q3 Q4 3.2 2.8 3.5 3.1 5.4 3.2 11.8 3.2 –9.2 3.6 4.6 4.0 2.7 2.5 1.9 10.3 10.0 2.5 31.5 2.6 4.0 2.7 –0.2 3.3 1.6 0.5 3.1 –0.7 1.4 2.2 –1.7 –8.0 16.7 –17.1 1.2 1.1 1.2 8.5 1.6 0.5 1.8 7.4 1.6 0.3 29.8 –0.7 1.3 0.3 2017 Q1 Line Q1 Q2 Q3 Q4 Q2 0.6 –2.2 0.7 10.0 2.8 0.5 38.9 0.5 3.3 0.5 26.6 0.2 2.2 4.1 2.4 –5.2 9.4 2.0 12.3 2.2 11.2 2.0 14.4 2.5 2.8 4.7 2.2 0.1 2.7 2.8 –7.9 2.8 2.2 2.8 3.5 3.3 1.8 1.2 3.1 3.0 –1.6 7.3 1.0 1.5 2.1 3.4 10.3 –4.3 –1.9 –7.3 0.8 1.9 1.5 3.1 –7.8 23.3 22.3 1.8 1.2 3.0 –1.1 7.1 1.3 1.8 1.1 3.1 –3.8 –32.4 –13.9 2.2 1.8 3.9 r Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Gross domestic product (GDP) and related aggregates: GDP................................................................................... Goods................................................................................ Services............................................................................. Structures .......................................................................... Motor vehicle output .......................................................... GDP excluding motor vehicle output ................................. Final sales of computers 1 .................................................. GDP excluding final sales of computers............................ Research and development............................................... GDP excluding research and development....................... Farm gross value added 2 .................................................. Nonfarm business gross value added 3 ............................. Price indexes: GDP................................................................................... GDP excluding food and energy 4 ...................................... GDP excluding final sales of computers............................ Gross domestic purchases................................................ Gross domestic purchases excluding food and energy 4 ... Gross domestic purchases excluding final sales of computers to domestic purchasers................................ Personal consumption expenditures (PCE)....................... PCE excluding food and energy 4 ...................................... Market-based PCE 5 .......................................................... Market-based PCE excluding food and energy 5 ............... 2.6 3.6 1.7 5.1 7.6 2.4 11.2 2.5 0.6 2.6 –1.3 3.3 2.9 3.1 2.6 4.0 5.4 2.8 6.3 2.8 1.2 2.9 7.8 3.4 1.5 3.1 1.4 7.5 1.7 0.4 0.4 8.6 1.6 –13.8 1.5 3.6 13.0 –4.7 1.4 3.2 4.9 –1.0 1.4 3.2 12.4 28.2 1.5 3.8 4.0 –0.9 10.0 –7.8 1.8 1.9 –2.6 5.5 25.5 5.0 3.4 –1.1 12.7 15.7 3.9 –1.0 –3.7 2.7 4.2 –1.0 –9.2 –21.3 5.6 –1.4 4.6 9.2 1.6 11.6 12.6 4.4 38.3 4.5 –1.0 4.8 3.9 5.8 5.2 2.0 10.6 –1.4 3.1 3.1 1.4 6.9 13.0 –4.7 5.0 2.2 0.2 –21.6 5.2 2.1 3.7 10.0 5.2 1.8 –1.6 18.2 6.9 2.3 1 2 3 4 5 6 7 8 9 10 11 12 1.8 1.9 1.8 1.7 1.8 1.1 1.3 1.1 0.4 1.1 1.3 1.6 1.3 1.0 1.4 2.1 2.0 2.1 1.6 1.6 2.1 2.3 2.1 2.1 2.2 1.6 1.8 1.6 2.2 1.8 2.2 1.8 2.2 1.6 1.7 1.9 1.9 1.9 1.5 1.8 0.6 1.2 0.6 0.2 1.2 –0.1 0.6 –0.1 –1.3 0.4 2.2 1.7 2.2 1.4 1.4 1.4 1.5 1.4 1.1 1.3 0.8 1.1 0.8 0.2 1.0 0.3 1.3 0.3 0.1 1.1 2.4 2.2 2.5 2.1 2.0 1.4 1.9 1.4 1.5 1.7 2.0 1.6 2.0 1.8 1.4 2.0 2.4 2.1 2.6 2.3 1.0 1.1 1.1 0.9 1.3 13 14 15 16 17 1.7 1.5 1.6 1.2 1.2 0.5 0.3 1.3 –0.1 1.1 1.0 1.2 1.8 0.8 1.4 1.7 1.5 1.4 1.4 1.3 2.1 1.7 1.8 1.3 1.2 2.2 2.1 1.5 1.8 1.2 1.7 1.8 2.0 1.3 1.5 1.6 1.2 1.6 0.9 1.3 0.3 –0.3 1.1 –0.8 0.7 –1.3 –1.6 0.9 –2.0 0.7 1.5 1.7 1.7 1.6 1.5 1.1 1.3 1.5 1.0 1.2 0.3 0.2 1.2 –0.2 1.0 0.2 0.6 2.1 0.1 1.7 2.2 2.1 2.0 1.7 1.5 1.5 1.7 2.0 1.4 1.6 1.9 2.0 1.3 1.9 1.1 2.6 2.2 1.8 2.3 1.9 0.9 0.3 0.9 –0.4 0.3 18 19 20 21 22 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 23 0.77 0.93 –0.21 –0.64 1.21 1.39 0.88 –0.47 2.10 1.18 0.84 1.37 0.46 1.46 1.39 0.61 0.91 1.32 0.80 –0.15 –0.67 0.76 –0.43 0.01 0.27 0.80 –0.36 0.28 0.47 –0.56 0.08 0.26 0.08 –0.06 –0.22 0.02 0.11 0.01 0.03 0.13 0.05 –0.03 –0.03 0.08 0.08 0.10 0.05 0.18 0.08 0.27 0.06 –0.03 0.18 0.03 24 25 26 27 28 29 Contributions to percent change in real gross domestic product Percent change at annual rate: 23 Gross domestic product ............................................. 2.6 2.9 24 25 26 27 28 29 Percentage points at annual rates: Goods.................................................................................... Services ................................................................................ Structures.............................................................................. Motor vehicle output.............................................................. Final sales of computers ....................................................... Research and development .................................................. 1.10 1.08 0.39 0.21 0.04 0.02 0.93 1.61 0.32 0.15 0.02 0.03 1.5 3.1 4.0 –0.9 4.6 0.41 2.26 3.02 –2.46 2.75 1.04 0.24 1.14 1.14 0.98 0.04 0.62 –0.20 0.41 0.86 0.05 –0.41 0.63 0.14 0.34 0.05 –0.02 0.05 0.06 0.14 0.12 –0.03 –0.10 0.07 –0.02 5.2 2.0 3.2 3.18 –0.41 0.85 1.92 1.90 2.14 0.11 0.53 0.25 0.36 –0.14 0.16 0.00 –0.10 0.04 0.09 0.24 –0.24 2.7 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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. 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. Source: U.S. Bureau of Economic Analysis - 19 - 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 2009 -- 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 2008-09 annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009 and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of this component in 2010 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. - 20 -
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