The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JULY 30, 2020 Technical: Media: Lisa Mataloni (GDP) Dave Wasshausen (Update) Erich Strassner (Update) Jeannine Aversa (301) 278-9083 (301) 278-9715 (301) 278-9612 (301) 278-9003 BEA 20-37 gdpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product, Second Quarter 2020 (Advance Estimate) and Annual Update Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2). The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. Real GDP: Percent change from preceding quarter 5 0 -5 -10 -15 -20 -25 -30 -35 Q3 Q4 Q1 2016 U.S. Bureau of Economic Analysis Q2 Q3 2017 Q4 Q1 Q2 Q3 2018 Q4 Q1 Q2 Q3 2019 Q4 Q1 Q2 2020 Seasonally adjusted at annual rates Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate The decline in second quarter GDP reflected the response to COVID-19, as “stay-at-home” orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note. The decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). The decrease in exports primarily reflected a decrease in goods (led by capital goods). The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The decrease in nonresidential fixed investment primarily reflected a decrease in equipment (led by transportation equipment), while the decrease in residential investment primarily reflected a decrease in new single-family housing. Current-dollar GDP decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3). The price index for gross domestic purchases decreased 1.5 percent in the second quarter, in contrast to an increase of 1.4 percent in the first quarter (table 4). The PCE price index decreased 1.9 percent, in contrast to an increase of 1.3 percent. Excluding food and energy prices, the PCE price index decreased 1.1 percent, in contrast to an increase of 1.6 percent. Personal Income and Outlays Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. The increase in personal income was more than accounted for by an increase in personal current transfer receipts (notably, government social benefits) that was partly offset by declines in compensation and proprietors’ income (table 8). Additional information on several factors impacting personal income can be found in “Effects of Selected Federal Pandemic Response Programs on Personal Income.” Disposable personal income increased $1.53 trillion, or 42.1 percent, in the second quarter, compared with an increase of $157.8 billion, or 3.9 percent, in the first quarter. Real disposable personal income increased 44.9 percent, compared with an increase of 2.6 percent. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. The decrease in outlays was led by a decrease in PCE for services. Personal saving was $4.69 trillion in the second quarter, compared with $1.59 trillion in the first quarter. The personal saving rate—personal saving as a percentage of disposable personal income— was 25.7 percent in the second quarter, compared with 9.5 percent in the first quarter. Source Data for the Advance Estimate Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA’s Web site. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, see the "Additional Information" section that follows. -2- Annual Update of the National Income and Product Accounts The estimates released today also reflect the results of the Annual Update of the National Income and Product Accounts (NIPAs). The timespan of the update is the first quarter of 2015 through the fourth quarter of 2019 for estimates of real GDP and its major components, and the first quarter of 1999 through the fourth quarter of 2019 for estimates of income and saving. The reference year remains 2012. More information on the 2020 Annual Update is included in the May Survey of Current Business article, “GDP and the Economy.” For the period of expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an annual rate of 2.3 percent, the same as previously published. With today's release, most NIPA tables are available through BEA’s Interactive Data application on the BEA Web site (www.bea.gov). See "Information on Updates to the National Income and Product Accounts" for the complete table release schedule and a summary of results, which includes a discussion of methodology changes. A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. The August 2020 Survey of Current Business will contain an article describing the update in more detail. Previously published estimates, which are superseded by today's release, are found in BEA’s archives. Updates for the First Quarter of 2020 For the first quarter of 2020, real GDP is estimated to have decreased 5.0 percent (table 1), the same decrease as previously published. An upward revision to private inventory investment was offset by a downward revision to exports and an upward revision to imports. Real GDI is now estimated to have decreased 2.5 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have decreased 4.4 percent. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the BLS Quarterly Census of Employment and Wages. The price index for gross domestic purchases is now estimated to have increased 1.4 percent in the first quarter, 0.3 percentage point lower than previously published (table 4). The PCE price index increased 1.3 percent, the same increase as previously published. Excluding food and energy prices, the PCE price index increased 1.6 percent, 0.1 percentage point lower than previously published. First Quarter 2020 Real GDP Current-dollar GDP Real GDI Average of Real GDP and GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Previous Estimate Revised (Percent change from preceding quarter) -5.0 -5.0 -3.4 -3.4 -4.4 -2.5 -4.7 -3.7 1.7 1.4 1.3 1.3 1.7 1.6 -3- Bringing Together National, Industry, and State GDP Statistics BEA is speeding up the release of its industry and state GDP statistics to coordinate more closely with the quarterly estimates of national GDP. Starting on September 30, industry GDP statistics will be issued on the same day – and in the same news release – as the third estimate of national GDP. State-by-state GDP statistics will follow in a separate news release within two days. These three major dimensions of GDP will be synchronized to cover the same quarter, giving users a fuller and more timely view of the U.S. economy. Next release, August 27, 2020 at 8:30 A.M. EDT Gross Domestic Product, Second Quarter 2020 (Second Estimate) Corporate Profits, Second Quarter 2020 (Preliminary Estimate) * * -4- * Additional Information in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Resources Additional resources available at www.bea.gov: • • • • • • • Information on COVID-19 and recovery impacts is available on our web site. 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 Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. 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. 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. For more definitions, see the Glossary: National Income and Product Accounts. 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." Statistical conventions Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, see the FAQ “Why does BEA publish estimates at annual rates?” Quarterly not seasonally adjusted values are expressed only at quarterly rates. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers -5- Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. Updates to GDP 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. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.3 Note - Based on estimates from 1993 through 2018. For more information on GDP updates, see Revision Information on the BEA Web site. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, 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. -6- List of GDP News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Appendix Table A. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Contributions to Percent Change in Real Gross Domestic Product Gross Domestic Product: Level and Change from Preceding Period Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Real Gross Domestic Product: Annual Percent Change Real Gross Domestic Product: Percent Change from Quarter One Year Ago Relation of Gross Domestic Product, Gross National Product, and National Income Personal Income and Its Disposition Corporate Profits: Level and Percent Change Corporate Profits by Industry: Level and Change from Preceding Period Gross Value Added of Nonfinancial Domestic Corporate Business Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago -7- July 30, 2020 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 2017 2018 2019 2016 Q3 2.2 2.6 4.0 10.9 0.7 2.0 0.1 3.2 4.7 16.6 -1.4 5.4 -2.1 ......... ......... 6.9 7.1 6.7 5.1 4.5 8.0 2017 Q4 2.5 2.5 2.1 6.0 0.1 2.7 11.2 2.7 1.5 6.2 -0.7 1.0 7.2 ......... ......... -1.4 2.0 -7.5 6.8 8.0 1.9 Q1 2.3 3.2 3.9 3.9 4.0 2.8 -1.2 7.1 5.9 7.9 4.7 5.9 11.7 ......... ......... 8.3 7.5 9.7 4.3 4.0 5.9 Q2 1.7 1.8 4.9 6.5 4.1 0.4 3.7 1.6 2.4 -0.7 5.1 1.1 -1.1 ......... ......... 1.0 -1.6 6.0 3.6 2.7 7.3 2018 Q3 2.9 2.3 4.1 8.8 1.8 1.5 7.6 1.2 2.1 -10.9 6.2 6.7 -1.7 ......... ......... 2.6 2.8 2.5 1.7 1.2 4.0 Gross domestic product (GDP) 2.3 3.0 2.2 Personal consumption expenditures 2.6 2.7 2.4 Goods 4.0 4.1 3.7 Durable goods 6.9 6.8 4.8 Nondurable goods 2.6 2.7 3.1 Services 2.0 2.1 1.8 Gross private domestic investment 3.5 6.3 1.7 Fixed investment 3.8 5.2 1.9 Nonresidential 3.7 6.9 2.9 Structures 4.2 3.7 -0.6 Equipment 3.2 8.0 2.1 Intellectual property products 4.2 7.8 6.4 Residential 4.0 -0.6 -1.7 Change in private inventories ......... ......... ......... Net exports of goods and services ......... ......... ......... Exports 3.9 3.0 -0.1 Goods 4.1 4.2 -0.1 Services 3.7 0.8 -0.1 Imports 4.7 4.1 1.1 Goods 4.7 5.0 0.5 Services 4.5 0.4 3.7 Government consumption expenditures and gross investment 0.9 1.8 2.3 1.9 1.0 0.0 1.5 0.2 Federal 0.3 2.8 4.0 1.8 0.1 -1.6 2.2 -0.5 National defense 0.8 3.3 5.6 3.6 -0.9 -1.8 6.4 -1.5 Nondefense -0.5 2.1 1.8 -0.7 1.6 -1.4 -3.7 1.0 State and local 1.2 1.2 1.3 1.9 1.6 1.0 1.2 0.6 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 (GNP) Disposable personal income Current-dollar measures: GDP GDI Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GNP Disposable personal income Q4 3.9 4.2 7.7 13.4 5.0 2.6 6.3 9.5 9.2 4.7 14.1 6.0 10.5 ......... ......... 11.5 16.6 2.7 13.1 16.7 -1.2 Q1 3.8 2.0 2.1 4.0 1.1 2.0 11.0 8.5 12.2 21.6 10.1 8.8 -3.3 ......... ......... 2.7 1.3 5.4 0.3 1.5 -4.6 Q2 2.7 3.2 4.2 7.1 2.8 2.7 -1.1 4.4 6.2 5.0 2.4 12.3 -1.7 ......... ......... 1.9 8.5 -9.6 -0.1 -0.1 -0.1 2.8 1.5 5.0 1.9 6.0 -0.5 3.6 5.5 1.6 1.2 2019 Q3 2.1 2.7 2.8 3.2 2.7 2.6 10.2 0.8 2.6 -5.9 6.1 4.4 -5.4 ......... ......... -5.2 -8.4 1.3 8.0 9.1 3.3 Q4 1.3 1.6 2.6 2.5 2.6 1.1 3.9 2.6 5.0 -12.6 9.6 12.1 -5.2 ......... ......... 2.8 4.3 0.1 4.1 3.2 8.4 Q1 2.9 1.8 2.5 1.0 3.3 1.5 3.9 2.9 4.2 8.2 2.0 4.5 -1.7 ......... ......... 1.8 3.9 -2.0 -2.1 -2.7 0.6 2020 Q4 2.4 1.6 0.6 3.1 -0.7 2.0 -3.7 1.0 -0.3 -5.3 -1.7 4.6 5.8 ......... ......... 3.4 2.5 5.1 -7.5 -9.4 0.9 Q1 -5.0 -6.9 0.1 -12.5 7.1 -9.8 -9.0 -1.4 -6.7 -3.7 -15.2 2.4 19.0 ......... ......... -9.5 -2.7 -20.8 -15.0 -11.4 -28.5 Q3 2.6 2.7 4.2 6.3 3.1 2.0 1.8 2.4 1.9 3.6 -1.7 5.3 4.6 ......... ......... 0.8 3.1 -3.2 0.5 0.7 -0.7 2.9 3.5 5.7 0.6 2.5 2.5 -0.9 2.5 5.0 4.5 1.9 1.3 9.2 5.4 6.4 5.6 4.4 3.3 -4.4 -4.7 16.9 1.4 -2.5 3.2 2.6 2.1 4.8 5.6 3.5 0.6 2.4 1.3 2.7 22 4.0 1.6 17.4 23 6.6 -0.3 4.1 24 0.1 4.4 39.7 25 1.5 1.1 -5.6 26 2.6 2.8 2.8 3.2 3.0 1.8 2.0 2.2 2.3 2.3 2.3 2.2 2.7 2.1 2.6 2.1 2.3 1.2 3.6 2.3 3.8 3.0 3.7 1.9 3.3 3.3 2.5 1.4 2.1 1.7 1.7 2.3 1.9 2.8 1.8 2.8 3.4 4.4 4.3 4.8 3.6 3.7 3.4 3.4 3.0 0.8 1.7 3.7 2.4 3.3 4.6 3.3 0.5 3.9 2.3 0.6 1.0 1.1 1.5 1.3 2.2 2.6 2.7 2.3 2.1 1.2 1.3 2.5 2.2 3.2 0.8 1.7 2.7 2.5 2.6 3.3 2.8 3.2 0.8 1.6 2.9 2.6 3.1 3.2 2.9 3.6 2.3 2.0 2.2 2.7 2.2 1.9 2.5 3.6 2.5 4.0 2.3 4.3 1.8 1.5 4.4 2.1 3.6 2.7 5.2 4.2 2.3 3.3 3.5 5.2 3.4 2.2 3.6 2.3 1.4 3.3 1.8 1.5 2.8 2.0 2.8 2.4 1.9 3.3 -1.0 2.7 2.7 2.1 1.5 -5.8 -33.7 32 2.3 -5.6 ......... 33 1.9 2.6 44.9 34 4.3 4.4 4.4 4.3 4.4 4.4 5.5 5.1 5.3 5.3 5.6 5.4 4.0 3.6 3.8 4.0 3.9 3.9 3.6 3.7 3.6 4.1 3.6 4.1 4.6 4.1 4.3 3.3 5.5 4.3 4.4 5.9 5.1 5.8 4.2 5.6 3.0 4.6 3.8 2.6 3.2 2.9 5.0 3.7 4.3 4.1 4.5 3.7 6.7 5.6 6.2 7.1 7.2 7.5 6.2 6.1 6.2 5.9 6.4 6.0 6.3 4.3 5.3 7.0 5.3 6.0 3.8 6.3 5.0 2.4 5.6 4.3 3.3 2.6 2.9 2.9 3.3 2.9 4.0 3.3 3.6 4.0 3.1 3.1 4.1 3.8 4.0 5.0 4.6 5.5 4.0 2.2 3.1 4.2 3.6 3.9 3.9 4.9 4.4 4.6 2.3 3.0 4.7 4.5 4.9 5.4 5.4 5.8 3.9 3.9 3.7 4.2 3.6 3.6 4.5 5.6 4.4 6.1 4.4 6.6 2.9 2.7 5.3 3.8 5.6 4.4 7.6 7.1 5.0 6.1 6.0 8.0 5.8 5.7 5.9 3.9 3.1 4.9 3.2 3.5 4.2 3.0 3.4 3.9 5.3 4.6 1.5 4.0 4.1 3.5 2.7 -4.6 -34.6 41 3.9 -4.0 ......... 42 3.4 3.9 42.1 43 Source: U.S. Bureau of Economic Analysis -8- -3.4 -0.8 -2.1 -2.4 -4.3 -3.3 ......... ......... -29.3 -31.8 -28.2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2.5 2.4 2.4 2.5 2.5 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. -2.5 -3.7 -3.6 -5.9 -4.6 Q2 -32.9 -34.6 -11.3 -1.4 -15.9 -43.5 -49.0 -29.9 -27.0 -34.9 -37.7 -7.2 -38.7 ......... ......... -64.1 -67.6 -56.7 -53.4 -48.8 -69.7 Line Q2 1.5 3.7 7.7 12.7 5.3 1.9 -5.8 -0.4 0.0 1.6 -3.8 4.1 -2.1 ......... ......... -4.5 -9.1 4.9 1.7 0.1 9.0 -34.3 ......... ......... -30.5 -33.0 -29.3 27 28 29 30 31 35 36 37 38 39 40 July 30, 2020 Table 2. Contributions to Percent Change in Real Gross Domestic Product Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 2017 2018 2019 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Motor vehicles and parts Furnishings and durable household equipment Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for 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 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 2.3 3.0 2016 Q3 Q4 2.2 2.2 1.79 0.86 0.49 0.13 1.85 1.64 0.86 0.78 0.48 0.34 0.11 -0.01 0.13 0.20 0.04 0.37 0.11 0.20 0.06 0.38 0.06 0.25 0.05 0.44 2.5 Q1 2017 Q2 Q3 Seasonally adjusted at annual rates 2018 Q4 Q1 Q2 Q3 Q4 Q1 2.3 1.7 2.9 1.75 0.84 0.75 0.36 1.68 2.15 0.44 0.83 0.42 0.28 0.18 -0.09 1.23 1.04 0.46 0.04 1.57 0.86 0.61 0.26 2.82 1.40 1.61 0.45 0.92 0.29 0.37 -0.06 2.13 1.79 0.88 0.60 0.50 0.23 0.10 -0.01 0.15 0.19 0.05 0.09 0.06 0.16 0.02 0.02 0.12 0.25 0.05 0.58 0.17 0.07 0.11 0.25 0.22 0.29 0.03 0.69 0.08 0.19 0.12 0.39 0.13 0.22 0.01 0.55 0.17 0.12 0.08 0.11 0.17 0.19 0.03 0.07 0.07 0.06 -0.08 0.05 -0.01 -0.01 -0.01 -0.03 -0.07 -0.02 0.18 0.20 0.29 -0.05 0.00 0.33 0.93 0.98 0.86 0.91 1.24 1.32 3.9 3.8 0.07 0.23 0.05 0.16 0.09 0.14 0.27 0.09 0.09 0.00 0.13 -0.01 0.11 -0.03 -0.03 -0.01 0.28 0.14 0.33 0.09 0.20 0.71 1.20 0.95 2.7 2.1 1.3 2.9 1.5 2.6 1.05 1.25 0.53 0.52 0.17 0.07 0.03 -0.31 2.47 1.57 0.85 0.26 1.83 0.87 0.44 0.01 0.16 0.40 0.04 0.71 0.10 -0.06 0.14 0.13 0.00 0.07 0.37 0.36 0.05 0.06 0.11 0.15 0.01 -0.05 0.21 0.22 1.25 1.19 2019 Q2 Q3 0.02 0.30 0.06 0.45 0.07 -0.02 0.04 -0.01 0.02 0.00 0.23 0.48 0.52 0.73 -5.0 -32.9 1 1.07 -4.75 -25.05 0.12 0.03 -2.12 0.22 -0.93 0.04 0.08 -0.78 0.15 2 3 4 5 0.09 0.05 -0.07 -0.17 0.27 0.10 0.10 0.77 0.08 0.00 -0.19 -0.72 0.43 -0.10 0.97 -2.16 6 7 8 9 0.20 0.23 -0.09 1.33 0.20 -0.04 0.11 -0.75 0.00 -0.03 -0.04 -0.28 0.31 0.26 -0.08 0.66 0.90 0.96 0.96 -4.78 -0.31 -0.95 -0.85 -0.06 -22.93 10 11 12 13 14 0.92 0.17 0.27 0.08 0.06 0.92 0.61 1.23 1.24 0.35 0.86 1.22 0.15 0.26 -0.08 -0.11 0.39 -0.01 0.33 0.31 -0.20 0.64 0.26 -0.14 0.57 0.31 0.04 0.12 0.13 -0.02 0.07 0.16 0.21 0.04 0.14 0.13 0.05 -0.01 -0.08 -0.06 0.12 0.11 0.22 0.13 0.01 0.19 0.05 0.11 0.23 0.05 0.10 0.13 0.09 0.08 0.24 0.33 -0.07 0.28 0.05 0.45 0.06 0.00 0.11 0.06 -0.06 0.19 0.10 0.30 0.22 0.01 0.34 0.08 -0.15 -0.15 -0.01 0.08 -0.35 0.23 0.14 0.10 0.60 0.64 0.49 0.12 0.18 0.14 0.06 -0.02 0.01 0.18 0.14 0.03 0.12 0.17 -0.08 0.33 0.00 -0.20 0.38 1.08 0.30 0.03 1.80 -0.23 0.61 1.26 0.88 0.32 0.53 0.45 1.17 0.27 0.21 0.91 0.39 0.61 0.19 0.75 0.31 0.28 0.11 -0.02 0.46 0.18 0.24 -0.02 -0.35 0.45 0.12 -0.08 -0.04 0.26 0.28 0.35 0.16 0.06 0.12 0.10 0.13 0.23 0.08 0.10 0.03 -0.05 0.05 0.07 0.11 0.07 0.09 -0.01 -0.08 -0.11 0.03 -0.10 0.16 0.11 0.04 -0.08 -0.08 0.04 0.05 0.04 0.34 0.29 0.23 0.04 0.25 0.05 0.28 0.20 0.14 0.15 0.12 0.14 0.13 0.18 0.13 0.13 0.05 -0.10 0.11 -0.08 0.10 0.16 -0.11 0.34 0.34 -0.37 0.61 0.05 1.07 1.83 -0.19 1.72 0.69 0.71 -1.04 1.57 1.42 0.76 0.14 0.46 0.50 -0.07 1.18 1.55 0.82 0.36 0.66 0.56 0.01 0.14 0.60 0.15 -0.19 -0.40 0.24 0.05 0.78 0.57 0.15 0.35 0.54 0.12 -0.23 0.28 0.26 0.00 0.17 -0.01 0.15 0.02 0.15 0.12 0.01 0.08 0.15 -0.04 0.01 0.18 0.10 -0.05 0.05 0.29 0.02 -0.32 0.17 0.10 0.18 0.04 0.12 -0.01 0.05 0.26 0.38 0.52 0.19 0.52 0.20 0.19 0.14 0.23 0.26 0.14 0.21 0.11 0.08 0.10 0.13 0.25 0.04 0.29 0.10 0.11 0.26 -0.64 0.17 -0.04 -0.16 -0.10 -0.02 -0.12 0.12 -0.08 0.21 0.15 0.06 -1.62 -1.56 -0.23 -0.91 -0.11 -0.91 -0.25 -0.07 -0.50 -0.09 0.11 0.18 -0.04 -4.95 -9.36 -5.38 -3.62 -1.16 -2.13 0.40 -0.28 -1.79 -0.47 -0.33 -0.02 -0.21 25 26 27 28 29 30 31 32 33 34 35 36 37 0.01 0.15 -0.04 0.00 -0.04 -0.22 0.47 0.31 0.15 -0.68 -0.56 -0.12 0.01 -0.02 0.20 -0.01 0.21 -0.25 0.36 0.33 0.03 -0.62 -0.60 -0.01 0.01 -0.07 -0.02 -0.04 0.02 -0.18 -0.01 -0.01 -0.01 -0.16 -0.06 -0.10 0.02 0.01 0.02 0.01 0.03 0.00 0.00 0.01 0.01 0.39 -0.13 -0.07 -0.22 -0.21 -0.06 -0.08 0.17 0.22 -0.50 0.41 -0.94 1.58 0.23 0.21 -0.97 -0.09 -0.82 0.01 0.03 -0.02 -0.05 -0.04 -0.16 0.04 0.02 0.08 -0.51 0.38 -0.92 1.63 0.27 0.37 -1.01 -0.11 -0.89 -0.49 0.29 0.25 -1.83 -0.27 0.55 -0.79 0.04 1.52 1.36 0.34 0.24 -0.66 0.34 0.22 -0.54 0.10 0.39 1.24 0.11 0.67 -0.71 0.34 0.31 -0.74 0.23 0.19 0.12 0.23 -0.43 0.05 0.00 -0.08 0.20 -0.13 0.20 -1.85 -0.05 0.01 -1.17 -0.61 0.33 -0.25 -0.06 1.13 -1.89 -0.19 0.01 -1.08 -0.39 0.34 -0.01 -0.08 1.15 0.04 0.13 0.00 -0.09 -0.23 -0.01 -0.24 0.02 -0.03 -0.03 0.68 -1.34 0.13 -1.47 1.13 -1.12 -0.20 -0.92 2.25 1.36 0.90 -0.10 -1.76 -3.98 0.06 -4.04 0.68 -9.38 -6.65 -2.73 10.06 7.25 2.81 38 39 40 41 42 43 44 45 46 47 48 49 0.16 0.02 0.03 0.00 0.03 -0.01 -0.03 0.01 0.14 0.10 0.04 0.32 0.18 0.13 0.07 0.05 0.06 0.05 0.01 0.13 0.09 0.04 0.40 0.33 0.19 0.01 0.27 0.04 0.26 0.12 0.01 -0.10 0.14 -0.03 0.21 0.14 -0.03 -0.07 0.24 -0.06 0.14 0.18 -0.01 -0.13 0.14 -0.06 0.08 -0.04 -0.02 0.06 0.10 0.00 0.05 -0.02 0.04 -0.04 -0.10 0.03 0.02 -0.03 0.02 -0.06 -0.10 0.03 0.03 0.01 0.02 0.02 0.00 -0.01 0.14 0.21 0.17 0.11 0.13 0.07 0.09 0.22 0.07 0.07 0.08 0.09 0.05 0.00 0.10 0.04 0.05 -0.02 0.86 0.37 0.42 0.22 0.82 0.58 0.31 0.26 0.10 1.23 0.17 0.22 0.26 -0.01 0.20 0.17 0.10 0.13 0.03 0.08 0.00 0.12 0.13 -0.04 0.12 0.41 0.09 0.00 0.11 1.03 0.35 0.05 -0.03 0.08 1.05 0.06 0.04 0.04 0.03 -0.02 0.28 0.06 0.16 0.12 -0.40 0.07 0.12 0.07 -0.13 -0.37 0.21 -0.06 0.09 0.25 -0.04 50 51 52 53 54 55 56 57 58 59 60 0.04 -0.08 -0.50 0.08 -0.58 0.08 0.80 0.53 0.27 -0.72 -0.51 -0.21 0.02 0.26 1.35 -0.12 1.47 -1.13 -0.17 0.16 -0.33 -0.96 -0.91 -0.05 0.00 0.43 -1.41 0.01 -1.42 0.36 0.98 0.59 0.39 -0.62 -0.46 -0.16 0.00 -0.04 0.34 0.01 0.33 -0.39 0.13 -0.12 0.25 -0.52 -0.32 -0.20 Source: U.S. Bureau of Economic Analysis -9- 0.00 -0.07 1.05 -0.04 1.09 0.08 0.33 0.23 0.10 -0.25 -0.14 -0.11 0.13 0.19 0.15 0.00 -0.05 -0.03 0.30 -0.06 0.58 0.17 0.05 0.16 0.50 0.49 0.26 0.50 0.32 0.12 0.23 0.23 -0.02 0.21 0.11 -0.02 0.18 0.11 0.00 0.03 0.09 0.14 0.01 0.07 0.17 -0.01 0.02 -0.02 0.02 0.17 0.13 0.27 0.08 0.08 0.11 0.09 0.05 0.16 1.21 0.12 0.50 0.05 0.01 2.4 2020 Line Q1 Q2 0.93 0.11 0.27 0.08 0.03 0.07 0.13 0.02 0.79 1.09 1.19 0.14 0.07 0.24 0.05 0.21 0.18 0.23 0.59 -0.20 0.19 -0.08 -0.08 -0.01 0.27 0.00 0.11 0.00 Q4 1.00 0.94 1.07 -6.26 -25.93 15 0.17 0.21 -0.01 -0.04 0.61 16 0.44 0.09 0.54 -2.00 -9.50 17 0.10 0.15 0.01 -0.66 -2.88 18 0.10 -0.03 0.09 -1.05 -4.69 19 0.28 -0.14 -0.07 0.21 0.09 0.09 0.24 0.00 0.15 0.20 0.34 -0.02 0.01 0.34 0.44 0.29 0.20 0.12 0.08 0.08 0.06 0.03 0.15 0.13 0.02 0.11 0.12 0.29 0.00 -1.67 -5.55 20 0.19 -0.11 0.17 21 0.25 -0.73 -4.09 22 0.38 -0.48 -0.10 0.01 -0.11 1.48 3.00 23 0.01 0.13 -0.05 -0.03 0.15 -0.14 -1.95 24 -0.16 0.43 0.12 0.09 0.24 0.22 0.08 0.18 0.16 0.04 -0.12 -0.13 -0.13 -0.13 0.01 0.00 -0.28 0.34 0.07 0.09 -0.35 0.25 -0.04 0.34 0.42 0.25 0.11 -0.10 -0.01 0.02 -0.13 0.02 0.24 0.16 0.07 July 30, 2020 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Line 1 Gross domestic product (GDP) 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Motor vehicles and parts 6 Furnishings and durable household equipment 7 Recreational goods and vehicles 8 Other durable goods 9 Nondurable goods 10 Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 Services 15 Household consumption expenditures (for services) 16 Housing and utilities 17 Health care 18 Transportation services 19 Recreation services 20 Food services and accommodations 21 Financial services and insurance 22 Other services Final consumption expenditures of 23 nonprofit institutions serving households 24 Gross output of nonprofit institutions Less: Receipts from sales of 25 goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment 28 Nonresidential 29 Structures 30 Equipment Information processing 31 equipment 32 Industrial equipment 33 Transportation equipment 34 Other equipment 35 Intellectual property products 36 Software 37 Research and development 38 Entertainment, literary, and artistic originals 39 Residential 40 Change in private inventories 41 Farm 42 Nonfarm 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services Billions of chained (2012) dollars Seasonally adjusted at annual rates 2019 21,433.2 14,544.6 4,512.2 1,534.4 521.8 357.4 433.4 221.7 2,977.9 Seasonally adjusted at annual rates 2019 2019 2020 2019 2020 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 21,329.9 21,540.3 21,747.4 21,561.1 19,408.8 19,091.7 19,020.6 19,141.7 19,254.0 19,010.8 17,205.8 14,497.3 14,645.3 14,759.2 14,545.5 13,017.8 13,240.2 13,212.8 13,301.3 13,353.7 13,118.4 11,796.6 4,517.7 4,553.6 4,562.4 4,552.9 4,350.0 4,760.5 4,756.3 4,805.2 4,811.8 4,812.9 4,671.0 1,536.0 1,552.8 1,554.1 1,496.4 1,474.2 1,774.6 1,770.5 1,797.8 1,811.7 1,752.0 1,745.7 524.9 525.7 528.2 484.6 484.8 532.4 534.6 535.1 539.2 495.9 502.6 360.9 441.6 223.4 3,008.2 359.2 441.8 210.9 3,056.5 349.4 472.7 167.3 2,875.7 410.1 590.6 260.6 3,001.5 409.1 585.9 258.8 3,001.0 414.4 605.9 263.5 3,023.9 417.3 613.0 263.7 3,018.2 413.2 620.6 251.2 3,070.6 401.8 675.7 202.2 2,940.9 -11.4 55.1 -49.0 -129.7 6 7 8 9 1,023.4 1,035.2 1,032.4 404.4 405.6 404.9 344.9 334.5 340.4 1,209.0 1,225.5 1,230.5 9,979.6 10,091.7 10,196.8 1,112.9 366.5 310.4 1,266.7 9,992.5 1,134.5 288.2 190.3 1,262.7 8,667.8 982.0 412.0 444.9 1,145.0 8,520.5 979.9 414.3 446.7 1,143.1 8,498.3 991.6 412.2 444.8 1,156.5 8,541.5 987.1 418.0 441.6 1,152.5 8,584.9 1,055.9 375.9 421.3 1,186.3 8,365.3 1,038.6 16.2 68.8 -17.3 318.6 14.9 -42.1 -57.4 345.7 -2.0 -20.3 -75.6 1,180.0 57.3 33.8 -6.3 7,253.1 153.4 -219.5 -1,112.2 10 11 12 13 14 9,593.2 2,681.2 2,450.8 483.4 580.4 9,542.2 2,668.9 2,440.2 480.1 579.8 9,647.4 2,698.8 2,457.0 489.1 579.7 9,758.5 2,717.8 2,500.3 493.5 590.7 9,471.1 2,737.3 2,403.5 453.4 536.6 7,994.1 2,783.1 1,892.2 282.4 272.8 8,167.8 2,193.0 2,232.9 442.5 503.2 8,145.6 2,190.4 2,229.4 439.8 504.2 8,188.4 2,199.5 2,234.0 447.4 502.6 8,237.0 2,199.1 2,260.2 447.8 506.7 7,949.2 2,197.4 2,161.7 414.8 457.7 6,704.9 165.3 -287.8 -1,244.3 15 2,222.2 25.7 -1.7 24.8 16 1,689.1 58.8 -98.5 -472.6 17 262.8 6.8 -33.0 -152.1 18 231.3 6.5 -49.0 -226.4 19 999.5 1,176.1 1,221.8 997.9 1,168.7 1,206.6 1,009.5 1,184.4 1,228.8 1,011.5 1,199.5 1,245.2 926.4 1,200.9 1,213.0 608.1 1,184.1 971.4 842.2 857.9 1,114.4 842.0 853.7 1,104.1 847.1 858.2 1,118.2 847.0 865.8 1,130.5 771.0 861.4 1,094.3 439.2 437.4 444.3 438.3 521.4 673.7 354.0 353.8 354.3 349.5 413.5 1,658.1 1,651.2 1,661.8 1,678.0 1,681.1 1,577.6 1,418.3 1,416.7 1,415.3 1,422.1 1,415.5 1,321.4 1,218.9 3,751.2 3,702.1 2,895.0 650.2 1,241.0 1,213.8 3,739.7 3,686.6 2,891.3 649.7 1,243.1 1,217.5 3,759.8 3,718.5 2,908.0 658.8 1,234.9 1,239.7 3,732.6 3,729.2 2,902.3 652.3 1,229.3 1,159.6 3,675.9 3,728.0 2,859.3 648.7 1,181.6 903.8 3,096.3 3,418.1 2,647.6 581.2 1,049.0 1,066.2 3,442.6 3,371.7 2,776.8 547.7 1,267.7 1,064.8 3,429.9 3,358.6 2,771.0 547.8 1,268.6 1,062.8 3,445.7 3,378.9 2,783.9 552.6 1,263.3 1,074.9 3,413.3 3,387.2 2,781.5 545.1 1,258.0 998.6 3,334.0 3,375.4 2,733.8 540.0 1,207.1 397.2 260.9 310.3 272.5 1,003.8 411.2 501.9 399.2 261.7 309.0 273.3 998.5 407.6 500.5 396.1 263.7 300.0 275.1 1,014.2 416.3 506.8 392.1 257.8 307.8 271.7 1,020.7 419.6 509.4 377.7 255.1 282.1 266.7 1,029.1 427.0 511.5 396.3 239.1 172.9 240.7 1,017.4 425.9 505.5 493.9 249.1 285.7 250.1 968.2 449.3 440.5 494.8 250.2 283.7 251.2 961.5 443.6 439.4 494.3 251.4 277.1 252.2 974.0 452.9 442.7 492.9 245.3 283.0 248.5 985.2 461.8 445.3 475.8 241.8 257.8 243.9 991.1 472.5 443.6 90.7 807.1 49.1 -14.5 63.6 -610.5 2,514.8 1,636.7 878.0 3,125.2 2,525.6 599.6 90.5 795.3 53.1 -15.6 68.6 -644.7 2,514.6 1,631.1 883.5 3,159.4 2,556.4 603.0 91.1 810.5 41.3 -14.5 55.8 -631.8 2,505.2 1,626.0 879.2 3,137.1 2,534.6 602.4 91.7 827.0 3.4 -10.4 13.8 -549.8 2,515.7 1,629.1 886.5 3,065.4 2,460.7 604.8 90.6 868.7 -52.1 -3.5 -48.6 -494.3 2,438.7 1,599.0 839.7 2,933.0 2,377.9 555.1 86.0 770.5 -321.8 -1.4 -320.4 -544.7 1,798.2 1,133.7 664.5 2,342.9 1,936.5 406.4 83.7 601.5 48.5 -16.9 62.2 -917.6 2,546.6 1,782.5 767.6 3,464.2 2,923.4 543.1 83.3 595.2 49.4 -16.3 63.2 -951.4 2,531.4 1,762.5 770.7 3,482.9 2,939.0 546.2 83.9 601.9 44.0 -20.4 59.8 -950.2 2,536.6 1,775.8 764.4 3,486.8 2,944.4 545.2 84.3 610.5 -1.1 -15.6 11.5 -861.5 2,557.8 1,786.8 774.0 3,419.3 2,872.2 546.5 82.8 637.6 -80.9 -10.7 -70.9 -788.0 2,495.1 1,774.5 730.1 3,283.1 2,786.5 502.5 1,025.7 403.5 335.4 1,213.3 10,032.4 357.4 432.2 221.5 2,981.7 361.8 441.0 224.3 3,000.8 Change from preceding Line period 2020 2019 Q1 Q2 403.9 -243.1 -1,805.0 1 312.1 -235.3 -1,321.8 2 170.3 1.1 -141.9 3 81.9 -59.7 -6.2 4 -2.7 -43.3 6.7 5 507.4 863.7 875.0 13.4 68.7 12.6 91.2 -4.1 7.6 -12.5 52.4 9.6 17.6 43.3 -76.0 -4.4 -36.2 -263.6 20 2.3 21 -219.3 22 536.1 -11.0 64.0 122.6 23 18.5 -6.6 -94.1 24 770.6 2,817.7 3,088.6 2,526.7 485.0 1,072.5 30.8 57.7 61.4 77.9 -3.4 25.5 -76.3 -79.4 -11.8 -47.7 -5.1 -50.9 -228.1 -516.3 -286.8 -207.1 -55.0 -134.5 25 26 27 28 29 30 500.4 226.9 158.5 219.4 972.7 470.8 433.4 14.6 5.2 -1.3 8.4 57.9 32.8 24.5 -17.1 -3.5 -25.2 -4.6 5.9 10.7 -1.7 24.6 -14.9 -99.3 -24.5 -18.4 -1.7 -10.2 31 32 33 34 35 36 37 77.6 1.9 -1.5 564.1 -10.5 27.1 -315.5 -4.9 -79.9 -4.6 -9.1 5.0 -306.8 2.9 -82.5 -780.7 -40.0 73.5 1,931.6 -3.0 -62.7 1,338.6 -1.8 -12.3 592.2 -1.1 -43.9 2,712.3 37.0 -136.2 2,357.5 14.1 -85.8 372.7 19.4 -43.9 -5.2 -73.5 -234.6 6.1 -235.9 7.3 -563.5 -435.8 -137.8 -570.8 -429.0 -129.8 38 39 40 41 42 43 44 45 46 47 48 49 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis -10- July 30, 2020 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Line 2019 Q2 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 Consumption expenditures 54 Gross investment 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual Addenda: 62 Gross domestic income (GDI) 1 63 Average of GDP and GDI 64 Final sales of domestic product 65 Gross domestic purchases 66 Final sales to domestic purchasers 67 Final sales to private domestic purchasers 68 Gross domestic product 69 Plus: Income receipts from the rest of the world 70 Less: Income payments to the rest of the world 71 Equals: Gross national product 72 Net domestic product Billions of chained (2012) dollars Seasonally adjusted at annual rates 2019 Q3 Seasonally adjusted at annual rates 2019 2020 Q4 Q1 3,747.9 3,737.6 3,767.1 3,805.3 3,834.1 3,839.3 1,419.2 1,410.6 1,429.3 1,447.9 1,452.6 1,509.2 852.4 844.3 857.7 874.7 873.8 877.5 676.5 673.7 680.5 689.9 690.9 688.5 175.9 170.6 177.2 184.8 182.8 189.0 566.7 566.4 571.6 573.3 578.8 631.7 420.8 421.2 424.1 423.8 427.1 480.2 146.0 145.1 147.5 149.5 151.7 151.5 2,328.7 2,327.0 2,337.8 2,357.4 2,381.6 2,330.1 1,897.8 1,892.8 1,904.6 1,918.8 1,928.0 1,880.8 431.0 434.2 433.2 438.5 453.6 449.3 ............... ............... ............... ............... ............... ............... 21,420.4 21,426.8 21,384.1 22,043.7 21,994.6 21,347.2 21,338.6 21,276.8 21,974.6 21,921.6 21,465.3 21,502.8 21,499.0 22,172.2 22,130.8 21,721.2 21,734.3 21,744.0 22,297.2 22,293.7 Q2 2019 Q3 Q4 Q1 3,303.9 1,277.2 780.2 613.8 166.9 497.1 362.8 134.6 2,025.5 1,653.3 372.2 -58.8 3,300.3 1,273.6 773.7 611.9 162.2 499.7 366.0 133.9 2,025.5 1,650.4 375.0 -51.3 3,317.7 1,288.5 784.4 616.8 168.1 504.0 368.4 135.9 2,028.3 1,656.1 372.2 -59.0 3,337.5 1,301.1 797.1 623.0 174.8 504.1 366.8 137.7 2,035.6 1,659.2 376.4 -74.9 3,347.9 1,306.1 796.5 624.3 172.8 509.6 370.5 139.4 2,041.0 1,653.1 387.8 -62.5 19,080.2 19,085.9 19,021.1 19,981.0 19,910.9 19,036.1 19,028.3 18,949.6 19,937.4 19,866.8 19,075.1 19,108.4 19,075.2 20,059.1 19,993.1 19,230.7 19,242.4 19,226.6 20,099.6 20,073.6 19,111.2 19,061.0 19,049.0 19,797.8 19,838.5 Q2 21,675.0 21,618.1 21,613.3 22,055.4 22,107.6 ............... ............... 19,730.6 19,953.5 20,275.3 2020 Q2 Change from preceding period Line 2020 2019 Q1 Q2 3,369.9 74.1 10.4 22.0 1,359.5 49.4 5.0 53.3 804.5 41.1 -0.5 8.0 627.0 26.4 1.4 2.6 178.3 15.0 -2.0 5.5 554.0 8.7 5.4 44.4 415.4 3.8 3.7 44.8 138.3 5.1 1.7 -1.1 2,011.7 25.3 5.4 -29.3 1,626.2 16.7 -6.1 -27.0 385.5 8.6 11.4 -2.4 -55.3 .......... ........... .............. ............... ............... 17,467.6 17,993.5 18,261.6 339.9 371.9 407.3 443.9 447.4 -119.5 -181.3 -177.6 -301.9 -235.1 .............. .............. -1,581.4 -1,804.2 -1,576.9 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 18,246.7 18,183.9 18,363.8 18,488.4 18,273.4 16,435.9 16,611.7 16,571.1 16,680.0 16,740.6 16,493.4 14,884.8 373.5 -247.2 -1,608.6 67 21,433.2 21,329.9 21,540.3 21,747.4 21,561.1 19,408.8 19,091.7 19,020.6 19,141.7 19,254.0 19,010.8 17,205.8 403.9 -243.1 -1,805.0 68 1,169.8 1,184.3 1,181.2 1,165.9 1,054.6 ............... 1,059.2 1,073.7 1,067.0 1,049.6 946.2 ............... 8.4 -103.4 .............. 69 900.2 913.2 901.4 884.8 811.4 ............... 812.0 824.7 811.2 793.6 725.3 ............... 26.1 -68.3 .............. 70 21,702.9 21,601.0 21,820.1 22,028.5 21,804.3 ............... 19,338.4 19,269.0 19,397.0 19,509.6 19,232.1 ............... 386.5 -277.5 .............. 71 18,012.3 17,925.5 18,097.0 18,272.9 18,052.2 15,875.8 15,971.8 15,912.6 16,009.6 16,098.4 15,835.0 14,023.0 310.4 -263.4 -1,812.1 72 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis -11- July 30, 2020 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 2017 2018 2019 Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product (GNP) 1.9 2.4 1.8 1.8 2.1 1.5 0.3 0.7 -0.5 -2.3 -1.7 -1.2 1.6 1.9 -0.1 2.5 2.8 2.4 1.7 1.9 1.7 1.7 1.9 1.7 0.9 0.9 1.3 2.6 1.7 3.6 -0.1 0.1 0.2 0.8 1.3 1.3 4.5 5.6 2.8 ......... ......... ......... ......... ......... ......... 2.6 3.4 -0.4 2.6 3.6 -1.5 2.6 3.1 1.7 2.2 2.9 -1.5 2.2 2.8 -2.0 2.1 3.1 1.0 2016 2017 2018 2019 2020 Line Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.3 2.2 2.0 1.3 2.3 2.5 2.4 3.2 1.8 1.8 1.2 2.5 1.5 1.4 1.4 -1.8 1 1.6 1.9 2.2 0.9 1.6 2.6 2.7 2.2 1.6 1.4 0.6 2.5 1.4 1.5 1.3 -1.9 2 -1.2 0.8 2.2 -2.6 0.5 1.6 1.9 0.8 -0.4 -1.3 -1.8 1.8 -0.9 0.2 -0.9 -6.1 3 -4.1 -3.3 0.3 -3.1 -3.0 -1.5 -1.4 -1.2 -1.4 -1.2 -0.6 -1.0 -1.8 -2.7 -1.7 -4.5 4 0.3 3.0 3.2 -2.4 2.4 3.3 3.6 1.8 0.1 -1.3 -2.4 3.2 -0.5 1.8 -0.5 -6.9 5 2.9 2.3 2.2 2.5 2.2 3.1 3.1 2.9 2.5 2.7 1.7 2.9 2.5 2.1 2.3 0.2 6 0.7 2.3 1.3 2.2 2.0 0.6 2.4 2.7 1.7 1.0 2.5 1.7 1.0 0.2 1.8 0.6 7 0.8 2.2 1.5 2.2 1.8 0.9 2.6 2.5 1.8 1.1 2.4 1.8 1.0 0.2 1.3 0.8 8 -0.7 1.3 1.0 1.4 1.0 0.3 0.8 1.2 1.2 0.7 2.5 1.8 0.4 -0.4 1.0 0.7 9 -0.2 2.5 3.7 3.6 3.4 0.0 0.0 2.4 2.0 5.5 4.0 4.5 2.1 1.5 1.5 -0.9 10 -0.6 -0.5 0.7 -0.2 0.1 0.0 -0.3 0.1 1.6 -0.1 0.9 -0.4 -1.0 -0.1 0.7 -0.3 11 -1.0 3.0 -0.3 1.8 0.3 0.7 2.8 2.0 0.3 -1.4 3.5 2.7 1.1 -2.0 0.9 3.0 12 6.1 5.2 3.0 5.1 4.6 3.0 9.1 7.0 3.8 2.4 2.3 1.9 3.2 2.4 2.3 1.1 13 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 2.3 2.8 2.7 0.2 3.8 5.5 3.6 5.0 1.2 -1.3 -3.3 3.2 -2.3 -1.7 -2.5 -17.7 16 2.1 2.0 3.2 -0.6 4.9 5.5 3.8 6.0 0.9 -2.8 -5.1 2.4 -4.2 -1.7 -4.6 -22.0 17 2.9 4.2 1.9 1.8 1.7 5.5 3.2 3.2 1.8 1.6 0.0 4.8 1.3 -1.6 1.7 -9.4 18 3.2 1.4 4.1 -0.4 1.2 5.4 6.7 0.3 1.5 -1.9 -3.9 0.9 -3.2 -1.4 -1.4 -12.6 19 3.9 1.5 4.8 -1.4 0.4 6.0 7.4 -0.2 1.4 -2.5 -4.8 0.7 -4.1 -1.9 -1.6 -14.2 20 0.3 1.0 1.1 4.1 4.6 2.9 3.8 2.5 1.9 0.6 0.5 1.4 0.4 0.6 -0.7 -5.0 21 2.4 2.1 1.7 2.6 3.6 3.1 2.9 3.3 1.9 1.9 1.7 2.1 1.5 1.7 1.6 1.9 2.1 2.0 1.6 2.7 3.0 2.3 2.1 2.6 1.2 1.5 0.8 2.5 3.0 2.0 1.6 2.7 4.3 3.2 3.0 3.4 4.4 4.3 4.3 4.2 3.8 3.0 3.1 2.9 3.2 2.4 2.5 2.4 2.8 3.0 1.9 4.5 1.2 4.7 1.6 9.4 1.2 -2.6 1.1 -7.8 1.0 0.6 0.8 0.2 1.7 1.3 1.5 1.1 1.8 -0.3 -0.1 -0.5 -2.1 -0.7 -2.3 1.6 2.5 4.0 1.9 1.4 2.1 3.4 0.9 3.6 4.9 4.5 4.3 3.7 2.7 -0.8 3.5 1.3 1.9 3.1 -2.9 26 1.9 1.9 1.9 2.4 2.3 2.4 1.8 1.6 1.6 1.3 1.5 1.5 2.1 2.0 2.0 2.0 2.2 2.2 1.3 1.2 1.1 2.2 1.9 1.9 2.6 2.6 2.6 2.5 2.9 3.0 3.2 2.6 2.5 1.9 1.9 1.9 1.8 1.6 1.6 1.2 1.0 1.0 2.5 2.2 2.2 1.5 1.3 1.3 1.4 1.3 1.3 1.3 1.4 1.4 -1.8 27 -1.5 28 -1.5 29 1.8 1.9 1.9 2.1 2.4 2.4 1.5 1.8 2.0 1.5 1.3 1.9 1.9 2.1 2.0 2.1 2.0 2.0 1.1 1.3 1.4 1.7 2.3 1.9 2.3 2.5 2.5 2.7 2.4 2.8 2.3 3.2 3.0 1.6 1.9 2.0 1.4 1.8 2.1 0.9 1.2 1.6 2.4 2.5 2.4 1.3 1.5 1.7 1.3 1.4 1.3 1.3 -1.3 30 1.4 ......... 31 1.7 -1.4 32 food and energy 1 PCE excluding food and energy 1 Market-based PCE 2 Market-based PCE excluding food 1.8 1.7 1.5 2.3 2.0 1.8 1.7 1.7 1.3 1.6 1.9 1.3 1.7 1.5 1.6 1.9 1.8 2.1 1.5 1.4 0.1 1.8 1.4 1.3 2.2 2.1 2.4 2.8 2.4 2.3 2.7 2.3 2.1 1.8 1.5 1.3 1.9 1.9 1.1 1.5 1.2 0.8 1.9 2.1 2.1 1.6 1.9 1.1 1.2 1.3 1.5 1.6 1.6 1.3 -1.0 33 -1.1 34 -1.2 35 and energy 1,2 1.3 1.6 1.5 1.6 1.1 1.6 0.6 1.0 1.7 2.0 2.2 1.1 1.5 1.6 1.6 1.6 1.3 1.7 -0.1 36 Implicit price deflators: GDP Gross domestic purchases GNP 1.9 1.8 1.9 2.4 2.4 2.4 1.8 1.6 1.8 1.4 1.5 1.4 2.0 1.8 2.0 2.0 2.3 2.0 1.2 1.1 1.2 2.0 1.7 2.0 2.7 2.8 2.7 2.4 2.9 2.4 3.5 2.8 3.5 1.6 1.6 1.6 1.9 1.7 1.9 1.0 0.8 1.0 2.6 2.3 2.6 1.4 1.2 1.4 1.5 1.5 1.5 1.7 -2.1 37 1.7 -1.8 38 1.7 ......... 39 GDP excluding food and energy 1 Gross domestic purchases excluding 22 23 24 25 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis -12- July 30, 2020 Table 5. Real Gross Domestic Product: Annual Percent Change Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Gross domestic product (GDP) Personal consumption expenditures (PCE) Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local 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 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 2,3 2012 2.2 1.5 2.1 6.0 0.4 1.2 11.0 10.0 9.5 13.0 11.0 5.0 13.0 .......... .......... 3.4 3.8 2.4 2.7 2.6 3.1 Percent change from fourth quarter to Percent change from preceding year fourth quarter one year ago Line 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 1.8 2.5 3.1 1.7 2.3 3.0 2.2 1.5 2.6 2.9 2.2 2.1 2.7 2.5 2.3 1 1.5 3.0 3.8 2.8 2.6 2.7 2.4 1.6 1.9 3.8 3.1 2.7 2.9 2.4 2.5 2 3.1 4.1 4.8 3.6 4.0 4.1 3.7 2.4 3.5 5.0 3.8 3.6 5.2 2.9 3.7 3 6.1 7.2 7.6 5.8 6.9 6.8 4.8 6.3 5.0 9.2 6.0 7.0 8.1 4.2 5.7 4 1.8 2.6 3.4 2.5 2.6 2.7 3.1 0.7 2.8 3.2 2.8 2.0 3.7 2.3 2.7 5 0.6 2.4 3.3 2.4 2.0 2.1 1.8 1.2 1.1 3.2 2.7 2.3 1.8 2.1 1.9 6 6.9 5.6 5.5 -1.5 3.5 6.3 1.7 4.0 9.3 5.3 2.3 1.2 4.0 5.9 -1.0 7 5.6 6.6 3.8 1.8 3.8 5.2 1.9 7.2 5.7 7.0 1.7 2.4 4.8 4.0 1.5 8 4.1 7.2 2.3 0.5 3.7 6.9 2.9 5.6 5.4 6.9 -0.1 1.8 4.8 6.5 1.4 9 1.3 11.0 -0.9 -4.4 4.2 3.7 -0.6 4.0 6.7 9.3 -7.3 3.5 0.0 1.2 1.9 10 4.7 7.0 3.0 -1.7 3.2 8.0 2.1 7.8 5.4 5.6 1.5 -2.2 7.5 7.0 -1.3 11 5.4 4.8 3.8 7.6 4.2 7.8 6.4 3.7 4.5 6.9 3.3 6.4 4.9 9.4 4.6 12 12.4 3.8 10.2 6.6 4.0 -0.6 -1.7 15.4 7.1 7.7 9.2 4.2 4.7 -3.9 1.6 13 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 3.6 4.2 0.4 0.3 3.9 3.0 -0.1 2.1 6.0 2.9 -1.5 1.5 5.8 0.5 0.4 16 3.2 4.6 -0.4 0.5 4.1 4.2 -0.1 1.4 7.1 2.8 -2.9 2.5 6.1 1.2 -0.1 17 4.5 3.3 2.0 -0.2 3.7 0.8 -0.1 3.8 3.7 3.2 1.2 -0.5 5.2 -0.9 1.1 18 1.5 5.0 5.2 1.7 4.7 4.1 1.1 0.6 3.0 6.5 3.3 2.8 5.6 3.0 -1.9 19 1.8 5.6 5.7 1.4 4.7 5.0 0.5 0.5 3.4 7.1 3.2 3.1 6.0 3.4 -2.9 20 0.5 2.3 3.0 2.9 4.5 0.4 3.7 1.4 1.1 3.5 3.8 1.4 4.0 1.7 2.4 21 -2.1 -1.9 -3.4 0.9 -2.2 -2.4 -5.5 -6.7 -3.5 -0.3 -0.9 -2.6 -4.1 -0.1 0.2 1.8 0.0 -2.1 3.3 2.9 1.8 0.6 -0.5 2.2 2.6 0.9 0.3 0.8 -0.5 1.2 1.8 2.8 3.3 2.1 1.2 2.3 4.0 5.6 1.8 1.3 -2.1 -2.6 -4.7 1.2 -1.7 -2.4 -6.1 -6.5 -5.5 0.2 0.3 -1.1 -3.4 2.7 1.2 2.2 1.3 -0.4 3.8 2.8 1.5 0.1 -0.7 1.2 2.4 1.1 1.2 2.2 -0.1 1.1 1.5 3.0 4.2 1.1 0.6 3.0 4.8 5.6 3.7 1.9 22 23 24 25 26 3.4 2.8 2.1 2.2 2.0 3.0 2.2 3.3 1.3 1.6 1.6 1.6 1.3 2.2 1.8 -1.3 3.2 2.9 2.7 2.7 2.8 3.7 2.5 4.1 2.7 2.9 2.8 3.7 3.5 3.8 2.9 4.2 0.9 1.3 2.3 1.9 2.4 2.6 1.7 2.0 2.5 2.4 2.4 2.5 2.5 2.9 2.6 3.1 2.6 2.8 2.8 3.2 3.0 3.2 2.9 3.6 1.8 2.0 2.2 2.3 2.3 2.3 2.0 2.2 2.9 2.2 1.9 1.2 1.7 2.6 1.2 4.9 1.5 2.0 2.0 2.2 1.7 2.6 2.6 -2.5 4.2 3.5 3.2 3.4 3.7 4.5 2.8 5.3 1.4 1.8 2.1 2.8 2.7 2.8 2.2 3.1 1.2 1.6 2.3 2.2 2.4 2.6 2.2 1.8 2.9 2.8 2.8 2.8 2.9 3.2 2.9 3.4 2.4 2.4 2.2 2.8 2.5 2.7 2.2 3.7 1.9 2.1 2.8 1.9 2.4 2.3 2.3 1.6 27 28 29 30 31 32 33 34 1.8 1.5 1.6 0.3 0.7 1.9 2.3 1.6 1.8 1.5 1.3 0.1 1.3 2.0 2.2 1.4 35 1.8 1.9 1.9 1.9 1.9 1.8 1.6 1.8 1.9 1.3 1.5 1.0 1.7 1.8 1.9 1.5 1.6 1.1 1.0 1.0 1.2 0.2 1.2 -0.1 1.1 1.0 1.3 1.0 1.6 0.7 1.8 1.9 1.9 1.8 1.7 1.5 2.3 2.4 2.4 2.1 2.0 1.8 1.7 1.8 2.0 1.5 1.7 1.3 1.8 2.1 2.0 1.8 1.8 1.5 1.7 1.8 2.1 1.2 1.6 0.8 1.5 1.5 1.6 1.1 1.5 0.7 0.7 0.8 1.0 0.2 1.2 0.0 1.5 1.5 1.7 1.6 1.8 1.2 1.9 2.0 1.9 1.8 1.7 1.5 2.3 2.3 2.5 2.0 2.0 1.7 1.5 1.6 1.7 1.5 1.6 1.4 1.8 1.2 1.1 1.0 1.3 1.3 1.6 1.5 1.5 1.1 1.1 1.1 1.4 1.2 1.7 1.5 42 36 37 38 39 40 41 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. Source: U.S. Bureau of Economic Analysis -13- July 30, 2020 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2016 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Gross domestic product (GDP) Personal consumption expenditures (PCE) Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local 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 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 2,3 Q3 1.6 2.6 3.5 6.0 2.2 2.2 -2.6 1.4 0.7 -2.1 -3.3 8.6 4.2 ......... ......... 1.7 1.4 2.1 1.3 0.8 3.4 2017 Q4 2.1 2.7 3.6 7.0 2.0 2.3 1.2 2.4 1.8 3.5 -2.2 6.4 4.2 ......... ......... 1.5 2.5 -0.5 2.8 3.1 1.4 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2.1 2.2 2.4 2.7 3.1 3.3 3.1 2.5 2.7 2.5 2.4 2.9 2.6 2.9 3.0 2.4 3.5 3.7 3.8 5.2 4.7 4.5 4.2 2.9 6.5 6.8 6.3 8.1 8.1 8.3 6.8 4.2 2.0 2.2 2.5 3.7 3.0 2.6 2.9 2.3 2.3 2.0 1.8 1.8 1.6 2.2 2.5 2.1 1.5 3.4 5.2 4.0 7.1 5.8 6.5 5.9 3.6 3.6 3.1 4.8 5.1 5.8 5.7 4.0 3.6 3.6 2.9 4.8 6.4 7.4 7.5 6.5 9.5 7.3 0.3 0.0 3.0 4.5 5.9 1.2 -0.4 1.9 3.8 7.5 8.8 8.1 8.1 7.0 5.2 3.3 3.6 4.9 5.6 8.4 7.8 9.4 3.6 3.8 3.9 4.7 1.0 0.8 -0.2 -3.9 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 3.7 3.6 2.5 5.8 4.4 4.6 2.6 0.5 3.9 3.7 2.6 6.1 4.5 7.1 4.1 1.2 3.5 3.5 2.5 5.2 4.1 0.1 -0.2 -0.9 4.0 5.0 4.1 5.6 4.6 3.6 5.2 3.0 4.1 4.8 3.9 6.0 5.3 4.6 6.6 3.4 3.4 5.7 4.8 4.0 1.3 -0.5 -0.7 1.7 2020 Q1 2.3 2.3 3.0 3.4 2.8 2.0 4.2 2.7 4.5 -1.7 5.0 8.3 -3.5 ......... ......... 0.3 1.9 -2.6 2.4 2.3 3.0 Q2 2.0 2.4 3.9 4.7 3.5 1.8 2.9 1.5 2.9 -2.5 3.3 6.2 -3.6 ......... ......... -1.3 -2.5 1.1 2.9 2.3 5.3 Q3 2.1 2.5 4.2 5.5 3.6 1.7 0.9 1.9 2.7 -0.1 1.4 6.5 -1.2 ......... ......... 0.2 0.4 -0.1 1.0 0.3 4.2 Q4 2.3 2.5 3.7 5.7 2.7 1.9 -1.0 1.5 1.4 1.9 -1.3 4.6 1.6 ......... ......... 0.4 -0.1 1.1 -1.9 -2.9 2.4 Q1 0.3 0.2 3.1 2.0 3.6 -1.1 -4.2 0.4 -1.3 -1.0 -5.8 4.1 6.6 ......... ......... -2.6 -1.7 -4.1 -5.3 -5.2 -6.0 Q2 -9.5 -10.7 -1.8 -1.4 -2.0 -14.7 -17.9 -8.0 -8.8 -11.5 -15.5 1.2 -5.2 ......... ......... -23.7 -24.0 -23.2 -22.1 -19.8 -31.8 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1.6 1.5 0.6 1.1 0.7 1.1 0.8 0.1 -0.7 0.6 0.0 1.2 0.3 -0.7 -1.2 1.8 0.5 2.2 1.5 1.2 0.0 -1.1 -0.6 -0.1 2.1 2.4 1.3 1.4 1.1 1.1 1.5 2.1 2.6 1.5 1.1 1.8 2.5 2.4 2.6 1.5 2.4 3.7 4.1 3.2 1.7 1.5 1.7 3.0 2.8 4.2 5.8 1.1 -1.4 0.6 1.1 2.3 4.2 5.4 2.4 1.1 2.2 4.3 5.5 2.5 0.9 3.0 4.8 5.6 3.7 1.9 2.7 2.1 22 4.8 6.7 23 4.1 4.0 24 6.0 10.9 25 1.4 -0.7 26 0.8 1.2 2.3 1.5 2.2 2.4 1.6 1.8 1.2 1.6 2.3 2.2 2.4 2.6 2.2 1.8 1.6 1.8 2.4 2.1 2.5 2.9 2.3 2.1 2.9 2.5 2.2 2.4 2.5 2.7 2.4 3.3 2.7 2.5 2.0 2.6 2.3 2.6 2.7 3.5 2.9 2.8 2.8 2.8 2.9 3.2 2.9 3.4 2.9 3.0 2.7 3.1 2.8 3.1 3.2 3.6 2.2 2.8 3.3 3.2 3.2 3.5 3.4 3.4 2.9 3.0 3.0 3.5 3.4 3.5 2.8 3.6 2.4 2.4 2.2 2.8 2.5 2.7 2.2 3.7 2.0 2.1 2.0 2.5 2.3 2.4 1.9 3.2 2.1 2.1 1.7 2.5 2.2 2.2 1.8 2.1 1.2 1.6 2.3 2.1 2.3 2.3 2.1 1.8 1.9 0.7 ......... 27 2.1 0.5 ......... 28 2.8 1.1 -7.8 29 1.9 -0.2 -9.8 30 2.4 0.7 -8.1 31 2.3 0.2 -10.2 32 2.3 0.3 ......... 33 1.6 1.4 11.5 34 0.7 1.3 2.0 1.7 1.8 2.0 2.1 2.5 2.5 2.2 1.8 1.7 1.5 1.4 1.6 0.6 35 1.1 1.0 1.3 1.0 1.7 0.6 1.5 1.5 1.7 1.6 1.8 1.2 1.8 2.0 2.1 2.0 1.8 1.8 1.7 1.7 1.8 1.6 1.6 1.3 1.7 1.9 1.8 1.6 1.5 1.3 1.9 2.0 1.9 1.8 1.7 1.5 2.1 2.1 2.1 2.0 1.8 1.5 2.4 2.6 2.5 2.3 2.1 2.0 2.4 2.5 2.6 2.3 2.1 2.0 2.3 2.3 2.5 2.0 2.0 1.7 2.0 2.0 2.2 1.4 1.7 1.3 1.8 1.8 2.0 1.5 1.7 1.3 1.7 1.7 2.0 1.5 1.8 1.3 1.5 1.6 1.7 1.5 1.6 1.4 1.6 1.7 1.8 1.7 1.8 1.5 0.8 0.6 0.8 0.6 0.9 0.7 1.4 1.4 1.5 1.2 1.1 1.2 1.3 1.7 1.8 1.7 1.6 1.4 1.6 1.5 1.5 1.1 42 36 37 38 39 40 41 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis -14- July 30, 2020 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2017 Gross domestic product (GDP) Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Less: Consumption of fixed capital Less: Statistical discrepancy Equals: National income Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports less subsidies Business current transfer payments (net) Current surplus of government enterprises Addenda: Gross domestic income (GDI) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 2018 2019 Seasonally adjusted at annual rates 2019 2020 Q3 21,540.3 1,181.2 901.4 21,820.1 3,443.3 75.0 18,301.8 11,438.0 9,311.3 2,126.6 Q4 21,747.4 1,165.9 884.8 22,028.5 3,474.4 26.2 18,527.8 11,564.8 9,422.5 2,142.4 Q1 21,561.1 1,054.6 811.4 21,804.3 3,509.0 -113.8 18,409.2 11,678.0 9,529.5 2,148.6 Line Q2 19,408.8 1 ............... 2 ............... 3 ............... 4 3,533.0 5 ............... 6 ............... 7 10,883.1 8 8,849.9 9 2,033.2 10 19,543.0 1,032.7 740.4 19,835.3 3,112.9 -131.4 16,853.9 10,422.5 8,471.5 1,951.1 20,611.9 1,142.9 858.2 20,896.6 3,265.0 -58.0 17,689.6 10,950.1 8,894.2 2,055.9 21,433.2 1,169.8 900.2 21,702.9 3,420.9 12.8 18,269.1 11,432.4 9,309.3 2,123.1 Q2 21,329.9 1,184.3 913.2 21,601.0 3,404.4 -17.4 18,214.0 11,391.7 9,274.9 2,116.8 1,509.0 1,585.9 1,657.7 1,628.5 1,677.0 1,697.7 1,706.0 1,481.6 11 721.9 759.3 787.1 786.7 789.7 795.5 802.3 799.4 12 2,114.5 636.4 1,304.1 150.7 -5.3 2,243.0 619.1 1,381.5 156.6 -5.8 2,250.5 573.4 1,417.5 158.0 -7.6 2,263.2 572.3 1,419.7 159.7 -7.7 2,246.5 571.0 1,419.6 168.1 -8.0 2,311.3 586.0 1,428.5 152.0 -7.9 2,035.0 ............... 13 588.9 582.6 14 1,454.9 333.7 15 156.8 155.4 16 -12.8 -22.0 17 19,674.4 20,669.9 21,420.4 21,347.2 21,465.3 21,721.2 21,675.0 ............... 18 19,608.7 20,640.9 21,426.8 21,338.6 21,502.8 21,734.3 21,618.1 ............... 19 -0.7 -0.3 0.1 -0.1 0.3 0.1 -0.5 ............... 20 Source: U.S. Bureau of Economic Analysis -15- July 30, 2020 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 2017 2018 Seasonally adjusted at annual rates 2019 2020 2019 Q2 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 15 Equals: Disposable personal income 16 Less: Personal outlays 17 Equals: Personal saving 18 Personal saving as a percentage of disposable personal income Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 2 20 Disposable personal income, billions of chained (2012) dollars 2 Q3 Q4 Q1 Line Q2 16,948.6 17,851.8 18,551.5 18,480.9 18,597.6 18,760.8 18,954.2 20,340.4 10,422.5 10,950.1 11,432.4 11,391.7 11,438.0 11,564.8 11,678.0 10,883.1 8,471.5 8,894.2 9,309.3 9,274.9 9,311.3 9,422.5 9,529.5 8,849.9 1,951.1 2,055.9 2,123.1 2,116.8 2,126.6 2,142.4 2,148.6 2,033.2 1 2 3 4 1,509.0 41.5 1,467.4 1,585.9 43.0 1,542.9 1,657.7 49.7 1,608.0 1,628.5 36.9 1,591.6 1,677.0 58.9 1,618.1 1,697.7 58.7 1,639.0 1,706.0 56.4 1,649.6 1,481.6 42.4 1,439.3 5 6 7 721.9 2,738.5 1,577.6 1,160.8 2,855.1 759.3 2,946.7 1,641.6 1,305.1 2,970.3 787.1 2,967.9 1,677.4 1,290.4 3,125.2 786.7 2,970.2 1,682.6 1,287.6 3,118.6 789.7 2,970.1 1,681.7 1,288.3 3,141.9 795.5 2,980.4 1,693.4 1,287.0 3,155.2 802.3 2,984.3 1,679.7 1,304.6 3,235.5 799.4 8 2,902.4 9 1,629.4 10 1,273.0 11 5,654.6 12 1,298.4 1,360.4 1,418.8 1,414.7 1,419.0 1,432.9 1,452.0 1,380.7 13 2,046.7 2,085.3 2,202.9 2,222.5 2,197.1 2,221.2 2,256.8 2,108.6 14 14,901.9 15,766.5 16,348.6 16,258.4 16,400.5 16,539.6 16,697.4 18,231.8 15 13,830.9 14,529.2 15,117.4 15,072.3 15,219.9 15,335.8 15,103.3 13,537.6 16 1,071.0 1,237.3 1,231.2 1,186.1 1,180.6 1,203.8 1,594.1 4,694.2 17 7.2 7.8 7.5 7.3 7.2 7.3 9.5 25.7 18 13,297.8 13,748.8 14,042.9 14,001.1 14,037.4 14,119.5 14,176.5 13,308.2 19 14,060.5 14,566.4 14,882.5 14,817.8 14,895.4 14,964.5 15,059.2 16,521.5 20 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 -16- July 30, 2020 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Seasonally adjusted at annual rates Line 2017 2018 2019 2019 Q1 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Less: Taxes on corporate income 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments Net dividends 4 Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: Net cash flow with inventory 6 valuation adjustment Q2 2020 Q3 Q4 Q1 Percent change from preceding period Quarter Quarterly rates one year Line ago 2018 2019 2019 2020 2020 Q2 Q3 Q4 Q1 Q1 2,114.5 2,243.0 2,250.5 2,181.2 2,263.2 2,246.5 2,311.3 2,035.0 311.3 282.9 298.7 294.6 304.9 283.0 312.3 255.6 6.1 -9.1 0.3 5.6 3.8 3.5 -0.7 -7.2 2.9 -12.0 10.3 -18.2 -6.7 -13.2 1 2 1,803.2 1,960.1 1,951.8 1,886.6 1,958.2 1,963.4 1,998.9 1,779.5 1,270.4 1,390.1 1,360.8 1,369.3 1,369.3 1,348.5 1,356.3 1,379.5 8.7 9.4 -0.4 -2.1 3.8 0.0 0.3 -1.5 1.8 -11.0 0.6 1.7 -5.7 0.7 3 4 400.0 7.0 3.7 13.8 4.4 4.5 -37.8 -22.7 5 1,934.4 2,332.9 2,460.0 2,349.9 2,449.8 2,497.4 2,542.9 2,321.3 20.6 5.4 4.3 1.9 1.8 -1.2 6 532.8 570.0 591.0 517.3 588.9 615.0 642.7 400.0 7.0 3.7 13.8 4.4 4.5 -37.8 -22.7 1,695.8 1,773.6 1,867.9 1,831.6 1,859.7 1,881.2 1,899.3 1,920.4 4.6 5.3 1.5 1.2 1.0 1.1 4.9 294.2 10.7 -1.1 -1.1 -1.2 -1.3 -0.9 -0.9 .......... .......... .......... .......... .......... .......... ............... 7 8 9 5 Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed capital 8 Less: Capital transfers paid (net) 9 Addenda: 532.8 570.0 591.0 517.3 588.9 615.0 642.7 -8.7 7 10 11 12 13 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 2,183.2 2,186.7 2,237.3 2,188.9 2,243.8 2,203.4 2,313.1 1,994.7 0.2 2.3 2.5 -1.8 5.0 -13.8 -8.9 10 1,871.9 1,903.8 1,938.6 1,894.4 1,938.9 1,920.3 2,000.7 1,739.1 1.7 1.8 2.4 -1.0 4.2 -13.1 -8.2 11 -52.7 -54.7 -5.3 -34.0 2.6 28.4 -18.1 58.9 .......... .......... .......... .......... .......... .......... ............... 12 -16.0 111.0 18.5 26.3 16.8 14.7 16.3 -18.5 .......... .......... .......... .......... .......... .......... ............... 13 Source: U.S. Bureau of Economic Analysis -17- July 30, 2020 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Line 2017 2018 2019 [Billions of dollars] Level Seasonally adjusted at annual rates 2019 2020 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Corporate profits with inventory valuation and capital consumption adjustments Domestic industries Financial Nonfinancial Rest of the world Receipts from the rest of the world Less: Payments to the rest of the world Corporate profits with inventory valuation adjustment Domestic industries Financial Federal Reserve banks Other financial Nonfinancial Utilities Manufacturing Durable goods Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles, bodies and trailers, and parts Other durable goods Nondurable goods Food and beverage and tobacco products Petroleum and coal products Chemical products Other nondurable goods Wholesale trade Retail trade Transportation and warehousing Information Other nonfinancial 25 26 27 28 29 30 31 32 33 Rest of the world Q2 Q3 Q4 Q1 Change from preceding period 2018 353.7 365.7 362.8 373.2 362.7 364.2 317.4 2,130.5 2,132.0 2,232.0 2,154.9 2,246.4 2,231.7 2,294.9 2,053.5 1,633.3 1,619.5 1,726.5 1,670.5 1,740.2 1,717.2 1,778.3 1,580.4 435.6 418.2 470.5 460.1 472.3 466.7 482.9 444.7 78.2 68.0 52.4 53.0 56.6 50.7 49.4 68.5 357.3 350.2 418.1 407.1 415.8 416.0 433.5 376.2 1,197.7 1,201.3 1,256.0 1,210.4 1,267.8 1,250.5 1,295.4 1,135.7 14.0 21.7 27.2 26.2 28.2 27.1 27.3 22.5 304.7 337.6 336.5 324.5 344.9 341.0 335.7 302.2 173.6 171.0 181.3 188.0 193.1 174.2 170.1 157.8 22.0 19.8 24.8 25.7 25.3 23.9 24.2 23.0 21.6 19.0 26.4 22.9 29.6 27.1 26.1 20.9 2019 2020 Q1 Q2 Q3 Q4 7.6 14.6 38.0 -23.3 -7.1 4.9 82.0 60.2 9.6 50.5 21.8 32.2 -16.7 -25.0 -7.0 -18.0 8.3 -2.2 64.8 -276.2 62.7 -232.7 16.7 -42.2 46.0 -190.5 2.1 -43.5 3.5 -90.3 12.0 10.4 -10.5 1.5 100.0 -13.8 107.1 -17.4 52.3 -10.2 -15.6 -7.2 67.9 3.6 54.7 7.7 5.5 32.9 -1.1 -2.7 10.4 -2.2 4.9 -2.6 7.4 91.5 69.7 12.2 3.6 8.6 57.4 2.0 20.3 5.1 -0.3 6.7 -14.7 -23.0 -5.7 -5.9 0.3 -17.3 -1.1 -3.8 -18.8 -1.5 -2.5 2,114.5 2,243.0 2,250.5 2,181.2 2,263.2 2,246.5 2,311.3 2,035.0 128.5 1,617.3 1,730.4 1,745.1 1,696.8 1,756.9 1,731.9 1,794.6 1,561.9 113.1 417.9 424.1 462.0 454.2 463.8 456.8 473.4 431.2 6.1 1,199.3 1,306.4 1,283.0 1,242.6 1,293.2 1,275.2 1,321.2 1,130.7 107.0 497.2 512.5 505.4 484.4 506.2 514.5 516.6 473.1 15.3 803.4 866.3 871.2 847.2 879.4 877.3 880.8 790.5 62.9 306.2 2019 47.5 1.4 -46.8 Line 1 2 3 4 5 6 7 63.2 -241.4 8 61.1 -197.9 9 16.2 -38.2 10 -1.3 19.1 11 17.5 -57.3 12 44.9 -159.7 13 0.2 -4.8 14 -5.3 -33.5 15 -4.1 -12.3 16 0.3 -1.2 17 -1.0 -5.2 18 49.4 54.5 50.8 56.3 50.4 45.4 51.3 54.7 5.1 -3.7 -5.9 -5.0 5.9 3.4 19 5.8 10.9 11.4 10.4 12.0 12.5 10.9 7.9 5.1 0.5 1.5 0.5 -1.6 -2.9 20 13.0 61.8 131.1 1.0 65.8 166.7 0.6 67.3 155.2 1.9 70.8 136.6 2.1 73.7 151.8 0.2 65.2 166.8 -2.1 59.7 165.6 -1.1 52.4 144.4 -12.0 3.9 35.6 -0.4 1.6 -11.5 0.2 2.9 15.3 -1.8 -8.5 15.0 -2.3 -5.4 -1.2 1.0 21 -7.4 22 -21.2 23 60.0 -7.9 53.4 25.6 122.0 149.1 58.7 138.0 411.1 497.2 47.6 31.0 60.9 27.3 105.7 146.5 52.8 139.2 397.7 512.5 48.3 17.5 58.3 31.2 111.3 168.0 56.4 130.8 425.8 505.4 45.7 6.2 55.9 28.8 103.9 155.5 54.7 136.2 409.4 484.4 47.8 16.2 57.2 30.6 110.5 165.6 54.4 140.0 424.3 506.2 51.6 21.7 61.3 32.2 113.4 166.8 59.5 108.4 434.3 514.5 48.0 25.8 58.8 33.1 117.4 184.2 57.0 138.7 435.1 516.6 50.4 15.9 57.0 21.2 108.3 167.1 37.8 126.7 371.0 473.1 -12.4 38.9 7.5 1.6 -16.3 -2.7 -5.9 1.2 -13.4 15.3 0.7 -13.5 -2.6 3.9 5.6 21.6 3.6 -8.4 28.1 -7.1 2.1 10.1 1.4 1.8 6.6 10.1 -0.4 3.9 14.9 21.8 3.8 5.4 4.1 1.6 2.9 1.3 5.1 -31.6 10.0 8.3 -3.7 4.2 -2.5 0.9 4.0 17.3 -2.5 30.3 0.8 2.1 2.5 -9.9 -1.8 -11.9 -9.1 -17.1 -19.2 -12.0 -64.1 -43.5 Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis -18- 24 25 26 27 28 29 30 31 32 33 July 30, 2020 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Line 2017 2018 Seasonally adjusted at annual rates 2019 2020 2019 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Q2 Q3 Q4 Line Q1 Billions of dollars Gross value added of nonfinancial corporate business 9,635.8 10,100.8 10,458.2 10,345.5 10,434.8 10,473.3 10,579.3 10,490.8 1 Consumption of fixed capital 1,489.3 1,557.1 1,639.2 1,607.8 1,632.1 1,650.4 1,666.6 1,684.8 2 Net value added 8,146.5 8,543.6 8,819.0 8,737.7 8,802.7 8,822.9 8,912.7 8,806.1 3 Compensation of employees 5,703.9 6,018.3 6,300.9 6,264.7 6,285.8 6,297.3 6,355.7 6,415.8 4 Wages and salaries 4,784.9 5,046.1 5,294.9 5,264.9 5,282.4 5,291.9 5,340.5 5,399.6 5 Supplements to wages and salaries 919.0 972.2 1,006.0 999.8 1,003.4 1,005.4 1,015.3 1,016.2 6 Taxes on production and imports less subsidies 825.3 873.6 914.7 904.5 911.4 918.7 924.1 941.7 7 Net operating surplus 1,617.3 1,651.8 1,603.5 1,568.5 1,605.6 1,606.9 1,632.9 1,448.6 8 Net interest and miscellaneous payments 331.8 262.0 243.3 244.0 243.5 243.1 242.8 242.8 9 Business current transfer payments (net) 86.1 83.4 77.1 81.8 68.9 88.6 68.9 75.2 10 Corporate profits with inventory valuation and capital consumption adjustments 1,199.3 1,306.4 1,283.0 1,242.6 1,293.2 1,275.2 1,321.2 1,130.7 11 Taxes on corporate income 224.2 196.4 212.4 212.5 219.7 195.6 221.7 184.8 12 Profits after tax with inventory valuation and capital consumption adjustments 975.2 1,109.9 1,070.7 1,030.1 1,073.5 1,079.5 1,099.5 945.8 13 Net dividends 720.7 259.8 636.6 606.1 605.6 672.8 661.8 607.2 14 Undistributed profits with inventory valuation and capital consumption adjustments 254.4 850.1 434.1 424.1 467.9 406.8 437.8 338.7 15 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) 1,250.4 1,255.9 1,261.3 1,244.4 1,265.2 1,222.2 1,313.5 1,076.8 16 Profits after tax (without inventory valuation and capital consumption adjustments) 1,026.2 1,059.5 1,049.0 1,031.9 1,045.6 1,026.5 1,091.9 892.0 17 Inventory valuation adjustment -52.7 -54.7 -5.3 -34.0 2.6 28.4 -18.1 58.9 18 Capital consumption adjustment 1.6 105.1 27.0 32.2 25.3 24.7 25.8 -5.0 19 Billions of chained (2012) dollars 20 Gross value added of nonfinancial corporate business 1 9,026.1 9,260.6 9,405.1 9,373.4 9,397.8 9,394.4 9,454.3 9,361.1 20 1,458.2 1,510.7 1,571.5 1,546.6 1,562.8 1,579.7 1,597.1 1,615.1 21 7,568.0 7,749.9 7,833.6 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 1.068 1.091 1.112 Compensation of employees (unit labor cost) 0.632 0.650 0.670 Unit nonlabor cost 0.303 0.300 0.306 Consumption of fixed capital 0.165 0.168 0.174 Taxes on production and imports less subsidies plus business current transfer payments (net) 0.101 0.103 0.105 Net interest and miscellaneous payments 0.037 0.028 0.026 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) 0.133 0.141 0.136 Taxes on corporate income 0.025 0.021 0.023 Profits after tax with inventory valuation and capital consumption adjustments 0.108 0.120 0.114 7,826.8 7,835.0 7,814.8 7,857.3 7,746.0 22 1.104 0.668 0.303 0.172 1.110 0.669 0.304 0.174 1.115 0.670 0.309 0.176 1.119 0.672 0.307 0.176 1.121 0.685 0.315 0.180 0.105 0.026 0.104 0.026 0.107 0.026 0.105 0.026 0.109 27 0.026 28 0.133 0.023 0.138 0.023 0.136 0.021 0.140 0.023 0.121 29 0.020 30 0.110 0.114 0.115 0.116 0.101 31 21 Consumption of fixed capital 2 22 Net value added 3 23 24 25 26 27 28 29 30 31 23 24 25 26 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 2012 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 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis -19- July 30, 2020 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Line 2017 2018 2019 2016 Seasonally adjusted at annual rates 2018 2017 Q3 Q4 Q1 Q2 Q3 Q4 Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 Gross domestic product (GDP) and related aggregates: GDP Goods Services Structures Motor vehicle output GDP excluding motor vehicle output Nonfarm business gross value added Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output 1 2.3 3.5 1.7 3.2 -0.8 2.4 2.8 2.3 1.02 1.04 0.27 -0.02 Q1 Q2 Q3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 5.7 4.1 1.7 3.7 0.7 4.9 9.5 5.5 6.0 4.6 2.0 1.6 2.1 1.5 2.3 0.6 1.2 2.6 2.5 1.8 1.4 -0.4 4.2 6.5 7.5 -0.5 -5.6 7.6 5.8 2.9 7.5 0.3 -0.8 -0.5 -8.5 4.5 -10.6 34.6 6.2 2.7 2.9 2.2 2.3 2.6 2.6 1.6 3.4 3.1 3.7 2.7 3.5 2.5 2.4 3.4 2.4 2.1 3.8 4.7 4.3 3.0 Contributions to percent change in real gross domestic product 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 1.66 1.19 0.52 1.07 0.23 1.39 2.67 1.22 1.00 1.33 0.94 1.43 0.37 0.76 0.12 -0.03 0.34 0.53 0.62 -0.04 -0.49 0.21 0.01 -0.02 -0.02 -0.25 0.12 -0.31 1.62 1.63 0.62 0.82 1.74 1.55 0.49 0.17 2.7 Q4 2020 2019 Q3 2.1 1.3 2.9 3.5 6.9 5.9 2.4 0.5 1.2 -4.1 -10.8 5.3 1.7 10.3 -12.1 2.1 1.1 3.4 2.3 1.4 3.8 1.5 -0.5 2.4 2.1 -1.0 1.6 1.2 2.6 2.4 -5.0 -32.9 4.2 3.2 -3.5 -30.9 1.8 2.1 -7.6 -34.1 2.6 1.5 10.3 -30.7 21.5 -14.6 -24.7 -83.8 2.1 2.9 -4.4 -30.8 2.9 2.8 -6.4 -38.9 2.1 1.5 2.9 1.34 1.02 1.96 1.72 -0.13 1.11 1.46 0.31 0.77 1.45 0.25 -0.36 -0.96 0.44 0.18 0.08 0.05 0.28 -0.36 -0.03 2.6 Q4 2.4 Q1 Line Q2 1.3 Q1 Q2 -5.0 -32.9 1 2 3 4 5 6 7 8 1.23 0.94 -0.98 -7.91 9 1.12 1.29 -4.82 -22.09 10 0.22 0.13 0.85 -2.90 11 0.54 -0.43 -0.73 -3.64 12 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line 1 2 3 4 5 6 7 8 9 2018 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Addenda: Current dollar measures: (Billions of dollars) GDP Gross domestic income Billions of chained (2012) dollars at quarterly rates 2019 Percent change from quarter one year ago 2018 2019 2020 2020 Line Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 4,508.9 4,666.8 4,720.4 4,791.7 4,603.3 4,764.4 4,813.8 4,910.2 4,628.7 4,305.9 3.1 3.0 2.4 2.1 2.1 2.0 2.5 0.6 -9.6 1 3,117.4 3,221.3 3,237.3 3,352.1 3,176.5 3,302.2 3,320.6 3,440.9 3,186.5 2,949.2 2.9 2.9 2.3 1.9 2.5 2.6 2.6 0.3 -10.7 2 4.7 5.9 6.4 4.9 3.1 793.3 838.9 900.5 852.1 832.0 864.8 904.8 841.0 805.8 704.1 0.5 -1.3 -3.1 -18.6 3 -192.4 618.8 811.2 -208.6 649.3 857.9 -242.7 634.0 876.7 -234.0 647.3 881.3 -207.0 619.4 826.4 -241.8 640.5 882.3 -256.5 635.5 892.0 -212.3 651.3 863.5 -181.8 607.4 789.3 -195.7 ........ ........ ........ ........ ........ ........ ........ ........ ........ 484.9 4.6 2.4 0.4 0.1 -1.4 0.2 0.6 -1.9 -24.3 680.6 3.5 5.1 3.4 1.9 2.8 1.7 -2.0 -4.5 -22.9 4 5 6 787.4 810.1 817.4 814.9 798.3 830.8 835.5 839.2 820.2 846.9 1.7 2.5 1.6 1.4 2.6 2.2 3.0 2.7 1.9 7 4,932.2 5,154.6 5,219.5 5,305.6 5,132.2 5,357.3 5,415.4 5,528.3 5,245.5 4,868.9 5,131.8 5,078.6 5,138.0 5,321.5 5,314.7 5,284.9 5,300.5 5,520.4 5,473.7 ............. 5.8 4.6 5.5 5.5 4.9 5.3 4.1 3.6 3.9 4.1 3.8 3.2 4.2 3.7 2.2 -9.1 3.0 ........ 8 9 Source: U.S. Bureau of Economic Analysis -20-
@FedFRASER