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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, December 19, 2024 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Connie O'Connell (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 24–61 gdpniwd@bea.gov cpniwd@bea.gov Connie.OConnell@bea.gov Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2024 Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the third quarter of 2024 (table 1), according to the "third" estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 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 2.8 percent. The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised up (refer to "Updates to GDP"). Real GDP: Percent change from preceding quarter 8 6 4 2 0 -2 Q4 2020 Q1 Q2 Q3 2021 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024 Seasonally adjusted annual rates The increase in real GDP primarily reflected increases in consumer spending, exports, nonresidential fixed investment, and federal government spending. Imports increased (table 2). Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending. These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment. Imports accelerated. Current-dollar GDP increased 5.0 percent at an annual rate, or $358.2 billion, in the third quarter to a level of $29.37 trillion, an upward revision of $20.6 billion from the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA’s website. The price index for gross domestic purchases increased 1.9 percent in the third quarter, the same as the previous estimate (table 4). The personal consumption expenditures (PCE) price index increased 1.5 percent, also the same as previously estimated. Excluding food and energy prices, the PCE price index increased 2.2 percent, an upward revision of 0.1 percentage point. Personal Income Current-dollar personal income increased $191.7 billion in the third quarter, an upward revision of $15.8 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8). Disposable personal income increased $141.5 billion, or 2.7 percent, in the third quarter, an upward revision of $18.6 billion from the previous estimate. Real disposable personal income increased 1.1 percent, an upward revision of 0.3 percentage point. Personal saving was $936.6 billion in the third quarter, an upward revision of $2.1 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 4.3 percent in the third quarter, the same as the previous estimate. Gross Domestic Income and Corporate Profits Real gross domestic income (GDI) increased 2.1 percent in the third quarter, a downward revision of 0.1 percentage point from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.6 percent in the third quarter, an upward revision of 0.1 percentage point from the previous estimate (table 1). Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $15.0 billion in the third quarter, a downward revision of $4.9 billion from the previous estimate (table 10). Profits of domestic financial corporations increased $3.0 billion in the third quarter, an upward revision of $5.6 billion from the previous estimate. Profits of domestic nonfinancial corporations increased $24.9 billion, a downward revision of $5.9 billion. Rest-of-the-world profits decreased $42.9 billion, a downward revision of $4.6 billion. Receipts decreased $61.5 billion, and payments decreased $18.7 billion. Page 2 of 29 Updates to GDP With the third estimate, upward revisions to exports and consumer spending were partly offset by a downward revision to private inventory investment. Imports were revised up. For more information, refer to the Technical Note. For information on updates to GDP, refer to 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 PCE price index excluding food and energy Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) 2.8 2.8 3.1 4.7 4.7 5.0 … 2.2 2.1 … 2.5 2.6 1.8 1.9 1.9 1.5 1.5 1.5 2.2 2.1 2.2 Real GDP by Industry Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 1.5 percent, private servicesproducing industries increased 3.6 percent, and government increased 2.1 percent (table 12). Overall, 16 of 22 industry groups contributed to the Real GDP by Industry third-quarter increase in real GDP. GDP • • Within private goods-producing industries, the leading contributors to the increase were durable goods manufacturing (led by other transportation equipment) and nondurable goods manufacturing (led by chemical products) (table 13). Within private services-producing industries, the leading contributors to the increase were retail trade (led by motor vehicles and parts dealers); health care and social assistance (led by ambulatory health care services); and information (led by data processing, internet publishing, and other information services). Private Services Government 9 6 Percent Change • Private Goods 3 0 -3 2023:Q3 2023:Q4 U.S. Bureau of Economic Analysis 2024:Q1 2024:Q3 Seasonally adjusted annual rates The increase in government was led by an increase in state and local government. Page 3 of 29 2024:Q2 Contributions to Percent Change in Real GDP by Industry Group, 2024:Q3 Real GDP increased 3.1 percent Private goods Private services Retail trade Health care and social assistance Information Professional, scientific, and technical services Wholesale trade State and local government Durable goods manufacturing Nondurable goods manufacturing Transportation and warehousing Real estate and rental and leasing Educational services Management of companies and enterprises Other services, except government Federal government Finance and insurance Mining Accommodation and food services 0.00 Utilities -0.01 Construction -0.01 Arts, entertainment, and recreation -0.03 Administrative and waste management services -0.06 Agriculture, forestry, fishing, and hunting -0.07 Government 1.10 0.35 0.33 0.29 0.19 0.19 0.16 0.16 0.14 0.13 0.05 0.04 0.04 0.04 0.03 0.02 Percentage points U.S. Bureau of Economic Analysis Seasonally adjusted annual rates Gross Output by Industry Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 3.2 percent in the third quarter. Private goods-producing industries increased 0.6 percent, private servicesproducing industries increased 4.0 percent, and government increased 3.5 percent (table 16). Overall, 17 out of 22 industry groups contributed to the increase in real gross output. * * * Next release, January 30, 2025, at 8:30 a.m. EST Gross Domestic Product, Fourth Quarter 2024 and Year 2024 (Advance Estimate) Note: Beginning in January 2025, the GDP news release materials will no longer include separate “Highlights” or “Technical Note” documents as part of the release’s “Related Materials.” Information previously included in the Highlights and the Technical Note will be available in the news release or on BEA’s website. Page 4 of 29 Release Dates in 2025 2024 Q4 and Year 2024 2025 Q1 2025 Q2 2025 Q3 Advance Estimate January 30, 2025 April 30, 2025 July 30, 2025 October 30, 2025 Second Estimate February 27, 2025 May 29, 2025 August 28, 2025 November 26, 2025 March 27, 2025 June 26, 2025 September 25, 2025 December 19, 2025 March 27, 2025 June 26, 2025 September 25, 2025 December 19, 2025 Estimate Gross Domestic Product Third Estimate Gross Domestic Product by Industry Corporate Profits Preliminary Estimate Revised Estimate --- May 29, 2025 August 28, 2025 November 26, 2025 March 27, 2025 June 26, 2025 September 25, 2025 December 19, 2025 Page 5 of 29 Additional Information The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Resources Additional resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on X @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data Application Programming Interface (API). For more on BEA’s statistics, refer to our online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. For more definitions, refer to the Glossary: National Income and Product Accounts. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Page 6 of 29 Statistical conventions Updates to GDP Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ “Why does BEA publish estimates at annual rates?” Quarterly not seasonally adjusted values are expressed only at quarterly rates. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2017). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2017) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. 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. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.7 Second to third 0.3 Note - Based on estimates from 1999 through 2023. For more information on GDP updates, refer to Revision Information on the BEA website. Annual and comprehensive updates are released in late September. Annual updates generally cover at least the five most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. GDP by industry and gross output estimates are released with the third estimate of GDP. Page 7 of 29 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: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Table 9. Corporate Profits: Level and Percent Change Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Appendix Table A. 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 Page 8 of 29 December 19, 2024 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period 2021 2022 2023 2020 Line Q4 Seasonally adjusted at annual rates 2022 2023 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Line Q3 r Gross domestic product (GDP) 6.1 2.5 2.9 4.4 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 1 2 Personal consumption expenditures 8.8 3.0 2.5 5.8 9.5 14.1 3.1 4.4 2.6 1.5 1.2 4.9 1.0 2.5 3.5 1.9 2.8 3.7 2 1 3 4 5 Goods Durable goods 11.3 -0.6 1.9 3.1 17.9 14.4 -9.6 4.6 -1.7 -1.5 -2.3 -0.7 16.6 -1.9 3.9 4.5 31.0 14.7 -24.8 8.6 3.5 3.4 -1.2 3.0 5.6 3 4.2 2.9 -1.8 5.5 7.6 4 2.5 -2.7 -1.2 -2.5 0.1 4.3 2.2 2.5 -0.4 3.1 3.6 -0.8 1.7 4.6 5 3.8 2.1 3.5 3.4 2.7 2.8 6 8.0 10.1 0.7 3.6 8.3 0.8 7 2.6 3.5 6.5 2.3 2.1 8 4.0 9 8.6 0.1 0.8 2.3 10.9 14.2 5.0 2.9 7.1 7 Gross private domestic investment 8.8 6.0 0.1 13.0 -2.4 -6.4 16.3 28.3 7.4 -8.5 -5.7 8 Fixed investment 7.3 2.7 2.4 16.0 8.5 6.0 11.1 Services 9 Nonresidential 6.0 7.0 10 Structures -2.6 3.6 10.8 11 Equipment 6.7 4.4 12 Intellectual property products 13 14 Residential 10.2 11.2 0.4 7.4 -0.3 0.1 -2.2 -1.9 -2.0 17.1 -0.3 7.5 6 Nondurable goods 1.0 5.4 13.9 10.4 9.4 5.5 -2.1 2.9 2.4 4.7 3.5 5.8 -8.9 1.6 2.0 -1.8 -1.9 3.1 8.6 5.3 9.6 8.9 -1.8 3.4 13.6 7.3 7.7 5.7 9.9 1.1 3.8 4.5 3.9 1.8 8.8 0.6 -3.8 -9.5 10.9 8.8 9.2 9.8 14.9 16.4 1.7 6.5 6.3 0.2 -5.0 10 3.5 17.3 5.3 8.7 -10.6 1.1 6.6 1.1 0.9 12.5 -1.1 0.7 0.3 9.8 10.8 11 8.6 12.4 12.6 12.7 8.0 7.9 4.5 3.9 2.8 5.2 7.5 0.7 1.2 -4.5 -11.6 -25.2 -22.8 -4.3 4.5 7.7 2.5 13.7 -2.8 -4.3 13 5.8 10.3 14.3 13.8 10.9 -8.6 -8.3 31.0 8.7 -3.7 -3.4 1.5 16.4 3.1 12 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 17 18 19 20 Exports Goods Services Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 24 Federal National defense 25 Nondefense 26 State and local 6.5 7.5 2.8 26.8 7.7 5.9 2.3 28.5 -1.2 4.0 11.1 0.3 3.2 0.9 25.5 -4.6 12.7 14.5 -1.1 2.0 -4.8 4.9 6.2 1.2 -2.7 27.6 -9.4 10.9 20.3 -5.4 5.3 -10.9 7.5 5.3 -0.2 6.9 16.8 2.6 8.7 -4.5 1.9 1.0 9.6 16 0.9 10.3 17 3.8 22.8 3.3 7.4 8.9 21.1 8.8 0.0 8.0 6.1 1.2 14.7 8.6 -1.2 32.3 8.3 8.3 8.6 20.8 13.4 5.9 -5.4 -4.5 -0.8 -3.1 4.7 4.2 6.1 7.6 10.7 19 14.5 6.7 -1.8 31.3 8.0 5.3 0.9 21.7 13.6 3.1 -8.2 -4.0 5.1 1.8 6.5 8.4 10.7 20 15.7 17.8 1.6 37.6 9.9 25.5 55.3 16.6 12.4 20.4 8.1 -6.9 -4.8 5.0 2.6 14.8 4.8 4.3 11.0 21 -0.3 -1.1 3.9 -1.5 5.2 -4.2 -1.5 -0.3 -3.4 -1.5 1.6 5.4 5.1 2.9 5.7 1.8 3.1 5.1 22 3.1 -8.5 -3.3 -0.4 9.0 4.6 -1.1 5.3 -0.3 -0.4 4.3 8.9 23 7.6 4.9 6.7 -1.3 -2.5 6.4 13.9 24 1.8 -3.2 2.9 0.1 17.2 -8.0 -7.5 -1.0 -3.9 3.2 12.9 -7.9 -2.8 -4.6 -3.7 -11.2 2.0 -2.9 0.1 -5.0 8.4 18 0.8 3.6 5.8 -2.3 2.5 -15.4 63.0 -14.3 -11.3 13.0 -5.0 -9.7 2.9 10.8 4.3 -3.5 3.4 0.9 2.6 1.5 2.6 25 -1.6 4.4 -2.5 -1.6 -1.8 2.7 5.3 5.9 6.1 3.1 2.3 2.9 26 0.2 2.3 -2.3 -0.1 -0.4 3.4 5.4 Addenda: 27 Gross domestic income (GDI) 1 6.6 2.8 1.7 15.1 4.2 5.3 4.4 6.4 1.7 -0.3 3.9 -1.4 1.7 2.1 2.7 5.1 3.0 2.0 2.1 27 28 Average of GDP and GDI 6.3 2.7 2.3 9.6 4.9 5.9 3.9 6.9 0.3 0.0 3.3 1.0 2.3 2.3 3.5 4.1 2.3 2.5 2.6 28 29 Final sales of domestic product 5.8 1.9 3.3 4.9 7.8 8.7 0.4 3.2 -0.9 2.3 3.5 1.9 5.1 2.6 3.0 3.7 2.1 1.9 3.3 29 30 Gross domestic purchases 7.1 2.8 2.3 5.7 6.5 7.0 4.4 7.4 1.4 -0.2 0.2 2.7 2.4 2.5 4.4 3.0 2.2 3.8 3.4 30 31 32 Final sales to domestic purchasers 6.9 2.3 2.7 6.1 8.7 9.2 1.4 3.4 1.5 1.8 0.9 1.3 4.6 2.6 3.1 3.5 2.7 2.8 3.7 31 8.5 3.0 2.5 7.8 9.5 12.3 2.0 4.1 2.5 2.4 0.8 0.6 4.6 2.5 2.6 3.5 2.9 2.7 3.4 32 33 Final sales to private domestic purchasers Gross national product (GNP) 5.7 2.4 2.7 3.9 5.5 3.5 7.8 -1.8 0.9 2.9 2.8 2.1 2.5 4.3 3.1 1.4 2.7 2.4 33 34 Disposable personal income 3.4 -5.5 5.1 -8.0 57.6 -27.7 -4.5 -4.5 -10.9 -1.8 6.6 3.8 10.9 3.4 1.4 3.2 5.6 1.0 1.1 34 5.4 Current-dollar measures: 35 GDP 10.9 36 GDI 11.5 10.1 9.8 5.3 18.3 37 Average of GDP and GDI 11.2 10.0 6.0 12.6 10.3 12.6 10.3 14.5 8.7 38 Final sales of domestic product 10.7 7.0 39 Gross domestic purchases 11.7 9.9 5.8 8.2 11.4 13.4 10.4 15.1 9.6 8.4 5.0 6.4 5.8 4.1 7.1 4.8 5.3 6.4 5.4 39 40 41 Final sales to domestic purchasers 11.4 9.3 6.2 8.7 13.8 15.7 9.8 10.6 5.7 5.1 8.0 4.4 5.8 5.3 5.8 5.3 5.7 40 12.8 10.0 6.3 10.0 14.0 18.8 8.1 11.5 10.9 10.7 6.1 4.6 8.6 4.9 5.0 5.3 5.9 5.3 5.3 41 42 Final sales to private domestic purchasers GNP 10.5 9.7 6.4 9.9 15.5 7.6 6.6 5.9 4.4 7.6 4.7 4.5 5.3 4.4 42 43 Disposable personal income 7.7 0.7 9.0 -6.2 64.8 -23.1 7.9 15.3 6.4 4.1 4.9 9.2 3.6 2.7 43 9.2 6.6 7.3 11.1 13.2 7.3 9.7 7.4 7.2 6.6 4.3 7.7 4.8 4.7 5.6 5.0 35 9.6 12.0 10.8 14.0 10.2 9.1 8.6 2.3 5.5 4.0 6.0 6.7 6.1 4.6 4.1 36 9.4 8.0 4.7 6.0 4.2 6.8 5.8 5.4 5.1 4.6 37 7.5 12.0 8.2 5.8 8.9 4.7 6.3 5.3 5.2 4.5 5.3 38 7.7 13.5 15.6 6.8 10.9 12.0 9.8 15.1 6.7 10.5 7.4 10.7 0.9 6.5 10.4 2.0 -4.0 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis Page 9 of 29 5.6 11.7 December 19, 2024 Table 2. Contributions to Percent Change in Real Gross Domestic Product 2021 2022 2023 2020 Q4 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 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 42 Nonfarm 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services 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 r Revised Source: U.S. Bureau of Economic Analysis 6.1 2.5 5.83 2.50 1.26 0.38 0.23 0.40 2.06 -0.14 -0.16 -0.20 -0.07 0.06 2.9 -0.11 -0.01 0.02 0.13 2.20 2.03 0.34 0.46 0.20 0.28 0.42 -0.01 0.35 Q1 Q2 Q3 4.4 5.6 6.4 3.5 1.72 3.74 0.42 0.69 0.31 0.36 0.08 -0.10 0.03 -0.01 0.18 0.29 6.10 3.80 2.26 1.18 0.52 0.35 9.04 3.19 1.20 0.48 0.06 0.42 2.11 -2.38 -2.43 -1.91 -0.28 -0.25 0.25 0.04 0.01 1.24 0.02 0.12 0.25 0.43 0.17 0.39 3.33 3.67 0.33 0.98 0.38 0.42 0.80 0.19 0.58 Seasonally adjusted at annual rates 2022 2023 2021 0.18 0.33 Q4 Q1 7.4 -1.0 Q2 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Line Q3 r 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 1 1.71 -0.37 -0.18 -0.13 -0.01 -0.11 1.02 -0.54 -0.15 -0.16 -0.04 0.06 0.81 -0.15 -0.16 -0.05 0.01 -0.03 3.27 1.59 1.24 0.75 0.10 0.33 0.65 -0.08 -0.03 -0.19 -0.03 0.21 1.72 0.76 0.32 -0.16 0.09 0.34 2.33 0.73 0.22 -0.15 0.07 0.21 1.30 -0.25 -0.13 -0.20 0.00 -0.04 1.90 0.63 0.40 0.16 0.13 0.11 2.48 1.18 0.54 0.22 0.15 0.16 2 3 4 5 6 7 0.20 0.24 0.01 0.15 -0.03 0.07 -0.01 -0.09 0.05 -0.01 0.05 0.09 0.10 0.00 0.02 1.54 2.00 0.05 0.36 -0.42 -0.19 -0.38 0.01 0.36 -0.05 0.44 0.51 -0.12 0.23 0.63 8 9 3.00 1.05 0.69 0.16 0.01 0.38 0.64 -0.41 0.01 0.08 -0.11 0.07 -0.08 -0.06 0.72 0.33 -0.05 0.03 -0.17 -0.28 0.02 0.18 0.52 0.66 -0.14 -0.02 -0.17 0.12 0.02 -0.12 0.17 0.44 0.18 0.05 -0.10 -0.12 0.16 0.32 0.14 0.57 0.06 0.30 0.02 0.10 1.30 3.05 2.30 5.85 4.48 1.95 1.05 2.09 1.41 3.25 2.76 6.35 4.40 1.68 0.69 1.79 0.06 0.27 0.46 0.19 0.34 0.19 0.67 0.33 0.66 1.66 -0.14 1.38 0.78 0.58 0.05 0.14 0.01 0.22 0.20 1.01 0.95 0.19 -0.05 -0.01 0.10 0.10 0.56 0.82 0.66 0.44 0.04 0.23 0.19 -0.21 0.78 2.09 0.75 -0.01 -0.06 0.98 0.20 0.46 0.24 0.01 0.09 0.16 -0.22 -0.11 0.19 0.76 0.66 0.86 0.82 0.13 0.26 0.23 -0.27 -0.05 -0.06 -0.01 1.55 1.48 -0.05 0.61 -0.01 0.05 0.20 0.18 0.50 -0.07 0.00 0.01 0.06 0.96 1.17 0.30 0.79 -0.02 0.14 -0.04 0.11 -0.10 -0.10 0.09 0.13 0.25 1.67 2.00 -0.22 1.04 0.02 0.16 0.31 0.29 0.41 -0.04 -0.11 0.02 0.08 0.73 0.81 0.06 0.31 0.05 -0.01 -0.11 0.46 0.04 0.09 0.09 -0.07 0.32 0.96 0.95 0.25 0.35 0.00 0.08 0.28 0.07 -0.06 0.08 0.07 0.05 0.32 1.60 1.63 -0.03 0.85 0.11 0.02 0.27 -0.01 0.42 -0.01 0.05 -0.14 -0.02 1.55 1.27 0.09 0.76 0.01 0.07 -0.12 0.31 0.16 0.11 -0.06 0.11 0.07 1.27 0.94 0.23 0.35 0.31 0.05 -0.01 -0.04 0.05 0.14 0.03 0.05 0.41 1.31 1.14 0.10 0.79 -0.10 0.01 0.07 0.21 0.07 10 11 12 13 14 15 16 17 18 19 20 21 22 -0.35 0.18 -0.11 -0.20 -0.46 -0.51 0.08 0.28 0.37 0.30 0.08 -0.21 -0.33 -0.08 0.01 -0.03 0.28 0.33 0.17 23 0.14 0.26 0.15 0.63 -0.53 0.41 0.25 0.53 -0.01 0.08 0.55 0.28 -0.08 0.04 0.05 0.38 0.64 0.17 0.61 24 0.48 1.54 1.28 0.80 -0.08 0.34 0.20 0.07 0.03 0.04 0.53 0.32 0.22 -0.01 0.48 0.26 0.05 0.08 1.07 0.48 0.90 0.10 0.22 0.13 0.04 0.00 0.05 0.58 0.32 0.24 0.03 -0.42 0.59 -0.04 0.26 0.83 0.02 2.32 0.43 2.66 0.81 1.42 0.32 0.04 0.18 0.86 -0.08 0.18 0.01 0.13 0.25 0.41 -0.01 0.13 0.31 0.53 0.16 0.35 0.14 0.17 0.01 0.01 -0.37 1.24 -0.41 -0.34 0.04 -0.02 -0.07 -0.28 1.65 1.25 0.21 0.31 0.22 -0.02 0.08 0.03 0.72 0.49 0.26 -0.03 0.40 -1.93 0.24 0.91 -1.01 0.99 1.17 0.01 0.46 -0.01 0.20 0.33 -0.05 0.70 0.35 0.33 0.02 -0.18 -2.00 -0.09 0.16 2.73 -0.38 -0.21 -0.11 -0.54 -0.08 0.07 -0.51 -0.03 0.44 0.22 0.18 0.04 -0.17 3.10 0.00 0.25 4.68 0.53 0.47 -0.26 0.10 0.49 0.06 -0.42 -0.02 0.63 0.26 0.32 0.05 0.06 4.14 -0.08 -0.38 1.34 1.44 1.66 0.28 0.75 0.34 0.07 0.13 0.20 0.63 0.45 0.20 -0.02 -0.22 -0.10 0.01 -0.21 -1.67 0.35 0.94 0.24 0.05 -0.15 -0.06 0.22 0.05 0.65 0.31 0.27 0.06 -0.59 -2.01 -0.09 0.48 -1.05 -0.33 1.01 0.26 0.33 0.14 -0.06 0.27 -0.03 0.42 0.22 0.16 0.05 -1.34 -0.72 -0.05 0.49 1.08 -0.36 0.76 0.28 0.05 -0.33 0.08 0.32 -0.01 0.42 0.27 0.16 -0.01 -1.12 1.44 0.12 0.25 -1.63 0.53 0.71 0.43 0.04 -0.07 0.02 0.15 -0.06 0.24 0.06 0.18 0.00 -0.18 -2.16 -0.10 0.12 1.42 1.48 1.30 0.49 0.61 -0.07 0.01 0.61 0.06 0.21 0.11 0.09 0.01 0.17 -0.06 0.28 0.04 1.80 0.45 0.16 0.06 -0.05 -0.04 -0.03 0.03 -0.01 0.15 0.14 0.01 0.00 0.30 1.34 0.05 0.41 0.16 0.62 0.52 0.20 0.04 0.16 0.01 -0.17 0.03 0.28 0.21 0.10 -0.02 0.10 -0.47 -0.05 0.36 0.64 1.14 0.61 0.20 0.02 0.06 0.09 -0.15 0.02 0.40 0.24 0.16 0.00 0.53 -0.49 -0.02 -0.16 1.47 0.42 0.53 0.01 0.49 0.13 -0.05 0.41 0.00 0.04 0.05 -0.01 -0.01 -0.11 1.05 0.17 0.44 0.16 0.38 0.55 -0.16 0.54 0.29 0.06 0.25 -0.06 0.17 0.06 0.11 0.00 -0.18 -0.22 0.04 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 0.21 -1.26 0.67 0.54 0.14 -1.93 -1.58 -0.35 0.63 -0.42 0.82 0.45 0.38 -1.24 -0.81 -0.43 -0.45 0.49 0.31 0.17 0.14 0.17 0.22 -0.05 -0.31 -1.38 2.38 1.70 0.68 -3.76 -3.09 -0.68 -2.16 -1.14 0.00 -0.10 0.10 -1.14 -0.94 -0.20 -1.91 -0.82 0.33 0.09 0.24 -1.15 -0.64 -0.51 3.11 -1.10 0.09 -0.19 0.29 -1.19 -0.12 -1.07 4.23 -0.22 2.54 1.87 0.67 -2.77 -2.38 -0.39 -0.11 -2.40 -0.51 -0.74 0.23 -1.90 -1.60 -0.29 -1.92 0.50 1.40 0.84 0.56 -0.90 -0.40 -0.50 -0.67 2.50 1.63 1.53 0.09 0.87 1.08 -0.21 1.32 0.56 -0.12 -0.43 0.31 0.68 0.48 0.21 -2.06 0.33 0.23 0.39 -0.17 0.10 -0.04 0.14 -0.34 -0.11 -0.54 -0.86 0.31 0.44 0.57 -0.13 1.29 -0.10 0.53 0.53 0.00 -0.63 -0.56 -0.07 -0.42 0.09 0.66 0.37 0.29 -0.57 -0.19 -0.38 -0.47 -0.61 0.21 -0.02 0.23 -0.82 -0.69 -0.13 0.88 -0.90 0.12 0.07 0.05 -1.01 -0.90 -0.12 -0.26 -0.43 1.01 0.70 0.31 -1.44 -1.14 -0.29 42 43 44 45 46 47 48 49 -0.05 0.13 -0.04 -0.03 -0.01 0.17 0.13 0.04 -0.18 -0.04 -0.14 -0.20 -0.22 -0.15 -0.15 0.00 -0.07 -0.09 0.03 0.02 0.09 -0.07 0.66 0.19 0.12 0.06 0.05 0.07 0.03 0.04 0.47 0.31 0.16 -0.27 0.02 0.50 0.35 0.15 -0.48 -0.43 -0.06 -0.29 -0.36 0.07 0.95 1.14 -0.33 -0.14 -0.19 1.47 1.40 0.07 -0.19 -0.01 -0.17 -0.78 -0.58 -0.11 -0.09 -0.02 -0.47 -0.53 0.06 -0.20 0.08 -0.28 -0.28 -0.53 -0.18 -0.18 0.00 -0.35 -0.40 0.05 0.26 0.44 -0.19 -0.04 0.21 -0.14 -0.18 0.04 0.35 0.32 0.03 -0.25 -0.12 -0.13 -0.60 -0.58 -0.43 -0.35 -0.08 -0.15 -0.16 0.01 -0.01 -0.04 0.03 -0.27 -0.22 0.07 0.00 0.07 -0.29 -0.30 0.01 -0.05 0.07 -0.12 0.26 -0.04 -0.11 -0.02 -0.09 0.07 0.05 0.02 0.29 0.27 0.02 0.90 0.54 0.26 0.03 0.24 0.28 0.20 0.07 0.36 0.29 0.07 0.84 0.28 0.17 0.18 -0.01 0.11 0.03 0.07 0.56 0.44 0.12 0.48 -0.08 0.03 -0.04 0.07 -0.11 -0.14 0.03 0.56 0.28 0.29 0.94 0.33 0.24 0.22 0.01 0.09 0.10 -0.01 0.62 0.28 0.33 0.61 -0.02 -0.05 -0.05 0.00 0.02 -0.01 0.03 0.63 0.21 0.42 0.30 -0.02 -0.09 -0.01 -0.08 0.07 0.09 -0.02 0.32 0.18 0.14 0.52 0.27 0.23 0.10 0.13 0.04 0.03 0.01 0.25 0.16 0.09 0.86 0.55 0.48 0.32 0.16 0.07 0.06 0.01 0.31 0.22 0.09 50 51 52 53 54 55 56 57 58 59 60 Page 10 of 29 December 19, 2024 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Gross domestic product (GDP) 1 2 Personal consumption expenditures 4 Goods Durable goods 5 6 7 18,822.8 18,929.0 19,170.2 19,424.8 19,682.7 19,938.4 15,621.7 15,646.7 15,781.4 15,856.9 15,967.3 16,113.0 385.5 110.4 145.8 2 6,123.9 6,147.9 6,174.8 6,148.9 6,204.6 6,265.1 5,323.7 5,334.1 5,378.5 5,362.8 5,402.1 5,476.7 97.4 39.3 74.6 3 2,142.6 2,141.7 2,139.3 2,127.3 2,141.8 2,168.4 1,984.3 1,990.5 2,004.5 1,995.7 2,022.3 2,059.8 74.4 26.7 37.4 4 750.0 743.4 730.7 711.9 715.6 723.2 587.0 582.1 573.7 562.5 571.5 584.0 17.6 9.0 12.5 5 Furnishings and durable household equipment 480.4 480.0 479.1 478.3 480.5 489.3 419.0 420.3 424.5 424.6 432.9 442.9 7.6 8.3 9.9 6 635.8 276.4 641.5 276.8 648.2 281.2 651.7 285.5 658.4 287.4 665.3 290.6 723.7 283.0 736.7 282.8 753.7 289.2 750.7 296.7 760.0 296.4 773.1 298.1 52.4 2.8 9.4 -0.4 13.0 1.7 7 8 3,981.3 4,006.2 4,035.4 4,021.5 4,062.8 4,096.7 3,347.2 3,351.6 3,381.7 3,374.5 3,388.6 3,427.0 26.1 14.0 38.4 9 1,444.0 510.1 1,447.6 513.0 1,457.6 514.5 1,464.9 517.3 1,471.4 521.2 1,487.3 523.4 1,152.1 493.8 1,152.9 493.8 1,157.2 498.5 1,156.8 502.2 1,163.0 498.2 1,171.1 500.6 -17.6 4.7 6.2 -4.0 Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 15 Seasonally adjusted at annual rates Motor vehicles and parts Recreational goods and vehicles 8 9 10 Change from preceding period Line 2023 2023 2023 2024 2023 2024 2024 2023 r r r Q3 Q3 Q3 Q3 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q2 27,720.7 27,967.7 28,297.0 28,624.1 29,016.7 29,374.9 22,671.1 22,780.9 22,960.6 23,053.5 23,223.9 23,400.3 636.3 170.4 176.4 1 Seasonally adjusted at annual rates Line 3 Billions of chained (2017) dollars Services Household consumption expenditures (for services) 467.2 476.2 464.0 443.3 456.2 436.6 317.3 315.5 317.7 310.6 316.3 319.1 3.4 5.7 2.7 12 1,560.0 1,569.5 1,599.4 1,596.2 1,614.0 1,649.3 1,393.0 1,399.2 1,419.2 1,417.7 1,422.0 1,447.9 38.4 4.4 25.9 13 12,698.9 12,781.1 12,995.4 13,275.9 13,478.1 13,673.3 10,318.7 10,333.3 10,423.6 10,511.3 10,582.7 10,656.7 287.0 71.4 74.0 14 12,144.8 12,221.7 12,433.4 12,688.9 12,856.8 13,029.8 3,347.7 3,377.4 3,421.2 3,479.7 3,534.0 3,575.3 9,917.5 2,610.6 9,932.7 10,025.3 10,097.7 10,151.0 10,215.7 2,618.5 2,617.1 2,621.9 2,634.2 2,639.3 312.4 12.5 53.3 12.3 64.8 15 5.1 16 3,344.0 2,667.0 2,669.2 2,720.9 2,767.3 2,789.0 2,837.5 153.5 21.7 48.5 17 654.4 481.1 480.3 486.1 486.8 503.7 498.1 3.1 16.8 -5.6 18 773.6 778.9 608.1 610.0 611.1 614.9 617.9 618.2 21.4 3.0 0.3 19 1,409.4 1,417.5 1,431.5 1,053.6 1,055.9 1,070.4 1,063.9 1,063.2 1,067.1 40.4 -0.6 3.9 20 1,459.2 1,614.3 1,516.4 1,643.1 1,535.8 1,662.2 1,572.1 1,673.5 1,131.7 1,375.1 1,139.8 1,367.6 1,139.4 1,392.8 1,156.2 1,402.6 1,153.9 1,405.5 1,165.4 1,409.5 43.4 44.3 -2.2 2.9 11.5 21 4.0 22 559.4 2,046.3 562.0 2,090.7 587.0 2,158.0 621.3 2,190.4 643.5 2,253.6 404.5 1,661.3 404.0 1,657.9 402.4 1,679.1 416.4 1,715.3 432.8 1,724.8 441.3 1,759.3 -22.1 32.2 16.4 9.6 8.5 23 34.5 24 1,485.8 4,984.8 1,486.9 5,063.4 1,528.7 5,102.8 1,571.0 5,159.9 1,569.1 5,297.8 1,610.1 5,345.2 1,259.9 4,169.2 1,256.8 4,237.3 1,280.9 4,244.8 1,302.1 4,282.5 1,292.9 4,369.2 1,318.9 4,377.7 58.3 4.9 -9.3 86.7 26.1 25 8.6 26 16 Housing and utilities 17 Health care 3,057.6 3,068.6 3,148.8 3,233.6 3,274.3 18 Transportation services 616.9 617.1 632.0 637.6 659.4 19 20 Recreation services 739.3 745.1 754.6 769.1 Food services and accommodations 1,364.4 1,373.4 1,403.4 21 Financial services and insurance 1,436.3 1,582.5 1,459.3 1,580.7 554.1 2,039.9 22 23 Other services Final consumption expenditures of 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 8.0 10 2.4 11 27 Fixed investment 4,943.1 4,974.2 5,046.1 5,138.5 5,201.1 5,269.2 4,103.9 4,128.9 4,164.9 4,231.4 4,255.7 4,277.7 96.4 24.3 22.0 27 28 Nonresidential 3,831.6 3,848.8 3,901.5 3,957.8 4,018.5 4,089.4 3,384.5 3,400.9 3,432.9 3,471.0 3,504.1 3,538.8 191.6 33.1 29 Structures 884.1 884.1 905.8 914.9 916.0 908.6 654.3 659.2 669.7 679.9 680.2 671.6 64.0 0.3 34.7 28 -8.6 29 30 31 Equipment 1,425.8 1,437.2 1,443.9 1,458.8 1,499.7 1,548.1 1,285.2 1,292.3 1,294.6 1,295.7 1,326.5 1,361.0 43.0 30.7 34.5 30 483.7 324.0 495.1 323.2 518.4 329.1 491.5 256.0 485.9 255.2 497.7 255.8 502.0 260.9 511.7 258.2 533.3 261.7 -22.1 2.1 9.7 -2.7 21.6 31 3.6 32 Information processing equipment 32 Industrial equipment 468.7 313.1 463.6 313.3 475.3 314.5 33 Transportation equipment 321.7 336.7 327.6 320.6 349.8 372.4 290.2 303.0 292.4 282.7 308.3 324.1 62.7 25.6 15.8 33 34 Other equipment 322.4 323.7 326.6 330.4 331.5 328.2 252.8 252.8 254.7 256.0 255.8 252.4 -1.2 -0.3 1,521.7 1,527.4 1,551.7 1,584.1 1,602.7 1,632.8 1,445.9 1,449.7 1,468.3 1,495.0 1,497.7 1,509.2 78.8 2.7 -3.3 34 11.5 35 35 Intellectual property products 36 Software 645.8 647.3 660.6 675.2 690.7 707.3 722.2 725.6 741.8 760.9 765.3 769.9 48.5 4.3 37 38 Research and development 765.4 769.2 779.7 795.0 798.6 811.6 645.1 645.2 650.9 660.1 659.7 666.6 31.1 -0.3 4.7 36 6.9 37 110.5 1,111.5 111.0 1,125.3 111.5 1,144.7 113.9 1,180.7 113.5 1,182.6 113.8 1,179.7 92.9 762.7 93.5 770.6 92.2 775.5 92.4 800.8 91.9 795.2 91.8 786.5 2.1 -68.9 -0.5 -5.6 -0.1 38 -8.7 39 39 Entertainment, literary, and artistic originals Residential 41.7 89.2 56.7 21.4 96.8 76.0 33.1 67.2 44.6 17.7 71.7 57.9 -86.1 53.9 41 Farm -2.8 0.7 -2.9 -3.5 7.7 9.7 -2.4 -1.3 -3.8 -3.1 2.7 3.7 7.8 5.8 -13.8 40 0.9 41 42 Nonfarm 44.5 88.4 59.6 24.9 89.1 66.3 35.5 68.8 48.6 21.2 68.9 54.0 -92.7 47.7 -15.0 42 40 Change in private inventories 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. Source: U.S. Bureau of Economic Analysis Page 11 of 29 December 19, 2024 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2023 2023 Seasonally adjusted at annual rates 2023 2024 Q1 -841.6 Q2 -906.9 Q3 2023 2024 Q4 -936.7 r Q3 Q1 Q2 -977.0 -1,035.7 -1,069.2 -797.3 Q3 -781.1 -943.7 -932.8 Q3 -938.9 108.9 -58.7 -33.6 43 44 Exports 3,052.5 3,062.0 3,091.7 3,125.4 3,154.3 3,220.3 2,523.8 2,521.5 2,559.6 2,571.8 2,578.4 2,638.2 67.9 6.6 59.8 44 45 Goods 2,022.0 2,025.7 2,034.3 2,037.0 2,053.4 2,088.3 1,694.3 1,691.8 1,713.6 1,712.5 1,716.5 1,759.0 37.4 3.9 42.5 45 46 Services 1,030.5 1,036.3 1,057.4 1,088.4 1,100.9 1,132.0 833.5 833.8 850.0 862.8 865.5 883.0 30.6 2.7 17.6 46 43 Net exports of goods and services Q4 -791.2 r Change from preceding period Line 2024 2023 r Q3 Q2 47 Imports 3,849.8 3,843.1 3,882.9 3,967.0 4,061.2 4,164.0 3,456.6 3,460.4 3,496.3 3,548.7 3,614.0 3,707.4 -41.0 65.3 93.4 47 48 Goods 3,096.1 3,090.8 3,106.5 3,170.1 3,252.8 3,331.8 2,828.2 2,833.7 2,846.1 2,891.1 2,949.9 3,025.6 -52.3 58.8 75.7 48 49 Services 50 Government consumption expenditures and gross investment 51 Federal 753.7 752.4 776.4 796.9 808.4 832.2 629.3 627.7 649.8 657.4 664.4 682.1 10.2 7.0 17.6 49 4,710.5 1,762.6 4,756.4 1,780.9 4,815.2 1,796.2 4,881.0 1,810.3 4,943.0 1,842.2 5,035.0 1,893.4 3,811.8 1,466.1 3,836.3 1,474.8 3,870.7 1,473.5 3,887.7 1,472.2 3,917.0 1,487.8 3,966.2 1,520.0 141.9 41.8 29.3 15.6 49.2 50 32.2 51 52 1,002.1 1,016.6 1,025.4 1,028.4 1,051.5 1,091.3 825.2 833.0 830.3 825.0 838.0 865.7 26.0 13.0 27.8 52 53 Consumption expenditures 783.2 795.5 802.7 810.8 823.7 851.2 633.8 640.2 637.3 636.8 642.5 660.7 14.0 5.6 18.3 53 54 Gross investment 218.9 221.1 222.7 217.6 227.8 240.1 192.4 193.8 194.1 188.9 196.7 206.5 12.5 7.8 9.8 54 760.5 764.3 770.8 781.9 790.7 802.1 640.9 641.8 643.2 647.3 649.8 654.0 15.8 2.5 4.2 55 55 National defense Nondefense 56 Consumption expenditures 537.0 541.1 544.3 556.6 562.7 571.5 444.7 445.9 445.4 450.5 452.2 455.6 6.1 1.7 3.4 56 57 Gross investment 223.5 223.3 226.5 225.3 228.0 230.6 197.0 196.6 198.7 197.5 198.3 199.0 9.9 0.8 0.7 57 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual 2,947.9 2,975.5 3,019.0 3,070.7 3,100.9 3,141.6 2,345.1 2,360.8 2,395.9 2,414.0 2,427.9 2,445.3 99.3 13.9 17.4 58 2,403.8 2,422.4 2,434.7 2,472.7 2,495.7 2,525.0 1,933.9 1,942.6 1,954.6 1,964.6 1,973.4 1,985.8 65.6 8.8 12.3 59 544.1 553.2 584.3 598.0 605.1 616.6 410.2 417.0 439.1 446.8 451.7 456.7 33.0 4.9 4.9 60 ............... ............... ............... ............... ............... ............... -109.0 -103.0 -120.8 -119.2 -114.1 -123.4 ............ ............ ............ 61 Addenda: 62 1 27,476.1 27,627.9 28,082.7 28,499.2 28,821.9 29,111.4 22,471.0 22,504.2 22,786.7 22,953.0 23,068.0 23,190.4 372.2 115.0 122.4 62 27,598.4 27,797.8 28,189.8 28,561.6 28,919.3 29,243.2 22,571.1 22,642.5 22,873.7 23,003.3 23,145.9 23,295.4 504.2 142.7 149.4 63 Final sales of domestic product 27,679.0 27,878.5 28,240.3 28,602.7 28,919.9 29,298.9 22,606.6 22,674.5 22,881.9 23,003.2 23,113.1 23,302.4 725.6 109.9 189.3 64 65 Gross domestic purchases 28,518.1 28,748.8 29,088.1 29,465.6 29,923.6 30,318.6 23,593.1 23,710.4 23,887.4 24,017.2 24,242.6 24,446.9 534.5 225.4 204.3 65 66 Final sales to domestic purchasers 28,476.4 28,659.6 29,031.4 29,444.2 29,826.8 30,242.6 23,528.6 23,603.5 23,808.6 23,967.1 24,131.2 24,348.5 625.0 164.1 217.3 66 67 481.9 134.8 167.8 67 636.3 170.4 176.4 68 131.1 1.5 -58.3 69 71 Final sales to private domestic purchasers 23,765.8 23,903.2 24,216.3 24,563.3 24,883.8 25,207.6 19,725.6 19,775.6 19,946.4 20,088.1 20,222.9 20,390.7 GDP 27,720.7 27,967.7 28,297.0 28,624.1 29,016.7 29,374.9 22,671.1 22,780.9 22,960.6 23,053.5 23,223.9 23,400.3 Plus: Income receipts from the rest of the world 1,411.4 1,455.7 1,454.2 1,493.0 1,504.0 1,442.0 1,219.7 1,254.3 1,247.9 1,271.2 1,272.7 1,214.4 Less: Income payments to the rest of the world 1,311.3 1,355.2 1,359.3 1,410.8 1,444.1 1,428.9 1,133.5 1,167.9 1,166.8 1,201.5 1,222.3 1,203.6 27,820.8 28,068.2 28,391.8 28,706.3 29,076.6 29,388.1 22,769.4 22,879.4 23,054.3 23,136.5 23,288.7 23,427.7 Equals: Gross national product 177.9 592.4 20.8 152.2 -18.7 70 139.0 71 72 Net domestic product 517.9 139.7 146.0 72 63 Gross domestic income (GDI) Average of GDP and GDI 64 68 69 70 23,133.0 23,354.7 23,628.5 23,910.0 24,235.7 24,521.0 18,864.2 18,959.1 19,111.9 19,177.9 19,317.6 19,463.7 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. Source: U.S. Bureau of Economic Analysis Page 12 of 29 December 19, 2024 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 r Gross domestic product (GDP) 4.5 7.1 3.6 2.8 5.2 6.2 6.2 7.0 8.5 9.3 4.5 3.7 3.6 1.9 3.2 1.5 3.0 2.5 1.9 2 Personal consumption expenditures 4.1 6.6 3.8 2.0 4.6 6.4 5.6 6.8 7.7 7.6 4.7 4.0 3.9 2.9 2.7 1.7 3.4 2.5 1.5 2 3 5.0 8.6 1.2 1.4 5.6 8.7 7.3 10.6 12.0 10.5 2.4 0.2 0.8 0.6 0.5 -1.6 -0.5 0.7 -1.6 3 1 Goods 4 Durable goods 5.6 6.5 -0.8 3.1 1.4 13.8 9.5 2.9 -1.4 -0.5 -0.3 -4.3 -3.2 -0.5 -2.6 -2.4 4 5 Nondurable goods 4.6 9.9 2.3 0.4 8.0 5.9 6.1 11.2 13.7 16.0 2.2 1.1 6 Services 9.6 9.0 1.2 1 1.4 1.1 3.2 -0.7 -0.5 2.5 -1.2 5 6 3.7 5.5 5.1 2.3 4.1 5.2 4.8 4.9 5.6 6.1 5.9 6.0 5.6 4.1 3.8 3.2 5.3 3.4 3.0 7 Gross private domestic investment 3.3 7.8 3.2 2.4 2.5 3.1 6.2 8.1 9.7 9.3 7.2 3.6 3.8 -1.0 1.7 2.2 0.9 2.5 3.0 7 8 Fixed investment 3.6 8.0 3.3 2.3 2.8 3.9 7.0 8.2 9.7 9.8 7.0 3.8 3.5 -0.1 1.4 2.3 0.9 2.6 3.2 8 1.2 6.1 3.5 0.8 -0.2 0.3 4.3 6.8 6.9 8.0 6.5 3.4 5.5 0.5 1.7 1.3 2.3 3.1 9 6.1 9.0 23.7 17.2 17.9 17.0 8.1 6.0 -1.1 -3.8 3.4 -2.0 0.3 1.9 10 5.3 5.3 7.7 9.0 6.4 5.9 7.0 0.2 2.5 1.1 3.8 1.7 2.5 11 1.0 0.5 1.2 2.3 1.3 -1.5 3.9 1.0 1.1 1.2 1.0 4.0 4.4 12 5.5 -2.9 -1.2 4.9 4.5 -0.4 3.5 3.5 13 9 Nonresidential 10 Structures 11 Equipment 0.4 12 Intellectual property products 0.8 10.9 13.8 13 14 Residential 3.3 16.1 5.5 -1.3 0.5 6.2 4.6 -2.4 2.3 -2.9 1.1 1.4 5.1 -3.1 2.8 7.0 11.8 14.9 15.1 12.5 18.1 15.0 0.4 8.7 0.2 Change in private inventories ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 14 15 Net exports of goods and services ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 15 16 11.6 Exports 17 Goods 18 Services 19 20 Imports 6.5 6.1 7.2 4.2 6.4 20.7 18.5 9.7 6.7 18.0 19.9 -9.1 -5.9 -0.1 -3.6 4.1 -2.1 2.5 2.7 -0.9 16 7.1 26.1 24.0 11.1 7.4 23.2 26.5 -13.9 -11.2 -3.0 -6.4 4.4 -3.4 0.8 2.3 -3.0 17 5.1 10.3 7.5 6.7 5.3 7.4 6.6 2.5 6.3 6.1 2.0 3.5 0.3 5.8 3.4 7.2 -2.0 3.1 12.0 12.7 5.9 6.7 13.4 11.6 -4.7 -4.5 -1.6 -4.6 0.1 0.0 2.6 2.1 -0.2 19 3.1 18 7.6 7.5 -3.2 2.7 13.3 13.6 5.7 7.2 15.5 12.2 -6.8 -7.0 -2.6 -5.6 0.1 0.3 1.8 2.3 -0.5 20 21 Services 22 Government consumption expenditures and gross investment 5.4 6.0 3.1 4.9 5.5 8.8 6.8 4.6 4.1 8.8 5.2 7.1 2.8 0.0 -1.2 5.9 1.5 1.1 21 5.4 7.2 1.8 4.2 6.8 6.7 5.9 7.0 8.4 11.7 2.3 2.2 0.2 -1.0 4.0 3.7 2.1 2.4 22 23 3.4 5.8 4.3 3.0 3.1 4.4 4.8 5.0 6.6 7.5 5.3 4.1 4.3 3.5 3.8 3.8 3.6 2.8 2.4 23 3.7 6.5 4.4 3.0 4.3 4.7 4.7 5.2 8.7 9.5 3.9 3.8 3.6 4.4 4.5 4.9 3.8 2.7 1.9 24 5.2 2.4 3.0 24 Goods 9.8 -1.6 14.1 11.6 -4.3 Federal National defense 0.0 1.3 25 Nondefense 2.9 4.8 4.3 3.1 1.5 3.9 5.0 4.8 3.8 4.9 7.2 4.6 2.5 3.2 3.0 3.2 25 26 State and local 6.7 8.0 0.4 5.0 9.2 8.1 6.6 8.1 9.6 14.3 0.6 1.1 -2.1 -3.7 4.0 -0.1 3.9 1.6 2.4 26 2.0 27 Addenda: 27 Final sales of domestic product 4.6 7.2 3.6 2.7 5.3 6.3 6.3 7.1 8.5 9.4 4.5 3.8 3.6 2.0 3.2 1.5 3.0 2.5 28 Gross domestic purchases 4.2 6.9 3.3 2.4 4.6 5.9 5.8 7.0 8.2 8.5 4.7 3.6 3.3 1.6 2.7 1.7 3.0 2.4 1.9 28 29 Final sales to domestic purchasers 4.3 6.9 3.4 2.4 4.7 6.0 5.9 7.0 8.2 8.6 4.7 3.7 3.2 1.7 2.7 1.7 3.0 2.5 2.0 29 30 Final sales to private domestic purchasers 4.0 6.9 3.7 2.0 4.2 5.9 5.9 7.1 8.1 8.0 5.2 4.0 3.9 2.3 2.4 1.8 2.9 2.5 1.9 30 31 Gross national product (GNP) 4.5 7.1 3.6 2.7 5.2 6.2 6.2 7.0 8.5 9.3 4.5 3.7 3.6 1.9 3.2 1.5 3.0 2.5 1.9 31 32 33 GDP excluding food and energy 1 Gross domestic purchases excluding food and energy 1 4.1 6.3 3.9 2.6 4.2 5.9 5.6 6.5 7.0 7.4 5.3 4.1 4.2 2.5 2.8 2.4 3.1 2.7 2.5 32 3.9 6.2 3.5 2.4 3.9 5.6 5.4 6.2 7.2 7.0 5.0 4.0 3.6 2.2 2.5 1.9 3.2 2.6 2.4 33 34 PCE excluding food and energy 1 3.6 5.4 4.1 1.8 3.4 5.9 4.9 5.3 6.1 4.8 5.2 4.7 4.7 3.8 2.4 2.0 3.7 2.8 2.2 34 35 Market-based PCE 2 Market-based PCE excluding food and energy 1,2 3.6 6.4 3.6 1.4 4.0 5.7 5.1 6.5 7.8 7.9 4.6 3.6 3.8 2.6 2.6 1.9 2.8 2.1 1.3 35 2.9 5.0 4.0 1.1 2.5 5.0 4.2 4.8 5.9 4.8 5.2 4.3 4.7 3.7 2.1 2.4 3.1 2.3 2.0 36 36 Implicit price deflators: 37 GDP 4.6 7.1 3.6 2.7 5.2 6.3 6.1 7.1 8.4 9.4 4.6 3.7 3.7 1.8 3.2 1.6 3.0 2.5 1.9 37 38 Gross domestic purchases 4.2 6.9 3.4 2.4 4.6 6.0 5.7 7.1 8.1 8.6 4.8 3.6 3.3 1.5 2.7 1.7 3.0 2.5 1.9 38 39 GNP 4.6 7.1 3.6 2.7 5.2 6.3 6.1 7.1 8.4 9.4 4.6 3.7 3.7 1.8 3.2 1.6 3.0 2.5 1.9 39 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. Source: U.S. Bureau of Economic Analysis Page 13 of 29 December 19, 2024 Table 5. Real Gross Domestic Product: Annual Percent Change Percent change from fourth quarter to fourth quarter one year ago Percent change from preceding year Line Line 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023 1 Gross domestic product (GDP) 2 Personal consumption expenditures (PCE) 3 Goods 1.8 2.5 3.0 2.6 -2.2 6.1 2.5 2.9 2.2 3.0 2.1 3.4 -1.0 5.7 1.3 3.2 2.5 2.6 2.7 2.1 -2.5 8.8 3.0 2.5 2.5 3.1 2.0 2.8 -0.8 7.7 1.6 3.0 2 3.6 4.1 4.0 3.1 4.6 11.3 -0.6 1.9 3.7 5.4 2.1 3.8 8.6 6.3 -1.5 3.4 3 4 1 4 Durable goods 5.4 6.8 6.6 3.3 7.1 16.6 -1.9 3.9 6.5 8.6 2.8 5.2 14.4 5.2 -1.5 5.8 5 Nondurable goods 2.8 2.8 2.6 3.0 3.4 8.6 0.1 0.8 2.3 3.8 1.8 3.1 5.6 6.8 -1.6 2.2 5 1.9 1.9 2.2 1.7 -5.8 7.5 5.0 2.9 1.9 2.0 2.0 2.4 -5.1 8.4 3.2 2.8 6 -0.1 4.4 5.8 3.2 -4.5 8.8 6.0 0.1 2.3 4.9 4.7 1.2 2.5 8.1 -0.5 2.2 7 2.9 4.5 5.1 2.7 -1.9 7.3 2.7 2.4 3.5 5.5 3.3 2.9 1.1 3.8 1.6 4.4 8 9 6 Services 7 Gross private domestic investment 8 Fixed investment 9 Nonresidential 1.8 4.6 6.9 3.8 -4.6 6.0 7.0 6.0 3.3 5.6 5.6 3.1 -3.3 4.9 8.5 5.0 10 Structures -3.1 2.6 5.8 2.3 -9.2 -2.6 3.6 10.8 3.7 -0.4 3.5 5.9 -13.8 -1.2 9.7 9.7 10 11 Equipment -0.9 3.8 5.9 1.0 -10.1 6.7 4.4 3.5 -0.9 7.5 3.3 -2.2 -3.5 1.0 6.1 3.1 11 12 Intellectual property products 9.5 6.9 8.9 8.2 4.5 10.2 11.2 5.8 9.0 7.2 9.9 7.8 3.3 12.3 10.3 4.1 12 7.1 4.3 -0.7 -0.9 7.7 10.9 -8.6 -8.3 4.5 5.1 -4.1 2.3 16.6 0.6 -16.4 2.5 13 13 Residential Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 15 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 14 16 Exports 0.5 4.1 2.9 0.5 -13.1 6.5 7.5 2.8 1.4 6.1 0.3 1.1 -9.9 7.0 5.0 17 Goods 0.6 4.1 4.2 0.2 -10.1 7.7 5.9 2.3 2.4 6.1 1.6 0.2 -4.5 5.6 3.4 1.5 17 18 Services 0.2 4.1 0.3 1.2 -18.7 4.0 11.1 3.8 -0.6 6.0 -1.9 2.7 -19.5 10.0 8.6 2.9 18 1.5 4.7 4.0 1.2 -9.0 14.7 8.6 -1.2 2.2 5.8 3.0 -1.8 0.0 11.4 2.0 1.2 19 1.1 4.5 5.1 0.5 -5.9 14.5 6.7 -1.8 2.7 5.5 3.7 -2.6 5.1 8.7 0.8 0.4 20 3.0 5.7 -0.6 4.0 -21.8 15.7 17.8 1.6 0.2 7.1 -0.1 1.5 -20.4 25.7 8.0 4.2 21 19 20 Imports Goods Services 21 22 Government consumption expenditures and gross investment 23 Federal 2.0 16 2.0 0.6 2.0 3.9 3.4 -0.3 -1.1 3.9 1.5 1.0 1.9 4.8 1.3 -0.3 0.5 4.3 22 0.6 0.5 3.5 3.8 6.3 1.8 -3.2 2.9 0.2 1.4 3.5 4.0 5.1 0.7 -1.0 2.1 23 24 National defense -0.5 1.0 3.5 5.4 3.0 -1.0 -3.9 3.2 -0.5 2.1 4.5 4.3 4.2 -4.8 -1.4 2.7 24 25 Nondefense 2.2 -0.2 3.4 1.6 11.2 5.8 -2.3 2.5 1.2 0.4 2.1 3.5 6.4 8.8 -0.5 1.2 25 26 State and local 2.8 0.6 1.1 3.9 1.7 -1.6 0.2 4.4 2.2 0.8 0.9 5.3 -1.0 -0.9 1.4 5.7 26 Addenda: 27 Gross domestic income (GDI) 1 1.0 2.4 3.0 2.6 -2.4 6.6 2.8 1.7 1.3 3.0 2.8 2.6 0.1 5.1 1.0 2.9 27 28 Average of GDP and GDI 1.4 2.4 3.0 2.6 -2.3 6.3 2.7 2.3 1.7 3.0 2.4 3.0 -0.5 5.4 1.1 3.1 28 29 Final sales of domestic product 2.4 2.5 2.9 2.5 -1.7 5.8 1.9 3.3 2.4 3.1 1.9 3.7 -1.3 5.0 1.7 3.6 29 30 Gross domestic purchases 1.9 2.6 3.1 2.6 -1.9 7.1 2.8 2.3 2.3 3.0 2.5 2.9 0.1 6.4 1.0 3.1 30 31 Final sales to domestic purchasers 2.4 2.6 3.0 2.5 -1.4 6.9 2.3 2.7 2.5 3.1 2.2 3.2 -0.1 5.6 1.4 3.5 31 32 Final sales to private domestic purchasers 2.5 3.0 3.2 2.3 -2.4 8.5 3.0 2.5 2.7 3.6 2.3 2.9 -0.4 6.9 1.6 3.3 32 33 34 Gross national product 1.8 2.7 2.9 2.5 -2.5 5.7 2.4 2.7 2.4 3.3 1.8 3.2 -1.4 5.5 1.2 3.0 33 Real disposable personal income 1.9 3.1 3.6 3.1 6.3 3.4 -5.5 5.1 1.8 3.5 4.0 2.3 4.5 1.0 -0.8 4.6 34 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding food and energy 2 0.7 1.8 2.2 1.4 1.3 4.2 6.9 3.3 1.2 1.9 2.1 1.3 1.6 5.8 6.3 2.3 35 1.0 1.7 2.1 1.6 1.5 3.9 6.2 3.5 1.4 1.7 2.2 1.4 1.8 5.3 5.8 2.6 36 37 GDP 1.0 1.8 2.3 1.7 1.3 4.5 7.1 3.6 1.4 1.9 2.2 1.5 1.7 6.2 6.5 2.6 37 38 GDP excluding food and energy 2 1.2 1.8 2.3 1.8 1.5 4.1 6.3 3.9 1.6 1.9 2.4 1.6 1.8 5.5 6.0 3.0 38 39 PCE 1.0 1.7 2.0 1.4 1.1 4.1 6.6 3.8 1.5 1.7 2.0 1.4 1.2 5.8 6.0 2.8 39 40 PCE excluding food and energy 2 1.6 1.6 1.9 1.6 1.3 3.6 5.4 4.1 1.8 1.6 2.0 1.6 1.4 4.9 5.2 3.2 40 0.7 1.4 1.8 1.3 1.0 3.6 6.4 3.6 1.1 1.4 1.7 1.3 1.0 5.3 6.0 2.7 41 1.3 1.2 1.6 1.5 1.3 2.9 5.0 4.0 1.4 1.2 1.7 1.5 1.3 4.1 5.0 3.2 42 41 42 3 Market-based PCE Market-based PCE excluding food and energy 2,3 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 preceding year columns are calculated from annual data. Estimates under the Percent change from 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 Page 14 of 29 December 19, 2024 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2020 Line Q4 Gross domestic product (GDP) 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Q3 r Line -1.0 1.8 12.2 5.0 5.7 4.0 2.5 2.3 1.3 2.3 2.8 3.2 3.2 2.9 3.0 2.7 2 Personal consumption expenditures (PCE) -0.8 3.2 16.9 8.0 7.7 5.5 2.8 2.4 1.6 2.6 2.2 2.4 3.0 2.2 2.7 3.0 2 3 8.6 13.8 20.5 5.9 6.3 1.6 -2.2 -0.2 -1.5 0.7 1.0 2.4 3.4 1.3 2.1 2.7 3 2.5 1 Goods 4 Durable goods 5 Nondurable goods 4.3 5.2 -1.6 -5.4 2.9 4.5 5.8 1.2 2.6 3.5 4 6.8 14.2 6.8 6.8 3.4 -0.3 -1.0 -1.6 -0.3 -0.1 1.3 2.2 1.4 1.9 2.2 5 -5.1 -1.7 15.0 9.2 8.4 7.7 2.8 2.4 2.8 2.7 2.9 3.1 6 7 Gross private domestic investment 2.5 4.5 19.4 4.7 8.1 10.7 10.0 4.4 -0.5 -4.5 -0.5 3.4 2.2 5.5 5.6 3.3 7 8 Fixed investment 1.1 4.2 14.6 7.0 3.8 3.6 2.8 4.4 5.3 3.7 3.6 8 -3.3 0.8 12.0 6.8 4.9 9 6 Services 14.4 28.3 33.3 5.6 9 Nonresidential 10 Structures 11 Equipment -3.5 3.5 19.2 12 Intellectual property products 3.3 13 14 Residential 5.4 2.7 1.1 -1.5 1 3.7 3.2 3.5 1.6 0.3 1.9 3.0 6.5 7.1 5.9 5.5 7.9 8.5 5.4 5.0 4.8 3.3 4.1 1.7 -1.2 -0.7 1.3 4.5 9.7 10.6 12.5 10.5 9.7 7.6 3.6 1.9 10 4.7 1.7 6.2 6.1 2.4 5.2 3.2 3.1 3.0 2.4 5.3 11 5.3 11.5 11.7 12.3 11.8 11.5 11.4 10.3 8.2 6.1 4.8 4.1 4.9 4.0 4.1 12 0.6 -2.6 -4.7 -10.6 -16.4 -16.4 -12.8 -4.5 2.5 7.0 5.1 2.1 13 -13.8 -10.9 1.0 16.6 15.2 22.9 7.3 1.0 3.5 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 Exports 17 Goods 18 Services 19 20 Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 Federal -9.9 -5.8 20.4 7.3 7.0 5.7 8.0 11.5 5.0 6.8 2.4 0.2 2.0 2.0 3.5 -4.5 -3.5 27.4 5.8 5.6 3.3 5.7 11.4 3.4 7.4 1.7 -1.2 1.5 0.1 3.3 4.0 17 8.3 10.4 10.0 10.9 13.3 11.6 8.6 5.6 3.7 2.9 5.7 3.8 5.9 18 -19.5 -10.2 0.0 5.9 30.3 13.9 11.4 12.6 12.0 3.1 4.6 16 8.2 2.0 -1.3 -3.5 -1.0 1.2 2.9 5.6 7.1 19 5.1 10.0 31.6 10.8 8.7 10.1 9.5 6.9 -20.4 -11.6 24.1 31.0 25.7 26.4 25.1 14.3 0.8 -2.3 -4.3 -1.0 8.0 3.6 0.1 -1.2 0.4 4.2 2.0 6.7 5.4 6.5 6.8 20 8.7 21 1.3 1.5 -1.7 -0.6 -0.3 -2.4 -1.7 -0.9 5.1 8.2 -1.3 0.5 2.6 3.7 4.8 4.3 3.5 3.5 3.4 22 0.7 -5.3 -4.2 -2.4 -1.0 2.4 2.9 4.4 2.1 0.8 2.2 1.5 3.1 23 0.2 -0.9 -4.8 -5.6 -4.5 -4.1 -1.4 2.8 2.5 5.0 2.7 0.9 2.2 3.9 24 1.8 3.5 3.6 1.2 0.8 2.1 1.9 25 2.7 4.2 5.0 5.7 5.1 4.3 3.6 26 24 National defense 4.2 25 Nondefense 6.4 18.2 -3.2 26 State and local 0.0 1.2 8.8 -4.9 -3.7 -0.1 -0.5 -1.0 -2.4 -2.0 -0.9 -0.9 -0.5 -0.1 0.0 1.4 Addenda: 27 Gross domestic income (GDI) 1 0.1 1.7 12.9 7.2 5.1 4.5 3.0 2.9 1.0 1.0 1.6 1.3 2.9 3.2 3.2 3.0 27 28 Average of GDP and GDI -0.5 1.8 12.6 6.1 5.4 4.2 2.8 2.6 1.1 1.6 2.2 2.3 3.1 3.1 3.1 2.9 28 29 Final sales of domestic product -1.3 1.7 11.5 5.4 5.0 2.8 1.2 2.0 1.7 3.2 3.3 3.2 3.6 2.9 2.7 2.8 29 30 Gross domestic purchases 0.1 3.1 13.6 5.9 6.4 5.0 3.2 2.2 1.0 1.3 1.9 3.0 3.1 3.0 3.3 3.1 30 31 Final sales to domestic purchasers -0.1 3.1 12.9 6.3 5.6 3.8 2.0 1.9 1.4 2.2 2.4 2.9 3.5 3.0 3.0 3.2 31 32 Final sales to private domestic purchasers -0.4 3.4 16.4 7.8 6.9 5.1 2.8 2.5 1.6 2.1 2.1 2.5 3.3 2.9 2.9 3.1 32 33 Gross national product -1.4 1.3 11.9 4.6 5.5 3.7 2.5 2.4 1.2 2.2 2.6 2.9 3.0 2.8 2.9 2.4 33 34 Real disposable personal income 4.5 16.3 -2.4 0.0 1.0 -12.5 -5.5 -2.9 -0.8 4.8 6.1 4.8 4.6 3.4 2.8 2.7 34 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding 1.6 2.3 4.0 4.7 5.8 6.7 7.4 7.1 6.3 5.0 3.3 2.8 2.3 2.3 2.5 2.3 35 1.8 2.2 3.7 4.3 5.3 6.1 6.4 6.3 5.8 4.9 3.7 3.1 2.6 2.4 2.6 2.5 36 37 food and energy 2 GDP 1.7 2.5 4.4 5.1 6.2 7.0 7.8 7.3 6.5 5.3 3.4 3.1 2.6 2.4 2.6 2.2 37 38 GDP excluding food and energy 2 1.8 2.3 4.0 4.6 5.5 6.2 6.6 6.5 6.0 5.3 4.0 3.4 3.0 2.7 2.8 2.7 38 39 PCE 1.2 2.0 4.0 4.6 5.8 6.6 6.9 6.7 6.0 5.0 3.9 3.4 2.8 2.7 2.6 2.3 39 40 PCE excluding food and energy 2 1.4 1.9 3.5 4.0 4.9 5.6 5.3 5.4 5.2 4.9 4.6 3.9 3.2 3.0 2.7 2.7 40 41 Market-based PCE 3 1.0 1.7 3.4 4.0 5.3 6.3 6.8 6.7 6.0 5.0 3.7 3.1 2.7 2.5 2.3 2.0 41 42 Market-based PCE excluding food and energy 2,3 1.3 1.5 2.7 3.2 4.1 5.0 4.9 5.2 5.0 4.7 4.5 3.7 3.2 2.8 2.5 2.4 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. Source: U.S. Bureau of Economic Analysis Page 15 of 29 December 19, 2024 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2021 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 4 Equals: Gross national product 5 Less: Consumption of fixed capital 6 Less: Statistical discrepancy 2022 2023 2023 Line 2024 Q3 r Q3 Q4 Q1 Q2 23,681.2 26,006.9 27,720.7 27,967.7 28,297.0 28,624.1 29,016.7 29,374.9 1 1,083.5 1,219.2 1,411.4 1,455.7 1,454.2 1,493.0 1,504.0 1,442.0 2 930.8 1,069.9 1,311.3 1,355.2 1,359.3 1,410.8 1,444.1 1,428.9 3 23,833.8 26,156.2 27,820.8 28,068.2 28,391.8 28,706.3 29,076.6 29,388.1 4 3,871.4 4,313.4 4,587.7 4,613.0 4,668.5 4,714.1 4,781.0 4,853.9 5 1.6 -75.6 244.6 339.8 214.3 124.9 194.8 263.5 6 7 Equals: National income 19,960.9 21,918.4 22,988.4 23,115.4 23,509.1 23,867.3 24,100.8 24,270.7 7 8 12,557.0 13,436.7 14,190.2 14,311.4 14,481.2 14,823.7 14,945.6 15,092.1 8 10,315.6 11,123.1 11,725.2 11,824.0 11,955.3 12,251.0 12,343.0 12,456.5 9 Compensation of employees 9 Wages and salaries 10 11 Supplements to wages and salaries 12 13 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 2,241.4 2,313.6 2,464.9 2,487.5 2,525.9 2,572.8 2,602.6 2,635.7 10 1,815.3 772.3 1,873.6 870.3 1,949.0 989.1 1,954.6 995.0 1,970.1 1,972.1 2,002.3 1,013.6 1,046.1 1,053.4 2,013.5 11 1,055.7 12 14 Net interest and miscellaneous payments 3,077.6 467.1 3,316.7 461.5 3,546.5 319.9 3,587.0 264.2 3,749.9 273.1 3,684.8 228.3 3,817.2 203.8 3,802.2 13 181.9 14 15 Taxes on production and imports less subsidies 1,090.2 1,722.2 1,790.3 1,791.5 1,814.0 1,841.1 1,860.3 1,883.1 15 16 Business current transfer payments (net) 192.4 245.2 236.2 247.6 245.3 311.7 259.8 282.4 16 Current surplus of government enterprises -11.0 -7.9 -32.8 -35.9 -38.2 -40.5 -41.8 -40.2 17 17 Addenda: 18 Gross domestic income (GDI) 23,679.6 26,082.5 27,476.1 27,627.9 28,082.7 28,499.2 28,821.9 29,111.4 18 19 Average of GDP and GDI 23,680.4 26,044.7 27,598.4 27,797.8 28,189.8 28,561.6 28,919.3 29,243.2 19 20 Statistical discrepancy as a percentage of GDP 0.0 r Revised Source: U.S. Bureau of Economic Analysis Page 16 of 29 -0.3 0.9 1.2 0.8 0.4 0.7 0.9 20 December 19, 2024 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 21,419.5 22,088.9 23,402.5 12,557.0 13,436.7 14,190.2 10,315.6 11,123.1 11,725.2 8,770.5 9,499.0 9,992.5 1,605.5 1,744.2 1,847.2 961.9 1,034.9 1,084.0 7,165.0 7,754.7 8,145.2 1,596.7 1,717.9 1,797.8 5,568.3 6,036.9 6,347.5 1,545.1 1,624.2 1,732.8 2,241.4 2,313.6 2,464.9 1,534.7 1,548.3 1,643.9 706.7 765.3 821.0 Seasonally adjusted at annual rates 2023 2024 Q3 Q4 Q1 Q2 Q3 r 23,532.4 23,807.8 24,344.2 24,574.0 24,765.8 14,311.4 14,481.2 14,823.7 14,945.6 15,092.1 11,824.0 11,955.3 12,251.0 12,343.0 12,456.5 10,073.0 10,174.7 10,434.7 10,499.7 10,589.9 1,863.6 1,884.0 1,928.3 1,910.6 1,914.3 1,093.4 1,102.8 1,123.2 1,107.1 1,106.2 8,209.4 8,290.7 8,506.4 8,589.1 8,675.6 1,809.3 1,823.9 1,858.5 1,870.4 1,887.3 6,400.1 6,466.8 6,648.0 6,718.7 6,788.3 1,751.0 1,780.7 1,816.2 1,843.3 1,866.6 2,487.5 2,525.9 2,572.8 2,602.6 2,635.7 1,657.9 1,687.4 1,722.7 1,750.3 1,776.6 829.6 838.5 850.1 852.3 859.0 1,815.3 75.5 1,739.7 772.3 3,180.7 1,480.3 1,700.5 4,653.7 4,561.0 1,114.6 878.9 736.5 317.3 153.0 1,360.7 92.7 1,559.5 2,705.1 18,714.4 16,618.7 16,113.9 5,500.4 1,990.3 3,510.1 10,613.6 277.8 227.0 122.8 104.2 2,095.7 11.2 1,954.6 66.2 1,888.3 995.0 3,836.2 1,908.7 1,927.5 4,268.3 4,147.5 1,360.7 1,019.9 867.2 34.7 200.8 664.2 120.9 1,833.2 2,866.0 20,666.4 19,723.5 18,929.0 6,147.9 2,141.7 4,006.2 12,781.1 529.5 265.0 136.0 129.0 942.9 4.6 2021 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 2 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security 3 24 Medicare 4 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 5 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2017) dollars 6 Disposable personal income: 46 Total, billions of chained (2017) dollars 6 Per capita: 47 Current dollars 48 Chained (2017) dollars 49 Population (midperiod, thousands) 7 2022 1,873.6 95.9 1,777.6 870.3 3,474.0 1,634.9 1,839.2 4,139.2 4,013.8 1,211.5 935.0 814.4 23.8 168.8 860.3 125.4 1,704.8 3,244.9 18,844.0 18,277.9 17,690.8 5,939.1 2,078.0 3,861.0 11,751.8 334.4 252.6 131.5 121.1 566.1 3.0 2023 1,949.0 71.3 1,877.7 989.1 3,822.9 1,892.0 1,930.9 4,268.0 4,146.5 1,357.0 1,009.5 878.1 33.2 196.9 671.7 121.6 1,816.6 2,855.7 20,546.8 19,579.6 18,822.8 6,123.9 2,142.6 3,981.3 12,698.9 493.1 263.7 135.5 128.1 967.2 4.7 1,970.1 50.2 1,920.0 1,013.6 3,919.1 1,965.3 1,953.8 4,276.5 4,156.5 1,374.0 1,035.3 856.2 35.3 206.7 649.1 120.0 1,852.8 2,894.3 20,913.5 19,971.3 19,170.2 6,174.8 2,139.3 4,035.4 12,995.4 532.2 268.9 136.9 132.0 942.2 4.5 1,972.1 38.5 1,933.6 1,046.1 3,938.9 1,951.0 1,988.0 4,446.1 4,314.6 1,426.5 1,049.2 904.8 34.9 211.7 687.4 131.5 1,882.9 2,965.6 21,378.6 20,230.5 19,424.8 6,148.9 2,127.3 4,021.5 13,275.9 534.4 271.4 137.9 133.5 1,148.1 5.4 2,002.3 41.1 1,961.2 1,053.4 3,950.2 1,966.2 1,984.0 4,512.3 4,380.1 1,439.7 1,067.1 924.7 34.9 216.7 696.8 132.3 1,889.9 3,005.4 21,568.6 20,507.5 19,682.7 6,204.6 2,141.8 4,062.8 13,478.1 551.7 273.1 139.0 134.1 1,061.1 4.9 2,013.5 46.4 1,967.1 1,055.7 3,938.8 1,966.3 1,972.4 4,570.4 4,437.8 1,453.1 1,090.2 932.4 35.7 221.5 704.8 132.6 1,904.8 3,055.6 21,710.2 20,773.6 19,938.4 6,265.1 2,168.4 4,096.7 13,673.3 560.5 274.7 140.3 134.4 936.6 4.3 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 15,385.4 15,459.2 15,880.4 15,923.6 16,078.6 16,243.2 16,274.7 16,320.7 45 17,173.6 16,229.4 17,052.5 17,082.8 17,216.5 17,451.8 17,497.2 17,544.8 46 56,306 56,492 61,296 61,612 62,257 63,569 64,060 64,387 47 51,670 48,654 50,871 50,928 51,251 51,892 51,968 52,033 48 332,367 333,568 335,208 335,430 335,923 336,308 336,692 337,184 49 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. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 3. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 4. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 5. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 6. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 7. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Source: U.S. Bureau of Economic Analysis Page 17 of 29 December 19, 2024 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Line 2021 2022 2023 2022 2023 2023 Q3 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 4 5 Net dividends Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 7 8 9 Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed capital Less: Capital transfers paid (net) 2024 Q4 Q1 Q2 2023 Q3 r 3,077.6 3,316.7 3,546.5 3,587.0 3,749.9 3,684.8 3,817.2 3,802.2 464.2 579.3 624.7 Quarter one year ago Line Quarterly rates Seasonally adjusted at annual rates 633.9 648.0 648.0 675.7 673.7 Q4 2024 Q1 Q2 2024 Q3 r Q3 r 7.8 6.9 4.5 -1.7 3.6 -0.4 6.0 1 24.8 7.8 2.2 0.0 4.3 -0.3 6.3 2 2,613.4 2,737.5 2,921.8 2,953.0 3,101.8 3,036.7 3,141.6 3,128.5 4.7 6.7 5.0 -2.1 3.5 -0.4 5.9 3 1,816.0 1,921.9 1,938.0 1,934.2 1,960.8 1,995.8 1,996.0 1,982.8 5.8 0.8 1.4 1.8 0.0 -0.7 2.5 4 983.8 1,018.8 1,141.0 1,040.9 1,145.5 1,145.7 2.3 20.6 12.0 -8.8 10.0 0.0 12.5 5 2,845.6 3,053.4 3,485.1 3,509.5 3,643.6 3,551.1 3,720.9 3,736.4 7.3 14.1 3.8 -2.5 4.8 0.4 6.5 6 983.8 1,018.8 1,141.0 1,040.9 1,145.5 1,145.7 2.3 20.6 12.0 -8.8 10.0 0.0 12.5 7 2,070.3 2,288.7 2,454.6 2,466.5 2,501.6 2,533.1 2,574.2 2,616.4 10.6 7.2 1.4 1.3 1.6 1.6 6.1 8 25.7 .......... .......... .......... .......... .......... .......... ............... 9 797.3 797.3 22.1 815.6 815.6 50.9 -46.6 -24.2 -1.0 22.9 -1.1 Addenda: 12 Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation adjustment 13 Capital consumption adjustment 10 11 3,352.3 3,529.8 3,693.4 3,748.9 3,887.7 3,963.0 4,088.7 4,076.7 5.3 4.6 3.7 1.9 3.2 -0.3 8.7 10 2,888.1 2,950.6 3,068.8 3,115.0 3,239.6 3,314.9 3,413.0 3,403.0 2.2 4.0 4.0 2.3 3.0 -0.3 9.2 11 -262.3 -141.1 29.8 11.5 40.4 -17.1 -3.9 -0.5 .......... .......... .......... .......... .......... .......... ............... 12 -12.4 -72.0 -176.8 -173.4 -178.2 -261.1 -267.6 -274.0 .......... .......... .......... .......... .......... .......... ............... 13 r Revised Source: U.S. Bureau of Economic Analysis Page 18 of 29 December 19, 2024 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period [Billions of dollars] Level Line 2021 2022 2023 2023 Q3 1 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 Corporate profits with inventory valuation adjustment 8 9 Domestic industries 10 Change from preceding period Seasonally adjusted at annual rates Financial 2024 Q4 Q1 Q2 Q3 r 2022 2023 2023 Q4 Line 2024 Q1 Q2 Q3 r 3,077.6 3,316.7 3,546.5 3,587.0 3,749.9 3,684.8 3,817.2 3,802.2 239.1 229.8 162.9 -65.1 132.5 -15.0 2,675.4 2,871.9 3,057.0 3,079.7 3,253.6 3,186.2 3,337.4 3,365.3 196.5 185.1 174.0 -67.5 151.2 27.9 2 3.0 3 24.9 4 589.7 544.8 522.6 508.4 546.5 603.9 646.3 649.3 -44.8 -22.3 38.0 57.4 42.5 2,085.8 2,327.0 2,534.4 2,571.3 2,707.2 2,582.3 2,691.1 2,716.0 241.3 207.4 135.9 -124.9 108.8 498.6 1 402.2 444.9 489.5 507.3 496.2 479.8 437.0 42.7 44.6 -11.1 2.3 -18.8 -42.9 5 873.8 933.5 966.8 991.1 983.3 1,009.0 1,013.4 951.9 59.7 33.3 -7.8 25.7 4.4 -61.5 6 471.6 488.6 477.3 483.8 487.0 514.9 17.0 -11.3 3.2 23.4 23.1 -18.7 7 510.4 533.6 3,090.0 3,388.7 3,723.3 3,760.4 3,928.1 3,945.9 4,084.8 4,076.2 298.8 334.5 167.7 17.8 138.9 -8.6 8 2,687.8 2,943.9 3,233.7 3,253.1 3,431.9 3,447.3 3,605.0 3,639.2 256.1 289.9 178.7 15.4 157.7 34.3 9 642.5 627.4 614.9 599.5 637.4 701.2 745.9 751.5 -15.1 -12.5 37.9 63.9 44.7 5.6 10 11 Federal Reserve banks 108.3 59.5 -117.5 -135.1 -94.7 -95.1 -84.2 -93.2 -48.8 -177.0 40.4 -0.5 10.9 -9.0 11 12 Other financial 534.2 567.9 732.4 734.6 732.0 796.4 830.1 844.7 33.7 164.4 -2.5 64.4 33.8 14.6 12 -48.5 113.0 28.7 13 13 Nonfinancial 14 Utilities 15 Manufacturing Durable goods 16 2,045.3 2,316.5 2,618.9 2,653.6 2,794.5 2,746.1 2,859.1 2,887.7 271.2 302.4 140.9 33.3 40.8 51.4 52.2 49.9 57.6 66.9 471.5 664.2 696.7 694.2 730.4 643.7 57.9 7.5 10.6 -2.3 7.7 9.3 -9.0 14 695.0 691.0 192.6 32.5 36.2 -86.7 51.3 -4.0 15 3.7 16 249.0 319.1 348.2 355.1 383.1 355.7 357.5 361.2 70.0 29.1 28.0 -27.4 1.8 17 Fabricated metal products 19.5 37.0 48.8 50.1 53.5 45.1 44.5 48.7 17.5 11.8 3.4 -8.4 -0.6 4.2 17 18 19 Machinery Computer and electronic products Electrical equipment, appliances, and components 23.9 34.7 54.3 55.3 63.2 62.3 66.7 66.5 10.8 19.6 7.9 -0.9 4.5 -0.3 18 130.8 124.6 106.4 104.2 120.9 113.7 107.6 113.8 -6.2 -18.2 16.6 -7.2 -6.1 6.3 19 -0.2 15.0 17.3 16.8 16.9 20.5 21.2 20.6 15.3 2.3 0.1 3.6 0.6 -0.6 20 Motor vehicles, bodies and trailers, and parts Other durable goods -12.3 -0.2 4.4 4.4 5.4 -0.6 13.5 4.6 12.1 4.6 1.0 -6.0 14.1 -9.0 21 87.4 107.9 116.9 124.2 123.1 114.6 104.0 107.0 20.4 9.1 -1.0 -8.5 -10.6 3.0 22 222.5 345.1 348.5 339.1 347.4 288.0 337.5 329.8 122.6 3.4 8.3 -59.4 49.5 -7.6 23 65.0 59.0 80.7 78.6 82.0 83.5 79.6 82.3 -5.9 21.6 3.5 1.4 -3.8 2.7 24 8.2 88.7 79.2 75.9 77.6 64.7 67.8 53.2 80.5 -9.5 1.6 -12.9 3.1 -14.6 25 113.6 151.1 138.1 130.9 137.0 132.1 143.1 152.7 37.5 -13.0 6.0 -4.8 11.0 9.6 26 35.7 46.3 50.6 53.7 50.8 7.7 47.0 41.6 10.6 4.3 -2.8 -43.1 39.2 -5.3 27 20 21 22 Nondurable goods Food and beverage and tobacco products Petroleum and coal products 23 24 25 26 Chemical products 27 Other nondurable goods 28 Wholesale trade 167.6 254.0 290.5 288.0 302.1 284.2 286.0 281.8 86.4 36.5 14.1 -17.9 1.8 -4.2 28 29 Retail trade 298.2 281.1 344.5 360.7 376.7 373.8 379.7 402.3 -17.1 63.4 16.0 -2.9 5.8 22.7 29 30 Transportation and warehousing 93.9 107.4 123.4 119.3 126.6 129.4 129.4 128.1 13.4 16.0 7.3 2.8 0.1 -1.3 30 31 Information 151.6 162.8 210.9 219.0 230.2 250.5 272.8 278.1 11.2 48.0 11.2 20.3 22.3 5.3 31 32 Other nonfinancial 829.1 806.2 901.5 920.3 978.5 1,006.9 1,029.2 1,048.5 -22.9 95.3 58.2 28.3 22.4 19.3 32 402.2 444.9 489.5 507.3 496.2 42.7 44.6 -11.1 2.3 -18.8 -42.9 33 33 Rest of the world r Revised Note. Estimates in this table are based on the 2017 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis Page 19 of 29 498.6 479.8 437.0 December 19, 2024 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2021 2022 2023 2023 Q3 2024 Q4 Q1 Q2 Line Q3 r Billions of dollars 1 Gross value added of nonfinancial corporate business 12,068.3 13,490.9 14,163.0 14,249.9 14,506.0 14,731.9 14,874.8 15,029.1 2 Consumption of fixed capital 1,815.4 3 Net value added 4 2,011.0 2,161.7 2,172.8 2,204.6 2,232.2 2,267.6 2,303.6 10,252.9 11,479.9 12,001.3 12,077.1 12,301.4 12,499.7 12,607.2 12,725.5 Compensation of employees 7,003.5 7,594.5 8,018.6 8,071.6 8,157.1 8,397.0 8,443.8 8,516.6 1 2 3 4 5 Wages and salaries 5,918.9 6,451.3 6,791.6 6,833.9 6,904.1 7,111.8 7,144.6 7,200.8 5 6 Supplements to wages and salaries 1,084.6 1,143.2 1,226.9 1,237.7 1,252.9 1,285.2 1,299.2 1,315.8 6 7 Taxes on production and imports less subsidies 8 Net operating surplus 714.2 1,110.2 1,124.7 1,126.5 1,137.3 1,152.8 1,164.1 1,177.4 7 2,535.2 2,775.2 2,858.1 2,879.0 3,007.0 2,949.9 2,999.3 3,031.4 8 9 9 Net interest and miscellaneous payments 326.5 321.7 207.0 190.9 183.9 177.0 170.1 166.0 10 11 Business current transfer payments (net) Corporate profits with inventory valuation and capital consumption adjustments 123.0 126.4 116.7 116.8 115.9 190.6 138.1 149.5 10 2,085.8 2,327.0 2,534.4 2,571.3 2,707.2 2,582.3 2,691.1 2,716.0 11 340.1 462.0 498.4 502.5 525.2 527.0 552.4 544.1 12 1,745.7 1,865.0 2,036.0 2,068.7 2,182.0 2,055.3 2,138.7 2,171.9 13 1,158.1 1,263.6 1,341.7 1,337.5 1,434.5 1,376.8 1,307.5 1,366.2 14 587.5 601.4 694.3 731.2 747.4 678.6 831.2 805.7 15 12 Taxes on corporate income 13 Profits after tax with inventory valuation and capital consumption adjustments 14 15 Net dividends Undistributed profits with inventory valuation and capital consumption adjustments Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) 2,307.7 2,457.6 2,589.1 2,642.1 2,754.1 2,763.2 2,862.9 2,888.2 16 17 Profits after tax (without inventory valuation and capital consumption adjustments) 1,967.6 1,995.5 2,090.7 2,139.6 2,228.9 2,236.2 2,310.6 2,344.1 17 18 Inventory valuation adjustment -262.3 -141.1 29.8 11.5 40.4 -17.1 -3.9 -0.5 18 19 Capital consumption adjustment 40.4 10.6 -84.5 -82.4 -87.3 -163.8 -168.0 -171.7 19 Billions of chained (2017) dollars 20 Gross value added of nonfinancial corporate business 1 10,944.8 11,396.5 11,562.5 11,579.8 11,749.7 11,933.2 12,006.9 12,122.7 20 21 Consumption of fixed capital 2 22 Net value added 3 1,738.8 1,809.9 1,888.0 1,897.7 1,915.7 1,934.0 9,206.1 9,586.6 9,674.5 9,682.1 9,834.1 9,999.2 10,051.3 10,145.7 22 1,955.7 1,977.0 21 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: 23 Price per unit of real gross value added of nonfinancial corporate business 4 1.103 1.184 1.225 1.231 1.235 1.235 1.239 1.240 23 24 Compensation of employees (unit labor cost) 0.640 0.666 0.693 0.697 0.694 0.704 0.703 0.703 24 25 Unit nonlabor cost 0.272 0.313 0.312 0.311 0.310 0.314 0.311 0.313 25 0.166 0.176 0.187 0.188 0.188 0.187 0.189 0.190 26 0.076 0.109 0.107 0.107 0.107 0.113 0.108 0.109 27 0.030 0.028 0.018 0.016 0.016 0.015 0.014 0.014 28 0.224 29 26 27 28 29 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) 0.191 0.204 0.219 0.222 0.230 0.216 0.224 30 Taxes on corporate income 0.031 0.041 0.043 0.043 0.045 0.044 0.046 0.045 30 31 Profits after tax with inventory valuation and capital consumption adjustments 0.159 0.164 0.176 0.179 0.186 0.172 0.178 0.179 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 2017 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 2017 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis Page 20 of 29 December 19, 2024 Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 Gross domestic product 6.1 2.5 2.9 4.4 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 1 1 Private industries 2 Agriculture, forestry, fishing, and hunting 6.8 2.6 3.0 5.1 6.4 7.0 3.3 8.5 -1.4 0.1 3.0 3.6 2.8 2.6 4.7 3.3 1.6 3.3 3.2 2 6.2 0.0 3.8 8.9 4.6 -6.9 1.9 14.7 -6.5 -5.8 0.9 5.3 3.4 15.3 -4.9 2.0 5.6 23.8 -7.8 3 Mining -8.8 -9.3 33.6 -5.9 -0.4 -20.0 -5.6 -13.9 -28.1 -16.0 32.9 59.1 36.5 57.6 13.8 -0.9 -10.5 -4.9 4 Utilities -3.0 5 Construction 2.9 -5.4 -2.3 5.8 4.2 5.3 -7.8 -8.4 6 Manufacturing 7.6 0.9 7.5 5.8 5.0 2.4 -0.9 7.7 8.2 3.9 -4.2 14.1 7.4 3.1 6.3 1 1.8 7 Durable goods 7.7 8 Nondurable goods 7.4 -0.6 4.9 -15.5 -16.6 0.3 1.6 5.5 11.4 8.2 1.3 -2.9 -12.7 9.4 0.9 57.5 -31.8 16.3 -9.1 8.2 -13.9 -16.8 -1.6 -1.6 0.2 15.4 -5.2 -4.5 0.9 0.2 2.2 -3.9 5.3 16.6 -11.5 -11.3 4 5.6 -1.0 5 5.2 -0.2 6 1.9 9.5 3.4 1.8 -9.5 7.1 9.1 5.5 -6.5 8.2 3.2 7 0.4 -6.5 4.4 1.1 2.7 -10.4 5.8 3.0 8 8.7 -1.8 10.9 3.5 9 4.9 3.2 -12.7 10.1 19.0 5.8 -1.1 -6.8 -1.4 -1.7 8.3 3 1.3 9 Wholesale trade -0.9 -1.6 -0.5 -3.9 -4.5 -4.1 -12.7 6.5 -2.0 -6.9 6.0 10 Retail trade 0.6 -4.1 10.9 -6.7 16.6 -16.8 -16.4 4.8 -16.3 3.6 9.6 18.1 9.6 1.3 23.3 12.3 6.7 -0.6 18.7 11 11 Transportation and warehousing 13.6 1.5 1.5 10.4 32.3 9.1 -7.2 -1.7 1.7 -0.3 1.6 3.1 3.5 0.4 0.9 0.4 4.2 12 Information 13.6 6.3 8.6 5.8 16.6 18.2 9.7 8.2 15.2 2.3 2.0 1.6 6.2 13 5.6 3.2 1.2 6.7 12 13 14 15 16 17 18 19 20 Finance, insurance, real estate, rental, and leasing Finance and insurance Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 7.2 12.6 7.8 0.7 1.1 -2.3 4.6 -1.1 3.7 1.6 -0.1 3.8 0.7 14 8.6 -8.3 -5.3 -2.3 -10.7 7.0 -4.2 6.6 2.8 -2.5 6.6 0.3 15 6.6 5.2 10.1 5.2 0.9 7.4 0.8 6.2 6.4 2.4 7.8 11.0 6.5 4.3 3.0 2.6 3.2 0.6 2.1 0.9 1.1 2.3 0.9 16 12.8 8.6 2.6 13.1 14.8 14.1 14.8 13.8 5.5 4.9 6.5 5.2 0.2 0.7 1.0 3.6 4.2 1.9 2.0 17 13.6 8.1 4.1 2.4 4.3 6.7 6.3 2.4 4.2 2.1 2.6 5.7 2.8 3.6 18 7.6 18.5 7.3 4.4 -3.0 -4.1 2.2 2.3 7.6 -2.5 2.1 19 8.6 -0.5 15.9 17.3 3.7 15.6 15.6 12.1 -0.8 5.6 2.7 -3.1 -4.9 -2.4 6.9 -1.1 2.0 -2.0 20 4.8 4.2 5.7 2.5 9.1 4.9 3.9 0.7 -0.9 10.9 10.7 12.1 4.5 8.3 16.3 17.6 19.0 11.8 1.6 30.3 4.7 6.7 5.2 17.9 -2.7 19.2 5.4 -5.2 4.3 6.0 6.4 2.4 21 Educational services 2.9 6.1 2.1 -12.7 10.3 10.6 10.8 4.6 5.9 5.2 5.7 2.0 22 23 Health care and social assistance 4.8 4.6 5.1 8.4 -7.4 6.2 6.5 1.9 5.7 2.6 10.4 25.2 8.5 3.0 9.2 25.2 77.2 21.7 Arts, entertainment, recreation, accommodation, and food services 3.2 3.4 1.4 -5.0 17.8 Arts, entertainment, and recreation 24.8 19.4 4.3 67.7 48.0 14.9 31.1 16.4 11.7 37.8 13.4 25 Accommodation and food services 25.3 2.6 -4.4 18.4 103.4 19.0 -2.9 -9.7 11.9 Other services, except government 27 Government 5.3 1.9 2.3 4.9 -3.1 10.5 -1.9 24 26 3.2 10 4.8 3.2 2.4 2.3 8.8 16.7 -4.1 4.7 -2.2 -0.9 14.3 -2.3 7.2 4.0 5.0 2.1 4.2 0.9 9.5 2.4 -6.1 4.9 22 4.2 5.2 5.4 4.6 23 0.7 -3.7 6.7 3.1 -0.6 24 7.4 -10.6 -9.1 19.3 24.6 -2.2 25 2.2 -5.7 13.5 -4.8 4.7 -1.9 4.5 -5.0 -2.5 -10.6 18.5 8.3 0.2 7.5 3.2 0.0 -1.4 -9.0 -10.0 -8.0 0.8 1.6 5.2 -0.2 2.0 1.1 0.6 2.1 0.3 2.2 4.7 21 4.7 3.2 2.1 -0.1 4.8 2.8 -3.5 0.0 26 5.0 -0.7 -1.8 1.9 27 3.3 1.9 2.2 2.7 2.1 28 1.9 0.8 28 Federal 0.8 -0.5 0.3 -1.1 -1.6 2.9 -0.1 -1.0 2.2 -4.4 -1.7 1.1 1.9 1.7 -2.3 1.0 1.2 1.1 1.1 29 29 State and local 0.8 2.7 3.0 0.4 1.2 1.8 1.9 2.5 3.9 1.9 4.4 3.5 2.2 0.6 2.5 30 5.0 -1.7 2.6 6.1 4.9 2.3 -2.2 6.1 -4.8 -8.3 -1.2 5.7 -3.2 9.7 8.7 4.2 -2.6 6.9 1.5 31 7.3 3.1 4.8 6.8 8.2 9.0 -0.6 3.0 0.9 3.7 3.0 2.4 3.6 32 7.8 0.2 3.8 1.7 Addenda: 30 31 Private goods-producing industries 1 Private services-producing industries 2 3.7 4.6 2.3 4.1 4.3 2.6 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 21 of 29 December 19, 2024 Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 Percent change at annual rate: 1 Gross domestic product 6.1 2.5 2.9 4.4 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 1 5.97 2.33 2.67 4.42 5.63 6.20 2.89 7.45 -1.23 0.11 2.65 3.14 2.44 2.26 4.11 2.90 1.40 2.90 2.83 2 Percentage points at annual rates: 2 Private industries 3 Agriculture, forestry, fishing, and hunting 0.05 0.00 0.04 0.07 0.04 -0.08 0.00 0.09 -0.11 -0.09 0.00 0.07 0.07 0.18 -0.04 0.03 0.05 0.18 -0.07 3 4 Mining -0.11 -0.15 0.48 0.08 0.24 -0.05 0.10 -0.08 -0.48 -0.27 0.56 0.82 0.48 0.65 0.19 -0.02 -0.16 -0.06 0.02 4 5 Utilities -0.05 0.03 0.08 -0.18 -0.16 0.13 0.11 -0.03 -0.23 -0.23 -0.34 0.13 0.07 0.79 -0.60 0.25 -0.15 0.09 -0.01 5 6 Construction 0.13 -0.24 -0.10 0.25 0.17 0.19 -0.41 -0.45 0.23 -0.68 -0.75 0.01 0.07 0.19 0.48 0.19 0.36 0.23 -0.01 6 7 Manufacturing 0.76 0.10 0.03 0.76 0.62 0.52 0.01 1.49 -0.61 -0.53 -0.01 0.16 -1.03 0.69 0.90 0.56 -0.68 0.79 0.33 7 0.42 0.13 -0.05 0.39 0.38 0.13 -0.33 0.63 -0.08 0.08 -0.18 0.13 -0.18 0.37 0.16 0.20 -0.60 0.31 0.16 8 9 8 9 Durable goods Nondurable goods 0.34 -0.03 0.08 0.37 0.25 0.39 0.33 0.86 -0.53 -0.60 0.18 0.03 -0.85 0.32 0.74 0.36 -0.09 0.48 0.16 -0.06 -0.10 -0.03 -0.23 -0.21 -0.18 -0.75 0.49 -0.03 -0.40 0.36 0.31 -0.16 -0.48 -0.12 -0.12 0.23 0.14 0.19 10 Retail trade 0.04 -0.27 0.67 -0.40 1.07 -1.15 -1.14 0.32 -1.13 0.24 0.61 1.13 0.69 0.16 1.41 0.79 0.42 -0.03 1.10 11 Transportation and warehousing 0.41 0.05 0.05 0.21 0.74 0.17 0.41 0.39 -0.09 0.07 0.15 0.03 0.05 0.10 0.12 0.01 0.03 0.01 0.14 12 13 Information 0.73 0.34 0.44 0.31 0.84 0.94 0.48 0.88 -0.19 0.27 0.41 0.38 0.49 0.42 0.76 0.13 0.11 0.08 0.33 13 14 Finance, insurance, real estate, rental, and leasing 10 Wholesale trade 11 12 15 16 1.20 0.67 0.25 1.32 0.51 1.23 0.95 1.98 0.12 0.07 0.10 -0.63 0.75 -0.37 0.67 0.28 -0.02 0.80 0.15 14 Finance and insurance 0.37 -0.17 -0.07 1.03 -0.29 0.30 -0.05 0.53 -0.80 -0.55 -0.30 -0.95 0.39 -0.40 0.42 0.17 -0.18 0.48 0.03 15 Real estate and rental and leasing 0.83 0.84 0.32 0.29 0.80 0.93 1.00 1.45 0.92 0.61 0.40 0.32 0.36 0.03 0.25 0.11 0.16 0.32 0.13 16 1.60 1.08 0.34 1.53 1.71 1.68 1.78 1.74 0.76 0.67 0.85 0.65 0.00 0.07 0.12 0.46 0.55 0.25 0.27 17 1.03 0.63 0.32 0.58 1.12 1.24 1.36 0.92 0.23 0.36 0.52 0.48 0.16 0.31 0.15 0.20 0.45 0.23 0.29 18 0.20 0.19 0.03 0.49 0.09 0.31 -0.04 0.34 0.16 0.33 0.14 0.08 -0.07 -0.09 0.03 0.04 0.13 -0.05 0.04 19 0.36 0.26 -0.02 0.46 0.50 0.12 0.46 0.48 0.37 -0.02 0.19 0.10 -0.09 -0.15 -0.07 0.22 -0.03 0.06 -0.06 20 0.40 21 17 Professional and business services 18 Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 19 20 21 22 23 24 25 26 27 Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services 0.39 0.40 0.39 0.50 -0.44 0.39 0.39 0.53 0.54 0.21 0.48 0.21 0.73 0.16 0.35 0.41 0.41 0.33 0.03 0.07 0.02 -0.16 0.11 0.11 0.12 0.06 0.07 0.06 0.06 0.02 0.00 -0.01 0.01 0.10 0.03 -0.07 0.05 22 0.36 0.33 0.37 0.66 -0.55 0.28 0.27 0.47 0.47 0.15 0.41 0.19 0.73 0.17 0.35 0.31 0.38 0.40 0.35 23 0.82 0.33 0.13 0.27 0.72 2.06 0.78 0.10 -0.14 0.71 0.23 -0.11 0.43 -0.08 0.04 -0.17 0.29 0.14 -0.03 24 Arts, entertainment, and recreation 0.19 0.17 0.05 0.41 0.33 0.12 0.25 0.15 0.11 0.32 0.13 0.05 0.02 0.08 -0.12 -0.10 0.19 0.25 -0.03 25 Accommodation and food services 0.62 0.16 0.08 -0.14 0.39 1.94 0.53 -0.05 -0.26 0.39 0.10 -0.16 0.41 -0.15 0.16 -0.06 0.09 -0.12 0.00 26 0.07 0.09 -0.11 -0.05 -0.22 0.36 0.17 0.01 0.15 0.07 0.01 -0.02 -0.19 -0.22 -0.17 0.11 -0.01 -0.04 0.04 27 0.23 28 Other services, except government 28 Government 0.10 0.19 0.24 -0.01 0.04 0.26 0.60 -0.01 0.22 0.13 0.08 0.25 0.38 0.23 0.27 0.30 0.21 0.09 29 Federal 0.03 -0.02 0.01 -0.03 -0.04 0.12 -0.01 -0.05 0.05 -0.19 -0.07 0.04 0.07 0.07 -0.08 0.04 0.04 0.04 0.04 29 30 State and local 0.07 0.21 0.23 0.02 0.08 0.14 0.61 0.04 0.17 0.32 0.16 0.21 0.31 0.16 0.35 0.26 0.17 0.05 0.19 30 0.83 -0.29 0.46 1.15 1.07 0.58 -0.30 1.05 -0.97 -1.57 -0.20 1.06 -0.41 1.71 1.52 0.76 -0.44 1.14 0.26 31 5.14 2.62 2.21 3.27 4.56 5.62 3.18 6.40 -0.26 1.67 2.85 2.07 2.85 0.55 2.58 2.14 1.84 1.77 2.57 32 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Note. Percentage-point contributions do not sum to the percent change in real gross domestic product because the industry details are calculated using source data and methodologies that differ from those used to calculate growth in the top-line, expenditure-based measure of real GDP. Source: U.S. Bureau of Economic Analysis Page 22 of 29 December 19, 2024 Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2023 2023 Q3 1 Billions of chained (2017) dollars Gross domestic product 1 Private industries Q4 Q1 2024 Q2 Change from preceding period Seasonally adjusted at annual rates 2023 Q3 2023 Q3 Q4 Q1 2024 Q2 Q3 2023 Line 2024 Q2 Q3 27,720.7 27,967.7 28,297.0 28,624.1 29,016.7 29,374.9 22,671.1 22,780.9 22,960.6 23,053.5 23,223.9 23,400.3 636.3 170.4 176.4 1 24,615.6 24,838.1 25,125.9 25,397.2 25,746.2 26,059.9 20,092.9 20,197.7 20,361.1 20,441.0 20,606.6 20,769.3 586.7 165.6 162.7 2 2 Agriculture, forestry, fishing, and hunting 274.2 269.4 247.8 235.4 243.0 251.0 192.7 192.9 193.9 196.5 207.3 203.1 7.0 10.8 -4.2 3 3 Mining 411.8 424.1 428.3 399.2 404.4 390.9 336.3 351.2 350.4 340.8 336.6 337.6 84.6 -4.2 1.1 4 4 Utilities 446.5 449.8 430.2 435.8 441.5 433.7 343.0 332.9 345.7 337.6 342.2 341.4 16.0 4.7 -0.9 5 5 Construction 1,220.6 1,231.6 1,262.7 1,291.1 1,306.4 1,318.6 821.1 829.6 836.5 853.3 864.1 863.7 -18.9 10.8 -0.5 6 6 Manufacturing 2,840.4 2,891.1 2,915.7 2,880.6 2,909.5 2,925.1 2,317.9 2,345.0 2,376.8 2,337.3 2,383.8 2,402.8 7.0 46.5 19.0 7 7 Durable goods 1,511.9 1,532.4 1,556.5 1,527.4 1,547.8 1,561.7 1,282.4 1,285.3 1,294.0 1,259.0 1,277.0 1,286.5 -11.1 18.0 9.5 8 8 Nondurable goods 1,328.5 1,358.7 1,359.3 1,353.1 1,361.7 1,363.4 1,036.5 1,059.4 1,081.9 1,076.9 1,105.2 1,114.6 16.2 28.3 9.5 9 Wholesale trade 1,653.0 1,660.4 1,670.8 1,684.8 1,690.5 1,715.4 1,168.9 1,163.0 1,158.0 1,169.3 1,175.8 1,185.0 -6.4 6.6 9.2 10 10 Retail trade 1,772.4 1,796.3 1,817.8 1,818.8 1,823.4 1,856.3 1,317.7 1,343.1 1,382.6 1,405.1 1,403.1 1,464.6 129.8 -2.0 61.5 11 11 Transportation and warehousing 12 Information 13 Finance, insurance, real estate, rental, and leasing 5,811.6 5,859.8 5,941.5 6,042.4 6,151.7 6,233.4 4,676.2 4,689.5 4,707.6 4,706.2 4,750.4 4,758.8 55.8 44.2 8.4 14 14 Finance and insurance 2,015.6 2,027.8 2,052.0 2,089.1 2,145.4 2,185.1 1,575.2 1,580.9 1,591.8 1,581.9 1,607.5 1,608.9 -14.4 25.6 1.4 15 3,796.0 3,832.0 3,889.5 3,953.2 4,006.2 4,048.4 3,108.4 3,116.0 3,123.1 3,132.0 3,150.1 3,157.2 72.1 18.1 7.1 16 3,611.7 3,630.5 3,687.0 3,761.0 3,820.4 3,877.8 3,391.8 3,389.8 3,420.1 3,455.8 3,472.0 3,489.6 85.2 16.2 17.6 17 2,222.0 2,237.3 2,267.5 2,322.4 2,363.6 2,399.2 2,116.2 2,123.5 2,137.3 2,167.0 2,182.2 2,201.7 82.7 15.2 19.5 18 503.1 507.1 512.4 522.2 532.3 548.1 536.5 535.8 538.9 548.9 545.5 548.4 8.5 -3.4 2.9 19 886.6 886.1 907.1 916.3 924.5 930.5 744.7 737.0 749.4 747.4 751.2 747.4 -3.7 3.7 -3.7 20 2,350.9 2,370.9 2,422.3 2,480.0 2,517.3 2,563.3 2,021.2 2,027.8 2,052.0 2,076.5 2,096.3 2,120.3 91.4 19.8 24.1 21 312.0 312.3 322.0 327.4 324.5 332.3 263.3 262.0 268.0 269.6 265.4 268.7 5.4 -4.2 3.2 22 2,038.9 2,058.6 2,100.2 2,152.7 2,192.9 2,230.9 1,758.3 1,766.3 1,784.5 1,807.3 1,831.5 1,852.3 86.1 24.1 20.9 23 1,211.5 1,224.1 1,236.5 1,267.5 1,292.5 1,298.6 889.8 891.7 883.2 897.6 904.5 903.1 26.1 6.9 -1.4 24 299.7 298.8 304.8 322.6 339.3 341.1 244.0 243.1 237.3 248.0 262.0 260.5 10.1 14.0 -1.5 25 911.8 925.3 931.7 945.0 953.3 957.5 647.8 650.4 647.2 651.7 645.9 645.9 16.4 -5.8 0.0 26 9 15 16 17 18 19 20 21 22 23 24 25 26 Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 27 Government 28 Federal 29 State and local 30 936.8 945.2 951.1 965.0 978.7 707.0 711.2 711.8 713.3 714.0 721.4 10.2 0.7 7.4 12 1,504.4 1,516.9 1,536.0 1,556.7 1,585.1 1,605.9 1,639.6 1,649.1 1,657.3 1,663.7 1,689.0 127.1 6.4 25.3 13 589.4 589.0 603.3 613.6 623.9 632.0 414.2 405.9 410.9 410.2 408.3 410.2 -21.8 -1.9 1.9 27 3,105.1 3,129.6 3,171.0 3,226.9 3,270.5 3,315.0 2,582.3 2,588.1 2,605.1 2,617.1 2,622.0 2,635.5 54.2 4.9 13.5 28 998.8 1,006.7 1,017.2 1,032.6 1,044.1 1,058.8 810.8 808.8 810.8 813.2 815.4 817.6 2.2 2.2 2.3 29 2,106.3 2,122.9 2,153.8 2,194.3 2,226.4 2,256.2 1,772.5 1,780.4 1,795.6 1,805.3 1,808.0 1,819.3 52.3 2.7 11.3 30 4,746.9 4,816.2 4,854.5 4,806.3 4,863.4 4,885.7 3,678.8 3,728.8 3,767.4 3,743.0 3,806.4 3,820.9 94.0 63.4 14.5 31 19,868.7 20,021.9 20,271.5 20,590.9 20,882.8 21,174.3 16,416.7 16,469.4 16,593.5 16,699.6 16,800.7 16,949.3 493.8 101.1 148.6 32 Addenda: Private goods-producing 1 31 943.7 1,477.9 industries Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 23 of 29 December 19, 2024 Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 Gross domestic product 4.5 7.1 3.6 2.8 5.2 6.2 6.2 7.0 8.5 9.3 4.5 3.7 3.6 1.9 3.2 1.5 3.0 2.5 1.9 1 1 Private industries 2 Agriculture, forestry, fishing, and hunting 4.8 7.7 3.6 2.7 5.5 6.8 6.7 7.7 9.1 10.3 4.5 3.8 3.7 1.7 3.0 1.4 2.8 2.3 1.7 2 32.2 26.9 -8.9 59.5 21.9 118.5 15.3 -20.4 58.2 54.6 11.6 10.1 -15.0 -33.7 -10.1 -29.9 -22.9 -8.2 23.5 3 3 Mining 80.3 53.1 -33.1 82.6 142.6 83.7 52.4 117.1 65.3 158.1 -33.3 -60.3 -43.7 -47.0 25.8 5.2 -15.6 10.6 -13.7 4 4 Utilities 16.6 11.6 -4.0 16.5 65.5 -16.0 6.4 13.4 -14.4 81.1 24.2 -18.9 -0.7 -37.5 44.1 -28.1 15.9 -0.3 -5.9 5 5 Construction 2.7 16.4 12.1 -0.8 2.4 -3.3 11.9 26.1 6 Manufacturing 4.2 10.4 7.0 7.2 8.2 10.0 12.5 17.8 9.0 -3.0 -4.1 1.1 1.2 1 6.5 5.5 -0.9 4.2 0.5 10.7 10.3 -3.3 -0.7 10.3 14.9 1.8 1.7 22.5 14.9 16.8 13.9 18.0 33.4 -11.3 10.6 10.8 -14.4 4.0 -7.9 9.7 14.6 4.2 3.5 10.9 14.3 23.2 10.3 23.3 17.5 6.4 11 Transportation and warehousing 6.9 16.4 Information -2.3 -1.9 -0.5 12 13 14 15 16 17 18 19 20 14.5 10.6 -1.9 -2.2 Finance, insurance, real estate, rental, and leasing Finance and insurance Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 1.5 8.2 45.6 11.3 10.1 20.1 0.6 0.9 2.1 3.1 -1.8 -3.1 -0.6 5.5 -0.7 23.4 17.1 18.8 21.8 15.0 9.0 2.9 -3.3 -5.0 -3.3 -2.9 -1.5 -0.4 -1.6 1.8 7.7 5.8 -2.0 Nondurable goods Retail trade 9.9 7.0 Durable goods Wholesale trade 5.0 12.7 10.9 0.7 8 9 7.7 7.9 7 10 6.5 4.8 21.1 32.0 22.0 7.0 7.5 4.0 6 1.9 -3.8 -1.0 7 3.5 -0.4 0.6 8 0.0 -7.5 -2.9 9 4.3 -0.6 -0.9 2.8 -9.4 -6.7 -6.1 1.4 -1.5 -7.9 0.8 -2.0 3.6 0.9 -0.3 2.3 -3.0 2.8 10 1.6 -9.5 11 3.3 1.6 5.6 1.5 12 1.0 3.1 3.9 1.2 13 2.4 4.9 6.0 2.0 1.8 3.2 3.0 3.5 5.4 5.1 7.0 8.2 5.9 5.9 3.6 4.1 7.1 3.5 4.7 14 3.4 6.4 5.1 2.4 3.8 5.6 3.7 5.6 7.5 5.3 9.5 9.0 3.5 4.5 0.9 2.0 10.1 4.3 7.2 15 0.6 1.8 1.8 4.1 6.5 1.8 2.6 2.2 4.3 5.0 5.6 7.8 7.2 6.7 5.2 5.2 5.5 3.1 3.3 16 -0.4 1.6 4.1 1.0 -0.3 -2.9 -0.9 1.6 4.2 0.7 2.5 2.0 7.0 5.9 3.2 2.7 3.8 4.5 4.0 17 -1.0 1.3 3.6 2.3 -1.3 -4.6 -1.8 1.4 3.9 1.1 1.8 2.0 7.1 3.8 2.3 2.8 4.1 4.3 2.5 18 -1.3 -1.4 2.6 -1.4 -0.6 -1.9 -1.6 -1.6 1.4 -5.9 1.8 -2.8 4.3 8.5 4.4 1.9 0.2 10.6 10.0 19 1.7 4.3 6.4 -0.7 2.4 4.0 6.7 3.7 4.8 4.7 8.3 9.9 4.6 2.7 5.3 0.9 1.6 1.6 4.7 20 2.7 21 2.5 2.4 4.3 0.6 6.3 -0.5 2.4 3.1 1.8 1.0 4.6 5.9 3.3 5.8 3.5 3.9 4.8 2.2 21 Educational services 2.7 2.0 4.6 2.4 3.3 2.2 3.2 2.4 -0.4 0.2 5.5 5.7 4.6 5.6 3.9 3.2 4.3 2.7 4.9 22 22 23 Health care and social assistance 2.5 2.5 4.3 0.3 6.8 -0.9 2.2 3.2 1.1 4.4 5.9 3.1 5.8 3.4 4.0 4.9 2.1 2.4 23 Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation 4.5 0.5 8.5 10.1 4.8 0.8 3.3 14.8 12.3 6.6 1.2 10.9 16.1 9.8 11.1 5.6 8.2 3.3 8.7 -2.3 -13.6 17.4 5.8 9.6 -1.2 -8.8 12.1 7.3 18.4 -2.2 10.8 19.0 3.5 4.9 5.2 -1.7 2.5 24 4.6 25 24 25 26 Accommodation and food services Other services, except government 2.2 5.8 10.2 10.6 7.1 6.1 -0.8 17.7 13.2 9.3 4.7 10.5 19.2 3.9 4.9 2.9 7.3 1.8 26 4.2 3.5 5.9 8.3 8.7 5.8 14.2 17.5 12.6 14.3 11.9 4.8 7.7 8.9 3.4 27 3.4 28 8.5 12.9 1.3 5.7 7.1 15.9 27 Government 2.8 2.9 3.5 3.4 2.6 2.7 1.8 3.0 2.6 2.6 4.8 3.0 3.4 2.7 4.6 2.7 5.3 4.7 28 Federal 3.9 5.5 5.4 3.9 5.8 2.1 4.0 5.7 3.8 9.0 7.2 3.7 5.4 3.5 8.6 3.2 4.9 3.5 4.6 29 29 State and local 2.2 1.7 2.5 3.3 1.1 3.0 0.8 1.7 2.0 -0.3 3.7 2.7 2.5 2.4 2.8 2.4 5.4 5.3 2.9 30 9.2 16.2 1.7 5.3 12.6 13.2 12.7 18.7 17.2 30.9 3.4 2.4 1.3 -8.6 5.0 -0.9 -1.4 -2.0 0.3 31 3.8 4.1 2.1 4.8 4.2 4.3 2.5 2.0 32 Addenda: 30 31 Private goods-producing industries 1 Private services-producing industries 2 5.7 4.0 5.4 5.4 5.2 7.2 5.8 4.3 2.0 3.8 3.3 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 24 of 29 December 19, 2024 Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 6.8 3.0 2.3 8.3 8.8 6.2 3.1 5.8 1.7 2.0 2.7 1.0 3.5 1.4 3.2 2.2 2.8 1.8 3.2 1 2 Private industries 3 Agriculture, forestry, fishing, and hunting 7.5 3.4 2.3 9.5 8.9 7.0 3.5 6.4 2.1 2.1 2.7 0.8 3.7 1.4 3.2 2.3 2.9 1.8 3.1 2 0.0 -3.4 2.0 2.6 -1.3 -4.7 -3.9 -1.5 -7.7 -2.6 0.8 1.2 7.2 0.0 -0.3 1.1 1.0 -0.7 -4.7 4 Mining 7.0 7.8 5.9 15.6 20.2 33.9 -1.4 12.5 -3.8 13.1 21.4 -1.8 6.8 3.4 6.2 -1.3 -3.8 5 Utilities 1.9 3.3 -1.3 -1.6 1.7 -7.8 -1.5 -3.7 0.5 9.7 -5.8 -1.2 10.3 -2.6 6 Construction 1.7 -4.4 2.0 9.2 9.0 -3.2 -7.7 -8.2 2.5 -4.4 -9.2 -4.0 7 Manufacturing 2.8 0.6 2.1 5.4 4.2 -5.3 -3.3 6.2 1.3 -4.0 2.4 5.5 -0.3 4.4 3.8 -0.7 6.2 7.2 -3.1 9.3 1 All Industries 2021 6.1 -1.7 -0.1 -0.5 18.7 8 Durable goods 4.2 2.1 2.9 7.7 4.5 -6.1 -5.4 6.4 9 Nondurable goods 1.5 -0.9 1.4 3.3 4.2 -4.4 -1.2 6.1 -1.2 -7.0 -1.0 9 9.9 14.2 14.8 -11.4 9.8 14.1 -4.8 -3.1 -7.2 -3.4 -7.2 1.5 0.5 1.1 -0.5 7.2 20.2 -2.7 -10.7 5.8 -1.7 7.2 -1.4 10.5 7.4 2.7 -0.6 12.3 11 11.7 6.9 21 22 23 24 8.4 13.4 3.3 14.7 13.0 11.0 9.0 8.8 12.4 3.9 -0.2 3.9 2.4 5.9 10 3.3 10.3 1.8 -8.2 -4.5 1.6 3.1 3.0 -0.4 1.1 4.4 12 7.6 0.7 1.3 8.4 3.3 4.5 2.3 7.9 13 5.0 0.1 5.8 6.5 2.2 3.7 7.5 8.0 3.8 8.0 6.0 -2.7 -0.3 4.8 1.2 7.6 4.1 3.1 -2.0 4.1 1.1 0.4 14 Finance and insurance 2.8 0.0 4.9 5.4 9.3 -7.5 4.5 0.6 -5.8 1.6 7.9 1.2 9.5 6.4 3.3 -5.6 6.3 0.8 1.8 15 Real estate and rental and leasing 9.3 3.8 2.9 9.1 9.9 -0.5 -1.6 2.6 9.7 7.9 1.4 18.2 10.8 7.6 3.1 16.3 12.3 12.0 11.1 7.6 8.8 1.4 27.6 8.5 8.3 -2.3 17.4 Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 7.1 13.0 10.5 2.7 1.1 6.3 2.9 0.6 2.6 1.3 -0.6 16 6.7 7.3 5.1 1.6 1.7 -2.2 -1.9 4.0 2.7 2.4 3.3 17 5.6 5.3 9.0 5.0 2.3 -0.7 -0.8 7.2 2.8 3.6 3.8 18 0.1 14.4 -9.0 19.7 5.9 17.3 6.7 2.3 -4.3 -1.7 2.2 7.7 1.1 5.7 19 6.5 9.4 3.8 -5.8 -7.0 -2.0 -0.3 0.6 1.0 20 8.9 11.1 8.8 7.4 17.6 17.1 6.4 4.9 5.3 11.1 -1.2 10.8 Educational services 4.4 9.7 5.0 -4.6 Health care and social assistance 6.7 4.2 5.3 13.5 -2.4 10.6 Arts, entertainment, recreation, accommodation, and food services 9.6 12.5 8.9 6.6 -3.5 -5.8 6.4 2.3 1.9 7.1 1.9 9.9 3.5 3.2 7.0 6.7 4.5 6.1 21 8.9 8.8 11.3 1.8 6.0 3.4 3.8 2.0 4.0 2.0 1.8 22 1.4 1.0 6.5 1.9 10.5 3.5 3.2 7.7 7.1 4.8 6.7 23 1.4 4.2 9.2 -4.8 1.3 3.7 1.9 0.2 0.7 24 4.0 -12.2 -6.7 12.8 16.8 1.0 25 8.5 5.6 26.4 11.6 4.3 -0.5 30.2 76.9 31.0 Arts, entertainment, and recreation 30.7 18.4 2.6 45.4 44.9 42.8 54.1 17.4 26 Accommodation and food services 25.1 9.6 4.8 -11.0 26.0 88.6 24.8 -4.3 -5.4 28.5 6.2 7.5 2.0 1.9 0.2 2.2 -0.6 Other services, except government 28 Government 3.4 8.0 12.0 11.5 11.8 25 27 7 8 Information 20 1.5 3.5 6.2 -1.1 25.7 12.2 19 2.6 0.6 -0.5 10.8 17 18 0.2 4.6 Transportation and warehousing 16 6 4.2 12 Finance, insurance, real estate, rental, and leasing 0.0 0.3 Retail trade 3.9 1.5 0.0 -1.2 -3.7 Wholesale trade 15 2.6 -4.1 5 7.6 5.3 11 8.0 -0.1 2.6 -0.5 3 4 2.4 -0.2 10 13 14 10.7 1.4 10.1 11.2 11.8 2.0 -1.8 1.4 -3.3 19.4 14.7 8.2 -0.5 -0.2 5.7 0.4 33.9 3.1 10.7 -0.8 0.8 4.4 -1.1 19.4 1.0 -1.7 0.8 2.0 2.2 12.6 -7.4 6.0 7.0 -1.3 -4.5 0.5 26 4.8 1.7 -5.1 -8.1 9.6 3.8 2.1 7.8 27 2.4 2.5 1.2 2.3 2.2 3.5 28 1.9 3.2 29 Federal 2.8 -3.2 0.4 3.0 -7.5 -1.1 1.4 0.9 -0.4 -0.2 2.9 -1.6 1.4 1.9 7.1 29 30 State and local 1.4 3.0 -1.1 1.7 4.8 0.1 0.9 1.6 2.2 3.0 3.8 2.8 3.3 2.5 2.7 2.3 2.1 30 2.7 -0.2 2.4 5.6 -2.9 -4.2 3.0 0.6 -2.8 1.3 2.6 0.9 5.2 4.4 2.1 1.6 2.1 0.6 31 9.1 2.3 10.6 10.0 10.6 7.6 2.7 3.3 0.2 4.6 0.1 2.7 2.4 3.3 1.7 4.0 32 1.8 0.4 23.9 -7.8 -10.4 0.4 -4.0 29.8 3.2 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 4.7 6.4 6.2 3.9 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 25 of 29 December 19, 2024 Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2023 2023 Q3 1 Billions of chained (2017) dollars All Industries 2 Private industries Q4 Q1 2024 Q2 Change from preceding period Seasonally adjusted at annual rates 2023 Q3 2023 Q3 Q4 Q1 2024 Q2 Q3 2023 Line 2024 Q2 Q3 48,386.8 48,657.5 49,032.6 49,705.6 50,260.7 50,898.5 39,391.2 39,525.9 39,742.5 40,018.0 40,199.7 40,515.4 896.8 181.7 315.7 1 43,289.4 43,515.4 43,857.6 44,444.4 44,939.6 45,498.8 35,251.6 35,368.5 35,572.2 35,823.5 35,982.3 36,261.0 807.4 158.8 278.7 2 3 Agriculture, forestry, fishing, and hunting 621.7 616.2 601.6 594.3 589.0 592.5 447.4 447.0 448.2 449.3 448.5 443.2 8.6 -0.8 -5.3 3 4 Mining 719.5 718.4 721.5 694.9 704.6 689.0 576.2 582.2 580.3 574.6 577.4 574.7 32.1 2.8 -2.7 4 5 Utilities 640.3 666.4 619.8 633.0 643.4 635.0 500.9 508.8 501.2 499.7 512.0 508.7 -6.4 12.3 -3.4 5 6 Construction 2,335.9 2,359.1 2,443.1 2,494.1 2,509.6 2,524.0 1,633.3 1,652.9 1,699.6 1,730.8 1,737.3 1,737.4 31.8 6.5 0.0 6 7 Manufacturing 7,210.9 7,252.6 7,218.3 7,229.1 7,283.1 7,309.2 5,635.0 5,670.1 5,663.7 5,666.1 5,702.4 5,723.1 116.2 36.3 20.8 7 3,581.5 3,612.6 3,602.5 3,598.0 3,649.4 3,682.7 2,884.7 2,903.0 2,894.0 2,866.6 2,899.1 2,924.0 80.2 32.5 24.9 8 9 8 9 Durable goods 3,629.5 3,639.9 3,615.8 3,631.1 3,633.7 3,626.5 2,756.6 2,773.4 2,775.7 2,804.4 2,808.6 2,804.8 37.9 4.2 -3.8 Wholesale trade 2,840.6 2,848.3 2,873.7 2,888.1 2,895.9 2,956.9 2,170.8 2,163.9 2,166.5 2,172.2 2,169.7 2,200.8 -92.8 -2.5 31.1 10 11 Retail trade 2,773.0 2,783.1 2,801.2 2,800.1 2,812.3 2,852.7 2,164.4 2,179.5 2,218.7 2,233.8 2,230.2 2,295.8 81.6 -3.6 65.6 11 12 Transportation and warehousing 1,750.6 1,738.3 1,765.0 1,773.8 1,802.0 1,825.9 1,345.4 1,349.3 1,359.2 1,357.7 1,361.3 1,376.1 -14.5 3.6 14.8 12 13 Information 2,517.4 2,533.9 2,556.3 2,607.7 2,642.2 2,710.1 2,509.1 2,531.2 2,552.1 2,580.4 2,595.4 2,645.3 80.7 14.9 49.9 13 14 Finance, insurance, real estate, rental, and leasing 9,336.9 9,451.7 9,462.6 9,701.8 9,819.5 9,935.2 7,601.9 7,659.4 7,621.3 7,697.9 7,718.8 7,726.2 270.6 20.9 7.4 14 15 Finance and insurance 3,784.4 3,842.8 3,792.6 3,925.9 3,977.2 4,053.6 3,108.5 3,144.6 3,099.5 3,147.2 3,153.7 3,167.5 145.0 6.5 13.8 15 5,552.5 5,608.8 5,669.9 5,776.0 5,842.4 5,881.6 4,496.2 4,517.9 4,524.3 4,553.6 4,567.9 4,561.7 125.8 14.3 -6.3 16 5,576.7 5,564.9 5,646.2 5,728.0 5,821.7 5,919.9 5,052.0 5,020.6 5,069.5 5,102.9 5,133.9 5,176.1 68.2 31.0 42.2 17 3,299.5 3,289.6 3,364.1 3,416.2 3,481.7 3,535.3 3,031.2 3,013.9 3,066.8 3,088.1 3,115.4 3,144.7 92.1 27.3 29.2 18 784.2 790.9 798.2 815.3 832.7 860.1 771.5 772.9 777.0 791.6 793.8 804.8 10.3 2.2 11.0 19 1,492.9 1,484.4 1,484.0 1,496.5 1,507.2 1,524.5 1,256.0 1,241.5 1,235.2 1,234.2 1,236.1 1,239.0 -30.2 1.9 2.9 20 3,760.8 3,782.3 3,871.6 3,973.1 4,044.0 4,129.2 3,209.8 3,215.7 3,270.3 3,323.7 3,360.3 3,410.5 161.0 36.6 50.1 21 473.4 477.5 482.8 491.1 496.8 503.3 400.5 402.7 404.8 408.7 410.7 412.6 19.0 2.0 1.8 22 3,287.5 3,304.8 3,388.8 3,482.0 3,547.2 3,625.9 2,809.4 2,813.1 2,865.7 2,915.2 2,949.8 2,998.2 142.1 34.6 48.4 23 2,188.6 2,191.9 2,238.1 2,264.8 2,288.8 2,307.8 1,710.2 1,704.0 1,719.3 1,727.4 1,728.4 1,731.3 70.1 1.0 2.9 24 517.7 513.4 519.9 540.7 561.4 568.5 429.7 425.6 418.3 431.1 448.2 449.3 10.8 17.1 1.2 25 1,670.9 1,678.5 1,718.1 1,724.1 1,727.3 1,739.3 1,281.5 1,279.1 1,301.0 1,296.9 1,281.9 1,283.6 58.8 -15.0 1.7 26 10 16 17 18 19 20 21 22 23 24 25 26 27 Nondurable goods Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 28 Government 1,016.5 1,008.3 1,038.6 1,061.6 1,083.5 1,111.3 776.8 761.6 779.3 786.6 790.6 805.5 14.9 4.0 15.0 27 5,097.4 5,142.2 5,175.0 5,261.2 5,321.1 5,399.7 4,140.6 4,158.5 4,171.4 4,195.7 4,218.5 4,255.5 89.4 22.8 36.9 28 29 Federal 1,529.6 1,547.5 1,552.6 1,576.0 1,594.8 1,634.9 1,246.0 1,251.5 1,246.6 1,251.0 1,256.9 1,278.5 4.9 5.8 21.6 29 30 State and local 3,567.9 3,594.7 3,622.4 3,685.1 3,726.3 3,764.8 2,893.4 2,905.7 2,923.5 2,943.4 2,960.4 2,975.6 84.0 17.0 15.2 30 1 10,888.0 10,946.3 10,984.5 11,012.4 11,086.4 11,114.6 8,309.8 8,370.2 8,414.3 8,446.9 8,491.4 8,503.8 191.5 44.4 12.5 31 2 32,401.4 32,569.1 32,873.1 33,432.0 33,853.3 34,384.2 26,971.5 27,024.4 27,184.1 27,404.9 27,518.9 27,788.5 616.1 114.0 269.6 32 31 32 Addenda: Private goods-producing industries Private services-producing industries 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 26 of 29 December 19, 2024 Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 1 All Industries 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 6.6 8.3 1.4 4.6 7.7 10.4 8.2 8.0 10.7 11.5 2.4 0.0 0.7 -0.7 2.6 0.9 2.7 2.7 1.9 1 6.8 8.4 1.4 4.6 7.7 11.0 0.8 -0.7 2.3 0.8 2.5 2.7 1.9 2 1.5 -14.8 -13.4 -4.1 -10.2 -5.6 -2.8 2 Private industries 3 Agriculture, forestry, fishing, and hunting 8.6 8.2 11.1 11.5 2.4 -0.1 20.6 23.9 -4.7 27.6 15.3 57.7 17.6 0.7 46.9 37.0 7.4 7.4 3 4 Mining 47.2 33.6 -22.4 46.2 79.4 43.8 39.5 68.4 35.9 87.9 -19.2 -44.9 -30.6 -35.0 15.1 3.7 -6.9 4 5 Utilities 17.9 13.9 -7.3 17.7 57.4 -10.3 15.0 19.4 -7.4 70.0 17.5 -22.5 -9.2 -34.5 35.4 -20.5 10.2 -3.2 -2.6 5 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 13 14 15 16 17 18 19 20 21 8.1 15.4 4.4 13.0 13.3 -1.4 8.0 8.6 1.8 3.0 8.1 12.2 12.1 18.4 17.4 17.5 12.4 7.9 1.7 -1.2 7.1 19.0 21.7 16.3 13.5 18.2 21.9 -4.4 -4.3 -1.1 -5.6 3.6 8.7 14.8 11.8 9.8 11.8 8.6 0.4 -1.1 3.8 2.2 18.2 17.8 -4.4 10.8 30.5 28.9 20.7 17.2 24.5 35.3 -8.4 -7.1 -5.6 -12.7 7.8 10.7 2.7 3.9 7.8 12.9 15.6 8.1 16.4 12.4 1.7 -0.2 8.9 -1.0 0.4 6.6 30.4 8.0 15.4 0.4 -2.5 -0.4 Transportation and warehousing 9.9 14.7 -1.5 8.3 6.3 24.8 17.6 17.0 19.9 16.8 Information 0.2 5.1 -2.5 10.8 Finance, insurance, real estate, rental, and leasing 1.1 -0.5 0.7 9.1 0.0 -0.7 3.1 5.0 2.1 1.3 3.8 0.5 3.1 -10.5 2.9 1.0 1.0 2.3 6 1.8 -1.4 0.4 0.4 0.0 7 0.8 3.3 1.2 0.2 8 2.8 -2.9 -2.4 -0.3 -0.3 9 4.5 0.1 3.1 1.0 0.7 -5.3 -4.5 -2.8 1.6 2.7 10 2.4 -5.7 11 1.8 -3.0 -2.7 -6.5 -3.0 3.2 2.5 5.4 0.9 12 0.4 0.3 3.6 3.0 2.6 13 0.3 -2.2 0.1 -1.7 3.4 5.2 4.4 2.6 2.9 5.4 3.9 3.9 6.3 5.4 5.6 5.5 4.2 3.8 3.2 2.5 6.2 3.8 4.4 14 Finance and insurance 3.8 4.7 3.2 2.3 4.3 6.9 3.6 4.0 5.9 3.5 5.1 5.0 2.6 2.8 2.0 0.5 8.0 4.5 6.1 15 Real estate and rental and leasing 3.0 5.6 5.2 2.8 1.9 4.4 4.2 3.9 6.6 6.8 5.9 5.9 5.3 4.4 4.1 3.8 4.9 3.4 3.3 16 1.3 3.1 3.1 2.0 0.8 1.4 1.4 2.7 5.7 2.8 2.7 1.3 4.7 3.7 2.5 1.9 3.2 4.2 3.5 17 0.8 2.7 2.8 2.8 0.0 -0.1 0.6 2.4 5.1 2.9 2.2 1.3 5.0 2.6 1.9 2.0 3.4 4.2 2.4 18 0.1 1.0 2.3 -0.2 0.0 1.1 0.4 0.0 3.8 -2.0 3.2 -1.4 3.2 5.3 3.7 1.6 1.1 7.6 7.7 19 3.2 5.2 4.1 1.4 3.1 5.1 3.6 4.6 8.0 5.2 3.7 2.8 5.0 5.4 3.0 2.0 3.8 2.3 3.7 20 2.4 21 Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 3.4 3.6 3.3 1.9 5.3 3.1 3.5 3.7 3.9 3.0 4.2 3.6 3.0 3.4 2.9 2.6 3.9 2.7 22 Educational services 3.4 3.3 3.2 3.1 3.1 4.6 4.2 3.5 2.1 2.9 4.7 3.6 3.3 2.4 2.7 2.4 2.9 2.7 3.6 22 23 24 Health care and social assistance 3.4 3.6 3.3 1.7 5.5 2.9 3.4 3.8 4.1 3.0 4.1 3.6 3.0 3.5 2.9 2.7 4.1 2.7 2.3 23 2.2 7.3 10.7 5.5 4.3 4.6 4.9 2.9 Arts, entertainment, recreation, accommodation, and food services 5.0 7.4 5.7 4.8 25 Arts, entertainment, and recreation 2.0 3.8 5.8 0.3 -9.4 16.5 26 Accommodation and food services 5.9 8.6 5.6 6.2 4.2 7.3 7.5 5.4 6.8 1.8 27 Other services, except government 28 Government 8.9 7.5 3.7 7.6 7.7 4.1 2.7 24 5.3 7.5 1.5 -4.4 8.5 4.6 12.3 -3.7 9.1 12.7 3.7 -0.6 4.0 25 6.1 4.7 12.3 9.3 9.5 6.4 7.3 8.7 2.7 5.6 2.3 26 3.3 4.7 4.0 5.4 6.6 8.7 6.2 9.0 4.3 7.4 5.8 5.7 6.7 7.8 11.6 2.6 3.4 7.0 3.2 2.6 9.7 7.1 7.2 7.2 2.7 5.2 6.3 2.7 27 1.3 0.1 -1.1 4.9 1.3 4.4 2.4 2.4 28 4.4 29 Federal 4.1 6.5 4.5 3.2 5.9 3.6 5.4 6.3 6.2 11.1 5.5 3.1 2.5 6.3 2.9 4.7 2.9 3.2 29 30 State and local 5.9 6.9 0.6 4.8 8.1 6.8 5.8 6.9 8.5 11.8 1.4 0.6 -1.7 -2.6 4.3 0.6 4.2 2.2 2.1 30 8.9 19.0 22.6 16.9 16.9 20.8 26.2 -1.9 -5.8 -3.9 -7.5 2.0 -0.7 -0.5 0.6 0.4 31 3.2 2.4 3.4 2.4 32 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 14.0 15.7 -2.2 2 4.5 6.0 2.6 4.2 7.3 5.9 5.4 7.9 6.7 4.0 1.9 2.4 1.8 1.4 3.6 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis Page 27 of 29 December 19, 2024 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates Line 2021 2022 2023 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Line 2024 2023 Q3 Q4 Q1 Q2 Q3 r Percent change from preceding period Gross domestic product (GDP) and related aggregates: 1 GDP 6.1 2.5 2.9 4.4 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 1 2 Goods 8.7 3.0 3.2 1.4 5.4 5.6 0.8 18.6 -4.6 -3.6 6.7 6.8 0.3 1.6 7.1 2.5 -3.6 5.2 4.7 2 3 Services 5.2 3.3 3.0 4.4 5.9 8.6 6.1 3.7 0.7 3.3 2.9 3.4 3.9 1.7 2.5 2.8 3.2 2.4 3.2 3 4 Structures 2.5 -4.6 1.0 15.6 4.6 -4.6 -4.5 -4.0 0.2 -5.4 -11.6 -8.3 4.4 11.2 7.5 8.6 9.9 -0.6 -2.9 4 5 6 Motor vehicle output 7.5 -1.9 7.3 -32.2 20.1 -11.0 -41.8 32.6 -5.4 2.6 11.9 0.0 24.6 13.3 -8.2 -19.0 3.4 20.2 -18.3 5 6.0 2.6 2.8 5.7 5.2 7.0 5.0 6.8 -0.9 0.2 2.5 3.5 2.2 2.2 4.7 3.9 1.6 2.6 3.7 6 7.6 2.5 2.9 5.7 7.2 7.6 3.4 9.1 -2.0 -0.3 2.6 3.7 2.5 2.4 5.0 3.4 1.3 3.0 3.6 7 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 8 9 7 GDP excluding motor vehicle output Nonfarm business gross value added 1 Contributions to percent change in real gross domestic product Percent change at annual rate: 8 Gross domestic product 6.1 2.5 2.9 4.4 5.6 6.4 3.5 7.4 -1.0 0.3 Percentage points at annual rates: 9 Goods 2.65 0.94 1.01 0.52 1.80 1.84 0.32 5.51 -1.50 -1.14 2.09 2.12 0.14 0.53 2.22 0.80 -1.12 1.56 1.41 10 Services 3.18 2.00 1.80 2.61 3.45 5.04 3.56 2.26 1.74 2.00 2.29 1.01 1.50 1.67 1.91 1.48 1.92 10 11 Structures 0.23 -0.42 0.09 1.28 0.38 -0.45 -0.42 -0.36 0.02 -0.50 -1.10 -0.77 0.36 0.91 0.64 0.73 0.85 -0.05 -0.26 11 12 Motor vehicle output 0.19 -0.05 0.19 -1.10 0.60 0.35 -0.24 -0.56 0.50 -0.32 -1.40 0.44 0.72 -0.15 r Revised 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 Page 28 of 29 1.92 0.07 0.30 0.00 0.09 0.47 -0.51 12 December 19, 2024 Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Billions of chained (2017) dollars at quarterly rates Line 2022 Q2 1 2 3 4 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Q3 2023 Q4 Q1 Q2 Percent change from quarter one year ago 2024 Q3 Q4 Q1 Q2 2022 Q3 r Q3 2023 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 r 5,484.3 5,544.4 5,668.9 5,469.2 5,646.3 5,724.1 5,831.6 5,638.5 5,817.2 5,866.8 2.5 1.4 2.5 3.0 3.2 2.9 3.1 3.0 2.5 1 3,814.4 3,815.1 3,937.8 3,766.5 3,898.9 3,911.2 4,045.1 3,871.4 4,006.2 4,024.5 2.6 1.6 2.7 2.2 2.5 2.7 2.8 2.8 2.9 2 1,028.0 1,077.5 1,026.6 4.5 -1.1 -3.5 0.2 1.9 1.8 5.1 5.9 2.9 3 -280.4 -271.1 -230.1 -211.9 -235.8 -254.2 -230.9 -225.9 -263.9 -289.9 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4 995.8 1,030.3 1,098.0 1,045.1 1,047.0 1,091.1 1,129.7 5 Exports 611.6 626.9 640.9 614.6 627.7 629.8 651.7 626.7 649.6 659.9 11.9 4.9 0.4 1.7 2.0 3.5 4.8 5 6 7 Imports 892.0 898.1 871.0 826.6 863.5 883.9 882.6 852.6 913.5 949.7 1.3 -1.2 -3.2 -1.6 1.3 3.2 5.8 7.4 6 919.8 920.3 934.2 918.7 952.3 968.3 972.5 946.6 981.4 997.8 -0.6 0.8 4.1 3.0 3.1 3.0 7 Government consumption expenditures and gross investment 8.7 6.6 2.6 2.6 3.5 5.2 Addenda: Current dollar measures: (Billions of dollars) 8 GDP 6,476.8 6,614.8 6,794.8 6,639.8 6,897.7 7,029.1 7,159.3 6,997.8 7,290.5 7,364.7 10.3 8.0 8.2 6.5 6.3 5.4 5.4 5.7 4.8 8 9 Gross domestic income 6,393.3 6,594.5 6,743.4 6,872.3 6,729.3 6,803.5 7,071.0 7,245.5 7,120.8 7,199.7 11.0 5.8 8.2 5.3 3.2 4.9 5.4 5.8 5.8 9 r Revised Source: U.S. Bureau of Economic Analysis Page 29 of 29