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B UR E AU O F ECO NO M IC A NA LY SIS NEW S RELEASE U S . DEPARTM ENT O F COM M ERCE E M B A R G O E D U N T IL R E L E A S E A T 8:30 A .M . EST, T H U R SD A Y , D E C E M B E R 21, 2006 V irginia H. M annering: G reg Key: R ecorded m essage: B EA 06-58 G R O S S D O M E S T I C P R O D U C T : T H IR D Q U A R T E R 2 0 0 6 (F IN A L ) C O R P O R A T E P R O F IT S : T H IR D Q U A R T E R 2 0 0 6 (F IN A L ) R eal gross dom estic p ro d u ct — th e output o f goods and services pro d u ced by labor and property located in the U nited States — in creased at an annual rate o f 2.0 p ercen t in the th ird quarter o f 2006, according to final estim ates released by the B ureau o f E conom ic A nalysis. In the second quarter, real G D P increased 2.6 percent. The G D P estim ates released to d ay are based on m ore com plete source d ata than w ere available for the prelim inary estim ates issued last m onth. In the prelim inary estim ates, the increase in real GDP w as 2.2 percent (see "R evisions" on p ag e 3). The increase in real G D P in th e th ird quarter prim arily reflected p o sitiv e contributions from personal consum ption expenditures (PC E ), exports, equipm ent and softw are, nonresidential structures, and state and local governm ent spending th at w ere partly offset b y a n eg ativ e contribution from residential fixed investm ent. Im ports, w h ich are a subtraction in the calcu latio n o f G D P, increased. The deceleration in real G D P grow th in the th ird quarter p rim arily reflected an acceleration in im ports, a larger decrease in residential fixed investm ent, and decelerations in P C E for services, in private inventory investm ent, and in state and local governm ent spending th a t w ere partly offset by upturns in equipm ent and softw are, in P C E for durable goods, and in federal governm ent spending. Final sales o f com puters contributed 0.07 percentage p o in t to th e th ird -q u arter grow th in real GDP after contributing 0.04 percentage p o in t to the second-quarter grow th. M o to r v ehicle output contributed 0.76 percentage point to the th ird -q u arter grow th in real G D P after subtracting 0.31 percentage point fro m the second-quarter grow th. N O T E .—Q uarterly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter dollar changes are differences b etw een th ese pu b lish ed estim ates. Percent changes are calculated fro m u nro u n d ed data and are annualized. “R eal” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. This new s release is available on B E A ’s W eb site at w w w .b ea.g o v /b ea/rels.h tm . - more - - 2- The price index fo r gross dom estic purchases, w h ich m easu res prices p a id by U .S. residents, increased 2.2 p ercen t in the th ird quarter, 0.1 percentage p o in t m ore th an in th e prelim inary estim ate; this index increased 4.0 p ercen t in the second quarter. E x clu d in g fo o d and energy prices, the price index for gross dom estic p u rch ases increased 2.2 percen t in the th ird quarter, co m p ared w ith 2.9 percent in the second. R eal personal con su m p tio n expenditures in creased 2.8 percen t in th e th ird quarter, com pared w ith an increase o f 2.6 p ercen t in the second. R eal nonresidential fixed in v estm en t increased 10.0 percent, com pared w ith an increase o f 4.4 percent. N o n resid en tial structures in creased 15.7 percent, com pared w ith an increase o f 20.3 percent. E q u ip m en t and softw are in creased 7.7 p ercen t, in contrast to a decrease o f 1.4 percent. R eal residential fixed investm ent decreased 18.7 p ercent, com pared w ith a decrease o f 11.1 percent. R eal exports o f goods and services increased 6.8 p ercen t in the th ird quarter, com pared w ith an increase o f 6.2 percen t in the second. R eal im ports o f goods and services in creased 5.6 percent, com pared w ith an increase o f 1.4 percent. R eal federal governm ent consum ption expenditures and gross in v estm en t increased 1.3 percent in the th ird quarter, in co n trast to a decrease o f 4.5 percen t in th e second. N atio n al defense decreased 1.2 percent, com pared w ith a decrease o f 2.0 percent. N o n d efen se in creased 6.5 p ercent, in contrast to a decrease o f 9.3 percent. R eal state and local governm ent con su m p tio n expenditures and gross investm ent in creased 1.9 percent, com pared w ith an increase o f 4.0 percent. The real change in private inventories added 0.06 percen tag e p o in t to the th ird -q u arter change in real G D P, after adding 0.44 percentage p o in t to the second-quarter change. P riv ate businesses increased inventories $55.4 billio n in the th ird quarter, follow ing increases o f $53.7 b illio n in the second quarter and $41.2 b illio n in the first. R eal final sales o f dom estic p ro d u ct — G D P less change in p riv ate in v en to ries -- increased 1.9 percent in the th ird quarter, com pared w ith an increase o f 2.1 p ercen t in th e second. Gross domestic purchases R eal gross dom estic p u rch ases — purchases by U .S. residents o f goods and services w herever produced — increased 2.0 percen t in the th ird quarter, the sam e increase as in the second. Gross national product Real gross national p ro d u ct — the goods and services p ro d u ced b y the lab o r and property supplied by U .S. residents - in creased 1.8 p ercen t in the th ird quarter, co m p ared w ith an increase o f 2.3 percent in the second. G N P in clu d es, and G D P excludes, net receip ts o f incom e fro m th e rest o f the w orld, w hich decreased $5.5 b illio n in the third quarter after decreasing $5.6 b illio n in th e second; in the third quarter, receipts increased $15.1 billion, and paym ents increased $20.6 billion. - more - - 3C u r r e n t-d o lla r G D P C urrent-dollar G D P — th e m arket value o f the nation's output o f goods and services — increased 3.8 percent, or $125.3 billion, in the th ird quarter to a level o f $13,322.6 billion. In the second quarter, current-dollar GDP increased 5.9 percent, or $188.9 billion. R e v is io n s The final estim ate o f the third-quarter increase in real G D P is 0.2 percen tag e point, or $7.0 billion, low er than the prelim inary estim ate issued last m onth. The dow nw ard rev isio n to the percent change in real GDP prim arily reflected a do w n w ard revision to personal co n su m p tio n expenditures for services. A dvance P relim inary Final (P ercent change fro m p receding quarter) R eal G D P .................................................. C urrent-dollar G D P ................................. G ross dom estic purchases price index... 1.6 3.4 2.0 2.2 4.0 2.1 2.0 3.8 2.2 C o r p o r a t e P r o f it s Profits from current p ro d u ctio n (corporate profits w ith inventory v aluation and capital consum ption adjustm ents) increased $61.5 billion in the th ird quarter, com pared w ith an increase o f $22.7 billion in the second quarter. C urrent-production cash flow (net cash flow w ith inventory valuation and capital con su m p tio n adjustm ents) — the internal funds available to corporations for investm ent -- increased $30.2 b illio n in the third quarter, com pared w ith an increase o f $1.1 billion in the second. Taxes on corporate in co m e increased $14.5 billio n in the th ird quarter, com pared w ith an increase o f $19.2 billio n in the second. P rofits after tax w ith inventory v alu atio n and capital consum ption adjustm ents increased $47.0 billion, com pared w ith an increase o f $3.6 billion. D ividends increased $19.3 billion, com pared w ith an increase o f $15.4 billion; cu rrent-production undistributed profits increased $27.8 billion, in co n trast to a decrease o f $11.8 billion. D om estic profits o f financial corporations decreased $9.1 b illio n in the th ird quarter, in contrast to an increase o f $41.7 b illio n in the second. D om estic profits o f no n fin an cial corporations increased $75.8 billion in the third quarter, in contrast to a decrease o f $32.8 b illio n in the second. In the third quarter, real gross corporate value ad d ed and profits p er u n it o f real value added increased. The increase in unit profits reflected a slight increase in u n it prices and decreases in b o th the u n it labor and nonlabor costs corporations incurred. - more - - 4- The rest-o f-th e-w o rld co m ponent o f profits decreased $5.3 b illio n in the third quarter, in contrast to an increase o f $13.8 b illio n in the second. This m easure is calculated as (1) receipts by U .S. residents o f earnings fro m th eir fo reig n affiliates plus dividends received by U .S. resid en ts from unaffiliated foreign corporations m inus (2) paym ents by U .S. affiliates o f earnings to th e ir foreign parents plus dividends paid by U .S. corporations to unaffiliated foreign residents. T he th ird -q u arter decrease was accounted for b y a sm aller increase in receipts th an in paym ents. Profits before tax w ith inventory valu atio n adjustm ent is the b est available m easure o f industry profits because estim ates o f th e capital consum ption adjustm ent by in d u stry do no t exist. This m easure reflects d ep reciation-accounting practices used for federal incom e tax returns. A ccording to this m easure, dom estic profits o f financial corporations decreased, w hile dom estic profits o f nonfinancial corporations increased. The increase in nonfinancial corporations p rim arily reflected increases in m anufacturing, in w h o lesale trade, in retail trade, and in utilities th at w ere p artly offset by decreases in “other” nonfinancial industries and in inform ation. W ithin m anufacturing, th e increase reflected increases in all the industries show n ex cep t chem ical products and “o th er” nondurable goods; the largest increase w as in “o th er” durable goods. Profits b efore tax increased $42.5 billio n in the th ird quarter, co m p ared w ith an increase o f $70.9 billion in the second. T he b efore-tax m easure o f profits does not reflect, as does profits from current production, the capital con su m p tio n and inventory valuation adjustm ents. These adjustm ents convert depreciation o f fixed assets and inventory w ithdraw als reported on a tax -retu rn , h istorical-cost basis to the current-cost m easures u sed in the national incom e and p ro d u ct accounts. T he capital consum ption adjustm ent decreased $1.6 b illio n in the third quarter (from -$160.8 b illio n to -$162.4 billion), com pared w ith a decrease o f $12.2 b illio n in the second. The inventory v alu atio n ad ju stm en t increased $20.7 billion (from -$58.9 billio n to -$38.2 billion), in contrast to a decrease o f $36.0 billion. Effective w ith this release, chained-dollar gross value added o f n o n fin an cial corporate business w as revised b eg in n in g w ith 2003. T he current-dollar gross value added is d eflated by a revised chaintype price index calcu lated u sin g the gross value added chain-type index fo r nonfinancial industries from the annual rev isio n o f the G D P -by-industry accounts. - 5- B EA 's national, international, regional, and industry estim ates; the S u r v e y o f C u r r e n t B u s in e s s - , and B EA new s releases are available w ith o u t charge on B EA 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents. * * * N e x t release - January 31, 2007, at 8:30 A .M . E S T for: G ross D om estic Product: Fourth Q uarter 2006 (A dvance) R e le a s e d a te s in 2 0 0 7 G ross dom estic product A d v an ce...... Prelim inary.. F in al............. 2006: IV and 2006 annual Jan u ary 31 F ebruary 28 M arch 29 2 0 0 7 :1 A pril 27 M ay 31 June 28 2007: II Ju ly 27 A u g u st 30 Septem ber 27 2007: III O ctober 31 N ovem ber 29 D ecem ber 20 M ay 31 June 28 A u g u st 30 S eptem ber 27 N ovem ber 29 D ecem ber 20 C orporate Profits Prelim inary.. F in a l............. . . . . M arch 29 - more - T a b le 1 .— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2002 IV 2C03 1 II 2004 III IV I II 2005 III IV 2006 I II G ro ss d o m e s tic p ro d u c t ( G D P ) .............. 2.5 3.9 3.2 0.2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 P erson al c o n s u m p tio n e x p e n d itu re s ...................... Durable g o o d s ........................................................ Nondurable g o o d s ............................ ...................... Services .................................................................. 1.8 5.6 2.6 2.8 5.8 3.2 1.9 3.9 6.4 3.6 3.5 2.0 3.5 5.5 4.5 2.6 1.4 -5.2 3.6 1.8 2.1 .4 3.8 1.5 3.6 16.8 2.3 1.8 5.8 16.7 7.7 2.9 2.3 .7 1.8 2.8 4.7 6.1 4.3 4.6 2.9 1.7 1.7 3.8 3.9 8.7 3.7 3.1 4.3 6.1 5.4 3.4 2.7 2.4 5.2 1.6 4.2 12.8 4.9 2.3 .8 -12.3 3.9 2.0 4.8 19.8 5.9 1.6 2.6 -1 14 3.7 2.8 G ro s s priv a te d o m e s tic in v e s t m e n t ........................ Fixed investm ent .................................................... N onres iden tial..................................................... S tr u c tu re s ....................................................... Equipment and softw are ................................. R e s id e n tia l.......................................................... Change in private in v e n to rie s ................................ . 3.9 9.0 3.4 3.2 3.6 3.4 1.0 -4.1 2.8 8.4 9.8 7.3 5.9 2.2 7.3 9.9 5.4 7.5 6.8 1.1 8.9 8.6 -1.0 -1.4 -5.0 -5.3 -4.9 6.4 -1.3 -.4 -2.6 -6.9 -1.0 4.1 3.3 10.6 10.7 14.7 9.3 10.5 17.7 13.6 9.4 -.8 13.2 22.2 9.3 5.5 2.8 -4 .7 5.6 10.6 4.8 2.2 1.7 3.3 1.2 3.1 21.7 11.7 7.2 6.9 7.3 19.8 2.0 7.6 10.3 3.1 13.0 3.2 5.1 4.9 8.3 -2.0 12.3 -.6 8.2 7.8 6.0 5.3 6.3 11.1 -3.6 10.5 5.2 -2.0 7.9 20.0 5.2 6.3 5.9 -7.0 11.0 7.1 16.2 2.8 5.2 12.0 2.8 -.9 7.8 8.2 13.7 8.7 15.6 -.3 1.0 -1.6 4.4 20.3 -1.4 -11.1 -.8 -1 2 10 n 15J 77 -18.7 N et e x po rts o f good s and s e rv ic e s ........................ E x p o rts ............................ ........................ ............... Goods ................................................................. S e rv ic e s .............................................................. Imports .................................................................... Goods ................................................................. S e rv ic e s .............................................................. 1.3 1.8 0 4.1 4.9 0 9.2 9.0 9.7 10.8 10.9 10.0 6.8 7.5 5.1 6.1 6.7 2.8 -3.1 -9.1 11.7 9.0 8.1 14.0 -5 .3 2.0 -20.0 -5.0 -3.9 -10.6 -1.7 -1.2 -2.8 4.1 8.6 -15.7 11.4 8.8 17.5 3.7 .6 21.2 20.8 19.8 23.1 17.6 17.2 19.6 7.2 7.1 7.5 10.2 10.1 10.9 6.2 6.4 5.6 16.0 17.7 7.6 4.8 8.3 -2.8 4.4 4.7 3.1 9.9 6.1 19.2 12.0 12.6 9.0 4.7 5.5 2.9 4.1 4.9 -.2 9.4 12.8 2.0 1.4 2.0 -1.5 3.2 3.7 2.1 2.5 2.7 1.2 G ov e rn m e n t co n s u m p tio n e x p e n d itu re s and g ro s s in v e s t m e n t ............................................................. F e d e ra l.................................................................... National defense ................................................. N o n d e fe n s e ......................................................... State and local ........................................................ Ü6 11.5 5.5 13.2 14.1 8.3 14.0 17.3 67 9.1 9.4 7.4 6 .2 6.0 67 14 -.1 9.9 -2 .6 2.5 6.8 8.7 3.4 .2 1.9 4.3 5.9 1.2 .5 .9 1.5 1.7 1.1 .5 4.8 10.2 14.8 2.1 2.0 -1.4 .1 -4 .4 9.0 -2.2 6.1 19.7 36.3 -6.4 -.8 1.5 .4 -5.3 12.4 2.1 .7 3.1 8.1 -6 .0 -.6 2.9 7.2 9.1 3.6 .5 2.2 2.5 2.0 3.5 2.1 1.3 5.0 9.1 -2.9 -.9 -1.9 -5.2 -9.1 3.4 .1 1.6 3.4 4.5 1.2 .6 1.1 .4 2.9 -4.4 1.5 3.4 9.6 11.2 6.2 -.1 -1.1 -4.6 -9.9 7.1 1.0 4.9 8.8 8.9 8.5 2.7 .8 -4.5 -2.0 -9.3 4.0 17 13 -1 2 6.5 1.9 A dd end a: Final sales of dom estic p ro d u c t.............................. Gross domestic purchases ..................................... Final sales to dom estic p u rc h a s e rs ........................ Gross national product (GNP) ................................ Disposable personal in c o m e .............................. . 2.5 2.8 2.8 2.7 2.2 3.5 4.4 4.0 3.8 3.6 3.5 3.3 3.6 3.1 1J2 .1 1.7 1.6 1.0 .2 1.3 .9 1.1 .8 1.7 4.5 4.0 5.1 4.1 5.0 6.9 6.6 6.1 7.3 6.3 2.1 3.0 2.5 3.5 1.7 3.4 4.4 4.0 3.5 3.9 2.6 5.5 4.1 2.9 2.4 4.0 3.1 4.0 3.3 2.8 2.6 3.3 3.2 2.0 7.5 3.3 3.4 3.3 3.6 -1.0 5.6 2.4 4.6 3.0 .5 4.4 4.0 4.2 4.9 -.6 -.3 2.7 .7 .5 5.5 C urre n t-d o lla r m e asures: G D P .................................................................... Final sales of domestic p r o d u c t.......................... Gross domestic purchases ................................. Final sales to dom estic purchasers .................... G N P .................................................................... Disposable personal income .............................. 5.6 5.3 5.4 6.1 4.6 2.1 2.0 1.6 2.3 -1.5 1.9 20 20 18 4.1 4.7 4.7 5.2 5.2 4.9 4.2 6.9 6.5 7.6 7.2 6.7 6.4 6.3 6.7 6.9 7.2 6.2 4.! | 2.4 2.4 3.9 3.8 3.2 1.9 4.4 4.6 5.1 5.3 4.0 4.8 4.8 5.8 4.7 5.7 5.4 5.7 9.7 9.1 9.1 8.5 9.6 8.9 4.9 4.4 4.9 4.4 5.8 3.2 7.8 7.3 8.9 8.5 7.4 7.7 7.9 6.4 9.7 8.3 6.7 6.0 5.3 6.2 5.8 6.7 5.4 4.7 5.9 5.9 7.0 7.0 5.3 10.7 7.0 6.9 6.7 6.7 5.8 8.2 5.8 8.1 5.6 3.6 7.6 7.8 8.5 8.8 8.4 3.5 5.1 3.0 6.3 4.3 3.8 9.0 9.1 8.2 8.2 9.6 6.8 5.9 5.5 6.1 5.7 5.7 2.5 3.8 38 42 4.2 3.7 6.6 r Revised S ee “ E xplanatoiy N o te" at the end o f the tables. III IV 1 II III- 6j 4 15 2.8 ........ 72 -1.8 8 .6 1 ÉL8 94 J3 5,5 71 T a b le 2 .— C o n tr ib u tio n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t ic P r o d u c t Seasonally adjusted at annual rates 2003 2004 2005 2002 Pe r ce n t c h a n ge 2003 l II 0.2 1.2 3.5 IV 2004 III IV 1 11 2005 III IV 1 II 2006 III IV I II 1.8 5.6 2.6 2.0 in'- at a n n u a l rate: 2.5 3.9 3.2 1.94 2.71 2.44 .97 1.41 .50 .12 .27 .10 .54 .07 .35 .11 .45 .02 .29 .14 -.47 -.75 .21 .07 .03 -.04 .05 .02 .64 .23 .14 .01 .26 .73 .33 .14 .02 .24 .90 .51 .17 -.01 23 .70 .20 .31 -.04 .23 .75 .39 -.02 -.02 .39 .80 .10 .06 .03 .03 0 .45 .10 .09 1.45 .40 .10 .02 .08 .03 .37 .14 .41 1.09 .30 .08 .04 .04 0 .43 .08 .20 .74 -.07 .19 .23 -.04 -.01 .59 .16 -.12 .63 .11 0 -.05 .05 .07 .47 .02 -.04 d o m e st i c i n v e s t m e n t . . . . . . . . . . . . . . . . . . . .54 1.49 .87 -.14 F ix e d in v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 .10 -.11 21 1.11 .58 .06 .52 1.17 .67 .03 .64 -.21 -.52 -.14 -.38 .22 .09 .07 .05 .04 -.12 .07 .41 .36 .10 .15 .11 -.05 .14 .07 .53 .30 .12 .09 .10 .10 .15 .09 .50 .04 .03 0 .38 .07 .31 -.44 .12 .12 0 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.81 1.96 1.35 .65 .49 .21 1.39 .46 .67 .26 .06 -.29 .27 .08 .51 .09 .33 .10 .14 -.14 .28 .01 .71 .22 .36 .13 .50 .17 .21 .12 .20 -.29 .27 .21 1.02 .50 .28 .24 .74 .38 .40 -.03 -1.08 -1.51 .33 .10 1.50 .60 .65 .26 -.01 -.04 .10 -.06 .50 .28 .20 .03 .45 .04 .29 -.02 .14 1.53 .61 .31 .10 .52 .36 .02 -.02 .06 .30 .86 .54 .32 0 0 .34 .16 -.14 0 .32 .74 .28 .18 -.04 .32 1.07 .70 .19 .01 .16 1.04 .53 .17 .12 .21 .98 .55 .25 -.10 .28 .70 .61 .08 -.15 .16 .79 .39 .27 -.06 .19 1.20 .64 .23 -.03 .36 .30 .19 -.10 .02 .19 .32 -.07 .15 .14 .11 .73 .18 0 -.08 .08 -.03 .28 .15 .16 1.21 .35 .02 -.0 3 .05 .03 .28 .13 .40 1.18 .40 .17 .12 .05 .02 .28 .16 .15 1.92 .49 .11 .06 .05 .05 .33 .18 .76 1.59 .42 .10 -.06 .16 .06 .47 .13 .42 1.30 .37 .06 -.07 .13 0 .53 .09 .24 1.39 .32 .25 .25 0 .04 .43 .05 .30 .70 .29 .01 0 .01 .02 .32 .13 -.07 .94 .28 .04 0 .04 -.03 .40 .05 .20 1.32 .24 .09 .03 .06 -.04 .53 .05 .44 .83 .18 .01 .03 -.02 0 .44 .04 .16 .67 .24 -.58 -.58 0 .10 .52 .09 .31 1.52 .25 .31 .23 .08 .04 .31 .02 .58 1.14 .27 .35 .32 .04 .03 .25 .08 .15 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.13 -.04 -.24 -.18 -.06 1.52 1.01 .35 .65 2.00 .92 -.02 .95 .83 .29 -.12 .41 .34 .18 .08 .10 1.72 .69 .17 .52 1.16 .97 .08 .90 .77 .81 -.05 .86 1.22 .59 .14 .45 1.62 .51 -.06 .56 1.02 .59 -.20 .78 .46 .52 .31 .21 1.34 1.36 .25 1.11 -27 .45 .56 -.10 -.19 1.01 .46 .55 -.38 -.04 -.17 -.17 .01 -.02 .02 .30 .31 .12 .06 .12 .17 -.57 .04 .20 .13 0 .05 .08 .14 .31 .08 .51 .82 .26 .32 .23 -.1 4 .01 .26 1.08 .70 .21 .20 .29 -.22 -.13 .07 .55 .30 -.03 .17 .16 -.09 -.08 -.0 4 .16 .05 -.03 .03 .05 -.05 .46 .06 1.03 .21 .21 .12 -.12 .19 .39 .10 .18 .33 .17 .16 0 .05 .40 .08 -.04 .43 .10 .03 .30 .16 -.14 .01 .63 .29 .10 .12 .06 -.07 .11 .24 1.11 .26 .06 .07 .13 .23 .27 .03 .43 .25 .16 .04 .04 .19 -.31 .08 -.06 .74 .15 .18 .40 -.05 .31 .11 -.02 -.04 .03 .07 -.14 .16 -.32 .09 -.72 .35 .13 .09 .13 0 .15 .05 -1.20 -.30 -.06 -.24 .08 .03 .04 -.12 .19 -.31 -1.01 -.16 -.85 .56 -.06 .62 .56 -.05 .60 .40 .27 .13 1.44 .61 .84 -.84 -.48 -.35 .05 -.38 .43 .09 .16 -.06 -2.23 -.26 -1.97 -.18 .28 -.46 2.05 .14 1.90 -.03 -.01 -.02 .44 -.09 .54 .06 .02 .05 -.65 -.26 -1.52 .21 -.73 .51 -.4 7 -.73 -1.62 -.20 -.81 -.16 .72 -JÎ6 - 1 07 -.04 .42 .88 .60 .28 .68 .52 .16 -.31 -.54 .33 -.53 .13 -.65 -.16 -.08 -.08 1.02 .55 .47 1.81 1.20 .61 .69 .47 .22 .60 .43 .17 .46 .55 -.09 .96 .42 .54 .47 .38 .09 .94 .88 .06 .33 .06 .97 .80 .17 1.41 1.20 .21 .66 .45 .21 .73 .71 .03 -.56 -.56 0 -1.53 -1.29 -.24 -.94 -.87 -.07 -1.21 -.90 -.31 .74 .47 .27 -5 7 -.51 -2.22 -2.03 -.18 -1,77 -fia -.0 7 -.4 4 -1.42 -1 .17 -.25 -.66 -.97 .40 -2.29 -1.86 -.4 3 -.59 -.08 -1.55 -.22 -!e4 .01 -? ? -.26 .04 -Ï36 -.03 -1.84 -.20 -1*27 -.19 !û1 -.25 -1.00 .07 ........................................ .47 .36 .17 F e d e r a l...................................................... .44 .37 .32 .05 .08 .07 .01 .30 .27 .22 .05 .03 .03 0 Consumption expenditures.......................... Gross investment ....................................... .02 0 .02 Goods .............................................................. Services............................................................ Structures ......................................................... Motor vehicle output .......................................... Final sales of computers .................................... 1.00 1.20 .31 .05 .15 G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P e r ce n t a ge p o i n t s a t a n n u a l r a t e s: P e r so n a l c o n su m p t i o n D u r a b le go o d s e x p e n d i t u r e s. . . . . . . . . . . . . . . . . . .......................................... Motor vehicles and parts................................ Furniture and household equipment................ Other ............................................................ N o n d u r a b le go o d s ....................................... Food ............................................................. Clothing and shoes ....................................... Gasoline, fuel oil, and other energy goods...... Other ............................................................ Se r v ic e s..................................................... Housing ........................................................ Household operation...................................... Electricity and g a s ...................................... Other household operation ......................... Transportation ............................................... Medical care ................................................. Recreation..................................................... Other ............................................................ G r o ss p r ivat e Nonresidential ........ ....................................... Structures ................................................. Equipment and software ............................ Information processing equipment and software ............................................ Computers and peripheral equipment ... Software............................................ Other ................................................ Industrial equipment............................... Transportation equipment....................... Other equipment............. ...................... Residential .................................................... C h a n ge in p r iv a t e in v e n t o r i e s. .. .. .. .. .. .. .. .. .. .. .. F a rm ............................................................. Nonfarm ....................................................... Ne t e x p ort s of go o d s a n d se r v ic e s................... Exports ...................................................... Goods ........................................................... Services ....................................................... Im p o r t s ...................................................... Goods ........................................................... Services ....................................................... G o v e r n m e n t c o n su m p t i o n g r o s s i n v e st m e n t e x p e n d it u r e s a n d National defense............................................ Consumption expenditures.......................... Gross investment ...................................... Nondefense................................................... Consumption expenditures.......................... Gross investment ...................................... St a t e a n d lo c a l 27 - J S ........................................... .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .32 .01 -.20 -.22 .02 .21 .19 .01 1.26 1.41 1.30 .12 -.16 -.21 .06 .03 -.2 5 -.3 2 .07 .28 .27 .01 .21 .35 .31 .05 -.1 4 -.12 -.03 .49 .41 .40 0 .09 .11 -.03 .18 .08 .05 .03 .03 0 .02 .64 .59 .67 -.08 .05 .07 -.02 .09 0 .10 .08 .03 .05 .34 .41 .34 .08 -.07 -.06 -.01 -.38 -.45 -.44 -.01 .08 .05 .03 .23 .21 .25 -.04 .03 .01 .01 .03 .13 .03 .10 -.11 -.09 -.02 .66 .52 .45 .07 .14 .08 .06 -.33 -.49 -.47 -.02 .16 .05 .11 .61 .41 .37 .05 .20 .16 .03 -.32 -.09 -.17 .08 -.23 -.10 -.12 .09 -.06 -.04 -.02 .15 .13 .02 .06 .10 -.04 .06 .08 -.02 .25 .15 .10 -.27 -.19 -.09 -. 1 0 -.07 -.02 .26 -.04 .30 -.0 7 .07 -.15 .06 .19 -.13 .25 .15 .11 -.10 .08 -.18 .01 .15 -.14 .08 .02 .06 .05 .13 -.01 .14 -.15 .13 .09 .03 .33 .17 .16 .48 .20 .28 .23 ,30 -.08 1.56 1.84 .51 .12 .06 1.43 1.31 .49 .20 .16 -1.74 1.65 .29 .01 .11 1.27 .03 -.09 -.46 .12 .56 2.06 .85 .36 -.02 5.00 1.15 1.33 .30 .50 .81 1.63 .22 -.2 3 .15 1.20 2.59 .05 .33 -.13 .99 1.74 1.31 -.24 -.14 1.56 1.48 .06 .52 .15 1.43 1.47 -.29 .06 .26 1.51 1.07 .82 .38 .16 1.09 1.04 1.13 -.03 .20 2.07 2.02 .09 .70 .08 .97 .46 .33 -.71 .20 3.86 1.39 .33 .12 .07 1.12 1.40 .04 -.31 .04 1.17 1.63 -.84 .76 .07 .11 .18 Adde nda: r Revised S ee "Explanatory N o te" at the end of the tables. T a b le 3 .— G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : L e v e l a n d C h a n g e F r o m P r e c e d in g P e r io d Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 2005 III G r o s s d o m e st i c p r o d u c t P e r so n a l c o n su m p t i o n D u r a b le ........ e x p e n d i t u r e s .... g o o d s................... .......... Motor vehicles and parts................ Furniture and household equipment O th er........................................... . N o n d u r a b le go o d s ................................. F o o d ....................................................... Clothing and shoes ................................. Gasoline, fuel oil, and other energy goods . O th er...................................................... Se r v ic e s.............................. Housing............................... Household operation............. Electricity and g a s ............ Other household operation Transportation...................... Medical c a r e ........................ Recreation........................... O th er.................................. G r o ss p r iv a t e F ix e d d o m e st i c i n v e s t m e n t . Ch a n ge in p r iv a t e in v e n t o r ie s , F a rm ................................... Nonfarm .............................. Net e x ports of go o d s an d Ex p orts se r v i c e s ... Goods .... Services Im p o r t s ... Goods .... Services G o v e r n m e n t c o n su m p t i o n g r o s s i n v e st m e n t National defense.................. Consumption expenditures . Gross investment............ Nondefense . Consumption expenditures . Gross investment ............. and lo c a l 2006 IV 1 II III 2005 III Change from preceding period 2006 IV I II 11,163.8 11,316.4 11,388.1 2006 III r II in'- 11,443.5 345.1 71.7 55.4 8,742.4 8,847.3 8,927.8 9,079.2 9,228.1 9,346.7 7,841.2 7,895.3 7,910.2 8,003.8 8,055.0 8,1112 264.1 51.2 56.2 1,033.1 448.2 377.2 207.7 1,057.3 468.1 380.0 209.2 1,019.6 421.6 386.0 212.0 1,064.1 442.7 402.3 219.1 1,061.8 441.7 401.3 218.8 1,075.5 451.3 403.2 221.0 1,145.3 452.9 490.6 212.6 1,175.9 474.6 497.7 213.1 1,137.9 426.3 511.5 216.3 1,190.5 445.1 538.5 224.6 1,190.3 443.7 542.9 222.5 1,208.8 452.9 551.7 223.4 59.6 2.5 44.8 17.0 -.2 -1 .4 4.4 -2.1 18.5 9.2 8.8 .9 2,539.3 1,201.4 341.8 302.1 694.0 2,584.9 1,214.7 341.3 331.0 698.0 2,613.5 1,233.7 349.1 322.1 708.6 2,658.2 1,262.3 355.4 316.2 724.2 2,721.4 1,274.0 355.1 359.1 733.3 2,747.7 1,280.7 358.7 369.4 738.9 2,276.8 1,065.7 372.7 199.5 643.9 2,287.6 1,074.9 373.9 197.8 646.7 2,309.6 1,085.7 383.1 196.6 652.4 2,342.8 1,103.4 391.1 196.0 662.6 2,351.1 1,108.8 387.4 196.3 668.3 2,360.1 1,106.8 392.6 198.7 671.5 97.6 54.7 21.8 -1.0 25.4 8.3 5.4 -3.7 .3 5.7 9.0 -2.0 5.2 2.4 3.2 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 350.6 1,208.4 5,205.1 1,311.7 484.3 199.4 285.0 322.3 1,505.0 362.6 1,219.1 5,294.7 1,326.5 506.1 219.9 286.2 325.9 1,534.0 367.7 1,234.4 5,356.8 1,345.4 494.8 206.2 288.6 330.4 1,557.2 372.4 1,256.5 5,444.9 1,370.1 499.1 206.9 292.2 335.9 1,578.2 377.2 1,284.3 5,523.5 1,394.2 512.3 216.6 295.7 339.5 1,597.5 382.7 1,297.3 4,436.6 1,122.6 418.0 153.8 264.1 284.4 1,260.9 313.1 1,036.2 4,454.5 1,126.4 419.4 154.0 265.4 283.6 1,267.5 313.9 1,042.2 4,476.7 1,131.2 419.8 154.7 264.9 283.5 1,279.0 315.1 1,046.5 4,494.5 1,137.6 404.3 141.7 264.8 286.3 1,292.6 317.5 1,054.9 4,535.4 1,144.5 412.5 147.0 267.0 287.5 1,300.9 318.1 1,070.6 4,566.6 1,151.7 422.1 154.4 268.1 288.5 1,307.6 320.4 1,074.8 112.7 31.0 8.7 4.0 4.6 .4 43.6 8.3 20.2 40.9 6.9 8.2 5.3 2.2 1.2 8.3 .6 15.7 31.2 7.2 9.6 7.4 1.1 1.0 6.7 2.3 4.2 2,057.4 2,052.6 2,154.5 2,214.8 2,237.1 2,235.5 1,866.3 1,855.9 1,927.0 1,963.6 1,968.5 1,964.8 95.7 4.9 -3.7 1,265.7 338.6 927.1 2,067.9 1,276.7 336.3 940.4 2,105.8 1,304.3 359.7 944.7 2,167.7 1,359.2 378.2 981.0 2,174.8 1,384.3 406.3 977.9 2,171.4 1,420.8 426.9 994.0 1,842.0 1,223.8 251.5 984.9 1,864.2 1,232.4 247.1 1,000.6 1,877.3 1,248.2 254.2 1,007.6 1,914.6 1,288.8 259.6 1,044.8 1,906.8 1,302.8 271.9 1,041.2 1,901.3 1,334.2 282.0 1,060.7 128.1 78.0 2.8 80.7 -7.8 14.0 12.3 -3.6 -5.5 31.4 10.1 19.5 454.3 85.1 194.0 175.2 155.1 158.3 159.4 770.4 456.6 83.9 195.6 177.2 157.0 165.0 161.8 791.2 461.3 85.9 196.9 178.4 163.9 154.6 164.9 801.5 482.4 88.0 203.6 190.8 163.4 165.7 169.4 808.5 479.9 85.9 207.0 187.1 170.1 155.9 172.1 790.6 489.6 87.2 210.8 191.7 172.0 157.5 174.9 750.5 552.6 557.7 567.3 595.9 594.3 608.6 43.3 -1.6 14.3 206.2 193.6 143.5 145.4 147.3 608.0 208.0 196.0 144.9 152.3 148.8 620.4 209.5 197.5 150.4 143.2 151.2 618.9 215.6 211.6 149.0 152.2 154.3 618.5 217.8 206.7 153.9 142.7 157.1 600.5 221.0 211.3 153.9 147.3 158.6 570.3 11.2 12.9 10.8 16.6 9.7 48.1 2.2 -4.9 4.9 -9 .5 2.8 -18.0 .... 32 4.6 0 4.6 1.5 -30.2 21.3 .3 21.0 -15.3 1.3 -16.6 48.6 5.8 42.8 47.2 5.4 41.8 62.3 2.3 59.9 64.2 2.5 61.6 19.6 .2 19.6 -12.7 1.1 -14.0 43.5 4.8 38.6 41.2 4.3 36.8 53.7 1.9 52.2 55.4 2.5 53.3 -33.8 -5.9 -27.4 12.5 -2 .4 15.4 1.7 .6 1.1 -716.7 -728.8 -775.4 -765.2 -781.8 -801.7 -619.2 -607.6 -636.6 -636.6 -624.2 -628.8 -28.3 12.4 -4.6 1,303.1 907.5 395.6 1,312.4 913.9 398.5 1,352.4 944.3 408.1 1,405.4 989.3 416.0 1,448.1 1,019.1 429.0 1,488.3 1,055.8 432.5 1,196.1 843.2 352.9 1,200.5 847.5 353.0 1,228.4 870.8 357.8 1,269.3 906.2 363.6 1,288.5 919.5 369.5 1,310.0 940.4 370.3 75.7 58.8 17.0 19.2 13.3 5.9 21.5 20.9 .8 2,019.9 1,699.0 320.9 2,041.2 1,719.1 322.1 2,127.8 1,799.3 328.5 2,170.6 1,832.6 338.1 2,229.8 1,879.0 350.8 2,290.1 1,938.8 351.3 1,815.3 1,549.9 267.5 1,808.1 1,543.9 266.3 1,865.0 1,595.8 271.7 1,905.9 1,631.9 276.6 1,912.7 1,631.7 283.2 1,938.8 1,660.1 281.3 104.0 97.7 7.2 6.8 -.2 6.6 26.1 28.4 -1.9 2,372.8 2,402.4 2,423.6 2,479.6 2,513.9 2,542.1 1,958.0 1,968.8 1,963.5 1,987.1 1,991.2 1,999.4 17.4 4.1 8.2 878.3 589.3 516.9 72.4 289.0 251.7 37.4 895.8 605.0 530.9 74.2 290.7 253.4 37.4 886.2 590.9 516.9 74.1 295.3 254.2 41.1 921.7 613.5 537.7 75.8 308.2 265.9 42.4 919.7 616.5 537.7 78.8 303.2 264.6 38.6 927.2 618.1 539.3 78.8 309.0 269.8 39.3 727.5 483.6 413.3 71.2 243.7 207.3 36.7 738.2 494.1 421.9 73.2 243.8 207.5 36.6 729.6 481.4 410.0 72.6 248.0 208.7 40.1 745.1 491.8 419.0 74.0 253.1 212.8 41.1 736.6 489.3 414.7 76.5 247.0 210.1 37.2 738.9 487.8 413.7 75.9 250.9 213.4 37.8 10.9 8.2 5.0 3.7 2.7 .3 2.8 -8.5 -2 .5 -4.3 2.5 -6.1 -2.7 -3.9 2.3 -1.5 -1.0 -.6 3.9 3.3 .6 1,494.4 1,207.2 287.3 1,506.6 1,217.8 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,594.2 1,280.7 313.5 1,614.9 1,300.0 315.0 1,230.4 988.0 242.1 1,230.5 989.5 240.7 1,233.7 991.9 241.6 1,242.0 996.1 245.7 1,254.4 1,001.2 253.1 1,260.3 1,009.0 251.1 6.5 8.4 -2.0 12.4 5.1 7.4 5.9 7.8 -2.0 -4 2 6 -47.1 -53.7 -78.7 -77.6 -88.3 376.9 373.2 405.0 59.0 59.6 47.2 53.6 60.7 58.8 345.1 80.2 93.9 331.1 71.7 45.0 50.6 65.8 55.4 15.1 20.6 50.0 237.4 63.3 47.5 e x p e n d it u r e s a n d .................................. F e d e r a l............................... St a t e 2005 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,322.6 11,048.6 11,115.1 in v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonresidential ............................................ Structures .............................................. Equipment and software......................... Information processing equipment and software ......................................... Computers and peripheral equipment Software......................................... O th er............................................. Industrial equipment............................ Transportation equipment.................... Other equipment................................. Residential ................................................. Seasonally adjusted at annual rates .................... Consumption expenditures. Gross Investment............. Residual............................................................ Addenda: Final sales of domestic product....................... Gross domestic purchases.............................. Final sales to domestic purchasers ................. G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world E q u a l s: G r o ss n a t io n a l p r o d u c t . .. .. .. .. .. .. .. .. . Net domestic product...................................... 12,434.6 12,588.8 12,681.9 12,961.2 13,135.1 13,258.4 11,025.2 11,123.5 11,115.5 11,269.0 11,328.0 11,381.6 13,172.5 13,302.3 13,505.9 13,773.6 13,979.1 14,124.3 11,659.7 11,714.6 11,792.9 11,946.3 12,005.9 12,066.6 13,151.3 13,317.6 13,457.3 13,726.4 13,916.8 14,060.1 11,636.1 11,722.8 11,744.6 11,898.7 11,945.9 12,004.7 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,322.6 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,443.5 513.3 527.2 564.9 603.3 661.4 682.3 456.9 467.2 496.1 526.4 571.4 586.5 481.5 475.0 552.4 574.3 638.6 665.7 427.2 419.9 483.8 499.7 550.3 570.9 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,339.2 11,077.9 11,162.0 11,175.6 11,342.7 11,408.5 11,458.5 10,851.0 10,675.5 11,168.0 11,460.3 11,624.6 11,740.6 9,557.2 9,371.6 9,727.9 9,896.5 9,959.8 10,007.3 No t e .—Users are cautioned that particulariy fo r com ponents that exhibit rapid change in prices relative to other pnces in the econom y, the chained-dollar estim ates should not be used to measure the com ponent’s relative Impor tanc e o r its contribution to the grow th rate of m ore aggregate series. For accurate estim ates o f the contributions to percent changes In real gross dom es tic product, use table 2. S ee “ E xplanatory Note” at the end of th e tables. T a b le 4 — P r ic e I n d e x e s fo r G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2002 IV G r o ss d o m e st i c p r o d u c t ( G D P ) . . . . . . . . . . . P e r so n a l c o n s u m p t i o n e x p e n d i t u r e s D u r ab le .................. g o o d s.............................................. N o n du r ab le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Se r v i c e s ...................................................... G r o ss p r ivat e d o m e st i c i n v e s t m e n t . . . . . . . . . . . . . . . . . . . F i x e d i n v e st m e n t ........................................... N o n r e sid e n t ia l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . St r u c t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E q u i p m e n t a n d so f t w a r e .......................... R e si d e n t i a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ch a n ge II III 2005 and se r v i c e s 2.1 2.8 3.0 2.2 3.1 1.3 2.1 2.2 3.5 2.4 3.3 2.0 -3.6 2.0 3.2 2.6 -1.6 3.3 3.2 2.9 -.7 3.6 3.2 1.7 -2.7 1.2 2.8 3.1 -4.8 5.6 3.6 .7 -4.2 -2.9 3.5 2.4 -4.0 3.9 3.0 1.5 -3.5 .5 3.0 2.3 .3 1.1 3.2 3.1 - .6 4.8 3.1 2.9 -1.3 .6 5.0 1.5 1.6 .1 3.5 -1.1 4.8 3.3 3.4 1.2 6.2 -.4 7.3 3.4 3.5 2.6 11.3 -.4 5.1 2.9 3.0 1.1 5.1 -.3 7.0 2.8 3.1 .1 4.8 -1.5 9.4 -.7 -.8 -1.3 -.2 -1.7 .2 1.3 1.3 .7 2.3 .1 2.6 3.5 3.5 1.4 4.2 .4 7.7 3.0 3.1 3.6 2.3 2.7 2.7 2.0 9.2 -.4 3.8 4.3 4.6 3.5 16.8 - 1.0 6.3 3.7 3.8 3.7 12.4 .6 3.8 2.2 2.0 2.6 3.5 2.9 6.3 3.7 3.7 3.5 5.0 5.0 5.1 3.6 3.1 4.8 6.3 6.5 5.4 .6 .5 .7 .6 .4 1.4 4.1 3.6 5.3 11.3 11.9 8.1 1.1 1.6 -.2 -3.9 -6.7 11.8 .9 -.7 4.7 2.6 2.5 3.1 3.0 4.1 .7 .4 .5 0 4.6 4.4 5.1 2.6 1.8 6.8 3.6 3.0 4.9 9.2 10.1 5.1 2.8 2.3 4.2 4.3 5.1 -.1 2.3 2.8 1.2 -.7 - 1.6 4.5 4.1 4.2 4.7 3.4 4.1 4.4 4.7 4.7 4.7 4.3 5.6 4.8 5.1 4.1 6.2 3.6 4.6 6.9 .5 3.0 9.2 11.3 10.3 12.9 8.1 1.3 1.5 1.4 1.6 1.1 2.5 1.0 1.2 .6 3.3 2.2 1.1 1.3 .6 2.9 7.0 11.3 11.6 10.6 4.6 4.6 2.2 2.4 1.8 6.1 4.7 .4 1.0 -.7 7.3 4.4 7.6 6.7 9.5 2.6 2.1 2.3 2.3 2.1 2.8 3.1 3.1 2.8 3.0 3.5 3.5 3.0 2.3 2.2 2.2 2.2 3.2 4.1 4.2 3.2 1.3 .6 .6 1.3 2.1 2.2 2.2 2.1 2.2 1.9 1.9 2.2 3.5 3.2 3.2 3.5 2.4 3.3 3.3 2.4 3.3 3.5 3.5 3.2 3.3 2.7 2.7 3.3 2.1 2.3 2.1 2.8 3.1 2.8 3.0 3.5 3.0 2.2 2.2 2.3 3.2 4.1 3.1 1.3 .6 1.3 2.1 2.3 2.1 2.2 1.9 2.2 3.4 3.2 3.4 2.5 3.4 2.5 3.3 3.5 3.3 3.3 2.7 3.3 11.6 .9 G o o d s...................................................... Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................ ...................................................... S e r v i c e s . . . . . . . . . . . !. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G o v e r n m e n t c o n su m p t i o n e x p e n d it u r e s a n d F e d e r a l. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . ........................................ N o n d e f e n se . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . St a t e a n d l o c a l 2.0 - 1.0 1.1 3.1 gr o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N a t i o n a l d e f e n se 3.3 ................... E x p o r t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... Goods 2006 IV In p r i v a t e I n v e n t o r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ne t e x p o r t s of go o d s Im p o r t s 2004 2003 I ....................... . ..................... Adde nda: F i n a l sa l e s o f d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . G r o s s d o m e st i c p u r c h a s e s ........................... . R n a l s a l e s t o d o m e st i c p u r c h a s e r s . . . . . . . . . . . . . . . . . . . . G r o ss n a t ion a l p r od u ct ( G N P ) Im p l ic it p r ic e .................... ...... d e f l a t o r s: G D P ......................................................... G r o s s d o m e st i c p u r c h a s e s ........................... G N P ......................................................... S ee "E xplanatory Note” at the end o f th e tables. T ab le 5.— Real G ross D o m estic Product, Q uantity In dexes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 III G ross d o m e s tic p r o d u c t ....................................................... 2006 IV I II III' 104.931 109.031 112.546 113.223 113.719 115.274 116.004 116.569 P erson al c o n s u m p tio n e x p e n d itu re s ....................................... Durable g o o d s ...................................................................... Nondurable g o o d s ............................................................ S e rv ic e s .................................................................. 108.249 118.214 108.002 106.363 112.430 125.753 111.913 110.055 116.349 132.666 116.924 112.925 117.152 136.207 117.481 113.379 117.373 131.799 118.608 113.945 118.761 137.893 120.313 114.398 119.521 137.868 120.742 115.440 120.355 140.019 121.204 116.234 G ross p riv a te d o m e s tic in v e s t m e n t .......................................... fix e d In v e s tm e n t.......................................................................... Nonresidentlal ..................................................................... S tru c tu re s ......................................................................... Equipment and softw are .......................................................... R e s id e n tia l................................................................ Change in private in v e n to rie s ............................. ................................ 92.949 95.110 87.804 77.735 91.747 113.977 102.026 102.080 92.995 79.418 98.400 125.281 107.537 109.708 99.326 80.302 107.180 136.050 106.938 111.032 100.025 78.903 108.889 138.821 111.034 111.811 101.308 81.174 109.653 138.495 113.143 114.033 104.606 82.893 113.704 138.391 113.429 113.570 105.738 86.819 113.313 134.368 113.215 113.240 108.292 90.044 115.434 127.601 E x p o rts o f go o d s a nd s e r v ic e s ............................................ ............. 93.599 1 0 2 .2 0 1 109.105 109.503 112.054 115.783 117.536 119.495 Im p o rts o f go o d s and s e rv ic e s .................................................. 104.693 115.962 123.007 122.520 126.377 129.146 129.608 131.378 G ov e rn m e n t co n s u m p tio n e x p e n d itu re s a nd g ro s s in v e s tm e n t ........... Federal ..................................................................... State and local ........................................................ 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.662 115.657 127.262 109.762 116.136 127.669 110.277 A dd end a: fin a l sales of dom estic product .............................................. Gross dom estic purchases ............................................................... fin a l sales to dom estic purchasers .................................... Gross national p ro d u c t.................................................. 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.060 117.746 117.810 115.753 116.609 118 341 118.390 116.260 r R e v i se d Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. T ab le 6.— P rice Ind exes fo r Gross Do m estic Pro duct [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 III G ro s s d o m e s tic p r o d u c t ................................................... 2006 IV I II III' 106.409 109.429 112.744 113.139 114.048 114.967 115.905 116.446 P erson al co n s u m p tio n e x p e n d itu re s ( P C E ) ................................................ Durable g o o d s ................................................ Nondurable g o o d s .................................................. S e rv ic e s ................................................................... 105.597 92.366 104.145 109.379 108.373 90.845 107.617 112.863 111.493 90.198 111.530 116.529 112.067 89.908 113.016 116.858 112.873 89.606 113.177 118.281 113.445 89.385 113.484 119.194 114.573 89.206 115.769 120.059 115.241 88.967 116.442 120.960 G ro ss p riv a te d o m e s tic in v e s t m e n t ........................................................ fix e d in v e s tm e n t.................................................................. Nonresidentlal ..................................................................... S tr u c tu re s ........................................................................ Equipment and softw are ................................................... R e s id e n tia l.............................................................................. Change in private In v e n to rie s ......................................................... 103.191 103.313 99.591 113.872 94.912 112.372 106.645 106.811 100.834 120.951 94.503 120.618 110.284 110.542 103.428 134.647 94.134 126.714 110.675 110.946 103.607 136.089 93.983 127.573 111.853 112.194 104.510 141.476 93.754 129.536 112.860 113.238 105.471 145.684 93.887 130.765 113.717 114.074 106.266 149.432 93.920 131.696 113.895 114.224 106.501 151.372 93.704 131.655 E x p o rts o f good s and s e r v ic e s ..................................... 101.429 105.151 108.949 109.341 110.108 110.737 112.400 113.631 99.685 104.678 111.268 112.919 114.117 113.918 116.608 118.143 G o ve rn m e n t co n s u m p tio n e x p e n d itu re s and g ro s s in v e s tm e n t ................ Federal .......................................................... State and l o c a l ....................................................................... 109.849 110.094 109.712 114.718 115.249 114.417 121.183 120.726 121.463 122.029 121.353 122.438 123.444 121.479 124.520 124.791 123.721 125.434 126.262 124.871 127.095 127.150 125.482 128.147 A dden da: PCE excluding food and energy .............................................. Market-based P C E 1 .................................. Market-based PCE excluding food and e n e rg y 1 ...................... 105.175 104.995 104.330 107.314 107.393 105.865 109.559 110.339 107.713 109.732 110.952 107.854 110.418 111.647 108.375 110.983 112.116 108.810 111.738 113.272 109.524 112.337 113 879 Final sales of dom estic product ................................................. Gross dom estic purchases ................................................... Final sales to dom estic purchasers ......................................... Gross national p ro d u c t.................................................. 106.430 105.966 105.986 106.401 109.455 109.210 109.235 109.419 112.783 112.981 113.021 112.733 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.961 116.455 116.510 115.897 116 498 117 080 117.133 116.440 Im p lic it p ric e d e fla to rs : Gross dom estic product ...................................................... Final sales of domestic p r o d u c t............................... G ross domestic p u rc h a s e s .................................. Final sales to dom estic purchasers ....................................... Gross national product ....................................................... 106.404 106.430 105.961 105.985 105.396 109.426 109.455 109.207 109.235 109.416 112.737 112.783 112.975 113.021 112.726 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.887 115.952 116.435 116.499 115.879 116.420 116.490 117.053 117.122 116.414 Im p o rts o f go o d s and s e rv ic e s ........................................... r R e v i se d 1. T h i s i n d e x Is a su p p l e m e n t a l m e a s u r e t ha t Is b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p r i c e m e a su r e s. It e x c l u d e s m o st im plicit p r i c e s (f or e xam pl e, i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. a d d e n d a t o t a b l e 8 a n d i n a p p e n d i x t a b l e A. Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. t h e se r v i c e s f u r n i sh e d w it h ou t Pe r c e n t a g e c h a n g e s f o r t h e se p aym ent b y f i nan cial se r i e s a r e i n c l u d e d in t he . 110.033 T ab le 7.— Re al G r o s s D o m e st ic Pr o d u ct : Pe r ce n t Ch a n g e Fr o m Pr e c e d in g Ye ar G ross d o m e s tic p ro d u c t (GD P) ....................................................... P ersonal co n s u m p tio n e x p e n d it u r e s ............................................................... Durable g o o d s .................................................................................................. Nondurable g o o d s ............................................................................................ S e rv ic e s ............................................................................................................ G ross priv a te d o m e s tic in v e s t m e n t ......................................................... Fixed In v e s tm e n t.............................................................................................. Nonresidential ..................................................................................... Structures ................................................................................................ Equipment and s o ftw a r e ......................................................................... Residential ................................................................................................... Change in private in v e n to rie s .......................................................................... Net e x p o rts o f go o d s and se rv ic e s ................................................................. Exports ............................................................................................................ G o o d s ........................................................................................................... Services ....................................................................................................... Im p o rts .............................................................................................................. Goods ........................................................................................................... Services ....................................................................................................... G o ve rn m e nt co n s u m p tio n e x p e n d itu re s a nd g ro s s in v e s tm e n t ................... Federal ............................................................................................................ National d e fe n s e .......................................................................................... N o n d e fe n s e .................................................................................................. State and l o c a l................................................................................................. A ddenda: Final sales of dom estic product ....................................................................... Gross dom estic purchases .............................................................................. Rnai sales to dom estic purchasers ................................................................. Gross national p ro d u c t..................................................................................... Real disposable personal incom e ................................................................... P rice index es : Gross dom estic p u rc h a s e s .......................................................................... Gross dom estic purchases excluding food and e n e r g y .............................. GDP ............................................................................................................. GDP excluding food and energy ................................................................. Personal consum ption expenditures ........................................................... 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1.9 - 0 .2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0 .8 1 .6 2.5 3.9 3.2 2 .0 .2 2.7 4.4 3.4 7.8 3.8 2 .6 2.9 2.7 3.3 4.7 7.3 3.8 4.5 2.4 2.7 7.1 2.5 1.9 3.9 6.4 3.6 3.5 3.5 5.5 4.5 2 .6 5.1 11.7 4.6 4.0 2.5 4.3 2 .2 5.0 11.3 4.0 4.2 2 .8 - .3 3.7 8.4 3.5 2.9 8.9 9.0 9.3 5.6 12.4 9.2 9.8 1 0 .2 1 1 .1 11.9 9.6 1 2 .0 1 0 .6 8 .0 5.1 13.3 7.6 9.4 -3 .2 7.3 13.8 1.9 6 .0 .8 -7 .9 -3 .0 -4 .2 -2 .3 -4 .9 .4 - 2 .6 -5 .2 -9 .2 -17.1 - 6 .2 4.8 5.4 7.5 1 2 .1 7.8 8.3 9.2 -.4 12.7 5.7 6.5 8.7 1 .8 3.1 6.5 10.5 6.4 8.7 9.7 6.3 11.9 13.3 5.7 1 0 .1 8.4 4.3 3.8 5.6 11.5 12.4 6.9 _ 87 8 .8 11.9 14.3 5.9 13.6 14.4 9.4 2.4 11.7 6.3 ~^5Â - 6 .1 -3 .7 -2 .7 -3 .2 - .3 -2 .3 -4 .0 1.9 3.4 3.7 0 .5 -2 .7 -3 .8 - .4 1.9 3.9 2 .1 1.1 2 .2 3.4 3.9 3.9 3.9 3.2 4.4 7.0 7.4 6.3 3.1 -5 .6 3.3 5.9 1 .6 -.2 2 .0 3.3 7.8 2.7 2.9 1.7 3.5 2 .8 -3 .4 - 2 .1 .5 1.5 - 8 .1 -6 .5 -5 .4 8 .1 8.9 5.9 3.2 8 .6 0 - 8 .6 9.0 8.4 10.5 3.8 3.0 6.5 - 1 1 .1 - 2 .6 -9 .6 - 6 .0 7.3 13.8 6.9 7.5 5.5 7.0 9.3 6 .6 6.9 6 .0 -.6 -.1 8 .2 3.2 3.3 3.2 8 .8 1 0 .1 2 .6 - 2 .6 2.9 3.2 1 .1 2 .0 -.2 2.4 .5 -1 .7 -5 .0 6.9 2 .1 2 .2 -.9 -4 .2 -5 .6 -.7 1.4 0 - 8.7 -.7 12.5 - 8.3 4.1 1.1 1 .6 -.6 2 .0 1.9 -.3 .5 3.0 3.3 3.1 3.3 3.4 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 2.3 2.5 2.3 2.5 2.9 2 .1 .1 1.4 -.8 13.6 9.3 9.2 -3 .7 -4 .9 - 1 .2 8 .0 9.0 3.3 2.9 1 1 .6 11.7 11.4 1.9 1 .0 -2 2 .2 - - 1 1 .2 2.9 13.1 13.5 1 1 .1 2 .1 1.9 3.6 .7 3.6 4.7 3.7 3.8 3.8 3.7 3.0 4.0 4.8 4.3 4.4 3.5 4.2 5.3 5.3 4.0 5.8 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 2 .1 1 .8 1 .6 1 .0 2 .1 2 .2 1.4 1.4 1.5 1.7 2.5 1.9 2 .1 1.5 1.9 1.7 1.4 1.3 1.7 1.7 1.7 .6 2 ,2 2 .6 3.0 2.4 1 .0 3.4 4.4 3.8 3.9 2.7 2 .8 2 .2 2 .1 2.3 2.3 2.4 2.3 2 .2 2 .1 2 .0 2 .2 2 .1 2 .8 2 .6 -1 -1 .4 - .7 2.3 1 .0 2 .8 2 .6 1 .1 1 .2 .9 2 .0 6 .8 .9 - .5 3.5 2.7 2 .6 2.5 3.2 3.2 2.7 7.2 8.7 9.3 5.5 8 .6 2 .8 5.8 3.2 1.9 3.6 3.4 2 .6 1 .0 9.8 7.3 5.9 -4.1 2 .2 1.1 2 .8 7.3 9.9 8.9 8.4 .... Ï. 3 1 .8 0 4.1 4.9 2 .1 0 2.5 6 .8 8.7 3.4 9.2 9.0 9.7 6 .8 8 .6 — 6Ü 7.5 5.1 1 0 .8 6 .1 10.9 6.7 1 0 .0 2 .8 1.9 4.3 5.9 .9 1.5 1.7 1 .2 1.1 .2 .5 .5 3.5 3.3 3.6 3.1 1 .6 1 .2 2.5 .9 2 .2 2 .8 1 .8 1 .8 2 .8 .8 1.5 3.1 2 .2 3.5 4.4 4.0 3.8 3.6 2.3 1.9 3.1 2.7 3.5 2 .1 2 .8 3.0 3.0 2.9 1.9 2.7 2 .0 1 .6 2 .2 1.9 2.4 1.9 1.7 2 .0 2 .1 2 .1 1.9 2.7 2.5 2 .1 1.4 2 .0 2 .6 1 .2 2 .8 T able 8 — Real Gross Do m estic Product: Percent C hange F ro m Q u arter O ne Y ear Ago 2003 2002 IV I II 2004 III IV II 2005 III IV I II 2006 III IV I II G ros s d o m e s tic p ro d u c t (GDP) ....................................................... 1.9 1.5 1 .8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 3.0 P ersonal c o n s u m p tio n e x p e n d itu re s ( P C E ) ..................................................... Durable g o o d s .................................................................................................. Nondurable g o o d s ............................................................................................ S e rv ic e s ............................................................................................................ 1.9 2 .0 2 .0 2 .2 3.5 4.7 4.0 3.0 2 .6 2 .6 2.9 2.5 4.4 2.3 4.5 2.3 3.0 3.4 3.6 1 .6 4.0 5.6 3.8 3.7 3.8 7.5 4.7 1 .8 3.5 4.2 2.9 3.6 3.8 7.4 4.8 1.9 4.1 9.8 4.0 3.0 2.7 2 .1 3.4 8.3 3.9 3.4 2.4 2.3 3.2 6.7 4.3 3.9 1 .2 2.3 5.5 2.5 4.9 -2 .5 -6 .5 -1 4 .9 -3 .4 7.0 1.3 1 .6 13.2 9.0 2 .8 6 .2 6 .6 8 .0 8 .0 7.7 7.4 6 .8 6.9 2.7 8.3 3.6 7.4 6.3 6.3 1.9 7.0 7.2 4.9 8 .6 - 1 .0 -3 .9 -1 1.9 -.9 5.5 4.4 5.4 2.9 5.6 6.9 7.4 7.4 3.9 7.2 3.2 9.7 1 .6 1 .8 2 .6 8 .0 9.8 6 .1 8 .1 8 .1 9.3 9.1 7.0 9.0 6 .1 7.0 7.0 7.1 6.4 7.2 6 .8 6 .6 8 .1 5.9 9.0 9.8 4.8 5.0 5.4 6 .0 7.0 6.3 4.9 5.5 2.5 2 .0 6.7 8.3 3.1 5.2 5.8 1.9 6 .6 4.9 7.2 7.5 5.6 .8 .5 1 .0 1 .2 2 .1 2 .0 1 .6 .8 1.9 2 .1 2 .1 1.5 .5 1.9 2.4 .8 3.4 2.9 4.2 1.3 2 .1 1 .6 3.2 3.1 3.2 3.0 .3 G ross p riv a te d o m e s tic in v e s tm e n t................................................................. Fixed in v e s tm e n t........................................................................................ Nonresidential .............................................................................................. Structures ................................................................................................ Equipment and softw are ......................................................................... Residential ................................................................................................... Change in private in v e n to rie s .......................................................................... Net e x p o rts o t g o o d s and s e r v ic e s .................................................................. Exports ............................................................................................................. G o o d s ......................................................................................................... Services .............................................. :....................................................... Im p o rts .............................................................................................................. Goods ........................................................................................................... Services ...................................................................................................... G o ve rn m e nt c o n s u m p tio n e x p e n d itu re s a nd g ro s s in v e s tm e n t ................... Federal ............................................................................................. National d e fe n s e .......................................................................................... Nondefense .................................................................................................. State and lo c a l ................................................................................................. 3.8 8 .8 .1 4.0 7.8 8.4 2 .6 2.9 6.3 6.3 6.5 .7 11.7 1.3 9.7 9.9 6 .8 2 .1 2 .0 - 1 .0 5.3 6.4 Price inde xe s: Gross dom estic p u rc h a s e s .......................................................................... Gross dom estic purchases excluding food and e n e r g y ............................... GDP ............................................................................................ GDP excluding food and energy ............................................................ 1.9 1.7 1.7 1.9 2 .6 1 .8 m W p c e .............................................................................................................. r o c excluding food and e n e r g y .................................................................. M arket-based PCE 1 .................................................................................... M arket-based PCE excluding food and e ne rg y' ........................................ r -3 .9 1.5 5.7 -1 .9 - 1 .6 -2 .4 3.3 4.7 -3 .3 1.1 1 .1 1 0 .2 A ddenda: Final sales of dom estic p r o d u c t...................................................................... Gross dom estic purchases .............................................................................. Final sales to dom estic purchasers ................................................................. Gross national p ro d u c t..................................................................................... Real disposable personal Income ................................................................... _ .1 8 .0 .8 1.1 1 .8 2.7 2 .0 1 .6 1.7 2.3 2.4 1 .6 1 .6 2 .2 2.9 .6 1.3 1 .6 1.7 1.4 It e x c l u d e s m o st i m p l i ci t p r i ce s (f or e xam p le , t h e se i v i c e s f u r n i sh e d w i t h o u t paym ent .2 6.5 11.7 1 0 .6 3.2 5.8 7.1 3.0 4.8 5.3 .1 -.1 .5 2 .8 3.8 3.5 7.9 8 .2 6 .1 5.2 9.2 6.7 5.5 2.9 7.2 11.4 9.1 8.4 10.9 1.1 2 .0 6.7 13.7 6.7 9.0 1 1 .2 8 .2 1 .0 9.0 7.9 1 1 .2 9.6 10.3 7.9 11.9 12.3 14.7 1 0 .1 2 .8 1 .8 1 .8 1 .1 7.4 2.3 2.5 1.3 1.4 .6 3.3 3.3 3.2 1 .8 1 .2 .4 .5 - .7 .3 8 .8 10.4 13.2 11.7 1 0 .6 1 1 .2 7.6 - 1 .0 2 .2 2.7 7.3 9.1 4.0 .3 1.7 5.5 7.5 1.9 - .4 1 1 .1 .3 1 .0 4.4 7.0 - .5 .3 3.2 3.3 3.4 3.3 3.3 3.7 3.6 3.7 3.9 3.7 4.2 4.5 4.4 4.6 4.2 3.7 4.9 4.2 4.3 3.6 3.0 4.0 3.6 3.3 2.7 3.1 4.1 3.8 2.9 4.1 3.1 3.8 3.6 3.0 3.9 3.0 3.8 3.0 4.0 3.3 3.8 3.4 2 .1 1 .6 .8 3.7 3.0 3.2 3.1 3.0 3.4 3.0 3.1 3.1 2.7 3.2 3.6 3.6 2 .8 2 .8 2 .8 2 .8 2 .6 3.1 2.9 3.1 6 .6 9.2 2 .8 3.2 2.5 2 .6 5.9 2 .0 8.3 14.1 6 .8 -1 .5 6 .0 - 8 .1 9.0 8 .2 "" ¿ ï 1 1 .2 9.5 5.2 6.4 6.4 1 1 .0 4.0 6.4 6.9 3.7 .1 1.7 2.9 1.9 - 1 .3 2.9 2.4 3.8 3.6 3.7 3.6 2.5 2.9 3.5 3.0 3.4 2.3 3.0 2.4 2.7 3.2 3.1 3.0 3.1 3.5 2.7 3.1 2.9 3.0 3.6 2.9 3.3 3.1 3.3 2 .0 2 .2 3.1 3.2 1 .8 2.3 1.9 2 .2 1.9 1.9 2 .1 2 .6 2 .8 2 .1 2 .2 2 .2 2.3 2.9 2 .0 1.9 1.9 1.9 1.4 2 .6 1 .8 1.9 1.9 1.3 2 .1 2.3 1.5 2.3 1.3 2 .0 2 .8 2.9 2.9 2.7 1 .8 2 .1 2 .1 2 .2 2 .2 2 .0 2 .0 2 .1 2 .0 2 .2 2.4 1 .8 1 .6 2.3 1.4 2.7 1.7 2.4 1.7 3.1 1.7 3.0 •1 . 8 2.9 1 .0 2.4 1.5 2.5 1.1 1.7 1.3 3.2 1.9 2 .0 R e v i se d i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i nst i t u t i on s. .1 3.9 6 .1 in'- 2 .1 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a se d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p r i c e m e a su r e s. .2 1 b y f i n a n ci a l 2 .1 1.4 1.7 1 .2 1 .8 2.9 1 .6 3.1 2 .8 2.9 2.9 2 .8 2 .6 T ab le 9.— Re la t io n o f G r o s s D o m e st ic Pr o d u c t , G r o s s N a t io n a l Pr o d u ct , a n d N at io n a l I n co m e [Billions of dollars] Se a s o n a l l y a d j u st e d a t a n n u a l r a t e s 2003 2004 2005 p r o d u c t ....... .................................................................... 10,960.8 11,712.5 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,322.6 Plus: Income receipts from the rest of the world ....................................................... Less: Income payments to the rest of the w o r ld ........................................................ 336.8 280.0 410.2 363.9 513.3 481.5 527.2 475.0 564.9 552.4 603.3 574.3 661.4 638.6 682.3 665.7 G r o s s d o m e st i c E q u a l s: 2005 2006 G r o ss n a t io n a l p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,017.6 11,758.7 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,339.2 Less: Consumption of fixed capital ............................................................................. Less: Statistical d is c re p a n c y ............................................................. ......................... 1,336.5 48.8 1,436.2 66.7 1,604.8 71.0 1,898.0 84.5 1,562.5 74.3 1,548.0 -6 1.9 1,572.8 35.8 1,582.0 -5 .3 E q u a l s: 9,632.3 6,325.4 5,127.7 1,197.7 811.3 133.0 993.1 524.7 759.3 83.8 1.7 10,255.9 6,650.3 5,377.1 1,273.2 911.1 127.0 1,182.6 485.1 819.4 85.5 - 5 .0 10,811.8 7,030.3 5,664.8 1,365.5 970.7 72. B 1,330.7 483.4 865.1 74.2 -1 5 .4 10,643.2 7,093.6 5,715.2 1,378.4 967.3 -1 1 .5 1,266.3 482.9 872.1 -2 7 .7 11,106.2 7,184.4 5,787.0 1,397.4 996.8 81.5 1,393.5 490.0 874.2 99.1 -1 3 .3 11,551.3 7,400.3 5,970.1 1,430.3 1,008.3 76.8 1,569.1 514.8 897.4 93.8 -9 .2 11,611.5 7,425.5 5,980.9 1,444.5 1,011.9 71.4 1,591.8 513.2 914.0 93.1 -9 .4 11,762.6 7,518.1 6,054,5 1,463.6 1,014.8 78.3 1,653.3 498.6 916.8 92.8 - 1 0 .2 10,912.0 11,645.8 12,384.8 12,489.0 12,656.2 13,070.3 13,161.6 13,327.9 N a t io n a l in c o m e ...... .................................................................... Compensation of employees ................................................................................. W age and salary a c c ru a ls .................................................................................... Supplem ents to w ages and s a la rie s ................................................................... . Proprietors' Income with inventory valuation and capital consum ption adjustments Rental Income of persons with capital consumption a d ju s tm e n t............................. Corporate profits w ith Inventory valuation and capital consum ption a d ju s tm e n ts ..., Net Interest and m iscellaneous payments .............................................................. Taxes on production and Imports less subsidies .................................................... Business current transfer p a y m e n ts ........................................................................ C urrent surplus of government enterprises ............................................................. .2 Addendum : Gross domestic in c o m e ........................................................................................... r Revised T ab le 1 0 — Personal Incom e and Its Disp ositio n [Billions of dollars] S easonally adjusted at annual rates 2003 2004 2005 2005 III P erson al in c o m e 1 .................................................................................. Compensation of employees, received ................................................... W age and salary d is b u rs e m en ts ................................................................. Supplements to w ages and s a la rie s ................................................................ Proprietors’ Income w ith inventory valuation and capital consum ption adjustments ............. F a r m ........................................................................................................... N o n fa rm ........................................................................................... Rental Income of persons w ith capital consum ption a d ju s tm e n t........................................... Personal Income receipts on a s s e t s ................................................................. Personal Interest In c o m e ............................................................................. Personal dividend Income ................................................................................... Personal current transfer receipts ..................................................................... Less: Contributions for government social in s u ra n c e ............................................................. 2006 IV I II III' 9,163.6 9,731.4 10,239.2 10,262.7 10,483.7 10,721.4 10,807.3 10,964.5 6,310.4 5,112.7 1,197.7 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 8,665.3 5,392.1 1,273.2 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 7,030.3 5,664.8 1,365.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 7,093.6 5,715.2 1,378.4 967.3 29.7 937.7 -1 1 .5 1,532.7 951.2 581.5 1,569.0 7,184.4 5,787.0 1,397.4 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 7,400.3 ¿ 970.1 1,430.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 7 425 5 5,980.9 1^444.5 1 [011.9 17.5 994.3 71.4 1,647.7 lj0 1 9 .2 628.5 1,589.7 7 518 1 l[0 14 .8 21.7 993.2 78 3 1,683.6 11035.8 647 8 1,618.6 826.4 880.6 888.5 898.9 936.7 938.8 948.9 1 ,0 0 1 . 1 1,049.8 1,203.1 1,215.0 1,247.6 1,332.6 1,361.0 1,366.2 E q uals: D ispo sa ble p ers o n a l i n c o m e ...................................................... 8,162.5 8,681.6 9,036.1 9,047.7 9,236.1 9,388.8 9,446.2 9,598.3 Less: Personal o u tla y s .............................................. .................................................. 7,987.7 8,507.2 9,070.9 9,180.3 9,264.5 9,418.5 9,577.0 9,710.0 174.9 174.3 -3 4 .8 -1 3 2 .6 -2 8 .5 -2 9 .7 -1 30 .8 -1 11 .7 2 .0 -.4 -1 .5 - .3 - .3 -1 .4 8 ,0 1 0 . 8 8,104.6 8,074.1 8,183.3 8,276.8 8,245.4 Less: Personal current t a x e s ..................................................... ................... E q uals: P ersonal s a v in g ........................................................................................ Personal saving as a percentage of disposable personal In c o m e ........................................ A d d en d um : Disposable personal Income, billions of chained (2000) dollars 2 ................... 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 insur ance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 778.6 6^054 5 1 463 6 2 .1 7,729.9 - 1 .2 8,329.6 T ab le 11.— C orporate Profits: Level and Percent C hange Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 Corporate p r o f it s w it h c o n su m p t i o n in v e n t o r y v a lu a t i o n a d j u st m e n t s and .......................................... P r o f it s a f t e r t a x w it h in v e n t o r y v a lu a t io n a n d c o n s u m p t i o n a d j u st m e n t s 2005 2004 2006 III IV 1 II III' 2005 2005 2006 IV I 2006 II III' III' 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 1,653.3 19.1 12.5 1 0 .0 1 2 .6 1.4 3.9 30.6 243.3 300.1 399.3 378.9 424.6 456.9 476.1 490.6 23.3 33.1 1 2 .1 7.6 4.2 3.0 29.5 749.9 424.7 882.5 539.5 931.4 576.9 887.5 584.0 968.9 601.0 615.7 1,115.7 631.1 1,162.7 650.4 17.7 27.0 5.5 6.9 9.2 2.9 14.8 2.5 .3 2.5 4.2 3.1 31.0 11.4 325.1 343.0 354.5 303.5 367.9 496.4 484.6 512.4 5.5 3.4 2 1 .2 34.9 -2 .4 5.7 6 8 .8 1,084.9 1,139.2 1,211.3 1,230.7 1,223.9 1,349.2 1,350.3 1,380.5 5.0 6.3 - .5 1 0 .2 .1 2 .2 1 2 .2 325.1 759.8 343.0 796.2 354.5 856.8 303.5 927.2 367.9 856.0 496.4 852.8 484.6 865.6 512.4 5.5 4.8 3.4 7.6 2 1 .2 -7 .7 34.9 - .4 -2 .4 1.5 5.7 .3 - 6 .4 capita l ........................................... Net dividends .......................................................................... U ndistributed profits with inventory valuation and capital consumption a d ju s tm e n ts .................................................... C a sh 2005 c a p it a l Less: Taxes on corporate in c o m e ............................................... E q u a l s: 2004 Quarter one year ago Quarterly rates 1 , 1 1 2 .1 f low : N e t c a sh f lo w w it h c o n su m p t i o n in v e n t o r y v a lu a t io n a d j u st m e n t s and capita l ....................................... Undistributed profits with inventory valuation and capital consumption a dju s tm e n ts ................................................ Consumption of fixed c a p ita l............................................... 8 6 8 .2 6 8 .8 Less: Inventory valuation a d ju s tm e n t...................................... -1 3 .6 -3 9.8 -3 2.6 -3 0.9 -3 9 .2 -2 2 .9 -5 8.9 -3 8 .2 ................................................ 1,098.5 1,178.9 1,243.9 1,261.5 1,263.2 1,372.1 1,409.2 1,418.8 7.3 5.5 .1 8 .6 2.7 .7 12.5 908.1 1,144.3 1,518.7 1,475.8 1,598.3 1,740.6 1,811.5 1,854.0 26.0 32.7 8.3 6.9 4.1 2.3 25.6 664.8 -1 3 .6 98.7 B44.2 -3 9.8 78.1 1,119.4 -3 2.6 -1 55 .5 1,096.9 -3 0.9 -1 78 .6 1,173.7 -3 9 .2 -1 6 5 .6 1,283.7 -2 2 .9 -1 4 8 .6 1,335.4 -5 8.9 -1 60.B 1,363.4 -3 8 .2 -1 6 2 .4 27.0 32.6 7.0 9.4 4.0 2 .1 24.3 E q u a l s: N e t c a sh f lo w Adde nda: Profits before tax (without inventory valuation and capital consum ption a d ju stm e n ts )................................................... Profits after tax (without inventory valuation and capital consum ption a d ju stm e n ts )................................................... Inventory valuation a d ju s tm e n t................................................ Capital consumption a dju stm e n t............................ ................. f Re v i se d T ab le 1 2 — C o rp o rate Profits by Industry: Level and C h ang e From Preceding Period [Billions of dollars] C hange from preceding period Level Seascnally adjusted at annual rates 2003 2004 2005 2005 2006 2005 2004 2006 2005 IV Co rp orat e p r o f it s w it h in v e n t o r y v a lu a t io n and ........................................................................ F in a n c ia l....................................................................................................... N o n fln a n c la l.................................................................................................. R e st o f t h e w o r ld D o m e st i c III' II I III' 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 1,653.3 189.5 148.1 127.2 175.6 22.7 61.5 827.7 1,006.3 335.6 353.7 492.1 652.6 1,133.7 369.4 764.2 1,042.9 296.1 746.8 1,197.2 390.8 806.4 1,343.0 442.2 900.9 1,351.9 483.9 1,418.7 474.8 943.9 178.6 18.1 160.5 127.4 15.7 1 1 1 .6 154.3 94.7 59.6 145.8 51.4 94.5 8.9 41.7 -3 2 .8 -9.1 75.8 1 0 .8 8 6 8 .1 6 6 .8 197.0 338.0 141.0 223.4 344.0 120.5 196.3 360.6 164.2 226.1 376.3 150.2 239.9 402.0 162.1 234.6 408.9 174.2 52.9 42.2 20.7 36.0 15.2 -27.1 16.6 43.7 29.8 15.7 -1 4 .0 13.8 25.7 11.9 -5 .3 6.9 a d j u st m e n t 894.5 1,104.5 1,486.1 1,444.9 1,559.1 1,717.7 1,752.6 1,815.8 2 1 0 .0 381.6 114.2 158.6 34.9 63.2 ..................................................... 729.0 317.3 928.2 344.2 1,289.1 389.0 26.6 362.5 1,221.5 317.4 26.9 290.6 1,362.8 413.3 30.4 382.9 1,491.6 463.9 30.9 433.0 1,512.7 1,581.1 508.2 500.1 33.7 35.8 474.4 464.3 199.2 26.9 360.9 44.8 68.4 - 8 .1 38.4 128.8 50.6 .5 50.1 2 1 .1 26.9 141.3 95.9 3.5 92.3 900.1 30.3 254.8 73.8 904.1 22.4 260.7 75.4 949.4 38.3 258.9 72.9 1,027.7 39.7 300.7 2 0 .6 2 2 .8 2 1 .2 .8 .1 5.5 -6 .7 18.0 45.3 15.9 - 1 .8 -2 .5 - 1 .6 .5 1.3 - 1.1 -5 .5 4.0 78.3 1.4 41.8 29.3 4.5 4.1 4.3 5.6 -2 5 .3 48.5 25.7 19.1 12.3 8.4 -1 8.2 54.9 172.2 4.6 74.2 37.2 4.4 5.5 8.9 -1 .9 -2 3 .2 7.1 - 1 0 .8 -2 3.5 - 1 .6 15.0 1,081.0 52.8 331.9 115.9 24.8 18.5 13.2 10.3 -1 6.6 65.7 316.1 14.1 104.6 42.5 8.3 14.5 6.7 6.7 -1 9 .8 44.5 1,004.5 46.8 289.9 78.7 24.1 18.3 13.1 2 .8 3.5 7.1 6.4 - 1 .6 -7 .2 -1 3 .0 216.0 34.4 62.1 .8 12.5 12.7 6 .1 - .7 1 .0 2 1 .1 1 .8 46.6 33.9 37.0 - 1 .2 26.0 4.3 7.9 21.5 13.4 -1 .4 - 1 .5 9.7 3.1 17.9 -.5 -4 .4 14.7 2.5 4.5 34.5 37.1 27.7 24.4 9.2 39.8 96.4 1.3 13.2 -4.1 5.8 4.5 25.5 -8 .9 - 1 .8 11.3 -3 .9 -1 6.2 - 2 .6 - 6 .8 1 0 .8 20.7 -27.1 29.8 13.8 -5 .3 F in a n c ia l.............................................................................. . Federal Reserve b a n k s ..................................................... O ther financial ................................................................... 2 0 .1 2 0 .0 297.2 324.1 411.8 584.0 16.2 150.2 31.3 12.3 7.0 -6 .7 N o n fin a n c la l........................................................................ U tilitie s ...........I............................................................... . Manufacturing ................................................................ D urable g o o d s ........................................................... Fabricated metal p ro d u c ts ..................................... M a c h in e ry .............................................................. Com puter and electronic p ro d u c ts ........................ Electrical equipment, appliances, and com ponents Motor vehicles, bodies and trailers, and p a r t s ...... O ther durable g o o d s .............................................. -1 2 .3 10.5 29.7 13.8 3.9 5.7 -1 7 .9 47.7 Nondurable g o o d s ..................................................... Food and beverage and tobacco products ........... Petroleum and coal products ................................ Chemical p ro d u c ts ................................................. O ther nondurable g o o d s ........................................ 81.9 23.6 23.3 19.5 15.5 118.9 22.4 49.3 23.B 23.4 181.0 28.5 70.4 45.3 36.8 185.2 29.3 74.2 43.3 38.4 186.0 28.6 76.0 44.4 37.0 198.5 29.6 74.5 54.1 40.1 55.2 69.9 89.3 97.6 113.7 105.9 129.1 19.0 83.5 314.6 107.2 123.0 27.3 89.8 340.1 38.6 85.9 323.9 125.1 131.3 39.6 83.3 317.1 196.3 226.1 239.9 234.6 1 1 .6 76.0 -5 .9 7.9 1.5 -1 5 .6 2 .1 W holesale tr a d e ......................... Retail trade ................................ Transportation and warehousing . In fo rm a tio n ................................. O ther nonfinancial ...................... .2 - 1 1 .2 7.3 3.2 171.7 1 1 .8 2 1 .0 37.7 208.8 77.5 305.2 94.1 115.9 23.1 77.8 310.1 165.5 176.3 197.0 223.4 8 6 .8 R e st o f t h e w o r ld r II 176.3 302.0 125.8 p r o f it s w it h in v e n t o r y v a lu a t i o n i n d u st r i e s I 165.5 249.1 83.6 ........................................................ Receipts from the rest of the w o r ld ...................................... Less: Payments to the rest of the w o r l d ............................... Corporate IV c a p i t a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D o m e st i c i n d u st r i e s III Re v i se d NOT E. — Est i m a t e s i n t h i s t a b l e a r e b a se d on the 1997 No r t h A m e r i c a n In d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . 8 .0 1 0 2 .2 6 .8 -2 5 .4 41.9 2 1 1 .2 29.5 92.4 53.6 35.7 98.3 1 2 1 .2 1 0 1 .1 -.1 1.1 19.2 6 .6 6 .8 1 0 .6 1.1 1 1 .8 - 6 .1 8.3 6 .2 1 2 .1 44.3 2 .8 41.4 -.8 -.1 2 .1 - 1 0 .1 76.5 6 .0 42.0 37.2 .7 .2 8 .8 23.8 4.8 4.9 8.7 -7 .0 - 1 .8 26.8 1 0 .1 1 .0 T ab le 13.— G ross Value Ad ded of N o nfin an cial Do m estic C o rpo rate Business Seasonally adjusted at annual rates 2003 2004 2005 2005 III 2006 IV I III" h Billions of dollars G ros s va lue adde d o f n o n fin a n c ia l c o rp o ra te bu sin e ss 5,558.4 5,932.9 6,369.7 6,534.8 6,788.2 6,790.0 733.7 744.4 746.3 Consumption of fixed c a p ita l............................................ N et va lue a d d e d .......................................................... 5,246.7 Compensation of employees ...................................... Wage and salary a c c ru a ls ........................................... Supplem ents to wages and s a la r ie s ................................... Taxes on production arid Imports less subsidies .................... Net operating s u r p lu s ............................................ Net interest and m iscellaneous p a y m e n ts ............................... Business current transfer paym ents .................................. Corporate profits with Inventory valuation and capital consumption adjustments Taxes on corporate in c o m e ..................... ...................... Profits after tax w ith Inventory valuation and capital consumption adjustments Net dividends ................................................... 3,703.2 3 019 4 3,873.4 488.5 5 2Z 9 152.6 64.4 492.1 135.7 356.4 pop 7 Undistributed profits with inventory valuation and capital consumption adjusim ents ....... 4,099.7 5,620.8 5,797.6 6.054.5 6,045.7 6,173.2 4,140.7 4,198.0 3,414.5 783.5 4,341.0 3.537.5 803.5 1,032.4 1,136.8 4.350.6 3.539.7 811.0 585.3 1,109.7 180.0 61.7 280.9 283.3 584.8 392.8 192.0 4,403.1 3,581.6 821.5 586.5 1,183.7 177.2 62.5 943.9 299.6 644.3 407.5 236.8 1,050.6 769.7 -2 2.9 -1 26 .8 1,063.5 780.2 -5 8 .9 -1 36 .5 1,119.2 819.6 -3 8 .2 -1 37.1 6,111.2 6,069.0 6,177.3 5,445.0 669.2 5,399.8 672.0 5,505.3 652.6 185.3 467.4 764.2 251.4 512.9 746.8 255.8 491.0 266.4 540.0 8 m s 284.4 364.7 419.9 425.4 289 7 -1 3 .6 623 8 438.6 932.6 681.3 935.0 679,2 988.7 722.3 63 6,919.5 8 6 8 .1 A d den da: Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation a d ju s tm e n t.............................................. Capital consumption a d ju s tm e n t.................................................... —103.0 ' Billions of chained (2000) dollars G ross value a dd ed o f n o n fin a n c ia l c o rp o ra te b u s in e s s 1 . 5,387.5 Consumption of fixed ca pita l 2 ............................................ Net value a dd ed 2 ............................................ 5,630.0 5,852.9 630.5 5,875.8 5,927.8 / Ou.3 5,257.3 Dollars; quarters seasonally adjusted P rice, c o sts, and p ro fits pe r u n it o f re al g ro s s v alu e adde d of n o n fin a n c ia l co rp o ra te b u s in e s s : P rice p er u n it o f real g ro s s v a lu e a dde d o f n o n fin a n c ia l corpo ra te b u s in e s s * . Compensation of employees (unit labor cost) ................... Unit nonlabor c o s t ....................................................... Consumption of fixed c a p ita l......................................... Taxes on production and imports less subsidies plus business current transfer p a y m e n ts ....... Net interest and m iscellaneous p a y m e n ts ........................... 1.032 1.054 .687 .6 8 8 1.088 1.094 1.102 1.120 .713 .122 .258 .253 .104 .103 .028 .104 .024 .104 .098 .106 .066 j083 .088 .084 .091 Corporate profits w ith inventory valuation and capital consumption adjustments (unit profits from current production) ........................................................... Taxes on corporate Income ........................................... Profits after tax w ith Inventory valuation and capital consumption adjustments r ... Revised 1. T h e c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e i n d e x i s n ot a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2 . C h a i n e d - d o l l a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u si n e ss i s c a l c u l a t e d a s t h e p r o d u c t of .1 0 1 .260 .123 .107 .030 .105 .029 .143 .047 .096 .153 .049 .104 .255 .1 2 1 t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . 3 . Ch a i n e d - d o l l a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4 . T h e d e f l a t o r f o r g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss d i v i d e d b y 1 0 0 . N O T E . - Est i m a t e s in t h i s t a b l e are b a se d on t he 199 7 Nort h Am e r ican I n d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . A p p e n d ix T a b le A . — Re a l G r o s s D o m e st ic Pr o d u ct a n d Re la t e d A g g r e g a t e s a n d Pr ic e I n d ex es: Pe r ce n t Ch a n g e Fr o m Pr e c e d in g Pe r io d Seasonally adjusted at annual rates 2003 2004 2005 2003 2002 IV II 1 2004 III IV I II 2005 III IV I II 2006 III IV I II Ilk G r o s s d o m e st i c p r o d u c t ( G D P ) a n d r e l a t e d a g g r e g a t e s: GDP ........................................................................... 2.5 3.9 3.2 0 .2 1 .2 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 1 .8 5.8 2 .6 2 .0 Goods ......................................................................... Services ..................................................................... S tru c tu re s .................................................................... 3.1 4.9 3.2 5.2 4.6 2.3 4.6 -5 .2 2.9 3.1 3.9 1 .6 2.5 4.6 2.5 -2 .7 6.7 3.5 .7 1 2 .8 .8 2.4 2.9 3.6 2.4 .3 3.8 2 .2 5.0 2.5 .5 3.1 2 .8 3.0 3.0 13.6 3.5 3.6 9.2 3.7 4.5 .5 4.9 .1 16.2 1.9 14.1 3.5 3.9 5.9 3.1 -6 .5 3.0 9.9 3.6 -7 .1 4.5 16.6 2.7 -19.1 3.1 3.6 2 .6 3.8 5.6 - 9 .4 3.0 27.4 2 .6 - .7 3.4 2 2 .6 1.7 8.9 7.4 1 2 .0 .2 10.9 3.2 1.9 2 .6 Final sales of co m pu te rs 1 ......................................... GDP excluding final sales of computers ................... 2 0 .8 8 .2 15.3 16.9 1 .1 2.5 -1 6 .0 4.0 -1 7 .4 4.2 23.0 3.0 42.8 2.4 24.3 3.3 31.5 3.1 33.8 .1 90.4 7.0 1 1 .6 3.9 -2 .5 3.5 2 0 .0 2.4 24.5 3.1 4.1 1 .6 9.5 5.6 6.7 2.5 11.7 1.9 Farm gross value a dd ed 2 ......................................... 8.4 7.4 1 .0 34.2 -16.1 26.6 -3 4 .7 -36.1 1 2 0 .0 -1 7 .4 19.4 23.7 - 2 .0 -2 4.6 11.3 8 .1 14.1 3.9 - Nonfarm business gross value a dd e d 3 ..................... 3.1 4.3 3.8 .1 1 .2 4.3 1 1 .0 1 .6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1 .8 6.7 2.7 1.9 2 .1 2 .8 2 .1 2.4 3.1 2.7 3.3 1.3 2.7 2.9 3.0 3.0 3.2 2 .2 1.9 2.3 M otor vehicle o u tp u t................................................... GDP excluding m otor vehicle o u t p u t......................... P r ic e 3.3 1.3 .5 - 1 .0 1 1 .8 1 .8 1 .8 8 .0 1 1 .1 3.1 2 .8 -7 .4 1 .2 2 .0 i n d e x e s: GDP ........................................................................... GDP excluding food and e n e r g y ............................... GDP excluding final sales of c o m p u te rs ................... r 2 .1 2 .0 2 .1 2 .2 1.7 2 .1 2 .2 3.2 3.1 3.4 3.5 3.4 3.7 2 .6 3.4 3.3 3.3 3.4 3.3 3.1 3.4 3.3 3.0 3.5 2 .2 2.3 3.7 3.4 3.7 2.4 2.4 2 .2 3.7 3.4 3.8 3.3 1.1 1.4 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2 .2 2 .6 2 .8 1.9 2 .0 Gross domestic purchases ........................................ Gross domestic purchases excluding food and e n e rg y ..................................................................... Gross dom estic purchases excluding final sales of com puters to dom estic purchasers ...... :................ 2.3 3.1 3.5 2 .2 4.1 .6 2 .2 1.9 4.3 4.1 2 .6 1.9 2.7 2 .8 1 .8 2 .6 1.3 1 .8 2 .0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 2 .2 2.5 3.2 3.7 2.4 4.4 .7 2.4 2 .0 4.4 4.2 2 .8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 2.3 Personal consum ption expenditures ( P C E ) ................ PCE excluding food and e n e rg y ................................ M arket-based P C E 4 ................................................... M arket-based PCE excluding food and energ y 4 ....... 2 .0 3.1 .7 1.3 .3 2.4 1.5 1.9 1.7 1.5 3.0 2.3 2.9 2.3 2.4 2 .1 1 .0 1.4 .9 .9 3.6 2.5 3.4 1.9 1 .2 1 .8 2 .2 3.1 1.9 3.1 1.7 2.9 2.5 2.5 1.9 2 .0 1 .6 3.7 2.5 3.3 1.7 4.1 1 .8 2 .2 4.0 2.7 4.2 2.7 1.4 1.9 1.1 2 .6 2.9 1.7 2 .0 2 .1 1 .2 1 .1 2.3 1.5 2.7 1.7 1.7 3.1 .7 1 .2 Re v i se d 1 .2 2 .1 1.7 1 .6 2.4 2 .2 2 .2 1.9 4. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a se d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e 1. So m e c o m p o n e n t s o f f i n a l s a l e s o f c o m p u t e r s i n c l u d e c o m p u t e r p a r t s. p r i c e m e a su r e s. 2 . F a r m o u t p u t l e ss i n t e r m e d i a t e g o o d s a n d se r v i c e s p u r c h a se d . i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. 3 . C o n s i s t s o f G D P l e ss g r o s s v a l u e a d d e d o f f a r m , o f h o u se h o l d s a n d i n st i t u t i o n s, a n d o f g e n e r a l go v e r n m e n t . 1 .6 4.3 It e x c l u d e s m o st i m p l i ci t p r i c e s (f or e xam pl e, Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. t h e se r v i c e s f u r n i sh e d w i t h o u t p a y m e n t b y f ina nc ial E x p la n a to r y N o te: N IP A M ea s u r es o f Q u a n titie s a n d P r ic es C u r r e n t - d o l l a r G D P i s a m e a s u r e o f t h e m a r k e t v a l u e o f g o o d s , s e r v i c e s , a n d s t r u c t u r e s p r o d u c e d in t h e e c o n o m y in a p a r t i c u l a r p e r i o d . co m p o n en ts. year - C h a n g e s in c u r r e n t - d o l l a r G D P c a n b e d e c o m p o s e d i n t o q u a n t i t y a n d p r i c e Q u a n titie s , o r “ r e a l” m e a s u r e s , a n d p r ic e s are e x p r e s s e d a s in d e x n u m b e r s w ith th e r e fe r e n c e at p r e se n t, th e y e a r 2 0 0 0 -- e q u a l to 1 0 0 . A n n u a l c h a n g e s in q u a n t it ie s a n d p r ic e s a re c a lc u la t e d u s in g a F is h e r f o r m u la th a t in c o r p o r a te s w e ig h t s fr o m tw o a d ja c e n t y e a r s . (Q u a r te r ly c h a n g e s in q u a n titie s a n d p r ic e s a re c a lc u la t e d u s in g a F is h e r fo r m u la t h a t i n c o r p o r a t e s w e i g h t s f r o m t w o a d j a c e n t q u a r t e r s ; q u a r t e r ly i n d e x e s a r e a d j u s t e d f o r c o n s i s t e n c y t o t h e a n n u a l i n d e x e s b e f o r e p e r c e n t c h a n g e s a r e c a l c u l a t e d . ) F o r e x a m p l e , t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in r e a l G D P u s e s p r i c e s f o r 2 0 0 4 a n d 2 0 0 5 a s w e i g h t s , a n d t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in G D P p r i c e s u s e s q u a n titie s fo r 2 0 0 4 a n d 2 0 0 5 a s w e ig h t s . T h e s e a n n u a l c h a n g e s a re “ c h a in e d ” ( m u lt ip lie d ) to g e th e r to fo r m t im e s e r ie s o f q u a n tity a n d p r ic e in d e x e s . P e r c e n t c h a n g e s in F is h e r in d e x e s a re n o t a f fe c te d b y th e c h o ic e o f r e fe r e n c e y ea r. ( B E A a l s o p u b l i s h e s a m e a s u r e o f t h e p r i c e l e v e l k n o w n a s t h e i m p l i c i t p r ic e d e f l a t o r ( I P D ) , w h i c h i s c a l c u l a t e d a s t h e r a t io o f t h e c u r r e n t - d o l l a r v a l u e t o t h e c o r r e s p o n d i n g c h a in e d -d o lla r v a lu e , m u lt ip lie d b y 1 0 0 . T h e v a lu e s o f th e I P D a re v e r y c l o s e to th e v a lu e s o f th e c o r r e s p o n d i n g " c h a in - t y p e " p r i c e i n d e x . ) I n d e x n u m b e r s o f q u a n t i t y a n d p r i c e i n d e x e s f o r G D P a n d it s m a j o r c o m p o n e n t s a r e p r e s e n t e d in t h is r e l e a s e in t a b l e s 5 a n d 6 . P e r c e n t c h a n g e s f r o m t h e p r e c e d i n g p e r i o d a r e p r e s e n t e d in t a b l e s 1 , 4 , 7 , a n d 8 . C o n t r i b u t i o n s b y m a j o r c o m p o n e n t s t o c h a n g e s in r e a l G D P a r e p r e s e n t e d i n t a b l e 2 . M e a s u r e s o f r e a l G D P a n d it s m a j o r c o m p o n e n t s a r e a l s o p r e s e n t e d i n d o l l a r - d e n o m i n a t e d f o r m , d e s i g n a t e d " c h a i n e d ( 2 0 0 0 ) d o l l a r e s t i m a t e s ." F o r m o s t s e r i e s , t h e s e e s t i m a t e s , w h i c h a r e p r e s e n t e d in t a b l e 3 , a r e c o m p u t e d b y m u l t i p l y i n g t h e c u r r e n t - d o l l a r v a l u e in 2 0 0 0 b y a c o r r e s p o n d i n g q u a n t i t y i n d e x n u m b er a n d th e n d iv id in g b y 1 0 0 . F o r e x a m p l e , i f a c u r r e n t - d o l l a r G D P c o m p o n e n t e q u a l e d $ 1 0 0 in 2 0 0 0 a n d i f r e a l o u tp u t fo r t h is c o m p o n e n t in c r e a s e d 1 0 p e r c e n t in 2 0 0 1 , t h e n t h e c h a in e d ( 2 0 0 0 ) d o lla r v a lu e o f th is c o m p o n e n t in 2 0 0 1 w o u ld b e $ 1 1 0 ( = $ 1 0 0 x 1 1 0 / 1 0 0 ) . P e r c e n t c h a n g e s c a lc u la t e d fr o m c h a in e d - d o lla r e s t im a t e s a n d fr o m c h a in - t y p e q u a n tity i n d e x e s a re t h e s a m e ; a n y d if f e r e n c e s w i l l b e s m a ll a n d d u e to r o u n d in g . C h a in e d - d o lla r v a lu e s f o r t h e d e t a ile d G D P c o m p o n e n t s w i l l n o t n e c e s s a r ily s u m to th e c h a in e d -d o lla r e s tim a te o f G D P (o r to a n y in te r m e d ia te a g g r e g a te ). T h is is b e c a u s e t h e r e la t iv e p r ic e s u s e d a s w e ig h t s fo r a n y p e r io d o th e r th a n th e r e fe r e n c e y e a r d iffe r fr o m t h o s e o f th e r e f e r e n c e y e a r . A m e a s u r e o f th e e x te n t o f s u c h d if f e r e n c e s is p r o v id e d b y a “ r e s id u a l” lin e , w h ic h in d ic a t e s t h e d if f e r e n c e b e t w e e n G D P (o r o th e r m a j o r a g g r e g a t e ) a n d t h e s u m o f t h e m o s t d e t a i l e d c o m p o n e n t s in t h e t a b l e . F o r p e r io d s c lo s e to th e r e f e r e n c e y e a r , w h e n t h e r e u s u a l l y h a s n o t b e e n m u c h c h a n g e in t h e r e l a t i v e p r i c e s t h a t a r e u s e d a s w e i g h t s , th e r e s id u a ls t e n d to b e s m a ll, a n d th e c h a in e d -d o lla r e s tim a te s c a n b e u s e d t o a p p r o x im a te th e c o n tr ib u tio n s to g r o w th a n d t o a g g r e g a te th e d e ta ile d e s tim a te s . F o r p e r io d s fu r th e r fr o m th e r e fe r e n c e y e a r , t h e r e s i d u a l s t e n d t o b e la r g e r , a n d t h e c h a i n e d - d o l l a r e s t i m a t e s a r e l e s s u s e f u l f o r a n a l y s e s o f c o n tr ib u tio n s to g r o w th . T h u s , th e c o n tr ib u tio n s to p e r c e n t c h a n g e s h o w n in t a b le 2 p r o v id e a b e tte r m e a s u r e o f t h e c o m p o s i t i o n o f G D P g r o w t h . I n p a r t ic u la r , f o r c o m p o n e n t s f o r w h i c h r e l a t i v e p r i c e s a re c h a n g in g r a p id ly , c a lc u la t io n o f c o n t r ib u tio n s u s in g c h a in e d - d o lla r e s t im a t e s m a y b e m is le a d in g e v e n j u s t a fe w y ea rs fr o m th e r e fe r e n c e year. R e f e r e n c e : “ C h a in e d - D o lla r I n d e x e s : I s s u e s , T ip s o n T h e ir U s e , a n d U p c o m i n g C h a n g e s ,” N o v e m b e r 2 0 0 3 S u r v e y , pp. 8 -1 6 .