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BU R E AU O F EC O N O M IC ANALYSIS OS, DEPARTM ENT O F COM M ERCE NEWS RELEASE 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, W E D N E S D A Y , N O V E M B E R 2 9 ,2 0 0 6 V irginia H. M annering: G reg Key: R ecorded m essage: (202) 606-5304 (G D P) (202) 606-9727 (Profits) (202) 606-5306 B EA 06-51 G R O S S D O M E S T IC P R O D U C T : T H IR D Q U A R T E R 2 0 0 6 (P R E L IM IN A R Y ) 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 (P R E L IM IN A R Y ) R eal gross dom estic p ro d u ct — the output o f goods and services p ro d u ced by labor and property located in the U nited States ~ increased at an annual rate o f 2.2 p ercen t in the th ird quarter o f 2006, according to prelim inary estim ates released b y 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 today are based on m ore com plete source d ata than w ere available for the advance estim ates issued last m onth. In the advance estim ates, the increase in real GDP was 1.6 percent (see "R evisions" on p age 3). The increase in real G D P in the th ird quarter prim arily reflected po 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 a t w ere p artly offset by 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 GDP, 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 fix ed investm ent, and decelerations in private inventory investm ent, in P C E for services, 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 0.09 percentage p o in t to the th ird -q u arter grow th in real G D P after contributing 0.04 percentage p o in t to the second-quarter grow th. M o to r vehicle output contributed 0.76 percentage p o in t to the th ird -q u arter grow th in real G D P after subtracting 0.31 percentage point from the second-quarter grow th. N O T E .-Q u a rte rly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter dollar changes are differences betw een th ese p ublished estim ates. Percent changes are calculated from unrounded data and are annualized. “R e a l” 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 . - m ore - - 2 - The price index for gross dom estic p urchases, w h ich m easures p rices p aid by U .S. residents, increased 2.1 p ercen t in the third quarter, 0.1 percen tag e p o in t m ore th an in the advance estim ate; this index increased 4.0 p ercen t in the second quarter. E xcluding food an d energy prices, the p rice index for gross dom estic purchases increased 2.0 p e rc en t in the th ird quarter, com pared w ith 2.9 percen t in thè second. R eal personal consum ption expenditures in creased 2.9 percent in the 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 in creased 10.0 percent, com pared w ith an increase o f 4.4 percent. N onresidential structures increased 16.7 percent, com pared w ith an increase o f 20.3 percent. E q u ip m en t and softw are increased 7.2 percent, in contrast to a decrease o f 1.4 percent. R eal residential fixed in v estm en t decreased 18.0 percent, com pared w ith a decrease o f 11.1 percent. R eal exports o f goods and services in creased 6.3 p ercen t in the th ird quarter, com pared w ith an increase o f 6.2 percent in the second. R eal im p o rts o f goods and services increased 5.3 percent, com pared w ith an increase o f 1.4 percent. R eal federal governm ent consum ption expenditures and gross investm ent in creased 1.5 percent in the third quarter, in co n trast to a decrease o f 4.5 percen t in the second. N atio n al defense decreased 1.1 percent, com pared w ith a decrease o f 2.0 p ercent. N o n d efen se increased 6.8 percent, in contrast to a decrease o f 9.3 percent. R eal state and lo cal governm ent co nsum ption expenditures and gross investm ent increased 2.6 percent, com pared w ith an increase o f 4.0 percent. The real change in private inventories ad d ed 0.16 percentage p o in t to the th ird -q u arter change in real GDP, after adding 0.44 percentage p o in t to the second-quarter change. P rivate businesses increased inventories $58.0 b illio n in the third quarter, follow ing an increase o f $53.7 b illio n in the second quarter and an increase o f $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 private inventories — increased 2.1 percent in the th ird quarter, the sam e increase as in the second. Gross dom estic purchases R eal gross dom estic purchases - pu rch ases b y U .S. residents o f goods and services w herever produced - increased 2.3 percen t in the th ird quarter, com pared w ith an increase o f 2.0 percen t in the second. G ross national product R eal gross national p ro d u ct — the goods and services produced by the labor and property supplied by U .S. residents - in creased 1.9 percen t in th e th ird quarter, com pared w ith an increase o f 2.3 percent in the second. G N P includes, and G D P excludes, n et receipts o f incom e from the rest o f the w orld, w hich decreased $7.4 billio n in the th ird q u arter after d ecreasing $5.6 b illio n in the second; in the third quarter, receipts increased $10.3 billion, an d pay m en ts increased $17.7 billion. - m ore - - 3 - C u r r e n t-d o lla r G D P C urrent-dollar G D P — the m ark et valu e o f the nation's output o f goods and services — increased 4.0 percent, or $129.8 billion, in the th ird quarter to a level o f $13,327.1 billion. In the second quarter, current-dollar GDP increased 5.9 percent, or $188.9 billion. R e v is io n s The prelim inary estim ate o f th e third-quarter increase in real G D P is 0.6 percentage point, or $17.6 billion, m ore than the advance estim ate issued last m onth. The upw ard revision to the percent change in real GDP prim arily reflected a dow nw ard rev isio n to im ports o f goods and upw ard revisions to private inventory investm ent and to personal consum ption expenditures (PC E ) for services that w ere p artly offset b y a dow nw ard rev isio n to P C E for durable goods. A dvance Prelim inary (P ercent change from preceding 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 C o r p o r a t e P r o f it s Profits from current pro d u ctio n (corporate profits w ith inventory v alu atio n and capital consum ption adjustm ents) increased $66.2 b illio n in the th ird quarter, com pared w ith an increase o f $22.7 billion in the second quarter. C u rrent-production cash flo w (net cash flow w ith inventory valuation and capital consum ption adjustm ents) - the internal funds available to corporations for investm ent — increased $34.5 billio n in the th ird quarter, com pared w ith an increase o f $1.1 billion in th e second. Taxes on corporate incom e increased $15.0 b illio n in the third quarter, com pared w ith an increase o f $19.2 billio n in the second. P rofits after tax w ith inventory valu atio n and capital consum ption adjustm ents increased $51.1 b illio n in the th ird quarter, com pared w ith an increase o f $3.6 billion in the second. D ividends increased $19.3 b illio n com pared w ith an increase o f $15.4 billion; currentp roduction u ndistributed profits increased $31.9 billion, in contrast to a decrease o f $ 11.8 billion. D om estic profits o f financial corporations decreased $2.2 b illio n in the third quarter, in contrast to an increase o f $41.7 billion in the second. D om estic profits o f nonfinancial corporations increased $71.1 b illio n 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 added and profits p er un it o f real value added increased. The increase in u nit profits reflected decreases in both the unit labor and n o n lab o r costs corporations incurred. - m ore - - 4 - The rest-of-the-w orld com ponent o f profits decreased $2.8 b illio n in the th ird quarter, in contrast to an increase o f $13.8 b illio n in the second. T his m easure is calculated as (1) receipts by U .S. residents o f earnings from th eir fo reig n affiliates p lu s dividends receiv ed b y U .S. residents from unaffiliated foreign corporations m inus (2) paym ents b y U .S. affiliates o f earnings to th eir foreign parents plus dividends paid by U .S. corporations to u n affiliated foreign residents. The th ird-quarter decrease w as accounted for by a sm aller increase in receip ts th an in paym ents. Profits before tax increased $46.3 b illio n in the th ird quarter, co m p ared w ith an increase o f $70.9 billion in the second. The before-tax m easure o f profits does not reflect, as does profits from current production, the capital consum ption and inventory v alu atio n adjustm ents. These adjustm ents convert depreciation o f fix ed assets and inventory w ithdraw als reported on a tax-return, historical-cost basis to the current-cost m easures u sed in the natio n al incom e and p ro d u ct accounts. The capital consum ption adjustm ent decreased $1.8 b illio n in the th ird q uarter (from -$160.8 b illio n to -$162.6 billion), com pared w ith a decrease o f $ 12.2 b illio n in th e second. The inventory valu atio n adjustm ent increased $21.7 billion (from -$58.9 billio n to -$37.2 billion), in contrast to a decrease o f $36.0 billion. * * * 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 i n e s s ' , and B EA new s releases are available w ith o u t charge on B E A '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 - D ecem b er 21, 2006, at 8:30 A .M ..E S T for: G ross D om estic P roduct: T hird Q uarter 2006 (Final) C orporate Profits: T h ird Q uarter 2006 (R evised) R e l e a s e d a t e s in 2 0 0 7 G ross dom estic product A dv an ce...... Prelim inary.. F in al............. 2006: IV and 2006 annual January 31 February 28 M arch 29 2 0 0 7 :I A pril 27 M ay 31 June 28 2007: II Ju ly 27 A u g u st 30 S eptem 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 al............. M arch 29 m ore - T a b le 1.— Re al G r o s s D o m e st ic Pr o d u c t a n d Re la t e d M e asu r e s: 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 1 II 7.5 5.8 16.7 7.7 2.9 17.7 13.6 9.4 2 .8 G r o ss d o m e st i c p r o d u c t ( G D P ) . . . . . . . . . . . . 2.5 3.9 3.2 0 .2 1 -2 3.5 P e r so n a l c o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . . . . . 2 .8 Durable goods ...................................................... Nondurable goods ................................................. Services ............................................................... 3.9 6.4 3.6 3.5 3.5 5.5 4.5 1.4 -5.2 3.6 2 .1 5.8 3.2 1.9 2 .6 1 .8 .4 3.8 1.5 3.6 16.8 2.3 5.4 7.5 - 1 .0 -1.4 -5 .0 -5.3 -4.9 6.4 -1 .3 -.4 - 2 .6 -6.9 - 1 .0 4.1 G r o ss p r i v a t e d o m e st i c i n v e st m e n t ................... Fixed Investment ................................................... Nonresldentlal.................................................... S tructures...................................................... Equipment and software ................................ R esidential................. ....................................... Change in private inventories................................. 3.6 3.4 1 .0 9.8 7.3 5.9 6 .8 -4.1 2 .2 1.1 2 .8 7.3 9.9 8.9 8.4 8 .8 2004 1 .8 3.3 1 0 .6 10.7 14.7 9.3 10.5 III IV I II 2.7 3.9 4.0 3.1 2.3 .7 4.7 1 .8 2 .8 4.3 4.6 2.9 1.7 1.7 3.8 3.9 8.7 3.7 3.1 9.3 5.5 2 .2 21.7 11.7 7.2 6.9 7.3 19.8 7.6 10.3 3.1 13.0 3.2 13.2 -4.7 5.6 2 2 .2 1 0 .6 - .8 2005 6.1 4.8 1.7 3.3 1 .2 3.1 III 2 .0 IV 2006 I II 2 .6 3.4 3.3 4.2 1 .8 5.6 2 .6 2 .2 4.3 2.7 2.4 5.2 1.5 4.2 3.9 9.0 3.4 3.2 .8 -12.3 3.9 4.8 19.8 5.9 2 .6 - 1 2.9 6 J) 2 .0 1.6 1.4 3.7 3.1 6.1 5.4 3.4 5.1 4.9 8.3 7.8 - 2 .0 12.3 - .6 1 2 .8 4.9 2.3 III IV 5.2 6.3 5.9 -7.0 16.2 5.3 6.3 -3.6 10.5 5.2 - 2 .0 7.9 1 1 .0 2 .8 11.1 2 0 .0 7.1 -.9 8 .2 6 .0 7.8 2 .8 8 .2 5.2 13.7 8.7 15.6 -.3 1 2 .0 ........ N e t e x p o r t s o f g o o d s a n d se r v i c e s . . . . . . . . . . . . . . . . . . . E xports................................................................. Goods .............................................................. S ervices............................................................ Im p orts ................................................................. Goods .............................................................. S erv ices ............................................................ 1.3 1 .8 9.2 9.0 9.7 6 .8 1 0 .8 6.1 7.5 5.1 -3.1 -9.1 11.7 9.0 -5 .3 2 .0 4.1 4.9 10.9 6.7 8.1 0 1 0 .0 2 .6 14.0 - 2 0 .0 -5 .0 -3.9 - 1 0 .6 1.9 4.3 5.9 .9 1.5 1.7 4.8 -1 .4 1 0 .2 .1 14.8 1.2 1.1 2.1 2 .5 .5 2 .0 -4 .4 9.0 - 2 .2 2.5 3.5 3.3 3.6 3.1 1 .0 .8 2 .2 3.5 4.4 4.0 3.8 3.6 1 .2 .2 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 2.4 2.4 3.9 3.8 3.2 1.9 0 -1.7 - 1 .2 - 2 .8 4.1 11.4 2 0 .8 8 .8 19.8 23.1 17.6 17.2 19.6 17.5 3.7 7.2 7.1 7.5 1 0 .2 8 .6 .6 -15.7 2 1 .2 6 .1 19.7 36.3 -6.4 1.5 .4 -5.3 12.4 - .8 2.1 - .6 6.9 2.1 6 .6 1.7 4.5 4.0 5.1 4.1 5.0 7.3 6.3 3.0 2.5 3.5 1.7 3.4 4.4 4.0 3.5 3.9 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.B 3.2 7.8 7.3 8.9 8.5 7.4 7.7 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 4.7 5.5 2.9 4.1 4.9 6.1 19.2 1 2.0 1 2.6 9.0 -.2 9.4 1 2 .8 3.2 3.7 2 .0 2.1 1.4 2 .0 2.5 2.7 -1.5 1 .2 Ik 1 9.6 11.5 5.5 13.2 14.1 8.3 1.1 1 .0 0 1 .6 -.9 4.4 20.3 -1.4 1 0 .0 - - I lk 11.1 ........ 16.7 7.2 -18.0 ........ 14.0 .... ¿ 2 ....R3 17.3 6 .0 9.4 6.7 6.7 - 1 .0 9.1 1.4 5.3 -.1 9.4 6.9 7.4 9.9 -2.7 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 i t u r e s a n d g r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 F e deral................................................................. 'National defense ............................................... Nondefense ...................................................... State and lo c a l..................................................... 6 .8 8.7 3.4 .7 3.1 8.1 - 6 .0 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 .6 1.1 3.4 4.5 .1 .6 .4 2.9 -4.4 1.5 4.0 3.1 4.0 3.3 2 .6 2 .8 7.5 3.3 3.4 3.3 3.6 -4.0 5.6 2.4 4.6 3.0 .5 5.3 5.9 5.9 7.0 7.0 5.3 10.7 1 .2 3.4 9.6 6 .2 - 1.1 -4.6 -9.9 7.1 -.1 1 .0 4.4 4.0 4.2 4.9 -.3 2.7 .7 .5 5.5 1 1.2 4.9 .8 8 .8 -4.5 - 2 .0 -9.3 4.0 8.9 8.5 2.7 2 .2 1.5 - 1.1 6 .8 2 .6 Ad d e n d a : Final sales of domestic produ ct.............................. Gross domestic purchases ..................................... Rnal sales to domestic purchasers......................... Gross national product (GNP) ........................... ;.... Disposable personal Incom e ................................... 2 .8 2 .8 2.7 1.7 1.3 .9 1 .6 1.1 .1 6.1 2 .6 5.5 4.1 2.9 2.4 3.3 3.2 2 .0 -.6 5.6 5.3 5.4 2.1 6.1 4.6 2.3 -1 .5 1.9 3.7 5.1 3.0 6.3 4.3 3.8 9.0 9.1 5.9 5.5 4.0 3.9 4.4 4.2 3.7 8 .6 6 .8 2.1 2 .0 2.3 1 .6 21 Cu r r e n t - d o l l a r m e a su r e s: G D P ................................................................. Final sales of domestic p ro d u c t.......................... Gross domestic purchases ................................. Rnal sales to domestic purchasers .................... G N P ................................................................. Disposable personal Income .............................. r 6 .2 4.1 Revised. R evisions include changes to series affected by the introduction o f revised w age and s alary estim ates for the second quarter o f 2006. S ee "Explanatory Note” at the end o f th e tables. 7.9 6.4 9.7 8.3 6.7 6 .0 6 .2 5.8 6.7 5.4 4.7 7.0 6.9 6.7 6.7 7.2 - 1.8 5.8 8 .2 5.8 7.6 7.8 8.5 8.1 8 .8 5.6 3.6 8.4 3.5 8 .2 6.1 8 .2 5.7 5.7 2.5 9.6 6 .2 T a b le 2.— Co n t r ib u t io n s t o Pe r ce n t Ch a n g e in Re a l G r o s s D o m e s t ic Pr o d u ct Seasonally adjusted at annual rates 2003 2004 2005 2002 2 IV I II 0 .2 1 .2 3.5 303 2004 III IV I II 2005 III IV I II 2006 III IV 1 II 5.6 2 .6 2 .2 I lk P e r c e n t c h a n ge a t a n n u a l r at e : 2.5 3.9 3.2 P e r so n a l c o n su m p t i o n e x p e n d i t u r e s. . . . . . . . . . . . . . . 1.94 2.71 2.44 .97 1.41 Du r ab le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 .45 Motor vehicles and p a rts ................................ Furniture and household equipm ent................ O th e r............................................................ .1 2 .54 .07 .35 -.47 -.75 .21 .03 -.04 .05 .07 .0 2 .70 .75 .39 G r o ss d o m e st i c p r o d u c t .......................... 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 1.99 1.35 .65 .49 .06 -.2 9 .27 .08 .51 .09 .33 .14 -.14 .28 .71 20 1 .0 2 .21 .1 2 .21 1.50 .60 .65 .26 .47 ,29 .17 .01 .50 .28 .24 -1.08 -1.51 .33 .1 0 .36 .13 -.29 27 .74 .38 .40 -.03 - .0 1 22 .50 .17 .21 1.39 .46 .67 .26 .45 .04 .29 1.53 .61 .31 .36 .86 .0 2 .54 .32 .34 .16 -.1 4 .74 .28 .18 -.0 4 .32 1.07 .70 .19 1.04 .53 .17 .98 .55 .25 .70 .61 .08 -.15 .16 .79 .39 1.30 .37 .06 -.0 7 .13 1 .8 P e r c e n t a ge p o i n t s at a n n u a l r a t e s: N on d u r a b le go o d s .27 ................................. F o o d ............................................................. Clothing and shoes ........................................ Gasoline, fuel oil, and other energy g o o d s ...... Other ............................................................ Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Housing ........................................................ Household operation....................................... Electricity and g a s ...................................... Other household operation ......................... Transportation ................................................ Medical care ................................................. Recreation..................................................... Other ............................................................ .0 2 .1 0 .11 .29 .14 .64 .23 .14 .73 .33 .14 .90 .51 .17 .01 .0 2 .26 .24 .80 1.45 .40 .1 0 .06 .03 .03 .1 0 .2 0 - .0 2 .23 .31 -.04 .23 .39 .14 1.09 .30 .08 .04 .04 .74 -.07 .19 .23 -.04 .63 .73 .18 0 - .0 1 - .0 1 - .0 2 -.0 2 .11 0 -.05 .05 .07 .47 0 -.0 2 .06 .30 .1 0 .52 1 .2 1 .35 .02 0 0 0 .32 1.18 .40 .17 1.92 .49 1.59 .42 .11 .1 0 .1 2 -.06 .16 .06 .47 .13 .42 .01 .1 2 -.1 0 .16 .21 .28 1.39 .32 .25 .25 .70 .29 .94 .28 .04 .10 27 -.06 .19 .64 .23 -.03 .36 - .0 2 .2 0 1.32 .24 .09 .03 .06 -.04 .53 .05 .44 .44 .04 .16 .52 .09 .31 .01 .83 .18 1 .2 0 .01 .67 .24 -.58 -.58 -.04 .1 0 -.06 .02 .30 .19 .23 - .1 2 14 !l3 .08 -1 0 .0 2 .19 1.52 .25 .31 .23 .08 .04 .31 1.29 27 .39 .33 .06 .03 .35 .09 .17 .09 .08 .03 .37 .14 .41 .2 0 -.1 2 -.04 -.08 .08 -.03 .28 .15 .16 G r o ss p r iv a t e d o m e st i c i n v e st m e n t . . . . . . . . . . . . . . . . .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 .01 F i x e d I n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 1 .1 1 - .2 1 2 .0 0 .58 .06 .52 -.04 -.24 -.18 -.06 1.52 .83 .29 1.16 .97 .08 .90 .77 .81 -.05 1 .2 2 1.62 .51 -.0 6 .56 1 .0 2 .1 0 1.17 .67 .03 .64 1.34 1.36 .25 -.27 .45 .56 -.15 - .2 0 .46 .52 .31 .78 .21 1.11 - .1 0 .26 .06 .07 .13 .23 .25 .16 .04 .04 .19 .74 .15 .18 .40 -.05 -.04 .03 .07 -.14 .16 .33 • .15 .05 .13 .h -.06 - .0 2 .09 -.72 .05 -1.16 .14 Nonresidents! ................................................ Structures ................................................. Equipment and software ............................. Information processing equipment and software ............................................ Computers and peripheral equipment ... S o ftw are ............................................ Other ................................................ Industrial equipm ent............................... Transportation eq uipm ent....................... Other equipment .................................... Residential .................................................... 0 .45 .1 0 - .1 1 .21 -.1 2 .07 .41 .43 .08 .36 .59 .16 -.52 -.14 -.38 .11 .1 0 -.05 .14 .07 .53 .1 0 .01 .15 .09 .50 -.0 2 .30 .20 .38 .07 .31 -.30 -.06 -.24 .08 .03 .04 - .1 2 .04 .03 0 .30 .1 0 .1 2 .15 .09 .0 2 .82 .26 .32 .23 -.1 4 .70 .2 0 .30 -.03 .17 .16 -.09 .05 -.03 .03 .05 -.05 -0 4 .16 40 .05 .08 .14 .31 .08 .51 .21 .29 -.2 2 -1 3 .07 .55 .01 .26 1.08 .8 6 .33 .17 .16 .21 .21 .59 .14 .45 .43 .29 .1 0 .1 0 .06 -.07 .59 .19 .05 .03 .30 .16 .06 1.03 .1 0 .18 ]0 B -.04 !oi .63 1.11 .03 .43 .1 2 -.1 2 0 .1 2 24 !o8 0 .1 0 .0 2 .58 1.01 .49 .52 0 -4 8 -.3 5 -.38 .43 .16 -.06 -.26 -1.97 .28 -.46 .14 1.90 -.0 2 -.09 .54 21 -.73 .51 -.4 7 -.73 -1.62 -.2 0 -.81 -.16 .72 -.06 -1.07 -.04 .42 - .2 1 -.53 .13 -.65 1 .0 2 1.81 .55 .47 .96 .42 .54 .47 .38 .09 .97 .80 .17 .68 1 .2 0 .45 .06 .33 .27 .06 .6 6 .2 2 .46 .55 -.09 1.41 .61 .60 .43 .17 .94 1 .2 0 .69 .47 .21 .21 .71 -.03 1.2 1 .74 -.16 -.08 -.0 8 -.57 -.9 0 -.31 .47 .27 -.97 .40 -.0 7 -.44 1 .8 6 -1.17 -.25 -2.03 -.18 -.5 9 -.0 8 -1.55 -.4 3 -Æ 4 .01 -.26 .04 -.36 -.03 -1.84 -.2 2 - .2 0 -1.27 -.19 -.25 -.96 .07 .6 8 .1 2 .60 .28 .52 .16 -.31 -.64 .33 - .13 0 .32 .13 -.0 7 .03 0 .61 .84 .8 8 -.94 -.87 -.07 .1 0 .53 .09 .24 .04 -.03 .40 .05 27 .13 .1 2 -1.53 -1.29 -.24 .41 .92 -.0 2 0 .01 .0 2 -.05 .60 Ex p o r t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .95 .35 0 .04 .43 .05 .30 -.0 6 .62 -1.52 -.56 -.56 -.1 2 .6 6 1.72 .69 .17 .52 0 0 -.1 6 -.8 5 -.26 G o od s........................................................... Services ........................................................ .0 2 .19 -.31 -.65 Im p o r t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 -.57 .04 .05 Jjfi -.44 0 .1 2 .28 .16 .15 .06 .05 .05 .33 .18 .76 .34 .18 .08 1.01 .31 .1 2 .06 -.03 .05 .03 .28 .13 .40 - 1 01 N e t e x p o r t s of g o o d s a n d se r v i c e s . . . . . . . . . . . . . . . . G o od s........................................................... Services ....................................................... .0 2 -.38 -.04 -.17 -.17 .2 2 .09 .07 .05 .04 C h a n ge In p r i v a t e I n v e n t o r i e s. . . . . . . . . . . . . . . . . . . . F a rm ....’......................................................... Nonfarm ........................................................ .0 2 - .8 8 - .0 1 .01 .01 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 i t u r e s a n d .................................. .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 24 -.37 .31 .21 .64 - .2 1 .94 .16 .42 F e d e r a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 .37 .32 .05 .08 .07 .30 .27 .11 .64 .59 .67 -.08 .05 .07 .01 1.26 1 41 an .03 21 .49 .18 .34 -.38 .23 .03 .6 6 -.33 .61 -.32 .10 .1 0 .08 -.07 -.0 6 .1 0 .07 .14 .08 .06 - .0 2 .08 -.23 - .0 1 g r o ss i n v e st m e n t National de fen se ............................................ Consumption expenditures.......................... Gross Investment ....................................... N ondefense................................................... Consumption expenditures.......................... Gross Investment ....................................... St a t e a n d l o c a l .01 .05 .03 .03 0 0 .02 .06 .02 -.04 -.0 2 .1 0 1 .0 0 1.56 1.84 .51 1.43 1.31 .49 -1.74 1.65 .29 .1 2 .2 0 .06 .16 0 .1 0 .06 .08 - .0 2 .0 2 ..................................... Consumption expenditures.......................... Gross Investment ....................................... .08 .05 .03 .03 .2 2 .25 .15 -2 0 -2 2 1 .02 .1 2 .21 -.16 .19 - .2 1 .01 .06 -.27 -.19 -.09 -.0 2 .01 1.27 .03 -.09 -.46 .56 2.06 .85 .36 .11 .12 -.1 0 -.0 7 -3 ? .07 .28 .27 -.1 2 .11 .01 -.0 3 -.03 .26 -.04 .30 -.0 7 .07 -.15 .06 .19 -.13 25 .15 5.00 1.15 1.33 .30 .50 .81 1.63 1 .2 0 .05 -.14 0 .09 .08 .03 .05 -.0 1 -.04 .03 - .0 1 .08 .05 .03 -.1 0 .01 .08 .15 -.14 .02 .11 .08 -.1 8 .06 .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 -.11 .01 -.09 .01 -.0 2 .18 .05 .13 -.0 1 .14 -.15 .16 .05 .05 - .1 0 .h .16 .03 .15 .14 - .1 2 .01 .13 .09 .03 .33 .17 .16 .48 .32 .29 .03 .97 .46 .33 -.71 3.86 1.39 .33 .2 0 .20 .28 Adde n da: G o o d s ............................................................... S ervices............................................................ Structures ......................................................... Motor vehicle output .......................................... Rnal sales of computers .................................... r Revised S ee “ E xplanatory N o te " a t the end o f the tables. 1 .2 0 .31 .05 .15 -.0 2 .2 2 -.2 3 .15 2.59 .05 .33 -.13 1.09 1.04 1.13 -.03 .2 0 2.07 2 .0 2 .09 .70 .08 20 .1 2 .07 1 .1 2 1.40 .04 -.31 .04 1.15 1.73 - .6 6 .76 .09 T ab le 3.— G ross Do m estic Pro duct and Related M easu res: Level and C hange From Preceding Period Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 2005 2005 2006 III Gross domestic product ...................... Seasonally adjusted at annual rates IV I II 2006 2006 2005 in'- 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 2005 Change from preceding period III IV 11,048.6 11,115.1 I II 11,163.8 11,316.4 11,388.1 in'- in'- II 11,450.5 345.1 71.7 62.4 Personal consumption expenditures................ 8,742.4 8,847.3 8,927.8 9,079.2 9,228.1 9,349.1 7,8412 7,895.3 7,910.2 8,003.8 8,055.0 8,112.0 264.1 51.2 57.0 Durable g o o d s.............................................. 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 1,074.4 451.5 402.2 220.7 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 1,207.6 453.2 550.4 223.0 59.6 2.5 44.6 17.0 -.2 -1.4 4.4 -2 .1 17.3 9.5 7.5 .5 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 2,744.9 1,279.1 358.4 369.3 738.0 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 2,357.7 1,105.4 392.4 198.7 670.7 97.6 54.7 8.3 5.4 -3.7 .3 5.7 6.6 -3.4 5.0 2.4 2.4 Housing ......................................................... Household o p e ra tio n ...................................... Electricity and g a s ..................................... O ther household operation ....................... T ra n s p o rta tio n ................................................ Medical care .................................................. R e c re a tio n ..................................................... O ther ............................................................. 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 360.6 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 1,326.6 506.1 219.9 286.2 325.9 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 5,529.8 1,394.2 513.5 217.0 296.5 339.3 1,600.7 382.7 1,299.4 4,436.6 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 4,570.7 1,151.7 423.1 154.7 268.6 288.3 1,310.3 320.5 1,075.3 40.9 6.9 35.3 7.2 5.3 7.7 Gross private domestic investm ent.................. 2,057.4 2,052.6 2,154.5 2,214.8 2,237.1 2,239.4 1,866.3 1,855.9 1,927.0 1,963.6 1,968.5 1,968.7 95.7 4.9 .2 Fixed in vestment.......................................... 2,036.2 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 37B.2 981.0 2,174.8 1,384.3 406.3 977.9 2,172.2 1,420.5 427.7 992.8 1,842.0 1,223.8 251.5 984.9 1,864.2 1,232.4 247.1 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 1,902.5 1,334.1 282.6 1,059.6 128.1 78.0 80.7 -7.8 14.0 12.3 -3.6 -4.3 31.3 10.7 18.4 454.3 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 85.9 196.9 178.4 163.9 154.6 164.9 801.5 482.4 489.0 87.9 209.3 191.8 172.0 156.8 175.0 751.6 552.6 557.7 567.3 595.9 594.3 608.0 43.3 -1 .6 13.7 203.6 190.8 163.4 165.7 169.4 808.5 479.9 85.9 207.0 187.1 170.1 155.9 172.1 790.6 206.2 193.6 143.5 145.4 147.3 608.0 206.0 196.0 144.9 152.3 148.8 620.4 209.5 197.5 150.4 143.2 151.2 618.9 215.6 211.6 149.0 152.2 154.3 618.5 217.8 206.7 153.9 142.7 157.1 600.5 219.5 211.4 154.0 146.7 158.7 571.4 11.2 22 1.7 4.7 16.6 9.7 48.1 2.8 -18.0 4.0 1.6 -29.1 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 67.2 2.4 64.8 19.6 -12.7 19.6 -14.0 43.5 4.8 38.6 41.2 4.3 36.8 53.7 1.9 52.2 58.0 2.4 56.0 -33.8 -5.9 -27.4 12.5 -2.4 15.4 4.3 .5 3.8 M otor vehicles and p a r t s ............................... Furniture and household e q u ip m e n t............. O t h e r ............................................................. Nondurable goods ....................................... F o o d .............................................................. Clothing and shoes ....................................... Gasoline, fuel oil, and other energy goods .... O t h e r ............................................................. S ervices....................................................... Nonresidentlal ............................................... Structures .................................................. Equipment and s o ftw a r e ........................... Information processing equipm ent and software ............................................ C om puters and peripheral equipment S o ftw a re ............................................ Other ................................................. Industrial e q u ip m e n t.............................. Transportation e q u ip m e n t..................... O ther equipm ent ................................... Residential ..................................................... Change in private in ven tories...................... F a r m .............................................................. Nonfarm ......................................................... 88.0 1,122.6 418.0 153.8 264.1 284.4 1,260.9 313.1 1,035.2 .2 1,000.6 1.1 21.8 -1 .0 25.4 112.7 31.0 8.7 4.0 4.6 .4 43.6 8.3 20.2 2.8 12.9 10.8 8.2 2.2 1.2 8.3 .6 15.7 -4.9 4.9 -9.5 10.6 1.8 .8 9.4 2.4 4.7 .1 Net exports of goods and se rvices .................. -716.7 -728.8 -775.4 -765.2 -781.8 -802.2 -619.2 -607.6 -636.6 -636.6 -624.2 -629.4 -28.3 12.4 -5.2 Exports ........................................................ 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 1,486.7 1,055.9 430.7 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 1,308.3 940.4 368.6 75.7 58.8 17.0 19.2 13.3 5.9 19.8 20.9 -.9 G o o d s ............................................................ Services ......................................................... 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 2,288.9 1,938.2 350.7 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 1,937.7 1,659.0 281.2 104.0 97.7 7.2 -.2 6.6 6.8 25.0 27.3 -2.0 Government consumption expenditures and gross Investment ......................................... 2,372.8 2,402.4 2,423.6 2,479.6 2,513.9 2,540.8 1,958.0 1,968.8 1,963.5 1,987.1 1,991.2 2,002.1 17.4 4.1 10.9 878.3 589.3 516.9 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 38.6 926.7 618.0 539.0 79.0 308.7 269.8 38.9 727.5 483.6 413.3 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 37.2 739.3 488.0 413.6 76.1 251.1 213.8 37.5 10.9 2.7 -1.3 2.8 -8.5 -2.5 -4.3 2.5 -6.1 -2.7 -3.9 1,494.4 1,207.2 287.3 1,506.6 1,217.6 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,594.2 1,280.7 313.5 1,614.1 1,298.0 316.1 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 1,262.6 1.00B.7 253.8 6.5 8.4 -2.0 12.4 5.1 7.4 8.2 7.5 .7 -42.6 -47.1 -53.7 -78.7 -77.6 -87.9 Goods ............................................................ Services ........................................................ Imports ........................................................ Federal ......................................................... National d e fe n s e ............................................ Consum ption e x p e n d itu re s ........................ Gross Investment ...................................... N o n d e te n s e .................................................... Consumption e x p e n d itu re s ........................ Gross Investment ...................................... State and local ............................................. Consumption e x p e n d itu re s ........................ Gross investm ent ...................................... R e s id u a l................................................................. 8.2 5.0 3.7 2.7 .3 -1.1 -.4 4.1 3.7 .3 Addenda: Final sales of dom estic p r o d u c t........................ Gross domestic purchases ................................ Final sales to dom estic purchasers .................. 12,434.6 12,588.8 12,681.9 12,961.2 13,135.1 13,259.8 11,025.2 11,123.5 11,115.5 11,269.0 11,328.0 11,386.0 13,172.5 13,302.3 13,505.9 13,773.6 13,979.1 14,129.3 11,659.7 11,714.6 11,792.9 11,946.3 12,005.9 12,074.0 13,151.3 13,317.6 13,457.3 13,726.4 13,916.8 14,062.1 11,636.1 11,722.8 11,744.6 11,898.7 11,945.9 12,009.5 376.9 373.2 405.0 59.0 59.6 47.2 58.0 68.1 63.6 Gross domestic p r o d u c t.............................. Equals: Gross national p ro d uct.................... 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,450.5 513.3 527.2 564.9 603.3 661.4 676.6 456.9 496.1 526.4 571.4 467.2 581.7 481.5 475.0 552.4 574.3 638.6 662.4 427.2 419.9 483.8 499.7 550.3 568.0 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,341.2 11,077.9 11,162.0 11,175.6 11,342.7 11,408.5 11,463.5 345.1 80.2 93.9 331.1 71.7 45.0 50.6 65.8 62.4 10.3 17.7 55.0 Net dom estic p ro d u c t......................................... 10,851.0 10,675.5 11,168.0 11,460.3 237.4 63.3 54.4 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world r 11,624.6 R e v i se d No t e .— U s e r s a r e c a u t io n e d t hat p a r t i c u l a r f o r c o m p o n e n t s t h at e x h i b i t r a p i d c h a n g e in p r i c e s r el at ive t o o t h e r p r i c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t 's r e l a t i v e i m p o r t an c e o r it s co nt r ib ut io n t o t h e gr o w t h r a t e o f m o r e a g g r e g a t e se r i e s. t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2. 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. Fo r a c c u r a t e e st i m a t e s o f t h e c o n t r i b u t i o n s 11,746.1 9,557.2 9,371.6 9,727.9 9,896.5 9,959.8 10,014.2 T a b le 4 .— P r ic e In d e x e s f o 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 2003 l II 2004 III IV I II 2005 III IV I II 2006 III IV I II III' G ro ss d o m e s tic p ro d u c t ( G D P ) ................... 2.1 2.8 3.0 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.8 P e rs o n al co n s u m p tio n ex p e n d itu re s ............................ Durable goods ....................................................... Nondurable goods ................................................. Services ............................................................... 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 3.7 0 5.7 3.5 3.6 .3 6.0 3.2 1.9 -2.3 1.1 3.1 3.0 .3 4.4 3.0 2.3 .3 1.1 3.2 3.1 -.6 4.8 3.1 4.1 -2.9 9.0 3.2 2.9 -1.3 .6 5.0 2.0 -1.0 1.1 3.1 4.0 -8 8.3 2.9 2.4 -1 1 23 3.1 G ro ss p riv ate d o m e s tic i n v e s t m e n t .............................. 1.5 Fixed Investment ................................................... Nonresidential.................................................... Structures...................................................... Equipment and software ................................ Residential........................................................ Change In private Inventories ................................. 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 4.2 4.3 1.0 6.7 -.9 10.5 4.5 4.6 2.1 7.8 .2 9.0 3.6 3.6 1.4 10.2 -1 .5 7.4 3.7 3.7 2.6 12.0 -.5 5.6 3.0 3.1 3.6 11.6 .9 2.3 2.7 2.7 2.0 9.2 -.4 3.8 3.7 4.0 2.2 13.2 -1.5 6.9 4.3 4.6 3.5 16.8 -1.0 6.3 3.7 3.8 3.7 12.4 .6 3.8 3.1 3.0 3.0 10.7 .1 2.9 .5 4 8 5.2 -1 0 -.3 ........ ........ 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 6.1 6.5 5.0 9.7 10.1 6.0 5.0 5.2 4.5 7.3 7.9 4.4 1.8 T o 1.1 3.6 3.5 5.0 5.5 6.7 5.4 6.8 6.2 6.3 " 4.6 4.4 5.1 2.6 1.8 6.8 si 3.0 4.9 9.2 10.1 5.1 2.6 1.3 5.6 10.2 11.3 4.3 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 6.8 11.5 10.5 13.7 4.1 5.3 5.3 5.8 4.3 5.3 4.6 2.2 2.8 .9 6.1 5.7 2.9 3.2 2.3 7.4 7.0 11.3 11.6 10.6 4.6 4.6 2.2 2.4 1.8 6.1 5.9 3.3 3.4 3.2 7.4 4.7 .4 1.0 -.7 7.3 4.4 7.6 6.7 9.5 2.6 4.8 3.8 4.1 3.2 5.4 2.1 1.6 2.1 .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 3.7 4.3 4.3 3.7 3.7 4.1 4.1 3.7 2.1 2.6 2.6 2.1 3.2 3.6 3.6 3.2 3.5 3.2 3.2 3.5 2.4 3.3 3.3 2.4 3.3 4.4 4.4 3.3 3.3 3.5 3.5 32 3.3 2.7 2.7 3.3 3.3 4.0 4.0 3.3 1.8 2.1 2.0 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 3.8 4.3 3.8 3.7 4.0 3.7 2.1 2.6 2.1 3.2 3.6 3.2 3.4 3.2 3.4 2.5 3.4 2.5 3.3 4.3 3.3 3.3 3.5 3.3 3.3 2.7 3.3 3.3 4.0 3.3 1.7 2.0 ........ N e t ex p o rts o f g o o d s a n d s e rv ic e s .............................. Exports................................................................. Goods ............................................................... Services............................................................ Imports................. ................................................ G oods............................................................... Services............................................................ G o v e rn m e n t c o n s u m p tio n ex p e n d itu re s an d g ro s s in v es tm en t ....................................................................... Federal................................................................. National defense .................................... ........... Nondefense ...................................................... State and local ...................................................... 6.1 .... ¿"5 6.2 5.3 6.0 2.7 9.8 5.4 10.6 5.9 5.5 2 .7 2 .4 A d d en d a : Rnal sales of domestic product.............................. Gross domestic purchases ..................................... Final sales to domestic purchasers......................... Gross national product (GNP) ................................ 1 .8 Im p lic it p ric e d e flato rs : G D P ........................................................... ...... Gross domestic purchases ................................. GNP ................................................................. 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. 1 .7 T able 5.— Real G ro ss Do m estic Product, Q uantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 III 2006 IV 1 II ill r G ro ss d o m e s tic p r o d u c t ................... -,............................................................................. 104.931 109.031 112.546 113.223 113.719 115.274 116.004 116.640 P e rs o n al c o n s u m p tio n e xp en d itu re 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 . 137.868 120.742 115.440 120.367 .139.879 121.078 116.336 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 86.819 113.313 134.368 113.438 113.312 108.284 90.245 115.312 127.852 Durable goods............................................................................................................. Nondurable go o ds........................................................................................................ Services...................................................................................................................... G ro s s p riv ate d o m e s tic in v e s t m e n t ................................................................................................ Fixed investment .......................................................................................................... Nonresident:» .......................................................................................................... Structures ............................................................................................................ Equipment and software ....................................................................................... Residential............................................................................................................... Change In private inventories........................................................................................ E x p o rts o f g o o d s a n d s e r v i c e s ........................................................................................................ 93.599 102.201 109.105 109.503 112.054 115.783 117.536 119.337 Im p o rts o f g o o d s an d serv ic es ....................................................................................................... 104.693 115.962 123.007 122.520 126.377 129.146 129.608 131.300 G o v e r n m e n t c o n s u m p tio n exp en d itu re s an d g ro ss in ve s tm e n t .............................................. 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.682 115.657 127.262 109.762 116.291 127.726 110.480 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.060 117.746 117.810 115.753 116.654 118.414 118.437 116.311 Federal ....................................................................................................................... State and lo cal............................................................................................................. A d d en d a : Final sales of domestic product .................................................................................... Gross domestic purchases............................................................................................ Final sales to domestic purchasers ............................................................................... Gross national product.................................................................................................. 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.— Price Ind exes fo r G ro ss Do m estic Product [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 III 2006 IV 1 II in'- G ro ss d o m e s tic p r o d u c t ................................................................................................. 106.409 109.429 112.744 113.139 114.048 114.967 115.905 116.414 P e rs o n al co n s u m p tio n e xp en d itu re s (P C E )..................................................................... 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 89.206 115.769 120.059 115.259 88.968 116.442 120.992 103.191 103.313 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 93.920 131.696 113.866 114.195 106.487 151.338 93.695 131.592 Durable go od s............................................................................................................. Nondurable goods ........................................................................................................ Services....................................................................................................................... G ro ss p riv ate d o m e s tic in v e s t m e n t ................................................................................................ Fixed Investment.......................................................................................................... Nonresidentlal .......................................................................................................... Structures............................................................................................................. Equipment and software ....................................................................................... Residential.............................. ................................................................................. Change in private Inventories........................................................................................ E x p o rts o f g o o d s a n d s e r v i c e s ........................................................................................................ 101.429 105.151 108.949 109.341 110.108 110.737 112.400 113.655 Im p o rts o f g o o d s a n d s e r v i c e s ........................................................................................................ 99.685 104.678 111.268 112.919 114.117 113.918 116.608 118.156 G o v e r n m e n t c o n s u m p tio n exp en d itu re s an d gross in v e s tm e n t .............................................. 109.849 110.094 109.712 114.718 115.249 114.417 121.183 120.726 121.463 122.029 121.353 122.438 123.444 121.479 124.620 124.791 123.721 125.434 126.262 124.871 127.095 126.918 125.365 127.847 PCE excluding food and en ergy.................................................................................... Market-based P C E 1 .................................................................................................... Market-based PCE excluding food and energy1 ............................................................. 105.175 104.995 104.330 107.314 107.393 105.865 109.559 110.339 107.713 109.732 110.952 107.854 110.418 111.647 108.375 110.983 112.116 108.810 111.738 113.272 109.524 112.359 113.887 110.043 Final sales of domestic product..................................................................................... Gross domestic purchases ............................................................................................ Final sales to domestic purchasers ............................................................................... Gross national product.................................................................................................. 106.430 105.966 105.986 106.401 109.455 109.210 109.235 109.419 112.783 112.981 113.021 112.733 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.961 116.455 116.510 115.897 116.466 117.049 117.102 116.405 106.404 106.430 105.961 105.985 106.396 109.426 109.455 109.207 109.235 109.416 112.737 112.783 112.975 113.021 112.726 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.887 115.952 116.435 116.499 115.879 116.388 116.457 117.022 117.092 116.380 Federal ........................................................................................................................ State and local ............................................................................................................. A ddenda: Im p lic it p r ic e d e fla to rs : Gross domestic product ........................................................................................... Final sales of domestic product................................................................................. Gross domestic purchases........................................................................................ Final sales to domestic purchasers............................................................................ Gross national product............................................................................................. r Re v i se d 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 ha 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 pri ce m e a su r e s. 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 x a m p l e , t h e se r v i c e s f u r n i sh e 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 on 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. w it h out paym ent by f ina nc ial P e r c e n t a g e c h a n g e s f o r t h e se se r i e s a r e i n c l u d e d i n t he T a b le 7 .— R e a l G r o s s D o m e s t ic P r o d u c t: 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 Y e a r 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Gross domestic product (GDP) ................................. ................ 1.9 -0.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 Personal consumption expenditures.......................................................... Durable go od s......................................................................................... Nondurable go od s.................................................................................... Services.................................................................................................. 2.0 -.3 1.6 2.9 .2 -5.6 -.2 1.7 3.3 5.9 2.0 3.5 3.3 7.8 2.7 2.8 3.7 8.4 3.5 2.9 2.7 4.4 2.2 2.6 3.4 7.8 2.6 2.9 3.8 8.6 2.7 3.3 5.0 11.3 4.0 4.2 5.1 11.7 4.6 4.0 4.7 7.3 3.8 4.5 Gross private domestic in vestment..................................... ...................... Rxed investment..................................................................................... Nonresidential ...................................................................................... Structures ....................................................................................... Equipment and software................................................................... Residential .......................................................................................... Change in private inventories.................................................................... -3 .4 -2.1 .5 1.5 0 -8.6 -8.1 -6.5 -5 .4 -11.1 -2.6 -9.6 8.1 5.9 3.2 -6.0 7.3 13.8 8.9 8.6 8.7 -.7 12.5 8.2 13.6 9.3 9.2 1.8 11.9 9.6 3.1 6.5 10.5 6.4 12.0 -3.2 8.9 9.0 9.3 5.6 10.6 8.0 12.4 9.2 12.1 7.3 13.8 1.9 9.8 10.2 11.1 5.1 13.3 7.6 7.8 8.3 9.2 -.4 12.7 6.0 5.7 6.5 8.7 6.8 9.4 .8 -7.9 -3.0 -4.2 -2.3 -4.9 .4 Net exports of goods and se rvices ........................................................... Exports ................................................................................................... Goods................................................................................................. Services .............................................................................................. Imports.................................................................................................... Goods ................................................................................................. Services .............................................................................................. 9.0 8.4 10.5 3.6 3.0 6.5 6.6 6.9 6.0 -.6 -.1 -2 .6 3.2 3.3 3.2 8.8 10.1 2.9 8.7 9.7 6.3 11.9 13.3 5.7 10.1 11.7 6.3 8.0 9.0 3.3 8.4 8.8 7.2 8.7 9.3 5.5 11.9 14.3 5.9 13.6 14.4 9.4 2.4 2.2 2.9 11.6 11.7 11.4 4.3 3.8 5.6 11.5 12.4 6.9 8.7 11.2 2.9 13.1 13.5 11.1 -6.1 -3.7 -2.7 -3.2 -.3 -2.3 -4.0 1.9 3.4 3.7 2.1 Government consumption expenditures and gross investment ................. Federal ................................................................................................... National defen se.................................................................................. Nondefense......................................................................................... State and lo cal........................................................................................ 32 2.0 0 8.3 4.1 6.9 7.5 5.5 7.0 9.3 -2.6 1.1 -.2 -1.1 2.4 2.1 .5 -1.7 -5.0 6.9 2.2 -.9 -4.2 -5 .6 -.7 1.4 0 -3 .7 -4.9 -1.2 2.6 .5 -2 .7 -3.8 -.4 2.6 1.0 -1.2 -1 .4 -.7 2.3 1.9 -1 .0 -2 .8 2.6 3.6 1.9 -1.1 -2.1 .7 3.6 3.9 2.2 1.9 2.8 4.7 2.1 .9 -.5 3.5 2.7 3.4 3.9 3.9 3.9 3.2 4.4 7.0 7.4 6.3 3.1 Addenda: Final sales of domestic product................................................................ Gross domestic purchases ....................................................................... Final sales to domestic purchasers ........................................................... Gross national product............................................................................. Real disposable personal income ............................................................. 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 2.1 1.4 1.6 2.0 1.9 .1 -.8 -.6 -.3 .5 3.0 3.3 3.1 3.3 3.4 2.6 3.2 3.2 2.7 1.0 3.4 4.4 3.8 3.9 2.7 3.0 2.4 2.8 2.6 2.8 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.B 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 1.6 .9 1.8 .8 1.9 1.2 2.2 1.8 1.5 3.1 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 1.2 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 2.3 2.6 2.3 2.5 2.9 2.2 2.3 2.3 2.4 2.3 2.1 2.2 2.1 2.2 2.1 2.1 2.2 2.0 2.1 2.1 1.6 1.5 1.9 1.7 2.2 1.4 1.3 1.7 1.7 1.7 .6 1.0 1.1 1.2 .9 1.6 1.4 1.4 1.5 1.7 2.5 1.9 2.2 2.0 2.5 2.0 1.9 2.4 2.1 2.1 1.6 1.9 1.7 2.1 1.4 2.3 1.9 2.1 1.9 2.0 3.1 2.7 2.8 2.7 2.6 3.5 2.8 3.0 3.0 2.9 Price indexes: Gross domestic purchases.................................................................... Gross domestic purchases excluding food and energy............................ GDP excluding food and energy ........................................................... Personal consumption expenditures ...................................................... ........ 2001 2002 2003 0.8 1.6 2.5 4.3 2.0 2.4 2.7 7.1 2.5 1.9 -2.6 -5.2 -9.2 -17.1 -6.2 4.8 ........ ........ 2004 2005 2.5 3.9 3.2 2.8 5.8 3.2 1.9 3.9 6.4 3.6 3.5 3.5 5.5 4.5 2.6 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 ........ ........ 1.3 ....92 ....6^8 1.8 9.0 7.5 0 9.7 5.1 4.1 10.8 6.1 4.9 10.9 6.7 0 10.0 2.8 Table 8.— Real Gross D o m estic Product: P ercen t Ch an g e F rom Q uarter One Y ear Ago 2002 2003 IV I II 2004 III IV 1 II 2005 III IV I II 2006 III IV i II- III- Gross domestic product (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 Personal consumption expenditures (P C E )................................................ Durable go od s......................................................................................... Nondurable go o ds.................................................................................... Services.................................................................................................. 1.9 1.2 2.1 1.9 2.0 2.4 2.3 1.8 2.3 5.5 2.5 1.6 3.2 6.7 4.3 2.0 3.4 8.3 3.9 2.2 4.1 9.8 4.0 3.0 3.9 6.1 3.8 3.5 3.5 4.2 2.9 3.6 4.0 5.6 3.8 3.7 3.5 4.7 4.0 3.0 3.8 7.4 4.8 2.6 3.8 7.5 4.7 2.6 2.9 2.5 4.4 2.3 3.4 6.6 4.5 2.3 3.0 3.4 3.6 2.6 2.7 2.7 3.1 2.6 Gross private domestic in vestm ent......................... .................................. Rxed investment...................................................................................... Nonresidential ..................................................................................... Structures ....................................................................................... Equipment and software................................................................... Residential .......................................................................................... Change in private Inventories.................................................................... 4.9 -2 .5 -6 .5 -14.9 -3 .4 7.0 1.3 -1 .0 -3.9 -11.9 -.9 5.5 1.6 1.9 .1 -3.9 1.5 5.7 4.4 5.4 2.9 .1 3.9 10.6 7.0 7.2 4.9 . .2 6.6 11.7 8.6 7.9 6.1 2.9 7.2 11.4 13.2 8.2 5.2 1.1 6.7 13.7 9.2 6.7 5.5 2.0 6.7 9.0 8.2 6.6 6.9 2.7 8.3 6.1 9.0 8.0 8.0 3.2 9.7 8.1 2.8 7.7 7.4 1.0 9.8 8.1 3.6 7.4 6.3 -1.6 9.3 9.1 6.3 6.8 5.6 1.8 7.0 9.0 6.2 6.9 7.4 2.6 9.2 6.1 7.4 3.9 7.2 8.0 6.8 -1.5 6.1 2.1 8.3 14.4 5.9 -7.9 Net exports of goods and se rvices ............................................................ Exports ................................................................................................... Go ods................................................................................................. Services .............................................................................................. Imports.................................................................................................... Goods ................................................................................................. Services .............................................................................................. 3.8 1.1 10.2 9.7 9.9 8.8 1.1 2.0 -1.0 5.3 6.4 .1 -1.9 -1.6 -2.4 3.3 4.7 -3.3 .1 -.1 .5 2.8 3.2 1.0 5.8 7.1 3.0 4.8 5.3 2.2 9.1 8.4 10.9 8.6 9.0 7.9 11.2 10.4 13.2 11.7 11.2 14.7 9.6 10.3 7.9 11.9 12.3 10.1 7.0 7.0 7.1 10.6 11.2 7.6 6.4 6.6 5.9 9.0 9.8 4.8 7.2 8.1 5.0 5.4 6.0 2.5 6.8 7.0 6.3 4.9 5.5 2.0 6.7 8.3 3.1 5.2 5.8 1.9 9.0 11.2 4.0 6.4 6.9 3.7 8.2 9.5 5.2 6.4 6.4 6.6 9.0 11.0 4.4 7.2 7.5 5.6 Government consumption expenditures and gross investment ............... Federal ................................................................................................... National d efen se.................................................................................. Nondefense ......................................................................................... State and local ....................................................................................... 4.0 7.8 8.4 6.8 2.1 2.6 6.3 6.3 6.5 .7 2.9 8.0 11.7 1.3 .2 2.7 7.3 9.1 4.0 .3 1.7 5.5 7.5 1.9 -.4 2.8 7.4 11.1 .6 .3 1.8 3.3 3.3 3.2 1.0 1.8 4.4 7.0 -.5 .3 1.1 2.3 2.5 1.8 .4 .8 1.3 1.4 1.2 .5 .5 .8 1.6 -.7 .3 1.0 1.9 2.1 1.5 .5 1.2 2.1 1.9 2.4 .8 2.1 3.4 2.9 4.2 1.3 Addenda: Rnal sales of domestic product....... ......................................................... Gross domestic purchases ....................................................................... Rnal sales to domestic purchasers ........................................................... Gross national product.............................................................................. Real disposable personal Income ............................................................. 2.0 2.1 1.7 2.9 1.9 1.7 .1 -1.2 3.0 2.6 •B 2.7 1.6 1.6 2.9 1.1 2.0 1.7 1.6 .6 1.8 2.3 2.4 2.2 1.3 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 3.6 3.6 3.0 2.1 3.9 3.0 3.8 3.0 1.6 4.0 3.3 3.8 3.4 .8 3.2 3.1 3.2 3.0 .3 3.8 3.6 3.7 3.6 2.5 2.9 3.5 3.0 3.4 2.0 2.4 3.1 2.4 2.7 3.0 Price indexes: Gross domestic purchases.................................................................... Gross domestic purchases excluding food and energy............................ GDP ................................................................................................... GDP excluding food and energy ........................................................... PCE .................................................................................................... PCE excluding food and en ergy............................................................ Market-based PCE 1 ............................................................................. Market-based PCE excluding food and energy1 ..................................... 1.9 1.7 1.7 1.9 1.B 1.6 1.7 1.4 2.6 1.9 2.1 2.0 2.3 1.5 2.3 1.3 2.1 1.8 2.1 1.9 1.8 1.4 1.7 1.2 2.3 1.9 2.2 1.9 1.9 1.3 1.8 1.1 2.2 1.9 2.2 1.9 1.9 1.4 1.6 1.0 2.2 2.1 2.3 2.1 2.0 1.8 1.7 1.3 3.1 2.6 2.9 2.6 2.8 2.1 2.4 1.5 3.2 2.8 2.9 2.9 2.7 2.1 2.3 1.4 3.7 3.0 3.2 3.1 3.0 2.2 2.7 1.7 3.4 3.0 3.1 3.1 2.7 2.2 2.5 1.8 3.2 2.8 2.8 2.9 2.6 2.0 2.4 1.7 3.6 2.B 3.1 2.9 3.1 2.0 3.1 1.7 3.6 2.8 3.1 3.0 3.1 2.1 3.0 1.8 3.5 2.7 3.1 2.9 3.0 2.0 2.9 1.6 3.6 2.9 3.3 3.1 3.3 2.2 3.2 1.9 3.1 2.7 2.9 2.9 2.8 2.4 2.6 2.0 r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e se c o n d q u a r t e r o f 2 0 0 6 . 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 ha 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 pr ice m e a su r e s. 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 x a m p l 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 nst i t u t i on s. t h e se r v i c e s f u r n i sh e d w it h ou t paym ent by f i nan cial T a b le 9 .— R e la tio n o f G r o s s D o m e s t ic P r o d u c t, G r o s s N a ti o n a l P r o d u c t, a n d N a tio n a l In c o m e [Billions of dollars] p ------------------------------------------------------------------------------------------------------------------ Seascnally adjusted at annual rates 2003 2004 2005 Gross domestic p ro d uct................................................................................................. 10,960.8 11,712.5 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 Plus: Income receipts from the rest of the world ................................................................ Less: Income payments to the rest of the world................................................................. 336.8 280.0 410.2 363.9 513.3 481.5 527.2 475.0 564.9 552.4 603.3 574.3 661.4 638.6 676.6 662.4 Equals: Gross national product ..................................................................................... 11,017.6 11,758.7 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 13,341.2 Less: Consumption of fixed capital .................................................................................... Less: Statistical discrepancy.............................................................................................. 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 -61.9 1,572.8 35.8 1,581.0 -4.5 Equals: National Income ................................................................................................ Compensation of employees ......................................................................................... Wage and salary accruals......................................................................................... Supplements to wages and salaries..... ......... ........................................................... Proprietors' Income with Inventory valuation and capital consumption adjustments ............ Rental Income of persons with capital consumption adjustment....................................... Corporate profits with inventory valuation and capital consumption adjustments................ Net interest and miscellaneous payments...................................................................... Taxes on production and Imports less subsidies............................................................. Business current transfer payments......................................... ...................................... Current surplus of government enterprises ..................................................................... 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 72.8 1,330.7 483.4 865.1 74.2 -15.4 10,643.2 7,093.6 5,715.2 1,378.4 967.3 -11.5 1,266.3 482.9 872.1 .2 -27.7 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 -13.3 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 5132 914.0 93.1 -9.4 11,764.8 7,510.9 6,047.8 1'463.1 1Í013.9 73.4 1,658.0 503.8 921.3 93.4 -10.0 Addendum: Gross domestic income ................................................................................................ 10,912.0 11,645.8 12,384.8 12,489.0 12,656.2 13,070.3 13,161.6 13,331.6 2005 III r 2006 IV I II ' III' Re v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e se c o n d q u a r t e r o f 2 0 0 6 . T ab le 1 0 — Perso nal Incom e and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 III P e rs o n a l i n c o m e 1 .............................................................................................................. C om pensation of employees, r e c e iv e d .................................................................. . W age and salary disbu rs em ents..... ...................„ ..................... „ ....................... Supplem ents to wages and s a la rie s .................................................................. . Proprietors' incom e with Inventory valuation and capital consum ption adjustments F a r m ............................................................................................................................... N o n fa rm .............................................................................................................. Rental Income of persons with capital consumption 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 in c o m e .................................................................................. Personal current transfer re c e ip ts ........................................................................... 2006 IV 1 Ik Ilk 9,163.6 9,731.4 10,239.2 10,262.7 10,483.7 10,721.4 10,807.3 10,954.0 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 6,665.3 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 -11.5 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 5,970.1 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 1,019.2 628.5 1,589.7 7,510.9 6,047.8 1,463.1 1,013.9 20.8 993.1 73.4 1,685.0 1,037.2 647.8 1,618.8 Less: Contributions fo r government social in s u ra n c e .............................................. 778.6 826.4 880.6 888.5 898.9 935.7 938.8 948.0 Less: Personal current t a x e s ...................................................................................... 1,001.1 1,049.8 1,203.1 1,215.0 1,247.6 1,332.6 1,361.0 1,365.6 E q u a ls : D is p o s a b le p e rs 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 9,588.4 Less: Personal o u t la y s ................................................................................................ 7,987.7 8,507.2 9,070.9 9,180.3 9,264.5 9,418.5 9,577.0 9,709.7 E q u als : P e rs o n al s a v i n g ..................................................... ............................................... 174.9 174.3 -34.8 -132.6 -28.5 -29.7 -130.8 -121.3 Personal saving as a percentage of disposable personal in c o m e ......................... 2.1 2.0 -.4 -1.5 -.3 -.3 -1.4 -1.3 7,729.9 8,010.8 8,104.6 8,074.1 8,183.3 8,276.8 8,245.4 8,319.7 Addendum : D isposable personal income, billions of chained (2000) dolla rs*1 2 ........................... r R e v i se d . R e v i s i o n s In c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o l r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e se c o n d q u a r t e r o f 2 0 0 6 . 1. P e r so n a l incom e i s a l so eq u a l t o nat io na l in co m e l e ss c o r p o r a t e prof it s w it h i nv en t or y v al u at i on a n d capi t al c o n su m p t i o n a d j u st m e n t s, t a x e s o n p r o d u c t i o n a n d i m p o r t s l e ss su b si d i e s, c o n t r i b u t i o n s f o r g o v e r n m e n t so c i a l i n su r ance, n e t i n t e r e st a n d e n t e r p r i se s, a n d m i sc e l l a n e o u s p a y m e n t s, b u si n e ss c u r r e n t t r a n sf e r p a y m e n t s, c u r r e n t su r p l u s o f g o v e r n m e n t w a g e a c c r u a l s l e ss d i sb u r se m e n t s, p l u s p e r so n a l I n c o m e r e c e i p t s o n a sse t s, a n d p e r so n a l c u r r e n t t r a n sf e r r e c e i p t s. 2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r t o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. T able 11.— C o rp orate Profits: Level and Percent C hange Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 2004 2006 III IV I Quarter one year ago Quarterly rates II 2005 2005 III 2006 IV I 2006 II III III Corporate profits with inventory valuation and capital consumption adjustments ............................................... 993.1 19.1 12.5 10.0 12.6 1.4 4.2 30.9 Less: Taxes on corporate In com e........................................... 243.3 300.1 399.3 378.9 424.6 491.1 23.3 33.1 12.1 7.6 4.2 3.2 29.6 749.9 424.7 882.5 539.5 931.4 576.9 887.5 584.0 968.9 1,112.1 1,115.7 1,166.8 601.0 615.7 631.1 650.4 17.7 27.0 5.5 6.9 9.2 2.9 14.8 2.5 .3 2.5 4.6 3.0 31.5 11.4 325.1 343.0 354.5 303.5 367.9 516.5 5.5 3.4 21.2 34.9 -2.4 6.6 70.2 1,084.9 1,139.2 1,211.3 1,230.7 1,223.9 1,349.2 1,350.3 1,384.8 5.0 6.3 -.5 10.2 .1 2.6 12.5 5.5 4.8 3.4 7.6 21.2 -7.7 34.9 -.4 -2.4 1.5 6.6 .3 70.2 -6.3 1,409.2 1,422.0 7.3 5.5 .1 8.6 2.7 .9 12.7 1,144.3 1,518.7 1,475.8 1,598.3 1,740.6 1,811.5 1,857.8 26.0 32.7 8.3 8.9 4.1 2.6 25.9 27.0 32.6 7.0 9.4 4.0 2.3 24.6 Equals: Profits after tax with inventory valuation and capital consumption adjustments ............................................... Net dividends .................................................................... Undistributed profits with inventory valuation and capital consumption adjustments............................................... Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ............................................ Undistributed profits with Inventory valuation and capital consumption adjustments............................................ Consumption of fixed capital........................................... Less: Inventory valuation adjustment................................... Equals: Net cash f lo w ...................................................... Addenda: Profits before tax (without Inventory valuation and capital consumption adjustments).............................................. Profits after tax (without Inventory valuation and capital consumption adjustments).............................................. Inventory valuation adjustment............................................ Capital consumption adjustment.......................................... 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 343.0 796.2 354.5 856.8 303.5 927.2 367.9 856.0 496.4 852.8 -13.6 -39.8 -32.6 -30.9 -39.2 -22.9 1,098.5 1,178.9 1,243.9 1,261.5 1,263.2 1,372.1 908.1 844.2 -39.8 78.1 476.1 496.4 325.1 759.8 664.8 -13.6 98.7 1,591.8 1,658.0 456.9 484.6 484.6 865.6 516.5 868.3 -58.9 -37.2 1,119.4 1,096.9 1,173.7 1,283.7 1,335.4 1,366.6 -32.6 -30.9 -3 7 2 -39.2 -22.9 -5 8 9 -155.5 -178.6 -165.6 -148.6 -160.8 -162.6 T ab le 12.— C orporate Profits by Ind ustry: Level and C hange From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 2006 2005 2004 IV III C orp o ra te p ro fits w ith in v e n to ry v a lu a tio n and c a pita l c o ns u m p tio n a d ju s tm e n ts ......................................................................................... 993.1 1,182.6 IV 1 1,330.7 1,266.3 1,393.5 1,569.1 II 2006 2005 I II III III 1,591.8 1,658.0 189.5 148.1 127.2 175.6 22.7 66.2 D om e stic in d u s trie s ........................................................................................ fin an cia l ....................................................................................................... N on fin a nc ia l.................................................................................................. 827.7 1,006.3 1,133.7 1,042.9 1,197.2 1,343.0 1,351.9 1,420.9 335.6 353.7 369.4 296.1 390.8 442.2 483.9 481.7 492.1 652.6 764.2 746.8 806.4 900.9 868.1 939.2 178.6 18.1 160.5 127.4 15.7 111.6 154.3 94.7 59.6 145.8 51.4 94.5 8.9 41.7 -32.8 69.0 -2.2 71.1 R est o f the w o rld ............................................................................................ Receipts from the rest of the w o r l d ............................................................. le s s : Payments to the rest of the w o r l d ..................................................... 165.5 249.1 83.6 237.1 407.5 170.5 10.8 52.9 42.2 20.7 36.0 15.2 -27.1 16.6 43.7 29.8 15.7 -14.0 13.8 25.7 11.9 -2.8 5.5 8.4 1,717.7 1,752.6 1,820.5 210.0 381.6 114.2 158.6 34.9 67.9 1,221.5 1,362.8 1,491.6 1,512.7 1,583.5 317.4 413.3 463.9 508.2 507.1 26.9 30.4 30.9 33.7 35.8 290.6 382.9 433.0 474.4 471.2 199.2 26.9 -.1 26.9 360.9 44.8 6.6 38.4 141.3 95.9 3.5 92.3 128.8 50.6 .5 50.1 21.1 44.3 2.8 41.4 70.8 -1.1 2.1 -3.2 172.2 4.6 74.2 37.2 4.4 5.5 8.9 -1.9 1.1 19.2 316.1 14.1 104.6 42.5 8.3 6.8 10.6 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 2.8 7.1 6.4 -23.2 7.1 -10.8 -23.5 -1.6 -.8 .8 -1.6 -7.2 -13.0 71.9 176.3 302.0 125.8 197.0 338.0 141.0 223.4 344.0 120.5 196.3 360.6 164.2 226.1 376.3 150.2 239.9 402.0 162.1 C orp o ra te p ro fits w ith in v e n to ry v a lu a tio n a d ju s tm e n t ...................... 894.5 1,104.5 1,486.1 D o m e s tic in d u s trie s ........................................................................................ fin an cia l ....................................................................................................... Federal Reserve b a n k s ............................................................................ O ther financial .......................................................................................... 729.0 317.3 20.1 297.2 928.2 1,289.1 344.2 389.0 20.0 26.6 324.1 362.5 N o n fin a n cia l.................................................................................................. . U tilitie s ...................................................................................................... Manufacturing ......... ,................................................................................ . Durable g o o d s ...................................................................................... Fabricated metal p ro d u c ts ............................................................... , M a c h in e ry ......................................................................................... C om puter and electronic p ro d u c ts ................................................... Electrical equipment, appliances, and components ......................... M otor vehicles, bodies and trailers, and p a r t s ................................. O ther durable g o o d s ......................................................................... 411.8 11.6 76.0 -5.9 7.9 1.5 -15.6 2.1 -12.3 10.5 584.0 16.2 150.2 31.3 12.3 7.0 -6.7 .2 -11.2 29.7 900.1 30.3 254.8 73.8 20.6 13.8 3.9 5.7 -17.9 47.7 904.1 22.4 260.7 75.4 22.8 14.5 6.7 6.7 -19.8 44.5 949.4 1,027.7 1,004.5 1,076.4 38.3 39.7 46.8 258.9 300.7 289.9 72.9 102.2 78.7 21.2 25.7 24.1 15.0 19.1 18.3 8.0 12.3 13.1 5.6 8.4 6.8 -25.3 -18.2 -25.4 48.5 54.9 41.9 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 15.5 116.9 22.4 49.3 23.8 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 40.1 211.2 29.5 92.4 53.6 35.7 37.0 -1.2 26.0 4.3 7.9 62.1 6.1 21.1 21.5 13.4 .8 -.7 1.8 1.1 -1.4 12.5 1.0 -1.5 9.7 3.1 12.7 -.1 17.9 -.5 -4.4 W holesale tr a d e ......................................................................................... Retail trade ................................................................................................ Transportation and w a re h o u s in g ............................................................... In fo rm a tio n ................................................................................................ O ther nonfinancial ..................................................................................... 55.2 86.8 7.3 3.2 171.7 69.9 89.3 11.8 37.7 208.8 97.6 113.7 21.0 77.5 305.2 94.1 115.9 23.1 77.8 310.1 105.9 129.1 19.0 83.6 314.6 107.2 123.0 27.3 89.8 340.1 98.3 121.2 38.6 85.9 323.9 14.7 2.5 4.5 34.5 37.1 27.7 24.4 9.2 39.8 96.4 11.8 13.2 -4.1 5.8 4.5 1.3 -6.1 8.3 6.2 25.5 -8.9 -1.8 11.3 -3.9 -16.2 165.5 176.3 197.0 223.4 196.3 226.1 239.9 10.8 20.7 -27.1 29.8 13.8 R est o f the w o rld ............................................................................................ No t e .— Est i m a t e s In t h i s t a b l e a r e b a se d on the 1 9 9 7 No rt h Am e r i c a n In d u st r y Cl a ssi f i c a t i o n Sy s t e m ( N A I C S) . 1,444.9 1,559.1 237.1 -2.8 T ab le 13.— G ross V alu e A d d ed o f No nfin an cial Dom estic Corporate Business Seasonally adjusted at annual rates 2005 III 2005 IV I II- III Billions of dollars Gross value added of nonfinancial corporate bu siness................................................................... Consumption of fixed c a p ita l............. j ..................................................................................... Net value a d d e d ................................................................................................ Compensation of employees ........................................................................................... Wage and salary a c c ru a ls .............................................................................................. Supplements to wages and s a la r ie s ....................................................................................... Taxes on production and im ports less subsidies ............................ .;........................................ Net operating s u rp lu s ......................................................................................................... Net Interest and miscellaneous p a y m e n ts ...................................................................... Business current transfer payment's ...................................................................................... Corporate profits with Inventory valuation and capital consumption adjustments ............................................ Taxes on corporate income ............................................................................................ Profits after tax with inventory valuation and capital consumption a d ju s tm e n ts ................................... Net dividends ......................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustm ents ............................. 5,558.4 5,932.9 6,369.7 6,425.7 6,534.8 6,788.2 6,790.0 657.5 686.2 739.7 804.9 737.2 733.7 744.4 746.4 4,900.9 5,246.7 5,630.1 5,620.8 5,797.6 6,054.5 6,045.7 6,168.9 3,703.2 3,019.4 683.8 488.5 709.2 152.6 64.4 492.1 135.7 356.4 292.7 63.8 3,873.4 3,158.4 714.9 522.9 850.4 137.8 60.0 652.6 185.3 467.4 366.9 100.5 4,099.7 3,335.1 764.6 558.1 972.2 156.6 51.4 764.2 251.4 512.9 226.5 284.4 4,140.7 3,369.0 771.7 562.9 917.3 159.3 11.1 746.8 255.8 491.0 126.3 364.7 4,198.0 3,414.5 783.5 567.2 1,032.4 165.1 60.9 806.4 266.4 540.0 4,341.0 3,537.5 803.5 576.7 1,136.8 175.1 60.9 900.9 280.9 620.0 377.7 242.3 4,350.6 3,539.7 811.0 585.3 1,109.7 180.0 61.7 868.1 283.3 584.8 392.8 192.0 4,398.3 3,577.1 821.2 589.3 1,181.3 179 6 62 5 939.2 297.8 641.4 398.5 242.9 425.4 289.7 -13.6 80 3 623.8 438.6 -39.8 68.6 932.6 681.3 -32.6 -135 8 935.0 679.2 -30.9 -157 3 988.7 722.3 -39.2 -1 43 n 1,050.6 769.7 -22.9 1,063.5 780.2 -58.9 -136.5 1,113.6 815.8 -37.2 120.1 419.9 6,915.3 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ...................................... Profits after tax (without inventory valuation and capital consum ption adjustments) ......................................... Inventory valuation a d ju s tm e n t.................................................................................................... Capital consumption a d ju s tm e n t........................................................................................... Billio ns of chain ;d (2000) d □ liars Gross value added of nonfinancial corporate business > .................................................................... Consumption of fixed cap ita l2 ....................................... .......................................... .......................... Net value a dde d3 ......................................................... ......................................................... 5,382.1 5,654.5 5,959.9 5,994.7 6,079.8 6,268.0 6,224.7 6,335.8 630.5 4,751.6 650.9 5,003.6 681.6 5,278.3 738.9 5,255.8 670.5 5,409.3 666.1 5,601.8 669.2 5,555.6 672.0 5,663.8 1.091 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 ....................................... r 1.033 1.049 1.069 1.072 1.075 1.083 1.091 Compensation of employees (unit labor cost) .......................................................................................... .688 .685 .688 .691 .690 .693 .699 .694 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 ............................................................................................ .253 .122 .103 028 .248 .121 .103 .024 .252 .124 .102 .026 .257 .134 .096 .027 .251 .121 .103 .027 .247 .117 .102 .028 .253 .120 .104 .029 .249 .118 .103 .028 Corporate profits with Inventory valuation and capital consumption adjustm ents (unit profits from current production) ................................................................................................................................ Taxes on corporate Income .............................................................................................................. Profits after tax with inventory valuation and capital consumption adjustments .............................................. .091 .025 .066 .115 .033 .083 .128 .042 .086 .125 .043 .082 .133 .044 .089 .144 .045 .099 .139 .046 .094 .148 .047 .101 Re v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e se c o n d q u a r t e r o f 2 0 0 6 . 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 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 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 o t 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 s i 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 o f n o n f i na nc ia l c o r p o r a t e b u si n e ss i s t h e d i f f e r e n ce b e t w e e n t he g r o ss 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 or 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 . NOT E. — Est i m a t e s i n t h i s t a b l e ar e b a se d on the 1997 No r t h A m e r i c a n 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 .— 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 A g g r e g a t e s a n d P ric e In d e x 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 I II 2004 III IV 1 II 2005 III IV 1 II 2006 III IV I II III- G ross d o m e stic p ro d u c t (GDP) a nd related aggregates: 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 5.6 2.6 2.2 Goods ................................................................... S e rv ic e s ................................................................. Structures ............................................................... 3.1 2.1 3.3 4.9 3.2 5.2 4.6 2.3 4.6 -5.2 2.9 3.1 3.9 .1 -1.0 1.6 3.6 9.2 16.2 1.9 14.1 2.5 2.8 2.2 3.7 4.5 .5 3.0 3.0 13.6 5.0 2.5 .6 4.6 2.5 -2.7 4.9 1.8 8.0 3.5 1.8 11.1 6.7 3.5 .7 3.1 .8 3.1 12.8 2.4 2.9 3.6 2.4 .3 3.7 3.0 -5.9 Motor vehicle o u tp u t.............................................. GDP excluding m otor vehicle o u t p u t.................... 1.3 2.6 3.5 3.9 5.9 3.1 . .5 .2 -11.8 1.7 10.9 3.2 8.9 7.4 -6.5 3.0 9.9 3.6 -7.1 4.5 16.6 2.7 1.9 2.6 12.0 3.1 -.7 3.4 22.6 3.6 -19.1 2.6 3.8 5.6 -9 .4 3.0 27.2 1.5 Final sales of co m pu te rs 1 .................................... GDP excluding final sales of c o m p u te rs ............... 20.8 2.4 8.2 3.9 24.5 3.1 15.3 .1 16.9 1.1 -2.5 3.5 90.4 7.0 20.0 2.5 -16.0 4.0 -17.4 4.2 23.0 3.0 42.8 2.4 24.3 3.3 31.5 3.1 11.6 4.1 33.8 1.6 9.5 5.6 6.7 2.5 15.8 2.1 Farm gross va lue adde d2 .................................... 8.4 7.4 1.0 34.2 -16.1 26.6 -34.7 -36.1 120.0 -17.4 19.4 23.7 -2.0 -24.6 11.3 8.1 14.1 3.9 -8.3 Nonfarm business gross value a dde d3 ................ 3.1 4.3 3.8 .1 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 2.3 P rice indexes: GDP ....................................................................... GDP excluding food and e n e r g y .......................... GDP excluding final sales of c o m p u te rs ............... 2.1 1.9 2.3 2.8 2.7 2.9 3.0 3.0 3.2 2.2 2.0 2.4 3.1 2.7 3.3 1.3 1.1 1.4 2.1 1.7 2.2 2.2 2.1 2.3 3.7 3.4 3.8 3.7 3.4 3.7 2.1 2.6 2.2 3.2 3.1 3.4 3.5 3.4 3.7 2.4 2.4 2.6 3.3 2.8 3.4 3.3 3.3 3.4 3.3 3.1 3.4 3.3 3.0 3.5 1.8 2.1 1.9 2.3 3.1 3.5 2.2 4.1 2.1 r Gross domestic purchases ................................... Gross dom estic purchases excluding food and energy ................................................................ Gross dom estic purchases excluding final sales of computers to dom estic p u rc h a s e rs ................... .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 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 2.0 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 2.2 Personal consum ption expenditures (P C E )........... PCE excluding food and e n e rg y ........................... . Market-based P C E 4 ............................................... Market-based PCE excluding food and energy4 .... 2.0 1.4 1.9 1.1 2.6 2.0 2.3 1.5 2.9 2.1 2.7 1.7 1.7 1.2 1.7 1.2 3.1 1.1 3.1 .7 .7 1.3 .3 1.0 2.4 1.8 2.2 1.4 1.5 1.6 .9 .9 3.7 2.5 3.3 1.7 3.6 2.5 3.4 1.9 1.9 1.7 1.5 1.2 3.0 2.3 2.9 1.8 2.3 2.4 2.1 2.2 3.1 1.9 3.1 1.7 4.1 1.6 4.3 1.2 2.9 2.5 2.5 1.9 2.0 2.1 1.7 1.6 4.0 2.7 4.2 2.7 2.4 2.2 2.2 1.9 Re v i se d 4. 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. pri ce 2 . Fa r m o u t p u t l e s s 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 . 3. C o n si st 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 ar 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 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 i v a b l e m e a su r e s. 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 x a m p l 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. o f g e n e r a l go v e r n m e n t . 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 hout p aym ent by f i nan cial E x p la n a to r y N o te : N I P A M e a s u r es o f Q u a n titie s a n d P rices Current-dollar GDP is a measure o f the market value o f goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year —at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2004-05 annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual percent change in GDP prices uses quantities for 2004 and 2005 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a measure o f the price level known as the implicit price deflator (IPD), which is calculated as the ratio o f the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values o f the IPD are very close to the values o f the corresponding "chain-type" price index.) Index numbers o f quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by major components to changes in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of this component in 2001 would b e $ 1 1 0 (= $ 1 0 0 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate o f GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those o f the reference year. A measure o f the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 pp. 8-16. R eferen ce : S u rvey,