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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 30, 2008 Lisa S. Mataloni: Recorded message: (202) 606-5304 (202) 606-5306 BEA 08-48 GROSS DOMESTIC PRODUCT: THIRD QUARTER 2008 (ADVANCE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.3 percent in the third quarter of 2008, (that is, from the second quarter to the third quarter), according to advance estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.8 percent. The Bureau emphasized that the third-quarter “advance” estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The thirdquarter “preliminary” estimates, based on more comprehensive data, will be released on November 25, 2008. The decrease in real GDP in the third quarter primarily reflected negative contributions from personal consumption expenditures (PCE), residential fixed investment, and equipment and software that were largely offset by positive contributions from federal government spending, exports, private inventory investment, nonresidential structures, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased. Most of the major components contributed to the downturn in real GDP growth in the third quarter. The largest contributors were a sharp downturn in PCE for nondurable goods, a smaller decrease in imports, a larger decrease in PCE for durable goods, and a deceleration in exports. Notable offsets were an upturn in inventory investment and an acceleration in federal government spending. Final sales of computers contributed 0.06 percentage point to the third-quarter change in real GDP after contributing 0.17 percentage point to the second-quarter change. Motor vehicle output contributed 0.09 percentage point to the third-quarter change in real GDP after subtracting 1.01 percentage points from the second-quarter change. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2- The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 4.8 percent in the third quarter, compared with an increase of 4.2 percent in the second. Excluding food and energy prices, the price index for gross domestic purchases increased 3.1 percent in the third quarter, compared with an increase of 2.2 percent in the second. Real personal consumption expenditures decreased 3.1 percent in the third quarter, in contrast to an increase of 1.2 percent in the second. Durable goods decreased 14.1 percent, compared with a decrease of 2.8 percent. Nondurable goods decreased 6.4 percent, in contrast to an increase of 3.9 percent. Services expenditures increased 0.6 percent, compared with an increase of 0.7 percent. Real nonresidential fixed investment decreased 1.0 percent in the third quarter, in contrast to an increase of 2.5 percent in the second. Nonresidential structures increased 7.9 percent, compared with an increase of 18.5 percent. Equipment and software decreased 5.5 percent, compared with a decrease of 5.0 percent. Real residential fixed investment decreased 19.1 percent, compared with a decrease of 13.3 percent. Real exports of goods and services increased 5.9 percent in the third quarter, compared with an increase of 12.3 percent in the second. Real imports of goods and services decreased 1.9 percent, compared with a decrease of 7.3 percent. Real federal government consumption expenditures and gross investment increased 13.8 percent in the third quarter, compared with an increase of 6.6 percent in the second. National defense increased 18.1 percent, compared with an increase of 7.3 percent. Nondefense increased 4.8 percent, compared with an increase of 5.0 percent. Real state and local government consumption expenditures and gross investment increased 1.4 percent, compared with an increase of 2.5 percent. The real change in private inventories added 0.56 percentage point to the third-quarter change in real GDP after subtracting 1.50 percentage points from the second-quarter change. Private businesses decreased inventories $38.5 billion in the third quarter, following a decrease of $50.6 billion in the second quarter and a decrease of $10.2 billion in the first. Real final sales of domestic product -- GDP less the change in private inventories -- decreased 0.8 percent in the third quarter, in contrast to an increase of 4.4 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 1.3 percent in the third quarter, compared with a decrease of 0.1 percent in the second. Disposition of personal income Current-dollar personal income increased $31.0 billion (1.0 percent) in the third quarter, compared with an increase of $228.4 billion (7.9 percent) in the second. The deceleration primarily reflected a downturn in personal current transfer receipts due to the effects of the second-quarter rebates to individuals who pay no income taxes (or for whom the rebate exceeded the amount of taxes they pay) from the Economic Stimulus Act of 2008. - more - -3Personal current taxes increased $133.4 billion in the third quarter, in contrast to a decrease of $180.9 billion in the second. The sharp upturn reflected the second-quarter rebates to individuals with tax liabilities, which were treated as an offset to taxes. Disposable personal income decreased $102.4 billion (3.7 percent) in the third quarter, in contrast to an increase of $409.3 billion (16.7 percent) in the second. Real disposable personal income decreased 8.7 percent, in contrast to an increase of 11.9 percent. Personal outlays increased $54.5 billion (2.1 percent) in the third quarter, compared with an increase of $133.3 billion (5.2 percent) in the second. Personal saving -- disposable personal income less personal outlays -- was $139.7 billion in the third quarter, compared with $296.6 billion in the second. The personal saving rate -- saving as a percentage of disposable personal income -- was 1.3 percent in the third quarter, compared with 2.7 percent in the second. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which helps finance negative saving), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.8 percent, or $134.7 billion, in the third quarter to a level of $14,429.2 billion. In the second quarter, current-dollar GDP increased 4.1 percent, or $143.7 billion. Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimates of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- November 25, 2008, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2008 (Preliminary) Corporate Profits: Third Quarter 2008 (Preliminary) - more - -4Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: “Advance” estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, “preliminary” and “final” estimates are released near the end of the second and third months, respectively. The “latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.2 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the introduction of chain indexes and the capitalization of software. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to preliminary..... Advance to final................ Preliminary to final........... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .4 1.1 .9 Real GDP Advance to preliminary..... Advance to final................ Preliminary to final........... 0.1 .1 .0 0.5 .6 .3 0.4 .4 .2 Advance to latest............... .3 1.2 1.0 NOTE.--These comparisons are based on the period from 1983 through 2005. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2005 2006 2007 2004 IV 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III Gross domestic product (GDP)................ 2.9 2.8 2.0 2.5 3.0 2.6 3.8 1.3 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.9 2.8 –0.3 Personal consumption expenditures.................. 3.0 3.0 2.8 4.2 1.7 3.6 3.7 1.4 4.3 2.8 2.2 3.7 3.9 2.0 2.0 1.0 0.9 1.2 –3.1 Durable goods .................................................... 4.6 4.5 4.8 7.0 0.6 12.1 5.4 –11.7 18.9 1.8 3.5 4.2 9.2 5.0 2.3 0.4 –4.3 –2.8 –14.1 Nondurable goods .............................................. 3.4 3.7 2.5 4.9 2.4 4.2 3.0 4.7 4.4 3.1 2.3 3.1 3.5 1.9 1.2 0.3 –0.4 3.9 –6.4 Services.............................................................. 2.6 2.5 2.6 3.4 1.7 1.7 3.8 2.5 1.6 2.8 2.0 3.9 3.1 1.4 2.4 1.4 2.4 0.7 0.6 Gross private domestic investment.................... 5.8 2.1 –5.4 6.4 9.1 –5.1 4.0 12.2 6.2 –0.4 –5.3 –15.0 –9.6 6.2 3.5 –11.9 –5.8 –11.5 –1.9 Fixed investment................................................. 6.8 1.9 –3.1 7.3 5.3 7.6 5.3 2.3 8.3 –2.5 –4.8 –7.6 –3.4 3.0 –0.9 –6.2 –5.6 –1.7 –5.6 Nonresidential ................................................. 7.2 7.5 4.9 10.3 3.7 6.3 6.1 3.7 15.9 6.4 5.3 –1.0 3.4 10.3 8.7 3.4 2.4 2.5 –1.0 Structures.................................................... 1.3 8.2 12.7 –0.2 7.5 –1.3 –9.2 1.9 15.6 19.7 14.3 2.5 11.2 18.3 20.5 8.5 8.6 18.5 7.9 Equipment and software ............................. 9.3 7.2 1.7 14.3 2.3 9.2 12.2 4.4 16.3 1.7 2.0 –2.4 0.0 6.9 3.6 1.0 –0.6 –5.0 –5.5 Residential ...................................................... 6.3 –7.1 –17.9 2.4 8.1 9.7 4.0 0.2 –3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1 –13.3 –19.1 Change in private inventories ............................. ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Net exports of goods and services..................... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Exports ............................................................... 7.0 9.1 8.4 10.0 8.1 8.8 0.4 10.9 16.7 5.5 3.5 15.6 0.6 8.8 23.0 4.4 5.1 12.3 5.9 Goods ............................................................. 7.7 9.9 7.5 7.2 7.1 14.5 –0.8 13.2 18.1 6.7 3.6 10.4 2.1 6.9 21.8 5.1 4.5 16.3 7.5 Services .......................................................... 5.6 7.2 10.5 16.8 10.2 –2.8 3.2 5.7 13.4 2.7 3.2 28.6 –2.7 13.3 25.9 2.7 6.4 3.8 2.3 Imports................................................................ 5.9 6.0 2.2 13.8 3.2 0.6 0.8 15.3 10.3 0.1 3.1 2.0 7.7 –3.7 3.0 –2.3 –0.8 –7.3 –1.9 Goods ............................................................. 6.8 6.0 1.7 14.5 5.0 0.7 1.1 17.0 9.0 0.5 3.8 –0.8 8.4 –4.0 2.4 –2.6 –2.0 –7.1 –2.8 Services .......................................................... 1.4 6.0 4.4 10.5 –5.7 0.0 –1.0 6.8 17.7 –2.0 –0.3 18.4 4.2 –2.0 6.3 –0.9 5.5 –8.0 3.5 Government consumption expenditures and gross investment .............................................. 0.4 1.7 2.1 –1.8 –0.2 0.9 3.4 –1.7 3.9 1.2 1.7 1.6 0.9 3.9 3.8 0.8 1.9 3.9 5.8 Federal................................................................ 1.2 2.3 1.6 –4.6 1.1 1.1 9.7 –7.2 10.0 –1.5 1.9 1.8 –3.6 6.7 7.2 –0.5 5.8 6.6 13.8 National defense ............................................. 1.5 1.6 2.5 –9.7 3.1 4.0 12.3 –14.2 8.8 1.9 –0.9 7.0 –5.9 8.5 10.2 –0.9 7.3 7.3 18.1 Nondefense..................................................... 0.6 3.6 –0.2 6.5 –2.7 –4.5 4.4 8.9 12.4 –8.1 7.7 –8.1 1.2 3.1 1.2 0.4 2.9 5.0 4.8 State and local .................................................... –0.1 1.3 2.3 –0.1 –1.0 0.8 –0.1 1.6 0.5 2.9 1.6 1.5 3.6 2.4 1.9 1.6 –0.3 2.5 1.4 Addenda: Final sales of domestic product .......................... 3.1 2.8 2.4 2.7 2.3 4.8 4.1 –0.3 5.1 2.3 0.9 2.9 1.1 4.3 4.0 0.8 0.9 4.4 –0.8 Gross domestic purchases ................................. 3.0 2.6 1.4 3.4 2.5 1.7 3.7 2.5 4.5 2.0 0.9 0.2 1.2 2.9 2.6 –1.0 0.1 –0.1 –1.3 Final sales to domestic purchasers .................... 3.1 2.6 1.8 3.6 1.9 3.7 3.9 1.0 4.8 1.6 1.0 1.5 2.2 2.5 1.9 –0.1 0.1 1.3 –1.8 Gross national product (GNP) ............................ 3.0 2.6 2.2 1.5 4.7 2.2 4.1 0.4 4.9 2.8 0.2 2.0 –0.3 4.4 6.3 1.3 0.1 2.1 ........... Disposable personal income............................... 1.4 3.5 2.8 7.5 –4.7 2.5 –1.3 7.5 5.1 1.3 2.3 5.8 4.4 –0.6 3.1 0.6 –0.7 11.9 –8.7 Current-dollar measures: GDP ................................................................ 6.3 6.1 4.8 5.9 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 3.5 4.1 3.8 Final sales of domestic product ...................... 6.5 6.1 5.2 6.0 6.5 7.0 8.4 3.5 8.8 5.1 3.7 5.2 5.3 6.4 5.6 3.6 3.6 5.6 3.4 Gross domestic purchases ............................. 6.8 6.1 4.2 7.2 6.3 4.8 9.1 6.5 7.5 5.7 3.8 0.7 5.0 6.4 4.9 2.6 3.5 4.3 3.3 Final sales to domestic purchasers................. 6.9 6.1 4.6 7.3 5.7 6.9 9.4 5.0 7.8 5.3 3.9 2.1 5.9 5.9 4.2 3.9 3.7 5.7 2.9 GNP ................................................................ 6.4 5.9 4.9 4.8 8.8 4.4 8.4 4.2 8.7 5.6 3.0 4.1 4.0 6.4 7.9 3.9 2.6 3.4 ........... Disposable personal income........................... 4.4 6.4 5.5 10.8 –2.4 5.1 3.4 11.1 6.9 4.6 5.4 5.3 7.9 3.0 5.7 4.9 2.9 16.7 –3.7 See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2005 2006 2007 2004 IV Percent change at annual rate: Gross domestic product ............................... Percentage points at annual rates: Personal consumption expenditures............... Durable goods................................................ Motor vehicles and parts.............................. Furniture and household equipment ............ Other ............................................................ Nondurable goods ......................................... Food............................................................. Clothing and shoes ...................................... Gasoline, fuel oil, and other energy goods... Other ............................................................ Services.......................................................... Housing........................................................ Household operation.................................... Electricity and gas .................................... Other household operation....................... Transportation .............................................. Medical care................................................. Recreation.................................................... Other ............................................................ Gross private domestic investment................. Fixed investment............................................ Nonresidential .............................................. Structures................................................. Equipment and software .......................... Information processing equipment and software ............................................ Computers and peripheral equipment ..................................... Software............................................ Other................................................. Industrial equipment ............................. Transportation equipment..................... Other equipment................................... Residential ................................................... Change in private inventories....................... Farm............................................................. Nonfarm ....................................................... Net exports of goods and services.................. Exports ........................................................... Goods .......................................................... Services ....................................................... Imports ........................................................... Goods .......................................................... Services ....................................................... Government consumption expenditures and gross investment ........................................... Federal............................................................ National defense .......................................... Consumption expenditures....................... Gross investment ..................................... Nondefense.................................................. Consumption expenditures....................... Gross investment ..................................... State and local ............................................... Consumption expenditures....................... Gross investment ..................................... Addenda: Goods .............................................................. Services........................................................... Structures ........................................................ Motor vehicle output ........................................ Final sales of computers.................................. See “Explanatory Note” at the end of the tables. 2.9 2.8 2.0 2.5 2.13 0.38 –0.01 0.30 0.08 0.69 0.36 0.17 –0.01 0.17 1.06 0.33 0.06 0.04 0.03 0.03 0.40 0.06 0.18 0.95 1.08 0.71 0.03 0.67 2.13 0.36 –0.09 0.35 0.10 0.74 0.38 0.16 –0.05 0.25 1.02 0.34 –0.02 –0.05 0.03 0.05 0.31 0.09 0.24 0.35 0.32 0.77 0.23 0.54 1.95 0.38 0.07 0.24 0.08 0.50 0.18 0.13 0.02 0.17 1.07 0.16 0.07 0.03 0.04 0.05 0.35 0.13 0.31 –0.90 –0.50 0.52 0.40 0.13 2.93 0.57 0.23 0.25 0.09 0.97 0.60 0.23 0.00 0.14 1.39 0.31 0.15 0.15 0.01 0.06 0.40 0.03 0.44 1.04 1.14 1.00 0.00 1.01 0.29 0.32 0.34 0.41 0.10 0.11 0.08 0.10 0.17 0.11 0.37 –0.13 –0.06 –0.07 –0.21 0.71 0.54 0.17 –0.93 –0.89 –0.04 0.15 0.06 0.11 0.07 0.09 0.05 –0.45 0.03 –0.03 0.06 –0.02 0.96 0.73 0.23 –0.98 –0.82 –0.16 0.11 0.15 0.08 0.02 –0.17 –0.07 –1.02 –0.40 0.04 –0.44 0.58 0.95 0.59 0.36 –0.37 –0.25 –0.12 0.07 0.09 0.07 0.04 0.03 0.01 0.00 0.01 –0.01 0.01 –0.03 0.32 0.16 0.08 0.04 0.04 0.08 0.05 0.03 0.16 0.16 0.00 0.40 0.11 0.12 0.11 0.01 0.00 0.00 0.00 0.28 0.20 0.09 1.35 1.25 0.34 0.13 0.15 1.67 1.35 –0.24 –0.03 0.15 0.97 1.61 –0.55 –0.03 0.13 2005 I 3.0 II 2006 III IV I II 2007 III IV I II 2008 III IV I II III 2.6 3.8 1.3 4.8 2.7 0.8 1.5 0.1 4.8 4.8 –0.2 0.9 2.8 –0.3 1.25 2.50 0.04 0.95 –0.32 0.53 0.26 0.29 0.11 0.13 0.49 0.83 0.32 0.29 0.15 0.27 –0.09 0.09 0.12 0.17 0.72 0.72 0.34 0.36 0.01 0.02 0.03 0.00 –0.02 0.01 0.02 0.02 0.31 0.37 0.08 0.02 –0.03 –0.08 1.48 –0.86 0.85 1.21 0.37 0.64 0.19 –0.04 0.18 0.68 2.59 0.44 0.15 0.37 –0.08 0.59 0.45 0.00 0.02 0.11 1.55 0.39 0.15 0.12 0.04 0.02 0.48 0.04 0.46 0.69 0.88 0.64 –0.26 0.90 0.94 –1.02 –1.59 0.41 0.17 0.93 0.37 0.35 –0.04 0.25 1.02 0.35 –0.01 –0.04 0.03 0.01 0.39 0.04 0.24 1.98 0.41 0.40 0.05 0.35 2.86 1.37 0.53 0.55 0.29 0.85 0.50 0.18 –0.17 0.33 0.64 0.37 –0.42 –0.42 0.01 0.08 0.37 0.08 0.16 1.15 1.39 1.62 0.42 1.20 1.88 0.14 0.06 0.15 –0.06 0.62 0.43 0.02 –0.11 0.27 1.12 0.31 0.26 0.20 0.06 0.08 0.15 0.04 0.27 –0.02 –0.40 0.71 0.54 0.16 1.52 0.27 0.06 0.20 0.00 0.46 0.10 0.14 0.03 0.19 0.79 0.25 0.10 0.05 0.05 0.03 0.07 0.18 0.15 –0.92 –0.81 0.59 0.42 0.17 2.55 0.33 0.01 0.23 0.09 0.62 0.20 0.12 0.03 0.26 1.61 0.22 0.03 –0.01 0.04 0.10 0.35 0.36 0.55 –2.68 –1.27 –0.09 0.08 –0.18 2.71 0.71 0.30 0.34 0.07 0.71 0.12 0.25 0.13 0.22 1.29 0.12 0.08 0.07 0.00 0.03 0.63 0.06 0.37 –1.63 –0.57 0.33 0.35 –0.02 1.42 0.40 0.05 0.17 0.17 0.40 0.27 0.08 –0.07 0.12 0.62 0.09 0.02 –0.04 0.06 0.04 0.13 0.08 0.27 0.94 0.47 1.07 0.57 0.50 1.44 0.19 –0.22 0.26 0.15 0.25 0.03 0.12 –0.01 0.11 1.00 0.08 0.06 0.02 0.04 0.06 0.45 0.07 0.28 0.54 –0.15 0.91 0.65 0.26 0.67 0.03 –0.03 0.11 –0.06 0.05 0.27 –0.09 –0.05 –0.08 0.59 0.12 0.09 0.01 0.08 –0.02 0.48 –0.01 –0.08 –1.93 –0.97 0.36 0.29 0.07 0.61 –0.33 –0.35 0.05 –0.04 –0.08 0.13 0.08 –0.18 –0.10 1.02 0.05 0.07 0.11 –0.05 0.04 0.59 –0.14 0.40 –0.89 –0.86 0.26 0.30 –0.04 0.87 –0.21 –0.64 0.39 0.04 0.80 0.40 0.28 –0.20 0.33 0.28 0.18 –0.17 –0.19 0.02 –0.08 0.35 0.04 –0.03 –1.74 –0.25 0.27 0.64 –0.37 –2.25 –1.10 –0.80 –0.23 –0.07 –1.41 –0.89 –0.31 –0.23 0.02 0.26 0.08 –0.18 –0.23 0.05 –0.04 0.35 –0.02 0.07 –0.27 –0.83 –0.11 0.30 –0.40 0.36 0.34 0.23 0.31 0.33 0.61 0.15 0.04 0.57 0.41 0.31 0.37 0.27 0.30 0.10 0.24 –0.06 0.17 0.07 0.00 0.22 0.06 0.12 0.40 –0.20 0.13 0.04 0.14 0.48 –0.11 0.63 –0.14 –0.22 0.03 0.85 –1.07 0.28 0.97 0.80 0.49 0.49 0.49 0.31 –2.04 –0.52 –1.78 –0.67 –0.26 0.15 0.12 0.16 0.03 –0.04 0.24 0.17 0.57 –2.07 0.14 –2.20 0.79 0.89 0.98 –0.09 –0.10 –0.10 0.00 0.09 0.22 0.04 0.10 0.23 0.02 0.19 0.19 0.31 –0.24 0.04 0.07 0.25 0.01 –0.19 1.56 0.19 –0.15 –0.39 1.71 –0.07 –1.26 0.04 1.09 –0.06 0.91 0.10 0.18 –0.11 –2.35 –0.14 –2.18 0.03 –0.17 0.16 0.03 0.41 –0.07 0.52 0.15 –0.23 –0.24 0.02 –0.26 0.09 1.70 1.27 0.42 –1.61 –1.18 –0.43 0.17 0.02 –0.04 0.25 –0.25 0.02 –1.11 0.38 –0.24 0.62 0.59 0.58 0.49 0.09 0.01 –0.04 0.05 0.13 0.02 0.07 0.14 0.14 –0.11 –0.12 –0.02 0.06 –0.15 –0.12 –0.05 –1.40 –1.18 –0.11 –1.41 0.00 0.12 –0.12 –1.52 –0.12 1.33 0.39 1.66 0.28 0.78 0.11 0.87 –0.51 –0.33 –0.51 0.13 0.01 –0.46 0.17 0.21 0.19 –0.10 –0.21 –0.28 –0.91 –1.06 –0.07 –0.99 –1.20 0.06 0.15 –0.09 –1.25 –1.14 –0.11 0.09 0.22 0.09 0.34 –0.32 0.07 –0.60 0.47 0.14 0.33 1.66 1.01 0.55 0.46 0.65 0.59 0.06 0.12 0.10 0.09 –0.04 –0.07 0.06 –1.06 0.69 –0.08 0.77 2.03 2.54 1.66 0.88 –0.51 –0.34 –0.17 0.12 0.16 0.10 –0.20 –0.18 0.08 –1.33 –0.96 0.47 –1.43 0.94 0.53 0.43 0.10 0.40 0.38 0.02 0.10 0.16 0.00 0.01 –0.16 –0.16 –1.12 –0.02 –0.17 0.15 0.77 0.63 0.39 0.24 0.14 0.29 –0.15 0.08 0.04 0.18 –0.05 –0.58 –0.04 –0.52 –1.50 –0.14 –1.36 2.93 1.54 1.39 0.15 1.39 1.14 0.25 –0.08 0.06 0.12 –0.14 –0.55 0.20 –0.72 0.56 –0.09 0.65 1.13 0.78 0.68 0.09 0.35 0.45 –0.10 –0.35 –0.04 0.17 –0.33 0.08 0.08 –0.48 0.14 0.18 –0.45 0.22 0.06 –0.04 –0.08 0.12 0.15 –0.07 –0.11 0.12 –0.03 –0.12 0.03 –0.03 0.01 –0.01 –0.12 0.10 0.11 –0.13 0.02 –0.12 0.01 0.08 0.65 –0.34 0.66 –0.53 0.56 –0.73 0.45 –0.70 0.11 –0.02 0.10 0.20 0.03 0.10 0.07 0.10 –0.01 0.19 0.06 0.09 –0.07 0.10 0.72 0.66 0.39 0.40 –0.01 0.27 0.22 0.05 0.06 0.23 –0.18 0.23 –0.11 0.09 –0.02 0.11 –0.20 –0.14 –0.07 0.34 0.16 0.18 0.32 0.13 –0.04 0.00 –0.05 0.17 0.15 0.03 0.19 0.24 –0.05 0.30 0.12 0.32 0.14 0.18 –0.20 –0.20 0.01 0.18 0.23 –0.06 0.17 –0.26 –0.29 –0.08 –0.21 0.03 0.06 –0.04 0.43 0.20 0.24 0.77 0.47 0.40 0.28 0.12 0.07 0.02 0.05 0.30 0.17 0.13 0.75 0.51 0.48 0.45 0.03 0.03 0.03 –0.01 0.24 0.15 0.09 0.16 –0.04 –0.04 –0.06 0.02 0.01 –0.02 0.02 0.19 0.15 0.04 0.38 0.41 0.34 0.31 0.04 0.06 0.06 0.01 –0.03 0.14 –0.18 0.78 0.47 0.36 0.15 0.21 0.11 0.08 0.03 0.31 0.12 0.19 1.15 0.97 0.86 0.72 0.14 0.11 0.11 0.00 0.18 0.15 0.03 1.18 1.41 –0.03 –0.34 0.29 1.68 2.23 –0.06 0.76 0.07 3.40 1.48 –0.07 0.59 0.16 1.84 1.26 –0.42 –0.34 0.15 0.51 1.29 –1.00 0.40 0.04 0.42 2.19 –1.10 –0.65 0.20 –0.80 1.26 –0.41 0.10 –0.03 3.08 1.61 0.09 0.13 0.21 2.71 2.35 –0.30 0.47 0.28 0.01 0.79 –0.97 –0.86 0.14 0.29 1.62 –1.03 –0.41 0.05 1.49 1.02 0.32 –1.01 0.17 –1.14 1.22 –0.33 0.09 0.06 1.12 1.24 0.62 0.15 0.06 1.49 0.59 0.54 0.24 0.22 0.65 0.52 0.15 –1.22 0.21 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2007 2007 Change from preceding period Seasonally adjusted at annual rates 2007 2008 2007 2008 2008 2007 III Gross domestic product .................................. Personal consumption expenditures ..................... Durable goods ...................................................... Motor vehicles and parts..................................... Furniture and household equipment................... Other................................................................... Nondurable goods................................................ Food.................................................................... Clothing and shoes ............................................. Gasoline, fuel oil, and other energy goods ......... Other................................................................... Services................................................................. Housing............................................................... Household operation........................................... Electricity and gas........................................... Other household operation ............................. Transportation ..................................................... Medical care ....................................................... Recreation .......................................................... Other................................................................... Gross private domestic investment........................ Fixed investment .................................................. Nonresidential..................................................... Structures........................................................ Equipment and software ................................. Information processing equipment and software ................................................... Computers and peripheral equipment ..... Software .................................................. Other ....................................................... Industrial equipment.................................... Transportation equipment............................ Other equipment ......................................... Residential .......................................................... Change in private inventories ............................. Farm ................................................................... Nonfarm .............................................................. Net exports of goods and services ........................ Exports .................................................................. Goods ................................................................. Services.............................................................. Imports .................................................................. Goods ................................................................. Services.............................................................. Government consumption expenditures and gross investment .................................................. Federal................................................................... National defense................................................. Consumption expenditures ............................. Gross investment ............................................ Nondefense ........................................................ Consumption expenditures ............................. Gross investment ............................................ State and local ...................................................... Consumption expenditures ............................. Gross investment ............................................ Residual ..................................................................... Addenda: Final sales of domestic product.............................. Gross domestic purchases..................................... Final sales to domestic purchasers ........................ Gross domestic product ...................................... Plus: Income receipts from the rest of the world .... Less: Income payments to the rest of the world ..... Equals: Gross national product .......................... IV I II III III IV I II III 13,807.5 13,950.6 14,031.2 14,150.8 14,294.5 14,429.2 11,523.9 11,625.7 11,620.7 11,646.0 11,727.4 11,720.0 9,710.2 9,765.6 9,892.7 10,002.3 10,138.0 10,190.7 8,252.8 8,278.5 8,298.2 8,316.1 8,341.3 8,275.2 1,082.8 1,086.2 1,083.0 1,071.0 1,059.3 1,018.3 1,242.4 1,249.4 1,250.6 1,237.0 1,228.3 1,182.5 440.4 437.9 437.8 424.7 400.6 371.9 446.7 443.5 442.6 430.2 407.2 378.2 415.3 417.2 415.3 415.1 423.0 412.0 594.0 600.8 606.6 609.3 629.6 617.3 227.0 231.1 229.9 231.3 235.7 234.4 228.3 232.9 230.8 229.4 230.8 228.2 2,833.0 2,846.6 2,906.2 2,950.7 3,026.2 3,050.4 2,392.6 2,398.6 2,400.2 2,397.9 2,420.7 2,380.7 1,329.1 1,337.9 1,359.8 1,380.5 1,416.3 1,413.2 1,110.5 1,110.9 1,118.7 1,122.4 1,133.6 1,108.3 374.0 375.4 373.2 375.5 382.4 376.8 412.9 416.6 413.2 416.3 427.2 414.9 366.9 367.1 405.3 423.7 441.8 471.8 198.1 197.9 197.0 194.0 190.8 187.4 762.9 766.1 767.9 771.1 785.7 788.5 687.3 690.5 687.9 684.8 695.1 695.8 5,794.4 5,832.8 5,903.5 5,980.6 6,052.5 6,122.0 4,646.2 4,659.8 4,676.1 4,704.3 4,712.1 4,719.2 1,460.9 1,466.9 1,482.7 1,495.1 1,508.8 1,520.9 1,171.7 1,172.5 1,175.9 1,177.3 1,182.3 1,184.4 525.7 526.9 534.3 541.7 554.5 561.4 421.2 421.5 424.0 425.9 421.3 416.5 218.8 218.3 221.1 228.1 236.3 237.2 151.1 151.0 151.2 154.0 149.6 144.4 306.9 308.6 313.2 313.6 318.1 324.1 270.9 271.3 273.9 272.5 273.2 274.8 357.0 360.4 362.9 368.8 372.9 377.4 299.2 300.5 299.9 301.2 298.9 297.7 1,681.1 1,690.2 1,721.9 1,746.6 1,769.3 1,795.6 1,327.8 1,331.4 1,344.5 1,360.8 1,370.3 1,380.1 403.4 405.9 409.7 408.2 412.3 416.5 335.0 336.6 336.3 332.3 333.4 332.7 1,366.3 1,382.5 1,392.0 1,420.2 1,434.6 1,450.2 1,089.9 1,096.0 1,093.9 1,105.0 1,104.0 1,106.0 2,130.4 2,164.0 2,092.3 2,056.1 2,000.9 1,999.4 1,809.7 1,838.7 1,781.3 1,754.7 1,702.0 1,693.7 2,134.0 2,141.0 2,113.4 2,081.7 2,077.0 2,061.7 1,808.5 1,817.0 1,788.2 1,762.4 1,754.9 1,729.8 1,503.8 1,522.9 1,542.1 1,553.6 1,571.9 1,584.1 1,382.9 1,402.9 1,414.7 1,423.1 1,431.8 1,428.3 480.3 492.9 508.7 522.7 549.8 570.2 304.6 313.2 319.7 326.4 340.5 347.0 1,023.5 1,030.0 1,033.4 1,030.9 1,022.1 1,013.9 1,078.9 1,087.5 1,090.1 1,088.6 1,074.7 1,059.6 517.7 93.7 227.3 196.8 180.6 157.2 168.0 630.2 –3.6 1.6 –5.2 –707.8 1,662.4 1,149.2 513.2 2,370.2 1,985.2 385.1 521.1 93.7 229.5 197.9 185.2 154.6 169.2 618.1 23.0 –0.2 23.2 –682.6 1,714.9 1,181.2 533.8 2,397.5 2,005.4 392.1 532.5 95.7 235.6 201.2 179.9 148.4 172.6 571.3 –21.1 5.7 –26.7 –696.7 1,759.7 1,213.7 546.0 2,456.5 2,060.9 395.6 539.6 95.8 241.8 202.0 182.0 142.1 167.3 528.1 –25.6 0.2 –25.8 –705.7 1,820.8 1,256.9 563.9 2,526.5 2,118.0 408.5 550.9 96.8 244.6 209.5 183.2 121.4 166.5 505.0 –76.0 –4.1 –71.9 –718.2 1,923.2 1,343.7 579.5 2,641.4 2,225.5 415.9 13,927.6 14,633.1 14,610.1 13,950.6 898.5 786.3 14,062.8 14,052.3 14,728.0 14,749.0 14,031.2 907.4 742.0 14,196.6 14,176.4 14,856.6 14,882.2 14,150.8 843.2 705.1 14,289.0 14,370.5 15,012.7 15,088.7 14,294.5 822.8 708.9 14,408.3 II III 81.4 25.2 –8.7 –23.0 20.3 1.4 22.8 11.2 10.9 –3.2 10.3 7.8 5.0 –4.6 –4.4 0.7 –2.3 9.5 1.1 –1.0 –52.7 –7.5 8.7 14.1 –13.9 –7.4 –66.1 –45.8 –29.0 –12.3 –2.6 –40.0 –25.3 –12.3 –3.4 0.7 7.1 2.1 –4.8 –5.2 1.6 –1.2 9.8 –0.7 2.0 –8.3 –25.1 –3.5 6.5 –15.1 553.7 653.9 660.9 677.6 689.6 702.9 707.3 57.3 13.3 4.4 91.8 .............. .............. .............. .............. .............. .............. .............. .............. .............. 247.2 237.0 239.4 245.1 251.0 252.3 254.3 21.5 1.3 2.0 214.6 218.0 219.6 223.5 223.6 230.6 235.3 11.3 7.0 4.7 181.4 155.7 159.1 153.1 153.4 152.0 147.8 2.2 –1.4 –4.2 102.4 139.4 137.4 131.9 127.0 108.6 90.9 –20.1 –18.4 –17.7 176.5 148.4 149.2 151.5 146.5 145.3 151.5 –8.1 –1.2 6.2 477.6 453.8 445.3 411.6 383.0 369.6 350.5 –99.1 –13.4 –19.1 –62.3 –2.5 16.0 –8.1 –10.2 –50.6 –38.5 –44.8 –40.4 12.1 –8.7 1.0 –2.5 10.5 6.0 2.4 –0.6 4.2 –3.6 –3.0 –53.7 –3.7 19.2 –20.6 –17.9 –55.1 –38.6 –50.0 –37.2 16.5 –706.7 –546.5 –511.8 –484.5 –462.0 –381.3 –350.0 69.2 80.7 31.3 1,981.1 1,425.9 1,466.2 1,482.1 1,500.6 1,544.7 1,567.0 111.1 44.1 22.3 1,385.2 998.7 1,024.1 1,037.0 1,048.6 1,088.9 1,108.7 70.0 40.3 19.8 595.9 426.9 441.8 444.7 451.7 455.8 458.4 40.6 4.1 2.6 2,687.8 1,972.4 1,978.0 1,966.5 1,962.6 1,926.0 1,916.9 41.9 –36.6 –9.1 2,262.1 1,677.7 1,681.1 1,670.2 1,662.0 1,631.6 1,619.8 28.7 –30.4 –11.8 425.8 296.4 298.4 297.8 301.8 295.5 298.1 12.7 –6.3 2.6 2,674.8 2,703.5 2,742.9 2,798.1 2,873.7 2,945.8 979.3 994.0 998.3 1,026.5 1,056.1 1,097.8 662.2 675.6 679.3 699.9 723.3 759.5 580.1 591.9 594.7 613.8 629.0 659.6 82.1 83.7 84.6 86.1 94.3 99.9 317.1 318.3 319.0 326.6 332.9 338.3 276.0 277.2 276.9 284.2 289.2 294.4 41.1 41.2 42.1 42.4 43.7 43.9 1,695.5 1,709.5 1,744.6 1,771.6 1,817.6 1,848.0 1,355.9 1,365.3 1,395.2 1,426.3 1,462.7 1,486.4 339.6 344.2 349.4 345.3 354.9 361.6 .............. .............. .............. .............. .............. .............. 13,811.2 14,515.3 14,519.0 13,807.5 861.7 759.3 13,910.0 229.1 223.8 57.3 8.8 43.8 10.3 57.3 20.4 18.5 1.6 21.2 116.3 17.1 7.7 2.8 4.8 5.5 37.6 14.3 34.0 –102.8 –57.0 64.7 34.3 17.9 14,491.5 15,135.8 15,198.2 14,429.2 .............. .............. .............. 2,012.1 752.9 502.1 425.8 78.0 250.4 211.7 39.3 1,259.0 1,008.0 250.9 –152.7 2,025.3 762.7 511.0 433.5 79.3 251.2 212.4 39.4 1,262.6 1,010.0 252.5 –158.2 2,029.4 761.7 509.9 431.9 79.9 251.5 212.0 40.2 1,267.5 1,013.9 253.4 –171.9 2,039.1 772.6 518.9 439.7 81.0 253.2 213.5 40.5 1,266.7 1,017.6 249.0 –178.7 2,058.9 785.0 528.1 443.4 87.9 256.3 215.6 41.6 1,274.4 1,020.6 253.7 –191.6 11,523.4 12,066.8 12,066.0 11,523.9 719.9 633.3 11,609.8 11,605.0 12,135.1 12,114.1 11,625.7 749.3 654.1 11,719.9 11,628.0 12,103.2 12,109.8 11,620.7 749.9 611.7 11,758.3 11,653.7 12,105.8 12,113.3 11,646.0 690.9 575.2 11,760.9 11,778.8 12,102.6 12,153.0 11,727.4 667.2 571.6 11,822.2 2,088.3 40.9 19.8 29.4 810.8 11.9 12.4 25.8 550.6 12.1 9.2 22.5 461.6 10.8 3.7 18.2 92.6 1.3 6.9 4.7 259.4 –0.4 3.1 3.1 218.5 –0.5 2.1 2.9 41.7 0.0 1.1 0.1 1,278.9 28.8 7.7 4.5 1,024.3 19.8 3.0 3.7 254.5 9.1 4.7 0.8 –168.9 .............. .............. .............. 11,755.2 12,063.0 12,097.5 11,720.0 .............. .............. .............. 274.1 162.7 207.5 229.1 97.7 79.2 247.5 Net domestic product.............................................. 12,087.1 12,218.6 12,272.6 12,372.9 12,491.3 12,528.9 10,025.9 10,120.3 10,096.1 10,093.2 10,151.2 10,069.1 176.3 125.1 –23.6 –3.2 –39.6 39.7 –55.5 81.4 –7.4 –23.7 .............. –3.6 .............. 61.3 .............. 58.0 –82.1 NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2005 2006 2007 2004 IV 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III Gross domestic product (GDP) ............................... 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 4.2 Personal consumption expenditures ................................. 2.9 2.8 2.6 3.0 2.5 2.5 4.7 3.3 1.8 3.3 3.1 –0.5 3.4 3.6 2.5 4.3 3.6 4.3 5.4 Durable goods .................................................................... –0.8 –1.3 –1.8 0.2 0.4 –0.9 –3.1 –0.9 –0.9 –0.8 –1.3 –2.7 –1.8 –1.6 –1.9 –1.6 –0.1 –1.6 –0.6 Nondurable goods .............................................................. 3.7 3.0 3.0 4.7 1.5 2.0 11.2 2.3 0.3 4.9 4.4 –6.2 5.1 6.4 2.9 8.4 6.7 6.5 10.3 Services.............................................................................. 3.3 3.5 3.3 2.8 3.3 3.5 3.3 4.7 3.0 3.3 3.3 2.8 3.6 3.3 3.1 3.5 2.8 4.2 4.0 Gross private domestic investment.................................... 4.4 4.2 1.4 3.9 4.7 4.0 5.0 5.4 5.2 3.5 1.6 3.3 1.6 –0.3 –0.3 1.3 –0.5 0.4 2.3 Fixed investment................................................................. 4.5 4.2 1.4 3.9 4.7 4.2 5.3 5.7 5.0 3.4 1.5 3.2 1.6 –0.2 –0.4 1.2 –0.2 0.8 2.9 Nonresidential................................................................. 2.9 3.3 1.4 2.5 4.4 2.7 2.0 4.4 4.3 3.3 1.7 2.9 1.3 0.3 –0.6 1.7 0.6 2.3 4.2 Structures.................................................................... 11.8 12.3 3.8 12.0 11.9 10.1 14.8 17.0 14.1 12.0 4.6 6.7 3.4 0.7 0.5 4.5 2.7 3.3 7.2 Equipment and software ............................................. –0.1 0.1 0.3 –0.6 1.8 0.1 –2.3 0.2 0.7 –0.1 0.5 1.2 0.4 0.1 –1.2 0.4 –0.4 1.7 2.5 Residential ...................................................................... 7.2 5.9 1.5 6.2 5.2 6.8 11.0 7.8 6.4 3.7 1.2 3.9 2.2 –1.3 0.3 0.0 –2.6 –3.5 –1.2 Change in private inventories ............................................. ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Net exports of goods and services .................................... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... Exports ............................................................................... 3.6 3.5 3.5 4.2 4.6 3.5 2.5 3.2 2.9 5.8 4.7 –0.8 3.6 5.3 3.5 6.2 9.1 10.8 6.4 Goods ............................................................................. 3.1 3.3 3.5 3.6 4.3 3.0 1.3 2.2 3.0 6.2 5.2 0.0 3.3 5.1 2.8 6.0 10.0 12.3 5.1 Services.......................................................................... 4.9 3.8 3.5 5.5 5.2 4.6 5.3 5.5 2.7 4.9 3.7 –2.6 4.3 5.9 5.2 6.6 6.9 7.5 9.4 Imports ............................................................................... 6.3 4.3 3.7 6.9 2.3 9.7 10.3 4.5 –1.1 10.3 5.0 –9.1 0.9 12.8 7.4 12.8 12.8 28.8 9.3 Goods ............................................................................. 6.5 4.2 3.6 7.0 2.1 10.0 10.8 5.0 –2.0 10.4 5.4 –10.1 0.8 13.0 7.7 14.5 13.8 31.2 9.9 Services.......................................................................... 5.7 4.8 3.7 6.0 3.5 7.9 7.8 2.0 4.1 9.9 3.2 –3.8 1.1 11.7 6.1 4.5 7.8 16.8 6.1 Government consumption expenditures and gross investment......................................................................... 5.9 4.7 4.5 5.7 7.7 4.1 7.0 4.8 4.9 4.9 3.3 2.3 6.4 5.2 3.4 5.1 6.2 7.0 4.3 Federal ............................................................................... 4.8 4.1 3.4 2.6 11.8 1.7 3.1 0.8 10.2 4.1 1.2 0.9 7.6 3.7 0.9 2.3 5.6 5.1 2.6 National defense............................................................. 5.2 4.5 3.5 3.1 12.6 1.8 3.2 1.3 10.9 4.4 1.5 0.7 7.0 4.3 1.6 3.1 5.1 6.3 2.9 Nondefense .................................................................... 4.0 3.4 3.1 1.7 10.2 1.6 3.0 –0.1 8.9 3.5 0.5 1.2 8.8 2.6 –0.5 0.5 6.8 2.8 1.7 State and local.................................................................... 6.5 5.1 5.1 7.6 5.3 5.6 9.4 7.3 2.0 5.4 4.6 3.2 5.7 6.1 4.9 6.8 6.6 8.1 5.4 Addenda: Final sales of domestic product.......................................... 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.5 2.7 2.7 2.2 4.1 2.0 1.5 2.8 2.7 1.2 4.2 Gross domestic purchases................................................. 3.7 3.4 2.8 3.6 3.7 3.1 5.2 3.9 2.9 3.6 2.9 0.6 3.6 3.3 2.2 4.0 3.5 4.2 4.8 Final sales to domestic purchasers .................................... 3.7 3.4 2.8 3.6 3.7 3.1 5.2 4.0 2.8 3.6 2.9 0.6 3.7 3.3 2.2 4.0 3.5 4.3 4.8 Gross national product (GNP) ............................................ 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 2.6 1.1 .......... Implicit price deflators: GDP ................................................................................ 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 2.6 1.3 4.1 Gross domestic purchases ............................................. 3.7 3.4 2.8 3.7 3.7 3.1 5.2 4.0 2.9 3.6 2.9 0.6 3.7 3.3 2.2 3.7 3.4 4.4 4.7 GNP ................................................................................ 3.3 3.2 2.7 3.2 4.0 2.1 4.1 3.8 3.6 2.7 2.8 2.1 4.2 2.0 1.5 2.5 2.5 1.3 .......... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2005 2006 2007 2007 III 2008 IV I II III Gross domestic product .................................................................... 111.944 115.054 117.388 118.425 118.374 118.631 119.460 119.385 Personal consumption expenditures............................................................... 115.615 119.135 122.456 122.838 123.130 123.395 123.770 122.789 Durable goods.................................................................................................. 131.397 137.274 143.908 144.720 144.856 143.284 142.273 136.974 Nondurable goods............................................................................................ 115.687 119.930 122.872 123.182 123.261 123.147 124.317 122.263 Services ........................................................................................................... 112.525 115.298 118.259 118.605 119.020 119.739 119.937 120.118 Gross private domestic investment ................................................................. 107.953 110.200 104.278 105.950 102.639 101.110 98.071 97.595 Fixed investment .............................................................................................. 108.984 111.109 107.717 108.218 106.503 104.969 104.522 103.028 Nonresidential .............................................................................................. 99.520 106.987 112.244 113.863 114.819 115.504 116.212 115.930 Structures ................................................................................................. 79.747 86.318 97.264 100.005 102.076 104.206 108.716 110.804 Equipment and software........................................................................... 107.695 115.467 117.412 118.348 118.636 118.470 116.961 115.308 Residential ................................................................................................... 133.226 123.728 101.534 99.644 92.110 85.698 82.692 78.436 Change in private inventories........................................................................... .................. .................. .................. .................. .................. .................. .................. .................. Exports of goods and services ........................................................................ 109.942 119.937 130.068 133.747 135.189 136.880 140.908 142.934 Imports of goods and services ........................................................................ 123.455 130.815 133.654 134.033 133.254 132.991 130.509 129.895 Government consumption expenditures and gross investment................... 112.626 114.497 116.871 117.642 117.879 118.443 119.594 121.301 Federal............................................................................................................. 125.181 128.019 130.078 131.772 131.610 133.488 135.628 140.080 State and local ................................................................................................. 106.256 107.642 110.167 110.484 110.914 110.844 111.517 111.910 Addenda: Final sales of domestic product ....................................................................... 112.159 115.254 118.062 118.898 119.133 119.397 120.679 120.437 Gross domestic purchases .............................................................................. 113.744 116.748 118.343 119.013 118.700 118.726 118.694 118.306 Final sales to domestic purchasers.................................................................. 113.959 116.948 118.995 119.469 119.427 119.461 119.853 119.305 Gross national product..................................................................................... 112.340 115.284 117.795 118.913 119.302 119.329 119.950 .................. See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2000=100] Seasonally adjusted 2005 2006 2007 2007 III 2008 IV I II III Gross domestic product .................................................................... 113.039 116.676 119.819 119.984 120.826 121.613 121.951 123.203 Personal consumption expenditures (PCE) .................................................... 111.581 114.675 117.659 117.969 119.221 120.283 121.544 123.152 Durable goods.................................................................................................. 89.984 88.772 87.154 86.938 86.598 86.581 86.237 86.110 Nondurable goods............................................................................................ 111.606 114.984 118.407 118.682 121.092 123.059 125.021 128.134 Services ........................................................................................................... 116.700 120.752 124.712 125.179 126.253 127.133 128.450 129.731 Gross private domestic investment ................................................................. 111.381 116.102 117.735 117.566 117.960 117.815 117.926 118.593 Fixed investment .............................................................................................. 111.638 116.380 117.995 117.836 118.189 118.117 118.353 119.188 Nonresidential .............................................................................................. 103.829 107.277 108.739 108.558 109.015 109.177 109.788 110.911 Structures ................................................................................................. 135.177 151.822 157.662 157.402 159.138 160.182 161.496 164.325 Equipment and software........................................................................... 94.534 94.594 94.870 94.712 94.798 94.700 95.101 95.696 Residential ................................................................................................... 129.268 136.897 138.884 138.820 138.803 137.900 136.687 136.264 Change in private inventories........................................................................... .................. .................. .................. ................. .................. .................. .................. ................. Exports of goods and services ........................................................................ 108.814 112.618 116.586 117.018 118.794 121.397 124.560 126.495 Imports of goods and services ........................................................................ 111.154 115.932 120.168 121.200 124.907 128.722 137.136 140.205 Government consumption expenditures and gross investment................... 121.470 127.239 132.941 133.497 135.174 137.237 139.588 141.074 Federal............................................................................................................. 120.834 125.806 130.076 130.342 131.070 132.879 134.553 135.411 State and local ................................................................................................. 121.862 128.109 134.671 135.400 137.649 139.866 142.632 144.509 Addenda: PCE excluding food and energy....................................................................... 109.644 112.129 114.548 114.797 115.512 116.158 116.782 117.612 Market-based PCE 1 ........................................................................................ 110.316 113.167 115.893 116.118 117.371 118.452 119.719 121.365 1 Market-based PCE excluding food and energy ............................................. 107.657 109.715 111.700 111.831 112.439 113.021 113.522 114.244 Final sales of domestic product ....................................................................... 113.074 116.710 119.853 120.020 120.856 121.653 122.008 123.284 Gross domestic purchases .............................................................................. 113.263 117.066 120.294 120.571 121.766 122.821 124.103 125.557 Final sales to domestic purchasers.................................................................. 113.299 117.101 120.329 120.609 121.798 122.863 124.160 125.636 Gross national product..................................................................................... 113.036 116.673 119.815 119.978 120.822 121.601 121.938 ................. Implicit price deflators: Gross domestic product ............................................................................... 113.034 116.676 119.816 119.997 120.743 121.508 121.890 123.116 Final sales of domestic product.................................................................... 113.074 116.709 119.853 120.013 120.849 121.647 122.002 123.277 Gross domestic purchases........................................................................... 113.258 117.066 120.292 120.585 121.687 122.722 124.045 125.473 Final sales to domestic purchasers.............................................................. 113.299 117.101 120.329 120.604 121.794 122.858 124.156 125.631 Gross national product ................................................................................. 113.031 116.672 119.813 119.990 120.737 121.495 121.876 ................. 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Gross domestic product (GDP) .................................................. 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.6 2.5 3.6 2.9 2.8 2.0 Personal consumption expenditures .................................................... 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.0 3.0 2.8 Durable goods ....................................................................................... 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.6 4.5 4.8 Nondurable goods ................................................................................. 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.4 3.7 2.5 Services................................................................................................. 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.6 2.5 2.6 Gross private domestic investment....................................................... 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 –7.9 –2.6 3.6 9.7 5.8 2.1 –5.4 Fixed investment.................................................................................... 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 –3.0 –5.2 3.4 7.3 6.8 1.9 –3.1 Nonresidential.................................................................................... 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 –4.2 –9.2 1.0 5.8 7.2 7.5 4.9 Structures....................................................................................... –6.0 –0.7 1.8 6.4 5.6 7.3 5.1 –0.4 6.8 –2.3 –17.1 –4.1 1.3 1.3 8.2 12.7 Equipment and software ................................................................ 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 –4.9 –6.2 2.8 7.4 9.3 7.2 1.7 Residential ......................................................................................... 13.8 8.2 9.6 –3.2 8.0 1.9 7.6 6.0 0.8 0.4 4.8 8.4 10.0 6.3 –7.1 –17.9 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 –5.4 –2.3 1.3 9.7 7.0 9.1 8.4 Goods ................................................................................................ 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 –6.1 –4.0 1.8 9.0 7.7 9.9 7.5 Services............................................................................................. 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 –3.7 1.9 0.0 11.5 5.6 7.2 10.5 Imports .................................................................................................. 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 –2.7 3.4 4.1 11.3 5.9 6.0 2.2 Goods ................................................................................................ 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 –3.2 3.7 4.9 11.3 6.8 6.0 1.7 Services............................................................................................. –2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 –0.3 2.1 0.0 11.5 1.4 6.0 4.4 Government consumption expenditures and gross investment ........ 0.5 –0.9 0.0 0.5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 0.4 1.7 2.1 Federal .................................................................................................. –1.7 –4.2 –3.7 –2.7 –1.2 –1.0 –1.1 2.2 0.9 3.9 7.0 6.8 4.2 1.2 2.3 1.6 National defense................................................................................ –5.0 –5.6 –4.9 –3.8 –1.4 –2.8 –2.1 1.9 –0.5 3.9 7.4 8.7 5.8 1.5 1.6 2.5 Nondefense ....................................................................................... 6.9 –0.7 –1.2 –0.4 –0.7 2.6 0.7 2.8 3.5 3.9 6.3 3.4 1.1 0.6 3.6 –0.2 State and local....................................................................................... 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 0.2 –0.2 –0.1 1.3 2.3 Addenda: Final sales of domestic product............................................................. 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.1 2.8 2.4 Gross domestic purchases.................................................................... 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 0.9 2.2 2.8 4.1 3.0 2.6 1.4 Final sales to domestic purchasers ....................................................... 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.1 2.6 1.8 Gross national product .......................................................................... 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 0.8 1.5 2.7 3.8 3.0 2.6 2.2 Real disposable personal income.......................................................... 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.4 3.5 2.8 Price indexes: Gross domestic purchases ................................................................ 2.3 2.2 2.1 2.1 1.8 1.4 0.6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.4 2.8 Gross domestic purchases excluding food and energy ..................... 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 3.1 2.4 GDP ................................................................................................... 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 GDP excluding food and energy ........................................................ 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.2 2.5 Personal consumption expenditures.................................................. 2.9 2.3 2.1 2.1 2.2 1.7 0.9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2004 IV 2005 I II 2006 III IV I II 2007 III IV I II 2008 III IV I II III Gross domestic product (GDP) .................................................. 3.1 3.2 2.9 3.0 2.7 3.1 3.2 2.4 2.4 1.3 1.8 2.8 2.3 2.5 2.1 0.8 Personal consumption expenditures (PCE).......................................... 3.7 3.0 3.3 3.3 2.6 3.2 3.0 2.7 3.2 3.1 2.9 2.9 2.2 1.5 1.3 0.0 Durable goods ....................................................................................... 5.6 4.3 6.8 6.2 1.2 5.5 3.0 2.5 6.9 4.6 5.4 5.1 4.2 0.8 –1.1 –5.4 Nondurable goods ................................................................................. 3.5 3.0 3.6 3.6 3.6 4.1 3.8 3.6 3.2 3.0 2.7 2.4 1.7 0.7 1.2 –0.7 Services................................................................................................. 3.3 2.7 2.4 2.6 2.4 2.4 2.7 2.2 2.6 2.9 2.6 2.7 2.1 1.9 1.7 1.3 Gross private domestic investment....................................................... 9.1 10.9 4.4 3.5 4.8 4.1 5.4 3.0 –3.9 –7.7 –6.2 –4.1 –3.3 –2.3 –6.6 –7.9 Fixed investment.................................................................................... 7.2 8.7 7.3 6.4 5.1 5.8 3.3 0.7 –1.8 –4.6 –3.3 –2.3 –1.9 –2.5 –3.6 –4.8 Nonresidential.................................................................................... 7.5 9.2 8.1 6.6 4.9 7.9 7.9 7.7 6.5 3.5 4.4 5.3 6.4 6.2 4.2 1.8 Structures....................................................................................... 2.3 4.2 2.3 –1.0 –0.5 1.4 6.4 12.7 12.8 11.7 11.4 12.9 14.5 13.9 13.9 10.8 Equipment and software ................................................................ 9.4 11.0 10.2 9.4 7.0 10.5 8.5 5.9 4.2 0.3 1.6 2.0 2.8 2.7 –0.3 –2.6 Residential ......................................................................................... 6.7 7.7 6.1 6.0 5.4 2.5 –4.3 –10.8 –15.5 –18.5 –17.3 –17.0 –19.0 –21.3 –21.7 –21.3 Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... Exports .................................................................................................. 7.4 6.9 7.5 6.8 7.0 9.0 8.2 9.0 10.1 6.1 7.0 11.7 8.9 10.1 11.0 6.9 Goods ................................................................................................ 7.0 6.9 8.7 6.8 8.3 11.0 9.0 10.2 9.5 5.6 5.7 10.0 8.7 9.4 11.7 8.3 Services............................................................................................. 8.3 6.9 4.8 6.6 4.0 4.7 6.2 6.2 11.5 7.3 10.0 15.6 9.3 11.7 9.3 3.8 Imports .................................................................................................. 11.5 9.1 5.5 4.5 4.8 6.6 6.5 7.1 3.8 3.2 2.2 2.2 1.1 –1.0 –1.9 –3.1 Goods ................................................................................................ 11.9 10.2 6.3 5.2 5.8 6.8 6.7 7.4 3.1 2.9 1.7 1.4 0.9 –1.6 –2.4 –3.6 Services............................................................................................. 9.3 3.7 1.5 0.8 –0.1 5.6 5.1 5.3 8.0 4.8 4.8 6.5 1.8 2.2 0.6 –0.1 Government consumption expenditures and gross investment ........ 0.7 0.2 0.1 0.6 0.6 1.6 1.7 1.3 2.1 1.4 2.0 2.6 2.4 2.6 2.6 3.1 Federal .................................................................................................. 2.4 1.2 0.9 1.7 1.0 3.1 2.5 0.6 2.9 –0.4 1.6 2.9 2.3 4.8 4.7 6.3 National defense................................................................................ 2.5 1.3 1.8 2.1 0.8 2.2 1.7 –1.5 4.1 0.4 2.0 4.7 2.7 6.2 5.9 7.7 Nondefense ....................................................................................... 2.3 1.0 –0.9 0.8 1.4 5.1 4.1 4.9 0.5 –2.1 0.8 –0.8 1.5 1.9 2.3 3.2 State and local....................................................................................... –0.4 –0.4 –0.3 –0.1 0.3 0.7 1.2 1.7 1.6 2.4 2.3 2.3 2.4 1.4 1.4 1.3 Addenda: Final sales of domestic product............................................................. 2.8 2.8 3.4 3.5 2.7 3.4 2.8 2.0 2.8 1.8 2.3 3.1 2.5 2.5 2.5 1.3 Gross domestic purchases.................................................................... 3.9 3.6 2.9 2.8 2.6 3.1 3.2 2.4 1.9 1.1 1.3 1.7 1.4 1.1 0.4 –0.6 Final sales to domestic purchasers ....................................................... 3.6 3.3 3.3 3.3 2.6 3.4 2.8 2.1 2.2 1.6 1.8 2.0 1.6 1.1 0.8 –0.1 Gross national product .......................................................................... 2.9 3.2 3.1 3.1 2.8 2.9 3.1 2.1 2.5 1.2 1.6 3.1 2.9 3.0 2.4 ........... Real disposable personal income.......................................................... 4.1 1.9 1.9 0.9 0.9 3.4 3.1 4.0 3.6 3.4 2.9 3.1 1.8 0.6 3.6 0.5 Price indexes: Gross domestic purchases ................................................................ 3.7 3.6 3.3 3.9 4.0 3.8 3.9 3.3 2.5 2.7 2.6 2.4 3.3 3.3 3.5 4.1 Gross domestic purchases excluding food and energy ..................... 3.1 3.2 3.0 3.1 3.2 3.0 3.2 3.1 2.9 2.8 2.4 2.3 2.3 2.1 2.2 2.5 GDP ................................................................................................... 3.2 3.3 2.9 3.4 3.5 3.4 3.5 3.2 2.8 2.9 2.8 2.5 2.6 2.3 2.0 2.7 GDP excluding food and energy ........................................................ 3.2 3.3 3.1 3.2 3.3 3.2 3.4 3.2 3.0 2.9 2.5 2.3 2.3 2.0 1.9 2.3 PCE ................................................................................................... 3.1 2.8 2.5 3.2 3.3 3.1 3.3 2.9 1.9 2.3 2.4 2.2 3.5 3.5 3.7 4.4 PCE excluding food and energy......................................................... 2.2 2.3 2.1 2.1 2.2 2.1 2.3 2.5 2.3 2.3 2.1 2.0 2.2 2.2 2.3 2.5 1 Market-based PCE .......................................................................... 2.8 2.5 2.2 3.1 3.1 2.9 3.1 2.7 1.6 2.1 2.2 2.0 3.3 3.4 3.6 4.5 Market-based PCE excluding food and energy 1 ............................... 1.6 1.7 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.1 1.8 1.6 1.8 1.7 1.9 2.2 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Gross domestic product ................................................................................................... Plus: Income receipts from the rest of the world.................................................................. Less: Income payments to the rest of the world .................................................................. Equals: Gross national product ....................................................................................... Less: Consumption of fixed capital ...................................................................................... Less: Statistical discrepancy................................................................................................ Equals: National income................................................................................................... Compensation of employees............................................................................................ 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 ..................................................................... Addendum: Gross domestic income ................................................................................................... 2005 2006 2007 2007 2008 III IV I II III 12,421.9 573.5 480.5 12,514.9 1,612.0 –71.2 10,974.0 7,030.8 5,676.7 1,354.1 959.8 40.9 1,447.9 569.1 868.9 70.0 –13.4 13,178.4 725.4 647.1 13,256.6 1,623.9 –163.0 11,795.7 7,433.8 6,028.5 1,405.3 1,014.7 44.3 1,668.5 631.2 926.4 85.4 –8.6 13,807.5 861.7 759.3 13,910.0 1,720.5 –81.4 12,270.9 7,812.3 6,355.7 1,456.6 1,056.2 40.0 1,642.4 664.4 963.2 100.2 –7.9 13,950.6 898.5 786.3 14,062.8 1,731.9 –7.8 12,338.6 7,839.3 6,377.7 1,461.6 1,063.8 41.8 1,668.3 663.0 965.7 102.2 –5.5 14,031.2 907.4 742.0 14,196.6 1,758.6 13.9 12,424.1 7,941.0 6,465.5 1,475.5 1,073.8 38.6 1,611.1 688.1 975.3 103.1 –6.7 14,150.8 843.2 705.1 14,289.0 1,778.0 63.4 12,447.6 8,009.7 6,518.0 1,491.7 1,071.7 39.1 1,593.5 662.3 975.1 103.2 –7.1 14,294.5 822.8 708.9 14,408.3 1,803.1 98.4 12,506.9 8,071.8 6,568.6 1,503.1 1,076.9 58.6 1,533.3 683.4 988.5 102.1 –7.7 14,429.2 ............... ............... ............... 1,900.2 ............... ............... 8,135.6 6,623.2 1,512.4 1,080.0 64.3 ............... 666.1 987.6 92.8 –8.0 12,493.0 13,341.4 13,889.0 13,958.4 14,017.4 14,087.4 14,196.1 ............... Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2005 1 2006 2007 2007 2008 III IV I II III Personal income ............................................................................................................. Compensation of employees, received ............................................................................ Wage and salary disbursements.................................................................................. Supplements to wages and salaries ............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ....... Farm............................................................................................................................. Nonfarm ....................................................................................................................... Rental income of persons with capital consumption adjustment ..................................... Personal income receipts on assets ................................................................................ Personal interest income.............................................................................................. Personal dividend income ............................................................................................ Personal current transfer receipts .................................................................................... Less: Contributions for government social insurance ...................................................... Less: Personal current taxes ............................................................................................... Equals: Disposable personal income .............................................................................. Less: Personal outlays......................................................................................................... Equals: Personal saving ................................................................................................... 10,269.8 7,025.8 5,671.7 1,354.1 959.8 34.1 925.7 40.9 1,596.9 1,022.0 574.9 1,520.7 874.3 1,207.8 9,062.0 9,029.5 32.5 10,993.9 7,432.6 6,027.2 1,405.3 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 925.5 1,353.2 9,640.7 9,570.0 70.7 11,663.2 7,818.6 6,362.0 1,456.6 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 965.1 1,492.8 10,170.5 10,113.1 57.4 11,730.4 7,839.3 6,377.7 1,461.6 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 966.0 1,501.6 10,228.8 10,182.0 46.8 11,872.1 7,941.0 6,465.5 1,475.5 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 975.3 1,520.5 10,351.5 10,309.2 42.4 11,960.5 8,009.7 6,518.0 1,491.7 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 992.2 1,535.0 10,425.5 10,404.9 20.6 12,188.9 8,071.8 6,568.6 1,503.1 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 997.0 1,354.1 10,834.8 10,538.2 296.6 12,219.9 8,135.6 6,623.2 1,512.4 1,080.0 31.2 1,048.8 64.3 2,070.6 1,232.3 838.3 1,871.6 1,002.2 1,487.5 10,732.4 10,592.7 139.7 Personal saving as a percentage of disposable personal income ................................... Addendum: Disposable personal income, billions of chained (2000) dollars 2 .................................... 0.4 0.7 0.6 0.5 0.4 0.2 2.7 1.3 8,121.4 8,407.0 8,644.0 8,671.1 8,683.1 8,667.9 8,914.6 8,715.1 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2005 2006 2007 2004 IV Gross domestic product (GDP) and related aggregates: GDP.................................................................................. Goods............................................................................... Services............................................................................ Structures ......................................................................... Motor vehicle output ......................................................... GDP excluding motor vehicle output ................................ Final sales of computers 1 ................................................ GDP excluding final sales of computers........................... Farm gross value added 2 ................................................ Nonfarm business gross value added 3 ............................ Price indexes: GDP.................................................................................. GDP excluding food and energy ....................................... GDP excluding final sales of computers........................... Gross domestic purchases............................................... Gross domestic purchases excluding food and energy .... Gross domestic purchases excluding final sales of computers to domestic purchasers............................... Personal consumption expenditures (PCE)...................... PCE excluding food and energy ....................................... Market-based PCE 4......................................................... Market-based PCE excluding food and energy 4 .............. 2005 I 2006 II III IV I II 3.8 1.3 4.8 2.7 5.3 2.0 11.1 5.9 3.9 0.9 2.6 2.3 –0.6 1.3 –0.8 –3.8 24.6 –31.0 20.2 –10.1 3.2 2.6 4.3 3.1 11.5 37.2 27.8 25.2 3.8 1.1 4.7 2.5 3.1 –26.8 –22.3 3.1 4.8 1.3 6.0 2.9 2007 III IV 0.8 1.5 1.5 1.3 2.3 3.8 –8.8 –9.8 13.7 –19.0 0.4 2.2 7.0 34.2 0.8 1.3 6.9 30.4 0.3 1.4 I 2008 II III IV I II 0.1 –2.5 2.1 –3.9 3.8 –0.1 –5.0 0.1 12.5 –0.9 4.8 10.3 2.7 0.8 4.6 4.8 37.2 4.6 –6.1 5.8 4.8 –0.2 0.9 2.8 9.0 0.0 0.9 4.9 4.0 1.3 2.7 1.7 –2.9 –9.3 –10.1 3.3 17.3 –25.7 –14.2 –33.8 4.4 0.7 1.3 4.0 52.6 23.7 8.2 28.4 4.5 –0.3 0.8 2.7 8.6 8.2 –15.5 –10.7 5.5 –0.7 0.9 2.8 III 2.9 4.3 2.2 3.2 3.8 2.9 23.4 2.8 9.1 3.4 2.8 5.4 2.3 –2.2 –0.9 2.9 25.0 2.6 –6.9 3.2 2.0 3.1 2.8 –5.0 –1.1 2.1 21.3 1.9 9.7 2.0 2.5 3.7 2.4 –0.3 –9.6 3.0 50.1 2.3 40.8 2.6 3.0 3.6 2.1 6.0 4.6 2.9 8.5 2.9 –1.9 3.7 2.6 4.7 1.0 5.1 7.1 2.5 38.5 2.4 27.7 2.9 –0.3 –3.7 2.0 –3.5 4.1 –0.3 10.2 –0.3 8.6 –1.7 3.3 3.2 3.4 3.7 3.1 3.2 3.2 3.4 3.4 3.1 2.7 2.5 2.8 2.8 2.4 3.2 3.1 3.4 3.6 2.8 4.0 3.9 4.2 3.7 3.9 2.1 2.7 2.3 3.1 2.7 4.1 3.2 4.2 5.2 2.9 3.7 3.5 3.9 3.9 3.2 3.5 3.6 3.7 2.9 3.4 2.7 3.2 2.9 3.6 3.2 2.8 2.6 2.9 2.9 2.5 2.2 2.6 2.3 0.6 2.5 4.1 3.2 4.2 3.6 2.9 2.0 1.7 2.1 3.3 1.8 1.5 1.8 1.7 2.2 1.9 2.8 2.4 3.0 4.0 2.4 2.6 2.0 2.7 3.5 2.2 1.1 1.5 1.2 4.2 2.2 4.2 3.4 4.3 4.8 3.1 3.9 2.9 2.1 2.7 1.7 3.6 2.8 2.3 2.6 1.9 2.9 2.6 2.2 2.4 1.8 3.9 3.0 2.1 2.9 1.8 3.9 2.5 2.5 2.2 2.2 3.3 2.5 2.1 2.2 1.6 5.4 4.7 1.6 4.9 1.2 4.1 3.3 2.4 3.2 2.0 3.0 1.8 2.1 1.4 1.8 3.8 3.3 3.0 3.1 2.6 3.1 3.1 2.3 3.1 2.1 0.7 –0.5 1.8 –1.1 1.5 3.8 3.4 2.4 3.5 2.3 3.5 3.6 1.8 3.5 1.2 2.4 2.5 2.1 2.0 1.4 4.2 4.3 2.5 4.4 2.2 3.7 3.6 2.3 3.7 2.1 4.4 4.3 2.2 4.3 1.8 4.9 5.4 2.9 5.6 2.6 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 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 2006-07 annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual percent change in GDP prices uses quantities for 2006 and 2007 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and Appendix Table A. Contributions by major components to 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 be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.
@FedFRASER