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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 29, 2009 Lisa S. Mataloni: Recorded message: (202) 606-5304 (202) 606-5306 BEA 09-47 GROSS DOMESTIC PRODUCT: THIRD QUARTER 2009 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent. The Bureau emphasized that the third-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 5). The "second" estimate for the third quarter, based on more complete data, will be released on November 24, 2009. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The upturn in real GDP in the third quarter primarily reflected upturns in PCE, in private inventory investment, in exports, and in residential fixed investment and a smaller decrease in nonresidential fixed investment that were partly offset by an upturn in imports, a downturn in state and local government spending, and a deceleration in federal government spending. Motor vehicle output added 1.66 percentage points to the third-quarter change in real GDP after adding 0.19 percentage point to the second-quarter change. Final sales of computers subtracted 0.11 percentage point from the third-quarter change in real GDP after subtracting 0.04 percentage point 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 (2005) 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 1.6 percent in the third quarter, compared with an increase of 0.5 percent in the second. Excluding food and energy prices, the price index for gross domestic purchases increased 0.5 percent in the third quarter, compared with an increase of 0.8 percent in the second. Real personal consumption expenditures increased 3.4 percent in the third quarter, in contrast to a decrease of 0.9 percent in the second. Durable goods increased 22.3 percent, in contrast to a decrease of 5.6 percent. The third-quarter increase largely reflected motor vehicle purchases under the Consumer Assistance to Recycle and Save Act of 2009 (popularly called, “Cash for Clunkers” Program). Nondurable goods increased 2.0 percent in the third quarter, in contrast to a decrease of 1.9 percent in the second. Services increased 1.2 percent, compared with an increase of 0.2 percent. Real nonresidential fixed investment decreased 2.5 percent in the third quarter, compared with a decrease of 9.6 percent in the second. Nonresidential structures decreased 9.0 percent, compared with a decrease of 17.3 percent. Equipment and software increased 1.1 percent, in contrast to a decrease of 4.9 percent. Real residential fixed investment increased 23.4 percent, in contrast to a decrease of 23.3 percent. Real exports of goods and services increased 14.7 percent in the third quarter, in contrast to a decrease of 4.1 percent in the second. Real imports of goods and services increased 16.4 percent, in contrast to a decrease of 14.7 percent. Real federal government consumption expenditures and gross investment increased 7.9 percent in the third quarter, compared with an increase of 11.4 percent in the second. National defense increased 8.4 percent, compared with an increase of 14.0 percent. Nondefense increased 6.8 percent, compared with an increase of 6.1 percent. Real state and local government consumption expenditures and gross investment decreased 1.1 percent, in contrast to an increase of 3.9 percent. The change in real private inventories added 0.94 percentage point to the third-quarter change in real GDP after subtracting 1.42 percentage points from the second-quarter change. Private businesses decreased inventories $130.8 billion in the third quarter, following decreases of $160.2 billion in the second quarter and $113.9 billion in the first. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.5 percent in the third quarter, compared with an increase of 0.7 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 4.0 percent in the third quarter, in contrast to a decrease of 2.3 percent in the second. - more - -3Disposition of personal income Current-dollar personal income decreased $15.5 billion (0.5 percent) in the third quarter, in contrast to an increase of $19.1 billion (0.6 percent) in the second. Personal current taxes increased $4.8 billion in the third quarter, in contrast to a decrease of $119.1 billion in the second. The quarterly pattern of taxes reflected a much smaller decrease in federal withheld income taxes in the third quarter, based on the quarterly pattern of wages and salaries and a leveling off of the effects on withholding rates from the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009. (For more information, see the Technical Note.) Disposable personal income decreased $20.4 billion (0.7 percent) in the third quarter, in contrast to an increase of $138.2 billion (5.2 percent) in the second. Real disposable personal income decreased 3.4 percent, in contrast to an increase of 3.8 percent. Personal outlays increased $148.2 billion (5.8 percent) in the third quarter, compared with an increase of $8.2 billion (0.3 percent) in the second. Personal saving -- disposable personal income less personal outlays -- was $364.6 billion in the third quarter, compared with $533.1 billion in the second. The personal saving rate -- saving as a percentage of disposable personal income -- was 3.3 percent in the third quarter, compared with 4.9 percent in the second. 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, go to http://www.bea.gov/national/nipaweb/NipaFrb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.3 percent, or $150.3 billion, in the third quarter to a level of $14,301.5 billion. In the second quarter, current-dollar GDP decreased 0.8 percent, or $26.8 billion. - more - -4- 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 estimate 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 24, 2009, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2009 (Second Estimate) Corporate Profits: Third Quarter (Preliminary Estimate) - more - -5Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: the “advance” estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, the “second” and “third” estimates are released near the end of the second and third months, respectively. The “latest” estimate reflects 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 of real GDP for the different vintages of the estimates. From the advance estimate to the second 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 third 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 1.3 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 second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. 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 second..... Advance to third................ Second to third........... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .5 1.2 .9 Real GDP Advance to second..... Advance to third................ Second to third........... 0.1 .1 .0 0.5 .6 .3 0.4 .4 .2 Advance to latest............... .3 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2006. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 IV 2006 I II 2007 III IV I II 2008 III IV I II 2009 III IV I II III Gross domestic product (GDP) ................ 2.7 2.1 0.4 2.1 5.4 1.4 0.1 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 3.5 Personal consumption expenditures .................. 2.9 2.6 –0.2 1.0 4.5 2.2 2.5 4.1 3.7 1.1 1.9 1.2 –0.6 0.1 –3.5 –3.1 0.6 –0.9 3.4 Goods.................................................................. 3.3 3.1 –2.1 –1.1 7.5 0.7 3.3 5.9 3.9 0.2 3.1 3.0 –5.1 –0.5 –7.7 –10.0 2.5 –3.1 8.1 Durable goods ................................................. 4.1 4.3 –4.5 –9.7 17.0 –1.0 4.5 5.6 5.5 2.1 5.2 5.5 –8.9 –5.7 –11.7 –20.3 3.9 –5.6 22.3 Nondurable goods ........................................... 2.8 2.5 –0.8 3.9 2.6 1.6 2.6 6.1 3.1 –0.8 2.1 1.8 –3.0 2.2 –5.6 –4.9 1.9 –1.9 2.0 Services............................................................... 2.7 2.4 0.7 2.2 2.9 3.0 2.1 3.1 3.6 1.6 1.3 0.3 1.8 0.4 –1.3 0.5 –0.3 0.2 1.2 Gross private domestic investment..................... 2.7 –3.8 –7.3 15.1 6.0 –0.6 –5.5 –10.9 –6.0 5.7 0.8 –7.7 –7.4 –10.4 –6.9 –24.2 –50.5 –23.7 11.5 Fixed investment.................................................. 2.3 –2.1 –5.1 1.5 9.5 –1.9 –5.0 –5.3 –2.6 3.6 –0.4 –4.2 –6.3 –2.7 –8.3 –20.2 –39.0 –12.5 2.3 Nonresidential.................................................. 7.9 6.2 1.6 2.2 18.0 7.3 4.4 2.3 4.2 11.4 9.6 6.7 1.9 1.4 –6.1 –19.5 –39.2 –9.6 –2.5 Structures..................................................... 9.2 14.9 10.3 2.5 18.9 22.4 10.3 1.5 15.6 22.7 26.6 11.2 6.8 14.5 –0.1 –7.2 –43.6 –17.3 –9.0 Equipment and software .............................. 7.4 2.6 –2.6 2.3 17.8 2.1 2.2 2.8 –0.5 6.5 2.2 4.5 –0.5 –5.0 –9.4 –25.9 –36.4 –4.9 1.1 Residential ....................................................... –7.3 –18.5 –22.9 0.1 –4.2 –16.9 –21.2 –19.7 –16.2 –12.9 –22.4 –29.5 –28.2 –15.8 –15.9 –23.2 –38.2 –23.3 23.4 Change in private inventories .............................. .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Net exports of goods and services ..................... .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... Exports ................................................................ 9.0 8.7 5.4 10.5 16.5 6.9 0.6 17.8 3.5 5.2 18.5 14.5 –0.1 12.1 –3.6 –19.5 –29.9 –4.1 14.7 Goods .............................................................. 9.4 7.4 5.9 11.8 17.8 7.4 0.2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 –1.8 –25.5 –36.9 –6.3 21.4 Services........................................................... 7.9 11.8 4.2 7.4 13.6 5.6 1.5 29.1 4.7 2.8 27.2 19.2 –9.0 7.8 –7.7 –4.3 –13.6 0.1 2.9 Imports ................................................................ 6.1 2.0 –3.2 11.7 7.8 4.5 4.9 –0.5 4.3 –0.5 3.7 –3.6 –2.5 –5.0 –2.2 –16.7 –36.4 –14.7 16.4 Goods .............................................................. 5.9 1.7 –3.9 12.1 6.3 5.0 5.5 –2.3 5.0 –1.0 2.8 –3.8 –3.5 –4.6 –3.7 –19.6 –41.0 –16.5 20.0 Services........................................................... 7.1 3.5 0.7 9.5 16.1 1.8 1.3 10.0 0.4 2.1 8.6 –2.9 3.0 –7.1 6.1 –0.9 –11.5 –7.5 2.7 Government consumption expenditures and gross investment ............................................... 1.4 1.7 3.1 –1.8 4.1 0.3 0.6 1.1 0.0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 –2.6 6.7 2.3 Federal ................................................................ 2.1 1.3 7.7 –6.5 11.9 –3.4 –0.4 1.1 –5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 –4.3 11.4 7.9 National defense.............................................. 1.6 2.2 7.8 –14.3 10.5 1.1 –1.9 8.5 –7.6 8.6 10.0 0.5 8.2 7.0 19.8 3.8 –5.1 14.0 8.4 Nondefense ..................................................... 3.2 –0.6 7.3 11.7 14.7 –11.6 2.9 –12.7 0.3 5.0 7.9 7.6 8.1 9.6 0.1 12.7 –2.5 6.1 6.8 State and local..................................................... 0.9 2.0 0.5 1.1 –0.3 2.6 1.2 1.1 3.1 2.7 0.9 1.0 –0.5 1.2 0.1 –2.0 –1.5 3.9 –1.1 Addenda: Final sales of domestic product........................... 2.6 2.5 0.8 –0.1 5.9 1.2 0.2 4.1 1.8 2.9 3.4 2.8 –0.5 2.7 –2.9 –4.7 –4.1 0.7 2.5 Gross domestic purchases.................................. 2.6 1.4 –0.7 2.7 4.7 1.4 0.8 1.0 1.4 2.4 2.1 –0.2 –1.1 –0.9 –2.5 –5.5 –8.6 –2.3 4.0 Final sales to domestic purchasers ..................... 2.5 1.7 –0.4 0.6 5.2 1.2 0.9 2.0 2.0 2.1 1.9 0.4 –0.9 0.3 –2.7 –4.9 –6.4 –0.9 3.0 Gross national product (GNP) ............................. 2.4 2.4 0.6 1.1 5.4 1.3 –0.3 3.2 0.9 3.6 5.4 3.4 –1.1 0.2 –1.8 –6.7 –6.6 –1.0 ........... Disposable personal income ............................... 4.0 2.2 0.5 2.2 7.7 3.6 1.9 5.3 1.7 0.5 1.7 0.1 –2.4 9.8 –8.5 3.4 0.2 3.8 –3.4 Current-dollar measures: GDP ................................................................. 6.0 5.1 2.6 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 –5.4 –4.6 –0.8 4.3 Final sales of domestic product ....................... 6.0 5.4 3.0 3.3 9.2 4.9 3.3 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 –5.2 –2.4 0.6 3.4 Gross domestic purchases .............................. 6.0 4.4 2.4 7.0 7.6 5.0 3.7 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 –9.2 –9.8 –1.8 5.6 Final sales to domestic purchasers ................. 6.0 4.7 2.8 4.8 8.2 4.8 3.8 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 –9.0 –7.7 –0.5 4.7 GNP ................................................................. 5.8 5.4 2.7 4.6 8.6 4.9 2.8 5.1 5.3 6.3 7.1 5.8 0.6 2.3 2.2 –6.7 –4.8 –1.0 ........... Disposable personal income............................ 6.9 4.9 3.9 5.8 9.5 6.7 4.9 5.3 5.5 3.7 4.1 5.2 1.2 14.1 –4.2 –1.8 –1.2 5.2 –0.7 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 2006 2007 2008 2005 IV Percent change at annual rate: Gross domestic product ............................... Percentage points at annual rates: Personal consumption expenditures .................. Goods ................................................................. Durable goods ................................................. Motor vehicles and parts.............................. Furnishings and durable household equipment ................................................ Recreational goods and vehicles ................. Other durable goods .................................... Nondurable goods ........................................... Food and beverages purchased for offpremises consumption ............................. Clothing and footwear .................................. Gasoline and other energy goods................ Other nondurable goods .............................. Services.............................................................. Household consumption expenditures (for services) ...................................................... Housing and utilities..................................... Health care................................................... Transportation services................................ Recreation services ..................................... Food services and accommodations ........... Financial services and insurance................. Other services.............................................. Final consumption expenditures of nonprofit institutions serving households.................... Gross output of nonprofit institutions ........... Less: Receipts from sales of goods and services by nonprofit institutions .............. Gross private domestic investment................. Fixed investment............................................ Nonresidential .............................................. Structures................................................. Equipment 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. 2.7 2.1 2.01 0.78 0.35 –0.10 1.84 0.75 0.36 0.04 0.11 0.30 0.04 0.44 IV I II 2008 III IV I II 2009 III IV I II III 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 3.5 –0.17 0.71 –0.50 –0.29 –0.36 –0.89 –0.38 –1.53 3.08 1.48 1.76 0.15 1.35 –0.09 0.46 0.00 1.70 0.78 0.37 0.21 2.79 1.39 0.46 –0.02 2.54 0.93 0.45 0.08 0.81 0.05 0.18 0.05 1.35 0.75 0.42 –0.10 0.86 0.71 0.44 0.06 –0.39 –1.24 –0.75 –0.50 0.06 –0.12 –0.46 –0.63 –2.49 –1.89 –0.95 –0.64 –2.15 –2.41 –1.64 –0.84 0.44 0.56 0.28 0.14 –0.62 –0.71 –0.41 –0.14 2.36 1.79 1.47 1.01 0.04 0.26 0.01 0.39 –0.06 0.13 –0.05 –0.13 0.21 0.35 0.09 0.60 0.22 0.53 0.14 0.41 –0.09 0.06 –0.05 0.24 0.04 0.18 –0.06 0.40 0.04 0.44 0.01 0.93 0.15 0.22 0.00 0.48 –0.08 0.16 0.05 –0.13 0.07 0.38 0.07 0.33 0.06 0.33 –0.01 0.27 –0.13 –0.04 –0.07 –0.49 0.05 0.25 –0.13 0.35 –0.22 –0.06 –0.03 –0.94 –0.27 –0.30 –0.21 –0.78 –0.13 0.20 0.07 0.29 –0.15 –0.11 –0.02 –0.29 0.11 0.29 0.06 0.31 0.17 0.12 –0.05 0.20 1.22 0.11 0.11 0.02 0.16 1.09 0.00 –0.01 –0.12 –0.01 0.32 0.15 0.31 –0.08 0.22 0.99 0.06 0.14 –0.13 0.35 1.32 0.23 –0.07 0.03 0.06 1.33 0.07 0.14 0.10 0.10 0.92 0.33 0.17 0.00 0.43 1.40 0.10 0.19 0.05 0.14 1.61 –0.14 –0.02 –0.01 0.03 0.76 0.09 0.11 0.01 0.11 0.60 0.22 0.05 –0.10 0.10 0.15 0.05 –0.04 –0.23 –0.27 0.85 0.03 0.16 –0.11 0.27 0.17 –0.29 –0.27 –0.42 0.04 –0.60 –0.41 –0.21 0.27 –0.43 0.26 0.03 –0.04 0.17 0.12 –0.13 0.20 –0.20 0.02 –0.32 0.09 0.27 –0.03 0.04 0.04 0.57 1.06 0.27 0.19 –0.01 0.08 0.13 0.18 0.21 1.02 0.12 0.27 0.03 0.10 0.05 0.28 0.18 0.16 0.12 0.31 –0.11 0.00 –0.02 –0.10 –0.04 0.88 0.26 0.18 –0.07 0.06 0.18 0.07 0.19 1.12 –0.13 0.32 –0.06 0.12 0.36 0.21 0.28 1.04 0.58 0.06 0.05 0.05 –0.19 0.16 0.32 0.59 0.30 –0.11 –0.01 0.13 0.00 0.13 0.15 1.38 –0.16 0.37 0.09 0.22 0.18 0.40 0.28 1.69 0.21 0.53 0.05 0.08 0.03 0.43 0.36 0.88 0.03 0.20 0.01 0.04 0.04 0.42 0.14 0.34 0.14 0.18 –0.03 0.08 0.05 0.08 –0.16 –0.14 –0.04 0.30 –0.07 0.00 0.09 –0.25 –0.17 0.70 0.33 0.65 –0.17 –0.01 –0.10 –0.13 0.13 0.13 0.11 0.28 –0.15 0.04 0.11 –0.07 –0.18 –0.79 –0.18 –0.06 –0.11 –0.08 –0.11 –0.16 –0.09 0.06 0.46 0.19 –0.17 –0.10 –0.35 –0.24 0.27 0.34 0.02 0.37 –0.15 0.05 –0.07 0.03 0.10 0.30 –0.16 0.44 0.02 –0.04 –0.10 0.14 0.01 0.63 0.04 0.27 0.08 –0.09 0.01 0.21 0.10 0.17 0.21 0.07 0.18 0.16 0.24 0.12 0.18 0.20 0.35 0.29 0.23 0.34 0.15 0.01 0.19 –0.08 0.30 –0.12 0.01 0.26 0.13 0.28 0.34 0.15 0.44 0.05 0.17 0.18 0.07 0.20 0.24 –0.46 –0.22 –0.21 0.01 –0.06 0.02 0.04 0.46 0.39 0.84 0.27 0.58 0.11 –0.65 –0.35 0.70 0.49 0.20 0.09 –1.18 –0.81 0.19 0.39 –0.20 0.07 2.46 0.25 0.25 0.07 0.18 0.15 1.08 1.57 1.84 0.52 1.32 –0.05 –0.11 –0.32 0.80 0.63 0.17 –0.19 –0.99 –0.86 0.49 0.32 0.17 0.18 –1.99 –0.91 0.27 0.05 0.22 0.37 –1.05 –0.43 0.46 0.50 –0.04 0.13 0.92 0.59 1.25 0.75 0.51 –0.14 0.14 –0.04 1.10 0.91 0.19 0.06 –1.29 –0.66 0.78 0.42 0.36 0.29 –1.20 –0.99 0.25 0.27 –0.02 0.12 –1.66 –0.41 0.19 0.56 –0.38 –0.11 –1.04 –1.30 –0.73 0.00 –0.73 0.04 –3.91 –3.28 –2.47 –0.31 –2.15 0.24 –8.98 –6.62 –5.29 –2.28 –3.01 0.22 –3.10 –1.68 –1.01 –0.69 –0.32 0.07 1.22 0.28 –0.24 –0.32 0.08 0.31 0.29 0.22 0.15 0.59 0.10 0.34 0.13 0.07 0.10 0.10 0.12 0.05 –0.45 0.07 –0.03 0.10 –0.05 0.93 0.68 0.25 –0.98 –0.80 –0.18 0.11 0.11 0.08 0.06 –0.14 –0.01 –1.05 –0.30 0.03 –0.33 0.63 0.96 0.57 0.39 –0.33 –0.24 –0.09 1.01 1.61 –0.49 –0.04 0.13 5.4 2007 III 0.1 1.40 1.45 –0.18 –0.04 0.14 2.1 II 1.4 0.26 0.32 0.15 0.09 0.07 0.10 0.03 0.07 0.04 0.04 0.07 –0.01 0.05 –0.02 0.02 0.00 0.11 0.23 0.07 0.17 0.04 0.06 0.4 2006 I 0.11 0.46 0.19 0.32 0.53 0.39 0.26 –0.17 –0.70 –0.79 0.19 0.31 0.05 0.18 0.16 0.09 0.11 0.01 0.07 0.07 0.06 –0.04 0.36 –0.07 –0.05 0.20 –0.06 0.34 –0.35 –0.22 0.62 –0.26 –0.03 0.04 0.17 –0.01 –1.00 0.01 –0.27 –1.12 –0.37 2.21 –0.49 0.22 –0.04 –0.06 0.04 –0.36 –0.33 2.27 –0.53 0.58 1.20 –0.74 0.44 0.02 0.64 1.03 1.64 0.72 0.48 0.81 1.23 0.54 0.16 0.23 0.41 0.18 0.56 –1.78 –1.20 –0.70 0.58 –1.55 –0.81 –0.66 –0.02 –0.23 –0.39 –0.05 0.16 0.01 0.11 0.13 0.06 –0.03 –0.05 0.03 –0.01 0.05 –0.11 0.03 –1.36 –1.18 –0.13 –1.08 0.06 0.08 –0.19 –1.15 –0.71 1.94 0.06 1.84 0.01 0.96 0.05 0.87 –0.78 0.10 –0.74 0.35 –0.04 –0.25 0.18 0.07 0.22 –0.10 –0.22 –0.18 –0.89 –0.61 0.27 –0.88 –0.29 0.39 0.23 0.16 –0.68 –0.67 –0.01 0.02 0.12 0.05 0.45 –0.30 0.16 –0.66 0.32 –0.31 0.64 0.66 0.58 0.48 0.10 0.08 0.13 –0.05 0.13 0.11 0.08 –0.03 –0.18 0.08 –1.14 0.19 0.06 0.13 1.36 1.99 1.11 0.88 –0.63 –0.41 –0.22 0.20 0.20 0.12 –0.22 0.00 0.05 –1.44 –0.63 0.03 –0.66 2.24 1.65 0.97 0.68 0.60 0.51 0.08 0.12 0.22 0.05 0.02 –0.27 –0.16 –1.24 –0.21 –0.29 0.08 0.36 –0.02 0.34 –0.36 0.38 0.46 –0.08 0.03 0.09 0.14 –0.02 –0.58 –0.04 –0.60 –1.25 0.34 –1.59 2.35 1.47 1.17 0.30 0.88 0.67 0.21 –0.19 –0.06 0.07 –0.15 –0.54 0.13 –0.57 0.26 –0.09 0.35 –0.10 –0.48 –0.17 –0.31 0.38 0.55 –0.17 –0.19 –0.17 –0.34 –0.20 –0.87 –0.38 –0.81 –0.64 0.10 –0.74 0.45 –2.67 –2.50 –0.17 3.12 3.09 0.03 –0.08 –0.47 –0.24 –0.82 –0.92 –0.48 –1.33 –2.36 0.05 –2.41 2.64 –3.95 –3.41 –0.54 6.58 6.25 0.34 0.08 0.02 0.09 –0.18 0.09 –0.42 –0.67 –1.42 0.05 –1.47 1.65 –0.45 –0.45 0.00 2.09 1.89 0.21 0.01 0.15 0.15 –0.13 0.05 –0.16 0.53 0.94 0.03 0.91 –0.53 1.49 1.38 0.10 –2.01 –1.94 –0.07 0.59 0.53 0.37 0.27 0.10 0.16 0.14 0.02 0.06 0.07 –0.01 –0.34 0.75 –0.47 0.79 –0.72 0.46 –0.65 0.40 –0.07 0.06 0.25 0.32 0.15 0.30 0.10 0.02 0.13 –0.03 –0.01 0.02 0.14 –0.05 0.06 –0.24 0.05 –0.11 0.15 –0.29 –0.23 –0.07 0.30 0.08 0.22 0.11 0.21 0.00 –0.03 0.08 –0.36 –0.09 0.38 –0.37 0.02 0.24 –0.31 –0.11 0.14 –0.06 0.06 –0.30 0.01 0.06 –0.30 0.02 0.01 0.00 –0.01 0.14 0.14 0.36 0.18 0.24 0.18 –0.04 –0.10 0.18 0.82 0.50 0.39 0.24 0.15 0.11 0.08 0.03 0.32 0.21 0.11 0.75 0.63 0.46 0.43 0.03 0.17 0.14 0.03 0.11 0.09 0.02 0.71 0.95 0.24 0.55 0.93 0.49 0.34 0.93 0.20 0.10 0.81 0.15 0.24 0.13 0.05 0.21 0.00 0.29 0.16 –0.02 0.16 0.05 0.02 0.13 0.15 0.01 –0.25 0.02 0.08 0.04 0.14 –0.06 –0.28 –0.52 –0.33 –0.27 –0.22 –0.05 –0.06 0.06 –0.11 –0.19 –0.04 –0.15 1.33 0.85 0.70 0.53 0.17 0.15 0.12 0.03 0.48 0.01 0.47 0.48 0.62 0.45 0.39 0.06 0.17 0.15 0.02 –0.14 –0.21 0.07 0.11 0.94 –0.61 –0.52 0.12 1.41 0.49 0.19 –1.03 0.19 0.52 1.20 –0.27 –0.25 0.11 0.03 1.19 –1.12 0.12 0.07 1.64 1.34 0.24 0.17 0.15 1.88 1.92 –0.21 0.10 0.29 –2.19 –0.53 –3.70 –1.69 0.06 –0.84 0.96 –0.86 0.19 –0.04 2.28 0.93 0.33 1.66 –0.11 3.17 2.07 0.11 0.43 0.18 1.94 2.19 –1.18 –0.33 0.13 –0.22 1.65 –0.23 –0.03 0.02 0.31 0.51 0.19 0.56 0.03 0.39 0.03 0.27 0.00 0.11 0.16 0.17 0.16 0.18 0.00 –0.01 0.12 –0.05 0.07 0.07 0.05 –0.13 1.95 1.17 –1.00 –0.30 0.19 –0.55 0.94 –1.12 –0.64 0.06 0.36 0.96 0.13 –1.08 0.16 –1.91 –0.22 –0.55 –0.15 –0.02 –4.54 0.46 –1.30 –1.41 0.02 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates 2008 2008 III Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment....................... Fixed investment ................................................. Nonresidential.................................................... Structures....................................................... Equipment 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 ......................... Net domestic product............................................. 2008 2009 IV I II Change from preceding period Seasonally adjusted at annual rates III 2008 III 2008 2009 IV I II III 14,441.4 14,546.7 14,347.3 14,178.0 14,151.2 14,301.5 13,312.2 13,324.6 13,141.9 12,925.4 12,901.5 13,014.0 10,129.9 10,220.1 10,009.8 9,987.7 9,999.3 10,151.6 9,290.9 9,267.7 9,195.3 9,209.2 9,189.0 9,265.1 3,403.2 3,463.0 3,227.5 3,197.7 3,193.8 3,299.7 3,206.0 3,193.6 3,110.4 3,129.8 3,105.4 3,166.3 1,095.2 1,088.5 1,019.9 1,025.2 1,011.5 1,055.5 1,146.3 1,139.6 1,076.8 1,087.2 1,071.7 1,127.2 342.3 332.7 296.4 300.6 299.5 338.9 347.5 337.8 306.2 311.2 306.2 342.4 2009 II III 58.1 –23.0 –67.7 –53.6 –54.9 –23.9 –20.2 –24.4 –15.5 –5.0 112.5 76.1 60.9 55.5 36.2 270.1 339.9 142.8 2,308.0 269.4 342.0 144.3 2,374.5 259.1 327.3 137.1 2,207.6 255.7 329.6 139.3 2,172.4 251.3 321.3 139.4 2,182.2 251.4 324.1 141.1 2,244.1 275.5 403.0 128.0 2,057.3 274.4 407.6 128.3 2,051.5 264.2 394.3 121.4 2,026.1 259.4 403.1 123.5 2,035.5 254.2 398.4 122.9 2,025.7 258.2 411.5 124.8 2,035.9 –8.1 20.6 –6.5 –17.5 –5.2 –4.7 –0.6 –9.8 4.0 13.1 1.9 10.2 784.3 337.5 413.0 773.2 6,726.8 793.4 338.0 461.4 781.7 6,757.1 787.5 326.5 321.2 772.5 6,782.3 786.5 327.9 271.0 787.0 6,790.0 786.3 321.6 279.4 795.0 6,805.6 791.6 323.9 327.5 801.2 6,851.9 700.7 345.0 287.4 728.7 6,083.1 699.6 343.3 280.1 735.4 6,072.4 686.4 335.4 287.2 720.8 6,080.4 687.4 334.0 293.2 724.7 6,076.0 693.5 326.9 294.0 714.5 6,078.8 702.0 325.7 295.4 715.6 6,096.6 0.0 –0.9 –13.3 –0.7 42.3 6.1 –7.1 0.8 –10.2 2.8 8.5 –1.2 1.4 1.1 17.8 6,448.0 1,843.7 1,554.2 307.8 383.1 608.7 835.6 915.0 6,474.5 1,852.2 1,559.3 309.1 385.9 614.7 837.3 915.9 6,494.1 1,872.1 1,574.9 305.7 380.9 607.3 823.5 929.8 6,522.0 1,878.8 1,598.0 301.6 383.4 607.3 816.7 936.0 6,545.9 1,871.1 1,622.6 301.1 381.5 606.0 824.9 938.7 6,592.1 1,871.2 1,641.9 306.0 382.3 607.3 836.7 946.5 5,817.6 1,647.2 1,416.4 273.8 349.8 545.4 759.8 825.7 5,805.2 1,641.6 1,416.1 272.1 349.6 547.3 758.5 820.6 5,806.6 1,656.3 1,422.4 266.7 346.1 535.9 750.6 829.2 5,817.2 1,656.9 1,434.3 261.9 347.7 533.7 751.4 832.2 5,826.7 1,651.8 1,448.2 262.5 346.3 530.5 756.1 832.4 5,846.3 1,652.9 1,456.6 265.0 343.4 531.0 762.9 835.6 21.5 15.4 40.9 –14.5 –0.2 –2.3 –12.5 –5.3 9.5 –5.1 13.9 0.6 –1.4 –3.2 4.7 0.2 19.6 1.1 8.4 2.5 –2.9 0.5 6.8 3.2 278.7 1,049.4 282.6 1,055.2 288.2 1,066.1 268.0 1,060.8 259.7 1,065.8 259.8 1,074.1 266.6 956.7 268.4 957.2 275.4 965.1 259.4 957.8 252.0 958.2 250.0 958.7 21.7 32.1 –7.4 0.4 –2.0 0.5 770.7 2,136.1 2,170.8 1,693.6 609.5 1,084.1 772.7 2,142.7 2,179.7 1,711.0 620.4 1,090.6 778.0 2,022.1 2,066.6 1,638.7 620.7 1,018.0 792.7 1,689.9 1,817.2 1,442.6 533.1 909.5 806.1 1,561.5 1,737.7 1,391.8 494.8 897.0 814.3 1,579.4 1,726.5 1,365.6 470.3 895.3 691.0 1,989.4 2,018.4 1,569.7 486.8 1,068.6 689.8 1,990.7 2,020.4 1,579.2 493.1 1,071.0 691.0 1,857.7 1,909.3 1,496.1 484.0 993.7 698.7 1,558.5 1,687.5 1,321.2 419.4 887.5 705.7 1,456.7 1,631.9 1,288.4 400.0 876.5 708.0 1,496.8 1,641.1 1,280.2 390.7 879.0 11.0 –156.8 –107.9 25.4 45.4 –28.4 7.0 –101.8 –55.6 –32.8 –19.4 –11.0 2.3 40.1 9.2 –8.2 –9.3 2.5 562.9 86.7 264.1 212.1 193.8 132.3 195.1 477.2 –34.8 –7.1 –27.7 –707.8 1,831.1 1,266.9 564.2 2,538.9 2,126.4 412.4 568.8 84.3 266.4 218.1 194.8 125.9 201.1 468.6 –37.0 –7.5 –29.4 –757.5 1,913.1 1,338.5 574.6 2,670.5 2,243.3 427.2 540.2 75.8 258.7 205.6 187.9 95.3 194.7 427.8 –44.5 –3.7 –40.8 –590.5 1,706.2 1,155.7 550.5 2,296.7 1,892.5 404.2 508.3 71.1 240.5 196.7 157.8 65.4 178.0 374.6 –127.4 –1.3 –126.1 –378.5 1,509.3 989.5 519.8 1,887.9 1,508.2 379.6 512.2 72.0 240.2 200.1 151.4 70.6 162.7 345.9 –176.2 0.6 –176.8 –339.1 1,493.7 978.1 515.6 1,832.8 1,461.1 371.7 520.7 588.8 594.5 567.6 537.5 544.8 556.5 33.1 7.3 11.7 71.2 .............. .............. .............. .............. .............. .............. .............. .............. .............. 243.8 257.0 258.3 252.2 235.5 236.2 241.6 15.5 0.7 5.4 205.7 211.1 216.7 204.3 195.8 199.1 204.4 8.8 3.3 5.3 147.2 174.7 173.7 167.2 140.8 135.2 131.0 –6.2 –5.6 –4.2 71.5 128.9 121.7 90.9 59.8 62.7 64.3 –48.5 2.9 1.6 156.0 180.3 185.4 172.6 157.3 144.0 139.0 –3.8 –13.3 –5.0 360.9 451.1 443.3 415.0 367.9 344.4 362.9 –133.9 –23.5 18.5 –147.1 –25.9 –29.7 –37.4 –113.9 –160.2 –130.8 –45.4 –46.3 29.4 1.2 –5.3 –5.0 –1.9 0.3 2.2 3.1 –4.5 1.9 0.9 –148.2 –20.4 –24.5 –35.7 –114.9 –163.1 –134.4 –40.8 –48.2 28.7 –387.5 –494.3 –479.2 –470.9 –386.5 –330.4 –348.3 153.4 56.1 –17.9 1,563.2 1,629.3 1,655.2 1,568.0 1,434.5 1,419.5 1,469.1 83.2 –15.0 49.6 1,038.3 1,127.5 1,154.8 1,072.9 956.1 940.7 987.4 62.7 –15.4 46.7 524.9 501.7 500.4 494.9 477.2 477.4 480.7 20.4 0.2 3.3 1,950.7 2,123.5 2,134.4 2,038.9 1,821.0 1,749.8 1,817.3 –70.3 –71.2 67.5 1,572.5 1,767.3 1,777.1 1,682.6 1,474.4 1,409.4 1,475.1 –72.3 –65.0 65.7 378.2 356.5 357.7 356.9 346.2 339.5 341.8 2.3 –6.7 2.3 2,883.2 2,941.4 2,905.9 2,879.0 2,929.4 2,958.0 1,082.6 1,108.3 1,114.3 1,106.7 1,138.3 1,164.3 737.9 763.6 758.9 750.7 776.2 795.8 634.0 655.2 648.8 642.9 662.7 680.3 103.9 108.4 110.1 107.8 113.5 115.5 344.7 344.7 355.3 356.0 362.1 368.4 300.4 300.7 306.6 311.3 316.4 322.4 44.3 44.0 48.8 44.7 45.7 46.0 1,800.6 1,833.1 1,791.7 1,772.3 1,791.2 1,793.8 1,452.4 1,480.4 1,441.7 1,424.4 1,429.9 1,434.1 348.2 352.7 350.0 347.9 361.3 359.6 ............... ............... ............... .............. .............. .............. 14,476.2 15,149.2 15,183.9 14,441.4 809.2 667.3 14,583.3 12,594.3 14,583.7 15,304.2 15,341.1 14,546.7 825.6 664.8 14,707.5 12,688.5 14,391.8 14,937.8 14,982.3 14,347.3 714.4 607.4 14,454.3 12,466.4 14,305.3 14,556.5 14,683.9 14,178.0 579.6 479.7 14,277.9 12,294.4 14,327.4 14,490.3 14,666.5 14,151.2 571.3 478.6 14,243.8 12,287.2 14,448.6 14,689.0 14,836.1 14,301.5 .............. .............. .............. 12,450.0 2,518.1 975.9 659.4 561.6 98.4 316.4 273.5 43.0 1,543.7 1,251.5 292.3 –1.2 2,536.6 991.6 675.4 574.0 102.1 315.9 273.3 42.6 1,547.0 1,252.5 294.4 1.0 2,544.0 1,007.3 681.7 578.7 103.8 325.4 278.4 47.2 1,539.3 1,253.6 285.9 8.4 2,527.2 996.3 672.8 571.5 102.0 323.4 280.1 43.3 1,533.3 1,252.3 281.5 –1.1 2,568.6 1,023.5 695.2 588.2 107.8 328.2 284.0 44.3 1,548.0 1,252.7 294.9 –2.9 13,341.2 13,801.2 13,829.8 13,312.2 739.3 609.1 13,442.6 11,597.1 13,354.3 13,798.8 13,828.0 13,324.6 746.0 600.3 13,470.7 11,603.3 13,193.5 13,604.0 13,654.9 13,141.9 652.7 554.2 13,240.5 11,416.0 13,055.8 13,303.1 13,432.7 12,925.4 530.9 438.5 13,018.1 11,193.2 13,077.8 13,225.9 13,401.4 12,901.5 522.5 437.5 12,986.8 11,167.0 2,583.4 75.0 41.4 14.8 1,043.1 69.5 27.2 19.6 709.3 47.9 22.4 14.1 600.4 34.2 16.7 12.2 109.8 14.1 5.8 2.0 333.6 21.5 4.8 5.4 288.7 18.3 3.9 4.7 45.0 3.3 1.0 0.7 1,543.7 7.0 14.7 –4.3 1,246.2 8.9 0.4 –6.5 297.0 –1.7 13.4 2.1 –12.8 .............. .............. .............. 13,160.4 13,355.9 13,501.5 13,014.0 .............. .............. .............. 11,276.4 106.9 –100.4 –52.1 58.1 –72.6 –94.1 79.8 3.2 22.0 82.6 –77.2 130.0 –31.3 100.1 –23.9 112.5 –8.4 .............. –1.0 .............. –31.3 .............. –26.2 109.4 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 2006 2007 2008 2005 IV 2006 I II 2007 III IV I II 2008 III IV I II 2009 III IV I II III Gross domestic product (GDP) ................ 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 0.1 1.9 0.0 0.8 Personal consumption expenditures .................. 2.7 2.7 3.3 3.6 1.7 3.0 3.0 –0.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 –5.0 –1.5 1.4 2.8 Goods.................................................................. 1.5 1.3 3.3 1.4 –0.3 2.6 2.2 –5.8 3.2 3.7 0.3 7.0 5.2 3.8 6.8 –16.1 –6.0 2.7 5.4 Durable goods ................................................. –1.5 –1.8 –1.2 –0.7 –1.2 –1.6 –1.9 –2.0 –1.6 –1.4 –2.8 –1.4 0.0 –0.9 –1.2 –3.3 –1.7 0.3 –3.1 Nondurable goods ........................................... 3.2 2.9 5.6 2.6 0.1 5.0 4.5 –7.7 5.9 6.6 1.9 11.5 7.8 6.1 10.8 –21.5 –7.9 3.8 9.6 Services............................................................... 3.4 3.4 3.4 4.7 2.8 3.3 3.3 3.1 4.0 2.9 3.4 4.2 2.9 4.0 3.6 1.0 0.7 0.7 1.6 Gross private domestic investment..................... 4.4 2.2 0.6 5.7 4.7 3.5 2.5 3.8 2.8 0.6 0.8 1.0 –1.6 0.6 2.3 5.3 –1.8 –4.5 –5.9 Fixed investment.................................................. 4.4 2.2 0.8 5.7 4.7 3.5 2.4 3.7 2.7 0.8 0.8 1.1 –0.7 1.1 2.5 1.3 –2.0 –4.4 –4.7 Nonresidential.................................................. 3.5 2.6 1.6 4.7 3.5 3.3 3.0 3.9 3.2 1.6 0.9 1.3 –0.3 2.1 4.4 4.4 –1.3 –4.2 –4.9 Structures..................................................... 12.9 7.4 3.2 18.5 11.8 11.4 8.0 11.5 9.2 3.7 3.3 3.4 0.6 2.7 6.7 7.9 –3.5 –10.2 –10.4 Equipment and software .............................. 0.2 0.5 0.7 0.1 0.6 0.3 1.0 0.7 0.6 0.6 –0.2 0.2 –0.7 1.7 3.1 2.5 0.1 –0.6 –1.8 Residential ....................................................... 6.1 1.3 –1.6 7.7 7.1 4.1 1.3 3.4 1.5 –1.1 0.6 0.9 –1.5 –1.6 –3.8 –9.5 –4.9 –5.2 –4.0 Change in private inventories .............................. .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... Net exports of goods and services ..................... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... Exports ................................................................ 3.4 3.5 4.9 3.1 2.9 5.2 5.0 0.2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 –21.4 –12.6 0.1 4.6 Goods .............................................................. 3.3 3.6 5.0 2.7 2.7 5.5 5.5 0.9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 –25.4 –14.8 1.9 4.6 Services........................................................... 3.7 3.5 4.8 3.8 3.4 4.4 3.9 –1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 –11.9 –8.1 –3.3 4.4 Imports ................................................................ 4.1 3.7 10.7 8.1 1.6 4.2 3.1 –4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 –34.3 –28.3 4.2 10.3 Goods .............................................................. 4.2 3.7 11.4 9.7 0.8 4.0 3.2 –5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 –37.0 –31.6 5.5 11.8 Services........................................................... 3.8 3.9 7.2 –0.4 6.2 5.5 2.7 –0.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 –19.1 –12.1 –0.7 4.3 Government consumption expenditures and gross investment ............................................... 4.8 4.5 4.5 4.9 5.3 5.6 3.1 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 –5.8 –1.1 0.4 1.6 Federal ................................................................ 4.1 3.5 3.0 1.2 9.8 4.3 1.2 0.5 8.6 3.5 0.6 2.5 5.6 4.4 1.9 –4.1 1.7 0.5 1.5 National defense.............................................. 4.4 3.7 3.3 1.6 10.5 4.6 1.5 0.3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 –6.0 0.9 0.3 2.0 Nondefense ..................................................... 3.5 3.1 2.1 0.4 8.4 3.7 0.7 0.9 9.0 2.3 –0.7 0.9 6.0 1.7 0.8 0.2 3.3 0.9 0.4 State and local..................................................... 5.3 5.1 5.4 7.1 2.8 6.4 4.2 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 –6.9 –2.8 0.4 1.7 Addenda: Final sales of domestic product........................... 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 –0.5 1.8 –0.1 0.9 Gross domestic purchases.................................. 3.4 2.9 3.2 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 –3.8 –1.4 0.5 1.6 Final sales to domestic purchasers ..................... 3.4 2.9 3.2 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 –4.3 –1.5 0.5 1.6 Gross national product (GNP) ............................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 0.0 1.8 0.0 .......... Implicit price deflators: GDP ................................................................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 0.0 1.9 0.0 0.8 Gross domestic purchases .............................. 3.4 2.9 3.2 4.2 2.8 3.5 2.9 0.9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 –3.9 –1.4 0.5 1.5 GNP ................................................................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 –0.1 1.9 0.0 .......... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2006 2007 2008 2008 III 2009 IV I II III Gross domestic product ................................................................. 102.673 104.872 105.331 105.430 103.984 102.271 102.082 102.972 Personal consumption expenditures............................................................ 102.886 105.612 105.351 105.088 104.267 104.425 104.196 105.059 Goods ........................................................................................................... 103.251 106.499 104.296 103.895 101.186 101.817 101.023 103.007 Durable goods........................................................................................... 104.064 108.543 103.692 103.083 97.401 98.345 96.947 101.960 Nondurable goods..................................................................................... 102.805 105.405 104.513 104.219 102.929 103.405 102.911 103.425 Services ........................................................................................................ 102.692 105.147 105.883 105.697 105.837 105.761 105.809 106.119 Gross private domestic investment .............................................................. 102.678 98.801 91.585 91.643 85.519 71.746 67.059 68.905 Fixed investment ........................................................................................... 102.309 100.189 95.106 95.199 89.964 79.514 76.895 77.329 Nonresidential ........................................................................................... 107.913 114.617 116.502 117.210 111.040 98.061 95.623 95.015 Structures .............................................................................................. 109.180 125.495 138.392 140.191 137.603 119.243 113.716 111.074 Equipment and software........................................................................ 107.434 110.184 107.332 107.577 99.808 89.143 88.036 88.286 Residential ................................................................................................ 92.679 75.490 58.213 57.208 53.549 47.478 44.436 46.831 Change in private inventories........................................................................ .................. .................. .................. ................... .................. .................. ................... ................... Exports of goods and services ..................................................................... 108.962 118.472 124.842 126.828 120.149 109.922 108.766 112.567 Imports of goods and services ..................................................................... 106.086 108.188 104.721 105.259 100.547 89.804 86.292 89.622 Government consumption expenditures and gross investment................ 101.359 103.090 106.252 107.036 107.346 106.639 108.386 109.009 Federal.......................................................................................................... 102.127 103.434 111.362 113.152 114.946 113.693 116.801 119.033 State and local .............................................................................................. 100.910 102.886 103.355 103.576 103.061 102.660 103.640 103.356 Addenda: Final sales of domestic product .................................................................... 102.611 105.131 105.980 106.084 104.806 103.713 103.888 104.544 Gross domestic purchases ........................................................................... 102.579 104.046 103.294 103.276 101.818 99.566 98.988 99.961 Final sales to domestic purchasers............................................................... 102.520 104.288 103.896 103.883 102.583 100.913 100.678 101.430 Gross national product.................................................................................. 102.438 104.925 105.552 105.773 103.965 102.219 101.973 ................... See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2006 2007 2008 2008 III 2009 IV I II III Gross domestic product ................................................................. 103.263 106.221 108.481 109.130 109.155 109.661 109.656 109.870 Personal consumption expenditures (PCE) ................................................. 102.746 105.502 109.031 110.273 108.855 108.449 108.814 109.564 Goods ........................................................................................................... 101.508 102.789 106.150 108.451 103.784 102.186 102.864 104.227 Durable goods........................................................................................... 98.488 96.714 95.537 95.537 94.743 94.326 94.407 93.670 Nondurable goods..................................................................................... 103.215 106.250 112.188 115.759 108.971 106.739 107.736 110.240 Services ........................................................................................................ 103.411 106.964 110.582 111.275 111.542 111.749 111.954 112.387 Gross private domestic investment .............................................................. 104.371 106.677 107.355 107.350 108.738 108.245 107.019 105.406 Fixed investment ........................................................................................... 104.419 106.718 107.551 107.866 108.217 107.668 106.463 105.182 Nonresidential ........................................................................................... 103.534 106.209 107.897 108.314 109.498 109.154 107.993 106.639 Structures .............................................................................................. 112.922 121.275 125.207 125.814 128.238 127.092 123.706 120.361 Equipment and software........................................................................ 100.194 100.715 101.455 101.797 102.415 102.450 102.304 101.830 Residential ................................................................................................ 106.081 107.513 105.779 105.807 103.198 101.915 100.554 99.537 Change in private inventories........................................................................ .................. .................. .................. .................. ................... ................... .................. .................. Exports of goods and services ..................................................................... 103.447 107.103 112.389 115.638 108.871 105.265 105.284 106.464 Imports of goods and services ..................................................................... 104.144 108.017 119.559 125.203 112.730 103.746 104.821 107.417 Government consumption expenditures and gross investment................ 104.842 109.552 114.502 115.963 114.233 113.924 114.051 114.506 Federal.......................................................................................................... 104.107 107.754 110.938 111.784 110.628 111.084 111.214 111.622 State and local .............................................................................................. 105.276 110.615 116.642 118.493 116.396 115.587 115.713 116.199 Addenda: 1 PCE excluding food and energy ................................................................. 102.292 104.699 107.207 107.652 107.866 108.173 108.712 109.084 Market-based PCE 2 ..................................................................................... 102.762 105.334 108.954 110.280 108.781 108.452 108.848 109.605 Market-based PCE excluding food and energy 2 .......................................... 102.234 104.368 106.811 107.219 107.616 108.133 108.737 109.055 Final sales of domestic product .................................................................... 103.266 106.226 108.507 109.202 109.078 109.566 109.550 109.783 Gross domestic purchases ........................................................................... 103.380 106.408 109.765 110.871 109.790 109.395 109.533 109.962 Final sales to domestic purchasers............................................................... 103.384 106.412 109.792 110.940 109.718 109.311 109.437 109.882 Gross national product.................................................................................. 103.265 106.223 108.484 109.138 109.149 109.647 109.648 .................. Implicit price deflators: Gross domestic product ............................................................................ 103.257 106.214 108.483 109.172 109.172 109.691 109.686 109.893 Final sales of domestic product................................................................. 103.266 106.226 108.507 109.206 109.083 109.571 109.555 109.788 Gross domestic purchases........................................................................ 103.375 106.400 109.767 110.910 109.805 109.422 109.560 109.982 Final sales to domestic purchasers........................................................... 103.384 106.412 109.792 110.942 109.721 109.314 109.440 109.885 Gross national product .............................................................................. 103.260 106.215 108.486 109.181 109.167 109.678 109.679 .................. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. 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 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Gross domestic product (GDP) .............................................. 2.9 4.1 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 0.4 Personal consumption expenditures ................................................ 3.6 3.8 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 –0.2 Goods................................................................................................ 4.2 5.3 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 3.1 –2.1 Durable goods ............................................................................... 7.5 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.3 –4.5 Nondurable goods ......................................................................... 2.5 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.5 –0.8 Services............................................................................................. 3.2 3.0 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.4 0.7 Gross private domestic investment................................................... 8.9 13.6 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.6 10.0 5.5 2.7 –3.8 –7.3 Fixed investment................................................................................ 8.6 9.4 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.2 7.3 6.5 2.3 –2.1 –5.1 Nonresidential................................................................................ 8.7 9.2 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 0.9 6.0 6.7 7.9 6.2 1.6 Structures................................................................................... –0.6 1.8 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.9 10.3 Equipment and software ............................................................ 12.5 11.9 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 2.5 7.7 8.5 7.4 2.6 –2.6 Residential ..................................................................................... 8.2 9.7 –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.5 –22.9 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ........... Exports .............................................................................................. 3.3 8.7 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 8.7 5.4 Goods ............................................................................................ 3.3 9.7 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 7.4 5.9 Services......................................................................................... 3.3 6.4 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2 Imports .............................................................................................. 8.6 11.9 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.0 6.1 6.1 2.0 –3.2 Goods ............................................................................................ 10.0 13.4 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.0 6.8 5.9 1.7 –3.9 Services......................................................................................... 2.7 5.3 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 3.5 0.7 Government consumption expenditures and gross investment .... –0.8 0.0 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.7 3.1 Federal .............................................................................................. –3.9 –3.8 –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7 National defense............................................................................ –5.3 –4.9 –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8 Nondefense ................................................................................... –0.7 –1.4 –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.6 7.3 State and local................................................................................... 1.5 2.6 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 2.0 0.5 Addenda: Final sales of domestic product......................................................... 2.8 3.5 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 0.8 Gross domestic purchases................................................................ 3.4 4.5 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 –0.7 Final sales to domestic purchasers ................................................... 3.3 3.8 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 –0.4 Gross national product ...................................................................... 2.8 3.9 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 0.6 Real disposable personal income...................................................... 1.7 3.2 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 0.5 Price indexes: Gross domestic purchases ............................................................ 2.1 2.1 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 Gross domestic purchases excluding food and energy 1 ............... 2.2 2.2 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 GDP ............................................................................................... 2.2 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 2.2 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 GDP excluding food and energy 1.................................................. Personal consumption expenditures.............................................. 2.2 2.1 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2005 IV 2006 I II 2007 III IV I II 2008 III IV I II 2009 III IV I II III Gross domestic product (GDP) .............................................. 2.7 3.0 3.0 2.2 2.4 1.4 1.9 2.7 2.5 2.0 1.6 0.0 –1.9 –3.3 –3.8 –2.3 Personal consumption expenditures (PCE)...................................... 2.7 3.1 2.6 2.5 3.3 3.1 2.8 2.7 2.0 0.9 0.6 –0.7 –1.8 –1.5 –1.7 0.0 Goods................................................................................................ 2.9 3.7 2.5 2.5 4.3 3.4 3.3 3.3 2.6 0.3 0.1 –2.7 –5.9 –4.1 –4.7 –0.9 Durable goods ............................................................................... 2.1 5.4 2.3 2.3 6.3 3.6 4.4 4.6 4.6 0.8 –1.2 –5.4 –11.8 –8.9 –8.8 –1.1 Nondurable goods ......................................................................... 3.3 2.8 2.6 2.7 3.2 3.3 2.7 2.6 1.5 0.0 0.7 –1.2 –2.9 –1.7 –2.7 –0.8 Services............................................................................................. 2.6 2.7 2.7 2.6 2.8 2.9 2.6 2.4 1.7 1.3 0.9 0.3 0.3 –0.2 –0.2 0.4 Gross private domestic investment................................................... 5.0 4.4 6.1 3.5 –3.0 –5.8 –4.4 –2.8 –2.0 –2.3 –6.3 –8.1 –12.5 –25.2 –28.1 –24.8 Fixed investment................................................................................ 4.7 5.8 3.5 0.9 –0.8 –3.7 –2.4 –1.2 –0.9 –1.9 –3.4 –5.4 –9.6 –18.8 –21.0 –18.8 Nonresidential................................................................................ 4.4 7.8 8.2 7.8 7.8 4.5 5.5 6.8 7.9 7.3 4.8 0.9 –6.0 –17.4 –19.7 –18.9 Structures................................................................................... –0.1 2.5 8.2 13.2 13.0 12.2 12.3 16.2 18.9 16.5 14.5 7.9 3.2 –12.0 –18.9 –20.8 Equipment and software ............................................................ 6.1 9.8 8.1 5.9 6.0 1.6 2.7 2.7 3.2 3.1 0.2 –2.7 –10.7 –20.2 –20.2 –17.9 Residential ..................................................................................... 5.3 2.3 –4.5 –11.0 –15.7 –18.5 –17.5 –17.8 –20.5 –23.5 –24.2 –22.6 –21.0 –23.9 –25.6 –18.1 Change in private inventories ............................................................ ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports .............................................................................................. 6.7 8.8 8.3 8.5 10.2 7.0 6.6 11.0 10.2 9.3 11.0 5.4 –3.4 –11.6 –15.0 –11.2 Goods ............................................................................................ 8.1 10.4 8.8 9.1 9.4 5.8 5.5 9.2 9.0 9.3 11.3 7.0 –3.4 –14.8 –18.9 –14.5 Services......................................................................................... 3.6 5.4 7.3 6.9 12.0 9.7 9.0 15.3 13.0 9.1 10.4 1.9 –3.5 –4.8 –6.5 –3.9 Imports .............................................................................................. 5.2 6.5 6.6 7.2 4.1 3.3 2.0 1.7 0.9 –0.8 –1.9 –3.3 –6.8 –16.2 –18.5 –14.9 Goods ............................................................................................ 5.7 6.4 6.5 7.2 3.6 3.3 1.8 1.1 0.7 –1.4 –2.3 –3.9 –8.1 –18.8 –21.4 –17.0 Services......................................................................................... 2.3 7.2 7.0 7.0 7.1 3.3 3.4 5.2 2.0 2.6 0.2 –0.4 0.2 –3.6 –3.7 –4.5 Government consumption expenditures and gross investment .... 0.7 1.6 1.6 0.8 1.5 0.5 1.5 2.3 2.5 3.1 2.9 3.2 3.0 1.7 2.5 1.8 Federal .............................................................................................. 1.2 3.6 2.6 0.2 2.2 –2.0 0.7 3.0 3.4 6.9 7.0 7.9 8.9 5.6 6.5 5.2 National defense............................................................................ 0.4 2.1 1.6 –1.6 4.4 –0.2 1.7 4.6 2.6 6.7 6.3 8.6 9.5 6.0 7.7 5.0 Nondefense ................................................................................... 2.6 6.8 4.8 3.9 –2.3 –5.5 –1.4 –0.2 5.2 7.1 8.3 6.3 7.5 4.8 3.9 5.6 State and local................................................................................... 0.4 0.4 0.9 1.2 1.2 2.0 2.0 1.9 1.9 1.0 0.7 0.5 –0.3 –0.6 0.1 –0.2 Addenda: Final sales of domestic product......................................................... 2.7 3.3 2.5 1.8 2.8 1.8 2.2 3.0 2.7 2.1 2.1 0.5 –1.4 –2.3 –2.8 –1.5 Gross domestic purchases................................................................ 2.7 3.0 3.0 2.4 1.9 1.1 1.4 1.7 1.4 0.8 0.0 –1.2 –2.5 –4.4 –4.8 –3.2 Final sales to domestic purchasers ................................................... 2.7 3.2 2.6 2.0 2.3 1.5 1.8 2.0 1.6 0.9 0.4 –0.7 –2.1 –3.5 –3.7 –2.4 Gross national product ...................................................................... 2.7 2.8 2.8 1.8 2.4 1.3 1.8 3.3 3.3 2.8 1.9 0.1 –2.4 –3.8 –4.0 ........... Real disposable personal income...................................................... 0.6 3.7 3.9 3.8 4.6 3.1 2.3 2.3 1.0 0.0 2.2 –0.5 0.3 1.0 –0.4 1.0 Price indexes: Gross domestic purchases ............................................................ 4.0 3.8 3.9 3.4 2.6 2.9 2.8 2.6 3.5 3.3 3.5 4.0 1.9 0.7 –0.2 –0.8 Gross domestic purchases excluding food and energy 1 ............... 3.5 3.2 3.4 3.2 2.9 3.0 2.6 2.6 2.8 2.5 2.8 2.9 2.0 1.4 0.8 0.2 GDP ............................................................................................... 3.5 3.3 3.6 3.3 2.9 3.2 3.0 2.6 2.7 2.1 1.9 2.5 1.9 1.9 1.5 0.7 1 GDP excluding food and energy .................................................. 3.7 3.4 3.6 3.3 3.0 3.1 2.7 2.6 2.8 2.4 2.4 2.7 1.7 1.2 0.8 0.3 PCE ............................................................................................... 3.3 3.1 3.2 2.8 1.9 2.4 2.4 2.3 3.6 3.6 3.8 4.3 1.7 0.4 –0.2 –0.6 PCE excluding food and energy 1 .................................................. 2.3 2.1 2.3 2.5 2.3 2.5 2.2 2.2 2.5 2.4 2.5 2.6 2.0 1.7 1.6 1.3 3.2 3.1 3.3 2.9 1.8 2.2 2.3 2.0 3.5 3.6 3.7 4.6 1.9 0.6 –0.1 –0.6 Market-based PCE 2 ...................................................................... 2 Market-based PCE excluding food and energy ........................... 2.1 2.0 2.2 2.5 2.2 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.3 2.1 2.1 1.7 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2008 2008 III 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 (net) ................................................................ Current surplus of government enterprises ............................................................. Addendum: Gross domestic income ........................................................................................... 2009 IV I II III 13,398.9 721.1 648.6 13,471.3 1,660.7 –220.6 12,031.2 7,477.0 6,070.1 1,406.9 1,133.0 146.5 1,608.3 652.2 935.5 83.0 –4.2 14,077.6 861.8 746.0 14,193.3 1,760.0 –14.8 12,448.2 7,856.5 6,402.6 1,453.8 1,096.4 144.9 1,541.7 739.2 974.0 102.2 –6.6 14,441.4 809.2 667.3 14,583.3 1,847.1 101.0 12,635.2 8,037.4 6,540.8 1,496.6 1,106.3 210.4 1,360.4 815.1 993.8 118.8 –6.9 14,546.7 825.6 664.8 14,707.5 1,858.2 68.3 12,781.0 8,069.1 6,567.7 1,501.4 1,114.4 222.2 1,454.6 806.1 1,005.7 116.0 –6.9 14,347.3 714.4 607.4 14,454.3 1,881.0 139.4 12,433.9 8,030.3 6,523.5 1,506.8 1,083.6 236.7 1,123.6 854.7 982.1 131.8 –8.9 14,178.0 579.6 479.7 14,277.9 1,883.6 185.4 12,208.9 7,825.8 6,327.8 1,498.0 1,037.8 245.9 1,182.7 826.2 963.2 137.9 –10.7 14,151.2 571.3 478.6 14,243.8 1,864.0 249.8 12,129.9 7,727.8 6,230.9 1,496.9 1,028.0 262.0 1,226.5 784.4 964.6 145.4 –8.8 14,301.5 ................. ................. ................. 1,851.6 ................. ................. 7,726.9 6,226.4 1,500.5 1,038.3 279.2 ................. 764.6 960.3 124.5 –6.3 13,619.5 14,092.5 14,340.4 14,478.4 14,207.9 13,992.5 13,901.3 ................. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2008 2008 III Personal income 1 ..................................................................................................... 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, domestic .............................. Less: Personal current taxes ....................................................................................... Equals: Disposable personal income ...................................................................... Less: Personal outlays................................................................................................. Equals: Personal saving ........................................................................................... Personal saving as a percentage of disposable personal income ........................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................ 2009 IV I II III 11,268.1 7,475.7 6,068.9 1,406.9 1,133.0 29.3 1,103.6 146.5 1,829.7 1,127.5 702.2 1,605.0 921.8 1,352.4 9,915.7 9,680.7 235.0 2.4 11,894.1 7,862.7 6,408.9 1,453.8 1,096.4 39.4 1,056.9 144.9 2,031.5 1,266.4 765.1 1,718.0 959.3 1,490.9 10,403.1 10,224.3 178.9 1.7 12,238.8 8,042.4 6,545.9 1,496.6 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 990.6 1,432.4 10,806.4 10,520.0 286.4 2.7 12,286.6 8,069.1 6,567.7 1,501.4 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 994.9 1,437.3 10,849.3 10,613.6 235.7 2.2 12,233.5 8,050.3 6,543.5 1,506.8 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 993.3 1,434.3 10,799.1 10,389.9 409.2 3.8 11,952.7 7,805.8 6,307.8 1,498.0 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 969.7 1,187.3 10,765.4 10,362.3 403.1 3.7 11,971.8 7,727.8 6,230.9 1,496.9 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 959.7 1,068.2 10,903.6 10,370.5 533.1 4.9 11,956.3 7,726.9 6,226.4 1,500.5 1,038.3 28.5 1,009.8 279.2 1,739.9 1,233.9 506.0 2,131.3 959.3 1,073.0 10,883.2 10,518.7 364.6 3.3 9,404.8 9,650.7 9,645.4 9,860.6 9,504.6 9,911.3 9,442.0 9,838.3 9,494.4 9,920.4 9,188.7 9,926.4 9,034.8 10,020.0 8,967.1 9,933.0 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2006 2007 2008 2005 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 4 ................................... GDP excluding final sales of computers.......................... Gross domestic purchases.............................................. Gross domestic purchases excluding food and energy 4 Gross domestic purchases excluding final sales of computers to domestic purchasers.............................. Personal consumption expenditures (PCE)..................... PCE excluding food and energy 4 .................................... Market-based PCE 5........................................................ Market-based PCE excluding food and energy 5 ............. 2.7 5.2 2.3 –1.6 –1.2 2.8 25.2 2.5 –2.8 3.1 2006 I 2.1 0.4 2.1 5.4 3.7 0.4 5.1 11.8 2.6 1.5 0.8 3.4 –4.4 –5.9 1.7 0.9 –1.3 –18.4 –27.0 14.4 2.2 1.0 3.3 5.1 22.1 21.3 35.0 33.3 2.0 0.3 1.9 5.2 –7.6 12.9 –11.3 –26.6 2.3 –0.1 2.4 6.8 II 2007 III IV 1.4 0.1 3.0 1.8 0.0 7.2 2.0 2.0 3.6 –2.5 –9.8 –10.5 –7.6 4.0 –10.2 1.8 0.0 3.4 19.1 12.5 22.4 1.3 0.0 2.8 71.6 –26.2 –13.2 1.0 –0.1 4.2 I II 2008 III IV I II 1.2 3.2 3.6 2.1 –0.7 1.5 –0.8 6.2 7.2 7.6 –1.8 1.5 2.7 2.1 3.1 1.8 1.5 1.5 –2.2 2.3 –2.1 –9.4 –10.7 1.3 –0.8 6.2 3.5 –10.3 –21.6 –36.2 1.3 3.1 3.6 2.5 –0.1 2.6 3.1 28.4 60.9 33.7 9.8 29.1 1.2 3.1 3.3 2.0 –0.8 1.3 –6.4 –14.5 –15.0 34.6 40.7 –15.8 0.9 3.7 3.9 1.8 –1.7 1.3 2009 III IV I –2.7 –5.4 –6.4 –7.0 –16.4 –8.7 –0.4 0.7 –0.9 –5.5 –12.9 –34.0 –6.6 –50.5 –64.5 –2.6 –4.1 –4.9 –3.6 2.9 11.2 –2.7 –5.4 –6.5 24.4 27.9 –3.3 –4.0 –7.6 –8.8 II III –0.7 3.5 –3.2 9.0 1.5 1.4 –9.7 4.0 13.3 157.6 –0.9 1.9 –7.3 –19.5 –0.7 3.7 4.0 21.2 –1.1 4.0 3.3 3.3 3.4 3.4 3.2 2.9 2.8 3.0 2.9 2.7 2.1 2.3 2.2 3.2 2.6 3.4 4.0 3.5 4.1 3.6 3.0 3.2 3.1 2.8 3.1 3.6 3.6 3.8 3.6 3.5 3.1 2.5 3.2 2.9 2.5 1.8 2.4 1.9 1.0 2.4 4.2 3.8 4.3 4.2 3.6 2.7 2.2 2.8 3.1 2.2 1.6 1.9 1.8 2.2 2.1 2.3 3.2 2.5 4.6 3.3 1.9 2.4 2.0 3.4 2.7 1.8 2.2 2.0 3.9 3.0 4.0 2.9 4.1 4.3 2.9 0.1 –0.8 0.2 –3.8 –0.6 1.9 0.5 1.9 –1.4 0.2 0.0 0.8 0.1 0.5 0.8 0.8 0.8 0.9 1.6 0.5 3.6 2.7 2.3 2.8 2.2 3.1 2.7 2.4 2.5 2.1 3.3 3.3 2.4 3.4 2.3 4.3 3.6 2.7 3.6 2.5 3.0 1.7 2.0 1.8 2.1 3.8 3.0 2.9 3.0 2.9 3.0 3.0 2.3 3.1 2.3 1.1 –0.1 2.1 –0.7 1.6 4.3 3.7 2.8 3.6 2.5 3.2 3.2 1.8 3.3 1.6 2.3 2.3 2.3 1.8 1.6 4.7 5.1 3.1 5.2 2.8 3.5 3.7 2.4 4.0 2.6 4.0 3.9 2.4 4.0 2.3 4.4 4.7 2.6 5.1 2.7 –3.8 –5.0 0.8 –5.3 1.5 –1.4 –1.5 1.1 –1.2 1.9 0.6 1.4 2.0 1.5 2.3 1.7 2.8 1.4 2.8 1.2 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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. 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 2005 -- 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 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 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 the percent change 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 (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 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