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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 22, 2009 Lisa Mataloni: (202) 606-5304 (GDP) Andrew Hodge: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 BEA 09-57 GROSS DOMESTIC PRODUCT: THIRD QUARTER 2009 (THIRD ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2009 (REVISED 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 2.2 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.8 percent (see "Revisions" on page 3). 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 that were partly offset by a negative contribution from nonresidential 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 exports, in private inventory investment, 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. 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 - - 2Motor vehicle output added 1.45 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 0.08 percentage point from the third-quarter change in real GDP after subtracting 0.04 percentage point from the second-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the third quarter, 0.1 percentage point less than the second estimate; this index increased 0.5 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 0.3 percent in the third quarter, compared with an increase of 0.8 percent in the second. Real personal consumption expenditures increased 2.8 percent in the third quarter, in contrast to a decrease of 0.9 percent in the second. Real nonresidential fixed investment decreased 5.9 percent, compared with a decrease of 9.6 percent. Nonresidential structures decreased 18.4 percent, compared with a decrease of 17.3 percent. Equipment and software increased 1.5 percent, in contrast to a decrease of 4.9 percent. Real residential fixed investment increased 18.9 percent, in contrast to a decrease of 23.3 percent. Real exports of goods and services increased 17.8 percent in the third quarter, in contrast to a decrease of 4.1 percent in the second. Real imports of goods and services increased 21.3 percent, in contrast to a decrease of 14.7 percent. Real federal government consumption expenditures and gross investment increased 8.0 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 7.0 percent, compared with an increase of 6.1 percent. Real state and local government consumption expenditures and gross investment decreased 0.6 percent, in contrast to an increase of 3.9 percent. The change in real private inventories added 0.69 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 $139.2 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 1.5 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 3.0 percent in the third quarter, in contrast to a decrease of 2.3 percent in the second. - more - - 3Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 3.0 percent in the third quarter, in contrast to a decrease of 1.0 percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $25.7 billion in the third quarter after decreasing $7.4 billion in the second; in the third quarter, receipts increased $15.7 billion, and payments decreased $10.0 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 2.6 percent, or $90.9 billion, in the third quarter to a level of $14,242.1 billion. In the second quarter, current-dollar GDP decreased 0.8 percent, or $26.8 billion. Revisions The "third" estimate of the third-quarter increase in real GDP is 0.6 percentage point, or $17.3 billion, lower than the second estimate issued last month, primarily reflecting downward revisions to nonresidential fixed investment, to private inventory investment, and to personal consumption expenditures. Second Estimate Third Estimate Advance Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 3.5 4.3 1.6 2.8 3.3 1.4 2.2 2.6 1.3 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $132.4 billion in the third quarter, compared with an increase of $43.8 billion in the second quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $28.4 billion in the third quarter, in contrast to a decrease of $30.5 billion in the second. Taxes on corporate income increased $15.1 billion in the third quarter, compared with an increase of $35.6 billion in the second. Profits after tax with inventory valuation and capital consumption adjustments increased $117.3 billion in the third quarter, compared with an increase of $8.2 billion in - more - - 4the second. Dividends decreased $6.1 billion, compared with a decrease of $62.1 billion; currentproduction undistributed profits increased $123.5 billion, compared with an increase of $70.3 billion. Domestic profits of financial corporations increased $82.8 billion in the third quarter, compared with an increase of $28.5 billion in the second. Domestic profits of nonfinancial corporations increased $27.6 billion in the third quarter, compared with an increase of $29.8 billion in the second. In the third quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added increased. The increase in unit profits reflected decreases in both unit nonlabor and labor costs that more than offset a decrease in unit prices. The rest-of-the-world component of profits increased $22.0 billion in the third quarter, in contrast to a decrease of $14.6 billion in the second. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter increase was accounted for by a larger increase in receipts than in payments. Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits of both financial and nonfinancial corporations increased in the third quarter. The increase in nonfinancial corporations reflected increases in utilities, information, "other" nonfinancial, retail trade, and transportation and warehousing that were partly offset by decreases in wholesale trade and manufacturing. Within manufacturing, the largest decrease was in “other” durable goods, and the largest increase was in motor vehicles. Profits before tax increased $157.9 billion in the third quarter, compared with an increase of $90.6 billion in the second. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment increased $9.7 billion in the third quarter (from -$128.6 billion to -$118.9 billion), compared with an increase of $16.3 billion in the second. The inventory valuation adjustment decreased $35.2 billion (from $18.1 billion to -$17.1 billion), compared with a decrease of $63.0 billion. - more - - 5BEA’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 -- January 29, 2010, at 8:30 A.M. EST for: Gross Domestic Product: Fourth Quarter 2009 (Advance Estimate) * * * Release dates in 2010 Gross Domestic Product 2009: IV and 2009 annual 2010: I 2010: II January 29 February 26 March 26 April 30 May 27 June 25 July 30 October 29 August 27 November 23 September 30 December 22 ……….. March 26 May 27 June 25 August 27 November 23 September 30 December 22 Advance…… Second…….. Third………. 2010: III Corporate Profits Preliminary... Revised……. - 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 r 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 2.2 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 2.8 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 7.2 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 20.4 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 1.5 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 0.8 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 5.0 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 –1.3 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 –5.9 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 –18.4 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 1.5 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 18.9 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 17.8 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 24.6 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 5.6 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 21.3 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 25.1 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 7.0 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 2.6 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 8.0 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 7.0 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 –0.6 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 1.5 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 3.0 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 2.3 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 3.0 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 6.2 –1.4 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 2.6 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 2.0 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 4.3 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 3.7 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 3.4 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 7.7 1.2 r Revised 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.................................. r Revised 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 r 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 2.2 –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 1.96 1.59 1.36 0.81 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 0.12 0.37 0.06 0.23 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 0.21 –0.01 –0.04 0.07 0.37 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 0.24 0.07 0.02 0.08 –0.08 –0.09 0.17 0.07 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 0.13 –0.04 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 –0.17 0.54 –0.15 –0.59 –0.68 0.10 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 0.27 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 0.05 0.09 0.13 –0.15 0.10 –0.12 0.43 0.69 –0.01 0.70 –0.81 1.78 1.58 0.20 –2.59 –2.41 –0.18 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 0.55 0.62 0.45 0.36 0.09 0.17 0.14 0.04 –0.08 –0.20 0.12 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 1.60 0.70 –0.06 1.45 –0.08 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 r 2008 III 2008 2009 IV I II III r 14,441.4 14,546.7 14,347.3 14,178.0 14,151.2 14,242.1 13,312.2 13,324.6 13,141.9 12,925.4 12,901.5 12,973.0 10,129.9 10,220.1 10,009.8 9,987.7 9,999.3 10,132.9 9,290.9 9,267.7 9,195.3 9,209.2 9,189.0 9,252.6 3,403.2 3,463.0 3,227.5 3,197.7 3,193.8 3,292.3 3,206.0 3,193.6 3,110.4 3,129.8 3,105.4 3,159.6 1,095.2 1,088.5 1,019.9 1,025.2 1,011.5 1,051.3 1,146.3 1,139.6 1,076.8 1,087.2 1,071.7 1,122.7 342.3 332.7 296.4 300.6 299.5 331.7 347.5 337.8 306.2 311.2 306.2 335.2 2009 II III r 58.1 –23.0 –67.7 –53.6 –54.9 –23.9 –20.2 –24.4 –15.5 –5.0 71.5 63.6 54.2 51.0 29.0 270.1 339.9 142.8 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 2,182.2 251.6 326.8 141.3 2,241.0 275.5 403.0 128.0 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 2,025.7 258.4 414.8 124.9 2,033.3 –8.1 20.6 –6.5 –17.5 –5.2 –4.7 –0.6 –9.8 4.2 16.4 2.0 7.6 784.3 337.5 413.0 773.2 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 6,805.6 789.4 324.8 324.4 802.3 6,840.6 700.7 345.0 287.4 728.7 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 6,078.8 700.1 326.7 292.7 716.7 6,090.6 0.0 –0.9 –13.3 –0.7 42.3 6.1 –7.1 0.8 –10.2 2.8 6.6 –0.2 –1.3 2.2 11.8 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 6,575.7 1,872.5 1,633.0 306.3 382.5 603.7 832.4 945.3 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 5,834.3 1,654.0 1,448.6 265.0 343.6 527.9 761.8 834.6 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 7.6 2.2 0.4 2.5 –2.7 –2.6 5.7 2.2 278.7 1,049.4 282.6 1,055.2 288.2 1,066.1 268.0 1,060.8 259.7 1,065.8 264.9 1,070.7 266.6 956.7 268.4 957.2 275.4 965.1 259.4 957.8 252.0 958.2 256.5 957.0 21.7 32.1 –7.4 0.4 4.5 –1.2 770.7 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 1,391.8 494.8 897.0 805.8 1,556.1 1,712.6 1,353.9 457.9 895.9 691.0 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 1,288.4 400.0 876.5 700.5 1,474.4 1,626.7 1,269.0 380.2 879.8 11.0 –156.8 –107.9 25.4 45.4 –28.4 7.0 –101.8 –55.6 –32.8 –19.4 –11.0 –5.2 17.7 –5.2 –19.4 –19.8 3.3 562.9 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 1,461.1 371.7 519.0 588.8 594.5 567.6 537.5 544.8 554.9 33.1 7.3 10.1 72.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. 241.4 257.0 258.3 252.2 235.5 236.2 239.2 15.5 0.7 3.0 205.1 211.1 216.7 204.3 195.8 199.1 203.9 8.8 3.3 4.8 146.5 174.7 173.7 167.2 140.8 135.2 130.4 –6.2 –5.6 –4.8 73.2 128.9 121.7 90.9 59.8 62.7 66.0 –48.5 2.9 3.3 157.2 180.3 185.4 172.6 157.3 144.0 140.1 –3.8 –13.3 –3.9 358.8 451.1 443.3 415.0 367.9 344.4 359.6 –133.9 –23.5 15.2 –156.5 –25.9 –29.7 –37.4 –113.9 –160.2 –139.2 –45.4 –46.3 21.0 0.0 –5.3 –5.0 –1.9 0.3 2.2 1.9 –4.5 1.9 –0.3 –156.5 –20.4 –24.5 –35.7 –114.9 –163.1 –141.4 –40.8 –48.2 21.7 –402.2 –494.3 –479.2 –470.9 –386.5 –330.4 –357.4 153.4 56.1 –27.0 1,573.8 1,629.3 1,655.2 1,568.0 1,434.5 1,419.5 1,478.8 83.2 –15.0 59.3 1,045.2 1,127.5 1,154.8 1,072.9 956.1 940.7 993.9 62.7 –15.4 53.2 528.5 501.7 500.4 494.9 477.2 477.4 483.9 20.4 0.2 6.5 1,976.0 2,123.5 2,134.4 2,038.9 1,821.0 1,749.8 1,836.2 –70.3 –71.2 86.4 1,592.8 1,767.3 1,777.1 1,682.6 1,474.4 1,409.4 1,490.6 –72.3 –65.0 81.2 383.1 356.5 357.7 356.9 346.2 339.5 345.3 2.3 –6.7 5.8 2,883.2 2,941.4 2,905.9 2,879.0 2,929.4 2,955.4 1,082.6 1,108.3 1,114.3 1,106.7 1,138.3 1,164.3 737.9 763.6 758.9 750.7 776.2 795.8 634.0 655.2 648.8 642.9 662.7 679.3 103.9 108.4 110.1 107.8 113.5 116.5 344.7 344.7 355.3 356.0 362.1 368.5 300.4 300.7 306.6 311.3 316.4 321.9 44.3 44.0 48.8 44.7 45.7 46.6 1,800.6 1,833.1 1,791.7 1,772.3 1,791.2 1,791.1 1,452.4 1,480.4 1,441.7 1,424.4 1,429.9 1,429.8 348.2 352.7 350.0 347.9 361.3 361.3 ............... ............... ............... .............. .............. .............. 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 14,398.7 14,644.3 14,800.9 14,242.1 590.6 469.1 14,363.7 12,391.4 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 2,585.5 75.0 41.4 16.9 1,043.3 69.5 27.2 19.8 709.3 47.9 22.4 14.1 599.6 34.2 16.7 11.4 110.7 14.1 5.8 2.9 333.8 21.5 4.8 5.6 288.3 18.3 3.9 4.3 45.5 3.3 1.0 1.2 1,545.5 7.0 14.7 –2.5 1,246.6 8.9 0.4 –6.1 298.4 –1.7 13.4 3.5 –13.7 .............. .............. .............. 13,127.2 13,323.8 13,477.2 12,973.0 538.2 427.5 13,084.0 11,235.2 106.9 –100.4 –52.1 58.1 –72.6 –94.1 79.8 3.2 22.0 –77.2 –31.3 –23.9 –8.4 –1.0 –31.3 –26.2 49.4 97.9 75.8 71.5 15.7 –10.0 97.2 68.2 r Revised 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 r 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 0.4 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 2.6 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 1.3 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 –5.7 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 –4.4 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 –10.1 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 –1.9 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 –2.7 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 4.5 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 11.4 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 12.9 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 5.5 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 0.9 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 1.4 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 1.9 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 0.3 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 0.6 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 0.5 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 1.3 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 1.4 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 0.4 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 0.4 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 1.3 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 0.4 r Revised 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 r Gross domestic product ................................................................. 102.673 104.872 105.331 105.430 103.984 102.271 102.082 102.648 Personal consumption expenditures............................................................ 102.886 105.612 105.351 105.088 104.267 104.425 104.196 104.917 Goods ........................................................................................................... 103.251 106.499 104.296 103.895 101.186 101.817 101.023 102.789 Durable goods........................................................................................... 104.064 108.543 103.692 103.083 97.401 98.345 96.947 101.561 Nondurable goods..................................................................................... 102.805 105.405 104.513 104.219 102.929 103.405 102.911 103.295 Services ........................................................................................................ 102.692 105.147 105.883 105.697 105.837 105.761 105.809 106.014 Gross private domestic investment .............................................................. 102.678 98.801 91.585 91.643 85.519 71.746 67.059 67.874 Fixed investment ........................................................................................... 102.309 100.189 95.106 95.199 89.964 79.514 76.895 76.647 Nonresidential ........................................................................................... 107.913 114.617 116.502 117.210 111.040 98.061 95.623 94.183 Structures .............................................................................................. 109.180 125.495 138.392 140.191 137.603 119.243 113.716 108.074 Equipment and software........................................................................ 107.434 110.184 107.332 107.577 99.808 89.143 88.036 88.370 Residential ................................................................................................ 92.679 75.490 58.213 57.208 53.549 47.478 44.436 46.403 Change in private inventories........................................................................ .................. .................. .................. ................... .................. .................. ................... ................... Exports of goods and services ..................................................................... 108.962 118.472 124.842 126.828 120.149 109.922 108.766 113.315 Imports of goods and services ..................................................................... 106.086 108.188 104.721 105.259 100.547 89.804 86.292 90.554 Government consumption expenditures and gross investment................ 101.359 103.090 106.252 107.036 107.346 106.639 108.386 109.097 Federal.......................................................................................................... 102.127 103.434 111.362 113.152 114.946 113.693 116.801 119.057 State and local .............................................................................................. 100.910 102.886 103.355 103.576 103.061 102.660 103.640 103.479 Addenda: Final sales of domestic product .................................................................... 102.611 105.131 105.980 106.084 104.806 103.713 103.888 104.280 Gross domestic purchases ........................................................................... 102.579 104.046 103.294 103.276 101.818 99.566 98.988 99.721 Final sales to domestic purchasers............................................................... 102.520 104.288 103.896 103.883 102.583 100.913 100.678 101.247 Gross national product.................................................................................. 102.438 104.925 105.552 105.773 103.965 102.219 101.973 102.737 r Revised 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 r Gross domestic product ................................................................. 103.263 106.221 108.481 109.130 109.155 109.661 109.656 109.763 Personal consumption expenditures (PCE) ................................................. 102.746 105.502 109.031 110.273 108.855 108.449 108.814 109.510 Goods ........................................................................................................... 101.508 102.789 106.150 108.451 103.784 102.186 102.864 104.216 Durable goods........................................................................................... 98.488 96.714 95.537 95.537 94.743 94.326 94.407 93.660 Nondurable goods..................................................................................... 103.215 106.250 112.188 115.759 108.971 106.739 107.736 110.227 Services ........................................................................................................ 103.411 106.964 110.582 111.275 111.542 111.749 111.954 112.312 Gross private domestic investment .............................................................. 104.371 106.677 107.355 107.350 108.738 108.245 107.019 105.465 Fixed investment ........................................................................................... 104.419 106.718 107.551 107.866 108.217 107.668 106.463 105.265 Nonresidential ........................................................................................... 103.534 106.209 107.897 108.314 109.498 109.154 107.993 106.656 Structures .............................................................................................. 112.922 121.275 125.207 125.814 128.238 127.092 123.706 120.451 Equipment and software........................................................................ 100.194 100.715 101.455 101.797 102.415 102.450 102.304 101.802 Residential ................................................................................................ 106.081 107.513 105.779 105.807 103.198 101.915 100.554 99.863 Change in private inventories........................................................................ .................. .................. .................. .................. ................... ................... .................. .................. Exports of goods and services ..................................................................... 103.447 107.103 112.389 115.638 108.871 105.265 105.284 106.473 Imports of goods and services ..................................................................... 104.144 108.017 119.559 125.203 112.730 103.746 104.821 107.688 Government consumption expenditures and gross investment................ 104.842 109.552 114.502 115.963 114.233 113.924 114.051 114.312 Federal.......................................................................................................... 104.107 107.754 110.938 111.784 110.628 111.084 111.214 111.601 State and local .............................................................................................. 105.276 110.615 116.642 118.493 116.396 115.587 115.713 115.889 Addenda: 1 PCE excluding food and energy ................................................................. 102.292 104.699 107.207 107.652 107.866 108.173 108.712 109.027 Market-based PCE 2 ..................................................................................... 102.762 105.334 108.954 110.280 108.781 108.452 108.848 109.606 Market-based PCE excluding food and energy 2 .......................................... 102.234 104.368 106.811 107.219 107.616 108.133 108.737 109.060 Final sales of domestic product .................................................................... 103.266 106.226 108.507 109.202 109.078 109.566 109.550 109.681 Gross domestic purchases ........................................................................... 103.380 106.408 109.765 110.871 109.790 109.395 109.533 109.895 Final sales to domestic purchasers............................................................... 103.384 106.412 109.792 110.940 109.718 109.311 109.437 109.819 Gross national product.................................................................................. 103.265 106.223 108.484 109.138 109.149 109.647 109.648 109.760 Implicit price deflators: Gross domestic product ............................................................................ 103.257 106.214 108.483 109.172 109.172 109.691 109.686 109.783 Final sales of domestic product................................................................. 103.266 106.226 108.507 109.206 109.083 109.571 109.555 109.686 Gross domestic purchases........................................................................ 103.375 106.400 109.767 110.910 109.805 109.422 109.560 109.911 Final sales to domestic purchasers........................................................... 103.384 106.412 109.792 110.942 109.721 109.314 109.440 109.822 Gross national product .............................................................................. 103.260 106.215 108.486 109.181 109.167 109.678 109.679 109.780 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. 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 r 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 –2.6 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 –0.2 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 –1.1 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 –1.5 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 –0.9 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 0.3 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 –25.9 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 –19.5 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 –19.6 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 –22.9 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 –18.9 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 –10.7 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 –13.9 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 –3.3 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 –14.0 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 –16.1 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 –3.5 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 1.9 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 5.7 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 –0.1 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 –1.7 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 –3.4 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 –2.5 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 –2.9 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 0.2 2.1 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 –0.9 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 0.6 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 0.2 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 –0.7 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 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. 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 r 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 1,864.0 161.7 12,218.1 7,815.9 6,313.1 1,502.8 1,028.0 262.0 1,226.5 784.4 964.6 145.4 –8.8 14,242.1 590.6 469.1 14,363.7 1,850.7 163.2 12,349.7 7,841.5 6,333.2 1,508.3 1,037.9 277.9 1,358.9 759.7 955.4 124.8 –6.3 13,619.5 14,092.5 14,340.4 14,478.4 14,207.9 13,992.5 13,989.5 14,078.9 r Revised 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 r 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 12,048.8 7,815.9 6,313.1 1,502.8 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 970.9 1,082.6 10,966.2 10,370.5 595.7 5.4 12,083.9 7,841.5 6,333.2 1,508.3 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 974.0 1,086.1 10,997.8 10,502.8 495.0 4.5 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 9,105.5 10,077.5 9,082.3 10,042.3 r Revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), 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. Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2006 2007 2008 2007 2008 Corporate profits with inventory valuation and capital consumption adjustments .......................... Less: Taxes on corporate income................................... Equals: Profits after tax with inventory valuation and capital consumption adjustments ................... Net dividends.............................................................. Undistributed profits with inventory valuation and capital consumption adjustments............................ Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment Undistributed profits with inventory valuation and capital consumption adjustments........................ Consumption of fixed capital................................... Less: Capital transfers paid (net) ............................ Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .......................... Profits after tax (without inventory valuation and capital consumption adjustments) .......................... Inventory valuation adjustment................................... Capital consumption adjustment ................................ Quarter one year ago Quarterly rates 2008 2009 2008 III IV I II III r 2009 IV I II 2009 III r III r 1,608.3 473.3 1,541.7 451.5 1,360.4 292.2 1,454.6 304.8 1,123.6 223.3 1,182.7 270.3 1,226.5 305.9 1,358.9 321.0 –4.1 –4.6 –11.8 –35.3 –22.8 –26.7 5.3 21.1 3.7 13.2 10.8 4.9 –6.6 5.3 1,135.0 704.8 1,090.2 767.8 1,068.2 689.9 1,149.8 676.6 900.4 669.9 912.4 618.1 920.6 556.0 1,037.9 549.9 –4.0 8.9 –2.0 –10.1 –21.7 –1.0 1.3 –7.7 0.9 –10.0 12.7 –1.1 –9.7 –18.7 430.3 322.4 378.3 473.2 230.5 294.2 364.5 488.0 –25.1 17.4 –51.3 27.7 23.9 33.9 3.1 1,356.1 1,303.4 1,478.4 1,499.4 1,559.2 1,575.4 1,544.9 1,573.3 –3.9 13.4 4.0 1.0 –1.9 1.8 4.9 430.3 925.9 0.0 322.4 981.0 0.0 378.3 1,036.8 –63.3 473.2 1,043.9 17.7 230.5 1,058.1 –270.7 294.2 1,058.2 –223.0 364.5 1,043.0 –137.3 488.0 –25.1 17.4 –51.3 27.7 23.9 33.9 3.1 1,032.5 6.0 5.7 1.4 0.0 –1.4 –1.0 –1.1 –52.9 ............. .............. ............. .............. .............. .............. .............. 1,822.7 1,774.4 1,462.7 1,576.6 1,060.1 1,246.5 1,337.1 1,495.0 1,349.5 –38.0 –176.4 1,322.8 –44.0 –188.7 1,170.6 –38.2 –64.1 1,271.9 –54.5 –67.6 836.8 139.2 –75.6 976.1 81.1 –144.9 1,031.1 18.1 –128.6 1,173.9 –2.0 –11.5 –34.2 16.6 5.6 13.8 –7.7 –17.1 ............. .............. ............. .............. .............. .............. .............. –118.9 ............. .............. ............. .............. .............. .............. .............. –2.7 –17.6 –32.8 17.6 7.3 11.8 –5.2 r Revised Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2008 2006 2007 2008 2008 III Corporate profits with inventory valuation and capital consumption adjustments................... Domestic industries..................................................... Financial ..................................................................... Nonfinancial................................................................ Rest of the world .......................................................... Receipts from the rest of the world............................. Less: Payments to the rest of the world...................... Corporate profits with inventory valuation adjustment......................................................... Domestic industries..................................................... Financial ..................................................................... Federal Reserve banks........................................... Other financial......................................................... Nonfinancial................................................................ Utilities .................................................................... Manufacturing ......................................................... Durable goods..................................................... Fabricated metal products............................... Machinery ....................................................... Computer and electronic products .................. Electrical equipment, appliances, and components................................................. Motor vehicles, bodies and trailers, and parts Other durable goods........................................ Nondurable goods............................................... Food and beverage and tobacco products ...... Petroleum and coal products........................... Chemical products .......................................... Other nondurable goods.................................. Wholesale trade...................................................... Retail trade ............................................................. Transportation and warehousing............................. Information.............................................................. Other nonfinancial................................................... Rest of the world .......................................................... 2009 IV I II 2007 2009 2008 III r IV I II III r 1,608.3 1,351.5 427.6 923.9 256.8 434.4 177.6 1,541.7 1,193.9 347.0 846.9 347.8 504.5 156.8 1,360.4 983.2 271.6 711.6 377.2 544.2 167.0 1,454.6 1,057.4 289.8 767.6 397.2 558.5 161.3 1,123.6 791.3 121.9 669.4 332.4 479.1 146.8 1,182.7 867.0 237.8 629.2 315.8 402.2 86.4 1,226.5 925.3 266.3 659.0 301.2 409.9 108.7 1,358.9 1,035.7 349.1 686.6 323.2 440.8 117.6 –66.6 –157.6 –80.6 –77.0 91.0 70.1 –20.8 –181.3 –210.7 –75.4 –135.3 29.4 39.7 10.2 –331.0 –266.1 –167.9 –98.2 –64.8 –79.4 –14.5 59.1 75.7 115.9 –40.2 –16.6 –76.9 –60.4 43.8 58.3 28.5 29.8 –14.6 7.7 22.3 132.4 110.4 82.8 27.6 22.0 30.9 8.9 1,784.7 1,527.8 448.0 33.8 414.1 1,079.9 54.4 304.5 118.9 18.7 19.2 17.4 1,730.4 1,382.6 367.8 37.7 330.1 1,014.9 49.1 278.6 96.1 21.3 19.8 11.2 1,424.5 1,047.3 278.9 35.7 243.2 768.4 40.1 175.5 30.7 17.6 16.1 4.7 1,522.2 1,125.0 297.5 34.6 262.9 827.5 43.5 205.7 40.5 17.7 14.6 0.1 1,199.3 866.9 130.3 41.1 89.2 736.6 40.8 148.6 1.5 19.2 19.6 2.2 1,327.6 1,011.9 253.9 28.8 225.1 758.0 53.6 121.6 8.0 19.3 12.8 3.2 1,355.1 1,053.9 280.7 46.1 234.6 773.3 53.4 132.3 11.9 13.7 10.4 3.9 1,477.8 1,154.6 362.4 57.6 304.8 792.2 61.5 129.7 6.7 10.9 8.1 3.1 –54.3 –145.2 –80.2 3.9 –84.0 –65.0 –5.3 –25.9 –22.8 2.6 0.6 –6.2 –305.9 –335.3 –88.9 –2.0 –86.9 –246.5 –9.0 –103.1 –65.4 –3.7 –3.7 –6.5 –322.9 –258.1 –167.2 6.5 –173.7 –90.9 –2.7 –57.1 –39.0 1.5 5.0 2.1 128.3 145.0 123.6 –12.3 135.9 21.4 12.8 –27.0 6.5 0.1 –6.8 1.0 27.5 42.0 26.8 17.3 9.5 15.3 –0.2 10.7 3.9 –5.6 –2.4 0.7 122.7 100.7 81.7 11.5 70.2 18.9 8.1 –2.6 –5.2 –2.8 –2.3 –0.8 11.5 –6.8 58.9 185.7 32.5 76.6 52.5 24.0 103.7 133.2 42.1 92.4 349.6 256.8 –1.1 –16.4 61.3 182.6 30.2 77.8 51.9 22.7 102.2 121.6 30.0 90.3 343.0 347.8 –4.1 –47.5 43.9 144.9 33.7 66.5 31.3 13.3 75.1 78.2 11.4 84.7 303.4 377.2 –2.6 –45.4 56.2 165.2 37.3 79.3 39.1 9.5 85.8 77.1 9.2 81.9 324.4 397.2 –8.4 –53.4 22.3 147.1 31.3 79.7 21.7 14.4 111.5 79.7 11.5 63.6 280.8 332.4 –6.3 –54.8 33.9 113.6 34.7 29.4 29.6 19.8 94.0 83.1 6.7 95.4 303.6 315.8 –9.1 –38.5 31.5 120.4 33.1 15.2 39.4 32.8 87.5 95.1 1.3 99.4 304.2 301.2 –9.6 –16.6 10.8 122.9 35.1 15.8 37.4 34.5 80.6 98.8 4.8 107.0 309.9 323.2 –12.6 –9.6 2.4 –3.1 –2.3 1.2 –0.6 –1.3 –1.5 –11.6 –12.1 –2.1 –6.6 91.0 –3.0 –31.1 –17.4 –37.7 3.5 –11.3 –20.6 –9.4 –27.1 –43.4 –18.6 –5.6 –39.6 29.4 –5.8 –8.0 –33.9 –18.1 –6.0 0.4 –17.4 4.9 25.7 2.6 2.3 –18.3 –43.6 –64.8 2.1 –1.4 11.6 –33.5 3.4 –50.3 7.9 5.4 –17.5 3.4 –4.8 31.8 22.8 –16.6 –2.8 16.3 –2.4 6.8 –1.6 –14.2 9.8 13.0 –6.5 12.0 –5.4 4.0 0.6 –14.6 –0.5 21.9 –20.7 2.5 2.0 0.6 –2.0 1.7 –6.9 3.7 3.5 7.6 5.7 22.0 r Revised NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2006 2007 2008 2008 III 2009 IV I III r II Billions of dollars Gross value added of nonfinancial corporate business..................................... Consumption of fixed capital............................................................................................ Net value added ............................................................................................................. Compensation of employees........................................................................................ Wage and salary accruals........................................................................................ Supplements to wages and salaries ........................................................................ Taxes on production and imports less subsidies.......................................................... Net operating surplus................................................................................................... Net interest and miscellaneous payments................................................................ Business current transfer payments (net) ................................................................ Corporate profits with inventory valuation and capital consumption adjustments .... Taxes on corporate income .................................................................................. Profits after tax with inventory valuation and capital consumption adjustments... Net dividends.................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments .................................................................................................. Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) ... Inventory valuation adjustment .................................................................................... Capital consumption adjustment.................................................................................. 6,740.3 800.9 5,939.4 4,182.3 3,462.3 720.0 593.3 1,163.7 164.0 75.8 923.9 307.6 616.2 471.1 6,970.1 849.4 6,120.6 4,364.2 3,627.3 736.9 612.8 1,143.7 228.1 68.6 846.9 299.3 547.6 465.2 6,971.5 898.4 6,073.0 4,427.9 3,677.2 750.7 621.0 1,024.1 242.1 70.4 711.6 237.8 473.8 409.3 7,042.4 904.6 6,137.8 4,440.4 3,687.5 752.9 627.8 1,069.6 233.3 68.7 767.6 254.5 513.1 383.3 6,934.1 917.1 6,017.0 4,410.1 3,656.8 753.3 614.2 992.7 246.8 76.5 669.4 177.7 491.6 449.9 6,703.8 916.7 5,787.1 4,238.5 3,494.7 743.8 602.7 945.8 237.4 79.2 629.2 197.9 431.3 373.1 6,671.9 903.0 5,768.9 4,194.4 3,450.0 744.3 603.1 971.4 229.2 83.2 659.0 217.0 442.1 362.7 6,665.2 894.0 5,771.2 4,198.3 3,452.4 745.8 593.9 979.0 219.2 73.1 686.6 227.0 459.6 332.7 145.1 82.4 64.5 129.7 41.7 58.1 79.3 126.9 1,117.9 810.3 –38.0 –156.0 1,058.9 759.5 –44.0 –167.9 806.7 568.8 –38.2 –56.8 882.0 627.5 –54.5 –60.0 597.4 419.7 139.2 –67.2 676.9 478.9 81.1 –128.7 755.2 538.2 18.1 –114.2 809.4 582.4 –17.1 –105.7 Gross value added of nonfinancial corporate business 1 .................................. Consumption of fixed capital 2 ......................................................................................... Net value added 3 ............................................................................................................ 6,536.5 773.7 5,762.9 6,649.4 808.3 5,841.2 6,675.5 837.3 5,838.2 6,278.8 844.0 5,434.8 6,269.8 842.6 5,427.1 6,291.5 841.6 5,449.9 Billions of chained (2005) dollars 6,722.6 840.5 5,882.1 6,579.3 842.6 5,736.7 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 Compensation of employees (unit labor cost).............................................................. Unit nonlabor cost........................................................................................................ Consumption of fixed capital .................................................................................... Taxes on production and imports less subsidies plus business current transfer payments (net)...................................................................................................... Net interest and miscellaneous payments................................................................ Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ................................................................................ Taxes on corporate income ...................................................................................... Profits after tax with inventory valuation and capital consumption adjustments....... 1.031 0.640 0.250 0.123 1.048 0.656 0.264 0.128 1.044 0.663 0.275 0.135 1.048 0.661 0.274 0.135 1.054 0.670 0.282 0.139 1.068 0.675 0.293 0.146 1.064 0.669 0.290 0.144 1.059 0.667 0.283 0.142 0.102 0.025 0.102 0.034 0.104 0.036 0.104 0.035 0.105 0.038 0.109 0.038 0.109 0.037 0.106 0.035 0.141 0.047 0.094 0.127 0.045 0.082 0.107 0.036 0.071 0.114 0.038 0.076 0.102 0.027 0.075 0.100 0.032 0.069 0.105 0.035 0.071 0.109 0.036 0.073 r Revised 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). 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 r –0.7 2.2 –3.2 6.3 1.5 1.1 –9.7 –0.8 13.3 131.8 –0.9 0.8 –7.3 –13.9 –0.7 2.3 4.0 9.2 –1.1 2.2 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 0.4 0.5 0.5 1.3 0.3 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 1.5 2.6 1.2 2.8 1.2 r Revised 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.
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