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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 23, 2010 BEA 10-54 Lisa Mataloni: Andrew Hodge: Recorded message: (202) 606-5304 (GDP) (202) 606-5564 (Profits) (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: THIRD QUARTER 2010 (SECOND ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2010 (PRELIMINARY) 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 2.5 percent in the third quarter of 2010, (that is, from the second quarter to the third quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.7 percent. The GDP estimates released today are based on more complete source data than were available for the advance estimate issued last month. In the advance estimate, the increase in real GDP was 2.0 percent (see "Revisions" on page 3). The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investment, exports, and federal government spending that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the third quarter primarily reflected a sharp deceleration in imports and accelerations in private inventory investment and in PCE that were partly offset by a downturn in residential fixed investment and decelerations in nonresidential fixed investment and in exports. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2- Motor vehicle output added 0.56 percentage point to the third-quarter change in real GDP after subtracting 0.06 percentage point from the second-quarter change. Final sales of computers added 0.27 percentage point to the third-quarter change in real GDP after adding 0.03 percentage point to the second-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.8 percent in the third quarter, the same increase as in the advance estimate; this index increased 0.1 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 0.6 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, compared with an increase of 2.2 percent in the second. Real nonresidential fixed investment increased 10.3 percent, compared with an increase of 17.2 percent. Nonresidential structures decreased 5.7 percent, compared with a decrease of 0.5 percent. Equipment and software increased 16.8 percent, compared with an increase of 24.8 percent. Real residential fixed investment decreased 27.5 percent, in contrast to an increase of 25.7 percent. Real exports of goods and services increased 6.3 percent in the third quarter, compared with an increase of 9.1 percent in the second. Real imports of goods and services increased 16.8 percent, compared with an increase of 33.5 percent. Real federal government consumption expenditures and gross investment increased 8.9 percent in the third quarter, compared with an increase of 9.1 percent in the second. National defense increased 8.5 percent, compared with an increase of 7.4 percent. Nondefense increased 9.5 percent, compared with an increase of 12.8 percent. Real state and local government consumption expenditures and gross investment increased 0.8 percent, compared with an increase of 0.6 percent. The change in real private inventories added 1.30 percentage points to the third-quarter change in real GDP, after adding 0.82 percentage point to the second-quarter change. Private businesses increased inventories $111.5 billion in the third quarter, following increases of $68.8 billion in the second quarter and of $44.1 billion in the first. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.2 percent in the third quarter, compared with an increase of 0.9 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 4.2 percent in the third quarter, compared with an increase of 5.1 percent in the second. - more - -3- Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 2.3 percent in the third quarter, compared with an increase of 1.8 percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $5.4 billion in the third quarter after increasing $3.7 billion in the second; in the third quarter, receipts increased $7.7 billion, and payments increased $13.1 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.8 percent, or $171.5 billion, in the third quarter to a level of $14,750.2 billion. In the second quarter, current-dollar GDP increased 3.7 percent, or $132.3 billion. Revisions The “second” estimate of the third-quarter increase in real GDP is 0.5 percentage point, or $16.7 billion, higher than the advance estimate issued last month, primarily reflecting upward revisions to personal consumption expenditures, to exports, and to state and local government spending that were partly offset by a downward revision to private inventory investment. Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 2.0 4.2 0.8 2.5 4.8 0.8 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $44.4 billion in the third quarter, compared with an increase of $47.5 billion in the second quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- decreased $57.8 billion in the third quarter, in contrast to an increase of $61.1 billion in the second. Taxes on corporate income increased $31.8 billion in the third quarter, compared with an increase of $2.4 billion in the second. Profits after tax with inventory valuation and capital consumption adjustments increased $12.6 billion in the third quarter, compared with an increase of $45.2 billion in the second. Dividends increased $8.2 billion compared with an increase of $8.1 billion; currentproduction undistributed profits increased $4.4 billion, compared with an increase of $37.1 billion. - more - -4- Domestic profits of financial corporations increased $33.3 billion in the third quarter, in contrast to a decrease of $3.4 billion in the second. Domestic profits of nonfinancial corporations increased $18.6 billion in the third quarter, compared with an increase of $48.2 billion in the second. In the third quarter, real gross value added of nonfinancial corporations decreased, and profits per unit of real value added increased. The increase in unit profits reflected a larger increase in unit prices than in the unit labor costs and the unit nonlabor costs corporations incurred. The rest-of-the-world component of profits decreased $7.5 billion in the third quarter, in contrast to an increase of $2.8 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 decrease was accounted for by a larger increase in payments than in receipts. Profits before tax increased $76.3 billion in the third quarter, compared with an increase of $15.3 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 $1.4 billion in the third quarter (from -$170.7 billion to -$169.3 billion), in contrast to a decrease of $0.8 billion in the second. The inventory valuation adjustment decreased $33.2 billion (from -$3.5 billion to -$36.7 billion), in contrast to an increase of $32.9 billion. * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – December 22, 2010, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2010 (Third Estimate) Corporate Profits: Third Quarter (Revised) - more - -5- Release dates in 2011 Gross Domestic Product 2010: IV and 2010 annual 2011: I 2011: II January 28 February 25 March 25 April 28 May 26 June 24 July 29 October 27 August 26 November 22 September 29 December 22 ……….. March 25 May 26 June 24 August 26 November 22 September 29 December 22 Advance…… Second…….. Third………. 2011: 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 2007 2008 2009 2006 IV 2007 I II 2008 III IV I II 2009 III IV I II 2010 III IV I II r III r Gross domestic product (GDP) ... 1.9 0.0 –2.6 3.0 0.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 1.7 2.5 Personal consumption expenditures ..... 2.4 –0.3 –1.2 4.1 2.4 1.5 1.7 1.4 –0.8 0.1 –3.5 –3.3 –0.5 –1.6 2.0 0.9 1.9 2.2 2.8 Goods..................................................... 2.8 –2.5 –2.0 5.9 2.3 1.4 2.4 1.1 –5.8 0.3 –7.7 –10.8 1.8 –1.5 7.2 1.7 5.7 3.4 3.5 Durable goods .................................... 4.2 –5.2 –3.7 5.6 4.6 4.6 3.8 2.4 –10.8 –2.9 –12.0 –22.3 4.8 –3.1 20.1 –1.1 8.8 6.8 7.4 Nondurable goods .............................. 2.0 –1.1 –1.2 6.1 1.1 –0.2 1.7 0.5 –3.0 2.0 –5.5 –4.9 0.4 –0.7 1.7 3.1 4.2 1.9 1.8 Services.................................................. 2.2 0.9 –0.8 3.1 2.4 1.6 1.4 1.5 1.9 0.0 –1.3 0.6 –1.6 –1.7 –0.5 0.5 0.1 1.6 2.5 Gross private domestic investment........ –3.1 –9.5 –22.6 –10.9 –3.6 9.5 –2.9 –9.4 –9.4 –7.6 –12.5 –36.8 –42.2 –18.5 11.8 26.7 29.1 26.2 12.4 Fixed investment..................................... –1.8 –6.4 –18.3 –5.3 –1.0 3.7 –1.2 –4.8 –6.2 –4.6 –11.9 –24.9 –35.4 –10.1 0.7 –1.3 3.3 18.9 1.7 Nonresidential..................................... 6.7 0.3 –17.1 2.3 6.8 11.1 9.4 5.7 2.0 –1.6 –8.6 –22.7 –35.2 –7.5 –1.7 –1.4 7.8 17.2 10.3 Structures........................................ 14.1 5.9 –20.4 1.5 10.7 28.0 24.3 7.4 –0.1 7.5 –3.6 –8.9 –41.0 –20.2 –12.4 –29.2 –17.8 –0.5 –5.7 Equipment and software ................. 3.7 –2.4 –15.3 2.8 5.1 4.3 2.9 4.8 3.0 –6.0 –11.1 –29.5 –31.6 0.2 4.2 14.6 20.4 24.8 16.8 Residential .......................................... –18.7 –24.0 –22.9 –19.7 –16.4 –12.0 –24.1 –29.3 –27.9 –14.0 –22.6 –32.6 –36.2 –19.7 10.6 –0.8 –12.3 25.7 –27.5 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 9.3 6.0 –9.5 17.8 6.4 6.8 15.8 11.6 5.7 13.2 –5.0 –21.9 –27.8 –1.0 12.2 24.4 11.4 9.1 6.3 Goods ................................................. 9.8 6.3 –12.0 13.1 12.9 7.6 12.8 9.9 9.6 14.5 –4.3 –26.6 –34.1 –3.7 18.7 31.7 14.0 11.5 5.5 Services.............................................. 8.3 5.3 –3.9 29.1 –6.9 4.9 23.0 15.7 –2.8 10.2 –6.6 –9.8 –12.3 4.7 0.1 10.2 5.8 3.9 8.1 Imports ................................................... 2.7 –2.6 –13.8 –0.5 4.6 4.6 5.0 –10.6 –1.4 2.9 –0.1 –22.9 –35.3 –10.6 21.9 4.9 11.2 33.5 16.8 Goods ................................................. 2.9 –3.5 –15.8 –2.3 6.8 4.8 5.1 –11.8 –3.3 4.6 –1.0 –28.3 –38.9 –10.6 27.4 6.2 12.0 40.5 17.5 Services.............................................. 1.4 2.4 –4.2 10.0 –6.3 3.6 4.4 –4.0 9.4 –6.0 5.0 11.7 –16.8 –10.9 1.5 –0.5 7.8 4.3 13.7 Government consumption expenditures and gross investment........................... 1.3 2.8 1.6 1.1 –0.5 3.4 3.5 1.2 2.3 3.3 5.3 1.5 –3.0 6.1 1.6 –1.4 –1.6 3.9 4.0 Federal ................................................... 1.2 7.3 5.7 1.1 –4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 –5.0 14.9 5.7 0.0 1.8 9.1 8.9 National defense................................. 2.2 7.5 5.4 8.5 –7.2 8.3 10.2 0.0 6.8 6.9 19.7 5.2 –8.4 16.8 9.0 –2.5 0.4 7.4 8.5 Nondefense ........................................ –0.8 6.7 6.5 –12.7 0.5 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 –0.9 5.6 5.0 12.8 9.5 State and local........................................ 1.4 0.3 –0.9 1.1 2.1 1.3 0.2 1.3 –0.3 0.8 0.3 –2.4 –1.7 1.0 –1.0 –2.3 –3.8 0.6 0.8 Addenda: Final sales of domestic product.............. 2.2 0.5 –2.1 4.1 1.3 2.3 2.6 3.7 –0.2 1.1 –3.9 –4.6 –3.9 0.2 0.4 2.1 1.1 0.9 1.2 Gross domestic purchases..................... 1.3 –1.1 –3.6 1.0 0.9 3.1 1.3 –0.4 –1.6 –0.5 –3.2 –7.7 –7.2 –2.1 3.0 3.0 3.9 5.1 4.2 Final sales to domestic purchasers ........ 1.5 –0.6 –3.1 2.0 1.3 2.2 1.6 0.4 –1.1 0.0 –3.1 –5.7 –6.3 –1.2 1.8 0.2 1.3 4.3 2.9 Gross national product (GNP) ................ 2.3 0.3 –2.8 3.2 0.8 3.5 4.1 4.4 –0.9 0.1 –3.2 –8.6 –4.9 –0.5 2.6 4.9 4.4 1.8 2.3 Disposable personal income .................. 2.3 1.7 0.6 5.3 1.8 0.6 1.5 2.2 1.4 9.2 –8.4 2.7 0.4 5.9 –4.4 0.0 1.3 5.6 0.9 Current-dollar measures: GDP .................................................... 4.9 2.2 –1.7 4.8 5.3 6.5 4.4 3.8 1.0 4.1 0.4 –7.9 –3.9 –0.4 2.3 4.7 4.8 3.7 4.8 Final sales of domestic product .......... 5.2 2.7 –1.1 6.0 5.8 5.6 4.6 4.6 1.8 4.3 0.5 –6.1 –2.7 0.6 1.2 1.8 2.1 2.9 3.5 Gross domestic purchases ................. 4.3 2.1 –3.8 1.9 5.4 6.3 3.4 3.4 2.1 4.2 0.6 –11.7 –9.2 –1.5 4.3 5.1 6.2 5.2 5.0 Final sales to domestic purchasers .... 4.5 2.5 –3.2 3.0 5.8 5.5 3.6 4.1 2.9 4.5 0.8 –10.1 –8.1 –0.5 3.3 2.2 3.5 4.4 3.7 GNP .................................................... 5.3 2.5 –1.9 5.1 5.3 6.7 6.3 5.3 0.9 3.5 1.1 –9.8 –4.0 –0.2 3.4 4.6 5.5 3.8 4.6 Disposable personal income............... 5.1 5.1 0.7 5.3 5.8 4.1 3.9 6.5 5.4 14.3 –4.4 –3.3 –1.2 8.0 –1.6 2.7 3.4 5.5 1.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 2007 2008 2009 2006 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. 1.9 0.0 –2.6 2007 I II 3.0 0.9 1.65 –0.18 –0.84 2.79 0.66 –0.60 –0.46 1.39 0.35 –0.42 –0.27 0.46 0.05 –0.39 –0.17 –0.02 1.64 0.56 0.38 0.06 0.03 –0.07 –0.12 0.26 0.08 0.03 0.01 –0.04 –0.02 0.31 –0.18 –0.18 0.10 –0.07 0.21 0.20 0.01 0.07 0.17 –0.03 0.09 –0.04 –0.05 0.09 –0.01 –0.10 –0.02 –0.13 0.03 0.16 0.01 –0.06 0.99 0.41 –0.38 0.04 0.44 0.01 0.93 3.2 2008 III 2.3 IV 2.9 1.08 1.20 0.98 0.34 0.57 0.27 0.38 0.31 0.20 0.17 –0.08 –0.07 0.04 0.32 0.03 0.27 0.02 0.23 0.01 0.07 0.33 –0.01 –0.11 0.09 0.19 0.17 0.12 0.04 0.08 –0.02 0.00 –0.05 –0.07 –0.01 –0.12 0.43 0.11 0.11 0.11 0.02 1.40 1.08 0.74 0.62 0.71 I –0.7 II 0.6 –0.7 1.6 II III r 5.0 3.7 1.7 2.5 –0.15 0.19 0.06 0.06 0.12 0.16 0.36 0.34 0.05 –0.01 0.27 0.49 0.23 0.28 0.18 0.67 0.15 0.20 –0.02 0.31 0.09 0.25 0.05 0.28 –0.07 –0.01 –0.26 –0.50 0.01 0.20 0.22 0.28 –0.05 0.23 –0.27 –0.28 –0.07 –0.10 0.01 0.13 –0.22 –0.13 –0.41 0.30 0.14 –0.01 –0.04 –0.05 –0.15 0.22 0.03 –0.29 –0.02 –0.20 0.08 0.14 0.88 0.00 –0.59 0.30 –0.75 –0.79 –0.21 0.27 0.20 0.26 0.02 0.18 0.03 –0.16 0.15 0.14 –0.03 0.07 –0.07 0.25 0.23 0.75 1.16 0.69 1.09 0.14 0.43 0.35 0.32 0.08 0.08 –0.01 0.10 0.11 0.11 0.07 –0.13 –0.05 0.19 0.33 0.08 0.10 0.14 0.05 –0.08 –0.01 –1.05 –0.23 0.03 –0.26 0.57 1.02 0.75 0.28 –0.45 –0.42 –0.04 0.64 0.15 0.18 0.30 –0.09 –0.01 –0.13 –0.91 –0.49 0.25 –0.74 –0.02 0.71 0.95 –0.24 –0.73 –0.89 0.16 0.11 –0.03 0.01 0.13 0.38 –0.32 0.18 –0.62 0.90 –0.31 1.21 0.01 0.76 0.58 0.17 –0.75 –0.65 –0.10 0.54 0.32 0.21 –0.09 0.51 0.43 0.08 –0.33 0.36 0.27 0.38 –0.34 0.27 0.23 0.24 –0.27 0.09 0.04 0.14 –0.08 0.15 0.16 –0.30 0.01 0.13 0.14 –0.30 0.02 0.02 0.01 0.00 –0.01 0.04 –0.11 0.14 0.25 0.00 –0.07 0.24 0.17 0.03 –0.05 –0.10 0.07 0.64 0.48 0.38 0.20 0.17 0.10 0.08 0.03 0.16 0.14 0.02 1.11 –0.13 –0.99 1.94 0.55 1.43 0.94 –0.10 2.19 0.92 –0.60 –0.81 –1.54 –1.18 –0.59 0.00 –0.53 –0.56 –0.33 0.29 0.10 0.14 0.03 0.13 0.02 –4.9 I –0.18 0.09 –0.20 –0.33 –0.13 0.28 –0.09 –0.39 –0.09 –0.02 –0.06 –0.22 –0.50 0.31 –0.91 –0.78 0.37 –0.65 –0.15 0.75 0.35 0.40 0.25 0.09 0.10 0.07 0.03 –0.02 –0.02 0.00 0.17 0.15 0.02 –6.8 IV 1.97 0.81 0.53 0.13 0.09 0.02 0.12 0.18 –0.53 –1.53 –3.24 –1.99 –0.30 –1.02 –2.69 –0.91 0.75 0.03 –1.96 0.27 0.46 0.22 –0.81 0.05 0.29 –0.19 –1.15 0.22 0.11 0.01 0.13 –0.03 0.03 0.05 0.03 –1.18 –1.08 0.08 –1.15 1.94 1.84 0.96 0.87 0.10 0.35 –0.25 –4.0 III 1.54 0.79 0.49 0.15 –0.08 0.29 0.01 –0.01 0.03 –0.02 –0.31 –0.54 –0.30 –0.74 –0.55 0.02 –0.57 1.13 –1.18 –1.04 –0.15 2.32 2.20 0.12 II 1.33 1.29 0.62 –0.06 0.01 0.19 0.23 0.08 0.10 0.05 –0.06 –0.31 –0.05 –1.05 –0.51 0.01 –0.53 1.18 0.72 0.53 0.19 0.46 0.52 –0.07 I 1.41 0.69 1.62 0.42 1.35 –0.07 0.83 –0.56 0.08 0.17 –0.10 0.00 IV –0.34 –1.12 0.41 –0.32 0.35 –0.21 0.26 –0.10 1.16 0.84 0.36 0.42 0.74 –0.04 0.10 –0.03 0.12 –0.07 0.31 0.04 0.47 0.16 0.14 0.29 0.58 0.29 0.05 0.00 –0.04 –0.06 –0.11 –0.15 0.05 0.10 0.11 0.00 –0.01 –0.03 –0.01 0.15 0.12 0.16 –0.23 0.06 0.21 0.30 0.13 0.14 0.02 –0.08 0.28 0.15 –0.22 –0.04 0.18 –0.16 –0.08 0.04 III 2010 –0.54 0.08 –2.46 –2.26 –1.42 0.08 –1.86 –2.57 –0.92 –0.23 –0.95 –1.79 –0.53 –0.57 –0.60 –0.85 0.92 0.25 –0.30 1.38 0.08 0.09 0.14 –0.16 0.24 0.29 0.23 0.37 0.02 –0.12 –0.18 0.09 0.11 –0.01 –0.06 0.22 0.07 –0.03 –0.16 0.18 0.24 0.03 –0.21 0.40 0.16 –0.02 –0.07 0.28 0.16 0.18 2009 0.04 0.11 –0.79 –0.20 –0.02 –0.18 –0.12 –0.15 0.03 –0.14 0.08 –0.29 –0.46 0.60 0.01 0.06 0.23 0.40 0.38 –0.31 –0.23 –0.10 –0.09 0.02 –0.08 –0.30 –0.19 –0.16 –0.26 –0.30 –0.23 0.22 0.00 –0.34 –0.34 –0.05 0.01 –0.06 –0.04 0.07 0.00 0.29 –0.16 –0.08 0.16 –0.02 0.15 0.12 0.02 –0.07 0.14 0.30 0.10 –0.20 1.51 –0.46 0.62 –0.18 1.23 1.06 0.88 0.82 0.35 0.24 –0.02 –1.53 –0.76 0.67 0.28 0.39 0.17 –1.47 –0.98 0.25 0.00 0.25 0.07 –0.11 0.10 0.34 0.28 –0.18 –0.03 –1.17 –1.95 –6.32 –6.80 –2.30 1.22 2.70 –0.69 –1.83 –4.01 –5.71 –1.26 0.12 –0.12 –0.16 –1.00 –2.84 –4.49 –0.72 –0.13 –0.10 0.30 –0.14 –0.36 –1.99 –0.76 –0.41 –1.01 –0.46 –0.86 –2.47 –2.50 0.04 0.28 0.91 –0.09 3.04 0.39 0.71 –0.53 1.24 0.18 0.21 2.88 1.51 2.06 0.20 1.51 0.96 –0.01 –0.15 1.52 1.11 0.32 0.61 0.11 0.15 0.06 0.09 0.15 0.38 0.01 –0.27 –0.08 0.04 –0.01 0.00 –1.24 –1.43 –0.28 –0.77 0.08 0.06 –0.36 –0.82 0.87 3.21 1.71 1.32 0.98 0.78 0.74 0.54 –0.84 1.89 –0.72 1.78 –0.12 0.11 0.38 0.19 0.26 –0.07 0.04 –0.02 –0.14 –1.23 –0.49 –0.19 –0.30 0.84 0.67 0.78 –0.11 0.18 0.42 –0.24 0.25 0.11 0.04 0.10 –0.04 –0.67 0.01 –0.53 –0.48 0.37 –0.85 1.04 1.61 1.24 0.37 –0.57 –0.75 0.18 0.32 0.03 0.17 0.12 0.00 0.62 0.30 –0.32 2.64 0.07 2.57 –0.31 1.30 1.09 0.21 –1.61 –1.41 –0.20 0.57 0.24 0.15 0.17 0.39 0.40 0.17 0.55 0.82 0.02 0.80 –3.50 1.08 0.93 0.15 –4.58 –4.46 –0.12 –0.52 –0.19 –0.04 –0.30 –0.30 –1.16 –0.50 –1.18 –2.31 0.13 –2.44 1.50 –3.03 –2.65 –0.38 4.53 4.82 –0.29 –0.46 –0.11 0.12 0.23 0.21 –0.02 –0.03 0.02 –0.21 –0.08 0.29 0.27 –0.19 –0.12 0.04 –0.11 –0.11 –0.59 0.04 –0.84 –0.12 –0.08 –0.04 –0.63 –0.66 –0.41 –0.25 0.03 0.15 –0.12 0.22 0.32 –0.37 0.24 –0.01 –0.07 –0.12 –0.06 –0.21 –0.14 0.27 0.07 0.66 0.24 0.44 0.65 0.64 0.08 0.47 0.55 0.47 0.01 0.32 0.34 0.45 0.01 0.31 0.02 0.01 0.00 0.01 0.32 0.18 0.07 0.15 0.21 0.15 0.08 0.13 0.17 0.02 –0.01 0.02 0.04 0.02 0.16 –0.04 0.10 0.02 0.09 –0.06 –0.05 0.00 0.07 0.02 0.14 0.20 0.08 –0.12 –0.05 0.05 –0.11 –0.25 0.36 –0.07 0.09 –0.12 0.16 –0.07 0.12 –0.78 –0.17 –0.92 0.22 –0.55 –0.38 –1.22 –0.54 –1.09 –1.03 –0.11 0.12 –0.97 –1.15 2.88 1.47 –3.61 –0.08 –3.14 –0.26 –0.47 0.18 6.48 1.55 5.95 1.23 0.53 0.33 1.04 0.31 –0.61 1.00 0.61 –0.40 0.93 0.28 –0.45 0.81 0.26 –0.29 0.12 0.02 –0.17 0.07 0.33 0.06 0.04 0.30 0.09 0.03 0.03 –0.03 0.04 –0.30 –0.21 0.04 –0.11 –0.07 0.00 –0.19 –0.15 1.24 1.11 0.85 0.67 0.17 0.26 0.25 0.01 0.13 –0.03 0.16 0.52 0.12 0.13 0.27 –0.11 –0.05 –0.07 0.25 1.10 –0.19 1.29 –1.37 1.30 1.29 0.01 –2.67 –2.64 –0.03 0.79 0.36 0.25 0.18 –0.03 0.20 –0.05 –0.02 2.83 0.21 2.62 1.90 2.56 2.19 0.37 –0.66 –0.68 0.02 0.33 0.45 0.48 0.37 0.12 –0.03 –0.07 0.04 –0.12 –0.17 0.05 –0.28 –0.32 0.01 0.15 –0.13 0.02 –0.17 0.02 0.04 0.01 0.14 0.13 0.12 0.07 0.02 0.06 –0.29 –0.48 –0.03 –0.11 –0.25 –0.36 1.69 0.89 2.52 –0.36 –0.09 –3.01 –5.19 –0.62 –0.17 1.67 5.74 1.23 1.87 1.53 0.92 0.69 –0.08 0.08 –0.95 0.61 –0.10 0.57 0.32 –0.49 –1.16 –1.28 –0.01 –0.91 –1.66 –3.30 –1.14 0.02 –1.30 0.13 –0.06 –0.45 –0.23 –1.09 –0.53 –1.72 –1.18 –0.04 1.56 0.25 0.07 0.26 0.19 0.11 0.19 0.04 0.08 0.05 –0.06 –0.02 0.09 4.90 0.02 –1.18 0.74 0.10 0.06 0.25 0.07 0.28 0.42 –0.02 0.28 0.16 0.08 0.40 0.20 –0.75 1.30 –0.08 1.38 –1.76 0.77 0.47 0.30 –2.52 –2.17 –0.36 0.80 0.81 0.72 0.71 0.40 0.46 0.25 0.41 0.15 0.05 0.32 0.25 0.27 0.19 0.05 0.06 0.08 0.10 –0.09 –0.14 0.17 0.24 –0.20 1.60 1.21 1.57 0.71 –0.64 –0.06 0.56 0.03 0.27 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 2009 2009 Seasonally adjusted at annual rates 2010 2009 2009 Change from preceding period 2010 2010 2009 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............................................. IV I II III r III IV I II III r 14,119.0 14,114.7 14,277.3 14,446.4 14,578.7 14,750.2 12,880.6 12,860.8 13,019.0 13,138.8 13,194.9 13,277.4 10,001.3 10,040.7 10,131.5 10,230.8 10,285.4 10,383.6 9,153.9 9,161.6 9,182.9 9,225.4 9,275.7 9,340.3 3,230.7 3,276.1 3,312.9 3,380.0 3,377.5 3,414.7 3,117.4 3,138.2 3,151.8 3,195.4 3,222.6 3,250.6 1,026.5 1,045.2 1,043.9 1,060.7 1,074.1 1,087.2 1,094.6 1,118.3 1,115.1 1,138.9 1,157.8 1,178.6 319.7 339.1 327.0 328.3 335.9 342.4 324.0 342.7 322.7 320.6 326.0 330.4 III r II –348.2 –111.1 –62.9 –41.8 –24.2 56.1 50.3 27.2 18.9 5.4 82.5 64.6 28.0 20.8 4.4 248.1 317.5 141.1 2,204.2 246.9 317.1 142.1 2,231.0 249.3 323.9 143.7 2,269.0 255.3 328.8 148.3 2,319.3 258.2 331.9 148.0 2,303.4 258.1 336.5 150.3 2,327.4 253.9 399.3 126.9 2,017.4 253.5 402.8 128.1 2,016.9 259.3 417.9 127.8 2,032.3 267.9 430.7 133.4 2,053.5 273.7 440.3 132.7 2,063.4 277.4 452.6 134.5 2,072.4 –17.5 5.6 –3.0 –23.8 5.8 9.6 –0.7 9.9 3.7 12.3 1.8 9.0 777.9 322.2 303.7 800.4 6,770.6 777.0 322.4 326.2 805.5 6,764.6 786.5 325.5 344.1 812.9 6,818.6 797.4 333.8 364.1 824.1 6,850.9 794.6 335.5 340.0 833.3 6,907.9 800.6 337.3 345.6 844.0 6,968.9 685.1 326.8 285.5 723.1 6,032.7 687.8 324.9 285.1 721.7 6,020.7 696.3 329.5 283.5 726.0 6,028.7 702.7 339.0 284.0 731.9 6,029.6 697.6 344.3 286.1 740.0 6,053.4 702.3 343.0 284.1 747.4 6,090.5 –6.5 –14.9 3.5 –8.2 –49.6 –5.1 5.3 2.1 8.1 23.8 4.7 –1.3 –2.0 7.4 37.1 6,511.8 1,876.3 1,623.2 290.1 378.8 603.6 813.8 925.9 6,507.5 1,877.5 1,629.5 288.3 377.9 601.2 809.3 923.8 6,556.2 1,887.6 1,650.1 290.2 377.3 604.7 816.3 930.1 6,589.6 1,887.1 1,657.5 294.6 376.8 615.2 824.9 933.3 6,643.2 1,892.5 1,680.4 299.6 378.5 623.3 829.9 939.1 6,699.5 1,910.6 1,701.0 301.6 383.7 630.2 823.9 948.6 5,777.0 1,656.9 1,440.4 250.9 341.8 527.7 743.0 817.0 5,766.5 1,659.4 1,441.6 249.3 339.5 525.4 739.4 812.7 5,769.7 1,666.3 1,447.9 248.6 338.6 526.1 732.5 810.1 5,769.9 1,664.3 1,446.7 250.8 338.5 535.0 727.4 807.7 5,791.7 1,668.9 1,457.6 253.3 338.2 538.3 729.5 806.1 5,826.4 1,682.7 1,467.7 255.8 341.4 541.8 725.3 812.0 –39.1 18.3 30.4 –22.2 –8.2 –19.9 –27.9 –9.5 21.8 4.6 10.9 2.5 –0.3 3.3 2.1 –1.6 34.7 13.8 10.1 2.5 3.2 3.5 –4.2 5.9 258.9 1,058.1 257.1 1,059.0 262.4 1,070.7 261.3 1,071.5 264.7 1,087.7 269.4 1,104.2 256.0 952.1 254.6 950.3 259.9 954.1 260.6 952.0 262.9 959.9 265.4 968.8 –11.3 5.3 2.3 7.9 2.5 8.9 799.2 1,589.2 1,716.4 1,364.4 451.6 912.8 801.9 1,548.5 1,691.8 1,343.8 436.6 907.2 808.3 1,637.7 1,681.9 1,330.9 398.2 932.7 810.2 1,739.7 1,689.8 1,349.6 380.1 969.5 823.0 1,841.8 1,761.4 1,404.2 381.5 1,022.7 834.8 1,895.3 1,768.7 1,439.3 378.3 1,061.1 696.0 1,515.7 1,630.7 1,290.8 369.6 916.3 695.6 1,494.5 1,622.4 1,282.9 365.5 913.1 694.7 1,585.7 1,617.1 1,278.3 335.3 944.7 692.0 1,690.2 1,630.5 1,302.6 319.3 989.7 697.6 1,791.5 1,702.5 1,355.3 318.9 1,046.0 704.1 1,844.7 1,709.5 1,388.9 314.2 1,087.3 15.4 –441.6 –366.3 –265.8 –94.6 –165.7 5.6 101.3 72.0 52.7 –0.4 56.3 6.5 53.2 7.0 33.6 –4.7 41.3 530.7 80.0 260.2 190.4 150.4 76.4 155.4 352.1 –127.2 3.8 –131.1 –386.4 1,578.4 1,063.1 515.3 1,964.7 1,587.8 376.9 533.7 78.9 260.0 194.7 147.1 76.0 150.5 348.0 –143.3 –0.7 –142.6 –408.3 1,582.1 1,068.6 513.6 1,990.5 1,613.8 376.6 559.0 90.1 269.4 199.5 146.4 78.8 148.6 351.0 –44.2 7.1 –51.3 –426.4 1,689.9 1,157.6 532.3 2,116.3 1,731.8 384.5 568.0 90.5 274.7 202.8 146.8 97.0 157.7 340.2 50.0 9.3 40.7 –479.9 1,757.8 1,213.0 544.8 2,237.6 1,843.5 394.1 586.2 98.4 279.6 208.3 161.6 110.9 163.9 357.2 80.4 9.6 70.8 –539.3 1,817.9 1,262.8 555.1 2,357.1 1,957.2 400.0 598.6 595.8 601.8 632.9 645.7 669.1 686.8 1.1 23.4 17.7 96.9 .............. .............. ............. .............. .............. .............. .............. ............. .............. 288.8 259.3 260.7 269.5 275.4 280.9 291.0 4.4 5.5 10.1 212.8 215.5 220.3 227.4 232.3 239.5 246.4 –2.4 7.2 6.9 165.0 132.2 129.3 128.3 128.4 140.7 143.3 –40.0 12.3 2.6 125.3 69.4 68.5 74.5 95.8 110.2 124.7 –73.6 14.4 14.5 172.3 137.8 134.1 132.7 142.4 147.8 154.5 –39.7 5.4 6.7 329.3 342.7 342.4 341.7 330.7 350.1 323.1 –101.5 19.4 –27.0 126.6 –113.1 –128.2 –36.7 44.1 68.8 111.5 –75.5 24.7 42.7 7.3 3.4 –0.6 6.4 7.6 7.8 5.7 2.4 0.2 –2.1 119.3 –116.9 –127.7 –43.0 36.5 61.0 106.0 –77.9 24.5 45.0 –552.2 –363.0 –390.8 –330.1 –338.4 –449.0 –506.7 141.1 –110.6 –57.7 1,847.0 1,490.7 1,490.0 1,573.5 1,616.4 1,652.1 1,677.5 –157.0 35.7 25.4 1,281.0 1,018.2 1,019.1 1,091.7 1,128.0 1,159.2 1,174.9 –138.4 31.2 15.7 566.0 472.0 470.5 482.0 488.9 493.6 503.3 –19.1 4.7 9.7 2,399.1 1,853.8 1,880.8 1,903.6 1,954.8 2,101.1 2,184.2 –297.9 146.3 83.1 1,988.7 1,513.5 1,542.7 1,566.1 1,611.0 1,753.9 1,825.9 –283.1 142.9 72.0 410.4 340.5 338.7 338.3 344.6 348.3 359.7 –15.0 3.7 11.4 2,914.9 2,933.8 2,934.5 2,955.7 2,990.8 3,023.5 1,139.6 1,155.4 1,159.9 1,178.1 1,206.7 1,233.9 771.6 787.3 785.4 796.3 813.0 830.8 664.1 676.9 673.5 684.0 695.2 711.1 107.5 110.4 111.9 112.4 117.9 119.7 368.0 368.1 374.5 381.8 393.7 403.1 323.0 322.8 328.3 333.3 343.3 350.6 45.0 45.3 46.2 48.4 50.3 52.5 1,775.3 1,778.4 1,774.7 1,777.6 1,784.1 1,789.6 1,424.4 1,425.6 1,432.2 1,447.4 1,446.7 1,442.0 351.0 352.8 342.4 330.2 337.4 347.6 .............. ............... ............... ............... .............. .............. 14,246.3 14,505.4 14,632.7 14,119.0 629.8 483.6 14,265.3 12,257.9 14,258.0 14,523.0 14,666.3 14,114.7 627.4 460.1 14,281.9 12,266.4 14,321.5 14,703.7 14,748.0 14,277.3 664.7 499.1 14,442.8 12,425.1 14,396.4 14,926.3 14,876.3 14,446.4 693.7 502.6 14,637.6 12,594.0 14,498.3 15,118.0 15,037.6 14,578.7 696.1 500.8 14,774.0 12,718.3 14,623.6 15,302.4 15,175.8 14,750.2 706.0 516.1 14,940.0 12,878.1 2,542.6 1,027.6 693.0 591.7 101.9 334.6 290.6 44.0 1,518.8 1,232.1 286.8 2.3 2,559.3 1,043.5 708.3 604.0 104.8 335.2 290.7 44.5 1,520.0 1,229.5 290.4 4.7 2,550.3 1,043.6 703.8 598.5 106.0 339.8 294.5 45.3 1,511.2 1,228.4 282.9 –13.7 2,540.2 1,048.4 704.4 598.9 106.2 344.0 296.6 47.5 1,496.8 1,225.1 272.1 –22.1 2,564.9 1,071.5 717.1 606.8 111.2 354.5 305.3 49.4 1,499.1 1,222.3 277.0 –37.8 12,992.8 13,233.6 13,345.0 12,880.6 575.5 441.6 13,014.7 11,137.3 12,984.5 13,239.8 13,362.6 12,860.8 572.7 419.9 13,013.8 11,116.7 13,051.1 13,338.2 13,369.9 13,019.0 604.0 453.1 13,170.1 11,271.2 13,085.5 13,467.6 13,414.3 13,138.8 627.8 454.0 13,313.0 11,384.8 13,114.7 13,637.7 13,557.7 13,194.9 629.8 452.3 13,372.7 11,432.7 2,590.1 39.9 24.7 25.2 1,094.5 55.8 23.1 23.0 731.9 35.3 12.7 14.8 619.8 29.6 7.9 13.0 113.0 5.8 5.0 1.8 362.6 20.6 10.5 8.1 311.4 18.8 8.7 6.1 51.5 1.7 1.9 2.1 1,502.0 –13.8 2.3 2.9 1,217.9 –8.1 –2.8 –4.4 284.2 –5.5 4.9 7.2 –42.4 .............. ............. .............. 13,154.5 13,778.2 13,655.4 13,277.4 637.5 465.4 13,449.8 11,504.8 –275.3 –495.8 –423.2 –348.2 –190.4 –164.7 –374.0 –377.0 29.2 170.1 143.4 56.1 2.0 –1.7 59.7 47.9 39.8 140.5 97.7 82.5 7.7 13.1 77.1 72.1 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 2007 2008 2009 2006 IV 2007 I II 2008 III IV I II 2009 III IV I II 2010 III IV I II III r Gross domestic product (GDP) ....... 2.9 2.2 0.9 1.8 4.4 3.2 2.0 0.9 1.9 3.2 4.5 –1.2 1.1 0.3 0.7 –0.2 1.0 1.9 2.3 Personal consumption expenditures ......... 2.7 3.3 0.2 –0.1 4.0 3.5 2.3 4.2 3.9 4.6 4.4 –5.8 –1.6 1.9 2.9 2.7 2.1 0.0 1.0 Goods......................................................... 1.4 3.2 –2.5 –5.8 3.2 4.7 0.8 5.4 5.1 4.9 7.2 –17.7 –6.0 3.7 5.7 2.8 2.6 –3.6 0.9 Durable goods ........................................ –1.8 –1.4 –1.6 –2.0 –1.8 –1.4 –2.1 –1.4 –0.7 –2.0 –0.7 –3.4 –2.1 0.1 –2.5 0.7 –2.0 –1.6 –2.2 Nondurable goods .................................. 3.2 5.6 –2.9 –7.7 6.1 8.1 2.3 9.1 8.1 8.3 11.0 –23.5 –7.9 5.4 9.7 3.8 4.7 –4.6 2.4 Services...................................................... 3.4 3.4 1.5 3.1 4.4 2.9 3.1 3.7 3.3 4.5 3.0 0.7 0.5 1.1 1.7 2.7 1.8 1.8 1.1 Gross private domestic investment............ 1.8 0.7 –2.0 3.8 2.1 0.1 –0.2 0.4 –0.2 1.0 1.9 4.8 –4.1 –6.7 –6.0 –0.7 –2.0 –0.7 0.3 Fixed investment......................................... 1.8 0.8 –1.7 3.7 2.1 0.2 –0.2 0.2 0.0 1.3 2.8 2.2 –3.0 –5.7 –4.8 –1.0 –1.4 –0.7 0.0 Nonresidential......................................... 1.9 1.4 –1.2 3.9 2.0 0.7 –0.3 0.2 0.6 2.1 4.5 4.3 –3.1 –5.7 –5.1 –2.4 –1.9 0.0 0.1 Structures............................................ 6.1 4.7 –2.6 11.5 5.0 1.8 3.3 4.8 3.5 4.9 8.1 8.1 –5.6 –12.2 –10.5 –2.1 0.9 2.0 2.5 Equipment and software ..................... 0.1 –0.2 –0.5 0.7 0.7 0.3 –2.0 –2.1 –0.9 0.8 2.6 2.2 –1.6 –2.0 –2.4 –2.5 –3.1 –0.8 –0.8 Residential .............................................. 1.4 –1.2 –3.4 3.4 2.2 –1.2 0.1 0.7 –1.4 –1.1 –2.8 –5.2 –2.9 –6.0 –3.3 4.3 0.6 –3.2 –0.4 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 3.3 4.7 –5.4 0.2 3.4 4.4 2.6 5.8 7.8 10.6 5.7 –22.3 –11.5 0.7 4.6 4.6 5.1 4.8 0.2 Goods ..................................................... 3.4 4.8 –6.8 0.9 2.7 4.5 2.2 6.1 8.6 13.2 5.4 –27.5 –13.8 2.7 4.8 4.6 5.8 5.3 0.4 Services.................................................. 3.3 4.2 –2.2 –1.6 5.1 4.2 3.7 5.1 5.8 4.8 6.4 –9.0 –6.6 –3.2 4.0 4.7 3.7 3.7 –0.1 Imports ....................................................... 3.3 10.4 –10.7 –4.6 3.9 4.0 2.8 24.3 19.4 16.6 2.2 –32.1 –27.3 2.3 8.6 21.8 12.4 –7.7 –8.1 Goods ..................................................... 3.1 11.3 –12.3 –5.4 4.1 3.5 2.1 28.0 22.0 17.3 1.7 –34.6 –30.7 2.0 9.2 24.8 14.6 –9.6 –9.2 Services.................................................. 3.8 5.7 –2.8 –0.2 2.8 6.8 6.6 5.9 6.2 13.4 4.8 –17.2 –10.2 3.8 6.2 9.2 2.5 1.6 –2.5 Government consumption expenditures and gross investment............................... 4.8 4.7 –0.3 2.4 8.4 4.6 2.9 4.7 7.3 6.5 3.9 –5.2 –1.7 0.6 0.4 1.5 4.6 0.9 0.4 Federal ....................................................... 3.5 3.1 –0.2 0.5 8.7 3.5 0.4 2.3 6.5 4.7 1.6 –4.2 0.7 –0.8 –0.1 1.5 4.5 0.9 0.4 National defense..................................... 3.7 3.6 –0.7 0.3 8.4 4.1 0.9 3.1 6.4 6.3 2.0 –5.9 0.1 –1.8 0.3 1.6 5.3 1.2 0.5 Nondefense ............................................ 3.2 2.2 0.8 0.9 9.3 2.3 –0.6 0.8 6.6 1.6 0.6 –0.4 2.2 1.1 –1.0 1.5 2.8 0.2 0.4 State and local............................................ 5.5 5.6 –0.4 3.4 8.3 5.3 4.4 6.2 7.7 7.5 5.3 –5.8 –3.2 1.5 0.8 1.5 4.6 0.9 0.4 Addenda: Final sales of domestic product.................. 2.9 2.2 1.0 1.8 4.4 3.2 2.0 0.8 2.0 3.2 4.6 –1.5 1.3 0.4 0.8 –0.3 1.0 1.9 2.3 Gross domestic purchases......................... 2.9 3.2 –0.2 1.0 4.4 3.2 2.0 3.8 4.0 4.5 3.9 –4.4 –2.0 0.6 1.4 2.1 2.1 0.1 0.8 Final sales to domestic purchasers ............ 3.0 3.2 –0.2 1.0 4.5 3.2 2.0 3.7 4.0 4.5 4.1 –4.6 –1.9 0.7 1.5 2.0 2.2 0.1 0.8 Gross national product (GNP) .................... 2.9 2.2 0.9 1.8 4.4 3.1 2.0 0.9 2.0 3.2 4.5 –1.3 1.1 0.3 0.8 –0.2 1.0 1.9 2.3 Implicit price deflators: GDP ........................................................ 2.9 2.2 0.9 1.8 4.4 3.2 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.1 2.0 2.2 Gross domestic purchases ..................... 2.9 3.2 –0.2 0.9 4.4 3.1 2.1 3.8 3.8 4.7 4.0 –4.3 –2.2 0.5 1.3 2.0 2.2 0.1 0.8 GNP ........................................................ 2.9 2.2 0.9 1.8 4.4 3.1 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.0 1.9 2.2 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 2007 2008 2009 2009 III 2010 IV I II III r Gross domestic product...................................................... 104.672 104.672 101.917 101.760 103.012 103.960 104.403 105.056 Personal consumption expenditures ................................................ 105.335 105.057 103.797 103.885 104.126 104.608 105.178 105.911 Goods................................................................................................ 106.105 103.462 101.416 102.092 102.533 103.952 104.837 105.748 Durable goods ............................................................................... 108.418 102.798 99.011 101.159 100.870 103.025 104.735 106.614 Nondurable goods ......................................................................... 104.872 103.698 102.487 102.460 103.247 104.321 104.823 105.283 Services............................................................................................. 104.929 105.870 105.006 104.797 104.936 104.952 105.366 106.012 Gross private domestic investment................................................... 99.509 90.105 69.778 68.800 73.000 77.811 82.474 84.923 Fixed investment................................................................................ 100.490 94.096 76.835 76.447 76.198 76.826 80.219 80.549 Nonresidential................................................................................ 115.193 115.532 95.804 95.216 94.879 96.677 100.592 103.084 Structures................................................................................... 124.578 131.976 105.064 103.911 95.310 90.761 90.649 89.327 Equipment and software ............................................................ 111.389 108.681 92.035 91.716 94.895 99.408 105.067 109.217 Residential ..................................................................................... 75.380 57.324 44.220 44.185 44.092 42.670 45.177 41.692 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 119.106 126.255 114.228 114.174 120.569 123.858 126.592 128.541 Imports of goods and services .......................................................... 108.951 106.113 91.418 92.752 93.874 96.401 103.613 107.715 Government consumption expenditures and gross investment .... 102.713 105.605 107.287 107.991 107.613 107.185 108.228 109.292 Federal .............................................................................................. 103.399 110.900 117.266 119.085 119.091 119.634 122.276 124.896 State and local................................................................................... 102.311 102.611 101.688 101.770 101.179 100.213 100.367 100.566 Addenda: Final sales of domestic product......................................................... 104.858 105.399 103.212 103.146 103.676 103.948 104.181 104.497 Gross domestic purchases................................................................ 103.913 102.756 99.045 99.092 99.829 100.797 102.070 103.122 Final sales to domestic purchasers ................................................... 104.086 103.433 100.254 100.386 100.441 100.775 101.852 102.586 Gross national product ...................................................................... 104.781 105.129 102.192 102.185 103.413 104.534 105.003 105.609 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 2007 2008 2009 2009 III 2010 IV I II III r Gross domestic product...................................................... 106.301 108.598 109.618 109.759 109.693 109.959 110.485 111.111 Personal consumption expenditures (PCE)...................................... 105.564 109.061 109.258 109.598 110.333 110.901 110.888 111.172 Goods................................................................................................ 102.946 106.262 103.634 104.403 105.120 105.784 104.812 105.055 Durable goods ............................................................................... 96.736 95.340 93.782 93.450 93.603 93.121 92.755 92.235 Nondurable goods ......................................................................... 106.487 112.484 109.262 110.624 111.651 112.949 111.638 112.311 Services............................................................................................. 106.973 110.566 112.233 112.355 113.102 113.620 114.116 114.423 Gross private domestic investment................................................... 106.211 106.977 104.873 103.656 103.466 102.952 102.765 102.853 Fixed investment................................................................................ 106.256 107.053 105.260 104.294 104.030 103.661 103.487 103.486 Nonresidential................................................................................ 105.505 106.984 105.700 104.768 104.144 103.639 103.636 103.662 Structures................................................................................... 119.780 125.460 122.187 119.654 119.017 119.291 119.887 120.627 Equipment and software ............................................................ 100.326 100.083 99.620 99.344 98.721 97.954 97.764 97.578 Residential ..................................................................................... 107.613 106.361 102.736 101.637 102.712 102.869 102.030 101.919 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 106.902 111.874 105.877 106.212 107.424 108.771 110.060 110.127 Imports of goods and services .......................................................... 107.531 118.685 105.987 105.879 111.222 114.514 112.234 109.882 Government consumption expenditures and gross investment .... 109.863 115.009 114.644 114.635 115.067 116.358 116.606 116.734 Federal .............................................................................................. 107.753 111.119 110.895 110.716 111.141 112.375 112.615 112.740 State and local................................................................................... 111.112 117.349 116.892 116.998 117.434 118.760 119.014 119.143 Addenda: PCE excluding food and energy 1 ...................................................... 104.696 107.151 108.774 108.990 109.551 109.887 110.171 110.399 Market-based PCE 2.......................................................................... 105.405 109.016 109.372 109.752 110.356 110.824 110.763 111.124 2 Market-based PCE excluding food and energy ............................... 104.365 106.778 108.826 109.066 109.445 109.626 109.903 110.212 Final sales of domestic product......................................................... 106.308 108.608 109.647 109.809 109.736 110.020 110.552 111.170 Gross domestic purchases................................................................ 106.428 109.813 109.614 109.702 110.265 110.838 110.852 111.081 Final sales to domestic purchasers ................................................... 106.435 109.823 109.649 109.757 110.309 110.900 110.917 111.135 Gross national product ...................................................................... 106.304 108.605 109.612 109.753 109.691 109.957 110.478 111.099 Implicit price deflators: Gross domestic product................................................................. 106.296 108.619 109.615 109.750 109.665 109.952 110.488 111.092 Final sales of domestic product ..................................................... 106.308 108.608 109.647 109.808 109.734 110.018 110.550 111.168 Gross domestic purchases ............................................................ 106.424 109.834 109.611 109.693 110.238 110.831 110.854 111.062 Final sales to domestic purchasers ............................................... 106.435 109.823 109.649 109.756 110.308 110.899 110.915 111.134 Gross national product................................................................... 106.300 108.626 109.609 109.744 109.664 109.950 110.479 111.080 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 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Gross domestic product (GDP) .............................................. 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 1.9 0.0 –2.6 Personal consumption expenditures ................................................ 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 2.4 –0.3 –1.2 Goods................................................................................................ 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 2.8 –2.5 –2.0 Durable goods ............................................................................... 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 4.2 –5.2 –3.7 Nondurable goods ......................................................................... 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 2.0 –1.1 –1.2 Services............................................................................................. 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 2.2 0.9 –0.8 Gross private domestic investment................................................... 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 –3.1 –9.5 –22.6 Fixed investment................................................................................ 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 –1.8 –6.4 –18.3 Nonresidential................................................................................ 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 6.7 0.3 –17.1 Structures................................................................................... 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 14.1 5.9 –20.4 Equipment and software ............................................................ 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 3.7 –2.4 –15.3 Residential ..................................................................................... 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 –18.7 –24.0 –22.9 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 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 9.3 6.0 –9.5 Goods ............................................................................................ 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 9.8 6.3 –12.0 Services......................................................................................... 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 8.3 5.3 –3.9 Imports .............................................................................................. 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 2.7 –2.6 –13.8 Goods ............................................................................................ 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 2.9 –3.5 –15.8 Services......................................................................................... 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 1.4 2.4 –4.2 Government consumption expenditures and gross investment .... 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 1.3 2.8 1.6 Federal .............................................................................................. –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 1.2 7.3 5.7 National defense............................................................................ –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 7.5 5.4 Nondefense ................................................................................... –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 –0.8 6.7 6.5 State and local................................................................................... 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 1.4 0.3 –0.9 Addenda: Final sales of domestic product......................................................... 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 2.2 0.5 –2.1 Gross domestic purchases................................................................ 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 1.3 –1.1 –3.6 Final sales to domestic purchasers ................................................... 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 1.5 –0.6 –3.1 Gross national product ...................................................................... 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 2.3 0.3 –2.8 Real disposable personal income...................................................... 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 2.3 1.7 0.6 Price indexes: Gross domestic purchases ............................................................ 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 –0.2 Gross domestic purchases excluding food and energy 1 ............... 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 0.7 GDP ............................................................................................... 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 2.2 0.9 1 GDP excluding food and energy .................................................. 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 0.8 Personal consumption expenditures.............................................. 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 0.2 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 2006 IV 2007 I II 2008 III IV I II 2009 III IV I II 2010 III IV I II r III r Gross domestic product (GDP) .............................................. 2.4 1.3 1.8 2.3 2.3 1.9 1.2 –0.3 –2.8 –3.8 –4.1 –2.7 0.2 2.4 3.0 3.2 Personal consumption expenditures (PCE)...................................... 3.3 2.8 2.6 2.4 1.7 1.0 0.6 –0.7 –1.9 –1.8 –2.2 –0.9 0.2 0.8 1.7 2.0 Goods................................................................................................ 4.3 3.0 3.2 3.0 1.8 –0.3 –0.5 –3.1 –6.1 –4.2 –4.7 –1.0 2.3 3.2 4.5 3.6 Durable goods ............................................................................... 6.3 3.4 4.8 4.6 3.9 –0.2 –2.0 –6.0 –12.3 –8.7 –8.7 –1.3 4.8 5.8 8.4 5.4 Nondurable goods ......................................................................... 3.2 2.8 2.4 2.1 0.8 –0.3 0.3 –1.6 –2.9 –2.1 –2.7 –0.9 1.1 2.1 2.7 2.8 Services............................................................................................. 2.8 2.6 2.3 2.1 1.7 1.6 1.2 0.5 0.3 –0.6 –1.0 –0.8 –0.8 –0.4 0.4 1.2 Gross private domestic investment................................................... –3.0 –5.2 –2.9 –2.3 –1.8 –3.3 –7.3 –9.7 –17.5 –26.3 –28.5 –24.0 –9.6 10.5 23.3 23.4 Fixed investment................................................................................ –0.8 –3.3 –1.9 –1.0 –0.8 –2.2 –4.2 –6.9 –12.3 –20.1 –21.3 –18.6 –12.9 –2.0 5.1 5.4 Nonresidential................................................................................ 7.8 5.2 6.1 7.4 8.2 7.0 3.8 –0.8 –8.3 –18.1 –19.3 –17.8 –12.7 –0.8 5.2 8.3 Structures................................................................................... 13.0 11.0 12.2 15.6 17.3 14.3 9.4 2.7 –1.5 –13.6 –19.8 –21.7 –26.5 –20.1 –15.6 –14.0 Equipment and software ............................................................ 6.0 3.0 3.6 3.8 4.3 3.8 1.1 –2.6 –11.8 –20.3 –19.1 –15.8 –4.9 9.5 15.7 19.1 Residential ..................................................................................... –15.7 –18.6 –17.4 –18.2 –20.7 –23.6 –24.0 –23.7 –24.6 –26.9 –28.1 –21.4 –13.4 –6.3 4.8 –5.6 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 10.2 7.7 7.7 11.6 10.1 9.9 11.5 6.1 –2.9 –11.7 –14.7 –11.0 –0.1 11.4 14.1 12.6 Goods ............................................................................................ 9.4 8.3 8.3 11.6 10.8 10.0 11.7 7.2 –3.1 –14.7 –18.3 –13.8 –0.2 14.4 18.7 15.3 Services......................................................................................... 12.0 6.5 6.4 11.6 8.6 9.8 11.1 3.7 –2.5 –5.0 –6.2 –4.6 0.3 5.1 4.9 7.0 Imports .............................................................................................. 4.1 3.4 3.4 3.4 0.7 –0.8 –1.2 –2.4 –6.0 –15.3 –18.3 –14.1 –7.2 6.2 17.4 16.1 Goods ............................................................................................ 3.6 3.7 3.6 3.5 0.9 –1.6 –1.6 –3.1 –8.0 –18.0 –21.1 –16.0 –7.3 7.9 20.8 18.4 Services......................................................................................... 7.1 1.5 2.0 2.7 –0.7 3.3 0.8 0.9 4.8 –2.1 –3.4 –4.3 –7.0 –0.8 3.2 6.2 Government consumption expenditures and gross investment .... 1.5 0.4 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 0.8 1.1 0.6 1.2 Federal .............................................................................................. 2.2 –1.9 0.7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 4.9 National defense............................................................................ 4.4 0.0 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 3.3 Nondefense ................................................................................... –2.3 –5.5 –1.4 –0.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.5 8.2 State and local................................................................................... 1.2 1.8 1.4 1.2 1.2 0.6 0.5 0.5 –0.4 –0.8 –0.7 –1.1 –1.0 –1.5 –1.6 –1.2 Addenda: Final sales of domestic product......................................................... 2.8 1.7 2.0 2.6 2.5 2.1 1.8 0.1 –1.9 –2.9 –3.1 –2.0 –0.3 0.9 1.1 1.3 Gross domestic purchases................................................................ 1.9 1.0 1.4 1.6 1.2 0.6 –0.3 –1.4 –3.3 –4.7 –5.1 –3.6 –0.9 1.9 3.8 4.1 Final sales to domestic purchasers ................................................... 2.3 1.4 1.6 1.8 1.4 0.8 0.2 –1.0 –2.5 –3.8 –4.1 –2.9 –1.4 0.5 1.9 2.2 Gross national product ...................................................................... 2.4 1.2 1.8 2.9 3.2 2.7 1.9 0.0 –3.2 –4.2 –4.4 –2.9 0.5 2.8 3.4 3.3 Real disposable personal income...................................................... 4.6 3.1 2.4 2.3 1.5 1.4 3.5 0.9 1.0 0.8 0.0 1.1 0.4 0.7 0.6 1.9 Price indexes: Gross domestic purchases ............................................................ 2.6 3.0 2.9 2.6 3.3 3.2 3.6 4.0 1.9 0.4 –0.5 –1.1 0.5 1.5 1.4 1.3 Gross domestic purchases excluding food and energy 1 ............... 2.9 3.1 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 0.7 0.2 0.6 1.1 1.1 1.1 GDP ............................................................................................... 2.9 3.2 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 0.2 0.5 0.5 0.8 1.2 1 GDP excluding food and energy .................................................. 3.0 3.2 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 0.8 0.3 0.8 1.1 1.2 1.2 PCE ............................................................................................... 1.9 2.5 2.6 2.4 3.5 3.5 3.8 4.3 1.7 0.3 –0.3 –0.7 1.5 2.4 1.9 1.4 PCE excluding food and energy 1 .................................................. 2.3 2.5 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 1.3 Market-based PCE 2 ...................................................................... 1.8 2.3 2.4 2.1 3.5 3.6 3.8 4.6 1.8 0.5 –0.1 –0.6 1.5 2.2 1.7 1.3 2 Market-based PCE excluding food and energy ........................... 2.2 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 1.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 2007 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 ................................................................................................ 2008 2009 2009 2010 III IV I II r III r 14,061.8 871.0 747.7 14,185.1 1,767.5 21.1 12,396.4 7,855.9 6,415.5 1,440.4 1,090.4 143.7 1,510.6 731.6 972.6 103.3 –11.8 14,369.1 839.2 664.7 14,543.6 1,849.2 136.6 12,557.8 8,060.8 6,554.0 1,506.8 1,102.0 222.0 1,262.8 812.8 992.3 121.7 –16.7 14,119.0 629.8 483.6 14,265.3 1,861.1 179.1 12,225.0 7,811.7 6,279.1 1,532.6 1,011.9 274.0 1,258.0 784.3 964.4 134.0 –13.2 14,114.7 627.4 460.1 14,281.9 1,848.3 228.9 12,204.8 7,798.7 6,263.9 1,534.8 1,006.4 279.1 1,297.5 750.7 959.2 124.9 –11.7 14,277.3 664.7 499.1 14,442.8 1,852.2 175.2 12,415.5 7,831.4 6,284.9 1,546.5 1,022.1 282.8 1,418.2 765.6 976.8 129.8 –11.3 14,446.4 693.7 502.6 14,637.6 1,852.4 164.2 12,621.0 7,858.1 6,291.4 1,566.7 1,030.7 292.7 1,566.6 765.9 988.5 130.5 –12.1 14,578.7 696.1 500.8 14,774.0 1,860.4 131.1 12,782.6 7,969.9 6,388.8 1,581.1 1,049.7 298.8 1,614.1 736.2 996.1 130.8 –13.1 14,750.2 706.0 516.1 14,940.0 1,872.1 165.4 12,902.6 8,032.4 6,440.2 1,592.2 1,057.6 304.7 1,658.5 728.4 1,002.1 133.1 –14.1 14,040.7 14,232.5 13,939.9 13,885.8 14,102.1 14,282.2 14,447.6 14,584.8 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2007 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 ............................... 2008 2009 2009 2010 III IV I II r III r 11,912.3 7,862.2 6,421.7 1,440.4 1,090.4 37.8 1,052.6 143.7 2,057.0 1,265.1 791.9 1,718.5 959.5 1,488.7 10,423.6 10,208.9 214.7 2.1 12,391.1 8,065.8 6,559.0 1,506.8 1,102.0 50.8 1,051.2 222.0 2,109.3 1,314.7 794.6 1,879.2 987.2 1,438.2 10,952.9 10,505.0 447.9 4.1 12,174.9 7,806.7 6,274.1 1,532.6 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 970.3 1,140.0 11,034.9 10,379.6 655.3 5.9 12,164.0 7,798.7 6,263.9 1,534.8 1,006.4 28.0 978.4 279.1 1,891.1 1,213.3 677.8 2,159.3 970.6 1,117.0 11,047.0 10,423.6 623.4 5.6 12,239.0 7,831.4 6,284.9 1,546.5 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 974.8 1,117.2 11,121.7 10,505.7 616.0 5.5 12,350.3 7,858.1 6,291.4 1,566.7 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 987.8 1,134.7 11,215.6 10,603.9 611.8 5.5 12,517.1 7,969.9 6,388.8 1,581.1 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 1,001.9 1,149.1 11,368.0 10,663.7 704.3 6.2 12,600.4 8,032.4 6,440.2 1,592.2 1,057.6 47.4 1,010.2 304.7 1,899.4 1,184.1 715.3 2,316.0 1,009.7 1,178.6 11,421.8 10,755.5 666.3 5.8 9,656.5 9,874.2 9,638.5 10,042.9 9,191.1 10,099.8 9,128.7 10,079.7 9,109.7 10,080.4 9,111.7 10,113.3 9,226.6 10,251.9 9,251.0 10,274.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. 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 2007 2008 2009 2008 2009 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 2009 2010 2009 III IV I II III 2010 IV I 2010 II III III 1,510.6 445.5 1,262.8 308.4 1,258.0 254.9 1,297.5 255.7 1,418.2 319.1 1,566.6 403.2 1,614.1 405.6 1,658.5 437.4 –16.4 –30.8 –0.4 –17.3 9.3 24.8 10.5 26.4 3.0 0.6 2.8 7.8 27.8 71.1 1,065.2 794.5 954.4 797.7 1,003.1 718.9 1,041.8 699.6 1,099.2 708.5 1,163.3 720.3 1,208.5 728.4 1,221.1 736.6 –10.4 0.4 5.1 –9.9 5.5 1.3 5.8 1.7 3.9 1.1 1.0 1.1 17.2 5.3 270.7 156.7 284.2 342.2 390.6 443.0 480.1 484.5 –42.1 81.3 14.2 13.4 8.4 0.9 41.6 1,244.1 1,239.4 1,427.9 1,405.6 1,484.0 1,517.3 1,578.4 1,520.6 –0.4 15.2 5.6 2.2 4.0 –3.7 8.2 270.7 973.4 0.0 156.7 1,018.5 –64.1 284.2 1,019.8 –123.9 342.2 1,010.6 –52.8 390.6 1,010.8 –82.6 443.0 1,008.0 –66.3 480.1 1,013.7 –84.6 484.5 –42.1 81.3 14.2 13.4 8.4 0.9 41.6 1,019.3 4.6 0.1 0.0 –0.3 0.6 0.5 0.9 –16.8 ............. .............. .............. .............. .............. ............. .............. 1,738.4 1,333.2 1,316.7 1,369.2 1,548.4 1,772.9 1,788.2 1,864.5 1,292.9 –47.2 –180.5 1,024.8 –44.1 –26.3 1,061.8 11.9 –70.6 1,113.5 –8.7 –63.0 1,229.3 –67.2 –63.0 1,369.7 –36.4 –169.9 1,382.6 –3.5 –170.7 1,427.1 –20.7 3.6 10.4 11.4 0.9 3.2 28.2 –36.7 ............. .............. .............. .............. .............. ............. .............. –169.3 ............. .............. .............. .............. .............. ............. .............. –23.3 –1.2 13.1 14.5 0.9 4.3 36.2 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 2009 2007 2008 2009 2009 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 .......................................................... 2010 IV I II 2008 2010 2009 III IV I II III 1,510.6 1,159.8 323.8 835.9 350.9 510.6 159.7 1,262.8 851.5 128.0 723.5 411.3 571.8 160.5 1,258.0 905.7 242.4 663.3 352.3 480.6 128.3 1,297.5 933.2 286.1 647.1 364.2 487.8 123.6 1,418.2 1,055.7 332.4 723.2 362.6 529.1 166.5 1,566.6 1,178.1 337.6 840.4 388.5 561.4 172.9 1,614.1 1,222.7 334.2 888.6 391.3 557.5 166.1 1,658.5 1,274.7 367.5 907.2 383.8 567.8 184.1 –247.8 –308.3 –195.8 –112.4 60.4 61.2 0.8 –4.8 54.2 114.4 –60.2 –59.0 –91.2 –32.2 120.7 122.5 46.3 76.1 –1.6 41.3 42.9 148.4 122.4 5.2 117.2 25.9 32.3 6.4 47.5 44.6 –3.4 48.2 2.8 –3.9 –6.8 44.4 52.0 33.3 18.6 –7.5 10.3 18.0 1,691.1 1,340.2 345.5 36.0 309.5 994.7 50.3 271.3 96.1 20.5 22.1 11.0 1,289.1 877.8 139.9 35.1 104.9 737.9 28.3 183.7 51.4 16.6 15.6 8.9 1,328.6 976.3 258.0 47.3 210.6 718.4 30.0 150.9 53.3 16.4 12.4 13.4 1,360.5 996.2 300.2 49.2 251.0 696.0 22.4 151.8 55.0 14.4 11.4 12.9 1,481.2 1,118.6 346.7 49.6 297.1 771.9 26.4 170.9 83.9 12.0 14.3 24.1 1,736.5 1,348.0 362.7 56.9 305.8 985.3 41.5 250.4 140.1 17.4 19.9 44.8 1,784.7 1,393.4 359.4 60.3 299.1 1,034.0 32.8 277.1 147.0 17.0 23.3 51.2 1,827.8 1,444.1 392.5 62.4 330.1 1,051.6 ............... ............... ............... ............... ............... ............... –402.0 –462.4 –205.6 –0.9 –204.6 –256.8 –22.0 –87.6 –44.7 –3.9 –6.5 –2.1 39.5 98.5 118.1 12.2 105.7 –19.5 1.7 –32.8 1.9 –0.2 –3.2 4.5 120.7 122.4 46.5 0.4 46.1 75.9 4.0 19.1 28.9 –2.4 2.9 11.2 255.3 229.4 16.0 7.3 8.7 213.4 15.1 79.5 56.2 5.4 5.6 20.7 48.2 45.4 –3.3 3.4 –6.7 48.7 –8.7 26.7 6.9 –0.4 3.4 6.4 43.1 50.7 33.1 2.1 31.0 17.6 ............... ............... ............... ............... ............... ............... –1.2 –16.4 60.2 175.2 30.7 73.5 48.3 22.7 99.9 117.8 27.7 93.6 334.2 350.9 3.6 –34.6 41.3 132.3 28.4 78.2 22.2 3.4 84.0 75.0 28.1 75.2 263.6 411.3 6.1 –23.5 28.5 97.5 35.4 15.7 36.4 10.1 80.4 99.0 24.7 83.5 250.0 352.3 5.6 –11.9 22.5 96.7 38.1 8.1 38.8 11.7 70.8 101.3 22.0 81.3 246.6 364.2 6.3 –4.6 31.8 87.0 31.5 9.7 35.1 10.7 73.0 97.1 29.5 109.0 266.0 362.6 9.2 5.7 43.2 110.3 36.6 33.5 28.7 11.6 91.5 129.1 39.4 112.9 320.4 388.5 9.6 8.4 37.6 130.1 35.1 55.2 30.6 9.2 107.7 126.7 52.4 104.9 332.5 391.3 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 383.8 4.8 –18.2 –18.9 –42.9 –2.3 4.7 –26.1 –19.3 –15.9 –42.8 0.4 –18.4 –70.6 60.4 2.5 11.1 –12.8 –34.8 7.0 –62.5 14.2 6.7 –3.6 24.0 –3.4 8.3 –13.6 –59.0 0.7 7.3 9.3 –9.7 –6.6 1.6 –3.7 –1.0 2.2 –4.2 7.5 27.7 19.4 –1.6 2.9 10.3 11.4 23.3 5.1 23.8 –6.4 0.9 18.5 32.0 9.9 3.9 54.4 25.9 0.4 2.7 –5.6 19.8 –1.5 21.7 1.9 –2.4 16.2 –2.4 13.0 –8.0 12.1 2.8 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... –7.5 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 2007 2008 2009 2009 III 2010 IV I II r III 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 ..................................................................................... 6,946.0 840.1 6,106.0 4,361.0 3,636.2 724.8 607.7 1,137.4 232.3 69.1 835.9 293.8 542.2 484.6 6,990.5 878.8 6,111.7 4,435.3 3,684.9 750.5 615.3 1,061.1 271.3 66.2 723.5 226.4 497.1 482.8 6,625.2 879.0 5,746.3 4,193.6 3,441.0 752.5 590.2 962.5 220.1 79.1 663.3 170.3 492.9 511.4 6,558.4 871.0 5,687.4 4,175.0 3,421.8 753.2 584.5 927.9 205.5 75.2 647.1 163.7 483.5 469.8 6,667.8 870.7 5,797.1 4,192.4 3,434.6 757.9 598.3 1,006.4 205.3 77.8 723.2 201.8 521.4 497.3 6,804.4 868.2 5,936.2 4,205.1 3,437.6 767.6 604.8 1,126.3 208.3 77.5 840.4 265.2 575.3 515.5 6,923.0 872.9 6,050.0 4,271.7 3,496.1 775.6 609.0 1,169.3 202.3 78.3 888.6 287.4 601.1 499.1 6,998.5 877.6 6,120.9 4,319.5 3,537.9 781.6 613.3 1,188.0 201.0 79.8 907.2 301.2 606.0 533.0 57.6 14.4 –18.5 13.6 24.1 59.7 102.0 72.9 1,042.0 748.2 –47.2 –158.8 782.0 555.6 –44.1 –14.4 706.4 536.1 11.9 –55.1 704.8 541.1 –8.7 –48.9 839.1 637.3 –67.2 –48.7 1,021.8 756.6 –36.4 –144.9 1,037.5 750.1 –3.5 –145.4 1,088.2 787.0 –36.7 –144.4 6,567.6 833.6 5,734.0 6,639.4 838.4 5,800.9 6,636.7 845.0 5,791.7 Billions of chained (2005) dollars 1 Gross value added of nonfinancial corporate business ..................................... Consumption of fixed capital 2............................................................................................. Net value added 3................................................................................................................ 6,626.5 794.1 5,832.4 6,686.4 819.9 5,866.5 6,284.3 830.5 5,453.8 6,210.3 829.8 5,380.5 6,401.0 830.3 5,570.7 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 .......... 1.048 0.658 0.264 0.127 1.045 0.663 0.274 0.131 1.054 0.667 0.282 0.140 1.056 0.672 0.279 0.140 1.042 0.655 0.274 0.136 1.036 0.640 0.268 0.132 1.043 0.643 0.265 0.131 1.055 0.651 0.266 0.132 0.102 0.035 0.102 0.041 0.107 0.035 0.106 0.033 0.106 0.032 0.104 0.032 0.104 0.030 0.104 0.030 0.126 0.044 0.082 0.108 0.034 0.074 0.106 0.027 0.078 0.104 0.026 0.078 0.113 0.032 0.081 0.128 0.040 0.088 0.134 0.043 0.091 0.137 0.045 0.091 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 2007 2008 2009 2006 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 .............................. Gross domestic income 4 ................................................... Price indexes: GDP.................................................................................... GDP excluding food and energy 5 ...................................... GDP excluding final sales of computers............................. Gross domestic purchases................................................. Gross domestic purchases excluding food and energy 5.... Gross domestic purchases excluding final sales of computers to domestic purchasers................................. Personal consumption expenditures (PCE)........................ PCE excluding food and energy 5 ....................................... Market-based PCE 6........................................................... Market-based PCE excluding food and energy 6 ................ 1.9 0.0 –2.6 3.0 4.1 –0.5 –3.8 7.2 2.3 1.5 –0.2 3.6 –5.5 –7.9 –16.6 –10.5 0.0 –18.6 –24.7 –10.2 2.0 0.5 –2.1 3.4 18.4 26.5 5.0 22.4 1.9 –0.1 –2.7 2.8 –8.9 13.3 6.1 –13.2 2.1 –1.1 –3.8 4.2 0.1 –0.8 –2.9 2.6 2007 I II 2008 III IV I II 2009 III IV I II 2010 III IV I 0.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 2.0 6.3 3.3 9.6 –1.2 –0.1 –10.8 –18.6 –2.4 –0.4 6.8 23.9 19.5 1.5 2.0 3.0 2.5 1.5 1.1 –0.2 0.0 –1.5 0.8 –0.2 0.8 0.0 –5.5 3.1 –4.7 –10.9 –12.3 –0.2 –9.4 –16.9 –31.9 –13.4 –0.1 –15.9 –15.2 10.2 4.4 –2.0 –14.6 –8.4 –35.1 –20.7 –58.0 –51.1 –2.0 145.5 13.7 42.3 0.6 3.2 2.4 3.5 –0.5 1.7 –3.6 –5.2 –3.8 –0.7 0.0 4.8 3.0 2.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 –10.5 –4.0 17.3 19.2 0.9 3.2 2.0 2.7 –0.8 0.4 –4.1 –6.9 –4.9 –0.6 1.6 5.0 3.7 –9.4 –15.6 –19.3 41.9 55.4 –14.5 6.7 13.8 16.3 –7.3 19.3 –13.9 –0.8 0.3 4.2 2.5 2.5 –2.5 –0.3 –6.2 –9.5 –6.4 –0.2 1.4 6.7 5.0 –2.3 0.2 –2.0 2.5 0.8 –2.5 –2.6 –6.9 –4.9 –1.6 0.0 6.7 4.1 II r III r 1.7 –0.8 1.9 10.6 –2.7 1.8 5.3 1.7 24.6 1.6 2.7 2.5 5.9 2.4 –8.7 28.7 2.0 59.3 2.3 0.3 3.7 1.6 2.9 2.8 3.1 2.9 2.7 2.2 2.3 2.3 3.2 2.6 0.9 0.8 1.0 –0.2 0.7 1.8 2.4 1.9 1.0 2.4 4.4 4.1 4.5 4.4 3.8 3.2 2.0 3.3 3.2 2.0 2.0 1.7 2.1 2.0 1.9 0.9 2.7 1.0 3.8 2.8 1.9 2.9 2.0 4.0 3.1 3.2 2.5 3.3 4.5 3.2 4.5 2.7 4.6 3.9 2.6 –1.2 –0.6 –1.1 –4.4 –0.4 1.1 0.3 1.2 –2.0 –0.2 0.3 0.8 0.4 0.6 0.8 0.7 0.6 0.9 1.4 0.4 –0.2 1.5 –0.2 2.1 1.5 1.0 1.7 1.0 2.1 1.6 1.9 1.0 2.0 0.1 0.8 2.3 0.8 2.4 0.8 0.6 3.1 2.7 2.4 2.6 2.1 3.3 3.3 2.3 3.4 2.3 –0.1 0.2 1.5 0.3 1.9 1.1 –0.1 2.1 –0.7 1.6 4.6 4.0 2.9 3.7 2.5 3.3 3.5 1.7 3.7 1.6 2.2 2.3 2.2 2.0 1.7 3.9 4.2 2.8 4.5 2.9 4.1 3.9 2.6 4.1 2.5 4.6 4.6 2.6 4.5 2.1 4.1 4.4 2.2 5.2 2.8 –4.3 –5.8 0.6 –6.0 1.5 –1.9 –1.6 0.9 –1.1 1.9 0.7 1.9 2.3 1.9 2.3 1.5 2.9 1.5 3.0 1.3 2.1 2.7 2.1 2.2 1.4 2.2 2.1 1.2 1.7 0.7 0.1 0.0 1.0 –0.2 1.0 0.9 1.0 0.8 1.3 1.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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. Gross domestic income deflated by the implicit price deflator for gross domestic product. Includes changes due to the incorporation of revised wage and salary estimates for the second quarter of 2010. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. 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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