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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 22, 2011 BEA 11-55 Lisa Mataloni: Greg Key: Recorded message: (202) 606-5304 (GDP) (202) 606-5564 (Profits) (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: THIRD QUARTER 2011 (SECOND ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2011 (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 2.0 percent in the third quarter of 2011 (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 1.3 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 2.5 percent (see "Revisions" on page 3). The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, and federal government spending that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the third quarter primarily reflected accelerations in PCE and in nonresidential fixed investment, a smaller decrease in state and local government spending, a deceleration in imports, and an acceleration in exports that were partly offset by a larger decrease in private inventory investment. Final sales of computers added 0.22 percentage point to the third-quarter change in real GDP after adding 0.07 percentage point to the second-quarter change. Motor vehicle output added 0.18 percentage point to the third-quarter change in real GDP after subtracting 0.10 percentage point from the second-quarter change. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. For information on revisions, see "Revisions to GDP, GDI and Their Major Components." - more - -2- The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.9 percent in the third quarter, 0.1 percentage point less than in the advance estimate; this index increased 3.3 percent in the second quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.8 percent in the third quarter, compared with an increase of 2.7 percent in the second. Real personal consumption expenditures increased 2.3 percent in the third quarter, compared with an increase of 0.7 percent in the second. Durable goods increased 5.5 percent, in contrast to a decrease of 5.3 percent. Nondurable goods decreased 0.6 percent, in contrast to an increase of 0.2 percent. Services increased 2.9 percent, compared with an increase of 1.9 percent. Real nonresidential fixed investment increased 14.8 percent in the third quarter, compared with an increase of 10.3 percent in the second. Nonresidential structures increased 12.6 percent, compared with an increase of 22.6 percent. Equipment and software increased 15.6 percent, compared with an increase of 6.2 percent. Real residential fixed investment increased 1.6 percent, compared with an increase of 4.2 percent. Real exports of goods and services increased 4.3 percent in the third quarter, compared with an increase of 3.6 percent in the second. Real imports of goods and services increased 0.5 percent, compared with an increase of 1.4 percent. Real federal government consumption expenditures and gross investment increased 1.9 percent in the third quarter, the same increase as in the second. National defense increased 4.7 percent, compared with an increase of 7.0 percent. Nondefense decreased 3.8 percent, compared with a decrease of 7.6 percent. Real state and local government consumption expenditures and gross investment decreased 1.4 percent, compared with a decrease of 2.8 percent. The change in real private inventories subtracted 1.55 percentage points from the third-quarter change in real GDP after subtracting 0.28 percentage point from the second-quarter change. Private businesses decreased inventories $8.5 billion in the third quarter, following increases of $39.1 billion in the second quarter and $49.1 billion in the first. Real final sales of domestic product -- GDP less change in private inventories -- increased 3.6 percent in the third quarter, compared with an increase of 1.6 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.5 percent in the third quarter, compared with an increase of 1.0 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 2.1 percent in the third quarter, compared with an increase of 2.2 percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which increased $3.5 billion in the third quarter after increasing $28.0 billion in the second; in the third quarter, receipts decreased $11.0 billion, and payments decreased $14.5 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.6 percent, or $168.1 billion, in the third quarter to a level of $15,180.9 billion. In the second quarter, current-dollar GDP increased 4.0 percent, or $145.0 billion. Gross domestic income Real gross domestic income (GDI), which measures the output of the economy as the costs incurred and the incomes earned in the production of GDP, increased 0.4 percent in the third quarter after increasing 0.2 percent in the second. For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of change. Revisions The “second” estimate of the third-quarter increase in real GDP is 0.5 percentage point, or $15.0 billion, lower than the advance estimate issued last month, primarily reflecting downward revisions to private inventory investment, to nonresidential fixed investment, and to personal consumption expenditures that were partly offset by a downward revision to imports. Second Estimate Advance Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 2.5 5.0 2.0 - more - 2.0 4.6 1.9 -4- Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $39.8 billion in the third quarter, compared with an increase of $61.2 billion in the second quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $39.6 billion in the third quarter, compared with an increase of $86.2 billion in the second. Taxes on corporate income decreased $5.6 billion in the third quarter, compared with a decrease of $1.8 billion in the second. Profits after tax with inventory valuation and capital consumption adjustments increased $45.5 billion in the third quarter, compared with an increase of $63.0 billion in the second. Dividends increased $13.3 billion, compared with an increase of $13.6 billion; currentproduction undistributed profits increased $32.2 billion, compared with an increase of $49.3 billion. Domestic profits of financial corporations increased $16.0 billion in the third quarter, in contrast to a decrease of $54.2 billion in the second. Domestic profits of nonfinancial corporations increased $17.4 billion in the third quarter, compared with an increase of $80.8 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 an increase in unit prices that was partly offset by increases in both unit labor and nonlabor costs. The rest-of-the-world component of profits increased $6.4 billion in the third quarter, compared with an increase of $34.6 billion in the second. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter increase was accounted for by a smaller decrease in receipts than in payments. Profits before tax increased $30.9 billion in the third quarter, compared with an increase of $13.5 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 decreased $4.0 billion in the third quarter (from $107.3 billion to $103.3 billion), compared with a decrease of $8.1 billion in the second. The inventory valuation adjustment increased $13.1 billion (from -$60.4 billion to -$47.3 billion), compared with an increase of $55.6 billion. - more - -5- 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, 2011, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2011 (Third Estimate) Corporate Profits: Third Quarter 2011 (Revised) * * * Release dates in 2012 Gross Domestic Product 2011: IV and 2011 annual 2012: I 2012: II January 27 February 29 March 29 April 27 May 31 June 28 July 27 October 26 August 29 November 29 September 27 December 20 ……….. March 29 May 31 June 28 August 29 November 29 September 27 December 20 Advance…… Second…….. Third………. 2012: 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 2008 2009 2010 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II r III r Gross domestic product (GDP) ... –0.3 –3.5 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 3.8 2.5 2.3 0.4 1.3 2.0 Personal consumption expenditures ..... –0.6 –1.9 2.0 1.2 –1.0 –0.1 –3.8 –5.1 –1.5 –1.9 2.3 0.4 2.7 2.9 2.6 3.6 2.1 0.7 2.3 Goods..................................................... –2.5 –3.0 4.3 1.0 –5.6 0.5 –7.7 –12.6 0.1 –2.3 7.6 0.5 6.4 3.8 4.8 8.3 4.7 –1.6 1.3 Durable goods .................................... –4.9 –5.4 7.2 2.3 –9.6 –2.9 –12.3 –25.4 2.4 –4.0 20.3 –4.8 9.9 7.8 8.8 17.2 11.7 –5.3 5.5 Nondurable goods .............................. –1.2 –1.8 2.9 0.4 –3.3 2.3 –5.4 –5.8 –1.0 –1.5 2.0 3.1 4.8 1.9 3.0 4.3 1.6 0.2 –0.6 Services.................................................. 0.4 –1.4 0.9 1.3 1.5 –0.5 –1.7 –1.2 –2.3 –1.7 –0.1 0.4 1.0 2.5 1.6 1.3 0.8 1.9 2.9 Gross private domestic investment........ –10.2 –25.0 17.9 –9.3 –12.2 –6.0 –16.5 –33.9 –46.7 –22.8 2.9 36.8 31.5 26.4 9.2 –7.1 3.8 6.4 –0.9 Fixed investment..................................... –7.1 –18.8 2.6 –4.9 –8.3 –5.2 –12.3 –25.2 –32.2 –17.0 0.7 –3.8 1.2 19.5 2.3 7.5 1.2 9.2 12.3 Nonresidential..................................... –0.8 –17.8 4.4 5.4 –0.8 –2.3 –9.9 –22.9 –31.3 –15.8 –3.3 –3.7 6.0 18.6 11.3 8.7 2.1 10.3 14.8 Structures........................................ 6.4 –21.2 –15.8 7.4 0.8 9.4 –3.7 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7 7.5 4.2 10.5 –14.3 22.6 12.6 Equipment and software ................. –4.3 –16.0 14.6 4.4 –1.7 –7.9 –13.1 –29.3 –30.8 –4.2 6.4 11.7 21.7 23.2 14.1 8.1 8.7 6.2 15.6 Residential .......................................... –23.9 –22.2 –4.3 –29.3 –28.5 –14.5 –20.0 –33.2 –35.4 –21.3 17.8 –3.8 –15.3 22.8 –27.7 2.5 –2.4 4.2 1.6 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 6.1 –9.4 11.3 11.6 5.5 12.7 –3.5 –21.4 –29.0 –0.5 13.9 23.5 7.2 10.0 10.0 7.8 7.9 3.6 4.3 Goods ................................................. 6.3 –12.0 14.4 9.9 9.3 14.1 –2.4 –27.4 –34.9 –2.9 21.3 28.4 12.1 11.8 8.9 9.2 10.6 2.5 4.9 Services.............................................. 5.6 –3.5 5.0 15.7 –2.7 9.5 –6.2 –5.6 –14.7 4.7 0.1 13.7 –2.7 6.1 12.6 4.7 1.7 6.2 2.7 Imports ................................................... –2.7 –13.6 12.5 –5.2 1.4 –2.5 –6.6 –14.9 –34.0 –15.0 16.3 17.4 12.5 21.6 12.3 –2.3 8.3 1.4 0.5 Goods ................................................. –3.8 –15.6 14.8 –5.5 –0.6 –2.2 –9.1 –18.5 –37.1 –17.9 19.6 21.8 14.4 26.0 12.4 –0.5 9.5 1.6 0.3 Services.............................................. 3.6 –3.5 2.9 –4.0 13.0 –4.2 8.2 5.6 –19.3 –2.5 4.2 0.4 4.6 3.3 11.6 –10.4 2.2 0.4 2.0 Government consumption expenditures and gross investment........................... 2.6 1.7 0.7 1.2 3.1 1.7 4.3 1.6 –1.7 5.9 1.3 –0.9 –1.2 3.7 1.0 –2.8 –5.9 –0.9 –0.1 Federal ................................................... 7.2 6.0 4.5 1.1 9.7 4.9 11.7 9.1 –3.3 14.4 5.9 2.2 2.8 8.8 3.2 –3.0 –9.4 1.9 1.9 National defense................................. 7.5 5.8 3.3 0.0 8.2 5.4 17.6 8.3 –7.5 16.3 8.2 –1.3 0.5 6.0 5.7 –5.9 –12.6 7.0 4.7 Nondefense ........................................ 6.5 6.5 7.1 3.4 13.0 3.9 –0.1 10.9 6.5 10.4 1.0 9.9 7.8 14.7 –1.8 3.1 –2.7 –7.6 –3.8 State and local........................................ 0.0 –0.9 –1.8 1.3 –0.6 –0.1 0.1 –2.8 –0.8 0.9 –1.5 –2.9 –3.9 0.4 –0.5 –2.7 –3.4 –2.8 –1.4 Addenda: Final sales of domestic product.............. 0.2 –2.6 1.4 2.5 –1.1 1.5 –3.0 –7.4 –4.2 –0.2 1.4 –0.2 0.8 3.0 1.7 4.2 0.0 1.6 3.6 Gross domestic purchases..................... –1.5 –4.4 3.4 –0.5 –2.1 –0.7 –4.2 –8.3 –8.6 –2.8 2.2 3.5 4.8 5.6 3.1 0.9 0.7 1.0 1.5 Final sales to domestic purchasers ........ –1.0 –3.6 1.8 0.2 –1.4 –0.5 –3.6 –6.9 –6.2 –2.3 1.9 –0.3 1.7 4.9 2.3 2.7 0.4 1.3 3.0 Gross national product (GNP) ................ 0.0 –3.6 3.3 3.2 –2.3 1.3 –3.2 –10.8 –6.2 –0.5 2.3 4.0 3.8 4.5 2.8 1.7 1.5 2.2 2.1 Disposable personal income .................. 2.4 –2.3 1.8 2.2 5.9 8.2 –8.8 –0.2 –3.8 0.3 –5.4 –0.6 4.9 5.6 2.3 1.5 1.2 –0.5 –2.1 Current-dollar measures: GDP .................................................... 1.9 –2.5 4.2 3.6 0.6 4.0 –0.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 4.6 Final sales of domestic product .......... 2.4 –1.6 2.6 4.4 1.5 4.0 0.2 –7.4 –2.5 –0.5 1.8 1.0 2.3 4.5 3.1 6.1 2.5 4.2 6.3 Gross domestic purchases ................. 1.8 –4.5 5.0 3.2 1.9 3.9 –0.3 –12.0 –10.4 –2.4 3.9 5.6 7.0 6.2 4.0 2.9 4.9 4.5 3.4 Final sales to domestic purchasers .... 2.2 –3.7 3.3 4.0 2.7 3.9 0.4 –11.0 –7.9 –1.8 3.7 1.9 3.8 5.3 3.2 4.8 4.3 4.7 5.0 GNP .................................................... 2.2 –2.6 4.4 5.2 0.0 4.1 –0.1 –10.4 –4.8 –0.9 2.6 5.1 5.4 6.1 4.1 3.5 4.2 4.8 4.6 Disposable personal income............... 5.8 –2.1 3.6 6.5 10.0 13.1 –4.9 –5.8 –5.4 2.2 –2.6 2.2 6.8 5.9 3.3 3.5 5.2 2.8 0.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 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 2008 2009 2010 2007 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. –0.3 –3.5 –0.39 –0.59 –0.41 –0.38 –1.32 –0.69 –0.41 –0.17 2008 III IV I II –3.7 –8.9 –6.7 –0.7 1.44 0.83 –0.70 –0.08 –2.67 –3.53 0.99 0.25 –1.37 0.12 –1.89 –3.04 0.53 0.19 –0.84 –0.23 –1.01 –2.12 0.05 –0.07 –0.48 –0.58 –0.53 –0.98 –1.02 0.05 0.19 0.35 3.0 1.7 I –1.8 II 2009 1.3 2010 III 1.7 IV 1.3 2.0 –1.28 –0.52 –0.29 –0.10 1.66 0.33 1.70 0.12 1.39 –0.36 0.92 –0.79 1.92 1.45 0.70 –0.02 2.05 0.87 0.56 0.16 1.85 1.09 0.63 0.19 2.48 1.87 1.20 0.76 1.47 1.10 0.85 0.37 0.49 –0.38 –0.42 –0.74 1.63 0.30 0.41 0.05 0.08 0.13 0.34 0.33 0.04 –0.03 0.31 0.48 0.22 0.32 0.18 0.75 0.17 0.21 0.02 0.30 0.06 0.27 0.11 0.47 0.14 0.24 0.05 0.67 0.06 0.32 0.10 0.25 0.05 0.20 0.07 0.04 0.09 0.23 0.04 –0.11 0.15 –0.14 0.26 0.15 0.09 0.01 0.24 0.29 0.47 1.18 0.18 0.01 0.02 0.26 0.75 0.25 0.27 –0.15 0.30 0.61 0.04 0.07 –0.17 0.30 0.36 1.11 0.89 0.76 0.07 0.30 –0.10 0.45 0.28 0.49 0.08 0.05 0.00 0.11 0.20 –0.03 0.18 0.13 0.16 0.12 –0.16 0.05 0.10 0.09 0.19 0.35 –0.19 0.06 –0.01 –0.05 0.30 0.23 0.02 0.85 0.09 0.32 0.00 0.23 0.05 0.07 0.09 1.32 0.38 0.61 –0.01 0.07 0.12 0.13 0.02 0.26 0.20 0.20 –0.17 0.09 0.10 –0.10 –0.06 –0.01 –0.22 0.08 0.19 –0.76 –0.04 0.21 –0.32 –0.01 0.31 –0.16 –0.05 0.08 –0.24 –0.24 –0.92 –0.18 0.19 –0.20 –0.19 –0.17 –0.17 –0.18 –0.59 0.05 0.41 –0.11 –0.09 –0.17 –0.41 –0.27 0.12 0.22 0.14 0.22 0.20 0.22 0.03 0.12 0.02 0.15 0.28 0.27 0.25 0.31 III r 0.4 –0.25 –0.51 –0.10 –0.23 –0.32 –0.07 –0.41 0.27 0.14 0.00 –0.36 –0.12 –0.78 –0.49 –1.07 –0.94 0.13 0.21 –0.25 –0.07 –0.24 –0.59 –0.13 II 2.3 0.13 0.16 0.13 –0.01 0.00 –0.13 0.20 0.04 0.46 0.58 –0.80 0.48 0.02 –0.33 –0.18 –0.23 –0.59 0.02 I 2.5 –0.05 –0.07 –0.01 –0.11 –0.13 0.01 0.02 –0.10 0.21 –0.63 0.30 0.42 –0.09 0.32 0.28 0.36 –0.07 –0.12 –0.02 0.00 0.16 –0.21 0.09 0.00 –0.04 0.08 IV 3.8 –0.25 –0.35 –0.21 –0.12 –0.15 –0.51 0.07 –0.11 –0.08 –0.29 –0.01 0.04 –0.89 –0.92 –0.15 –0.23 –0.66 0.43 0.13 0.12 0.21 0.16 –0.19 0.02 –0.11 0.05 –0.15 0.14 –0.43 –0.07 –0.12 0.02 III 3.9 0.13 0.02 –0.17 0.07 0.27 0.25 –0.09 0.30 0.07 –0.01 –0.09 –0.02 0.46 0.06 –0.53 0.35 0.00 0.09 0.25 –0.12 –0.03 –0.04 –0.06 –0.08 II 3.8 –0.08 –0.15 0.09 –0.04 –0.04 –0.06 –0.18 –0.28 –0.14 0.05 –0.08 0.25 –0.20 –0.15 –0.11 0.21 0.67 –0.20 I 2011 0.14 0.17 0.05 –0.09 0.07 –0.14 –0.15 0.44 0.14 0.27 0.01 –0.13 0.01 0.10 0.01 0.43 0.02 –1.66 –1.15 –0.09 0.24 –0.34 0.09 0.13 –0.01 0.05 0.10 0.08 –0.09 0.15 0.23 0.08 0.02 –3.61 1.96 –1.58 –2.02 –0.94 –2.63 –5.59 –7.76 –2.84 0.35 3.51 –2.77 0.32 –0.81 –1.36 –0.80 –1.91 –4.05 –5.09 –2.26 0.13 –0.42 –2.05 0.42 0.62 –0.10 –0.25 –1.18 –2.84 –3.90 –1.66 –0.29 –0.33 –0.85 –0.51 0.28 0.03 0.37 –0.14 –0.41 –1.47 –1.41 –0.71 –1.07 –1.20 0.93 0.34 –0.13 –0.63 –1.04 –2.43 –2.43 –0.25 0.42 0.74 –0.14 3.25 0.15 0.56 –0.76 1.32 0.37 2.92 2.12 1.62 0.18 1.45 0.43 –0.91 0.88 0.82 0.26 0.56 –0.15 0.47 0.15 0.20 –0.40 0.60 0.09 0.79 1.07 0.98 0.54 0.44 0.42 –0.10 1.45 1.41 0.33 1.08 0.08 0.05 0.07 –0.04 –0.05 –0.31 –0.05 –1.05 –0.51 0.01 –0.52 1.21 0.73 0.53 0.20 0.47 0.57 –0.10 –0.14 0.35 0.57 –0.02 0.16 0.15 –0.01 0.05 0.09 –0.11 0.14 0.34 –0.28 0.08 –0.27 –0.53 0.36 0.04 –0.25 0.14 0.00 –0.72 –0.11 –1.43 –0.84 1.64 –0.77 –0.02 0.00 0.06 –0.82 1.64 –0.83 1.11 –0.51 2.22 –1.18 1.31 1.32 –1.04 1.12 0.78 –0.13 0.19 0.54 2.29 –1.82 0.90 2.19 –1.74 0.79 0.10 –0.08 0.11 0.31 0.39 0.06 0.14 0.12 0.14 0.13 0.11 0.09 0.11 0.34 0.00 0.20 0.05 –0.76 0.06 0.86 –1.79 –0.20 0.01 1.06 –1.80 –0.68 1.37 1.21 0.98 0.75 0.79 0.46 0.18 –1.89 0.39 –1.58 0.08 –0.31 0.31 0.01 –0.05 0.04 0.02 0.14 0.30 0.15 –0.06 0.32 –0.09 0.41 –0.34 1.01 0.94 0.07 –1.35 –1.29 –0.06 0.32 0.27 0.14 –0.09 –0.01 0.14 –0.01 0.09 –0.28 –0.02 –0.26 0.24 0.48 0.24 0.24 –0.24 –0.23 –0.01 0.03 0.09 0.10 –0.16 0.35 0.29 0.42 0.04 –1.55 –0.07 –1.48 0.49 0.59 0.48 0.11 –0.09 –0.04 –0.06 0.20 0.26 0.31 0.26 0.05 –0.05 –0.06 0.01 –0.06 –0.13 0.07 –1.23 –0.18 –0.02 –0.82 0.16 0.15 –0.74 0.37 0.26 –0.36 0.42 0.18 –0.38 –0.04 0.08 –0.08 –0.22 –0.10 –0.06 –0.20 –0.11 –0.02 –0.02 0.01 –0.41 –0.34 –0.17 0.00 –0.14 –0.21 –0.41 –0.20 0.04 0.09 0.13 0.19 –0.24 0.01 –0.06 –0.17 –1.26 –0.66 –0.17 –0.49 0.38 0.65 0.75 –0.10 –0.28 0.05 –0.33 0.01 0.05 0.01 –0.06 –0.04 –0.63 0.03 –0.55 –0.14 0.32 –0.46 2.00 1.56 1.21 0.35 0.44 0.31 0.13 –0.30 –0.14 0.02 –0.18 –0.08 –0.68 0.03 –0.73 –0.73 0.06 –0.79 0.79 –0.47 –0.22 –0.24 1.25 1.47 –0.21 0.31 –0.13 –0.17 0.22 0.02 0.06 –0.10 0.06 0.42 0.17 0.16 0.07 0.25 0.12 –0.28 –0.08 –0.01 0.06 –0.09 0.05 0.07 –0.03 0.01 0.35 –0.28 –0.30 0.20 –0.03 0.03 –0.04 –0.80 –0.22 –0.09 –0.49 –0.23 –0.99 –0.41 –1.21 –1.54 –0.08 –1.46 –0.12 –2.97 –2.75 –0.21 2.84 2.98 –0.14 –0.28 –0.04 –0.11 –0.13 –0.73 –0.97 –0.44 –1.19 –2.66 –0.06 –2.60 2.44 –3.82 –3.25 –0.57 6.26 5.63 0.63 0.15 0.06 0.09 0.00 –0.20 0.15 –0.35 –0.60 –0.58 –0.03 –0.55 2.21 –0.02 –0.20 0.18 2.24 2.15 0.09 0.06 0.14 0.06 –0.02 0.05 –0.20 –0.24 –0.04 0.16 0.15 0.87 1.33 0.48 0.54 0.18 0.38 0.13 0.34 0.07 0.23 0.06 0.12 –0.06 0.03 0.30 0.08 0.17 0.12 –0.07 0.00 0.02 0.39 0.04 0.21 0.75 0.47 –0.04 0.00 0.36 0.21 0.42 –0.10 –0.41 0.50 0.21 3.93 3.10 0.79 –0.12 0.13 0.17 –0.11 0.33 3.80 2.92 0.90 –0.59 0.15 –0.97 –1.94 1.49 2.51 0.86 1.19 1.48 2.01 0.96 0.97 0.01 0.49 –0.10 0.23 –2.08 –2.36 –1.83 –3.13 –1.98 –2.36 –1.71 –3.05 –0.10 0.00 –0.12 –0.08 0.50 0.34 0.14 0.23 0.58 0.34 0.85 0.35 0.50 0.45 0.37 0.08 0.66 0.35 0.84 0.69 0.36 0.30 0.18 0.01 0.38 0.27 0.85 0.44 0.25 0.25 0.14 0.01 0.32 –0.05 0.69 0.37 0.11 0.05 0.04 0.00 0.06 0.32 0.15 0.07 0.15 0.16 0.19 0.07 0.28 0.09 –0.01 0.25 0.12 0.14 0.14 0.08 0.25 0.06 –0.03 0.23 0.02 0.01 0.05 –0.01 0.03 0.03 0.02 0.02 0.00 –0.11 –0.23 0.16 –0.08 –0.01 0.01 –0.34 –0.02 –0.07 –0.13 0.09 –0.09 –0.13 0.02 –0.10 0.02 –0.05 –0.10 0.07 0.01 0.12 –0.01 –0.24 –0.33 1.21 0.28 –0.25 1.09 0.48 –0.40 0.84 0.45 –0.23 0.64 0.38 –0.17 0.20 0.07 0.15 0.25 0.03 0.17 0.26 –0.03 –0.02 0.00 0.05 –0.08 0.12 –0.19 –0.04 –0.03 –0.15 –0.05 0.15 –0.04 –0.21 0.66 –0.78 –0.53 0.11 –2.82 0.82 –1.11 0.37 –2.73 –1.88 –1.32 0.26 0.09 –0.08 –1.56 3.01 1.46 –1.23 1.14 –0.34 0.72 1.40 0.72 0.15 –1.59 –0.69 –1.16 –1.25 0.02 –0.55 0.49 –0.45 –0.40 –0.74 0.01 0.10 0.20 0.04 0.15 –2.32 –6.83 –0.55 –0.35 –0.79 –1.72 –0.70 –1.73 –0.01 0.02 –0.18 –0.26 0.77 0.18 0.23 0.71 –0.07 0.03 0.33 0.04 –0.01 0.23 –0.11 0.04 0.10 0.25 0.21 0.38 0.20 0.17 0.29 0.05 0.04 0.09 –0.37 –0.49 0.05 –0.09 –0.18 –0.14 –0.27 –0.32 0.20 1.91 4.44 0.07 0.84 –0.29 –1.48 1.48 0.20 –0.06 0.02 5.19 0.23 –1.48 0.73 0.16 0.28 1.14 0.28 1.04 0.10 0.94 –0.58 –0.26 –0.34 –0.40 0.06 0.09 0.06 0.02 –0.33 –0.11 –0.22 1.12 2.12 1.63 1.69 0.98 0.65 0.97 –0.59 0.07 0.34 0.33 –0.43 0.06 0.29 0.29 1.36 –0.05 –0.95 1.08 0.08 –0.17 1.18 0.33 –0.10 0.07 0.38 1.24 0.38 0.18 0.22 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 2010 2010 Seasonally adjusted at annual rates 2011 2010 2010 Change from preceding period 2011 2011 2010 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 14,526.5 14,605.5 14,755.0 14,867.8 15,012.8 15,180.9 13,088.0 13,139.6 13,216.1 13,227.9 13,271.8 13,337.8 10,245.5 10,276.6 10,417.1 10,571.7 10,676.0 10,798.7 9,220.9 9,247.1 9,328.4 9,376.7 9,392.7 9,446.5 3,387.0 3,386.5 3,483.4 3,592.2 3,622.7 3,660.1 3,230.7 3,240.8 3,306.0 3,344.4 3,331.2 3,341.7 1,085.5 1,087.5 1,124.7 1,154.5 1,143.8 1,157.7 1,188.3 1,194.1 1,242.4 1,277.4 1,260.2 1,277.1 340.1 339.6 367.1 383.0 363.4 368.9 330.1 328.0 354.9 368.2 342.1 343.7 III r II 384.9 183.4 132.7 80.0 7.6 43.9 16.0 –13.2 –17.2 –26.1 66.0 53.8 10.5 16.9 1.6 243.8 329.8 171.8 2,301.5 243.4 331.2 173.3 2,299.0 246.1 334.5 176.9 2,358.7 248.3 340.5 182.7 2,437.8 251.2 342.5 186.7 2,478.9 254.8 344.8 189.1 2,502.4 260.1 459.6 154.9 2,041.3 261.4 465.8 156.4 2,045.8 267.0 478.5 158.1 2,067.4 269.3 495.9 161.4 2,075.4 271.4 506.5 163.8 2,076.6 274.9 519.7 165.2 2,073.2 19.5 50.4 8.9 57.9 2.1 10.6 2.4 1.2 3.5 13.2 1.4 –3.4 766.4 334.3 354.1 846.7 6,858.5 766.4 333.9 345.9 852.8 6,890.1 778.2 341.3 374.1 865.2 6,933.7 792.0 344.5 420.2 881.1 6,979.4 806.7 348.6 431.5 892.1 7,053.3 815.2 352.0 434.6 900.6 7,138.6 673.1 341.0 281.3 750.7 5,991.8 672.8 340.0 282.7 754.8 6,008.1 680.8 350.1 278.4 764.5 6,027.5 682.1 352.8 274.2 774.4 6,039.1 684.1 354.7 268.5 779.6 6,067.0 683.4 347.3 267.6 784.5 6,109.8 15.8 18.6 0.2 24.9 56.3 2.0 1.9 –5.7 5.2 27.9 –0.7 –7.4 –0.9 4.9 42.8 6,578.3 1,893.2 1,667.4 295.5 382.6 638.0 780.2 921.4 6,610.9 1,900.8 1,677.1 297.0 388.6 642.8 779.2 925.4 6,656.0 1,901.1 1,700.4 298.5 387.7 650.1 782.7 935.5 6,700.0 1,901.7 1,708.1 302.1 387.9 663.7 795.7 940.7 6,771.6 1,913.3 1,729.5 304.6 398.6 673.9 803.1 948.5 6,855.9 1,938.7 1,760.8 305.1 402.7 685.6 808.3 954.7 5,714.0 1,669.2 1,442.9 250.2 341.4 551.0 667.8 791.7 5,730.6 1,675.3 1,446.9 251.6 345.8 553.2 665.9 792.4 5,754.7 1,672.2 1,462.3 251.6 344.7 558.2 667.6 798.3 5,765.9 1,666.0 1,464.3 251.4 343.0 567.6 674.7 798.8 5,793.2 1,669.1 1,474.5 251.2 350.6 569.1 676.9 801.8 5,835.5 1,681.3 1,494.2 251.0 353.0 572.8 681.0 802.3 53.5 14.3 19.8 2.1 6.6 16.7 –8.3 2.2 27.3 3.1 10.2 –0.2 7.6 1.5 2.2 3.0 42.3 12.2 19.7 –0.2 2.4 3.7 4.1 0.5 280.2 1,118.9 279.2 1,125.3 277.6 1,141.6 279.4 1,143.5 281.7 1,154.9 282.6 1,177.0 280.0 989.2 279.5 992.8 273.9 1,001.6 274.3 997.2 274.9 1,000.6 275.2 1,014.6 2.9 18.5 0.6 3.4 0.3 14.0 838.6 1,795.1 1,728.2 1,390.1 374.4 1,015.7 846.1 1,850.5 1,743.8 1,416.5 376.6 1,039.9 864.0 1,818.0 1,779.3 1,447.9 389.6 1,058.3 864.0 1,853.1 1,791.1 1,460.5 379.5 1,081.0 873.2 1,895.3 1,841.7 1,506.0 405.2 1,100.8 894.4 1,895.4 1,902.4 1,565.1 423.2 1,141.9 710.3 1,714.9 1,648.4 1,319.2 309.1 1,019.4 714.1 1,766.8 1,663.5 1,343.6 310.1 1,044.1 727.3 1,734.5 1,693.9 1,371.9 318.0 1,064.5 722.8 1,750.9 1,699.0 1,378.9 305.9 1,086.9 725.5 1,778.4 1,736.7 1,413.2 321.9 1,103.5 738.7 1,774.6 1,787.8 1,462.8 331.6 1,144.3 15.3 260.7 42.1 56.0 –58.2 129.7 2.7 27.5 37.7 34.3 16.0 16.6 13.2 –3.8 51.1 49.6 9.7 40.8 543.8 93.8 257.9 192.1 168.6 122.7 180.5 338.1 66.9 –1.6 68.6 –516.9 1,839.8 1,277.8 562.0 2,356.7 1,947.3 409.4 548.0 95.3 258.6 194.0 172.9 132.8 186.3 327.3 106.7 –6.2 112.9 –540.3 1,860.6 1,288.9 571.6 2,400.9 1,982.7 418.2 559.3 99.3 263.2 196.8 178.0 133.1 187.9 331.3 38.7 –6.5 45.2 –500.2 1,935.3 1,353.8 581.5 2,435.5 2,022.8 412.7 557.9 95.6 265.1 197.3 185.0 145.4 192.7 330.6 62.0 –9.4 71.4 –571.3 2,024.1 1,431.0 593.2 2,595.4 2,176.2 419.3 567.6 103.9 270.4 193.3 186.5 152.0 194.6 335.7 53.6 –9.9 63.5 –597.1 2,085.3 1,473.5 611.7 2,682.4 2,257.3 425.1 566.2 602.6 608.5 624.5 625.0 638.4 639.5 54.3 13.4 1.1 105.4 .............. .............. ............. .............. .............. .............. .............. ............. .............. 274.0 256.1 257.2 262.4 263.7 268.9 272.6 7.0 5.2 3.7 186.8 207.3 209.9 214.4 215.2 211.5 204.7 21.2 –3.7 –6.8 201.0 146.6 150.1 153.7 158.1 157.7 168.9 9.5 –0.4 11.2 162.6 119.3 129.1 128.9 139.6 144.6 154.9 48.6 5.0 10.3 212.1 162.6 167.1 168.9 174.0 173.8 187.7 17.0 –0.2 13.9 337.3 330.8 321.1 323.1 321.1 324.4 325.7 –14.8 3.3 1.3 –7.1 58.8 92.3 38.3 49.1 39.1 –8.5 203.7 –10.0 –47.6 –12.8 –1.4 –5.7 –5.2 –7.8 –8.7 –10.8 0.1 –0.9 –2.1 5.8 60.7 98.8 44.7 59.7 51.0 4.9 204.5 –8.7 –46.1 –560.3 –421.8 –458.7 –414.2 –424.4 –416.4 –400.7 –63.0 8.0 15.7 2,117.2 1,663.2 1,684.8 1,716.8 1,749.6 1,765.0 1,783.6 169.2 15.4 18.6 1,496.6 1,164.9 1,178.8 1,204.9 1,235.6 1,243.2 1,258.3 146.3 7.6 15.1 620.6 498.8 506.5 512.4 514.6 522.4 525.9 23.9 7.8 3.5 2,677.5 2,085.0 2,143.5 2,131.0 2,173.9 2,181.4 2,184.3 232.2 7.5 2.9 2,250.2 1,729.3 1,779.8 1,777.4 1,818.4 1,825.4 1,826.6 223.3 7.0 1.2 427.2 357.4 365.5 355.6 357.5 357.9 359.7 10.2 0.4 1.8 3,002.8 3,018.7 3,020.2 3,014.4 3,038.6 3,047.2 1,222.8 1,237.5 1,234.3 1,219.9 1,237.1 1,248.4 819.2 831.3 823.9 809.0 830.6 843.5 702.1 713.1 702.7 701.0 723.4 732.8 117.1 118.2 121.2 108.0 107.3 110.7 403.6 406.2 410.3 410.9 406.5 404.9 351.9 353.6 356.9 358.1 354.1 352.0 51.7 52.6 53.5 52.8 52.4 52.9 1,780.0 1,781.2 1,786.0 1,794.4 1,801.5 1,798.8 1,443.5 1,438.9 1,450.1 1,471.7 1,482.9 1,475.3 336.5 342.3 335.9 322.8 318.6 323.5 .............. ............... ............... ............... .............. .............. 14,459.6 15,043.4 14,976.5 14,526.5 702.9 513.5 14,715.9 12,651.6 14,498.8 15,145.8 15,039.1 14,605.5 708.9 501.6 14,812.8 12,727.3 14,716.3 15,255.2 15,216.6 14,755.0 729.4 545.0 14,939.4 12,858.9 14,805.8 15,439.1 15,377.1 14,867.8 752.1 525.0 15,094.9 12,953.5 14,959.2 15,609.9 15,556.3 15,012.8 803.2 542.0 15,274.0 13,072.9 15,188.0 15,741.2 15,748.3 15,180.9 794.8 527.8 15,447.8 13,219.0 2,556.8 1,075.9 718.3 609.0 110.2 357.7 307.5 50.4 1,487.0 1,213.0 274.3 –39.3 2,570.3 1,087.8 728.6 618.1 111.4 359.2 308.3 51.2 1,488.9 1,210.8 278.4 –42.0 2,552.1 1,079.6 717.7 605.3 113.6 361.9 310.3 52.0 1,478.9 1,207.4 271.9 –61.2 2,513.9 1,053.3 694.0 594.0 100.3 359.4 308.4 51.3 1,466.4 1,207.4 259.6 –74.8 2,508.2 1,058.3 705.9 607.1 98.8 352.4 302.1 50.6 1,456.1 1,203.2 253.6 –86.5 13,028.9 13,500.4 13,440.7 13,088.0 634.2 461.4 13,261.0 11,333.3 13,046.0 13,589.6 13,495.4 13,139.6 639.9 450.9 13,328.9 11,381.6 13,181.6 13,621.2 13,585.9 13,216.1 655.2 487.7 13,383.9 11,448.2 13,182.8 13,644.2 13,598.4 13,227.9 669.3 465.2 13,432.2 11,451.3 13,236.2 13,679.9 13,643.4 13,271.8 708.7 476.6 13,504.2 11,485.7 2,507.6 17.2 –5.7 –0.6 1,063.2 46.4 5.0 4.9 714.1 22.7 11.9 8.2 612.7 17.5 13.1 5.6 101.5 5.4 –1.5 2.7 349.0 23.9 –7.0 –3.4 298.5 17.8 –6.3 –3.6 50.9 6.3 –0.7 0.3 1,450.9 –27.2 –10.3 –5.2 1,196.7 –15.9 –4.2 –6.5 254.8 –11.0 –6.0 1.2 –95.5 .............. ............. .............. 13,353.9 13,729.3 13,744.0 13,337.8 697.7 462.1 13,573.8 11,540.9 176.2 448.8 240.7 384.9 49.6 16.5 417.8 366.3 53.4 35.7 45.0 43.9 39.4 11.4 72.0 34.4 117.7 49.4 100.6 66.0 –11.0 –14.5 69.6 55.2 r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II III r Gross domestic product (GDP) ....... 2.2 1.1 1.2 1.9 2.5 2.5 3.1 0.5 1.7 –0.4 0.3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.5 Personal consumption expenditures ......... 3.3 0.2 1.8 4.2 3.9 4.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 0.3 1.0 1.9 3.9 3.3 2.3 Goods......................................................... 3.1 –2.6 1.6 5.3 4.8 4.8 7.0 –17.8 –6.3 4.1 5.6 2.5 2.1 –3.4 0.8 3.4 8.0 5.1 2.9 Durable goods ........................................ –1.9 –1.8 –1.7 –1.5 –1.3 –2.7 –1.1 –3.5 –2.1 –0.1 –2.7 0.5 –2.1 –2.4 –2.5 –2.4 –0.6 1.7 –0.5 Nondurable goods .................................. 5.7 –2.9 3.2 9.1 8.1 8.8 11.1 –23.8 –8.3 6.1 9.8 3.5 4.1 –3.9 2.4 6.2 12.4 6.7 4.5 Services...................................................... 3.4 1.6 1.9 3.7 3.4 4.4 3.0 1.2 0.6 0.9 1.8 2.9 1.7 2.2 1.1 1.2 1.9 2.4 2.0 Gross private domestic investment............ 1.1 –1.0 –1.6 0.4 0.3 1.2 2.4 6.9 –2.2 –6.4 –5.8 –1.7 –1.2 0.0 0.9 1.7 2.1 2.2 1.0 Fixed investment......................................... 1.2 –1.2 –1.4 0.4 0.9 1.4 3.3 2.9 –2.3 –5.3 –4.4 –1.0 –1.3 –0.5 0.5 0.8 1.4 2.4 1.4 Nonresidential......................................... 2.0 –0.6 –1.6 0.4 1.9 2.2 5.1 5.3 –2.2 –5.2 –4.7 –2.0 –1.7 0.2 0.5 0.4 1.4 2.5 1.6 Structures............................................ 4.9 –2.6 –1.1 4.8 5.2 3.9 7.7 8.2 –5.6 –12.0 –10.0 –1.5 1.3 2.4 2.5 3.6 5.0 6.1 5.6 Equipment and software ..................... 0.5 0.5 –1.8 –1.8 0.2 1.3 3.7 3.6 –0.2 –1.3 –2.2 –2.5 –3.1 –0.7 –0.3 –0.8 0.2 1.2 0.2 Residential .............................................. –1.2 –3.4 –0.4 0.7 –1.6 –1.1 –2.8 –5.2 –2.9 –5.9 –3.1 3.1 0.5 –3.0 0.6 2.5 1.5 2.0 0.3 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 4.7 –5.4 4.4 5.8 7.8 10.7 6.0 –22.0 –11.9 0.1 5.0 5.5 4.8 5.0 0.6 8.6 11.0 8.8 1.9 Goods ..................................................... 5.0 –6.8 4.9 6.1 8.9 13.3 5.7 –27.1 –14.4 2.1 5.1 5.3 5.5 5.5 0.6 11.5 12.9 9.7 1.4 Services.................................................. 4.1 –2.2 3.2 5.1 5.4 4.7 6.7 –8.9 –6.7 –3.8 4.6 5.8 3.5 3.9 0.6 2.2 6.5 6.5 3.1 Imports ....................................................... 10.6 –10.6 6.1 17.0 16.8 21.0 10.6 –36.7 –29.2 6.6 14.4 11.5 8.3 –2.2 –2.2 8.4 19.1 12.5 –1.3 Goods ..................................................... 11.6 –12.4 6.8 19.3 19.2 22.7 11.6 –40.8 –33.4 8.5 17.1 12.5 9.9 –2.9 –3.0 8.9 22.3 14.0 –1.5 Services.................................................. 5.8 –2.2 2.7 5.9 5.1 12.6 5.5 –11.6 –7.9 –0.8 4.0 7.1 1.0 0.8 1.6 5.8 4.2 5.2 0.0 Government consumption expenditures and gross investment............................... 4.9 –0.3 2.2 4.7 7.9 6.6 4.2 –5.4 –1.8 0.0 1.2 2.0 4.7 1.3 0.9 3.1 5.4 4.2 1.2 Federal ....................................................... 3.2 –0.2 2.4 2.3 7.5 4.1 1.7 –4.7 1.2 –2.0 1.4 2.3 5.6 1.3 1.1 2.0 5.3 3.8 1.8 National defense..................................... 3.6 –0.7 2.4 3.1 7.5 5.3 2.0 –5.8 0.2 –2.5 1.1 2.5 5.7 1.3 0.9 2.5 6.3 3.8 1.6 Nondefense ............................................ 2.3 0.9 2.4 0.8 7.6 1.5 1.1 –2.3 3.5 –1.0 2.2 1.9 5.5 1.2 1.5 1.1 3.4 3.7 2.3 State and local............................................ 5.9 –0.4 2.1 6.2 8.2 8.1 5.7 –5.7 –3.6 1.3 1.0 1.7 4.1 1.3 0.7 3.8 5.5 4.5 0.8 Addenda: Final sales of domestic product.................. 2.2 1.0 1.2 1.9 2.6 2.5 3.2 0.0 1.7 –0.3 0.4 1.2 1.4 1.4 1.4 1.8 2.4 2.5 2.6 Gross domestic purchases......................... 3.2 –0.1 1.5 3.7 4.1 4.5 4.0 –4.0 –1.9 0.5 1.6 2.1 2.1 0.5 1.0 2.1 4.0 3.3 1.9 Final sales to domestic purchasers ............ 3.3 –0.1 1.5 3.7 4.2 4.5 4.1 –4.4 –1.8 0.6 1.7 2.2 2.1 0.4 0.9 2.0 3.9 3.4 2.0 Gross national product (GNP) .................... 2.2 1.1 1.1 1.9 2.5 2.5 3.1 0.4 1.7 –0.4 0.3 1.1 1.5 1.4 1.4 1.9 2.5 2.5 2.5 Implicit price deflators: GDP ........................................................ 2.2 1.1 1.2 1.9 2.4 2.7 3.2 0.5 1.5 –0.4 0.2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 2.5 Gross domestic purchases ..................... 3.3 –0.1 1.5 3.8 4.0 4.6 4.1 –4.0 –2.0 0.5 1.6 2.0 2.1 0.6 0.9 2.0 4.2 3.4 1.9 GNP ........................................................ 2.2 1.0 1.1 1.9 2.4 2.7 3.2 0.4 1.5 –0.4 0.2 1.0 1.5 1.5 1.3 1.8 2.7 2.6 2.5 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 2008 2009 2010 2010 III 2011 IV I II III r Gross domestic product...................................................... 104.270 100.635 103.684 104.093 104.699 104.792 105.140 105.663 Personal consumption expenditures ................................................ 104.637 102.657 104.741 105.038 105.962 106.511 106.693 107.303 Goods................................................................................................ 103.776 100.693 105.006 105.333 107.452 108.700 108.272 108.611 Durable goods ............................................................................... 104.314 98.660 105.782 106.294 110.600 113.710 112.180 113.688 Nondurable goods ......................................................................... 103.363 101.536 104.501 104.733 105.839 106.249 106.306 106.136 Services............................................................................................. 105.067 103.644 104.628 104.912 105.250 105.453 105.941 106.688 Gross private domestic investment................................................... 89.296 66.944 78.945 81.333 79.848 80.600 81.869 81.691 Fixed investment................................................................................ 93.228 75.688 77.667 78.380 79.812 80.052 81.829 84.239 Nonresidential................................................................................ 114.125 93.755 97.913 99.725 101.822 102.342 104.889 108.573 Structures................................................................................... 132.595 104.426 87.883 88.169 90.399 86.974 91.511 94.272 Equipment and software ............................................................ 106.411 89.367 102.393 104.873 106.925 109.174 110.839 114.936 Residential ..................................................................................... 57.345 44.587 42.681 41.427 41.684 41.428 41.855 42.022 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 126.376 114.479 127.444 129.101 131.551 134.061 135.240 136.667 Imports of goods and services .......................................................... 105.733 91.372 102.821 105.708 105.091 107.207 107.573 107.718 Government consumption expenditures and gross investment .... 105.381 107.161 107.886 108.457 107.691 106.076 105.837 105.813 Federal .............................................................................................. 110.819 117.479 122.782 124.138 123.197 120.195 120.769 121.328 State and local................................................................................... 102.310 101.378 99.557 99.689 99.020 98.177 97.488 97.140 Addenda: Final sales of domestic product......................................................... 104.991 102.224 103.626 103.762 104.841 104.850 105.275 106.210 Gross domestic purchases................................................................ 102.303 97.796 101.160 101.828 102.064 102.237 102.504 102.874 Final sales to domestic purchasers ................................................... 102.974 99.280 101.091 101.502 102.182 102.276 102.615 103.371 Gross national product ...................................................................... 104.692 100.968 104.253 104.786 105.218 105.598 106.164 106.711 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 2008 2009 2010 2010 III 2011 IV I II III r Gross domestic product...................................................... 108.565 109.732 111.000 111.162 111.699 112.390 113.091 113.796 Personal consumption expenditures (PCE)...................................... 108.943 109.169 111.112 111.136 111.673 112.747 113.666 114.317 Goods................................................................................................ 105.912 103.209 104.837 104.497 105.367 107.412 108.752 109.531 Durable goods ............................................................................... 94.628 92.901 91.348 91.058 90.507 90.362 90.745 90.629 Nondurable goods ......................................................................... 112.567 109.301 112.748 112.379 114.092 117.463 119.383 120.707 Services............................................................................................. 110.584 112.353 114.465 114.682 115.037 115.574 116.260 116.841 Gross private domestic investment................................................... 107.501 106.401 104.743 104.755 105.199 105.755 106.342 106.607 Fixed investment................................................................................ 107.587 106.305 104.843 104.826 105.035 105.412 106.039 106.402 Nonresidential................................................................................ 107.717 107.106 105.373 105.424 105.536 105.909 106.560 106.986 Structures................................................................................... 125.706 122.490 121.117 121.399 122.475 123.982 125.835 127.560 Equipment and software ............................................................ 101.000 101.496 99.634 99.595 99.406 99.446 99.743 99.788 Residential ..................................................................................... 106.296 102.637 102.214 101.941 102.563 102.958 103.479 103.560 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 111.975 105.959 110.617 110.461 112.757 115.725 118.182 118.737 Imports of goods and services .......................................................... 119.237 106.571 113.032 111.994 114.271 119.370 122.949 122.558 Government consumption expenditures and gross investment .... 115.245 114.883 117.445 117.444 118.341 119.910 121.146 121.515 Federal .............................................................................................. 111.225 111.000 113.653 113.759 114.331 115.827 116.902 117.422 State and local................................................................................... 117.666 117.214 119.704 119.627 120.757 122.372 123.721 123.977 Addenda: PCE excluding food and energy 1 ...................................................... 107.020 108.691 110.208 110.353 110.534 110.963 111.585 112.149 Market-based PCE 2.......................................................................... 108.909 109.201 110.857 110.894 111.394 112.498 113.478 114.211 2 Market-based PCE excluding food and energy ............................... 106.666 108.647 109.763 109.943 110.025 110.391 111.038 111.683 Final sales of domestic product......................................................... 108.576 109.703 110.981 111.140 111.647 112.315 113.021 113.739 Gross domestic purchases................................................................ 109.858 109.803 111.438 111.456 112.048 113.147 114.081 114.631 Final sales to domestic purchasers ................................................... 109.869 109.783 111.426 111.441 112.006 113.084 114.024 114.587 Gross national product ...................................................................... 108.571 109.721 110.979 111.139 111.676 112.372 113.080 113.784 Implicit price deflators: Gross domestic product................................................................. 108.582 109.729 110.992 111.156 111.644 112.398 113.118 113.818 Final sales of domestic product ..................................................... 108.576 109.703 110.981 111.136 111.642 112.311 113.017 113.735 Gross domestic purchases ............................................................ 109.875 109.799 111.429 111.451 111.996 113.155 114.108 114.654 Final sales to domestic purchasers ............................................... 109.869 109.783 111.426 111.438 112.003 113.080 114.021 114.583 Gross national product................................................................... 108.589 109.717 110.971 111.133 111.623 112.379 113.106 113.807 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 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Gross domestic product (GDP) .............................................. 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.5 3.0 Personal consumption expenditures ................................................ 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 –0.6 –1.9 2.0 Goods................................................................................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 –2.5 –3.0 4.3 Durable goods ............................................................................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 –4.9 –5.4 7.2 Nondurable goods ......................................................................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 –1.2 –1.8 2.9 Services............................................................................................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 0.4 –1.4 0.9 Gross private domestic investment................................................... 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –25.0 17.9 Fixed investment................................................................................ 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –18.8 2.6 Nonresidential................................................................................ 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –17.8 4.4 Structures................................................................................... 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 6.4 –21.2 –15.8 Equipment and software ............................................................ 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.0 14.6 Residential ..................................................................................... –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 –23.9 –22.2 –4.3 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 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 6.1 –9.4 11.3 Goods ............................................................................................ 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.7 6.3 –12.0 14.4 Services......................................................................................... 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 5.6 –3.5 5.0 Imports .............................................................................................. 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.6 12.5 Goods ............................................................................................ 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.1 6.8 5.9 2.6 –3.8 –15.6 14.8 Services......................................................................................... 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 3.6 –3.5 2.9 Government consumption expenditures and gross investment .... 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 2.6 1.7 0.7 Federal .............................................................................................. –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 7.2 6.0 4.5 National defense............................................................................ –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 5.8 3.3 Nondefense ................................................................................... –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 6.5 6.5 7.1 State and local................................................................................... 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 0.0 –0.9 –1.8 Addenda: Final sales of domestic product......................................................... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.6 1.4 Gross domestic purchases................................................................ 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.4 3.4 Final sales to domestic purchasers ................................................... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.6 1.8 Gross national product ...................................................................... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.6 3.3 Real disposable personal income...................................................... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.3 1.8 Price indexes: Gross domestic purchases ............................................................ 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 –0.1 1.5 Gross domestic purchases excluding food and energy 1 ............... 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.8 1.2 GDP ............................................................................................... 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 GDP excluding food and energy 1.................................................. 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.8 1.4 Personal consumption expenditures.............................................. 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 1.8 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 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II r III r Gross domestic product (GDP) .............................................. 2.2 1.6 1.0 –0.6 –3.3 –4.5 –5.0 –3.7 –0.5 2.2 3.3 3.5 3.1 2.2 1.6 1.5 Personal consumption expenditures (PCE)...................................... 1.7 0.9 0.4 –1.0 –2.5 –2.7 –3.1 –1.6 –0.2 0.9 2.1 2.2 3.0 2.8 2.2 2.2 Goods................................................................................................ 2.1 0.0 –0.3 –3.0 –6.5 –5.1 –5.8 –2.1 1.4 2.9 4.5 3.8 5.8 5.4 4.0 3.1 Durable goods ............................................................................... 4.6 0.7 –1.4 –5.8 –13.0 –10.2 –10.4 –3.1 3.0 4.8 7.9 5.2 10.9 11.3 7.8 7.0 Nondurable goods ......................................................................... 0.8 –0.3 0.3 –1.5 –3.1 –2.5 –3.5 –1.6 0.6 2.1 2.9 3.2 3.5 2.7 2.3 1.3 Services............................................................................................. 1.4 1.3 0.8 0.1 –0.5 –1.4 –1.7 –1.3 –0.9 –0.1 0.9 1.4 1.6 1.5 1.4 1.7 Gross private domestic investment................................................... –2.0 –4.2 –7.7 –11.1 –17.8 –27.5 –31.0 –27.3 –12.8 9.4 23.7 25.5 14.0 7.4 2.9 0.4 Fixed investment................................................................................ –1.0 –2.9 –5.0 –7.7 –13.1 –19.4 –22.0 –19.3 –14.1 –5.0 4.0 4.4 7.4 7.4 5.0 7.5 Nonresidential................................................................................ 7.9 6.0 2.8 –2.1 –9.4 –17.4 –20.4 –19.0 –14.4 –4.5 4.0 7.7 11.1 10.0 8.0 8.9 Structures................................................................................... 17.3 14.6 10.2 3.4 –1.2 –10.5 –20.9 –24.5 –29.3 –27.4 –18.2 –12.6 –1.8 1.5 4.9 6.9 Equipment and software ............................................................ 3.9 2.3 –0.8 –4.8 –13.6 –20.9 –20.1 –16.0 –5.8 8.5 15.5 17.6 16.6 13.4 9.2 9.6 Residential ..................................................................................... –20.7 –23.8 –24.3 –23.3 –24.4 –26.3 –27.8 –20.5 –12.9 –6.8 4.2 –7.8 –6.3 –2.9 –6.9 1.4 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 10.1 9.8 11.3 6.4 –2.5 –11.7 –14.4 –10.8 –0.1 10.7 13.5 12.5 8.8 8.9 7.3 5.9 Goods ............................................................................................ 10.7 9.9 11.5 7.5 –3.0 –14.8 –18.2 –13.6 –0.4 14.1 18.2 15.1 10.5 10.1 7.7 6.7 Services......................................................................................... 8.6 9.8 11.0 3.7 –1.4 –4.6 –5.7 –4.1 0.4 3.8 4.1 7.2 5.0 6.2 6.2 3.8 Imports .............................................................................................. 0.8 –0.3 –1.4 –3.3 –5.9 –15.4 –18.3 –13.7 –6.5 6.9 16.9 15.9 10.7 9.6 4.7 1.9 Goods ............................................................................................ 1.1 –1.1 –2.0 –4.4 –7.9 –17.8 –21.4 –15.8 –6.9 8.1 20.4 18.5 12.7 11.5 5.6 2.6 Services......................................................................................... –0.7 4.1 2.1 3.0 5.5 –3.0 –2.6 –3.5 –4.7 1.7 3.1 4.9 1.9 1.4 0.6 –1.6 Government consumption expenditures and gross investment .... 1.9 2.8 2.4 2.6 2.7 1.4 2.5 1.7 1.1 1.2 0.7 0.6 0.1 –1.1 –2.2 –2.4 Federal .............................................................................................. 3.1 6.8 6.3 6.8 8.8 5.4 7.8 6.3 4.6 6.2 4.9 4.2 2.9 –0.3 –2.0 –2.3 National defense............................................................................ 2.6 6.6 5.9 7.6 9.8 5.5 8.2 5.9 3.5 5.7 3.3 2.7 1.5 –2.0 –1.8 –2.0 Nondefense ................................................................................... 4.2 7.3 7.0 4.9 6.8 5.2 6.8 7.1 6.9 7.2 8.2 7.5 5.7 3.1 –2.4 –2.8 State and local................................................................................... 1.2 0.5 0.2 0.2 –0.9 –0.9 –0.6 –1.0 –1.1 –1.8 –2.0 –1.7 –1.7 –1.5 –2.3 –2.6 Addenda: Final sales of domestic product......................................................... 2.4 1.8 1.5 0.0 –2.6 –3.3 –3.7 –2.6 –0.8 0.5 1.3 1.3 2.4 2.2 1.9 2.4 Gross domestic purchases................................................................ 1.1 0.4 –0.5 –1.9 –3.9 –5.5 –6.0 –4.5 –1.5 1.9 4.0 4.2 3.6 2.6 1.4 1.0 Final sales to domestic purchasers ................................................... 1.3 0.6 0.0 –1.3 –3.1 –4.3 –4.8 –3.4 –1.8 0.3 2.0 2.1 2.9 2.5 1.7 1.8 Gross national product ...................................................................... 3.1 2.4 1.7 –0.3 –3.8 –4.8 –5.2 –3.9 –0.2 2.4 3.7 3.8 3.2 2.6 2.0 1.8 Real disposable personal income...................................................... 1.6 2.6 4.4 1.7 1.0 –1.4 –3.2 –2.3 –2.4 –0.3 1.0 3.0 3.5 2.6 1.1 0.0 Price indexes: Gross domestic purchases ............................................................ 3.3 3.3 3.6 4.1 2.1 0.6 –0.4 –1.0 0.6 1.6 1.6 1.4 1.4 1.9 2.6 2.8 Gross domestic purchases excluding food and energy 1 ............... 2.6 2.5 2.8 3.0 2.2 1.4 0.8 0.3 0.7 1.1 1.2 1.3 1.2 1.4 1.8 2.0 GDP ............................................................................................... 2.6 2.1 2.0 2.5 2.1 1.9 1.2 0.5 0.7 0.6 1.1 1.4 1.6 1.8 2.1 2.4 1 GDP excluding food and energy .................................................. 2.6 2.4 2.5 2.8 2.0 1.2 0.8 0.3 0.9 1.3 1.4 1.4 1.3 1.5 1.8 2.1 PCE ............................................................................................... 3.5 3.4 3.7 4.2 1.7 0.3 –0.3 –0.6 1.5 2.4 2.0 1.5 1.3 1.8 2.5 2.9 PCE excluding food and energy 1 .................................................. 2.4 2.3 2.5 2.4 2.0 1.6 1.5 1.4 1.7 1.7 1.5 1.3 1.0 1.1 1.3 1.6 Market-based PCE 2 ...................................................................... 3.4 3.6 3.7 4.5 1.8 0.4 –0.1 –0.6 1.4 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2 Market-based PCE excluding food and energy ........................... 2.1 2.2 2.2 2.4 2.2 1.9 2.1 1.8 1.7 1.4 1.0 1.0 0.7 0.9 1.3 1.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 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 2008 Gross domestic product................................................................................................ Plus: Income receipts from the rest of the world .............................................................. Less: Income payments to the rest of the world............................................................... Equals: Gross national product.................................................................................... Less: Consumption of fixed capital................................................................................... Less: Statistical discrepancy ............................................................................................ Equals: National income................................................................................................ Compensation of employees ........................................................................................ Wage and salary accruals ........................................................................................ Supplements to wages and salaries ......................................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .... Rental income of persons with capital consumption adjustment.................................. Corporate profits with inventory valuation and capital consumption adjustments ........ Net interest and miscellaneous payments.................................................................... Taxes on production and imports less subsidies .......................................................... Business current transfer payments (net)..................................................................... Current surplus of government enterprises.................................................................. Addendum: Gross domestic income ................................................................................................ 2009 2010 2010 2011 III IV I II r III r 14,291.5 856.1 686.9 14,460.7 1,854.1 –2.4 12,609.1 8,068.3 6,545.9 1,522.5 1,097.9 231.6 1,248.4 870.1 985.7 123.0 –16.0 13,939.0 639.8 487.5 14,091.2 1,866.2 77.4 12,147.6 7,806.4 6,275.3 1,531.1 941.2 305.9 1,362.0 656.7 958.2 132.0 –14.9 14,526.5 702.9 513.5 14,715.9 1,874.9 0.8 12,840.1 7,971.4 6,408.2 1,563.1 1,036.4 350.2 1,800.1 564.3 996.7 136.7 –15.7 14,605.5 708.9 501.6 14,812.8 1,878.2 –7.4 12,942.1 8,022.2 6,454.5 1,567.7 1,057.0 352.8 1,833.1 550.1 1,002.0 140.9 –16.0 14,755.0 729.4 545.0 14,939.4 1,896.1 24.5 13,018.8 8,050.8 6,477.0 1,573.7 1,081.5 354.8 1,857.4 548.7 1,006.4 135.7 –16.5 14,867.8 752.1 525.0 15,094.9 1,914.3 –52.0 13,232.6 8,172.5 6,578.2 1,594.4 1,095.6 385.0 1,876.4 556.6 1,027.3 134.7 –15.6 15,012.8 803.2 542.0 15,274.0 1,939.9 –10.0 13,344.1 8,219.7 6,617.1 1,602.7 1,106.5 396.9 1,937.6 525.6 1,038.5 133.9 –14.6 15,180.9 794.8 527.8 15,447.8 1,961.9 51.4 13,434.6 8,249.6 6,641.6 1,608.0 1,115.0 406.4 1,977.4 531.9 1,035.1 133.7 –14.5 14,294.0 13,861.5 14,525.7 14,612.9 14,730.5 14,919.8 15,022.7 15,129.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2008 Personal income 1 ......................................................................................................... Compensation of employees, received........................................................................ Wage and salary disbursements.............................................................................. Supplements to wages and salaries ........................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ... Farm ........................................................................................................................ Nonfarm ................................................................................................................... Rental income of persons with capital consumption adjustment................................. Personal income receipts on assets ............................................................................ Personal interest income ......................................................................................... Personal dividend income........................................................................................ Personal current transfer receipts................................................................................ Less: Contributions for government social insurance, domestic.................................. Less: Personal current taxes ........................................................................................... Equals: Disposable personal income.......................................................................... Less: Personal outlays .................................................................................................... Equals: Personal saving ............................................................................................... Personal saving as a percentage of disposable personal income ............................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2.................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................... 2009 2010 2010 2011 III IV I II r III r 12,460.2 8,073.3 6,550.9 1,522.5 1,097.9 51.8 1,046.1 231.6 2,165.4 1,382.0 783.4 1,879.2 987.3 1,435.7 11,024.5 10,432.2 592.3 5.4 11,930.2 7,801.4 6,270.3 1,531.1 941.2 39.2 902.0 305.9 1,707.7 1,108.9 598.8 2,138.1 964.1 1,141.4 10,788.8 10,236.3 552.6 5.1 12,373.5 7,971.4 6,408.2 1,563.1 1,036.4 52.2 984.2 350.2 1,721.2 1,003.4 717.7 2,281.2 986.8 1,193.9 11,179.7 10,586.9 592.8 5.3 12,453.2 8,022.2 6,454.5 1,567.7 1,057.0 58.3 998.7 352.8 1,723.4 983.9 739.4 2,289.4 991.5 1,212.8 11,240.4 10,614.8 625.6 5.6 12,577.6 8,050.8 6,477.0 1,573.7 1,081.5 60.1 1,021.4 354.8 1,743.5 989.6 753.9 2,341.2 994.1 1,240.9 11,336.7 10,748.6 588.1 5.2 12,846.9 8,172.5 6,578.2 1,594.4 1,095.6 66.1 1,029.5 385.0 1,777.2 1,004.7 772.5 2,328.1 911.5 1,365.9 11,481.0 10,902.1 578.9 5.0 12,955.3 8,219.7 6,617.1 1,602.7 1,106.5 67.3 1,039.2 396.9 1,802.3 1,015.9 786.4 2,347.3 917.4 1,396.2 11,559.2 11,002.6 556.5 4.8 12,975.2 8,249.6 6,641.6 1,608.0 1,115.0 67.2 1,047.8 406.4 1,791.8 993.1 798.7 2,333.6 921.1 1,410.0 11,565.2 11,130.6 434.6 3.8 9,712.3 10,119.5 8,969.7 9,882.7 9,083.0 10,061.6 9,145.7 10,114.4 9,166.7 10,152.0 9,329.8 10,183.2 9,332.9 10,169.7 9,309.1 10,117.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 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 2008 2009 2010 2009 2010 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 2010 2011 2010 III IV I II III 2011 IV I 2011 II III III 1,248.4 309.0 1,362.0 272.4 1,800.1 411.1 1,833.1 430.3 1,857.4 404.7 1,876.4 422.3 1,937.6 420.5 1,977.4 414.9 9.1 –11.9 32.2 50.9 1.3 –5.9 1.0 4.3 3.3 –0.4 2.1 –1.3 7.9 –3.6 939.4 786.9 1,089.6 620.0 1,389.1 737.3 1,402.8 760.5 1,452.7 774.8 1,454.1 793.8 1,517.1 807.4 1,562.6 820.7 16.0 –21.2 27.5 18.9 3.6 1.9 0.1 2.5 4.3 1.7 3.0 1.6 11.4 7.9 152.5 469.6 651.7 642.3 677.9 660.3 709.6 741.8 207.9 38.8 5.5 –2.6 7.5 4.5 15.5 1,245.2 1,583.6 1,699.0 1,688.9 1,704.9 1,726.0 1,812.2 1,851.8 27.2 7.3 1.0 1.2 5.0 2.2 9.6 152.5 1,028.5 –64.2 469.6 1,030.4 –83.6 651.7 1,027.1 –20.2 642.3 1,028.5 –18.0 677.9 1,038.3 11.3 660.3 1,048.0 –17.7 709.6 1,063.1 –39.4 741.8 207.9 38.8 5.5 –2.6 7.5 4.5 15.5 1,075.4 0.2 –0.3 0.9 0.9 1.4 1.2 4.6 –34.5 ............. .............. .............. .............. .............. ............. .............. 1,359.9 1,455.7 1,819.5 1,844.5 1,742.5 1,877.1 1,890.6 1,921.5 1,050.9 –44.5 –67.1 1,183.3 0.6 –94.3 1,408.4 –39.1 19.7 1,414.2 –32.0 20.5 1,337.8 –90.3 205.2 1,454.8 –116.0 115.4 1,470.1 –60.4 107.3 1,506.6 12.6 19.0 –5.4 8.7 1.1 2.5 6.5 –47.3 ............. .............. .............. .............. .............. ............. .............. 103.3 ............. .............. .............. .............. .............. ............. .............. 7.0 25.0 –5.5 7.7 0.7 1.6 4.2 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 2010 2008 2009 2010 2010 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 .......................................................... 2011 IV I II 2009 2011 2010 III IV I II III 1,248.4 841.8 86.8 755.0 406.6 581.9 175.3 1,362.0 1,001.6 359.5 642.1 360.4 490.4 130.0 1,800.1 1,418.2 466.7 951.5 381.9 569.6 187.7 1,833.1 1,437.8 460.0 977.8 395.3 575.5 180.3 1,857.4 1,484.5 512.0 972.6 372.9 591.6 218.8 1,876.4 1,465.7 473.3 992.3 410.8 611.9 201.1 1,937.6 1,492.2 419.1 1,073.1 445.4 660.9 215.5 1,977.4 1,525.7 435.1 1,090.5 451.8 653.6 201.8 113.6 159.8 272.7 –112.9 –46.2 –91.5 –45.3 438.1 416.6 107.2 309.4 21.5 79.2 57.7 24.3 46.7 52.0 –5.2 –22.4 16.1 38.5 19.0 –18.8 –38.7 19.7 37.9 20.3 –17.7 61.2 26.5 –54.2 80.8 34.6 49.0 14.4 39.8 33.5 16.0 17.4 6.4 –7.3 –13.7 1,315.5 908.9 122.2 35.1 87.1 786.7 30.7 195.5 56.8 15.8 16.6 12.2 1,456.3 1,095.9 401.8 47.3 354.5 694.1 22.2 125.2 20.5 10.5 7.8 15.4 1,780.4 1,398.5 494.7 71.6 423.2 903.7 25.0 217.1 95.0 11.7 15.3 39.5 1,812.6 1,417.3 487.8 71.4 416.4 929.5 28.0 227.2 95.2 12.5 16.8 39.0 1,652.2 1,279.3 520.8 69.5 451.3 758.5 7.1 187.7 84.5 13.5 16.9 41.9 1,761.1 1,350.3 491.5 72.7 418.8 858.8 14.9 217.6 90.8 14.6 20.0 29.0 1,830.2 1,384.9 438.9 80.7 358.3 945.9 15.2 249.9 97.1 15.6 20.3 34.5 1,874.2 1,422.4 455.4 77.6 377.8 967.0 ............... ............... ............... ............... ............... ............... 140.8 187.0 279.6 12.2 267.4 –92.6 –8.5 –70.3 –36.3 –5.3 –8.8 3.2 324.1 302.6 92.9 24.3 68.7 209.6 2.8 91.9 74.5 1.2 7.5 24.1 –160.4 –138.0 33.0 –1.9 34.9 –171.0 –20.9 –39.5 –10.7 1.0 0.1 2.9 108.9 71.0 –29.3 3.2 –32.5 100.3 7.8 29.9 6.3 1.1 3.1 –12.9 69.1 34.6 –52.6 8.0 –60.5 87.1 0.3 32.3 6.3 1.0 0.3 5.5 44.0 37.5 16.5 –3.1 19.5 21.1 ............... ............... ............... ............... ............... ............... 4.6 –33.1 40.7 138.6 29.9 77.8 23.9 7.1 86.3 81.6 31.9 75.1 285.7 406.6 8.4 –45.1 23.6 104.7 41.5 9.4 38.3 15.5 83.3 106.0 23.5 81.2 252.8 360.4 7.0 –12.7 34.1 122.1 37.8 36.0 34.7 13.7 85.8 122.6 34.4 87.7 331.2 381.9 7.6 –9.9 29.2 132.0 39.6 31.7 45.5 15.2 89.4 119.0 39.3 86.6 340.0 395.3 2.4 –19.1 28.8 103.2 29.6 28.4 35.0 10.2 49.5 117.3 28.2 79.1 289.6 372.9 4.3 –12.0 34.8 126.9 33.5 37.9 36.1 19.3 71.6 120.2 23.5 98.9 312.0 410.8 2.0 –12.2 36.8 152.9 34.7 71.3 32.4 14.4 90.8 112.7 26.8 103.6 346.9 445.4 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 451.8 3.8 –12.0 –17.1 –33.9 11.6 –68.4 14.4 8.4 –3.0 24.4 –8.4 6.1 –32.9 –46.2 –1.4 32.4 10.5 17.4 –3.7 26.6 –3.6 –1.8 2.5 16.6 10.9 6.5 78.4 21.5 –5.2 –9.2 –0.4 –28.8 –10.0 –3.3 –10.5 –5.0 –39.9 –1.7 –11.1 –7.5 –50.4 –22.4 1.9 7.1 6.0 23.7 3.9 9.5 1.1 9.1 22.1 2.9 –4.7 19.8 22.4 37.9 –2.3 –0.2 2.0 26.0 1.2 33.4 –3.7 –4.9 19.2 –7.5 3.3 4.7 34.9 34.6 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 6.4 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 2008 2009 2010 2010 III 2011 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 ..................................................................................... 6,991.4 864.3 6,127.1 4,441.2 3,681.4 759.8 615.2 1,070.8 257.7 58.1 755.0 227.4 527.7 474.1 6,592.0 862.2 5,729.8 4,178.2 3,436.4 741.7 587.4 964.2 243.7 78.3 642.1 175.0 467.1 349.0 6,902.0 856.8 6,045.2 4,263.0 3,513.4 749.6 614.3 1,167.8 130.9 85.4 951.5 229.3 722.3 398.8 6,953.9 857.7 6,096.2 4,299.8 3,548.2 751.6 617.1 1,179.4 114.9 86.7 977.8 239.4 738.3 406.0 6,966.5 865.4 6,101.1 4,315.9 3,562.4 753.4 620.7 1,164.6 106.5 85.5 972.6 212.4 760.2 432.3 7,078.3 873.4 6,205.0 4,386.5 3,621.5 765.0 633.2 1,185.3 106.6 86.3 992.3 238.5 753.8 422.0 7,216.5 885.4 6,331.1 4,426.3 3,657.9 768.4 641.2 1,263.6 103.0 87.5 1,073.1 252.2 821.0 459.2 7,268.0 895.7 6,372.3 4,450.4 3,679.3 771.1 640.5 1,281.4 104.2 86.7 1,090.5 251.0 839.6 433.9 53.5 118.1 323.5 332.3 327.9 331.8 361.7 405.7 831.2 603.8 –44.5 –31.7 693.5 518.5 0.6 –52.0 942.8 713.5 –39.1 47.8 961.5 722.0 –32.0 48.3 848.9 636.5 –90.3 214.1 974.8 736.3 –116.0 133.6 1,006.3 754.1 –60.4 127.2 1,014.3 763.4 –47.3 123.5 6,526.7 816.3 5,710.4 6,624.7 821.7 5,802.9 6,611.2 828.0 5,783.2 Billions of chained (2005) dollars 1 Gross value added of nonfinancial corporate business ..................................... Consumption of fixed capital 2............................................................................................. Net value added 3................................................................................................................ 6,521.2 798.9 5,722.3 6,110.9 805.4 5,305.5 6,442.7 805.4 5,637.3 6,477.8 805.9 5,671.9 6,455.9 811.3 5,644.6 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 .......... 1.072 0.681 0.276 0.133 1.079 0.684 0.290 0.141 1.071 0.662 0.262 0.133 1.073 0.664 0.259 0.132 1.079 0.669 0.259 0.134 1.085 0.672 0.260 0.134 1.089 0.668 0.260 0.134 1.099 0.673 0.261 0.135 0.103 0.040 0.109 0.040 0.109 0.020 0.109 0.018 0.109 0.016 0.110 0.016 0.110 0.016 0.110 0.016 0.116 0.035 0.081 0.105 0.029 0.076 0.148 0.036 0.112 0.151 0.037 0.114 0.151 0.033 0.118 0.152 0.037 0.116 0.162 0.038 0.124 0.165 0.038 0.127 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 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 2008 2009 2010 2007 IV Gross domestic product (GDP) and related aggregates: GDP.................................................................................... –0.3 –3.5 Goods................................................................................. –0.8 –5.9 Services.............................................................................. 1.0 –0.5 Structures ........................................................................... –7.7 –16.9 Motor vehicle output ........................................................... –18.6 –24.5 GDP excluding motor vehicle output .................................. 0.2 –3.0 Final sales of computers 1 .................................................. 20.1 1.3 GDP excluding final sales of computers............................. –0.4 –3.5 Farm gross value added 2 .................................................. 12.6 15.1 Nonfarm business gross value added 3 .............................. –1.5 –5.1 Gross domestic income 4 ................................................... –0.4 –4.0 Price indexes: GDP.................................................................................... 2.2 1.1 GDP excluding food and energy 5 ...................................... 2.4 0.8 GDP excluding final sales of computers............................. 2.3 1.2 Gross domestic purchases................................................. 3.2 –0.1 5 Gross domestic purchases excluding food and energy .... 2.6 0.8 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 3.4 0.0 Personal consumption expenditures (PCE)........................ 3.3 0.2 PCE excluding food and energy 5 ....................................... 2.3 1.6 Market-based PCE 6........................................................... 3.4 0.3 Market-based PCE excluding food and energy 6 ................ 2.3 1.9 2008 I II 2009 III IV I II 2010 III IV I 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 11.7 5.5 –4.4 4.5 –8.2 –23.9 –10.6 3.7 7.9 18.3 20.9 1.1 2.3 1.1 0.2 –0.9 –0.7 –1.8 0.5 0.0 1.2 0.3 –8.8 –10.9 –12.0 0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6 27.4 –14.6 –14.1 –25.4 –26.0 –58.1 –55.3 18.8 128.2 10.1 40.1 2.6 2.2 –1.4 2.1 –3.0 –7.4 –5.5 –1.0 0.2 3.7 3.3 20.5 39.3 7.3 30.0 –2.8 1.1 17.1 –13.8 –11.7 2.5 37.0 2.9 1.5 –1.8 1.2 –3.7 –8.9 –6.8 –0.6 1.8 3.8 3.8 –0.5 41.9 48.4 –11.5 –16.5 79.6 15.1 5.9 41.8 –36.7 0.3 4.0 0.9 –3.6 0.4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 3.6 1.4 2.6 –1.1 –2.6 –9.8 –7.0 –2.1 1.3 4.8 6.3 2011 II III IV I 3.8 4.0 2.6 15.0 15.7 3.5 12.7 3.7 17.7 4.6 3.8 2.5 2.3 0.4 7.9 5.9 4.9 1.5 1.0 –0.1 –8.0 1.0 –13.1 14.9 –17.4 59.2 2.2 2.9 –0.7 72.7 64.2 14.7 2.2 2.1 0.3 21.4 –29.8 –31.8 3.5 3.8 0.9 2.5 1.5 2.4 II r III r 1.3 –0.6 1.8 5.0 –4.1 1.5 13.0 1.3 –9.7 1.8 0.2 2.0 1.3 1.9 5.8 7.5 1.9 44.0 1.8 –9.1 3.2 0.4 1.2 1.4 1.2 1.5 1.2 1.9 2.7 2.0 3.7 2.8 2.5 3.2 2.6 4.1 3.4 2.5 2.4 2.6 4.5 3.1 3.1 2.7 3.2 4.0 2.7 0.5 –0.5 0.6 –4.0 –0.1 1.7 0.3 1.8 –1.9 0.0 –0.4 0.6 –0.3 0.5 0.6 0.3 0.9 0.4 1.6 0.6 1.1 1.8 1.2 2.1 1.7 1.5 1.8 1.5 2.1 1.6 1.5 1.3 1.5 0.5 1.1 1.4 0.8 1.5 1.0 0.8 1.9 1.3 2.0 2.1 1.2 2.5 2.5 2.6 4.0 2.4 2.5 2.7 2.6 3.3 2.7 2.5 1.8 2.6 1.9 1.8 1.6 1.8 1.4 1.5 1.0 3.9 4.2 2.8 4.4 2.8 4.3 3.9 2.5 4.3 2.8 4.6 4.5 2.4 4.2 1.7 4.2 4.3 2.0 5.0 2.4 –3.9 –5.6 1.0 –5.9 1.7 –1.8 –1.7 1.0 –1.3 1.9 0.6 1.9 2.1 2.0 2.2 1.7 3.0 1.5 2.9 1.2 2.2 2.8 2.2 2.2 1.4 2.1 1.9 1.1 1.5 0.6 0.5 0.3 1.3 –0.1 0.9 1.0 1.0 0.8 1.2 1.0 2.2 1.9 0.7 1.8 0.3 4.1 3.9 1.6 4.0 1.3 3.5 3.3 2.3 3.5 2.4 2.1 2.3 2.0 2.6 2.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 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 2011. 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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