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November 25, 2014
2014:III (Second Estimate) Comparisons
Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures
[Percent]
2014:III
% change
Gross domestic product (GDP)
Personal consumption expenditures (PCE)
Goods
Durable goods
Nondurable goods
Services

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

3.9

II 2010

3.9

II 2014

4.6

I 2014

-2.1

2.2
4.3
8.7
2.2
1.2

I 2010
III 1954
IV 1977
II 2014
III 1961

2.2
4.3
8.7
2.2
1.2

II 2014
II 2014
II 2014
IV 2013
I 2014

2.5
5.9
14.1
2.7
1.3

I 2014
I 2014
I 2014
I 2014
II 2014

1.2
1.0
3.2
0.0
0.9

III 1958

6.2

II 1986

6.4

II 2014
II 2014
II 2014
II 2014
II 2014
I 2013
II 2014

19.1
9.5
9.7
12.6
11.2
6.5
8.8

I 2014
I 2014
I 2014
I 2013
I 2014
II 2014
I 2014

-6.9
0.2
1.6
-11.5
-1.0
5.5
-5.3

I 1996

4.9

II 1990
III 1985
III 2008

-0.7
-1.4
2.6

II 2014
II 2014
II 2014
II 2014
II 2014
II 2014

11.1
14.3
4.0
11.3
12.5
5.6

I 2014
I 2014
I 2014
IV 2012
IV 2012
I 2014

-9.2
-11.9
-2.8
-3.5
-4.8
1.0

7.5
13.8
17.4
6.6
3.4

II 2014
II 2014
II 2014
II 2014
I 2014

1.7
-0.9
0.9
-3.8
-1.3

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential

5.1
6.2
7.1
1.1
10.7
6.4
2.7

Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services

4.9
6.7
1.0
-0.7
-1.4
2.6

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

4.2
9.9
16.0
0.4
0.8

II 1997
I 1966

4.2
9.9

III 2012
II 1990

0.4
0.8

II 2009
II 2009
II 2009
I 2014
II 2014

4.1
3.0
3.2
3.8
2.3
5.3

I 2000
I 1985
III 1996
II 1998
II 2012
I 1999

4.1
3.0
3.2
3.8
2.3
5.3

IV 2010
II 2014
II 2014
II 2014
II 2014
II 2014

4.2
4.8
3.4
4.6
3.1
6.8

II 2014
I 2014
I 2014
I 2014
IV 2013
I 2014

3.2
-0.4
0.7
-2.8
0.2
-0.8

1.4

I 2014

1.4

II 2014

2.0

II 2013

0.8

1.6

II 2001

1.6

II 2014

1.7

I 2014

1.3

GDP
GDP excluding food and energy
GDP implicit price deflator

1.4
1.7
1.4

IV 2006
I 2013
IV 2013

1.4
1.7
1.4

II 2014
II 2014
II 2014

2.1
1.8
2.1

I 2014
I 2014
I 2014

1.3
1.2
1.3

PCE
PCE excluding food and energy

1.3
1.4

III 2012
III 2013

1.3
1.4

II 2014
II 2014

2.3
2.0

IV 2013
I 2014

1.0
1.2

Market-based PCE
Market-based PCE excluding food and energy

1.2
1.3

I 2014
III 2012

1.2
1.3

II 2014
II 2014

2.2
1.8

IV 2013
I 2014

0.7
1.0

Addenda:
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product
Disposable personal income
Current-dollar GDP
Chain-type price measures:
Gross domestic purchases
Gross domestic purchases
excluding food and energy

1

November 25, 2014
2014:III (Second Estimate) Comparisons
Contributions to Percent Change in Real Gross Domestic Product
2014:III
contribution

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Percent change at annual rate:
Gross domestic product

3.9

II 2010

3.9

II 2014

4.6

I 2014

-2.1

1.75
1.33
0.99
0.41
0.60

I 2014
I 2014
I 2014
I 2014
II 2014

0.83
0.23
0.23
0.00
0.42

Percentage points at annual rates:
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

1.51
0.97
0.63
0.34
0.54

I 1957
II 2014
I 1986

0.63
0.34
0.54

II 2014
II 2014
II 2014
IV 2013
I 2014

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment
Intellectual property products
Residential
Change in private inventories

0.85
0.97
0.88
0.03
0.61
0.24
0.09
-0.12

III 1993
IV 2007
III 1993
III 1978
I 2013
I 1997
II 1991

0.97
0.88
0.03
0.61
0.24
0.09
-0.12

II 2014
II 2014
II 2014
II 2014
II 2014
IV 2011
II 2014
II 2014

2.87
1.45
1.18
0.35
0.63
0.26
0.27
1.42

I 2014
I 2014
I 2014
I 2013
I 2014
II 2014
I 2014
I 2014

-1.13
0.03
0.20
-0.33
-0.06
0.21
-0.17
-1.16

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

0.78
0.65
0.61
0.04
0.12
0.20
-0.07

I 1984
IV 1991
I 1995

0.65
0.61
0.04

I 1949
III 2012

0.20
-0.07

IV 2013
II 2014
II 2014
II 2014
IV 2012
IV 2012
I 2014

1.08
1.43
1.26
0.17
0.59
0.68
-0.03

II 2014
I 2014
I 2014
I 2014
II 2014
II 2014
II 2014

-0.34
-1.30
-1.18
-0.12
-1.77
-1.62
-0.15

II 1997
I 1983

0.76
0.67

III 2012
II 1990

0.01
0.09

II 2009
II 2010
II 2009
I 2014
II 2014

1.56
0.71
0.87
0.17
0.38

II 2014
II 2014
II 2014
II 2014
I 2014

0.31
-0.06
0.04
-0.10
-0.14

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

0.76
0.67
0.66
0.01
0.09

2

November 25, 2014
2014:III (Second Estimate) Comparisons
Corporate Profits: Level and Percent Change
2014:III
change

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Dollar change from preceding quarter
Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

43.8
48.6

II 2014
II 2014

164.1
118.4

I 2014
I 2014

-201.7
-268.6

II 2014
II 2014

152.9
107.3

I 2014
I 2014

15.6
-51.2

II 2014
133.4
I 2014
Percent change from preceding quarter (quarterly rates)

-163.0

I 2005

48.6

25.8
30.5
25.1

2.1
3.2

IV 1973
III 2012

2.1
3.2

II 2014
II 2014

8.4
8.6

I 2014
I 2014

-9.4
-16.3

1.1
1.7

IV 1991
II 2005

1.1
1.7

II 2014
II 2014

6.7
6.2

I 2014
I 2014

0.7
-2.9

II 1984
1.2
II 2014
6.9
I 2014
Percent change from quarter one year ago

-7.8

1.2

0.4
-7.5

IV 2001
III 1969

IV 2013
IV 2013

4.7
3.4

II 2014
II 2014

0.1
-8.9

9.0
3.8

II 2014
II 2014

10.4
4.6

I 2014
I 2014

5.9
2.4

-4.4

II 2014

5.5

I 2014

-9.4

IVA
Inventory valuation adjustment
CCAdj Capital consumption adjustment

3

0.4
-7.5