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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 29, 2016 Technical: Media: Karl Rohrer (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 16-62 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product: Third Quarter 2016 (Second Estimate) Corporate Profits: Third Quarter 2016 (Preliminary Estimate) Real gross domestic product increased at an annual rate of 3.2 percent in the third quarter of 2016 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent. The GDP estimate released today is 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 2.9 percent. With the second estimate for the third quarter, the general picture of economic growth remains the same; the increase in personal consumption expenditures was larger than previously estimated (see "Updates to GDP" on page 2). Real GDP: Percent change from preceding quarter 6 5 4 3 2 1 0 -1 -2 Q4 2012 Q1 Q2 Q3 2013 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Seasonally adjusted annual rates Real gross domestic income (GDI) increased 5.2 percent in the third quarter, compared with an increase of 0.7 percent in the second (revised). The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 4.2 percent in the third quarter, compared with an increase of 1.1 percent in the second (table 1). The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, and federal government spending, that were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The acceleration in real GDP in the third quarter primarily reflected an upturn in private inventory investment, an acceleration in exports, an upturn in federal government spending, and smaller decreases in state and local government spending and residential fixed investment, that were partly offset by a deceleration in PCE, an acceleration in imports, and a deceleration in nonresidential fixed investment. Current-dollar GDP increased 4.6 percent, or $207.8 billion, in the third quarter to a level of $18,657.9 billion (table 1 and table 3). In the second quarter, current dollar GDP increased 3.7 percent, or $168.5 billion. The price index for gross domestic purchases increased 1.5 percent in the third quarter, compared with an increase of 2.1 percent in the second quarter (table 4). The PCE price index increased 1.4 percent, compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index increased 1.7 percent, compared with an increase of 1.8 percent (appendix table A). Updates to GDP The upward revision to the percent change in real GDP primarily reflected an upward revision to PCE that was partly offset by downward revisions to nonresidential fixed investment and private inventory investment. For more information, see the Technical Note. For information on updates to GDP, see the “Additional Information” section that follows. Advance Estimate Second Estimate (Percent change from preceding quarter) 2.9 4.4 … … 1.6 1.4 Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index 3.2 4.6 5.2 4.2 1.5 1.4 For the second quarter of 2016, the percent change in real GDI was revised up 0.9 percentage point from -0.2 percent to 0.7 percent based on newly available second-quarter tabulations from the BLS Quarterly Census of Employment and Wages program. 2 Corporate Profits (table 12) Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) increased $133.8 billion in the third quarter, in contrast to a decrease of $12.5 billion in the second. Profits of domestic financial corporations increased $50.9 billion in the third quarter, compared with an increase of $5.6 billion in the second. Profits of domestic nonfinancial corporations increased $76.5 billion, in contrast to a decrease of $56.1 billion. The rest-of-the-world component of profits increased $6.4 billion, compared with an increase of $38.0 billion. This measure is calculated as the difference between receipts from the rest of the world and payments to the rest of the world. In the third quarter, receipts decreased $0.2 billion, and payments decreased $6.6 billion. * * * Next release: December 22, 2016 at 8:30 A.M. EST Gross Domestic Product: Third Quarter 2016 (Third Estimate) Corporate Profits: Third Quarter 2016 (Revised Estimate) * * * Release Dates in 2017 Estimate 2016: IV and annual 2017: I 2017: II 2017: III Gross Domestic Product Advance January 27 April 28 July 28 October 27 Second February 28 May 26 August 30 November 29 Third March 30 June 29 September 28 December 21 Corporate Profits Preliminary … May 26 August 30 November 29 Revised March 30 June 29 September 28 December 21 3 Additional Information The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Resources Additional Resources available at www.bea.gov: Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts For more definitions, see the Glossary: National Income and Product Accounts. Definitions Statistical conventions Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ "Why does BEA publish estimates at annual rates?" Percent changes in quarterly series are calculated from unrounded data and are displayed at annual rates, unless otherwise specified. For details, see the FAQ "How is average annual growth calculated?" Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Real GDI is calculated by deflating gross domestic income using the GDP price index as the deflator, and is therefore conceptually equivalent to real GDP. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. 4 Vintage Updates to GDP BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.2 Advance to latest 1.1 Note - Based on estimates from 1993 through 2015. For more information on GDP updates, see Revision Information on the BEA Web site. The larger average revision from the advance to the latest estimate reflects the fact that periodic comprehensive updates include major statistical and methodological improvements. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change From Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 5. Real Gross Domestic Product, Quantity Indexes Table 6. Price Indexes for Gross Domestic Product Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income Table 10. Personal Income and Its Disposition Table 11. Corporate Profits: Level and Percent Change Table 12. Corporate Profits by Industry: Level and Change From Preceding Period Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change 5 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2013 2014 2015 2012 IV 1 2013 I II 2014 III IV I II 2015 III IV I II 2016 III IV I II r Line III r Gross domestic product (GDP) .... 1.7 2.4 2.6 0.1 2.8 0.8 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.2 1 2 Personal consumption expenditures ...... 3 Goods ...................................................... 4 Durable goods...................................... 5 Nondurable goods................................ 6 Services ................................................... 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 1.1 2.3 8.1 –0.3 0.5 1.9 5.7 10.0 3.7 0.0 0.8 1.3 2.1 0.9 0.6 1.9 2.9 4.1 2.4 1.3 3.4 4.0 4.9 3.6 3.1 1.9 2.4 4.6 1.4 1.7 3.8 6.7 13.0 3.8 2.3 3.7 4.3 8.7 2.3 3.4 4.6 5.1 8.5 3.5 4.3 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 4.3 7.1 9.8 5.7 3.0 2.8 3.4 11.6 –0.6 2.5 2 3 4 5 6 7 Gross private domestic investment......... 6.1 4.5 5.0 –3.2 13.8 5.0 13.4 5.4 –6.6 11.2 8.9 2.6 9.9 1.0 2.0 –2.3 –3.3 –7.9 2.1 8 Fixed investment...................................... 5.0 5.5 4.0 6.9 7.0 4.3 2.9 6.6 5.3 7.2 7.4 1.3 3.7 4.3 5.7 –0.2 –0.9 –1.1 –0.9 9 Nonresidential ...................................... 3.5 6.0 2.1 3.7 5.2 2.5 2.1 9.5 7.0 6.1 8.3 –1.1 1.3 1.6 3.9 –3.3 –3.4 1.0 0.1 10 Structures......................................... 1.4 10.3 –4.4 –7.3 –5.1 10.4 17.1 2.1 25.1 7.4 –2.7 4.1 –12.3 –2.7 –4.3 –15.2 0.1 –2.1 10.1 11 Equipment ........................................ 4.6 5.4 3.5 7.3 8.7 2.8 –5.2 19.5 0.3 6.5 15.2 –8.9 9.3 –0.3 9.1 –2.6 –9.5 –2.9 –4.8 12 Intellectual property products ........... 3.4 3.9 4.8 6.8 7.6 –3.2 3.6 1.1 4.9 4.5 7.1 7.8 0.8 8.0 2.1 4.6 3.7 9.0 1.0 13 Residential ........................................... 11.9 3.5 11.7 22.3 14.7 12.0 6.0 –4.5 –1.4 11.7 3.6 11.4 13.3 14.9 12.6 11.5 7.8 –7.7 –4.4 14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.......... .......... .......... .......... .......... 16 Exports..................................................... 3.5 4.3 0.1 –0.5 17 Goods .................................................. 3.1 4.4 –0.6 –3.8 18 Services ............................................... 4.4 3.9 1.6 7.5 19 Imports..................................................... 1.1 4.4 4.6 –3.8 20 Goods .................................................. 1.2 4.8 4.9 –4.3 21 Services ............................................... 0.6 2.6 2.9 –0.9 22 Government consumption expenditures and gross investment............................ –2.9 –0.9 1.8 –3.8 23 Federal..................................................... –5.8 –2.5 0.0 –5.5 24 National defense .................................. –6.8 –4.1 –2.1 –8.1 25 Nondefense.......................................... –4.1 0.1 3.3 –1.1 26 State and local ......................................... –0.8 0.2 2.9 –2.6 Addenda: 27 Gross domestic income (GDI) 1 ................ 1.2 3.0 2.5 3.5 28 Average of GDP and GDI ........................ 1.5 2.7 2.6 1.8 29 Final sales of domestic product ............... 1.5 2.5 2.4 1.6 30 Gross domestic purchases ...................... 1.3 2.4 3.2 –0.5 31 Final sales to domestic purchasers ......... 1.2 2.6 3.1 1.0 32 Final sales to private domestic 2.1 3.4 3.3 2.2 purchasers ........................................... 33 Gross national product (GNP) ................. 1.7 2.3 2.3 –0.1 34 Disposable personal income.................... –1.4 3.5 3.5 10.9 Current-dollar measures: 35 GDP ..................................................... 3.3 4.2 3.7 1.7 36 GDI....................................................... 2.9 4.9 3.6 5.2 37 Average of GDP and GDI .................... 3.1 4.5 3.7 3.4 38 Final sales of domestic product ........... 3.1 4.4 3.6 3.1 39 Gross domestic purchases .................. 2.8 4.2 3.7 1.6 40 Final sales to domestic purchasers...... 2.6 4.4 3.5 2.9 41 Final sales to private domestic 3.5 5.1 3.8 4.1 purchasers ....................................... 42 GNP ..................................................... 3.3 4.2 3.4 1.5 43 Disposable personal income................ –0.1 5.1 3.8 13.3 15 16 17 18 19 20 21 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 4.0 5.0 3.1 11.8 –2.7 8.7 2.1 4.5 –5.8 2.9 –2.8 –2.7 –0.7 1.8 10.1 2.6 6.6 3.5 15.7 –7.3 10.7 4.4 3.8 –10.1 4.6 –3.1 –4.6 0.1 1.7 14.2 7.1 1.5 2.2 3.7 7.9 4.7 –2.8 6.0 3.8 –0.4 –2.3 1.0 –2.2 1.9 2.9 1.3 5.3 1.7 1.6 4.9 9.9 –1.2 11.2 5.6 2.9 1.1 0.7 –0.6 0.2 2.1 1.8 5.8 1.7 1.6 5.7 10.7 –1.4 11.7 6.8 3.4 –0.1 0.7 –1.3 0.0 0.7 –1.1 2.6 1.7 1.3 1.2 6.3 0.1 8.8 –0.2 0.2 6.9 0.7 2.5 1.1 8.6 –4.3 –10.5 –12.0 –8.1 0.2 –2.0 –5.3 –5.3 –5.2 0.3 –2.0 –5.1 –6.6 –2.6 0.1 –2.8 –5.7 –4.2 –8.1 –1.0 –1.0 –0.2 –5.0 8.3 –1.5 0.1 –2.8 –3.2 –2.0 2.0 2.5 –0.4 3.9 –6.0 4.0 –11.6 3.9 3.5 1.6 3.3 2.6 1.9 –0.4 5.4 3.0 3.2 0.2 –0.5 1.1 5.1 1.9 1.0 –1.2 4.2 2.5 1.0 3.8 4.4 2.8 –0.6 1.6 –1.5 –3.2 0.9 3.5 –1.7 –0.4 –3.2 3.8 –2.5 0.2 2.5 2.1 3.0 –1.1 22 23 24 25 26 –0.2 1.3 1.8 2.4 1.5 2.0 1.4 0.6 0.9 0.8 0.8 2.0 1.5 2.9 1.3 2.5 3.2 4.1 2.6 2.7 2.1 0.4 0.8 0.0 1.9 5.4 4.7 3.3 4.3 3.7 4.5 4.7 4.7 4.3 4.1 4.0 3.1 2.1 3.4 3.2 1.6 1.8 1.0 3.6 2.7 0.6 1.6 3.2 2.6 3.2 2.5 2.2 2.6 2.4 3.0 1.5 1.2 1.2 1.3 1.7 0.8 0.8 1.2 0.8 1.2 0.7 1.1 2.6 1.2 2.4 5.2 4.2 2.7 2.2 1.7 27 28 29 30 31 2.8 2.7 –15.7 1.5 1.2 2.4 2.1 3.2 2.4 4.0 3.9 0.9 2.5 –1.2 4.5 4.4 3.7 5.3 4.4 5.3 4.1 4.0 1.7 4.3 2.7 1.6 2.0 3.2 2.3 3.9 3.3 1.7 3.3 1.8 1.3 3.0 1.1 0.0 2.1 3.2 2.2 2.9 2.1 3.1 2.7 32 33 34 4.4 1.4 2.9 3.3 4.0 2.9 1.6 2.8 2.2 1.6 1.4 1.4 5.1 2.8 3.9 3.6 4.4 3.0 6.1 4.7 5.4 6.4 4.7 5.0 0.6 3.9 2.2 2.5 2.1 4.1 6.3 7.7 7.0 5.5 6.2 5.6 6.7 6.3 6.5 6.5 5.8 5.6 2.8 4.5 3.7 2.6 3.7 3.5 2.1 1.6 1.8 1.1 2.2 1.3 4.9 2.8 3.9 5.5 4.2 4.8 3.2 3.7 3.5 3.9 3.5 4.1 1.8 2.4 2.1 2.1 1.7 2.0 1.3 1.3 1.3 1.8 1.0 1.4 3.7 3.0 3.4 5.0 3.3 4.6 4.6 6.6 5.6 4.2 3.7 3.3 35 36 37 38 39 40 4.3 4.3 –14.5 2.0 2.0 2.5 3.7 5.2 3.9 5.9 6.1 2.6 4.8 0.5 6.6 6.3 5.9 7.3 5.8 7.1 5.2 4.3 2.2 4.3 1.4 1.6 0.3 4.6 4.5 5.8 4.5 2.9 4.4 2.2 2.2 3.4 1.5 0.4 2.4 5.3 4.5 5.0 3.5 4.6 4.2 41 42 43 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See Explanatory Note at the end of the tables. 6 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2013 Line 2014 2015 2012 IV 2013 I II 2.8 0.8 2014 III IV I II 2015 III IV I II 2016 III IV Line I II III r 0.8 1.4 3.2 1 1.81 1.53 1.11 2.88 0.92 0.47 0.25 1.51 0.45 0.30 –0.05 0.70 0.07 –0.04 –0.23 0.22 0.13 0.10 0.08 0.15 0.18 0.16 0.14 0.29 0.07 0.08 –0.04 0.05 0.47 0.17 0.30 0.80 1.89 0.74 0.83 0.47 0.10 0.19 0.08 –0.09 2 3 4 5 6 7 8 9 0.02 0.00 –0.02 –0.01 –0.03 –0.01 0.15 0.36 0.11 0.02 0.19 0.01 0.11 0.04 0.02 –0.02 0.10 –0.01 0.02 0.13 0.14 –0.01 0.10 –0.02 0.08 0.00 –0.05 0.29 0.21 0.16 0.29 0.35 0.18 0.08 0.35 –0.14 1.54 1.93 1.04 1.00 0.89 1.07 0.86 1.37 1.15 1.60 2.00 1.08 0.99 0.69 0.92 0.85 1.46 1.07 0.00 0.39 0.39 0.11 0.21 –0.22 0.09 0.54 0.37 0.73 0.90 0.50 0.44 0.43 0.42 0.63 0.83 0.27 0.14 0.06 0.08 0.06 0.01 0.11 –0.03 –0.03 0.03 0.18 0.08 0.01 –0.05 0.03 0.24 –0.02 –0.18 0.08 0.19 0.25 0.12 0.29 0.07 0.17 0.11 0.12 0.10 0.21 –0.04 –0.05 0.02 –0.05 0.11 –0.12 –0.03 0.08 0.15 0.36 0.03 0.13 –0.01 0.10 0.18 0.19 0.13 10 11 12 13 14 15 16 17 18 19 20 21 22 Percent change at annual rate: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 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 off-premises 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............................................................. Information processing equipment .................... Computers and peripheral equipment ........... Other ............................................................. Industrial equipment.......................................... Transportation equipment ................................. Other equipment ............................................... Intellectual property products................................ Software ............................................................ Research and development .............................. Entertainment, literary, and artistic originals ..... 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...................................................... 1.7 2.4 2.6 1.00 0.71 0.45 0.11 0.10 0.19 0.05 0.27 1.95 0.89 0.49 0.16 0.12 0.16 0.05 0.40 2.16 0.78 0.91 0.53 0.51 0.58 0.13 0.22 0.12 0.09 0.19 0.19 0.07 0.08 0.40 –0.05 0.00 0.04 0.05 0.18 0.28 0.24 0.06 0.05 0.06 0.04 0.07 0.01 –0.05 0.11 0.04 0.01 0.25 1.06 1.08 0.17 0.36 0.09 0.05 0.14 0.07 0.20 0.00 0.08 0.07 0.25 1.26 1.26 0.20 0.60 0.07 0.04 0.19 0.01 0.14 0.04 –0.02 0.07 0.11 0.00 0.18 0.18 0.82 0.65 0.27 –0.13 0.21 0.07 0.00 0.07 0.02 0.18 –0.06 0.19 0.11 0.06 0.02 0.39 0.17 0.00 0.17 –0.71 0.01 –0.06 0.07 –0.73 –0.65 –0.08 0.1 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 1.32 0.58 1.28 1.30 0.30 0.67 0.72 0.16 0.30 0.26 –0.07 –0.05 0.15 0.08 0.18 0.26 0.15 0.15 0.05 0.00 0.02 0.59 0.14 0.37 2.29 0.90 0.36 0.10 0.08 0.07 0.10 0.54 1.26 0.54 0.33 0.17 0.05 0.09 0.01 0.21 2.56 1.50 0.91 0.35 0.24 0.26 0.07 0.59 2.52 0.98 0.62 0.22 0.11 0.26 0.04 0.35 3.07 1.14 0.61 0.19 0.11 0.20 0.10 0.53 1.63 0.59 0.30 0.02 0.08 0.14 0.06 0.28 1.94 0.94 0.55 0.16 0.11 0.21 0.07 0.39 0.03 –0.01 –0.18 0.10 0.22 0.17 0.10 –0.08 0.12 0.10 –0.03 0.04 –0.05 0.13 –0.18 0.17 0.12 0.03 0.04 –0.04 –0.06 0.18 0.31 0.10 0.27 0.25 0.13 0.42 0.25 0.02 0.28 0.61 1.39 0.73 1.06 –0.01 0.08 0.33 0.67 1.35 0.71 1.13 –0.31 0.22 0.03 –0.11 0.34 0.42 –0.06 –0.01 –0.26 0.34 0.18 0.37 –0.15 0.70 –0.03 0.10 0.10 0.09 –0.04 0.19 0.05 0.08 0.05 –0.12 0.20 0.07 0.07 –0.12 0.12 0.16 –0.17 0.07 0.29 –0.01 0.27 –0.03 0.30 0.11 0.03 0.19 –0.05 0.07 0.16 –0.48 0.05 0.21 0.13 0.23 0.22 0.26 –0.06 –0.06 –0.06 0.05 –0.15 0.22 0.00 –0.21 –0.51 1.03 0.46 –0.21 0.41 0.25 0.17 0.09 0.11 0.14 –0.09 0.26 0.12 0.12 0.01 0.57 –1.54 0.15 –1.69 0.58 –0.07 –0.37 0.30 0.65 0.62 0.03 –0.08 2.04 1.12 0.72 –0.14 0.57 0.26 0.02 0.25 –0.02 0.13 0.19 0.29 0.11 0.17 0.01 0.41 0.92 0.47 0.45 0.30 0.52 0.23 0.29 –0.22 –0.25 0.03 0.27 0.78 0.70 0.35 0.27 0.21 0.08 –0.12 0.20 –0.10 0.38 –0.14 –0.13 –0.13 0.00 0.00 0.35 0.08 0.17 –0.09 –0.21 0.65 0.59 0.06 –0.86 –0.79 –0.07 0.03 0.95 0.76 0.43 0.04 0.26 0.09 0.00 0.09 –0.02 0.14 0.05 0.13 0.05 0.08 0.00 0.33 0.19 0.18 0.00 0.29 0.47 0.29 0.18 –0.18 –0.17 –0.02 0.14 0.73 0.87 0.76 0.29 0.32 0.05 0.00 0.04 0.04 0.17 0.06 0.15 0.10 0.05 0.00 0.11 –0.14 –0.07 –0.07 –0.15 0.58 0.41 0.17 –0.72 –0.65 –0.07 –0.56 –0.46 –0.34 –0.27 –0.07 –0.12 –0.08 –0.04 –0.09 –0.02 –0.07 –0.16 0.32 –0.75 –0.83 –0.37 –0.37 –0.53 –0.19 –0.19 0.00 –0.45 –0.86 –0.41 –0.39 –0.42 –0.01 –0.19 –0.09 –0.42 –0.62 –0.25 –0.31 –0.19 –0.23 –0.13 –0.06 –0.28 –0.54 –0.17 –0.36 –0.13 –0.03 –0.05 –0.03 –0.14 –0.07 –0.08 0.05 –0.06 –0.20 0.00 0.09 –0.03 –0.24 –0.15 –0.07 –0.23 0.22 0.00 0.08 –0.02 –0.14 –0.10 –0.06 –0.21 0.21 0.00 0.01 –0.01 –0.10 –0.05 –0.02 –0.02 0.01 0.03 0.32 –0.30 0.02 0.03 0.01 –0.11 –0.17 0.02 0.22 –0.10 0.06 –0.01 0.00 –0.03 –0.07 0.00 0.10 –0.20 –0.03 0.04 0.02 –0.08 –0.10 r Revised See Explanatory Note at the end of the tables. 7 0.06 2.08 0.48 0.29 0.44 –0.29 –0.02 0.02 –0.04 0.06 –0.14 –0.19 0.14 0.14 0.01 –0.01 0.18 1.60 0.14 1.46 0.13 0.41 0.32 0.09 –0.28 –0.23 –0.05 0.04 0.02 –0.07 –0.06 –0.07 –0.04 0.29 –0.33 0.36 0.29 0.39 0.01 0.25 0.91 1.01 1.16 0.06 1.05 –0.04 0.08 –0.11 –0.12 0.49 0.72 0.04 0.08 –0.04 0.00 –0.15 –0.11 0.06 –0.16 1.29 1.54 1.38 0.16 –0.24 –0.21 –0.03 –0.35 –1.10 0.79 0.84 0.66 0.00 0.05 –0.08 0.12 0.15 –0.03 –0.17 0.18 0.09 0.10 –0.01 –0.04 –1.89 –0.39 –1.50 –1.16 –0.39 –0.72 0.33 –0.77 –0.74 –0.03 0.43 1.79 1.12 0.76 0.22 0.37 0.28 0.05 0.22 0.13 0.12 –0.16 0.17 0.14 0.04 0.00 0.36 0.67 0.03 0.64 –0.41 1.16 0.96 0.20 –1.57 –1.40 –0.17 0.35 1.49 1.16 1.05 –0.08 0.86 –0.25 0.02 –0.26 0.09 0.47 0.54 0.27 0.17 0.09 0.01 0.12 0.32 0.02 0.30 0.50 0.29 0.41 –0.13 0.21 0.21 0.00 0.02 0.46 –0.20 0.28 –0.14 0.17 –0.22 0.22 0.07 –0.05 –0.05 0.10 –0.07 0.10 0.01 0.01 0.22 0.18 0.06 0.15 0.16 0.03 2.0 0.9 0.00 0.07 0.20 0.10 0.15 0.25 0.06 0.18 0.70 0.21 –0.07 –0.02 –0.09 0.06 –0.15 0.15 –0.02 –0.06 0.31 0.11 0.18 0.02 0.49 –0.52 –0.05 –0.47 –0.08 0.37 0.39 –0.02 –0.44 –0.43 –0.01 –0.09 0.35 0.92 0.49 –0.12 0.53 0.40 0.05 0.35 –0.06 0.26 –0.07 0.08 –0.02 0.08 0.02 0.43 –0.57 0.01 –0.58 –0.52 –0.36 –0.26 –0.10 –0.16 0.02 –0.18 0.10 –0.39 –0.03 –0.43 –0.45 –0.16 0.02 –0.13 0.15 0.12 –0.11 –0.19 0.18 0.06 0.11 0.01 0.40 –0.36 –0.08 –0.28 –0.45 –0.34 –0.38 0.04 –0.11 –0.09 –0.02 0.27 –0.56 –0.15 –0.44 0.00 –0.59 –0.05 0.02 –0.07 –0.05 –0.23 –0.26 0.15 0.13 0.02 –0.01 0.29 –0.41 –0.05 –0.35 0.01 –0.09 0.01 –0.09 0.09 0.16 –0.07 0.49 –1.34 –0.18 0.12 –0.06 –0.17 –0.09 0.05 –0.13 0.11 –0.09 –0.11 0.35 0.08 0.28 –0.01 –0.31 –1.16 0.07 –1.23 0.18 0.21 0.13 0.08 –0.03 0.00 –0.03 0.16 0.34 –0.15 0.02 0.26 –0.28 0.15 –0.02 0.16 –0.04 –0.30 –0.08 0.04 0.14 –0.10 0.01 –0.17 0.49 0.03 0.46 0.87 1.18 1.06 0.12 –0.31 –0.08 –0.23 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 –0.07 0.45 0.57 0.34 0.18 –0.43 0.13 0.01 0.06 0.25 –0.52 –0.02 –0.02 –0.05 0.17 –0.49 0.11 –0.05 –0.03 0.06 –0.03 –0.13 0.03 –0.01 0.11 0.09 0.15 0.03 0.11 0.08 0.06 0.15 0.02 0.11 0.05 0.04 0.00 0.01 0.00 0.02 0.36 0.32 0.56 0.27 –0.07 0.24 0.31 0.23 0.24 0.06 0.12 0.01 0.33 0.04 –0.13 0.28 –0.10 –0.13 –0.11 –0.02 0.03 0.04 –0.01 0.39 0.06 0.33 –0.30 –0.02 –0.13 –0.10 –0.02 0.10 0.10 0.01 –0.28 0.07 –0.34 0.05 0.16 0.08 0.06 0.02 0.08 0.06 0.02 –0.12 0.13 –0.25 52 53 54 55 56 57 58 59 60 61 62 0.46 0.45 0.22 –0.14 0.13 –0.57 0.25 0.02 0.23 –0.14 –0.13 –0.54 0.29 0.13 0.14 0.02 0.36 0.23 –0.04 0.28 –1.14 0.60 0.35 0.25 –1.74 –1.50 –0.24 0.05 1.62 0.61 0.18 –0.39 0.54 0.00 –0.08 0.08 0.01 0.46 0.07 0.03 0.15 –0.13 0.02 0.43 1.01 0.09 0.92 –1.65 –0.78 –0.94 0.16 –0.87 –0.87 0.00 0.01 –0.08 0.08 0.28 0.40 0.24 23 24 Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2015 2015 III 2015 2016 IV I II III r Change from preceding period Line Seasonally adjusted at annual rates 2015 III r 2016 IV I II r III r 2015 2016 II r III r Gross domestic product (GDP)......... 18,036.6 18,141.9 18,222.8 18,281.6 18,450.1 18,657.9 16,397.2 16,454.9 16,490.7 16,525.0 16,583.1 16,712.5 414.9 58.2 129.4 1 2 Personal consumption expenditures........... 12,283.7 12,356.9 12,438.8 12,498.0 12,692.7 12,825.3 11,214.7 11,255.9 11,319.3 11,365.2 11,484.9 11,563.5 345.9 119.6 78.7 2 3 4 5 6 1 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 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....................... 4,012.1 1,355.2 464.8 4,043.0 1,364.7 468.6 4,038.1 1,371.8 465.6 4,008.7 1,366.6 455.7 4,085.4 1,390.0 462.5 4,110.6 1,413.7 481.7 3,907.4 1,498.1 419.4 3,932.6 1,512.4 422.9 3,953.4 1,527.3 421.1 3,964.7 1,524.9 411.8 4,032.9 1,560.9 420.8 4,066.7 1,604.3 440.5 152.0 97.0 19.9 68.2 36.1 9.0 33.8 43.4 19.7 3 4 5 305.1 376.6 208.7 2,656.9 307.3 379.2 209.6 2,678.4 309.6 385.1 211.6 2,666.3 312.5 384.9 213.6 2,642.0 317.6 391.7 218.3 2,695.4 317.3 394.9 219.8 2,696.9 351.6 535.0 209.1 2,439.3 355.2 541.3 210.5 2,451.3 360.4 551.5 214.3 2,458.4 364.7 560.6 212.4 2,471.1 372.9 579.9 214.6 2,505.4 378.1 593.2 218.0 2,501.6 22.9 47.1 12.5 62.9 8.2 19.3 2.2 34.3 5.2 13.3 3.4 –3.9 6 7 8 9 900.7 379.5 303.7 1,073.0 901.8 382.0 311.6 1,083.0 901.1 379.5 292.1 1,093.6 904.3 381.7 254.4 1,101.7 916.5 385.5 271.5 1,121.9 916.7 384.5 268.2 1,127.4 811.3 363.4 286.3 989.1 810.8 365.4 288.4 997.5 810.5 366.0 287.7 1,005.1 816.8 365.4 291.8 1,008.3 831.6 369.7 291.6 1,023.0 836.3 369.0 289.2 1,017.3 –0.3 12.8 9.7 41.3 14.8 4.3 –0.2 14.7 4.6 –0.7 –2.4 –5.7 10 11 12 13 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....... 8,271.6 8,313.9 8,400.6 8,489.3 8,607.3 8,714.8 7,310.3 7,327.2 7,369.8 7,403.9 7,458.5 7,504.2 196.2 54.7 45.6 14 7,943.7 2,233.2 2,069.0 368.4 466.3 808.8 921.1 1,076.9 7,981.3 2,249.0 2,082.7 368.3 465.5 812.7 925.3 1,077.8 8,058.4 2,253.5 2,105.1 373.3 477.4 827.7 931.3 1,090.3 8,141.2 2,270.5 2,138.5 375.2 479.8 838.8 936.1 1,102.3 8,261.2 2,314.4 2,184.6 374.8 476.7 848.4 947.4 1,114.9 8,363.3 2,354.0 2,206.4 377.0 483.0 857.4 961.2 1,124.3 7,013.3 1,997.0 1,886.1 334.7 419.2 703.8 718.8 958.4 7,027.7 2,004.5 1,895.2 334.5 416.7 706.3 717.2 958.4 7,064.4 1,995.5 1,912.4 338.9 426.6 712.9 720.9 962.6 7,098.2 1,999.0 1,938.7 337.8 425.9 717.2 716.7 969.8 7,156.2 2,020.9 1,973.3 336.4 418.8 721.9 715.8 977.5 7,198.6 2,035.8 1,984.7 337.8 422.1 725.8 718.5 982.6 196.0 32.2 95.5 11.8 6.6 29.7 1.8 21.3 58.0 21.9 34.6 –1.4 –7.1 4.7 –0.9 7.7 42.4 14.9 11.4 1.4 3.3 3.8 2.7 5.1 15 16 17 18 19 20 21 22 327.9 1,335.7 332.6 1,340.6 342.2 1,357.3 348.1 1,378.3 346.1 1,403.6 351.5 1,421.6 297.0 1,184.9 299.6 1,185.1 305.5 1,195.0 305.7 1,206.2 302.4 1,222.4 305.6 1,232.0 –0.1 27.5 –3.3 16.2 3.2 9.6 23 24 1,007.8 1,008.0 1,015.1 1,030.3 1,057.5 1,070.2 887.8 885.5 889.5 900.4 919.9 926.3 27.3 19.5 6.4 25 26 Gross private domestic investment............. 3,056.6 3,072.1 3,059.9 3,036.8 2,987.5 3,010.0 2,869.0 2,882.2 2,865.4 2,841.5 2,783.8 2,798.1 135.4 –57.6 14.2 26 27 28 29 30 31 32 2,963.2 2,311.3 507.3 1,086.1 314.3 2,995.3 2,331.5 508.5 1,099.7 321.7 2,997.2 2,311.3 487.8 1,092.6 322.1 2,994.8 2,292.4 486.0 1,066.3 319.9 3,002.5 2,304.7 487.3 1,058.7 316.8 3,005.8 2,306.9 498.5 1,048.6 322.7 2,767.8 2,200.2 452.1 1,072.5 338.7 2,794.5 2,217.5 453.4 1,085.7 347.1 2,793.3 2,198.8 435.1 1,078.6 348.1 2,786.7 2,179.7 435.2 1,052.0 345.5 2,778.8 2,185.0 432.9 1,044.1 341.2 2,772.4 2,185.8 443.4 1,031.5 348.5 107.2 44.6 –20.8 36.7 12.8 –7.9 5.3 –2.3 –7.8 –4.3 –6.4 0.8 10.5 –12.7 7.3 27 28 29 30 31 78.5 235.8 220.9 308.1 242.9 717.9 326.6 312.4 81.7 240.0 219.8 315.6 242.7 723.3 327.6 316.1 75.4 246.6 224.7 310.7 235.1 730.9 330.1 320.3 76.0 243.9 222.2 301.3 222.9 740.1 336.0 323.0 78.2 238.6 227.3 297.6 217.0 758.7 339.4 337.9 77.1 245.6 225.9 286.2 213.8 759.8 343.3 335.3 88.7 249.2 207.3 302.2 230.8 680.0 333.1 270.2 92.6 253.8 206.3 308.9 230.8 683.1 333.3 272.4 85.9 261.1 211.5 304.0 222.5 690.7 336.0 276.6 86.9 257.6 209.4 293.7 211.3 697.1 342.2 277.5 89.3 251.2 214.2 289.7 206.6 712.2 346.0 288.6 88.4 259.1 212.6 276.0 202.9 714.0 352.4 284.6 –0.4 12.9 3.8 31.2 –10.0 31.3 20.1 9.1 2.4 –6.4 4.8 –4.0 –4.7 15.1 3.8 11.1 –0.9 7.9 –1.6 –13.7 –3.6 1.8 6.4 –4.0 32 33 34 35 36 37 38 39 41 Fixed investment........................................ Nonresidential .......................................... Structures ............................................. Equipment ............................................ Information processing equipment ... Computers and peripheral equipment ................................. Other............................................. Industrial equipment ......................... Transportation equipment................. Other equipment............................... Intellectual property products ............... Software ........................................... Research and development.............. Entertainment, literary, and artistic originals ........................................ Residential ............................................... 79.0 651.9 79.6 663.8 80.6 685.9 81.1 702.4 81.4 697.8 81.1 698.9 77.8 564.5 78.4 573.7 78.9 589.5 78.6 600.7 78.0 588.7 78.3 582.1 2.8 59.1 –0.6 –12.0 0.3 –6.5 40 41 42 43 44 Change in private inventories................... Farm......................................................... Nonfarm ................................................... 93.4 –2.0 95.4 76.8 –1.5 78.3 62.7 –4.8 67.5 41.9 –8.3 50.3 –15.0 –5.5 –9.4 4.2 –5.2 9.4 84.0 –1.6 88.1 70.9 –1.1 73.9 56.9 –4.1 62.9 40.7 –5.1 47.5 –9.5 –2.6 –6.6 7.6 –1.6 9.4 26.3 0.6 26.0 –50.2 2.5 –54.0 17.0 1.1 16.0 42 43 44 33 34 35 36 37 38 39 40 45 Net exports of goods and services .............. –522.0 –523.4 –520.9 –507.4 –492.4 –459.0 –540.0 –547.1 –566.6 –566.3 –558.5 –521.0 –114.2 7.8 37.5 45 46 47 48 Exports........................................................ Goods....................................................... Services ................................................... 2,264.3 1,498.4 765.9 2,259.1 1,495.6 763.5 2,211.7 1,448.3 763.4 2,179.0 1,410.9 768.1 2,209.7 1,437.2 772.5 2,277.0 1,494.6 782.4 2,120.6 1,438.1 681.9 2,120.4 1,440.7 679.3 2,105.8 1,423.8 681.1 2,102.0 1,424.1 677.3 2,111.3 1,430.1 680.5 2,162.9 1,478.3 685.4 2.3 –9.2 11.1 9.3 6.0 3.3 51.6 48.2 4.9 46 47 48 49 50 51 Imports........................................................ Goods....................................................... Services ................................................... 2,786.3 2,291.1 495.2 2,782.5 2,284.1 498.4 2,732.6 2,235.0 497.7 2,686.3 2,185.7 500.7 2,702.2 2,199.4 502.7 2,736.0 2,224.0 512.0 2,660.5 2,194.1 464.4 2,667.6 2,197.4 468.2 2,672.4 2,201.4 469.0 2,668.2 2,194.1 471.9 2,669.7 2,194.3 473.2 2,683.9 2,198.1 483.1 116.5 103.3 13.0 1.5 0.2 1.3 14.1 3.8 9.9 49 50 51 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 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. 8 Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2015 2015 III 2015 2016 IV I III r II r Change from preceding period Seasonally adjusted at annual rates 2015 III 2016 IV I II r III r 2015 Line 2016 II r III r 52 Government consumption expenditures and gross investment................................. 3,218.3 3,236.3 3,245.0 3,254.3 3,262.3 3,281.5 2,883.7 2,894.4 2,901.7 2,913.2 2,900.9 2,902.7 50.7 –12.3 1.8 52 53 54 55 56 57 58 59 1,225.0 732.0 590.6 141.3 493.0 373.1 119.9 1,225.0 729.3 589.2 140.1 495.7 375.9 119.9 1,234.0 735.6 590.4 145.2 498.4 377.7 120.8 1,233.8 731.4 587.0 144.3 502.4 382.0 120.5 1,239.2 729.3 585.8 143.5 509.9 388.8 121.1 1,251.8 736.0 591.2 144.8 515.8 393.5 122.3 1,113.8 672.0 539.3 132.4 441.3 330.9 110.3 1,112.7 669.0 537.4 131.3 443.1 332.8 110.2 1,123.0 676.3 539.9 136.1 446.2 334.9 111.1 1,118.7 670.9 535.3 135.3 447.2 336.4 110.6 1,117.7 665.5 531.0 134.3 451.4 340.4 110.8 1,124.5 668.9 533.5 135.2 454.8 342.9 111.6 0.0 –14.3 –9.7 –4.6 14.0 11.9 2.0 –1.0 –5.4 –4.4 –1.0 4.2 3.9 0.3 6.8 3.4 2.5 0.9 3.4 2.6 0.8 53 54 55 56 57 58 59 60 State and local ............................................ 1,993.3 2,011.3 2,011.0 2,020.5 2,023.1 2,029.7 61 Consumption expenditures ....................... 1,641.2 1,652.1 1,658.5 1,654.0 1,669.2 1,687.4 62 Gross investment ...................................... 352.2 359.2 352.6 366.5 353.9 342.3 63 Residual............................................................ .............. .............. ............... .............. .............. ............... 1,768.2 1,452.5 315.0 –87.4 1,779.9 1,458.8 320.4 –91.3 1,777.1 1,461.3 315.0 –94.0 1,792.6 1,463.6 328.3 –98.2 1,781.4 1,466.3 314.3 –104.3 1,776.6 50.1 –11.2 –4.8 1,471.6 34.8 2.7 5.3 304.1 15.5 –14.0 –10.3 –111.4 ........... .......... ........... 60 61 62 63 16,627.8 16,512.5 16,300.6 16,937.8 16,841.6 13,969.1 16,669.0 16,561.9 16,371.7 17,002.6 16,919.8 14,036.7 16,730.3 16,610.5 16,422.4 17,057.2 16,989.4 14,099.1 16,763.9 16,644.5 16,473.5 17,091.5 17,040.5 14,138.7 16,793.4 16,688.3 16,579.5 17,142.6 17,139.9 14,251.0 64 65 66 67 68 69 70 71 72 73 74 Federal ......................................................... National defense ....................................... Consumption expenditures.................... Gross investment .................................. Nondefense............................................... Consumption expenditures.................... Gross investment .................................. Addenda: Gross domestic income (GDI) 1 ..................... Average of GDP and GDI ............................. Final sales of domestic product .................... Gross domestic purchases ........................... Final sales to domestic purchasers............... Final sales to private domestic purchasers... 18,290.3 18,163.5 17,943.3 18,558.6 18,465.2 15,246.9 18,378.0 18,260.0 18,065.1 18,665.3 18,588.5 15,352.2 18,487.6 18,355.2 18,160.1 18,743.7 18,681.0 15,436.0 18,546.0 18,413.8 18,239.7 18,789.0 18,747.1 15,492.8 18,684.0 18,567.0 18,465.0 18,942.5 18,957.5 15,695.2 18,985.7 18,821.8 18,653.7 19,116.9 19,112.7 15,831.2 17,006.1 16,859.3 16,688.9 17,236.9 17,214.0 14,323.7 408.5 411.7 387.7 529.0 501.7 452.2 29.5 43.8 106.1 51.1 99.4 112.3 212.7 171.1 109.3 94.3 74.2 72.6 64 65 66 67 68 69 Gross domestic product ............................ 18,036.6 18,141.9 18,222.8 18,281.6 18,450.1 18,657.9 16,397.2 16,454.9 16,490.7 16,525.0 16,583.1 16,712.5 Plus: Income receipts from the rest of the 813.1 817.2 798.5 807.0 848.3 849.7 679.1 681.2 664.9 671.0 701.8 700.3 world.......................................................... Less: Income payments to the rest of the world.......................................................... 607.4 626.6 587.1 634.5 640.5 640.8 504.8 519.7 486.3 524.0 526.0 524.1 414.9 58.2 129.4 70 –32.9 30.7 –1.5 71 0.7 2.0 –1.8 72 Equals: Gross national product ................ 18,242.4 18,332.5 18,434.1 18,454.2 18,657.9 18,866.7 16,570.4 16,614.0 16,668.4 16,668.3 16,757.6 16,887.3 Net domestic product.................................... 15,205.9 15,297.8 15,360.0 15,408.1 15,548.3 15,736.3 13,766.2 13,816.2 13,836.9 13,857.5 13,902.9 14,020.3 377.9 352.6 89.3 45.5 129.7 117.3 73 74 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 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. 9 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2013 2014 2015 2012 IV 1 2013 I II 2014 III IV I II 2015 III Gross domestic product (GDP).... 1.6 1.8 1.1 1.5 1.4 0.9 2.1 2.1 1.7 2.1 1.7 2 Personal consumption expenditures...... 3 Goods...................................................... 4 Durable goods..................................... 5 Nondurable goods............................... 6 Services .................................................. 1.3 –0.5 –1.9 0.1 2.3 1.5 –0.4 –2.3 0.6 2.5 0.3 –2.9 –2.1 –3.3 2.0 2.2 1.5 –1.5 2.9 2.5 1.4 –0.5 –1.2 –0.2 2.5 0.2 –3.7 –2.4 –4.3 2.2 1.5 0.3 –2.6 1.8 2.1 1.7 0.0 –2.1 1.0 2.7 2.0 0.6 –2.4 2.0 2.7 1.9 0.2 –1.9 1.3 2.7 1.1 –1.0 –2.3 –0.3 2.1 IV II 2016 III IV I II Line III r –0.1 2.3 1.3 0.8 0.5 2.3 1.4 1 0.0 –1.6 –3.5 –8.0 –3.0 –2.2 –3.7 –10.8 1.8 1.7 1.8 1.2 –0.6 2.2 2.1 1.1 –0.9 –2.6 0.0 2.2 0.4 –2.6 –1.8 –2.9 1.8 0.3 –4.0 –0.9 –5.6 2.4 2.0 0.8 –2.5 2.5 2.6 1.4 –0.9 –4.1 0.8 2.6 2 3 4 5 6 7 Gross private domestic investment ........ 1.5 2.1 0.8 1.0 1.3 1.9 1.9 1.9 3.0 1.4 2.4 1.8 –0.1 –0.1 1.2 0.3 0.6 1.8 1.1 8 Fixed investment..................................... 1.6 2.3 1.0 0.9 1.3 2.0 2.0 2.3 3.2 1.4 2.4 1.7 0.5 –0.3 1.3 0.4 0.6 2.2 1.4 9 Nonresidential ..................................... 0.8 1.4 0.6 0.2 0.2 1.2 1.2 1.0 1.8 1.5 1.2 0.9 0.6 –0.3 0.8 –0.1 0.2 1.2 0.2 10 Structures ........................................ 2.1 3.8 0.0 –0.4 1.3 4.0 2.7 4.8 4.6 3.3 3.2 1.9 –2.3 –2.5 0.9 –0.2 –1.5 3.2 –0.5 11 Equipment ....................................... 0.2 0.4 0.8 1.3 –0.4 –0.3 0.5 –1.8 1.2 1.5 0.8 1.1 1.5 0.0 0.1 0.1 0.3 0.1 1.1 12 Intellectual property products .......... 0.8 1.0 0.8 –1.0 0.4 1.6 1.2 2.7 0.8 0.1 0.4 –0.2 1.6 0.8 1.8 –0.2 1.3 1.4 –0.4 13 Residential........................................... 5.0 6.0 2.4 4.0 6.3 5.3 5.4 7.6 8.7 1.3 7.1 4.9 0.2 –0.1 2.9 2.2 2.0 5.6 5.2 14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... 16 Exports.................................................... 0.1 0.1 –4.8 1.3 1.2 –2.9 0.7 –0.3 3.2 0.0 –1.0 –6.8 17 Goods.................................................. –0.7 –0.9 –6.8 0.6 0.6 –4.4 0.1 –1.7 3.5 –1.1 –2.4 –9.5 18 Services............................................... 1.8 2.1 –0.5 2.9 2.3 0.5 1.9 2.9 2.4 2.3 2.3 –0.6 19 Imports .................................................... –0.9 –0.2 –7.6 4.1 1.0 –4.2 –1.8 0.0 5.2 –1.6 –2.1 –7.0 20 Goods.................................................. –1.3 –0.6 –8.9 4.5 1.0 –5.0 –2.4 –0.9 5.9 –2.1 –2.7 –8.0 21 Services............................................... 1.3 1.7 –1.3 2.1 1.4 –0.1 1.1 4.7 1.9 1.3 0.9 –1.6 22 Government consumption expenditures and gross investment ........................... 1.6 2.0 0.3 1.9 1.5 1.1 1.9 3.7 1.8 1.9 2.0 0.0 23 Federal.................................................... 1.0 1.7 0.5 0.1 0.5 0.9 1.6 6.3 –0.7 1.6 1.5 0.2 24 National defense ................................. 0.7 1.4 0.2 0.1 0.1 0.4 1.3 4.2 0.4 1.1 1.2 –0.1 25 Nondefense......................................... 1.6 2.2 1.0 0.0 1.0 1.7 2.1 9.8 –2.6 2.3 2.0 0.7 26 State and local ........................................ 1.9 2.2 0.2 3.1 2.1 1.2 2.0 2.0 3.4 2.1 2.3 –0.1 Addenda: 27 Final sales of domestic product............... 1.6 1.8 1.1 1.5 1.5 0.9 2.1 2.2 1.8 2.1 1.7 0.5 28 Gross domestic purchases...................... 1.4 1.7 0.4 1.9 1.4 0.6 1.6 2.1 2.1 1.8 1.5 0.3 29 Final sales to domestic purchasers......... 1.4 1.7 0.4 1.9 1.4 0.6 1.6 2.2 2.1 1.8 1.4 0.3 30 Final sales to private domestic 1.4 1.7 0.5 1.9 1.4 0.5 1.6 1.8 2.2 1.8 1.3 0.3 purchasers........................................... 31 Gross national product (GNP)................. 1.6 1.8 1.0 1.5 1.5 0.9 2.1 2.1 1.7 2.1 1.7 0.5 Implicit price deflators: 32 GDP..................................................... 1.6 1.8 1.1 1.6 1.6 0.8 1.9 2.1 1.8 2.2 1.7 0.5 33 Gross domestic purchases.................. 1.4 1.7 0.4 2.1 1.5 0.5 1.5 2.1 2.2 1.9 1.4 0.3 34 GNP..................................................... 1.6 1.8 1.0 1.6 1.6 0.8 1.9 2.1 1.8 2.2 1.7 0.5 15 16 17 18 19 20 21 r Revised See Explanatory Note at the end of the tables. 10 0.5 I .......... .......... ........... .......... .......... .......... .......... –9.2 –0.9 –4.0 –5.5 –5.1 3.9 2.4 –12.1 –1.8 –5.8 –7.8 –10.0 5.9 2.4 –3.2 0.8 –0.4 –1.1 4.8 0.4 2.3 –15.5 –4.8 –4.5 –7.6 –6.0 2.1 2.9 –17.8 –5.9 –5.0 –9.0 –7.3 2.5 3.8 –3.7 0.7 –2.2 –1.3 –0.1 0.6 –0.9 –2.1 0.2 –0.3 0.9 –3.5 2.2 0.9 0.8 1.1 3.0 0.5 0.0 –0.2 0.3 0.8 0.1 –0.8 –0.9 –0.6 0.6 –0.4 1.5 0.9 2.3 –1.6 2.7 2.1 2.1 2.2 3.1 2.1 1.6 1.6 1.7 2.4 22 23 24 25 26 0.0 –1.4 –1.4 2.3 1.6 1.5 1.3 1.0 1.0 0.9 0.3 0.3 0.5 0.2 0.2 2.4 2.1 2.2 1.4 1.5 1.5 27 28 29 –1.2 –0.1 1.4 2.3 1.2 1.3 0.4 0.8 0.3 0.5 2.0 2.3 1.4 1.4 30 31 0.0 –1.4 0.0 2.2 1.5 2.2 1.2 1.0 1.2 0.9 0.4 0.9 0.5 0.2 0.4 2.3 2.1 2.3 1.4 1.5 1.4 32 33 34 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2013 2014 2015 2015 III 1 Gross domestic product......................................................... 108.277 110.844 113.721 114.121 2016 IV 114.370 I 114.608 II 115.011 Line III r 115.908 1 2 Personal consumption expenditures ............................................... 107.296 110.378 113.890 114.308 114.952 115.418 116.633 117.432 3 Goods ............................................................................................... 112.977 117.414 122.166 122.955 123.602 123.957 126.089 127.147 4 Durable goods............................................................................... 128.280 136.919 146.395 147.789 149.251 149.013 152.538 156.775 5 Nondurable goods......................................................................... 106.483 109.253 112.146 112.695 113.023 113.608 115.185 115.007 6 Services ............................................................................................ 104.555 107.004 109.954 110.208 110.849 111.361 112.184 112.870 7 Gross private domestic investment.................................................. 139.317 145.549 152.761 153.461 152.570 151.294 148.226 148.982 8 Fixed investment............................................................................... 124.469 131.342 136.633 137.956 137.895 137.570 137.179 136.862 9 Nonresidential ............................................................................... 124.455 131.967 134.697 135.754 134.611 133.442 133.766 133.815 10 Structures.................................................................................. 97.855 107.918 103.166 103.456 99.291 99.317 98.794 101.194 11 Equipment ................................................................................. 152.465 160.752 166.451 168.511 167.400 163.270 162.053 160.087 12 Intellectual property products .................................................... 113.352 117.733 123.422 123.987 125.376 126.532 129.279 129.598 13 Residential .................................................................................... 124.495 128.846 143.923 146.263 150.290 153.133 150.079 148.415 14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Exports of goods and services ......................................................... 127.951 133.414 133.560 133.550 132.629 132.389 132.974 136.225 15 16 Imports of goods and services ......................................................... 122.855 128.279 134.155 134.510 134.752 134.544 134.620 135.333 16 17 Government consumption expenditures and gross investment ... 18 Federal.............................................................................................. 19 State and local .................................................................................. 92.505 93.852 91.595 91.710 91.471 91.806 93.350 91.472 94.485 93.696 91.378 95.110 93.933 92.226 94.959 94.304 91.874 95.790 93.907 91.791 95.192 93.965 92.349 94.934 17 18 19 Addenda: Final sales of domestic product ........................................................ Gross domestic purchases ............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers....................................... Gross national product...................................................................... 106.555 108.119 106.447 110.138 108.596 109.245 110.765 109.212 113.849 111.138 111.906 114.335 112.565 117.658 113.731 112.394 114.773 113.087 118.227 114.030 112.743 115.141 113.552 118.753 114.404 113.093 115.373 113.894 119.086 114.403 113.821 115.718 114.558 120.032 115.016 114.572 116.354 115.054 120.644 115.906 20 21 22 23 24 20 21 22 23 24 r Revised See Explanatory Note at the end of the tables. 11 Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2013 2014 2015 2015 III 2016 IV I II Line III r Gross domestic product ........................................................ 106.917 108.838 109.999 110.268 110.498 110.635 111.268 111.656 1 2 Personal consumption expenditures (PCE) .................................... 3 Goods............................................................................................... 4 Durable goods .............................................................................. 5 Nondurable goods ........................................................................ 6 Services............................................................................................ 107.532 106.116 94.590 111.946 108.276 109.150 105.727 92.411 112.595 110.946 109.532 102.680 90.463 108.920 113.149 109.784 102.806 90.231 109.264 113.469 109.892 102.144 89.813 108.459 113.990 109.969 101.109 89.619 106.917 114.663 110.519 101.301 89.045 107.582 115.405 110.914 101.078 88.114 107.809 116.135 2 3 4 5 6 7 Gross private domestic investment ................................................. 103.454 105.655 106.539 106.663 106.742 106.889 107.366 107.662 8 Fixed investment .............................................................................. 103.670 106.030 107.062 107.184 107.300 107.467 108.048 108.420 9 Nonresidential............................................................................... 103.023 104.423 105.051 105.141 105.116 105.172 105.476 105.541 10 Structures.................................................................................. 108.116 112.213 112.202 112.168 112.113 111.682 112.566 112.424 11 Equipment................................................................................. 100.047 100.482 101.277 101.285 101.299 101.366 101.392 101.663 12 Intellectual property products.................................................... 103.755 104.772 105.583 105.889 105.825 106.168 106.526 106.417 13 Residential .................................................................................... 106.393 112.795 115.479 115.726 116.371 116.952 118.553 120.076 14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... .................... 7 8 9 10 11 12 13 14 15 Exports of goods and services......................................................... 112.064 112.134 106.778 106.548 105.039 103.669 104.671 105.284 15 16 Imports of goods and services ......................................................... 113.634 113.368 104.726 104.304 102.252 100.675 101.211 101.938 16 17 Government consumption expenditures and gross investment 18 Federal ............................................................................................. 19 State and local.................................................................................. 109.046 107.581 110.063 111.263 109.431 112.522 111.605 109.979 112.732 111.816 110.096 113.003 111.835 109.881 113.169 111.713 110.286 112.715 112.462 110.869 113.570 113.053 111.317 114.251 17 18 19 106.323 107.000 105.522 106.946 107.287 107.314 106.873 107.042 108.048 108.219 106.800 108.891 109.109 109.159 108.637 108.957 109.540 108.179 107.957 110.077 109.569 109.640 109.148 110.090 109.770 108.391 108.138 110.347 109.793 109.865 109.374 110.359 110.095 108.450 108.436 110.584 109.881 109.959 109.484 110.587 110.657 108.395 108.911 110.724 109.936 110.017 109.579 110.719 111.150 108.893 109.336 111.375 110.509 110.606 110.135 111.350 111.619 109.243 109.762 111.776 110.922 111.031 110.527 111.737 20 21 22 23 24 25 26 27 106.913 106.946 107.284 107.314 107.038 108.828 108.891 109.099 109.159 108.947 109.998 110.077 109.569 109.640 110.090 110.253 110.344 109.779 109.862 110.344 110.504 110.581 109.887 109.957 110.593 110.630 110.722 109.932 110.015 110.714 111.258 111.372 110.500 110.604 111.340 111.640 111.773 110.907 111.030 111.721 28 29 30 31 32 1 20 21 22 23 24 25 26 27 28 29 30 31 32 Addenda: PCE excluding food and energy 1 ..................................................... Market-based PCE 2 ......................................................................... Market-based PCE excluding food and energy 2 .............................. Final sales of domestic product........................................................ Gross domestic purchases............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers ...................................... Gross national product ..................................................................... Implicit price deflators: Gross domestic product................................................................ Final sales of domestic product .................................................... Gross domestic purchases ........................................................... Final sales to domestic purchasers .............................................. Gross national product.................................................................. 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. 12 Table 7. Real Gross Domestic Product: Annual Percent Change Percent change from preceding year Line 2008 2009 2010 Gross domestic product (GDP)......................................... –0.3 –2.8 2.5 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... –0.3 –2.5 –5.1 –1.1 0.8 –1.6 –3.0 –5.5 –1.8 –0.9 1.9 3.4 6.1 2.2 1.2 2013 2014 2015 2008 2009 2010 1.6 2.2 1.7 2.4 2.6 –2.8 –0.2 2.7 1.7 1.3 2.7 2.5 1.9 1 2.3 3.1 6.1 1.8 1.8 1.5 2.7 7.4 0.6 0.8 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.7 2.6 2.3 3.2 –2.0 4.0 –6.2 6.9 –12.9 2.6 –2.7 2.8 0.3 –0.2 0.9 2.5 0.2 –0.8 3.1 5.1 9.3 3.3 2.0 1.5 1.7 4.8 0.4 1.4 1.3 2.8 7.2 0.8 0.6 2.0 3.5 5.2 2.6 1.3 3.5 4.6 8.6 2.8 2.9 2.6 3.3 5.5 2.3 2.2 2 3 4 5 6 –11.0 11.1 9.6 3.7 9.3 3.8 2.6 –11.9 5.5 8.4 7.0 5.2 5.3 3.4 –12.2 8.1 9.0 5.2 4.8 5.0 0.8 –27.1 –4.0 8.0 4.1 5.8 8.0 –8.8 –11.5 20.9 13.1 6.9 6.1 2.9 3.7 1.3 1.8 4.1 3.4 2.2 6.1 3.8 –10.8 –5.2 6.0 15.7 6.8 6.2 13.1 .......... .......... .......... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 16 Exports......................................................................................... 5.7 –8.8 11.9 6.9 3.4 3.5 4.3 0.1 –2.8 0.8 10.1 4.2 2.2 5.9 3.1 –2.2 17 Goods ...................................................................................... 6.1 –12.1 14.4 6.5 3.6 3.1 4.4 –0.6 –3.2 –0.2 10.9 4.8 1.2 7.0 2.7 –3.4 18 Services ................................................................................... 4.8 –1.1 6.8 7.6 3.0 4.4 3.9 1.6 –1.8 3.2 8.4 2.7 4.5 3.6 3.9 0.5 19 Imports......................................................................................... –2.6 –13.7 12.7 5.5 2.2 1.1 4.4 4.6 –6.0 –6.2 12.0 3.5 0.3 2.5 6.1 2.5 20 Goods ...................................................................................... –3.7 –15.8 14.9 5.8 2.1 1.2 4.8 4.9 –7.9 –6.7 13.6 3.4 0.1 2.7 6.5 2.7 21 Services ................................................................................... 3.7 –3.8 3.8 4.0 3.0 0.6 2.6 2.9 4.7 –4.2 4.9 3.8 1.2 1.1 4.0 1.9 22 Government consumption expenditures and gross investment.................................................................................. 2.8 3.2 0.1 –3.0 –1.9 –2.9 –0.9 1.8 3.3 2.3 –1.1 –3.0 –2.2 –2.8 0.3 2.2 23 Federal......................................................................................... 6.8 5.7 4.4 –2.7 –1.9 –5.8 –2.5 0.0 8.4 3.9 3.2 –4.0 –2.1 –6.7 –1.3 1.7 24 National defense ...................................................................... 7.5 5.4 3.2 –2.3 –3.4 –6.8 –4.1 –2.1 9.4 3.6 2.0 –4.1 –3.9 –7.1 –4.1 0.6 25 Nondefense.............................................................................. 5.5 6.2 6.4 –3.4 0.9 –4.1 0.1 3.3 6.5 4.6 5.5 –3.9 1.0 –6.0 3.4 3.4 26 State and local ............................................................................. 0.3 1.6 –2.7 –3.3 –1.9 –0.8 0.2 2.9 0.2 1.3 –4.0 –2.3 –2.3 –0.1 1.3 2.5 15 16 17 18 19 20 21 7 Gross private domestic investment............................................. –9.4 –21.6 12.9 5.2 10.6 6.1 4.5 5.0 8 Fixed investment.......................................................................... –6.8 –16.7 1.5 6.3 9.8 5.0 5.5 4.0 9 Nonresidential .......................................................................... –0.7 –15.6 2.5 7.7 9.0 3.5 6.0 2.1 10 Structures............................................................................. 6.1 –18.9 –16.4 2.3 12.9 1.4 10.3 –4.4 11 Equipment ............................................................................ –6.9 –22.9 15.9 13.6 10.8 4.6 5.4 3.5 12 Intellectual property products ............................................... 3.0 –1.4 1.9 3.6 3.9 3.4 3.9 4.8 13 Residential ............................................................................... –24.0 –21.2 –2.5 0.5 13.5 11.9 3.5 11.7 14 Change in private inventories ...................................................... .......... .......... .......... .......... .......... .......... .......... .......... –15.9 –12.5 –8.9 –1.2 –19.0 0.0 –24.3 .......... 2011 2012 2013 2014 2015 Line 2012 1 2011 Percent change fourth quarter to fourth quarter 22 23 24 25 26 27 28 29 30 31 32 33 34 Addenda: Gross domestic income (GDI) 1 .................................................... Average of GDP and GDI ............................................................ Final sales of domestic product ................................................... Gross domestic purchases .......................................................... Final sales to domestic purchasers ............................................. Final sales to private domestic purchasers.................................. Gross national product................................................................. Real disposable personal income................................................ –0.8 –0.6 0.2 –1.3 –0.9 –1.7 0.0 1.5 –2.6 –2.7 –2.0 –3.8 –3.1 –4.6 –2.9 –0.4 2.7 2.6 1.1 2.9 1.5 1.9 2.8 1.0 2.2 1.9 1.7 1.6 1.7 2.9 1.8 2.5 3.3 2.7 2.1 2.1 1.9 2.9 2.1 3.2 1.2 1.5 1.5 1.3 1.2 2.1 1.7 –1.4 3.0 2.7 2.5 2.4 2.6 3.4 2.3 3.5 2.5 2.6 2.4 3.2 3.1 3.3 2.3 3.5 –2.3 –2.5 –2.1 –3.3 –2.7 –4.1 –3.3 1.1 0.3 0.0 –0.4 –1.3 –1.4 –2.4 0.1 –0.7 2.6 2.7 2.0 3.2 2.5 3.5 2.9 2.6 2.1 1.9 1.5 1.7 1.5 2.6 2.0 1.7 2.8 2.1 1.7 1.0 1.4 2.3 1.0 5.1 1.3 2.0 2.0 2.2 1.6 2.6 2.7 –2.8 4.0 3.2 2.7 3.0 3.2 3.8 2.3 4.5 1.5 1.7 2.0 2.5 2.6 2.7 1.7 3.0 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Price indexes: Gross domestic purchases....................................................... Gross domestic purchases excluding food and energy 2 .......... GDP ......................................................................................... GDP excluding food and energy 2 ............................................ PCE.......................................................................................... PCE excluding food and energy 2 ............................................. Market-based PCE 3 ................................................................. Market-based PCE excluding food and energy 3 ...................... 2.9 2.3 1.9 2.1 3.1 2.1 3.4 2.3 –0.2 0.5 0.8 0.5 –0.1 1.2 0.4 1.9 1.5 1.3 1.2 1.4 1.7 1.3 1.5 1.0 2.4 1.8 2.1 1.9 2.5 1.5 2.5 1.4 1.8 1.8 1.8 1.8 1.9 1.9 1.8 1.8 1.4 1.5 1.6 1.7 1.3 1.5 1.0 1.2 1.7 1.8 1.8 1.9 1.5 1.6 1.1 1.2 0.4 1.1 1.1 1.2 0.3 1.4 0.0 1.1 1.9 2.0 1.9 1.7 1.5 1.6 1.9 2.2 0.3 0.5 0.4 0.6 1.2 1.4 1.5 1.8 1.6 1.4 1.8 1.6 1.3 1.0 1.1 0.7 2.4 1.9 1.9 1.9 2.7 1.9 2.8 1.9 1.7 1.7 1.9 1.8 1.8 1.8 1.6 1.5 1.4 1.7 1.6 1.9 1.2 1.5 0.9 1.1 1.4 1.6 1.5 1.7 1.2 1.6 0.9 1.2 0.4 1.0 1.1 1.2 0.4 1.4 0.1 1.1 35 36 37 38 39 40 41 42 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. 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. NOTE. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. See Explanatory Note at the end of the tables. 13 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2012 Line 1 IV 2013 I II 2014 III IV I II 2015 III IV I II 2016 III IV I II r III r Line Gross domestic product (GDP)......................................... 1.3 1.3 1.0 1.7 2.7 1.6 2.4 2.9 2.5 3.3 3.0 2.2 1.9 1.6 1.3 1.6 1 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... 1.3 2.8 7.2 0.8 0.6 1.2 3.0 6.9 1.2 0.3 1.2 3.0 6.7 1.3 0.3 1.4 3.0 6.0 1.7 0.6 2.0 3.5 5.2 2.6 1.3 2.0 2.7 3.9 2.1 1.7 2.7 4.0 6.6 2.8 2.1 3.2 4.4 7.7 2.8 2.6 3.5 4.6 8.6 2.8 2.9 3.6 4.7 8.5 2.9 3.1 3.4 4.1 7.2 2.6 3.1 3.1 4.1 6.6 2.8 2.7 2.6 3.3 5.5 2.3 2.2 2.4 2.9 4.2 2.3 2.1 2.7 3.6 4.8 3.0 2.3 2.7 3.4 6.1 2.1 2.4 2 3 4 5 6 7 Gross private domestic investment............................................. 3.7 4.7 3.4 7.0 9.3 4.1 5.6 4.5 3.8 8.1 5.5 3.8 2.6 –0.7 –2.9 –2.9 8 Fixed investment.......................................................................... 7.0 5.2 4.5 5.3 5.2 4.7 5.5 6.6 5.3 4.9 4.2 3.8 3.4 2.2 0.8 –0.8 9 Nonresidential .......................................................................... 5.2 3.5 2.3 3.4 4.8 5.2 6.2 7.7 5.0 3.6 2.5 1.4 0.8 –0.4 –0.5 –1.4 10 Structures............................................................................. 4.1 –1.8 –1.8 3.2 5.8 13.4 12.6 7.5 8.0 –1.2 –3.6 –4.0 –8.8 –5.7 –5.5 –2.2 11 Equipment ............................................................................ 6.9 5.2 3.8 3.3 6.1 4.0 4.9 10.1 2.9 5.1 3.4 2.0 3.7 –1.1 –1.7 –5.0 12 Intellectual property products ............................................... 3.4 4.9 3.1 3.6 2.2 1.5 3.5 4.4 6.1 5.0 5.9 4.6 3.8 4.6 4.8 4.5 13 Residential ............................................................................... 15.7 12.6 14.8 13.6 6.8 2.8 2.8 2.2 6.2 9.9 10.7 13.0 13.1 11.7 5.7 1.5 14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 16 Exports......................................................................................... 2.2 2.5 2.6 2.9 5.9 4.2 5.1 4.8 3.1 2.2 0.8 –0.4 –2.2 –0.9 –1.1 2.0 17 Goods ...................................................................................... 1.2 1.4 1.8 2.2 7.0 4.3 5.3 5.5 2.7 1.9 0.5 –1.4 –3.4 –0.8 –1.5 2.6 18 Services ................................................................................... 4.5 5.0 4.3 4.5 3.6 3.8 4.6 3.3 3.9 2.8 1.6 1.7 0.5 –1.0 –0.4 0.9 19 Imports......................................................................................... 0.3 0.0 0.8 1.1 2.5 3.4 4.5 3.7 6.1 6.3 4.5 5.1 2.5 1.0 0.3 0.6 20 Goods ...................................................................................... 0.1 –0.1 0.9 1.2 2.7 3.7 4.9 4.0 6.5 6.8 5.0 5.4 2.7 0.7 –0.2 0.0 21 Services ................................................................................... 1.2 0.6 0.3 0.6 1.1 1.7 2.6 2.2 4.0 3.7 2.2 3.9 1.9 2.6 2.8 3.2 22 Government consumption expenditures and gross investment.................................................................................. –2.2 –2.8 –2.8 –3.0 –2.8 –2.0 –1.4 –0.3 0.3 1.2 2.0 1.8 2.2 1.9 0.7 0.3 23 Federal......................................................................................... –2.1 –4.7 –5.3 –6.6 –6.7 –4.1 –3.5 –1.2 –1.3 –0.8 –0.1 –0.8 1.7 0.8 0.7 1.1 24 National defense ...................................................................... –3.9 –6.0 –6.2 –8.0 –7.1 –5.3 –4.8 –2.2 –4.1 –3.0 –2.3 –3.5 0.6 –0.1 –0.8 0.0 25 Nondefense.............................................................................. 1.0 –2.5 –3.7 –4.3 –6.0 –2.1 –1.3 0.3 3.4 2.7 3.5 3.6 3.4 2.3 2.9 2.6 26 State and local ............................................................................. –2.3 –1.5 –1.1 –0.5 –0.1 –0.5 –0.1 0.3 1.3 2.5 3.3 3.5 2.5 2.6 0.7 –0.2 Addenda: 27 Gross domestic income (GDI) 1 .................................................... 2.8 0.9 1.3 1.5 1.3 1.9 2.7 3.6 4.0 3.8 2.6 2.1 1.5 1.3 1.4 2.0 28 Average of GDP and GDI ............................................................ 2.1 1.1 1.2 1.6 2.0 1.7 2.6 3.3 3.2 3.6 2.8 2.2 1.7 1.4 1.3 1.8 29 Final sales of domestic product ................................................... 1.7 1.4 1.2 1.4 2.0 1.7 2.4 3.2 2.7 2.8 2.7 2.2 2.0 2.1 1.9 1.9 30 Gross domestic purchases .......................................................... 1.0 0.9 0.8 1.4 2.2 1.6 2.4 2.8 3.0 3.9 3.5 3.0 2.5 1.8 1.4 1.4 31 Final sales to domestic purchasers ............................................. 1.4 1.0 0.9 1.1 1.6 1.7 2.4 3.1 3.2 3.4 3.3 3.0 2.6 2.3 2.1 1.7 32 Final sales to private domestic purchasers.................................. 2.3 1.9 1.8 2.1 2.6 2.5 3.3 3.8 3.8 3.9 3.5 3.3 2.7 2.3 2.3 2.0 33 Gross national product................................................................. 1.0 1.1 1.1 1.7 2.7 1.8 2.4 2.9 2.3 3.1 2.7 1.8 1.7 1.3 1.3 1.6 34 Real disposable personal income................................................ 5.1 –1.0 –1.1 –0.5 –2.8 2.5 3.2 3.7 4.5 3.9 3.6 3.3 3.0 3.1 2.8 2.7 Price indexes: 35 Gross domestic purchases....................................................... 1.7 1.5 1.3 1.4 1.4 1.6 1.9 1.9 1.4 0.5 0.5 0.3 0.4 0.8 0.9 1.0 1.7 1.5 1.4 1.5 1.7 1.7 1.9 1.9 1.6 1.2 1.1 1.0 1.0 1.2 1.3 1.5 36 Gross domestic purchases excluding food and energy 2 .......... 37 GDP ......................................................................................... 1.9 1.8 1.6 1.5 1.6 1.7 2.0 1.9 1.5 1.1 1.1 1.0 1.1 1.2 1.2 1.3 1.8 1.6 1.6 1.7 1.9 1.9 2.0 2.0 1.7 1.3 1.3 1.2 1.2 1.4 1.5 1.6 38 GDP excluding food and energy 2 ............................................ 39 PCE.......................................................................................... 1.8 1.5 1.3 1.3 1.2 1.3 1.8 1.7 1.2 0.3 0.3 0.3 0.4 0.9 1.0 1.0 1.8 1.6 1.4 1.5 1.5 1.5 1.7 1.7 1.6 1.4 1.4 1.3 1.4 1.6 1.6 1.7 40 PCE excluding food and energy 2 ............................................. 41 Market-based PCE 3 ................................................................. 1.6 1.3 0.9 1.0 0.9 1.0 1.4 1.3 0.9 –0.1 –0.1 –0.1 0.1 0.6 0.7 0.8 42 Market-based PCE excluding food and energy 3 ...................... 1.5 1.4 1.1 1.1 1.1 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.4 1.4 1.5 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. 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. 14 Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2013 2014 2015 2015 2016 III IV I Line III r II r 1 Gross domestic product (GDP) ......................................................... 2 Plus: Income receipts from the rest of the world................................... 3 Less: Income payments to the rest of the world ................................... 16,691.5 825.5 581.3 17,393.1 852.1 604.0 18,036.6 813.1 607.4 18,141.9 817.2 626.6 18,222.8 798.5 587.1 18,281.6 807.0 634.5 18,450.1 848.3 640.5 18,657.9 849.7 640.8 1 2 3 4 Equals: Gross national product ........................................................ 5 Less: Consumption of fixed capital....................................................... 6 Less: Statistical discrepancy................................................................. 16,935.8 2,628.9 –137.9 17,641.2 2,745.2 –257.9 18,242.4 2,830.8 –253.7 18,332.5 2,844.2 –236.1 18,434.1 2,862.8 –264.8 18,454.2 2,873.6 –264.3 18,657.9 2,901.8 –233.9 18,866.7 2,921.5 –327.8 4 5 6 7 Equals: National income.................................................................... 8 Compensation of employees ............................................................ 9 Wages and salaries....................................................................... 10 Supplements to wages and salaries ............................................. 11 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................. 12 Rental income of persons with capital consumption adjustment ...... 13 Corporate profits with inventory valuation and capital consumption adjustments................................................................................... 14 Net interest and miscellaneous payments ........................................ 15 Taxes on production and imports less subsidies............................... 16 Business current transfer payments (net) ......................................... 17 Current surplus of government enterprises....................................... Addenda: 18 Gross domestic income (GDI)........................................................... 19 Average of GDP and GDI ................................................................. 20 Statistical discrepancy as a percentage of GDP............................... 14,444.8 8,842.4 7,116.7 1,725.8 15,153.9 9,253.4 7,476.3 1,777.1 15,665.3 9,693.1 7,854.8 1,838.2 15,724.4 9,740.0 7,893.9 1,846.1 15,836.2 9,892.4 8,024.6 1,867.8 15,844.9 9,892.6 8,011.3 1,881.3 15,990.1 10,046.5 8,142.9 1,903.6 16,273.0 10,176.9 8,253.1 1,923.8 7 8 9 10 1,284.7 567.1 1,337.7 606.1 1,376.8 659.6 1,389.0 668.1 1,400.9 677.3 1,403.9 692.8 1,407.8 700.6 1,422.8 706.8 11 12 2,032.9 504.6 1,115.6 118.4 –20.9 2,152.1 533.7 1,153.5 137.6 –20.2 2,088.1 524.1 1,181.0 161.4 –18.8 2,095.4 525.2 1,182.5 143.2 –18.9 1,967.5 503.7 1,190.0 224.5 –20.1 2,033.5 493.1 1,191.5 158.1 –20.5 2,021.0 485.5 1,187.4 164.6 –23.3 2,154.8 489.7 1,198.7 146.5 –23.2 13 14 15 16 17 16,829.5 16,760.5 –0.8 17,651.1 17,522.1 –1.5 18,290.3 18,163.5 –1.4 18,378.0 18,260.0 –1.3 18,487.6 18,355.2 –1.5 18,546.0 18,413.8 –1.4 18,684.0 18,567.0 –1.3 18,985.7 18,821.8 –1.8 18 19 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2013 2014 2015 2015 III 2016 IV Line I II r III r 1 Personal income 1.............................................................................................................. 2 Compensation of employees........................................................................................... 3 Wages and salaries ..................................................................................................... 4 Supplements to wages and salaries............................................................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments....... 6 Farm ............................................................................................................................ 7 Nonfarm....................................................................................................................... 8 Rental income of persons with capital consumption adjustment..................................... 9 Personal income receipts on assets ............................................................................... 10 Personal interest income............................................................................................. 11 Personal dividend income ........................................................................................... 12 Personal current transfer receipts ................................................................................... 13 Less: Contributions for government social insurance, domestic ..................................... 14 Less: Personal current taxes .............................................................................................. 14,073.7 8,842.4 7,116.7 1,725.8 1,284.7 87.8 1,197.0 567.1 2,056.1 1,261.6 794.4 2,428.0 1,104.6 1,677.8 14,809.7 15,458.5 15,556.1 15,690.2 9,253.4 9,693.1 9,740.0 9,892.4 7,476.3 7,854.8 7,893.9 8,024.6 1,777.1 1,838.2 1,846.1 1,867.8 1,337.7 1,376.8 1,389.0 1,400.9 68.5 39.9 44.6 38.1 1,269.2 1,336.8 1,344.4 1,362.8 606.1 659.6 668.1 677.3 2,227.0 2,253.8 2,275.1 2,235.5 1,300.9 1,302.7 1,336.1 1,293.0 926.1 951.1 939.0 942.5 2,540.4 2,678.6 2,692.1 2,708.2 1,154.9 1,203.5 1,208.3 1,224.1 1,787.0 1,938.7 1,944.4 1,963.8 15,740.1 9,892.6 8,011.3 1,881.3 1,403.9 32.3 1,371.6 692.8 2,235.9 1,296.1 939.8 2,744.0 1,229.0 1,932.7 15,929.4 10,046.5 8,142.9 1,903.6 1,407.8 29.8 1,378.0 700.6 2,255.8 1,310.2 945.5 2,763.6 1,244.8 1,952.1 16,105.6 10,176.9 8,253.1 1,923.8 1,422.8 29.3 1,393.5 706.8 2,271.1 1,318.4 952.7 2,786.0 1,257.9 1,985.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Equals: Disposable personal income ............................................................................. 16 Less: Personal outlays........................................................................................................ 12,395.8 11,775.7 13,022.7 12,296.7 13,519.8 12,736.2 13,611.7 12,813.2 13,726.4 12,899.6 13,807.4 12,961.9 13,977.3 13,154.5 14,120.1 13,290.9 15 16 17 Equals: Personal saving .................................................................................................. 18 Personal saving as a percentage of disposable personal income .................................. 620.1 5.0 726.0 5.6 783.6 5.8 798.5 5.9 826.8 6.0 845.5 6.1 822.8 5.9 829.2 5.9 17 18 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 Disposable personal income, billions of chained (2009) dollars 2 .................................... 10,830.0 11,527.6 11,240.8 11,931.0 11,667.7 11,717.8 12,343.3 12,398.9 11,813.7 12,491.0 11,818.2 12,556.0 11,912.9 12,647.2 12,009.2 12,730.9 19 20 19 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, 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. 15 Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Line 2013 2014 2015 2015 III 2014 2016 IV I II 6 7 8 9 10 11 12 13 Capital consumption adjustment ................................ 2015 2015 III 1 Corporate profits with inventory valuation and capital consumption adjustments .......................... 2,032.9 2,152.1 2,088.1 2,095.4 1,967.5 2,033.5 2,021.0 2,154.8 2 Less: Taxes on corporate income .................................. 467.7 532.7 553.8 530.0 574.9 527.5 543.9 564.9 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments................... 1,565.2 1,619.3 1,534.3 1,565.3 1,392.6 1,506.0 1,477.1 1,589.8 4 Net dividends.............................................................. 929.4 970.6 971.4 976.8 956.0 963.3 954.0 972.8 5 Undistributed profits with inventory valuation and 635.8 648.7 562.9 588.6 436.6 542.7 523.1 617.0 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................................... Quarter one year ago Line Quarterly rates 2016 IV I II 2016 III III 5.9 13.9 –3.0 4.0 –6.1 8.5 3.4 –8.3 –0.6 3.1 6.6 3.9 2.8 6.6 1 2 3.5 4.4 –5.3 0.1 –11.0 –2.1 8.1 0.8 –1.9 –1.0 7.6 2.0 1.6 –0.4 3 4 2.0 –13.2 –25.8 24.3 –3.6 18.0 4.8 5 3.2 –1.2 –6.7 5.7 –0.6 5.3 3.2 6 635.8 648.7 562.9 588.6 436.6 542.7 523.1 617.0 2.0 –13.2 –25.8 24.3 –3.6 18.0 4.8 1,400.5 1,462.6 1,517.0 1,525.7 1,538.3 1,545.1 1,558.6 1,567.1 4.4 3.7 0.8 0.4 0.9 0.5 2.7 –5.7 3.3 –3.2 –3.7 –1.9 –1.7 5.6 –1.6 ............ ............. ............ ............ ............. ............ ............ 7 8 9 2,042.0 2,108.1 2,083.1 2,118.0 1,976.8 2,089.5 2,076.1 2,185.7 2,156.1 2,262.9 2,137.6 2,140.8 1,998.4 2,078.0 2,180.6 2,258.9 5.5 10 1,688.4 1,730.1 1,583.8 1,610.8 1,423.4 1,550.5 1,636.7 1,693.9 2.5 –8.5 –11.6 8.9 5.6 3.5 5.2 3.3 3.0 54.8 59.7 71.4 61.2 –53.5 –2.0 ............ ............. ............ ............ ............. ............ ............ 11 12 13 –126.6 5.0 –5.5 –6.7 4.0 4.9 3.6 –113.9 –104.3 –105.2 –102.2 –105.7 –106.1 –102.1 ............ ............. ............ ............ ............. ............ ............ Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Line 2013 2014 2015 2015 III 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Change from preceding period Seasonally adjusted at annual rates 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 .......................................................... 2,032.9 1,621.0 391.4 1,229.6 411.8 668.0 256.2 2016 IV I II 2014 2015 III 2015 IV 2016 I Line II III 2,152.1 1,741.1 444.1 1,297.0 411.0 691.7 280.7 2,088.1 1,702.3 452.7 1,249.7 385.8 651.7 265.9 2,095.4 1,967.5 2,033.5 1,720.9 1,571.0 1,663.9 447.3 429.2 437.2 1,273.5 1,141.9 1,226.7 374.5 396.5 369.6 655.6 635.6 644.3 281.1 239.2 274.7 2,021.0 2,154.8 1,613.4 1,740.7 442.8 493.7 1,170.5 1,247.0 407.6 414.0 681.9 681.7 274.2 267.7 119.2 120.1 52.7 67.4 –0.9 23.7 24.5 –64.0 –38.8 8.5 –47.3 –25.2 –40.0 –14.8 –127.9 –149.8 –18.2 –131.7 22.0 –19.9 –41.9 66.0 92.9 8.1 84.8 –26.9 8.7 35.6 –12.5 –50.5 5.6 –56.1 38.0 37.5 –0.5 133.8 127.4 50.9 76.5 6.4 –0.2 –6.6 1 2 3 4 5 6 7 2,159.4 2,265.9 1,747.6 1,854.9 429.4 480.3 79.6 103.5 349.8 376.8 1,318.2 1,374.7 26.9 33.3 429.6 449.8 218.9 238.3 23.7 23.2 34.2 36.0 51.6 53.4 2,192.4 1,806.6 493.2 100.7 392.5 1,313.4 6.7 412.7 236.3 25.5 29.4 49.2 2,200.5 2,069.8 2,139.2 1,826.0 1,673.3 1,769.6 489.1 471.8 479.1 103.7 99.0 115.2 385.4 372.8 364.0 1,336.9 1,201.5 1,290.5 4.7 –11.2 4.1 447.0 310.8 394.4 239.5 223.7 228.1 25.0 26.1 24.9 26.5 25.7 21.5 49.4 45.3 47.8 2,127.1 1,719.5 484.6 110.0 374.6 1,234.9 2.5 384.0 219.6 20.0 18.1 45.0 2,256.8 1,842.8 534.8 108.4 426.3 1,308.1 ............. ............. ............. ............. ............. ............. 106.5 107.4 50.9 23.8 27.0 56.5 6.4 20.2 19.4 –0.5 1.7 1.7 –73.5 –48.3 13.0 –2.7 15.7 –61.3 –26.6 –37.1 –2.0 2.3 –6.6 –4.1 –130.8 –152.8 –17.3 –4.7 –12.6 –135.5 –15.9 –136.2 –15.9 1.1 –0.8 –4.1 69.5 96.3 7.3 16.1 –8.8 89.0 15.3 83.7 4.4 –1.2 –4.2 2.5 –12.1 –50.1 5.4 –5.2 10.6 –55.5 –1.5 –10.5 –8.5 –4.9 –3.4 –2.8 129.7 123.3 50.2 –1.5 51.8 73.1 .............. .............. .............. .............. .............. .............. 8 9 10 11 12 13 14 15 16 17 18 19 18.2 52.3 66.0 164.4 72.1 –10.7 67.4 35.5 116.1 181.5 63.8 129.8 357.3 407.6 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 414.0 –1.9 13.5 4.8 0.8 0.3 7.7 –2.7 –4.5 3.8 13.3 8.9 –8.1 12.0 –0.9 –0.3 11.0 –4.3 –35.1 6.3 –48.4 2.1 4.8 3.4 11.0 8.6 2.8 –23.4 –25.2 1.5 –5.6 –8.0 –120.3 2.8 –118.2 –10.2 5.2 8.5 –1.8 –2.9 11.0 1.9 22.0 –1.8 5.3 3.8 79.2 –2.0 66.6 12.3 2.3 –4.8 9.8 0.4 0.6 –15.9 –26.9 2.0 4.3 –3.7 –1.9 10.9 2.3 –11.8 –3.4 –37.8 –3.8 –4.8 2.8 0.0 38.0 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 6.4 20 21 22 23 24 25 26 27 28 29 30 31 32 33 19.2 21.3 68.8 210.7 54.4 47.9 76.0 32.4 142.7 154.5 50.6 125.4 388.5 411.8 17.3 34.9 73.6 211.5 54.7 55.6 73.3 28.0 146.5 167.8 59.4 117.4 400.4 411.0 17.0 45.9 69.3 176.4 61.0 7.2 75.4 32.8 150.0 178.7 68.1 120.1 377.0 385.8 16.5 48.4 73.8 207.4 60.4 38.6 77.1 31.4 150.3 177.3 71.0 115.3 371.4 374.5 18.0 42.7 65.9 87.1 63.2 –79.6 66.9 36.6 158.7 175.5 68.1 126.3 373.3 396.5 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). 16 16.3 48.0 69.6 166.3 61.2 –13.0 79.2 38.9 153.9 185.3 68.5 126.9 357.4 369.6 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2013 2014 2015 2015 2016 III IV I Line II r III r Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 8,305.2 1,228.2 8,703.9 1,282.8 9,008.8 1,329.6 9,041.9 1,336.5 9,080.2 1,346.6 9,076.9 1,356.4 9,121.5 1,367.7 9,289.6 1,374.6 1 2 3 Net value added .......................................................................................... 4 Compensation of employees .................................................................... 5 Wages and salaries............................................................................... 6 Supplements to wages and salaries ..................................................... 7 Taxes on production and imports less subsidies....................................... 8 Net operating surplus................................................................................ 9 Net interest and miscellaneous payments ............................................ 10 Business current transfer payments (net) ............................................. 11 Corporate profits with inventory valuation and capital consumption adjustments ....................................................................................... 12 Taxes on corporate income ............................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments ................................................................................... 14 Net dividends................................................................................. Undistributed profits with inventory valuation and capital 15 consumption adjustments .......................................................... 7,077.0 4,749.7 3,955.2 794.4 721.5 1,605.8 281.6 94.7 7,421.1 4,999.5 4,181.3 818.1 738.3 1,683.3 295.6 90.8 7,679.2 5,259.8 4,412.3 847.5 754.2 1,665.2 310.9 104.7 7,705.3 5,279.6 4,428.7 850.9 755.4 1,670.3 313.1 83.7 7,733.6 5,351.3 4,488.1 863.2 760.0 1,622.3 314.2 166.2 7,720.5 5,333.3 4,467.4 865.9 761.3 1,625.9 314.1 85.1 7,753.8 5,426.5 4,548.4 878.1 759.3 1,568.0 312.4 85.0 7,915.0 5,498.9 4,611.0 887.9 766.5 1,649.6 317.0 85.6 3 4 5 6 7 8 9 10 1,229.6 283.6 1,297.0 313.7 1,249.7 308.1 1,273.5 306.1 1,141.9 277.6 1,226.7 312.7 1,170.5 321.4 1,247.0 331.3 11 12 946.0 531.9 983.3 579.6 941.6 608.0 967.4 617.9 864.3 625.5 914.0 626.8 849.1 613.7 915.8 607.5 13 14 414.1 403.7 333.6 349.5 238.7 287.2 235.4 308.3 15 1,314.8 1,371.6 1,258.6 1,277.2 1,130.1 1,229.3 1,288.5 1,310.1 16 1,031.2 3.3 –88.6 1,058.0 3.0 –77.7 950.5 54.8 –63.7 971.1 59.7 –63.4 852.5 71.4 –59.6 916.6 61.2 –63.8 967.1 –53.5 –64.4 978.8 –2.0 –61.0 17 18 19 8,539.6 1,260.2 7,279.4 8,597.5 1,270.1 7,327.4 8,637.9 1,278.1 7,359.7 8,642.0 1,285.7 7,356.3 8,817.0 1,293.0 7,524.0 20 21 22 16 17 18 19 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............................................................... Billions of chained (2009) dollars 20 Gross value added of nonfinancial corporate business ................ 21 Consumption of fixed capital 2 ....................................................................... 22 Net value added 3 .......................................................................................... 1 7,942.1 1,177.1 6,765.0 8,253.2 1,213.8 7,039.4 8,513.9 1,254.8 7,259.1 Dollars; quarters seasonally adjusted 23 24 25 26 27 28 29 30 31 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 ....................................................................................... 1.046 0.598 0.293 0.155 1.055 0.606 0.292 0.155 1.058 0.618 0.294 0.156 1.059 0.618 0.291 0.157 1.056 0.622 0.301 0.157 1.051 0.617 0.291 0.157 1.055 0.628 0.292 0.158 1.054 0.624 0.288 0.156 23 24 25 26 0.103 0.035 0.100 0.036 0.101 0.037 0.098 0.037 0.108 0.037 0.098 0.036 0.098 0.036 0.097 0.036 27 28 0.155 0.036 0.157 0.038 0.147 0.036 0.149 0.036 0.133 0.032 0.142 0.036 0.135 0.037 0.141 0.038 29 30 0.119 0.119 0.111 0.113 0.101 0.106 0.098 0.104 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2016. 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 2009 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). 17 Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates Line 2013 2014 2015 2012 IV 2013 I II 2014 III IV I 2015 II III IV 4.0 7.9 1.4 9.3 14.2 3.7 19.4 3.9 0.5 4.1 2.1 5.1 5.0 2.3 10.0 –0.2 3.1 2.9 0.6 7.7 14.5 –5.2 4.7 2.5 11.4 –22.3 4.9 2.4 3.1 5.3 5.0 2.2 –6.9 10.5 6.5 2.7 I 2016 II III IV 2.0 0.8 2.9 0.4 4.5 2.0 19.3 2.0 –5.2 2.2 –5.5 2.4 2.6 2.3 1.9 9.6 7.6 2.5 40.7 2.5 7.6 2.5 –3.0 3.1 2.0 0.9 2.5 –0.8 1.5 2.1 3.9 –1.9 16.5 –15.2 1.6 1.4 4.7 2.9 2.0 0.9 3.3 4.7 2.0 0.8 32.7 5.9 1.8 0.8 I Line II III 0.8 –1.4 1.1 7.4 2.2 0.8 54.3 0.7 0.6 0.8 6.6 0.7 1.4 2.2 2.4 –8.7 7.5 1.2 17.8 1.3 11.8 1.2 11.5 1.6 3.2 7.1 2.1 –2.5 1.1 3.2 –7.8 3.2 –2.9 3.3 30.9 3.6 1 2 3 4 5 6 7 8 9 10 11 12 r Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Gross domestic product (GDP) and related aggregates: GDP................................................................................... Goods................................................................................ Services............................................................................. Structures .......................................................................... Motor vehicle output .......................................................... GDP excluding motor vehicle output ................................. Final sales of computers 1 .................................................. GDP excluding final sales of computers............................ Research and development............................................... GDP excluding research and development....................... Farm gross value added 2 .................................................. Nonfarm business gross value added 3 ............................. Price indexes: GDP................................................................................... GDP excluding food and energy 4 ...................................... GDP excluding final sales of computers............................ Gross domestic purchases................................................ Gross domestic purchases excluding food and energy 4 ... Gross domestic purchases excluding final sales of computers to domestic purchasers................................ Personal consumption expenditures (PCE)....................... PCE excluding food and energy 4 ...................................... Market-based PCE 5 .......................................................... Market-based PCE excluding food and energy 5 ............... 1.7 4.5 0.1 3.4 5.3 1.6 10.8 1.6 2.1 1.7 21.2 2.0 2.4 3.1 1.7 5.2 7.6 2.2 9.4 2.3 0.4 2.4 –1.9 3.0 2.6 2.5 2.4 4.3 5.0 2.5 9.8 2.6 2.2 2.6 3.1 3.1 0.1 –0.7 0.3 2.2 –2.0 0.1 46.3 –0.1 4.7 0.0 –1.8 0.2 2.8 10.2 –0.5 1.8 20.9 2.4 –4.0 2.9 6.9 2.7 90.5 2.8 0.8 3.1 0.6 7.5 0.0 0.4 8.7 8.6 4.1 –13.8 0.7 3.6 12.3 –4.7 0.7 3.2 –0.7 –1.0 0.8 3.2 37.3 28.2 0.6 3.8 4.0 –1.2 10.0 –8.9 1.8 1.9 –2.6 7.3 25.5 3.2 3.4 –1.3 12.7 15.0 3.9 –1.2 –3.7 2.0 4.2 –1.3 –9.2 –18.6 5.6 –1.8 1.6 1.7 1.7 1.4 1.5 1.8 1.9 1.8 1.7 1.8 1.1 1.2 1.1 0.4 1.1 1.5 1.8 1.5 1.9 1.6 1.4 1.8 1.5 1.4 1.6 0.9 1.4 1.0 0.6 1.3 2.1 2.0 2.1 1.6 1.6 2.1 2.3 2.1 2.1 2.2 1.7 1.9 1.8 2.1 1.9 2.1 2.0 2.2 1.8 1.9 1.7 1.8 1.8 1.5 1.7 0.5 1.0 0.6 0.3 1.0 –0.1 0.5 0.0 –1.4 0.4 2.3 1.8 2.3 1.6 1.5 1.3 1.4 1.3 1.0 1.2 0.8 0.9 0.9 0.3 0.8 0.5 1.5 0.6 0.2 1.4 2.3 2.1 2.4 2.1 2.0 1.4 1.9 1.4 1.5 1.7 13 14 15 16 17 1.4 1.3 1.5 1.0 1.2 1.7 1.5 1.6 1.1 1.2 0.5 0.3 1.4 0.0 1.1 2.0 2.2 1.7 1.7 1.1 1.5 1.4 1.7 1.3 1.5 0.6 0.2 1.1 –0.5 0.5 1.7 1.5 1.4 1.4 1.3 2.1 1.7 1.8 1.3 1.2 2.2 2.0 1.6 1.7 1.2 1.8 1.9 2.0 1.5 1.5 1.5 1.1 1.5 0.8 1.2 0.3 0.0 1.1 –0.4 0.8 –1.4 –1.6 1.1 –2.3 0.7 1.6 1.8 1.8 1.7 1.6 1.1 1.1 1.4 0.8 1.1 0.3 0.4 1.2 0.2 1.1 0.3 0.3 2.1 –0.2 1.8 2.1 2.0 1.8 1.9 1.6 1.5 1.4 1.7 1.3 1.6 18 19 20 21 22 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.2 23 3.02 –0.03 0.24 1.89 1.75 1.77 0.06 0.59 0.04 0.40 –0.15 0.13 0.05 –0.10 0.07 0.08 0.13 –0.13 0.71 1.17 0.74 0.22 0.14 0.19 0.75 –0.24 –0.42 0.66 2.05 0.92 1.26 0.68 1.48 1.30 0.31 –0.15 0.57 –0.73 –0.20 0.46 –0.49 0.06 0.21 0.03 0.02 0.01 0.18 0.07 –0.03 0.08 0.12 0.01 0.29 –0.08 24 25 26 27 28 29 Contributions to percent change in real gross domestic product Percent change at annual rate: 23 Gross domestic product ............................................. 1.7 2.4 24 25 26 27 28 29 Percentage points at annual rates: Goods.................................................................................... Services ................................................................................ Structures.............................................................................. Motor vehicle output.............................................................. Final sales of computers ....................................................... Research and development .................................................. 1.36 0.08 0.25 0.14 0.04 0.05 0.94 1.04 0.39 0.21 0.04 0.01 2.6 0.1 2.8 0.8 3.1 4.0 –1.2 4.0 0.77 –0.24 2.98 0.17 2.26 3.02 –2.85 1.49 0.17 –0.28 –0.01 0.24 1.14 1.13 0.34 0.15 0.13 0.61 0.62 –0.20 0.54 0.14 –0.05 0.52 0.11 –0.41 0.63 0.09 0.04 0.16 –0.02 0.05 –0.02 0.05 0.06 0.05 0.12 0.17 –0.02 –0.03 –0.10 0.05 2.39 0.87 0.70 0.38 0.07 0.01 5.0 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See Explanatory Note at the end of the tables. 18 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 2009 -- 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 2008-09 annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009 and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of this component in 2010 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. 19
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