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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 28, 2018 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 18-64 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2018 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.2 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 also 3.5 percent. With this second estimate for the third quarter, the general picture of economic growth remains the same; upward revisions to nonresidential fixed investment and private inventory investment were offset by downward revisions to personal consumption expenditures (PCE) and state and local government spending (see "Updates to GDP" on page 2). Real GDP: Percent change from preceding quarter 5 4 3 2 1 0 Q4 2014 Q1 Q2 Q3 2015 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2016 Q4 Q1 Q2 Q3 2017 Q4 Q1 Q2 Q3 2018 Seasonally adjusted at annual rates Real gross domestic income (GDI) increased 4.0 percent in the third quarter, compared with an increase of 0.9 percent (revised) in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.8 percent in the third quarter, compared with an increase of 2.5 percent (revised) in the second quarter (table 1). The increase in real GDP in the third quarter reflected positive contributions from PCE, private inventory investment, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from exports and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The deceleration in real GDP growth in the third quarter primarily reflected a downturn in exports and decelerations in nonresidential fixed investment and in PCE. Imports increased in the third quarter after decreasing in the second. These movements were partly offset by an upturn in private inventory investment. Current-dollar GDP increased 5.0 percent, or $248.4 billion, in the third quarter to a level of $20.66 trillion. In the second quarter, current-dollar GDP increased 7.6 percent, or $370.9 billion (table 1 and table 3). The price index for gross domestic purchases increased 1.7 percent in the third quarter, compared with an increase of 2.4 percent in the second quarter (table 4). The PCE price index increased 1.5 percent, compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index increased 1.5 percent, compared with an increase of 2.1 percent. Updates to GDP The third-quarter percent change in real GDP was unrevised from the advance estimate, reflecting upward revisions to nonresidential fixed investment and private inventory investment that were offset by downward revisions to PCE and state and local government spending. For more information, see the Technical Note. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, see the "Additional Information" section that follows. Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index Advance Estimate Second Estimate (Percent change from preceding quarter) 3.5 3.5 4.9 5.0 … 4.0 … 3.8 1.7 1.7 1.6 1.5 For the second quarter of 2018, the percent change in real GDI was revised from 1.6 percent to 0.9 percent based on newly-available tabulations from the BLS Quarterly Census of Employment and Wages program. -2- Corporate Profits (table 10) Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $76.0 billion in the third quarter, compared with an increase of $65.0 billion in the second quarter. Profits of domestic financial corporations decreased $7.8 billion in the third quarter, in contrast to an increase of $16.5 billion in the second quarter. Profits of domestic nonfinancial corporations increased $66.2 billion, compared with an increase of $53.0 billion. Rest-of-the-world profits increased $17.6 billion, in contrast to a decrease of $4.5 billion. In the third quarter, receipts decreased $7.7 billion, and payments decreased $25.3 billion. * * * Next release, December 21, 2018 at 8:30 A.M. EST Gross Domestic Product, Third Quarter 2018 (Third Estimate) Corporate Profits, Third Quarter 2018 (Revised Estimate) * * * Release Dates in 2019 2018 Q4 and 2018 annual 2019 Q1 2019 Q2 2019 Q3 Advance Estimate January 30, 2019 April 26, 2019 July 26, 2019 October 30, 2019 Second Estimate February 28, 2019 May 30, 2019 August 29, 2019 November 27, 2019 March 28, 2019 June 27, 2019 September 26, 2019 December 20, 2019 Estimate Gross Domestic Product Third Estimate Corporate Profits Preliminary Estimate Revised Estimate --- May 30, 2019 August 29, 2019 November 27, 2019 March 28, 2019 June 27, 2019 September 26, 2019 December 20, 2019 -3- Additional Information Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. 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 Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Definitions 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. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (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. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. 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. 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." For more definitions, see the Glossary: National Income and Product Accounts. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Statistical conventions Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, see the FAQ “Why does BEA publish estimates at annual rates?” Quarterly not seasonally adjusted values are expressed only at quarterly rates. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." -4- 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. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?” Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 5 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. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). 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). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) 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. 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. Vintage 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 1.2 Note - Based on estimates from 1993 through 2017. 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. Updates to GDP 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. 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 -5- List of GDP News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 11. Table 12. Appendix Table A. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Contributions to Percent Change in Real Gross Domestic Product Gross Domestic Product: Level and Change From Preceding Period Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Real Gross Domestic Product: Annual Percent Change Real Gross Domestic Product: Percent Change from Quarter One Year Ago Relation of Gross Domestic Product, Gross National Product, and National Income Personal Income and Its Disposition Corporate Profits: Level and Percent Change Corporate Profits by Industry: Level and Change From Preceding Period Gross Value Added of Nonfinancial Domestic Corporate Business Real Gross Domestic Product and Related Aggregates: Percent Change From Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change From Quarter One Year Ago -6- November 28, 2018 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 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 2015 2016 2017 2014 Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local 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 (GNP) Disposable personal income Current-dollar measures: GDP GDI Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GNP Disposable personal income 2015 2017 2018 Line Q4 2.3 3.9 6.8 12.7 4.0 2.6 0.8 6.2 4.8 1.3 9.9 0.7 11.1 ......... ......... 6.6 10.9 -1.0 11.8 14.2 2.0 Q1 2.2 0.5 -0.6 -2.0 0.1 1.0 9.6 8.0 11.5 13.9 8.5 14.1 -3.4 ......... ......... 3.6 3.2 4.2 3.0 2.4 5.5 Q2r 4.2 3.8 5.5 8.6 4.0 3.0 -0.5 6.4 8.7 14.5 4.6 10.5 -1.3 ......... ......... 9.3 13.5 1.5 -0.6 -0.4 -1.4 Q3r 3.5 3.6 4.8 3.9 5.3 3.1 15.1 1.4 2.5 -1.7 3.5 4.3 -2.6 .... .... -4.4 -8.1 3.4 9.2 10.3 4.6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2.3 2.2 0.0 5.5 2.3 4.0 1.9 0.7 3.4 -0.8 1.0 0.2 -0.8 0.0 -1.0 1.0 -0.6 2.3 0.2 -1.6 1.6 0.5 0.0 2.4 -1.3 0.8 -4.0 2.6 -1.1 -3.3 2.8 -1.2 -0.3 5.6 -2.9 1.4 4.6 1.9 2.1 1.0 -0.1 3.0 0.4 -2.0 1.1 5.8 3.4 -0.3 5.4 -0.4 0.6 0.0 -1.2 -1.3 -0.9 2.4 4.1 2.9 5.7 1.4 1.5 2.6 3.0 2.1 0.9 2.5 3.7 5.9 0.5 1.8 2.6 3.5 4.9 1.5 2.0 22 23 24 25 26 2.9 2.4 2.7 2.9 3.7 2.9 3.1 1.2 4.8 2.7 1.3 2.3 3.7 3.3 3.6 1.0 1.0 1.7 2.0 2.7 0.3 0.3 1.1 0.6 1.3 1.5 -0.9 1.5 0.6 2.2 2.9 1.9 1.9 2.5 2.6 2.0 2.0 2.5 1.9 2.4 2.4 2.1 0.7 3.0 2.0 3.5 2.6 2.6 1.9 2.6 2.8 2.9 2.8 2.8 2.6 1.3 2.0 1.8 2.7 1.7 1.5 1.9 3.2 3.1 4.0 3.9 3.1 1.9 2.2 1.9 0.9 2.5 5.4 2.8 4.0 4.0 3.8 1.2 5.3 3.1 27 28 29 30 31 3.0 2.3 2.6 4.6 1.1 5.0 2.8 3.5 5.0 3.5 3.0 3.1 2.9 0.9 3.4 1.4 0.7 0.9 2.3 3.3 0.9 2.4 2.7 -0.6 2.8 1.6 1.5 2.4 2.8 2.7 3.3 1.5 4.5 3.2 2.6 2.2 2.3 3.6 2.2 4.4 2.6 2.3 2.0 2.2 4.4 4.3 4.0 1.8 3.2 32 3.5 33 2.4 34 2.7 1.9 2.3 3.2 2.6 3.2 4.2 4.2 4.2 4.2 4.3 4.4 2.7 3.7 3.2 3.0 3.3 3.6 3.0 2.6 2.8 1.2 3.1 1.3 5.7 3.7 4.7 6.2 4.8 5.3 2.4 2.5 2.5 3.0 3.2 3.7 0.5 0.4 0.4 1.3 0.2 0.9 1.2 1.1 1.2 2.0 1.2 2.0 5.1 1.8 3.4 5.7 4.4 4.9 3.5 3.5 3.5 4.0 3.5 4.1 3.9 4.5 4.2 3.0 5.0 4.1 3.9 5.6 4.8 4.7 4.2 4.9 4.2 4.0 4.1 4.0 3.9 3.8 4.8 3.2 4.0 4.0 4.4 3.6 5.1 4.2 4.7 5.8 6.0 6.7 4.3 6.0 5.1 4.0 4.8 4.5 7.6 4.2 5.9 8.6 5.6 6.5 5.0 5.5 5.2 2.9 6.8 4.9 3.4 2.6 2.8 4.8 4.3 4.4 4.5 1.9 4.6 1.6 3.1 3.2 5.1 5.3 5.1 4.0 2.4 4.7 1.2 0.9 0.7 2.2 0.5 3.0 5.6 5.3 1.7 4.3 3.1 3.3 4.4 4.9 4.7 5.3 3.6 6.6 4.2 3.8 3.0 4.0 5.6 3.9 6.9 5.3 5.1 4.5 4.2 7.0 6.6 7.5 3.8 4.8 41 5.0 42 3.9 43 Q1 3.3 3.5 4.4 6.6 3.4 3.1 12.8 0.0 -1.8 -8.7 4.4 -5.0 7.5 ......... ......... -4.2 -9.4 7.4 6.6 7.8 1.3 1.9 1.4 -0.1 -0.4 0.0 0.4 0.7 -5.9 -2.0 -0.6 0.7 -11.0 3.1 1.9 0.8 2.5 3.0 2.0 -0.5 3.2 2.6 2.7 2.6 3.6 3.3 0.8 1.2 2.1 1.8 2.3 2.3 2.2 2.2 2.5 2.5 3.7 2.8 4.1 2.5 1.5 1.7 4.0 3.7 3.8 3.7 3.9 3.7 4.1 3.8 4.4 2.9 3.7 4.7 7.6 3.4 3.2 4.8 3.4 1.8 -3.0 3.1 3.7 10.1 ......... ......... 0.6 -0.3 2.4 5.5 5.8 4.0 2016 Q3 2.8 2.2 4.1 7.7 2.3 1.4 8.8 2.6 3.4 -5.7 9.8 1.7 -0.5 ......... ......... 3.5 2.1 6.3 2.8 2.5 4.4 Q4 1.9 4.7 5.5 8.1 4.3 4.3 -0.3 4.3 2.0 6.7 -5.6 10.4 14.9 ......... ......... 4.7 4.6 5.0 11.0 11.7 8.1 1.6 2.2 2.7 2.5 3.6 3.7 5.5 6.8 2.7 2.1 2.3 2.0 -1.3 4.8 1.7 4.8 0.5 5.3 -5.0 4.6 -1.5 6.1 7.5 4.6 6.5 3.3 ......... ......... ......... ......... -0.1 3.0 0.3 3.3 -0.9 2.5 1.9 4.6 1.4 4.6 4.2 4.4 Q2 3.3 3.4 4.8 9.4 2.6 2.7 2.0 3.7 2.0 1.7 0.8 4.0 11.0 ......... ......... 3.8 6.5 -1.3 3.2 3.6 1.9 Q3 1.0 2.9 4.3 5.0 4.0 2.2 -1.2 3.1 1.1 -13.9 7.3 4.6 11.4 ......... ......... -3.5 -4.6 -1.3 4.1 3.1 8.9 Q4 0.4 2.3 2.4 2.9 2.1 2.2 -5.8 -1.9 -3.9 -20.6 -4.4 11.1 5.8 ......... ......... -2.2 -4.8 2.8 -0.4 -1.3 3.8 Q1 1.5 2.4 3.4 3.2 3.5 2.0 -1.8 1.9 -1.2 -4.0 -6.4 8.7 13.7 ......... ......... -2.4 0.2 -7.2 0.5 -0.4 4.4 Q2 2.3 3.4 4.8 6.6 3.9 2.8 -1.0 2.8 3.8 3.3 0.1 9.6 -1.0 ......... ......... 3.4 3.6 3.1 0.8 1.1 -0.7 Q3 1.9 2.7 3.3 10.4 -0.1 2.4 -0.4 3.2 4.6 12.6 0.1 5.5 -1.7 ......... ......... 6.1 7.7 3.2 4.9 4.2 7.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis -7- Q4 1.8 2.6 2.7 7.1 0.6 2.5 8.1 1.7 0.0 -1.2 0.9 -0.4 7.7 ......... ......... -3.6 -3.1 -4.6 6.2 6.4 5.7 Q1 1.8 1.8 1.9 1.9 1.9 1.7 4.9 9.9 9.6 12.8 9.1 8.0 11.1 ......... ......... 5.0 4.2 6.4 4.8 4.9 4.5 Q2 3.0 2.9 5.6 8.7 4.0 1.7 5.7 4.3 7.3 3.8 9.7 6.6 -5.5 ......... ......... 3.6 4.2 2.6 2.5 2.4 3.1 35 36 37 38 39 40 November 28, 2018 Table 2. Contributions to Percent Change in Real Gross Domestic Product Line 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 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Motor vehicles and parts Furnishings and durable household equipment Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for 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 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 2015 2016 2017 2014 Q4 Q1 2.9 1.6 2.2 1.9 3.3 2.50 1.02 0.53 0.18 1.85 0.77 0.39 0.08 1.73 0.78 0.48 0.11 3.10 1.18 0.55 0.17 0.12 0.15 0.08 0.49 0.11 0.17 0.02 0.38 0.12 0.19 0.07 0.30 0.07 0.07 0.09 0.26 1.48 1.55 0.27 0.64 0.09 0.11 2015 Q2 Q3 3.3 Q4 1.0 1.5 2.3 1.9 2.36 0.94 0.46 0.21 2.28 1.91 1.52 1.62 1.02 0.91 0.51 0.72 0.65 0.35 0.21 0.23 0.33 -0.02 -0.10 -0.01 2.30 1.01 0.46 0.13 1.79 0.70 0.71 0.34 0.09 0.19 0.10 0.63 0.09 0.09 0.07 0.48 0.12 0.11 0.09 0.37 0.15 0.18 0.05 0.56 0.11 0.13 0.20 0.19 0.01 0.06 0.55 -0.01 0.18 0.12 0.04 0.05 0.01 -0.02 0.15 0.15 1.08 0.95 0.07 0.14 0.17 0.25 1.91 0.12 0.03 0.19 0.14 1.41 0.04 0.06 0.01 0.27 1.26 0.06 0.06 0.08 0.03 0.08 -0.03 0.33 0.24 1.00 1.02 1.01 0.16 0.46 0.08 0.06 0.96 0.08 0.36 0.07 0.06 2.12 0.55 0.86 0.00 0.17 1.67 0.51 0.65 0.11 0.11 1.30 0.83 0.83 0.93 1.34 0.78 1.26 0.89 0.01 0.28 -0.03 0.17 0.35 0.26 -0.17 -0.13 0.41 0.48 0.35 0.48 0.84 -0.19 0.87 0.25 0.12 0.04 0.10 0.08 0.05 0.11 0.16 -0.04 0.11 -0.01 0.26 -0.04 -0.10 0.15 0.19 0.08 0.19 0.10 0.15 -0.09 0.10 0.23 0.03 0.14 0.23 0.26 0.10 0.10 0.29 0.18 -0.10 0.31 0.07 0.18 -0.13 0.15 0.09 0.4 Seasonally adjusted at annual rates 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0.11 0.11 0.13 0.17 0.06 -0.05 0.30 0.49 1.8 1.8 3.0 2.8 1.75 1.22 0.58 0.40 0.50 0.13 0.25 -0.22 1.95 1.17 0.60 0.08 1.52 0.86 0.54 0.21 0.05 0.16 0.05 0.08 0.14 0.29 0.10 0.56 0.14 0.05 0.14 0.32 0.13 0.19 0.04 0.27 0.27 0.36 0.11 0.12 0.06 0.04 0.04 0.07 -0.04 -0.01 0.14 -0.12 -0.04 -0.05 -0.03 0.05 0.27 -0.15 0.05 0.25 0.90 1.29 1.09 1.17 0.82 0.15 0.06 0.16 0.00 -0.28 -0.19 0.00 0.48 0.22 0.05 -0.06 0.16 -0.02 0.25 0.29 Q4 2.3 Q1 2.2 2018 Q2 Line 3.5 1 2.64 0.36 1.42 -0.13 0.87 -0.15 0.40 -0.35 2.57 2.45 1.16 1.00 0.60 0.28 0.16 -0.04 2 3 4 5 0.18 0.22 0.07 0.55 0.10 0.18 0.17 0.56 6 7 8 9 0.03 0.13 0.04 0.02 0.05 0.16 0.29 0.11 0.15 0.04 0.17 -0.15 0.11 -0.05 -0.02 -0.05 0.26 0.17 0.12 0.11 0.79 0.65 1.22 0.49 4.2 Q3r 0.11 0.17 0.04 0.73 0.14 0.18 10 0.18 0.21 11 0.07 -0.02 12 0.17 0.36 13 1.42 1.45 14 0.82 0.77 1.14 0.24 1.11 1.32 0.36 0.04 0.27 0.07 0.29 0.13 0.04 0.60 0.28 0.16 0.25 0.48 0.07 0.07 0.23 -0.02 -0.10 0.01 0.01 -0.05 -0.05 0.05 0.11 -0.01 0.12 -0.05 0.04 -0.01 0.10 0.36 0.38 0.05 0.16 0.11 -0.06 -0.01 0.24 0.33 -0.10 0.31 -0.06 0.21 15 16 17 18 19 0.31 20 0.06 21 0.33 22 -0.07 0.07 -0.01 -0.21 -0.26 -0.04 0.17 0.19 -0.03 -0.05 0.31 -0.09 -0.07 -0.03 -0.11 0.07 0.25 0.31 0.13 23 0.13 0.27 0.06 0.31 0.27 0.08 0.09 0.44 0.39 24 0.21 0.20 0.83 -0.24 0.57 0.29 0.24 0.06 -0.10 -0.16 0.19 -0.09 0.13 0.25 -0.02 -0.06 0.31 0.44 0.26 0.14 0.46 0.24 -0.02 -0.11 0.12 0.35 0.49 -0.04 0.35 0.81 -0.05 2.15 0.37 -0.22 -1.04 -0.31 -0.17 -0.07 1.30 0.81 0.72 -0.01 0.63 0.51 -0.33 0.31 0.46 0.52 0.28 0.68 0.26 -0.25 0.27 0.14 -0.53 -0.16 0.50 0.59 0.00 0.13 0.21 -0.31 0.05 -0.48 -0.70 -0.12 0.09 0.35 -0.04 0.35 -0.36 0.27 0.05 0.43 -0.27 -0.40 0.01 0.01 0.05 0.07 -0.19 0.25 0.14 -0.16 0.36 0.80 0.95 1.47 1.60 0.72 0.44 1.20 0.94 0.45 0.36 0.11 -0.18 0.50 0.55 0.56 0.00 -0.17 0.13 0.26 25 0.14 1.61 -0.07 2.52 26 1.04 1.34 1.10 0.25 27 0.63 1.47 1.15 0.35 28 0.04 0.40 0.43 -0.05 29 0.56 0.49 0.27 0.21 30 0.13 0.08 0.22 0.11 0.08 0.13 0.28 0.09 -0.12 0.12 0.17 0.14 0.30 0.27 0.20 0.18 0.00 -0.01 0.08 -0.16 0.02 0.06 -0.06 0.03 -0.12 0.05 0.01 0.06 0.07 0.15 0.08 0.06 0.16 -0.10 -0.06 -0.16 0.41 0.05 0.28 -0.27 -0.12 -0.09 -0.21 -0.17 -0.02 -0.07 0.13 0.14 -0.10 -0.06 0.11 -0.14 -0.23 -0.19 -0.06 -0.13 -0.04 -0.06 0.03 0.02 0.16 0.19 0.15 0.19 0.15 0.31 0.20 0.41 -0.21 0.17 0.18 0.44 0.36 0.39 0.23 -0.02 0.33 0.28 0.08 0.03 0.08 0.14 0.17 0.02 0.10 0.07 0.02 0.12 0.18 0.18 0.14 0.13 0.20 0.22 0.20 -0.05 0.04 0.17 0.03 0.35 -0.34 0.07 0.14 0.31 0.18 0.23 0.07 -0.16 0.13 0.06 -0.12 0.06 0.22 0.20 0.14 31 0.08 -0.04 0.11 32 0.20 0.02 -0.06 33 0.00 0.09 0.01 34 0.58 0.45 0.19 35 0.31 0.22 0.16 36 0.27 0.22 0.02 37 0.03 0.33 0.25 0.03 0.23 -0.78 0.08 -0.03 0.10 -0.85 -0.74 -0.11 0.01 0.01 0.01 38 -0.14 -0.05 -0.10 39 0.27 -1.17 2.27 40 -0.01 0.00 -0.01 41 0.28 -1.17 2.29 42 -0.02 1.22 -1.91 43 0.43 1.12 -0.55 44 0.26 1.06 -0.69 45 0.18 0.07 0.14 46 -0.45 0.10 -1.36 47 -0.30 0.06 -1.23 48 -0.15 0.04 -0.13 49 0.01 0.23 -0.53 -0.03 -0.50 -0.30 -0.01 0.03 -0.04 -0.28 -0.17 -0.11 0.01 0.13 0.00 0.00 0.00 -0.31 0.36 0.26 0.10 -0.67 -0.55 -0.12 0.04 0.45 -0.77 -0.03 -0.73 -1.08 0.62 0.42 0.21 -1.70 -1.48 -0.22 0.03 0.24 2.16 0.15 2.02 -1.58 -0.56 -0.86 0.30 -1.02 -0.99 -0.03 0.03 0.35 -0.25 -0.06 -0.20 -0.01 0.48 0.54 -0.06 -0.49 -0.44 -0.05 0.03 0.37 -0.73 -0.03 -0.70 -1.05 -0.44 -0.39 -0.05 -0.61 -0.38 -0.23 0.01 0.20 -0.70 -0.03 -0.68 -0.21 -0.28 -0.40 0.12 0.07 0.17 -0.10 -0.01 0.47 -0.62 -0.18 -0.44 -0.36 -0.31 0.00 -0.31 -0.06 0.06 -0.12 -0.01 -0.04 -0.62 0.16 -0.78 0.29 0.39 0.26 0.13 -0.10 -0.11 0.02 0.03 -0.06 -0.59 0.02 -0.62 0.03 0.71 0.58 0.13 -0.68 -0.47 -0.21 0.01 0.28 1.03 -0.11 1.14 -1.32 -0.44 -0.24 -0.20 -0.88 -0.73 -0.15 0.00 0.41 -0.80 -0.02 -0.78 -0.10 0.59 0.33 0.26 -0.69 -0.57 -0.12 0.00 -0.22 0.23 0.03 0.19 0.08 0.44 0.33 0.11 -0.36 -0.28 -0.09 0.00 -0.02 1.04 0.02 1.02 0.01 0.42 0.17 0.25 -0.41 -0.29 -0.12 0.01 0.41 -0.91 -0.01 -0.89 -0.89 0.79 0.83 -0.04 -1.68 -1.62 -0.06 0.33 0.25 -0.01 -0.07 0.40 0.70 0.33 0.12 0.60 -0.15 0.17 0.03 -0.13 0.01 -0.18 0.41 0.27 0.00 0.03 0.05 -0.42 0.15 0.07 -0.04 0.16 0.02 -0.10 0.11 0.03 0.00 0.16 -0.08 0.26 0.17 -0.08 -0.02 0.03 -0.49 0.00 0.03 -0.16 0.10 -0.04 -0.13 0.11 -0.05 -0.01 0.21 -0.11 0.11 0.11 -0.07 -0.01 -0.02 -0.48 0.11 -0.05 -0.11 0.06 -0.01 -0.07 0.11 -0.06 -0.10 0.07 -0.08 0.09 0.12 -0.01 -0.01 0.05 -0.01 -0.11 0.08 -0.05 0.05 -0.03 -0.06 0.00 0.01 0.09 0.14 -0.03 0.02 0.00 0.08 0.05 0.02 0.07 0.15 0.04 0.12 0.05 0.06 0.03 0.00 0.08 0.01 -0.05 0.03 0.15 0.06 0.07 0.04 0.01 0.03 0.14 0.02 0.11 0.06 0.04 0.00 0.00 0.07 0.00 -0.07 0.04 0.11 0.08 0.02 0.01 0.01 0.04 0.00 0.02 0.01 0.00 0.02 0.02 0.00 0.01 0.01 0.02 -0.01 0.03 -0.03 0.34 0.22 -0.06 0.35 0.26 0.63 0.37 -0.03 0.58 -0.04 0.07 0.00 -0.13 -0.15 -0.10 0.15 0.10 0.25 0.18 0.00 0.26 0.30 0.30 0.27 0.19 0.21 0.14 0.14 -0.02 -0.07 -0.04 -0.01 -0.01 0.02 0.09 0.04 -0.06 0.09 -0.05 0.33 0.10 -0.22 0.37 -0.18 -0.08 0.02 -0.07 -0.10 -0.09 0.16 0.08 r Revised Source: U.S. Bureau of Economic Analysis -8- 0.43 0.24 0.22 0.20 0.02 0.01 0.00 0.01 0.20 0.06 0.14 0.44 0.23 0.18 0.17 0.01 0.04 0.02 0.02 0.22 0.11 0.11 50 51 52 53 54 55 56 57 58 59 60 November 28, 2018 Table 3. Gross Domestic Product: Level and Change From Preceding Period--Continues Billions of dollars Line 1 Gross domestic product (GDP) 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Motor vehicles and parts 6 Furnishings and durable household equipment 7 Recreational goods and vehicles 8 Other durable goods 9 Nondurable goods 10 Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 Services 15 Household consumption expenditures (for services) 16 Housing and utilities 17 Health care 18 Transportation services 19 Recreation services 20 Food services and accommodations 21 Financial services and insurance 22 Other services Final consumption expenditures 23 of nonprofit institutions serving households 24 Gross output of nonprofit institutions Less: Receipts from sales of 25 goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment 28 Nonresidential 29 Structures 30 Equipment Information processing 31 equipment 32 Industrial equipment 33 Transportation equipment 34 Other equipment 35 Intellectual property products 36 Software 37 Research and development 38 Entertainment, literary, and artistic originals 39 Residential 40 Change in private inventories 41 Farm 42 Nonfarm 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services Billions of chained (2012) dollars Seasonally adjusted at annual rates 2017 19,485.4 13,321.4 4,156.1 1,406.5 498.2 2017 Q3 19,588.1 13,359.1 4,166.0 1,411.2 497.7 Q4 19,831.8 13,579.2 4,250.9 1,445.7 516.4 Q1 20,041.0 13,679.6 4,267.7 1,434.5 498.5 2018 r Q2 20,411.9 13,875.6 4,329.5 1,458.7 504.6 Seasonally adjusted at annual rates 2017 Q3r 20,660.3 14,052.1 4,376.8 1,469.2 506.7 18,050.7 12,558.7 4,391.9 1,577.9 507.2 2017 Q3 18,120.8 12,584.9 4,410.2 1,588.6 508.4 Q4 18,223.8 12,706.4 4,483.9 1,636.6 528.3 Q1 18,324.0 12,722.8 4,477.0 1,628.2 510.7 2018 r Q2 18,511.6 12,842.0 4,537.6 1,662.3 518.6 Q3r 18,671.7 12,957.2 4,591.2 1,678.3 516.7 315.4 316.3 322.6 324.1 331.3 334.5 360.4 363.8 373.9 375.5 381.1 387.4 378.1 379.9 386.3 388.5 392.6 398.5 476.2 478.4 492.2 500.6 512.0 523.3 214.7 217.3 220.4 223.4 230.2 229.6 239.9 243.9 247.8 249.9 259.4 261.5 2,749.6 2,754.8 2,805.2 2,833.2 2,870.8 2,907.5 2,822.0 2,829.9 2,857.7 2,858.6 2,886.7 2,923.9 Change from preceding period Line 2018 2017 Q2r Q3r 391.5 187.6 160.1 1 310.5 119.2 115.2 2 155.8 60.6 53.6 3 101.1 34.0 16.0 4 20.7 8.0 -1.9 5 25.7 43.8 13.8 58.0 5.7 11.4 9.5 28.1 6.3 11.3 2.1 37.3 6 7 8 9 965.8 967.9 982.6 988.3 998.0 1,008.4 938.9 939.7 953.5 958.6 965.2 974.2 22.2 379.7 380.2 384.7 385.5 394.8 398.3 382.9 383.7 392.1 384.7 393.4 404.0 9.0 307.0 301.0 327.3 340.6 347.0 354.1 446.5 447.1 445.4 441.9 446.6 445.3 -5.5 1,097.2 1,105.8 1,110.5 1,118.8 1,131.0 1,146.8 1,045.1 1,050.5 1,056.0 1,061.4 1,069.5 1,086.8 26.7 9,165.3 9,193.1 9,328.3 9,411.9 9,546.1 9,675.3 8,184.5 8,193.7 8,246.6 8,267.9 8,329.8 8,393.8 162.0 6.6 8.7 4.7 8.2 61.9 9.0 10.6 -1.3 17.2 64.0 10 11 12 13 14 8,761.9 8,791.9 8,924.9 8,992.5 9,111.8 9,229.4 7,842.2 7,855.0 7,904.9 7,915.2 7,963.5 8,021.9 164.9 2,447.8 2,458.2 2,492.6 2,515.6 2,548.5 2,571.2 2,129.9 2,131.6 2,143.2 2,146.0 2,158.1 2,163.8 13.3 2,271.2 2,284.6 2,313.2 2,331.0 2,357.8 2,389.2 2,145.8 2,156.8 2,169.7 2,177.3 2,188.9 2,211.5 64.1 437.0 435.5 452.3 450.1 449.1 453.7 417.6 417.4 428.3 427.2 422.4 422.9 13.4 541.8 543.3 543.6 549.0 555.6 559.2 489.1 488.5 486.3 488.5 493.4 493.1 10.1 48.4 12.2 11.6 -4.8 5.0 58.4 5.6 22.6 0.5 -0.3 15 16 17 18 19 897.3 898.8 904.6 914.2 940.9 960.4 795.3 795.8 795.2 799.5 815.2 829.1 1,060.4 1,066.9 1,094.4 1,102.5 1,114.4 1,125.3 848.4 851.0 855.1 852.7 852.2 854.4 1,106.5 1,104.6 1,124.3 1,130.1 1,145.5 1,170.5 1,027.0 1,024.9 1,039.1 1,036.4 1,046.0 1,061.3 4.8 21.0 40.5 15.7 -0.5 9.6 13.9 20 2.2 21 15.3 22 371.9 -2.4 13.1 5.6 23 1,511.5 1,517.0 1,530.0 1,544.6 1,573.0 1,603.6 1,357.2 1,359.7 1,363.1 1,366.9 1,386.3 1,403.7 21.9 19.4 17.4 24 403.4 401.2 403.4 419.4 434.3 445.9 343.1 339.7 342.7 353.3 366.4 1,108.1 3,368.0 3,342.5 2,587.9 585.4 1,150.4 1,115.8 3,413.9 3,358.5 2,607.0 585.3 1,162.8 1,126.6 3,441.4 3,420.0 2,642.6 590.6 1,189.1 1,125.2 3,543.8 3,507.4 2,720.3 614.9 1,212.6 1,138.7 3,579.5 3,589.9 2,791.4 644.1 1,228.8 1,157.6 3,709.0 3,619.7 2,819.3 646.2 1,242.8 1,015.3 3,196.6 3,155.1 2,538.1 517.5 1,183.7 1,021.6 3,239.8 3,161.2 2,552.3 514.5 1,197.1 1,021.8 3,246.0 3,209.3 2,582.7 516.2 1,225.6 1,014.3 3,321.0 3,271.3 2,654.0 533.3 1,250.9 1,020.1 3,316.7 3,322.3 2,710.1 551.7 1,264.9 1,031.9 24.9 3,435.4 146.1 3,333.6 145.3 2,727.0 126.8 549.3 22.8 1,275.7 67.6 381.9 231.3 284.3 252.9 852.0 352.9 417.9 386.5 234.6 285.0 256.8 858.9 359.7 417.8 393.7 238.5 290.4 266.4 862.9 355.9 425.0 401.9 243.9 300.7 266.1 892.7 370.3 439.7 410.2 243.4 303.5 271.7 918.6 381.6 453.1 415.9 250.4 302.4 274.2 930.4 388.5 457.2 459.8 228.6 264.2 241.0 841.1 379.3 386.8 466.8 231.6 264.7 244.4 845.9 387.9 384.0 477.5 234.6 270.9 253.0 847.3 385.3 386.8 490.5 238.5 280.3 252.8 875.7 402.1 398.8 502.9 236.6 281.3 257.0 897.9 414.2 408.6 511.9 48.9 242.2 14.2 278.5 -10.1 257.4 20.0 907.4 37.3 422.9 33.4 409.6 4.8 81.2 754.6 25.5 -5.0 30.5 -578.4 2,350.2 1,535.9 814.3 2,928.6 2,378.5 550.0 81.4 751.5 55.4 -3.6 59.0 -557.3 2,358.3 1,536.7 821.6 2,915.5 2,358.9 556.7 82.0 777.4 21.5 -4.2 25.7 -607.9 2,432.0 1,598.8 833.2 3,039.9 2,474.6 565.3 82.7 787.2 36.3 -1.9 38.2 -639.2 2,477.4 1,628.1 849.3 3,116.6 2,537.1 579.4 83.8 798.5 -10.4 -1.5 -8.8 -549.8 2,568.7 1,706.4 862.4 3,118.5 2,536.5 582.0 84.7 800.3 89.3 -2.3 91.6 -651.4 2,540.6 1,668.9 871.7 3,191.9 2,601.9 590.1 77.7 611.1 22.5 -5.9 27.4 -858.7 2,450.1 1,697.3 753.4 3,308.7 2,773.5 534.9 77.5 604.5 64.4 -4.9 67.8 -845.9 2,456.1 1,694.8 760.8 3,302.0 2,762.6 538.1 78.2 620.7 16.1 -6.2 21.1 -899.2 2,495.9 1,739.2 759.0 3,395.1 2,855.6 540.8 78.4 615.3 30.3 -6.9 35.9 -902.4 2,517.8 1,753.0 766.9 3,420.1 2,872.7 548.1 79.1 613.2 -36.8 -6.4 -31.0 -841.0 2,574.2 1,809.2 769.8 3,415.2 2,870.0 546.1 5.8 11.8 25 -4.3 118.6 26 51.0 11.3 27 56.1 16.9 28 18.4 -2.4 29 14.0 10.8 30 12.4 -1.9 1.0 4.1 22.2 12.0 9.8 9.0 5.7 -2.9 0.4 9.5 8.8 1.0 79.7 1.1 0.7 0.6 38 609.2 19.8 -2.1 -4.0 39 86.6 -0.9 -67.2 123.5 40 -7.4 -0.1 0.5 -1.0 41 91.2 -1.0 -66.9 122.2 42 -945.8 -72.5 61.4 -104.9 43 2,545.7 71.9 56.5 -28.6 44 1,771.4 54.6 56.3 -37.9 45 776.2 18.1 3.0 6.4 46 3,491.5 144.4 -4.9 76.3 47 2,941.4 122.1 -2.7 71.5 48 552.2 22.4 -2.0 6.1 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 1RWH8VHUVDUHFDXWLRQHGWKDWSDUWLFXODUO\IRUFRPSRQHQWVWKDWH[KLELWUDSLGFKDQJHLQSULFHVUHODWLYHWRRWKHUSULFHVLQWKHHFRQRP\WKHFKDLQHGGROODUHVWLPDWHVVKRXOGQRWEHXVHGWRPHDVXUHWKHFRPSRQHQW VUHODWLYHLPSRUWDQFHRULWV FRQWULEXWLRQWRWKHJURZWKUDWHRIPRUHDJJUHJDWHVHULHV)RUDFFXUDWHHVWLPDWHVRIWKHFRQWULEXWLRQVWRSHUFHQWFKDQJHVLQUHDOJURVVGRPHVWLFSURGXFWXVHWDEOH 6RXUFH 86%XUHDXRI(FRQRPLF$QDO\VLV -9- 31 32 33 34 35 36 37 November 28, 2018 Table 3. Gross Domestic Product: Level and Change From Preceding Period--Table Ends Billions of dollars Line Seasonally adjusted at annual rates 2017 2017 Q3 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 Consumption expenditures 54 Gross investment 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual Addenda: 62 Gross domestic income (GDI)1 63 Average of GDP and GDI 64 Final sales of domestic product 65 Gross domestic purchases 66 Final sales to domestic purchasers 67 Final sales to private domestic purchasers 68 Gross domestic product 69 Plus: Income receipts from the rest of the world 70 Less: Income payments to the rest of the world 71 Equals: Gross national product 72 Net domestic product Billions of chained (2012) dollars Q4 Q1 2018 Q2r Seasonally adjusted at annual rates 2017 3,374.4 3,372.3 3,419.1 3,456.8 3,506.6 3,550.7 1,265.2 1,263.8 1,280.6 1,294.8 1,313.0 1,329.5 743.9 743.1 750.7 759.0 772.6 784.3 594.0 592.3 598.5 606.6 618.4 628.6 149.9 150.8 152.3 152.4 154.2 155.7 521.3 520.7 529.8 535.8 540.4 545.2 392.8 392.4 399.5 406.0 409.5 412.7 128.5 128.3 130.4 129.8 131.0 132.5 2,109.2 2,108.5 2,138.5 2,162.0 2,193.5 2,221.2 1,744.5 1,747.5 1,768.0 1,784.4 1,803.1 1,822.6 364.8 361.1 370.5 377.6 390.5 398.6 ............... ............... ............... ............... ............... ............... 19,628.6 19,557.0 19,459.9 20,063.8 20,038.3 19,702.5 19,645.3 19,532.7 20,145.3 20,089.9 19,908.5 19,870.2 19,810.4 20,439.7 20,418.3 20,201.0 20,121.0 20,004.7 20,680.2 20,643.9 20,410.5 20,411.2 20,422.3 20,961.7 20,972.1 Q3 Q4 Q1 2018 Q2r 3,130.4 1,196.4 713.8 566.9 147.0 481.9 358.6 123.3 1,932.3 1,595.4 336.8 -1.4 3,121.8 1,193.2 712.3 564.7 147.8 480.3 357.5 122.8 1,926.9 1,594.9 331.9 -13.6 3,140.2 1,205.2 717.5 568.9 148.7 487.0 362.6 124.4 1,933.5 1,594.5 339.0 -5.1 3,152.2 1,213.1 722.8 574.4 148.6 489.5 366.3 123.2 1,937.7 1,595.3 342.4 -10.3 3,171.8 1,224.0 733.3 583.7 149.8 490.1 366.4 123.6 1,946.6 1,597.9 348.7 -19.5 18,183.3 18,117.0 18,008.7 18,881.0 18,839.8 18,226.7 18,173.8 18,042.6 18,941.2 18,863.3 18,294.2 18,259.0 18,186.5 19,087.4 19,051.0 18,470.2 18,397.1 18,274.4 19,190.2 19,141.3 18,510.3 18,510.9 18,515.9 19,324.8 19,330.8 Q3r 20,684.9 20,672.6 20,571.1 21,311.7 21,222.5 2017 Q3r Change from preceding period Line 2018 2017 Q2r Q3r 3,192.2 -2.1 19.6 20.4 1,234.6 8.6 10.9 10.6 742.2 4.6 10.5 8.9 591.9 -3.7 9.3 8.2 150.4 8.5 1.2 0.6 491.9 3.9 0.6 1.8 367.5 2.0 0.2 1.0 124.4 1.9 0.4 0.8 1,956.5 -10.5 8.8 9.9 1,602.9 -0.8 2.5 5.0 353.6 -9.7 6.3 4.9 -27.8 .......... .......... .......... 18,693.8 18,682.7 18,571.4 19,578.0 19,477.5 404.3 397.9 391.1 453.0 452.6 40.1 113.9 241.6 134.6 189.5 183.5 171.8 55.4 253.1 146.7 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 16,663.9 16,717.6 16,999.2 17,187.0 17,465.5 17,671.7 15,713.5 15,745.8 15,915.4 15,993.7 16,163.9 16,290.4 455.8 170.2 126.5 67 19,485.4 19,588.1 19,831.8 20,041.0 20,411.9 20,660.3 18,050.7 18,120.8 18,223.8 18,324.0 18,511.6 18,671.7 391.5 187.6 160.1 68 957.1 979.6 1,024.5 1,063.2 1,078.6 1,072.4 900.8 920.7 957.2 989.6 998.1 988.2 77.2 8.5 -10.0 69 713.4 724.6 753.7 794.4 811.6 802.4 667.5 677.2 699.6 731.3 742.6 731.1 52.0 11.3 -11.5 70 19,729.1 19,843.0 20,102.6 20,309.8 20,678.9 20,930.3 18,284.0 18,364.1 18,480.8 18,581.5 18,766.4 18,928.2 416.3 184.9 161.8 71 16,369.2 16,453.3 16,667.9 16,837.6 17,158.1 17,363.0 15,092.0 15,150.1 15,230.7 15,309.0 15,472.0 15,607.5 301.9 163.0 135.5 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 1RWH8VHUVDUHFDXWLRQHGWKDWSDUWLFXODUO\IRUFRPSRQHQWVWKDWH[KLELWUDSLGFKDQJHLQSULFHVUHODWLYHWRRWKHUSULFHVLQWKHHFRQRP\WKHFKDLQHGGROODUHVWLPDWHVVKRXOGQRWEHXVHGWRPHDVXUHWKHFRPSRQHQW VUHODWLYHLPSRUWDQFHRULWVFRQWULEXWLRQ WRWKHJURZWKUDWHRIPRUHDJJUHJDWHVHULHV)RUDFFXUDWHHVWLPDWHVRIWKHFRQWULEXWLRQVWRSHUFHQWFKDQJHVLQUHDOJURVVGRPHVWLFSURGXFWXVHWDEOH 6RXUFH 86%XUHDXRI(FRQRPLF$QDO\VLV - 10 - November 28, 2018 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 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 2015 2016 2017 2014 Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product (GNP) 1 GDP excluding food and energy Gross domestic purchases excluding food and energy1 1 PCE excluding food and energy 2 Market-based PCE Market-based PCE excluding food and energy1,2 Implicit price deflators: GDP Gross domestic purchases GNP 1.0 1.1 1.9 0.3 1.1 1.8 -3.1 -1.6 0.3 -2.2 -2.3 -2.2 -3.5 -1.2 1.6 1.9 2.3 2.4 0.7 0.0 1.5 0.9 0.1 1.5 0.5 -0.8 0.7 2.2 0.4 2.6 -0.5 -1.0 -0.6 0.8 -1.3 1.1 2.7 3.6 4.5 .......... .......... .......... .......... .......... .......... -5.0 -2.0 2.9 -7.2 -3.8 3.0 -0.5 1.5 2.6 -8.2 -3.6 2.3 -9.6 -4.2 2.4 -1.6 -0.6 1.9 Q4 0.4 -0.4 -4.8 -3.1 -5.6 1.8 1.7 1.0 1.1 5.1 0.0 -0.4 0.7 .......... .......... -7.2 -9.8 -1.4 -8.1 -9.3 -2.1 2015 2016 2017 Line 2018 r Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 -0.2 2.4 1.2 0.1 -0.2 2.7 1.4 2.3 2.0 1.2 2.2 2.5 2.0 3.0 1.7 1 -1.8 2.0 1.2 -0.2 0.2 2.4 1.7 1.9 2.1 0.8 1.6 2.7 2.5 2.0 1.5 2 -8.2 1.9 -0.8 -4.0 -4.1 1.2 -0.9 0.8 2.2 -2.8 0.7 1.5 2.2 0.4 -0.4 3 -3.0 -0.7 -2.2 -2.2 -1.9 -2.6 -3.5 -3.5 0.2 -3.1 -2.4 -2.2 -1.1 -1.6 -0.9 4 -10.7 3.1 -0.1 -4.8 -5.2 3.1 0.4 3.0 3.3 -2.6 2.3 3.4 3.9 1.4 0.0 5 1.4 2.0 2.1 1.6 2.3 2.9 3.0 2.5 2.0 2.4 2.0 3.3 2.6 2.7 2.3 6 0.1 -0.3 0.3 -0.6 -1.6 1.7 0.6 2.1 1.0 2.0 1.9 1.3 2.5 3.1 2.0 7 1.3 0.2 0.5 -0.6 -1.3 1.5 0.7 1.9 1.1 1.9 2.0 1.2 2.5 3.2 2.0 8 0.9 -0.3 -0.3 -1.4 -2.2 0.5 -0.7 1.0 0.6 1.0 1.3 0.7 0.7 2.0 1.5 9 0.1 -1.1 1.8 0.1 -1.7 3.2 -0.6 2.4 2.7 3.7 3.9 2.3 3.2 5.1 3.1 10 -0.3 -0.9 -1.5 -1.4 -1.0 -0.6 -0.5 -1.2 -0.3 -0.3 -0.5 -0.5 -0.3 0.8 1.1 11 3.5 1.3 0.1 -2.4 -4.1 0.2 -1.0 3.1 0.4 1.0 2.0 1.2 0.4 1.4 0.9 12 2.5 2.0 3.5 2.5 1.9 5.4 6.0 5.1 3.0 5.1 4.5 3.1 8.8 7.3 3.6 13 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 -9.7 -0.8 -4.1 -6.1 -5.7 4.2 2.3 2.5 3.8 0.3 3.8 6.1 4.0 5.8 0.1 16 -12.7 -2.0 -6.2 -8.1 -10.5 5.6 2.3 2.0 4.7 -0.5 4.9 5.7 4.2 6.3 -0.4 17 -3.3 1.5 0.2 -2.3 3.9 1.8 2.4 3.5 2.0 1.7 1.9 6.8 3.6 4.7 1.0 18 -15.6 -5.1 -4.9 -8.5 -6.7 1.5 3.1 1.1 4.6 0.0 1.0 5.7 7.3 0.8 0.5 19 -17.9 -6.3 -5.4 -9.8 -8.1 1.5 4.0 1.4 5.4 -0.9 0.0 6.1 7.9 0.3 0.3 20 -4.2 0.4 -2.3 -2.3 -0.2 1.4 -0.5 -0.1 1.1 3.6 5.4 4.3 4.6 3.3 1.1 21 0.3 0.6 0.3 1.0 0.3 0.5 0.3 0.9 2.6 1.9 1.6 2.4 0.2 0.5 -0.1 1.3 -2.2 -0.5 -0.7 -0.2 2.2 1.1 0.9 1.4 0.6 0.8 0.7 0.8 -1.1 -0.6 -0.9 -0.2 -2.2 -1.2 -1.6 -0.7 2.8 2.2 2.1 2.5 1.7 1.8 1.7 2.0 2.5 2.2 1.8 2.9 3.7 2.7 2.3 3.4 1.6 1.3 0.9 2.0 2.5 1.2 1.0 1.5 3.2 1.3 1.2 1.4 2.9 1.8 1.4 2.4 3.3 2.0 1.3 3.0 2.5 1.5 1.2 2.1 0.1 0.2 3.0 0.0 -3.2 2.9 0.4 -1.3 -2.9 3.1 1.7 2.7 4.3 1.7 3.4 4.4 3.6 4.1 3.0 26 1.1 0.3 0.4 1.1 0.8 0.8 1.9 1.9 1.9 0.3 0.0 -0.1 0.0 -1.5 -1.3 2.5 1.6 1.7 1.2 0.9 1.0 0.2 -0.4 -0.4 -0.1 -0.5 -0.5 2.7 2.3 2.3 1.4 1.5 1.6 2.2 2.1 2.0 2.0 2.2 2.2 1.2 1.1 1.1 2.2 1.8 1.8 2.5 2.6 2.6 2.0 2.5 2.5 3.1 2.4 2.4 1.7 27 1.7 28 1.7 29 0.4 1.0 1.3 0.9 1.1 1.4 1.7 1.9 1.9 -0.1 0.4 1.1 -1.2 -0.3 0.4 1.6 2.4 1.9 1.1 1.2 1.4 -0.3 0.1 0.5 -0.1 -0.2 0.6 2.2 2.7 2.3 1.5 1.4 2.0 1.9 2.3 2.1 1.9 1.9 2.2 1.0 1.2 1.3 1.7 2.2 1.8 2.4 2.5 2.4 2.5 1.9 2.4 2.2 3.0 2.9 1.6 30 1.7 31 1.8 32 1.0 1.3 -0.1 1.1 1.7 0.8 1.8 1.6 1.5 1.0 1.1 -0.9 0.1 0.7 -2.3 1.5 1.8 1.8 1.1 1.5 1.0 0.4 1.0 -0.3 0.4 1.7 -0.3 2.1 2.1 2.0 1.7 2.0 1.4 1.8 1.5 1.7 1.9 1.6 2.1 1.5 1.3 0.0 1.7 1.4 1.4 2.1 2.1 2.5 2.4 2.2 2.3 2.5 2.1 2.0 1.8 33 1.5 34 1.2 35 1.1 1.4 1.3 0.8 0.5 1.6 1.3 1.0 1.4 1.6 1.7 1.1 1.5 0.5 1.1 1.7 2.0 2.2 1.2 36 1.1 0.4 1.0 1.1 0.8 1.1 1.9 1.8 1.9 0.8 0.4 0.8 -0.3 -1.6 -0.4 2.3 1.5 2.3 1.5 1.2 1.5 0.1 -0.4 0.1 -0.3 -0.6 -0.3 2.8 2.4 2.8 1.5 1.6 1.5 2.1 1.9 2.1 2.1 2.3 2.0 1.1 1.1 1.1 1.9 1.6 1.9 2.7 2.8 2.7 2.0 2.6 1.9 3.3 2.6 3.3 1.4 37 1.4 38 1.4 39 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. Source: U.S. Bureau of Economic Analysis - 11 - 22 23 24 25 November 28, 2018 Table 5. Real Gross Domestic Product: Annual Percent Change Line 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local 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 Price indexes: Gross domestic purchases Gross domestic purchases excluding food and energy2 GDP GDP excluding food and energy2 PCE PCE excluding food and energy2 Market-based PCE3 Market-based PCE excluding food and energy2,3 2010 2.6 1.7 2.8 5.6 1.6 1.2 14.1 3.1 4.5 -16.1 20.2 2.7 -3.1 .......... .......... 12.1 15.0 6.3 13.1 15.4 3.6 Percent change from fourth quarter to Percent change from preceding year fourth quarter one year ago 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 1.6 2.2 1.8 2.5 2.9 1.6 2.2 2.6 1.6 1.5 2.6 2.7 2.0 1.9 2.5 1.9 1.5 1.5 2.9 3.7 2.7 2.5 2.7 1.2 1.6 1.9 3.8 3.0 2.8 2.7 2.2 2.1 3.1 4.0 4.7 3.6 3.7 4.3 0.9 2.4 3.5 5.0 4.0 3.6 4.6 5.1 6.0 6.1 7.2 7.6 5.5 6.8 9.0 3.5 6.3 5.0 9.2 6.0 6.8 7.7 0.9 0.4 1.8 2.6 3.4 2.7 2.1 2.2 -0.2 0.7 2.8 3.0 3.0 2.0 3.0 1.7 1.2 0.6 2.4 3.2 2.3 2.0 1.9 1.4 1.2 1.1 3.2 2.6 2.4 1.8 6.6 11.0 6.9 5.4 4.8 -1.3 4.8 12.1 10.4 4.0 9.3 4.7 1.7 1.1 5.0 7.1 10.0 5.6 6.3 3.4 1.7 4.8 6.1 9.2 7.2 5.7 6.6 1.2 2.4 5.7 8.7 9.5 4.1 6.9 1.8 0.5 5.3 8.9 10.0 5.6 5.4 6.4 -0.7 1.8 6.3 2.7 13.0 1.3 10.6 -3.0 -5.0 4.6 -3.6 8.6 4.0 6.7 8.8 -10.7 2.5 2.9 13.4 11.0 4.7 6.7 3.1 -1.5 6.1 22.6 12.7 7.8 5.4 5.1 2.0 -1.4 9.6 6.2 5.0 5.4 4.3 3.7 7.5 4.6 1.6 7.2 3.7 4.5 6.4 3.5 5.8 4.2 -0.1 13.0 12.4 3.9 10.1 6.5 3.3 -5.7 5.3 15.4 7.1 7.8 8.9 4.5 3.8 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 7.1 3.4 3.6 4.3 0.6 -0.1 3.0 9.9 4.6 2.1 6.0 3.0 -1.6 0.8 4.7 7.1 3.8 3.2 4.6 -0.3 0.3 3.3 11.1 5.5 1.4 7.1 2.8 -3.2 2.0 5.3 7.3 2.4 4.5 3.6 2.4 -0.9 2.5 7.2 2.8 3.8 3.7 3.5 1.8 -1.5 3.6 5.6 2.7 1.5 5.1 5.5 1.9 4.6 12.0 3.8 0.6 3.0 6.7 3.4 3.1 5.4 6.1 2.6 1.8 5.6 5.8 1.4 4.6 13.9 3.9 0.5 3.4 7.2 3.2 2.8 5.9 3.2 3.1 0.5 2.6 4.0 4.2 4.4 3.7 3.2 1.4 1.1 4.0 3.9 4.3 3.5 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 0.0 4.1 2.9 6.2 -2.7 -3.1 -2.6 -2.1 -3.4 -3.5 -2.1 -1.9 -3.4 0.9 -2.2 -2.4 -5.5 -6.7 -3.5 -0.3 -0.9 -2.6 -4.2 -0.1 0.1 1.9 0.0 -2.0 3.1 3.0 1.4 0.4 -0.6 1.9 2.0 -0.1 0.7 0.7 0.8 -0.5 -1.3 1.9 1.3 3.0 -3.5 -3.4 -3.5 -3.6 -3.2 -3.3 -2.1 -2.6 -4.7 1.2 -1.7 -2.4 -6.1 -6.5 -5.5 0.2 0.2 -1.2 -3.6 2.7 1.1 2.2 1.2 -0.2 3.4 2.8 0.9 0.2 -0.7 1.5 1.4 0.1 1.3 1.3 1.3 -0.5 22 23 24 25 26 3.5 3.0 1.1 3.0 1.6 2.0 2.9 2.0 2.3 1.9 1.6 1.5 1.6 2.8 1.8 2.3 3.4 2.8 2.1 2.2 2.0 3.0 2.2 3.3 1.3 1.6 1.6 1.6 1.3 2.2 1.8 -1.3 3.2 2.8 2.6 2.6 2.8 3.6 2.5 4.0 2.6 2.7 2.6 3.6 3.3 3.7 2.8 4.1 0.8 1.2 2.1 1.8 2.3 2.5 1.5 1.7 2.3 2.2 2.2 2.5 2.5 3.0 2.3 2.6 3.5 3.0 1.8 3.1 2.3 3.3 2.8 3.5 2.1 1.9 1.4 1.6 1.4 2.6 1.9 1.6 2.9 2.2 1.9 1.2 1.7 2.6 1.2 4.9 1.5 2.1 2.0 2.2 1.7 2.6 2.6 -2.5 4.0 3.3 3.0 3.3 3.6 4.3 2.6 5.2 1.4 1.7 1.9 2.7 2.6 2.7 2.0 3.1 1.2 1.5 2.1 2.2 2.4 2.7 1.9 1.6 2.3 2.4 2.6 2.6 2.8 3.3 2.6 2.8 27 28 29 30 31 32 33 34 1.4 2.4 1.8 1.5 1.7 0.3 0.8 1.9 1.4 2.4 1.8 1.5 1.4 0.1 1.3 1.9 35 1.2 1.2 1.4 1.7 1.4 1.5 1.8 2.1 1.9 2.5 1.6 2.5 1.8 1.9 1.9 1.9 1.9 1.8 1.6 1.8 1.9 1.3 1.5 1.0 1.8 1.9 2.0 1.5 1.6 1.1 1.0 1.0 1.3 0.3 1.3 -0.1 1.1 1.1 1.4 1.1 1.7 0.8 1.8 1.9 1.9 1.8 1.6 1.5 1.2 1.6 1.4 1.2 0.9 1.1 1.9 2.0 2.0 2.7 1.9 2.8 1.8 2.1 2.0 1.8 1.8 1.5 1.7 1.8 2.1 1.2 1.6 0.8 1.6 1.6 1.7 1.2 1.5 0.8 0.8 0.9 1.1 0.3 1.2 0.0 1.5 1.5 1.8 1.6 1.8 1.2 1.8 2.0 1.9 1.8 1.6 1.5 1.1 1.4 1.8 1.2 1.2 1.1 1.4 1.3 0.7 1.9 1.5 1.1 1.2 1.1 1.5 1.2 42 36 37 38 39 40 41 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. Source: U.S. Bureau of Economic Analysis - 12 - November 28, 2018 Table 6. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2014 Line 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local 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 Price indexes: Gross domestic purchases Gross domestic purchases excluding food and energy2 GDP GDP excluding food and energy2 PCE PCE excluding food and energy2 Market-based PCE3 Market-based PCE excluding food and energy2,3 Q4 2.7 3.8 5.0 9.2 3.0 3.2 4.7 6.6 6.4 8.8 5.1 6.4 7.8 ......... ......... 3.0 2.8 3.5 6.7 7.2 4.0 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 3.8 3.4 2.4 2.0 1.6 1.3 4.3 4.0 3.6 3.0 2.7 2.7 5.4 4.8 4.8 4.0 3.7 3.7 9.3 7.9 7.3 6.0 5.1 4.4 3.6 3.4 3.6 3.0 3.0 3.4 3.7 3.6 3.1 2.6 2.3 2.3 9.0 5.4 3.2 1.7 -1.7 -2.5 5.7 4.0 2.8 1.2 1.7 1.4 4.5 2.7 0.8 -0.7 -0.5 -0.1 2.9 0.0 -3.9 -10.7 -9.6 -9.3 5.5 3.4 1.6 2.0 -0.8 -1.0 4.3 3.7 3.3 3.5 7.1 8.5 10.7 9.9 11.1 8.9 10.4 7.3 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 2.4 1.4 0.1 -1.6 -1.1 -1.2 1.9 1.1 -0.9 -3.2 -0.8 -1.5 3.5 2.0 2.4 1.8 -1.8 -0.7 7.1 5.3 6.2 3.4 1.9 1.2 7.7 5.8 6.5 3.2 1.2 0.6 4.3 3.0 5.0 3.9 4.7 4.0 Q3 1.5 2.7 3.5 5.7 2.4 2.3 -2.3 1.5 0.8 -3.0 -2.7 8.7 4.0 ......... ......... 1.2 1.6 0.3 1.4 0.9 3.8 2017 2018 r r Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.9 1.9 2.1 2.3 2.5 2.6 2.9 3.0 2.8 2.6 2.5 2.4 2.7 2.4 2.6 3.0 3.6 3.2 3.4 3.6 4.6 3.9 3.9 4.1 6.8 6.4 7.0 6.3 7.7 6.6 6.6 5.6 2.0 1.6 1.6 2.2 3.0 2.6 2.6 3.3 2.4 2.3 2.1 1.8 1.8 1.7 2.0 2.4 1.1 2.8 4.5 6.8 5.0 6.2 4.6 6.0 2.4 4.3 4.7 4.6 5.7 5.2 5.8 5.5 1.8 4.4 5.3 5.0 6.3 6.7 7.1 6.8 2.5 6.7 6.8 2.2 2.9 3.1 5.7 6.8 -1.4 2.5 4.8 7.3 9.6 9.5 8.2 6.6 5.8 5.6 4.9 3.9 4.2 5.6 6.6 7.3 4.5 3.9 2.7 3.0 3.8 0.2 1.3 0.8 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 0.8 2.6 2.7 2.1 4.7 4.3 5.7 3.6 2.0 3.0 3.2 1.8 5.3 5.0 7.3 4.5 -1.5 1.9 1.8 2.6 3.6 3.0 2.7 2.0 3.1 4.1 4.6 4.1 5.4 5.0 4.2 5.7 2.8 4.1 4.4 4.0 5.9 5.2 4.5 6.5 4.3 4.3 5.3 4.4 3.5 3.8 2.6 2.6 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 0.2 1.1 2.2 1.9 2.2 2.5 1.3 -1.2 -0.8 0.4 -0.9 1.2 0.7 0.1 -3.6 -2.7 -1.4 -3.7 -0.2 -0.4 -1.5 2.7 2.3 3.2 3.5 3.4 2.5 2.4 1.1 2.4 3.2 3.7 2.8 3.5 2.0 1.1 0.9 -0.1 0.1 -0.4 0.1 0.6 0.2 0.1 1.1 0.4 1.3 0.2 -0.7 -0.5 1.7 0.2 1.3 1.2 1.5 1.1 0.3 0.6 1.3 1.3 1.4 -0.3 -0.5 -0.9 -0.5 0.7 1.9 2.1 1.7 0.0 1.3 2.3 2.2 2.3 0.8 2.3 3.5 4.2 2.4 1.5 22 23 24 25 26 4.0 3.3 3.0 3.3 3.6 4.3 2.6 5.2 3.9 3.9 3.2 4.5 3.9 4.5 3.7 4.9 3.0 3.2 3.1 3.9 3.7 4.0 3.2 4.4 2.1 2.2 2.3 3.2 3.2 3.4 2.1 4.1 1.4 1.7 1.9 2.7 2.6 2.7 2.0 3.1 1.0 1.3 2.2 1.9 2.5 2.5 1.4 2.5 0.4 0.9 2.0 1.6 2.3 2.5 1.2 1.6 0.7 1.1 2.2 1.6 2.2 2.4 1.4 1.1 1.2 1.5 2.1 2.2 2.4 2.7 1.9 1.6 1.7 1.8 2.2 2.2 2.4 2.9 2.1 2.0 2.7 2.4 2.1 2.4 2.4 2.9 2.1 2.7 2.5 2.4 2.0 2.6 2.2 2.8 2.6 2.9 2.3 2.4 2.6 2.6 2.8 3.3 2.6 2.8 2.4 2.5 2.4 2.7 2.6 2.9 2.7 2.8 1.9 2.4 3.1 2.7 2.9 3.2 3.1 2.7 2.6 2.8 2.9 3.4 3.3 3.5 3.1 2.7 27 28 29 30 31 32 33 34 1.4 0.5 0.4 0.3 0.1 0.4 0.6 0.7 1.3 2.0 1.7 1.8 1.9 2.0 2.3 2.3 35 1.6 1.2 1.1 0.9 1.6 1.2 1.1 0.9 1.7 1.4 1.4 1.2 1.2 0.2 0.2 0.2 1.5 1.4 1.3 1.3 0.8 -0.2 -0.1 -0.1 0.8 0.9 1.1 0.3 1.2 0.0 0.9 0.9 1.1 0.8 1.5 0.6 1.0 0.9 1.2 0.9 1.6 0.6 1.2 1.0 1.4 1.0 1.7 0.7 1.5 1.5 1.8 1.6 1.8 1.2 1.9 2.1 2.1 2.0 1.8 1.8 1.7 1.7 1.9 1.6 1.6 1.3 1.7 1.9 1.8 1.6 1.5 1.3 1.8 2.0 1.9 1.8 1.6 1.5 1.9 2.0 2.0 1.9 1.7 1.5 2.2 2.4 2.3 2.2 1.9 2.1 2.2 2.3 2.4 2.2 2.0 2.0 1.2 1.1 1.3 1.4 1.5 1.5 1.5 1.2 1.1 1.2 1.3 1.7 1.8 42 1.1 1.1 1.0 36 37 38 39 40 41 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 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. Source: U.S. Bureau of Economic Analysis - 13 - November 28, 2018 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2015 Gross domestic product (GDP) Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Less: Consumption of fixed capital Less: Statistical discrepancy Equals: National income Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports less subsidies Business current transfer payments (net) Current surplus of government enterprises Addenda: Gross domestic income (GDI) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 2016 2017 18,219.3 18,707.2 19,485.4 839.3 859.1 957.1 613.1 643.8 713.4 18,445.5 18,922.5 19,729.1 2,917.5 2,990.5 3,116.2 -254.9 -126.9 -143.2 15,783.0 16,058.9 16,756.1 9,696.8 9,956.2 10,407.2 7,854.4 8,080.7 8,453.8 1,842.4 1,875.6 1,953.4 Seasonally adjusted at annual rates 2017 2018 Q3 19,588.1 979.6 724.6 19,843.0 3,134.8 -114.4 16,822.6 10,471.2 8,506.6 1,964.6 Q4 19,831.8 1,024.5 753.7 20,102.6 3,163.9 -76.6 17,015.3 10,568.6 8,588.1 1,980.5 Q1 20,041.0 1,063.2 794.4 20,309.8 3,203.4 -159.9 17,266.2 10,710.1 8,710.6 1,999.4 Q2r 20,411.9 1,078.6 811.6 20,678.9 3,253.8 1.4 17,423.7 10,782.9 8,770.8 2,012.0 Line Q3r 20,660.3 1 1,072.4 2 802.4 3 20,930.3 4 3,297.3 5 -24.6 6 17,657.6 7 10,892.6 8 8,865.1 9 2,027.5 10 1,421.9 1,419.3 1,500.9 1,507.5 1,526.1 1,549.9 1,568.5 1,582.5 11 651.8 694.8 730.2 732.0 745.3 749.3 754.2 767.0 12 2,057.3 591.8 1,212.6 156.7 -5.8 2,035.0 546.0 1,241.9 168.1 -2.3 2,099.3 576.4 1,285.9 161.2 -4.9 2,101.1 561.5 1,290.7 164.0 -5.4 2,150.7 580.1 1,305.8 147.0 -8.2 2,177.3 591.9 1,337.4 161.2 -10.8 2,242.3 583.8 1,354.2 150.8 -12.9 2,318.4 559.3 1,375.6 175.2 -13.0 13 14 15 16 17 18,474.2 18,834.1 19,628.6 19,702.5 19,908.5 20,201.0 20,410.5 20,684.9 18 18,346.8 18,770.7 19,557.0 19,645.3 19,870.2 20,121.0 20,411.2 20,672.6 19 -1.4 -0.7 -0.7 -0.6 -0.4 -0.8 0.0 -0.1 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. Source: U.S. Bureau of Economic Analysis - 14 - November 28, 2018 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 1 Personal income1 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 15 Equals: Disposable personal income 16 Less: Personal outlays 17 Equals: Personal saving 18 Personal saving as a percentage of disposable personal income Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars2 20 Disposable personal income, billions of chained (2012) dollars2 2015 2016 2017 15,719.5 16,125.1 16,830.9 9,696.8 9,956.2 10,407.2 7,854.4 8,080.7 8,453.8 1,842.4 1,875.6 1,953.4 Seasonally adjusted at annual rates 2017 2018 Line Q2r Q3r Q3 Q4 Q1 16,895.1 17,103.1 17,319.2 17,466.7 17,641.7 10,471.2 10,568.6 10,710.1 10,782.9 10,892.6 8,506.6 8,588.1 8,710.6 8,770.8 8,865.1 1,964.6 1,980.5 1,999.4 2,012.0 2,027.5 1 2 3 4 1,421.9 56.4 1,365.5 1,419.3 37.5 1,381.8 1,500.9 38.9 1,462.0 1,507.5 36.4 1,471.1 1,526.1 35.4 1,490.6 1,549.9 35.2 1,514.7 1,568.5 37.0 1,531.5 1,582.5 30.7 1,551.8 5 6 7 651.8 2,471.3 1,438.1 1,033.3 2,683.0 694.8 2,516.6 1,440.9 1,075.7 2,778.1 730.2 2,631.6 1,523.0 1,108.6 2,859.7 732.0 2,615.1 1,500.1 1,115.1 2,875.3 745.3 2,692.9 1,577.2 1,115.7 2,887.6 749.3 2,719.5 1,597.6 1,121.9 2,933.9 754.2 2,747.8 1,606.5 1,141.2 2,965.8 767.0 8 2,769.3 9 1,614.1 10 1,155.3 11 2,995.4 12 1,205.3 1,239.9 1,298.6 1,306.0 1,317.3 1,343.6 1,352.4 1,365.2 13 1,935.2 1,954.3 2,034.6 2,048.5 2,070.9 2,030.0 2,035.3 2,062.5 14 13,784.3 14,170.9 14,796.3 14,846.6 15,032.2 15,289.2 15,431.4 15,579.2 15 12,740.1 13,222.7 13,809.5 13,853.3 14,083.3 14,194.8 14,403.8 14,598.3 16 1,044.2 948.2 986.8 993.4 948.9 1,094.3 1,027.7 980.9 17 7.6 6.7 6.7 6.7 6.3 7.2 6.7 6.3 18 12,641.3 12,804.8 13,171.4 13,207.3 13,301.7 13,379.1 13,420.7 13,505.1 19 13,366.5 13,595.2 13,949.2 13,986.2 14,065.9 14,219.8 14,282.0 14,365.4 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 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. Source: U.S. Bureau of Economic Analysis - 15 - November 28, 2018 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Seasonally adjusted at annual rates Line 2015 2016 2017 2017 Q3 Q4 Q1 2018 Q2 Q3 Percent change from preceding period Quarter Quarterly rates one year Line ago 2016 2017 2018 2017 2018 Q4 Q1 Q2 Q3 Q3 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Less: Taxes on corporate income 2,057.3 2,035.0 2,099.3 2,101.1 2,150.7 2,177.3 2,242.3 2,318.4 397.2 392.9 350.7 365.2 333.8 212.0 234.8 244.9 -1.1 3.2 -1.1 -10.7 2.4 1.2 -8.6 -36.5 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments 4 Net dividends 1,660.1 1,642.1 1,748.6 1,735.9 1,816.8 1,965.3 2,007.5 2,073.5 1,164.9 1,187.4 1,215.3 1,215.5 1,194.8 1,213.2 1,223.0 1,250.3 -1.1 1.9 6.5 2.3 4.7 -1.7 823.2 -8.2 17.3 2,091.8 2,080.5 1,941.4 2,086.2 1,348.6 2,498.7 2,558.2 2,610.9 495.2 454.7 533.3 520.5 622.0 752.1 784.5 823.2 1,593.4 1,630.3 1,699.6 1,709.0 1,725.5 1,745.6 1,772.7 1,799.0 Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 3.0 10.7 3.4 4.3 10.3 -32.9 1 2 8.2 1.5 2.1 0.8 3.3 2.2 19.4 2.9 3 4 19.5 20.9 4.3 4.9 58.2 5 -0.5 -6.7 -35.4 85.3 2.4 2.1 25.2 6 -8.2 2.3 17.3 4.3 20.9 1.2 4.3 1.6 4.9 1.5 58.2 5.3 7 8 11.3 .......... .......... .......... .......... .......... .......... ............... 9 5 7 8 9 10 Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed capital Less: Capital transfers paid (net) Addenda: 12 Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation adjustment 13 Capital consumption adjustment 11 495.2 -3.2 454.7 4.4 533.3 291.5 520.5 143.4 622.0 998.9 752.1 -1.1 784.5 -0.9 19.5 1.0 2,134.2 2,129.7 2,181.9 2,230.7 2,084.6 2,111.0 2,197.2 2,220.5 -0.2 2.4 -6.5 1.3 4.1 1.1 -0.5 10 1,737.0 1,736.9 1,831.2 1,865.5 1,750.8 1,899.0 1,962.3 1,975.7 0.0 5.4 -6.1 8.5 3.3 0.7 5.9 11 52.8 -1.0 -45.5 -30.8 -74.4 -74.1 -89.9 -33.3 .......... .......... .......... .......... .......... .......... ............... 12 -129.8 -93.7 -37.1 -98.8 140.4 140.4 135.1 131.1 .......... .......... .......... .......... .......... .......... ............... 13 Source: U.S. Bureau of Economic Analysis - 16 - November 28, 2018 Table 10. Corporate Profits by Industry: Level and Change From Preceding Period Line 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 2015 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 2016 2017 [Billions of dollars] Level Seasonally adjusted at annual rates 2017 2018 Q3 Q4 Q1 Q2 Q3 Change from preceding period 2016 2017 2017 Q4 Q1 2018 Q2 Line Q3 2,057.3 1,654.7 397.1 1,257.6 402.5 675.1 2,035.0 1,628.5 438.4 1,190.0 406.5 683.3 2,099.3 1,650.4 445.6 1,204.8 448.8 747.1 2,101.1 1,641.3 458.9 1,182.4 459.9 759.4 2,150.7 1,667.6 450.5 1,217.2 483.0 798.8 2,177.3 1,690.7 441.2 1,249.5 486.7 819.6 2,242.3 1,760.2 457.7 1,302.5 482.1 820.1 2,318.4 1,818.6 449.9 1,368.7 499.7 812.4 -22.3 -26.3 41.3 -67.6 4.0 8.2 64.3 22.0 7.2 14.8 42.3 63.7 49.5 26.4 -8.4 34.8 23.1 39.3 26.7 23.0 -9.3 32.3 3.7 20.9 65.0 69.5 16.5 53.0 -4.5 0.5 76.0 58.4 -7.8 66.2 17.6 -7.7 1 2 3 4 5 6 272.6 276.8 298.2 299.6 315.8 333.0 338.0 312.7 4.2 21.4 16.2 17.2 5.0 -25.3 7 2,187.0 1,784.5 437.6 100.7 336.8 1,346.9 20.1 422.5 233.8 24.8 24.0 67.9 2,128.7 1,722.2 468.9 92.0 376.9 1,253.3 7.2 322.9 188.1 23.4 18.3 49.5 2,136.4 1,687.5 468.7 78.3 390.4 1,218.9 3.8 292.9 165.6 22.5 18.0 40.1 2,199.9 1,740.0 489.0 71.8 417.2 1,251.0 2.7 320.8 169.6 23.4 19.3 46.4 2,010.3 1,527.3 453.7 71.9 381.8 1,073.6 1.4 264.5 150.5 20.1 13.4 44.8 2,036.9 1,550.2 444.5 69.9 374.6 1,105.8 -1.1 238.5 128.8 19.7 13.3 33.1 2,107.3 1,625.2 461.6 66.6 395.0 1,163.6 -0.7 267.7 138.8 20.3 13.7 37.6 2,187.2 1,687.5 454.6 63.9 390.7 1,232.9 ............... ............... ............... ............... ............... ............... -58.3 -62.3 31.3 -8.8 40.1 -93.6 -12.9 -99.6 -45.7 -1.4 -5.7 -18.4 7.7 -189.6 -34.6 -212.7 -0.2 -35.3 -13.7 0.1 13.5 -35.4 -34.4 -177.4 -3.4 -1.3 -30.0 -56.3 -22.4 -19.1 -0.9 -3.3 -0.3 -5.8 -9.4 -1.6 26.6 23.0 -9.2 -2.0 -7.2 32.2 -2.5 -26.0 -21.8 -0.4 -0.1 -11.7 70.4 74.9 17.1 -3.2 20.3 57.8 0.4 29.2 10.0 0.6 0.3 4.5 79.9 62.3 -7.0 -2.7 -4.2 69.3 ............ ............ ............ ............ ............ ............ 8 9 10 11 12 13 14 15 16 17 18 19 24.0 4.8 2.9 3.1 0.9 3.7 2.9 ............... -19.2 -1.9 -2.2 2.7 -0.7 ............ 20 26.4 66.7 188.7 29.2 62.8 134.8 21.0 61.1 127.2 19.2 58.1 151.2 14.3 57.0 114.0 9.8 49.1 109.8 8.4 ............... 55.9 ............... 128.9 ............... 2.8 -3.8 -53.9 -8.2 -1.7 -7.6 -4.9 -1.1 -37.2 -4.4 -7.9 -4.2 -1.5 ............ 21 6.9 ............ 22 19.2 ............ 23 68.9 16.5 64.9 38.4 152.1 169.2 62.2 140.4 380.4 402.5 65.6 -29.8 61.8 37.1 127.5 173.5 62.9 171.6 387.7 406.5 58.4 -11.9 49.6 31.1 111.8 162.5 59.4 148.6 439.8 448.8 67.0 -4.5 56.9 31.8 114.7 168.7 59.6 157.8 426.6 459.9 55.2 -7.0 39.8 25.9 86.3 139.2 50.6 124.0 407.5 483.0 49.0 -0.7 36.2 25.3 88.6 155.4 47.9 148.9 427.6 486.7 52.7 3.5 42.8 29.9 83.3 141.1 54.0 161.6 456.6 482.1 -3.3 -46.3 -3.1 -1.2 -24.6 4.3 0.7 31.3 7.3 4.0 -7.2 17.8 -12.2 -6.0 -15.7 -11.0 -3.5 -23.0 52.1 42.3 -11.7 -2.5 -17.1 -5.9 -28.4 -29.5 -9.0 -33.8 -19.1 23.1 -6.2 6.2 -3.6 -0.6 2.3 16.2 -2.7 24.9 20.0 3.7 3.7 4.2 6.6 4.6 -5.4 -14.3 6.2 12.7 29.0 -4.5 Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 17 - ............... ............... ............... ............... ............... ............... ............... ............... ............... 499.7 ............ ............ ............ ............ ............ ............ ............ ............ ............ 17.6 24 25 26 27 28 29 30 31 32 33 November 28, 2018 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Line 2015 2016 Seasonally adjusted at annual rates 2017 2018 2017 Billions of dollars Gross value added of nonfinancial corporate business 9,136.3 9,245.4 9,644.4 1 1,406.1 1,432.6 1,491.0 2 Consumption of fixed capital 7,730.2 7,812.8 8,153.4 3 Net value added 5,290.6 5,426.4 5,695.3 4 Compensation of employees Wages and salaries 4,427.2 4,554.9 4,779.5 5 Supplements to wages and salaries 863.4 871.4 915.8 6 780.1 794.3 828.5 7 Taxes on production and imports less subsidies 1,659.6 1,592.2 1,629.7 8 Net operating surplus Net interest and miscellaneous payments 305.0 332.5 335.2 9 Business current transfer payments (net) 96.9 69.7 89.6 10 Corporate profits with inventory valuation and capital 11 consumption adjustments 1,257.6 1,190.0 1,204.8 Taxes on corporate income 284.0 271.3 247.0 12 Profits after tax with inventory valuation and capital 13 consumption adjustments 973.6 918.8 957.9 Net dividends 641.1 698.7 703.6 14 Undistributed profits with inventory valuation and capital 15 consumption adjustments 332.5 220.0 254.2 Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) 1,294.1 1,254.3 1,264.4 17 Profits after tax (without inventory valuation and capital consumption adjustments) 1,010.1 983.0 1,017.4 52.8 -1.0 -45.5 18 Inventory valuation adjustment -89.3 -63.3 -14.0 19 Capital consumption adjustment Billions of chained (2012) dollars Gross value added of nonfinancial corporate business1 8,810.0 8,942.5 9,246.1 20 1,371.6 1,413.3 1,455.9 21 Consumption of fixed capital2 7,438.4 7,529.2 7,790.1 22 Net value added3 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: 23 Price per unit of real gross value added of nonfinancial corporate business4 1.037 1.034 1.043 0.601 0.607 0.616 24 Compensation of employees (unit labor cost) 0.294 0.294 0.297 25 Unit nonlabor cost Consumption of fixed capital 0.160 0.160 0.161 26 Taxes on production and imports less subsidies 27 plus business current transfer payments (net) 0.100 0.097 0.099 Net interest and miscellaneous payments 0.035 0.037 0.036 28 29 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) 0.143 0.133 0.130 Taxes on corporate income 0.032 0.030 0.027 30 Profits after tax with inventory valuation and capital 31 consumption adjustments 0.111 0.103 0.104 Q1 Q2r Line Q3r Q3 Q4 9,660.8 1,498.8 8,162.1 5,723.5 4,802.8 920.6 832.5 1,606.1 334.5 89.2 9,770.7 1,512.6 8,258.1 5,766.5 4,838.5 927.9 841.4 1,650.2 334.7 98.4 9,926.5 10,044.0 10,202.6 1 1,529.4 1,552.4 1,574.4 2 8,397.1 8,491.6 8,628.2 3 5,861.1 5,901.0 5,963.8 4 4,920.5 4,952.7 5,007.1 5 940.6 948.2 956.7 6 851.8 861.9 875.3 7 1,684.2 1,728.7 1,789.2 8 341.7 336.9 332.5 9 93.0 89.3 87.9 10 1,182.4 255.4 1,217.2 223.8 1,249.5 149.7 1,302.5 167.6 1,368.7 11 177.2 12 927.0 627.8 993.4 716.4 1,099.8 -326.1 1,134.9 197.5 1,191.5 13 444.1 14 299.2 277.0 1,425.9 937.4 747.3 15 1,281.8 1,147.9 1,179.9 1,253.5 1,266.2 16 1,026.4 -30.8 -68.6 924.2 -74.4 143.6 1,030.2 -74.1 143.8 1,085.9 -89.9 138.9 1,089.0 17 -33.3 18 135.8 19 9,291.9 1,461.4 7,830.4 9,387.3 1,473.6 7,913.7 9,508.5 1,489.1 8,019.4 9,527.2 1,506.7 8,020.5 9,680.2 20 1,524.8 21 8,155.3 22 1.040 0.616 0.296 0.161 1.041 0.614 0.297 0.161 1.044 0.616 0.296 0.161 1.054 0.619 0.298 0.163 1.054 0.616 0.297 0.163 0.099 0.036 0.100 0.036 0.099 0.036 0.100 0.035 0.100 27 0.034 28 0.127 0.027 0.130 0.024 0.131 0.016 0.137 0.018 0.141 29 0.018 30 0.100 0.106 0.116 0.119 0.123 31 23 24 25 26 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. 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 2012 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 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 18 - November 28, 2018 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2015 2016 2017 2015 2016 2017 2014 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Percent change from preceding period Line 1 2 3 4 5 6 7 8 9 10 11 12 Gross domestic product (GDP) and related aggregates: GDP Goods Services Structures Motor vehicle output GDP excluding motor vehicle output Nonfarm business gross value added1 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output 2.9 2.9 2.8 3.6 6.3 2.8 3.5 1.6 2.2 1.9 3.3 3.3 1.0 0.4 1.5 2.3 1.9 1.2 3.8 -1.8 4.0 3.9 0.1 -0.7 0.5 3.1 1.6 1.8 1.5 2.8 3.6 2.3 1.6 2.2 1.1 2.4 2.0 1.0 2.2 9.3 -1.5 9.4 -0.6 -8.6 8.6 -1.7 2.4 1.8 -1.3 -4.4 1.5 17.6 20.9 -22.8 10.4 2.8 4.0 1.6 2.3 2.1 3.4 2.9 0.4 1.2 1.3 2.3 1.9 1.6 2.7 2.2 4.1 4.1 0.6 0.1 1.6 2.5 2.2 Contributions to percent change in real gross domestic product 2.9 0.88 1.71 0.29 0.18 1.6 2.2 1.9 3.3 0.35 1.11 -0.54 1.23 1.13 0.92 1.71 2.23 0.08 0.19 0.72 -0.13 0.05 -0.04 -0.13 0.04 3.3 1.0 0.4 1.19 0.05 -0.19 1.41 0.98 1.33 0.73 -0.06 -0.74 0.48 0.58 -0.78 1.5 2.3 0.17 0.92 0.71 1.51 0.67 -0.14 0.29 0.08 2018 Q4 Q1 Line Q3r Q2 1.8 2.3 1.3 3.4 -2.9 1.9 2.3 1.8 1.2 1.3 7.8 -7.3 2.1 1.9 3.0 8.6 1.2 -2.5 -2.2 3.1 3.8 2.8 8.4 1.2 -3.7 -3.8 3.0 3.6 2.3 1.1 2.1 7.9 23.2 1.8 3.0 2.2 4.1 1.2 3.4 9.5 2.0 2.6 4.2 6.5 2.9 5.5 -5.8 4.5 5.0 3.5 6.2 2.9 -0.8 9.9 3.3 4.1 1 2 3 4 5 6 7 1.8 1.8 3.0 2.8 2.3 2.2 4.2 3.5 8 0.47 0.69 0.37 2.43 2.40 1.27 0.80 0.79 0.77 0.74 0.19 0.28 0.63 -0.21 -0.32 0.12 -0.08 -0.22 -0.06 -0.10 0.34 1.32 0.64 0.58 1.9 1.20 1.91 1.81 9 0.73 1.78 1.77 10 0.28 0.47 -0.07 11 0.26 -0.17 0.26 12 r Revised 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change From Quarter One Year Ago 2016 Line 1 2 3 4 5 6 7 8 9 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Addenda: Current dollar measures: (Billions of dollars) GDP Gross domestic income Billions of chained (2012) dollars at quarterly rates 2017 Percent change from quarter one year ago 2016 2017 2018 2018 Line r r r Q3r Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4,402.4 4,448.4 4,526.6 4,338.6 4,500.6 4,562.1 4,649.4 4,483.0 4,638.1 4,693.5 1.4 2.0 1.3 2.2 2.6 2.7 3.3 3.1 2.9 1 3,052.5 3,059.6 3,185.3 3,014.3 3,135.8 3,136.2 3,272.4 3,097.6 3,221.2 3,233.5 2.6 2.7 2.1 2.7 2.5 2.7 2.8 2.7 3.1 2 897.2 -2.2 1.0 0.3 4.3 7.5 6.8 8.5 5.8 4.4 3 -203.1 -207.3 -207.7 -182.5 -226.3 -223.5 -226.4 -197.5 -229.4 -249.6 ........ ........ ........ ........ ........ ........ ........ ........ ........ 591.8 601.8 604.9 594.2 607.9 616.0 632.0 619.0 636.9 635.3 0.5 0.8 2.5 2.7 2.4 4.5 4.2 4.8 3.1 794.9 809.1 812.6 776.7 834.2 839.5 858.3 816.5 866.3 884.9 1.3 2.4 3.9 4.9 3.8 5.6 5.1 3.9 5.4 4 5 6 784.6 763.7 799.0 792.0 756.3 788.1 733.4 770.8 796.2 787.1 859.2 783.9 807.8 788.6 796.0 782.7 842.5 796.1 802.7 0.9 1.3 0.4 0.3 -1.0 0.1 1.5 1.1 2.4 7 4,670.2 4,728.1 4,814.8 4,652.8 4,856.4 4,933.7 5,042.5 4,901.5 5,133.5 5,199.4 4,626.0 4,735.9 4,837.4 4,888.9 4,838.9 4,852.8 5,047.9 5,117.1 5,067.7 5,116.6 2.6 3.8 3.3 1.3 3.5 5.5 4.0 4.6 4.7 4.3 5.3 4.7 5.7 4.7 5.4 5.4 8 9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2018. Source: U.S. Bureau of Economic Analysis - 19 - 4.3 2.5
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