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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 25, 2020 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 20-59 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product, Third Quarter 2020 (Second Estimate) Corporate Profits, Third Quarter 2020 (Preliminary Estimate) Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month that also showed an increase in real GDP of 33.1 percent. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up (see "Updates to GDP"). Real GDP: Percent change from preceding quarter 35 25 15 5 -5 -15 -25 -35 Q4 2016 Q1 Q2 Q3 2017 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2018 Q4 Q1 Q2 Q3 2019 Q4 Q1 Q2 Q3 2020 Seasonally adjusted at annual rates COVID-19 Impact on the Third-Quarter 2020 GDP Estimate The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note. The increase in real GDP reflected increases in PCE, private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the Paycheck Protection Program loans) and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The increase in PCE reflected increases in services (led by health care as well as food services and accommodations) and goods (led by clothing and footwear as well as motor vehicles and parts). The increase in private inventory investment primarily reflected an increase in retail trade (led by motor vehicle dealers). The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). The increase in nonresidential fixed investment primarily reflected an increase in equipment (led by transportation equipment). The increase in residential fixed investment primarily reflected an increase in brokers’ commissions and other ownership transfer costs. Current-dollar GDP increased 38.0 percent at an annual rate, or $1.64 trillion, in the third quarter to a level of $21.16 trillion. In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file (available at 10 A.M.) on BEA’s website. The price index for gross domestic purchases increased 3.3 percent in the third quarter, in contrast to a decrease of 1.4 percent in the second quarter (table 4). The PCE price index increased 3.7 percent, in contrast to a decrease of 1.6 percent. Excluding food and energy prices, the PCE price index increased 3.5 percent, in contrast to a decrease of 0.8 percent. Gross Domestic Income and Corporate Profits Real gross domestic income (GDI) increased 25.5 percent in the third quarter, in contrast to a decrease of 32.6 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 29.2 percent in the third quarter, in contrast to a decrease of 32.0 percent (revised) in the second quarter (table 1). Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $495.3 billion in the third quarter, in contrast to a decrease of $208.9 billion in the second quarter (table 10). Profits from current production were impacted by provisions from the Paycheck Protection Program. For more information, see the Technical Note. Profits of domestic financial corporations increased $24.5 billion in the third quarter, compared with an increase of $26.5 billion in the second quarter. Profits of domestic nonfinancial corporations increased -2- $431.2 billion, in contrast to a decrease of $145.9 billion. Rest-of-the-world profits increased $39.6 billion, in contrast to a decrease of $89.5 billion. In the third quarter, receipts increased $97.5 billion, and payments increased $57.9 billion. Updates to GDP In the second estimate for the third quarter, real GDP increased 33.1 percent, unrevised from the advance estimate. Upward revisions to nonresidential fixed investment, residential fixed investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and PCE. Imports were revised up. 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) 33.1 33.1 38.0 38.0 … 25.5 … 29.2 3.4 3.3 3.7 3.7 3.5 3.5 Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Updates to Second-Quarter Wages and Salaries In addition to presenting updated estimates for the third quarter, today's release presents revised estimates of second-quarter 2020 wages and salaries, personal taxes, and contributions for government social insurance, based on updated data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and salaries are now estimated to have decreased $617.3 billion in the second quarter, an upward revision of $64.8 billion. Real GDI is now estimated to have decreased 32.6 percent in the second quarter, an upward revision of 0.9 percentage point from the previously published estimate. * * * Next release, December 22, 2020 at 8:30 A.M. EST Gross Domestic Product (Third Estimate) Corporate Profits (Revised Estimate) Gross Domestic Product by Industry Third Quarter 2020 -3- Release Dates in 2021 2020 Q4 and Year 2020 2021 Q1 2021 Q2 2021 Q3 Advance Estimate January 28, 2021 April 29, 2021 July 29, 2021 October 28, 2021 Second Estimate February 25, 2021 May 27, 2021 August 26, 2021 November 24, 2021 March 25, 2021 June 24, 2021 September 30, 2021 December 22, 2021 March 25, 2021 June 24, 2021 September 30, 2021 December 22, 2021 --- May 27, 2021 August 26, 2021 November 24, 2021 March 25, 2021 June 24, 2021 September 30, 2021 December 22, 2021 Estimate Gross Domestic Product Third Estimate Gross Domestic Product by Industry Corporate Profits Preliminary Estimate Revised Estimate -4- Additional Information The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Resources Additional resources available at www.bea.gov: • • • • • • • The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Information on COVID-19 and recovery impacts is available on our web site. 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 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. 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. Definitions Gross domestic product (GDP), or value added, 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. 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. 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. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). 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. -5- Statistical conventions Updates to GDP 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?” 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. Quarterly not seasonally adjusted values are expressed only at quarterly rates. 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?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ 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. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Second to third 0.3 Note - Based on estimates from 1993 through 2019. For more information on GDP updates, see Revision Information on the BEA Web site. 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. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 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. 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. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are 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. GDP by industry and gross output estimates are released with the third estimate of GDP. -6- 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: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Appendix Table A. 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 -7- November 25, 2020 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 2017 2018 2019 2016 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 2.3 3.0 2.2 2.6 2.7 2.4 4.0 4.1 3.7 6.9 6.8 4.8 2.6 2.7 3.1 2.0 2.1 1.8 3.5 6.3 1.7 3.8 5.2 1.9 3.7 6.9 2.9 4.2 3.7 -0.6 3.2 8.0 2.1 4.2 7.8 6.4 4.0 -0.6 -1.7 ......... ......... ......... ......... ......... ......... 3.9 3.0 -0.1 4.1 4.2 -0.1 3.7 0.8 -0.1 4.7 4.1 1.1 4.7 5.0 0.5 4.5 0.4 3.7 Q4 2.5 2.5 2.1 6.0 0.1 2.7 11.2 2.7 1.5 6.2 -0.7 1.0 7.2 ......... ......... -1.4 2.0 -7.5 6.8 8.0 1.9 2017 Q1 2.3 3.2 3.9 3.9 4.0 2.8 -1.2 7.1 5.9 7.9 4.7 5.9 11.7 ......... ......... 8.3 7.5 9.7 4.3 4.0 5.9 Q2 1.7 1.8 4.9 6.5 4.1 0.4 3.7 1.6 2.4 -0.7 5.1 1.1 -1.1 ......... ......... 1.0 -1.6 6.0 3.6 2.7 7.3 2018 Q3 2.9 2.3 4.1 8.8 1.8 1.5 7.6 1.2 2.1 -10.9 6.2 6.7 -1.7 ......... ......... 2.6 2.8 2.5 1.7 1.2 4.0 Q4 3.9 4.2 7.7 13.4 5.0 2.6 6.3 9.5 9.2 4.7 14.1 6.0 10.5 ......... ......... 11.5 16.6 2.7 13.1 16.7 -1.2 Q1 3.8 2.0 2.1 4.0 1.1 2.0 11.0 8.5 12.2 21.6 10.1 8.8 -3.3 ......... ......... 2.7 1.3 5.4 0.3 1.5 -4.6 Q2 2.7 3.2 4.2 7.1 2.8 2.7 -1.1 4.4 6.2 5.0 2.4 12.3 -1.7 ......... ......... 1.9 8.5 -9.6 -0.1 -0.1 -0.1 2019 Q3 2.1 2.7 2.8 3.2 2.7 2.6 10.2 0.8 2.6 -5.9 6.1 4.4 -5.4 ......... ......... -5.2 -8.4 1.3 8.0 9.1 3.3 Q4 1.3 1.6 2.6 2.5 2.6 1.1 3.9 2.6 5.0 -12.6 9.6 12.1 -5.2 ......... ......... 2.8 4.3 0.1 4.1 3.2 8.4 Q1 2.9 1.8 2.5 1.0 3.3 1.5 3.9 2.9 4.2 8.2 2.0 4.5 -1.7 ......... ......... 1.8 3.9 -2.0 -2.1 -2.7 0.6 Q2 1.5 3.7 7.7 12.7 5.3 1.9 -5.8 -0.4 0.0 1.6 -3.8 4.1 -2.1 ......... ......... -4.5 -9.1 4.9 1.7 0.1 9.0 Q3 2.6 2.7 4.2 6.3 3.1 2.0 1.8 2.4 1.9 3.6 -1.7 5.3 4.6 ......... ......... 0.8 3.1 -3.2 0.5 0.7 -0.7 Q4 2.4 1.6 0.6 3.1 -0.7 2.0 -3.7 1.0 -0.3 -5.3 -1.7 4.6 5.8 ......... ......... 3.4 2.5 5.1 -7.5 -9.4 0.9 Q1 -5.0 -6.9 0.1 -12.5 7.1 -9.8 -9.0 -1.4 -6.7 -3.7 -15.2 2.4 19.0 ......... ......... -9.5 -2.7 -20.8 -15.0 -11.4 -28.5 Line 2020 Q2 r -31.4 -33.2 -10.8 -1.7 -15.0 -41.8 -46.6 -29.2 -27.2 -33.6 -35.9 -11.4 -35.6 ......... ......... -64.4 -66.8 -59.6 -54.1 -49.6 -69.9 Q3 r 33.1 40.6 46.9 82.9 30.6 37.6 84.9 30.4 21.8 -15.8 66.6 6.0 62.3 ......... ......... 60.5 104.6 0.8 93.1 110.0 25.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 0.9 0.3 0.8 -0.5 1.2 1.8 2.8 3.3 2.1 1.2 2.3 1.0 0.0 1.5 0.2 4.0 0.1 -1.6 2.2 -0.5 5.6 -0.9 -1.8 6.4 -1.5 1.8 1.6 -1.4 -3.7 1.0 1.3 1.6 1.0 1.2 0.6 2.8 1.5 5.0 1.9 6.0 -0.5 3.6 5.5 1.6 1.2 2.9 3.5 5.7 0.6 2.5 2.5 -0.9 2.5 5.0 4.5 1.9 1.3 9.2 5.4 6.4 5.6 4.4 3.3 -4.4 -4.7 16.9 1.4 -2.5 3.2 2.6 2.1 4.8 5.6 3.5 0.6 2.4 1.3 2.5 4.0 1.6 16.4 6.6 -0.3 3.8 0.1 4.4 37.6 1.5 1.1 -5.4 -4.9 -6.2 3.1 -18.1 -4.0 22 23 24 25 26 2.5 2.4 2.4 2.5 2.5 2.6 2.8 2.8 3.2 3.0 1.8 2.0 2.2 2.3 2.3 2.1 2.3 1.2 3.6 2.3 3.8 3.0 3.7 1.9 3.3 3.3 2.5 1.4 2.1 1.7 1.7 2.3 1.9 2.8 1.8 2.8 3.4 4.4 4.3 4.8 3.6 3.7 3.4 3.4 3.0 0.8 1.7 3.7 2.4 3.3 4.6 3.3 0.5 3.9 2.3 0.6 1.0 1.1 1.5 1.3 2.2 2.6 2.7 2.3 2.1 1.2 1.3 2.5 2.2 3.2 0.8 1.7 2.7 2.5 2.6 3.3 2.8 3.2 0.8 1.6 25.5 29.2 25.6 36.9 29.4 27 28 29 30 31 2.9 2.6 3.1 3.2 2.9 3.6 2.3 2.0 2.2 2.5 3.6 2.5 4.0 2.3 4.3 1.8 1.5 4.4 2.1 3.6 2.7 5.2 4.2 2.3 3.3 3.5 5.2 3.4 2.2 3.6 2.3 1.4 3.3 1.8 1.5 2.8 2.0 2.8 2.4 1.9 3.3 -1.0 2.7 2.7 2.1 1.5 -5.8 -32.4 38.5 32 2.3 -5.6 -32.3 33.7 33 1.9 2.6 48.6 -16.0 34 4.3 4.4 4.4 4.3 4.4 4.4 5.5 5.1 5.3 5.3 5.6 5.4 4.0 3.6 3.8 4.0 3.9 3.9 4.6 4.1 4.3 3.3 5.5 4.3 4.4 5.9 5.1 5.8 4.2 5.6 3.0 4.6 3.8 2.6 3.2 2.9 5.0 3.7 4.3 4.1 4.5 3.7 6.7 5.6 6.2 7.1 7.2 7.5 6.2 6.1 6.2 5.9 6.4 6.0 6.3 4.3 5.3 7.0 5.3 6.0 3.8 6.3 5.0 2.4 5.6 4.3 3.3 2.6 2.9 2.9 3.3 2.9 4.0 3.3 3.6 4.0 3.1 3.1 4.1 3.8 4.0 5.0 4.6 5.5 4.0 2.2 3.1 4.2 3.6 3.9 3.9 4.9 4.4 4.6 2.3 3.0 4.7 4.5 4.9 5.4 5.4 5.8 3.9 3.9 3.7 4.5 5.6 4.4 6.1 4.4 6.6 2.9 2.7 5.3 3.8 5.6 4.4 7.6 7.1 5.0 6.1 6.0 8.0 5.8 5.7 5.9 3.9 3.1 4.9 3.2 3.5 4.2 3.0 3.4 3.9 5.3 4.6 1.5 4.0 4.1 3.5 2.7 -4.6 -33.1 43.2 41 3.9 -4.0 -33.7 38.6 42 3.4 3.9 46.2 -12.9 43 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2020. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis -8- -2.5 -3.7 -3.6 -5.9 -4.6 -3.4 -0.9 -2.2 -2.4 -4.3 -3.3 -32.6 -32.0 -28.1 -30.3 -27.1 -32.8 -34.0 -33.4 -29.3 -31.5 -28.0 38.0 30.2 34.0 29.9 41.7 33.6 35 36 37 38 39 40 November 25, 2020 Table 2. Contributions to Percent Change in Real Gross Domestic Product 2017 2018 2019 2016 Q4 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 2.3 3.0 2.2 2.5 Q1 2017 Q2 Q3 2.3 1.7 2.9 Q4 3.9 Seasonally adjusted at annual rates 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3.8 2.7 2.1 1.79 0.86 0.49 0.13 1.85 1.64 0.86 0.78 0.48 0.34 0.11 -0.01 1.68 2.15 0.44 0.83 0.42 0.28 0.18 -0.09 1.23 1.04 0.46 0.04 1.57 0.86 0.61 0.26 2.82 1.40 1.61 0.45 0.92 0.29 0.37 -0.06 2.13 1.79 0.88 0.60 0.50 0.23 0.10 -0.01 0.13 0.20 0.04 0.37 0.11 0.20 0.06 0.38 0.06 0.16 0.02 0.02 0.12 0.25 0.05 0.58 0.17 0.07 0.11 0.25 0.22 0.29 0.03 0.69 0.08 0.19 0.12 0.39 0.06 0.25 0.05 0.44 0.13 0.22 0.01 0.55 0.17 0.12 0.08 0.17 0.19 0.03 0.07 0.07 -0.08 0.05 -0.01 -0.01 -0.01 -0.07 -0.02 0.18 0.20 0.29 0.00 0.33 0.93 0.98 0.86 1.24 1.32 0.07 0.23 0.05 0.16 0.09 0.14 0.27 0.09 0.09 0.00 0.13 -0.01 0.11 -0.03 -0.03 -0.01 0.28 0.14 0.33 0.09 0.20 0.71 1.20 0.95 1.3 2020 Q2 1.5 2.6 1.05 1.25 0.53 0.52 0.17 0.07 0.03 -0.31 2.47 1.57 0.85 0.26 1.83 0.87 0.44 0.01 0.16 0.40 0.04 0.71 0.09 0.05 -0.07 -0.13 0.27 0.10 0.10 0.75 0.08 0.00 -0.19 -0.67 0.43 -0.10 0.97 -2.05 0.02 0.30 0.06 0.45 0.07 -0.02 0.04 -0.01 0.02 0.00 0.23 0.48 0.52 0.73 Line 33.1 1 1.07 -4.75 -24.01 25.22 0.12 0.03 -2.06 9.49 0.22 -0.93 0.00 5.20 0.08 -0.78 0.05 1.64 2 3 4 5 0.20 0.23 -0.09 1.33 0.20 -0.04 0.11 -0.75 0.00 -0.03 -0.04 -0.28 0.31 0.26 -0.08 0.66 0.90 0.96 0.96 -4.78 1.06 1.11 1.39 4.29 6 7 8 9 -0.27 0.31 -0.96 1.82 -0.89 0.73 0.07 1.44 -21.95 15.73 10 11 12 13 14 0.92 0.17 0.27 0.08 0.06 0.92 1.23 1.24 0.35 0.86 1.22 0.15 -0.08 -0.11 0.39 -0.01 0.33 0.31 0.64 0.26 -0.14 0.57 0.31 0.04 0.13 -0.02 0.07 0.16 0.21 0.04 0.13 0.05 -0.01 -0.08 -0.06 0.12 0.11 0.22 0.13 0.01 0.19 0.05 0.11 0.23 0.09 0.08 0.24 0.33 -0.07 0.28 0.05 0.45 0.06 0.00 0.11 0.06 -0.06 0.19 0.10 0.01 0.34 0.08 -0.15 -0.15 -0.01 0.08 -0.35 0.23 0.14 0.10 0.60 0.64 0.49 0.12 0.18 0.14 0.06 -0.02 0.01 0.18 0.14 0.03 0.12 0.17 0.33 0.00 -0.20 0.38 1.08 0.30 1.80 -0.23 0.61 1.26 0.88 0.32 0.45 1.17 0.27 0.21 0.91 0.39 0.19 0.75 0.31 0.28 0.11 -0.02 0.18 0.24 -0.02 -0.35 0.45 0.12 -0.04 0.26 0.28 0.35 0.16 0.06 0.10 0.13 0.23 0.08 0.10 0.03 0.05 0.07 0.11 0.07 0.09 -0.01 -0.11 0.03 -0.10 0.16 0.11 0.04 -0.08 0.04 0.05 0.04 0.34 0.29 0.04 0.25 0.05 0.28 0.20 0.14 0.12 0.14 0.13 0.18 0.13 0.13 -0.10 0.11 -0.08 0.10 0.16 -0.11 0.34 0.34 -0.37 0.61 0.05 1.07 1.83 -0.19 1.72 0.69 0.71 -1.04 1.57 1.42 0.76 0.14 0.46 0.50 -0.07 1.18 1.55 0.82 0.36 0.66 0.56 0.01 0.14 0.60 0.15 -0.19 -0.40 0.24 0.05 0.78 0.57 0.15 0.35 0.54 0.12 -0.23 0.28 0.26 0.00 0.17 -0.01 0.15 0.02 0.15 0.12 0.01 0.08 0.15 -0.04 0.01 0.18 0.10 -0.05 0.05 0.29 0.02 -0.32 0.17 0.10 0.18 0.04 0.12 -0.01 0.05 0.26 0.38 0.52 0.19 0.52 0.20 0.19 0.14 0.23 0.26 0.14 0.21 0.11 0.08 0.10 0.13 0.25 0.04 0.29 0.10 0.11 0.26 -0.64 0.17 -0.04 -0.16 -0.10 -0.02 -0.12 0.12 -0.08 0.21 0.15 0.06 -1.62 -1.56 -0.23 -0.91 -0.11 -0.91 -0.25 -0.07 -0.50 -0.09 0.11 0.18 -0.04 -2.95 2.79 25 -8.77 11.78 26 -5.27 5.23 27 -3.67 3.06 28 -1.11 -0.47 29 -2.03 3.19 30 0.51 0.88 31 -0.28 0.22 32 -1.78 1.45 33 -0.47 0.64 34 -0.53 0.34 35 -0.10 0.18 36 -0.31 0.22 37 0.01 0.15 -0.04 0.00 -0.04 -0.22 0.47 0.31 0.15 -0.68 -0.56 -0.12 0.01 -0.02 0.20 -0.01 0.21 -0.25 0.36 0.33 0.03 -0.62 -0.60 -0.01 0.01 -0.07 -0.02 -0.04 0.02 -0.18 -0.01 -0.01 -0.01 -0.16 -0.06 -0.10 0.02 0.01 0.02 0.01 0.03 0.00 0.00 0.01 0.01 0.39 -0.13 -0.07 -0.22 -0.21 -0.06 -0.08 0.17 0.22 -0.50 0.41 -0.94 1.58 0.23 0.21 -0.97 -0.09 -0.82 0.01 0.03 -0.02 -0.05 -0.04 -0.16 0.04 0.02 0.08 -0.51 0.38 -0.92 1.63 0.27 0.37 -1.01 -0.11 -0.89 -0.49 0.29 0.25 -1.83 -0.27 0.55 -0.79 0.04 1.52 1.36 0.34 0.24 -0.66 0.34 0.22 -0.54 0.10 0.39 1.24 0.11 0.67 -0.71 0.34 0.31 -0.74 0.23 0.19 0.12 0.23 -0.43 0.05 0.00 -0.08 0.20 -0.13 0.20 -1.85 -0.05 0.01 -1.17 -0.61 0.33 -0.25 -0.06 1.13 -1.89 -0.19 0.01 -1.08 -0.39 0.34 -0.01 -0.08 1.15 0.04 0.13 0.00 -0.09 -0.23 -0.01 -0.24 0.02 -0.03 -0.03 0.68 -1.34 0.13 -1.47 1.13 -1.12 -0.20 -0.92 2.25 1.36 0.90 -0.12 -1.60 -3.50 0.08 -3.58 0.62 -9.51 -6.56 -2.95 10.13 7.32 2.80 -0.05 2.17 6.55 0.07 6.49 -3.18 4.95 4.88 0.07 -8.12 -7.67 -0.46 38 39 40 41 42 43 44 45 46 47 48 49 0.16 0.02 0.03 0.00 0.03 -0.01 -0.03 0.01 0.14 0.10 0.04 0.32 0.18 0.13 0.07 0.05 0.06 0.05 0.01 0.13 0.09 0.04 0.40 0.19 0.01 0.27 0.04 0.26 0.01 -0.10 0.14 -0.03 0.21 -0.03 -0.07 0.24 -0.06 0.14 -0.01 -0.13 0.14 -0.06 0.08 -0.02 0.06 0.10 0.00 0.05 0.04 -0.04 -0.10 0.03 0.02 0.02 -0.06 -0.10 0.03 0.03 0.02 0.02 0.00 -0.01 0.14 0.17 0.11 0.13 0.07 0.09 0.07 0.07 0.08 0.09 0.05 0.10 0.04 0.05 -0.02 0.86 0.37 0.42 0.22 0.77 0.58 0.31 0.26 0.10 1.17 0.17 0.22 0.26 -0.01 0.18 0.17 0.10 0.13 0.03 0.08 0.00 0.12 0.13 -0.04 0.10 0.41 0.09 0.00 0.11 0.98 0.35 0.05 -0.03 0.08 1.05 0.06 0.04 0.04 0.03 -0.07 0.28 0.06 0.16 0.12 -0.40 0.07 0.12 0.07 -0.13 -0.36 0.21 -0.06 0.09 0.25 -0.04 -0.76 -0.38 0.17 0.16 0.01 -0.55 -0.68 0.12 -0.38 -0.28 -0.10 50 51 52 53 54 55 56 57 58 59 60 0.02 0.26 1.35 -0.12 1.47 -1.13 -0.17 0.16 -0.33 -0.96 -0.91 -0.05 0.00 0.43 -1.41 0.01 -1.42 0.36 0.98 0.59 0.39 -0.62 -0.46 -0.16 0.00 -0.04 0.34 0.01 0.33 -0.39 0.13 -0.12 0.25 -0.52 -0.32 -0.20 0.00 -0.07 1.05 -0.04 1.09 0.08 0.33 0.23 0.10 -0.25 -0.14 -0.11 r Revised Source: U.S. Bureau of Economic Analysis -9- 0.13 0.19 0.15 0.00 -0.05 -0.03 0.30 -0.06 0.58 0.17 0.05 0.16 0.50 0.49 0.26 0.50 0.32 0.12 0.23 0.23 -0.02 0.21 0.11 -0.02 0.18 0.11 0.00 0.03 0.09 0.14 0.01 0.07 0.17 -0.01 0.02 -0.02 0.02 0.17 0.13 0.27 0.08 0.08 0.11 0.09 0.05 0.16 1.21 0.12 0.50 0.05 0.01 -5.0 -31.4 Q3 r 0.93 0.11 0.27 0.08 0.03 0.07 0.13 0.02 0.79 1.09 1.19 0.14 0.07 0.24 0.05 0.21 0.18 0.23 0.59 -0.20 0.19 -0.08 -0.08 -0.01 0.27 0.00 0.11 0.00 2.4 Q1 2.9 0.10 -0.06 0.14 0.13 0.00 0.07 0.37 0.36 0.05 0.06 0.11 0.15 0.01 -0.05 0.21 0.22 1.25 1.19 Q4 1.00 0.94 1.07 -6.26 -23.30 18.03 15 0.17 0.21 -0.01 -0.04 0.57 0.13 16 0.44 0.09 0.54 -2.00 -7.59 7.80 17 0.10 0.15 0.01 -0.66 -2.81 1.54 18 0.10 -0.03 0.09 -1.05 -4.41 2.40 19 0.28 -0.14 -0.07 0.21 0.09 0.09 0.24 0.00 0.15 0.20 0.34 -0.02 0.01 0.34 0.44 0.29 0.20 0.12 0.08 0.08 0.06 0.03 0.15 0.13 0.02 0.11 0.12 0.29 0.00 -1.67 -5.43 0.19 -0.11 0.05 0.25 -0.73 -3.67 4.28 20 0.44 21 1.44 22 0.38 -0.48 -0.10 0.01 -0.11 1.48 1.35 -2.30 23 0.01 0.13 -0.05 -0.03 0.15 -0.14 -1.61 0.49 24 -0.16 0.43 0.12 0.09 0.24 0.22 0.08 0.18 0.16 0.04 -0.12 -0.13 -0.13 -0.13 0.01 0.00 -0.28 0.34 0.07 0.09 -0.35 0.25 -0.04 0.34 0.42 0.25 0.11 -0.10 -0.01 0.02 -0.13 0.02 0.24 0.16 0.07 November 25, 2020 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Line Gross domestic product (GDP) 1 2 Personal consumption expenditures Goods 3 Durable goods 4 Motor vehicles and parts 5 6 Furnishings and durable household equipment Recreational goods and 7 vehicles Other durable goods 8 Nondurable goods 9 Food and beverages purchased 10 for off-premises consumption Clothing and footwear 11 12 Gasoline and other energy goods Other nondurable goods 13 14 Services Household consumption 15 expenditures (for services) Housing and utilities 16 Health care 17 Transportation services 18 Recreation services 19 Food services and 20 accommodations Financial services and 21 insurance Other services 22 Final consumption expenditures of 23 nonprofit institutions serving households Gross output of nonprofit 24 institutions 25 Less: Receipts from sales of goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment Nonresidential 28 Structures 29 Equipment 30 31 Information processing equipment Industrial equipment 32 Transportation equipment 33 Other equipment 34 Intellectual property products 35 Software 36 Research and development 37 38 Entertainment, literary, and artistic originals Residential 39 40 Change in private inventories Farm 41 Nonfarm 42 Billions of chained (2012) dollars Seasonally adjusted at annual rates 2019 21,433.2 14,544.6 4,512.2 1,534.4 521.8 Seasonally adjusted at annual rates 2019 2019 2020 2019 2020 Q2 r Q2 r Q3 r Q3 r Q3 Q4 Q1 Q3 Q4 Q1 21,540.3 21,747.4 21,561.1 19,520.1 21,157.1 19,091.7 19,141.7 19,254.0 19,010.8 17,302.5 18,583.5 14,645.3 14,759.2 14,545.5 13,097.3 14,394.2 13,240.2 13,301.3 13,353.7 13,118.4 11,860.3 12,915.9 4,553.6 4,562.4 4,552.9 4,361.5 4,866.1 4,760.5 4,805.2 4,811.8 4,812.9 4,677.4 5,149.7 1,552.8 1,554.1 1,496.4 1,478.3 1,753.7 1,774.6 1,797.8 1,811.7 1,752.0 1,744.6 2,028.8 525.7 528.2 484.6 484.6 585.4 532.4 535.1 539.2 495.9 497.3 574.3 Change from preceding period Line 2020 2019 Q2 r Q3 r 403.9 -1,708.3 1,281.0 1 312.1 -1,258.2 1,055.6 2 170.3 -135.5 472.3 3 81.9 -7.4 284.2 4 -2.7 1.4 77.0 5 357.4 361.8 360.9 359.2 352.0 407.8 410.1 414.4 417.3 413.2 404.7 461.1 13.4 -8.5 56.4 6 433.4 221.7 2,977.9 441.0 224.3 3,000.8 441.6 223.4 3,008.2 441.8 210.9 3,056.5 471.6 170.0 2,883.2 525.7 234.8 3,112.4 590.6 260.6 3,001.5 605.9 263.5 3,023.9 613.0 263.7 3,018.2 620.6 251.2 3,070.6 674.0 205.5 2,947.9 748.4 284.0 3,151.5 68.7 12.6 91.2 53.5 -45.7 -122.7 74.3 78.5 203.6 7 8 9 1,025.7 1,035.2 1,032.4 403.5 405.6 404.9 335.4 334.5 340.4 1,213.3 1,225.5 1,230.5 10,032.4 10,091.7 10,196.8 1,112.9 366.5 310.4 1,266.7 9,992.5 1,137.1 287.8 188.3 1,270.0 8,735.8 1,145.8 378.9 247.9 1,339.8 9,528.1 982.0 412.0 444.9 1,145.0 8,520.5 991.6 412.2 444.8 1,156.5 8,541.5 987.1 418.0 441.6 1,152.5 8,584.9 1,055.9 375.9 421.3 1,186.3 8,365.3 1,040.9 318.1 342.0 1,186.8 7,306.9 1,053.8 16.2 -15.0 411.3 14.9 -57.8 400.0 -2.0 -79.3 1,249.3 57.3 0.5 7,913.5 153.4 -1,058.4 12.9 93.2 58.0 62.5 606.5 10 11 12 13 14 7,535.4 165.3 -1,117.0 2,225.4 25.7 23.2 2,111.0 58.8 -379.0 334.4 6.8 -147.5 341.2 6.5 -211.6 703.2 4.8 328.3 67.1 95.2 15 16 17 18 19 9,593.2 2,681.2 2,450.8 483.4 580.4 9,647.4 2,698.8 2,457.0 489.1 579.7 9,758.5 2,717.8 2,500.3 493.5 590.7 9,471.1 2,737.3 2,403.5 453.4 536.6 8,153.3 2,781.2 2,000.8 286.8 290.1 9,053.0 2,800.4 2,386.1 356.1 403.2 8,167.8 2,193.0 2,232.9 442.5 503.2 8,188.4 2,199.5 2,234.0 447.4 502.6 8,237.0 2,199.1 2,260.2 447.8 506.7 7,949.2 2,197.4 2,161.7 414.8 457.7 6,832.2 2,220.6 1,782.7 267.3 246.0 999.5 1,009.5 1,011.5 926.4 616.0 824.6 842.2 847.1 847.0 771.0 514.1 680.1 9.6 -256.8 165.9 20 1,176.1 1,221.8 1,184.4 1,228.8 1,199.5 1,245.2 1,200.9 1,213.0 1,182.0 996.4 1,213.2 1,069.2 857.9 1,114.4 858.2 1,118.2 865.8 1,130.5 861.4 1,094.3 859.0 897.7 869.9 957.7 17.6 43.3 -2.4 -196.7 10.9 21 60.1 22 439.2 444.3 438.3 521.4 582.5 475.0 354.0 354.3 349.5 413.5 467.0 375.9 -11.0 53.5 -91.1 23 1,658.1 1,661.8 1,678.0 1,681.1 1,595.6 1,633.1 1,418.3 1,415.3 1,422.1 1,415.5 1,338.4 1,357.2 18.5 -77.1 18.8 24 1,218.9 3,751.2 3,702.1 2,895.0 650.2 1,241.0 1,217.5 3,759.8 3,718.5 2,908.0 658.8 1,234.9 1,239.7 3,732.6 3,729.2 2,902.3 652.3 1,229.3 1,159.6 3,675.9 3,728.0 2,859.3 648.7 1,181.6 1,013.1 3,128.6 3,427.0 2,646.8 584.0 1,057.2 1,158.1 3,680.3 3,682.3 2,781.7 560.3 1,199.1 1,066.2 3,442.6 3,371.7 2,776.8 547.7 1,267.7 1,062.8 3,445.7 3,378.9 2,783.9 552.6 1,263.3 1,074.9 3,413.3 3,387.2 2,781.5 545.1 1,258.0 998.6 3,334.0 3,375.4 2,733.8 540.0 1,207.1 862.6 2,849.8 3,096.3 2,525.5 487.5 1,080.1 978.7 3,323.1 3,308.6 2,653.4 467.0 1,227.1 30.8 57.7 61.4 77.9 -3.4 25.5 -136.0 -484.2 -279.1 -208.3 -52.5 -127.0 116.1 473.3 212.3 127.9 -20.5 147.0 25 26 27 28 29 30 397.2 260.9 310.3 272.5 1,003.8 411.2 501.9 396.1 263.7 300.0 275.1 1,014.2 416.3 506.8 392.1 257.8 307.8 271.7 1,020.7 419.6 509.4 377.7 255.1 282.1 266.7 1,029.1 427.0 511.5 401.8 238.8 175.8 240.9 1,005.6 420.9 499.6 443.0 249.4 236.3 270.4 1,022.3 427.6 513.4 493.9 249.1 285.7 250.1 968.2 449.3 440.5 494.3 251.4 277.1 252.2 974.0 452.9 442.7 492.9 245.3 283.0 248.5 985.2 461.8 445.3 475.8 241.8 257.8 243.9 991.1 472.5 443.6 507.4 226.5 160.6 219.5 961.5 465.4 428.3 559.1 236.0 218.3 246.6 975.7 474.5 436.3 14.6 5.2 -1.3 8.4 57.9 32.8 24.5 31.5 -15.3 -97.2 -24.4 -29.5 -7.1 -15.3 51.8 9.4 57.8 27.2 14.2 9.1 8.0 31 32 33 34 35 36 37 90.7 807.1 49.1 -14.5 63.6 91.1 810.5 41.3 -14.5 55.8 91.7 827.0 3.4 -10.4 13.8 90.6 868.7 -52.1 -3.5 -48.6 85.2 780.2 -298.4 -0.6 -297.8 81.2 900.6 -2.1 3.8 -5.9 83.7 601.5 48.5 -16.9 62.2 83.9 601.9 44.0 -20.4 59.8 84.3 610.5 -1.1 -15.6 11.5 82.8 637.6 -80.9 -10.7 -70.9 76.8 571.3 -287.0 -2.2 -280.8 74.4 1.9 644.8 -10.5 -4.3 -4.9 5.0 -9.1 -8.1 2.9 -6.0 -66.4 -206.1 8.4 -209.8 -2.4 73.5 282.7 7.2 272.7 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 2020. 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. Source: U.S. Bureau of Economic Analysis - 10 - November 25, 2020 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Line 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 Billions of chained (2012) dollars Seasonally adjusted at annual rates 2019 Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Consumption expenditures Gross investment Nondefense Consumption expenditures Gross investment State and local Consumption expenditures Gross investment Residual Addenda: 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 Gross domestic product Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Net domestic product -610.5 2,514.8 1,636.7 878.0 3,125.2 2,525.6 599.6 Q3 -631.8 2,505.2 1,626.0 879.2 3,137.1 2,534.6 602.4 Q4 -549.8 2,515.7 1,629.1 886.5 3,065.4 2,460.7 604.8 Q1 -494.3 2,438.7 1,599.0 839.7 2,933.0 2,377.9 555.1 2020 Q2 r -545.2 1,788.2 1,135.1 653.1 2,333.3 1,927.8 405.5 3,747.9 1,419.2 852.4 676.5 175.9 3,767.1 1,429.3 857.7 680.5 177.2 3,805.3 1,447.9 874.7 689.9 184.8 3,834.1 1,452.6 873.8 690.9 182.8 3,839.3 1,504.8 876.5 688.5 188.0 2019 Line Q3 r -733.8 2,074.5 1,407.8 666.7 2,808.3 2,374.9 433.4 -917.6 2,546.6 1,782.5 767.6 3,464.2 2,923.4 543.1 Q3 -950.2 2,536.6 1,775.8 764.4 3,486.8 2,944.4 545.2 Q4 -861.5 2,557.8 1,786.8 774.0 3,419.3 2,872.2 546.5 Q1 -788.0 2,495.1 1,774.5 730.1 3,283.1 2,786.5 502.5 3,816.5 1,486.8 887.5 699.9 187.6 3,303.9 1,277.2 780.2 613.8 166.9 3,317.7 1,288.5 784.4 616.8 168.1 3,337.5 1,301.1 797.1 623.0 174.8 3,347.9 1,306.1 796.5 624.3 172.8 3,368.7 1,356.8 804.0 627.4 177.4 3,327.0 1,335.3 810.3 633.7 177.2 -41.7 -21.5 6.3 6.3 -0.1 50 51 52 53 54 566.7 571.6 573.3 578.8 628.3 599.3 420.8 424.1 423.8 427.1 479.7 444.7 146.0 147.5 149.5 151.7 148.7 154.6 2,328.7 2,337.8 2,357.4 2,381.6 2,334.5 2,329.7 1,897.8 1,904.6 1,918.8 1,928.0 1,885.0 1,881.7 431.0 433.2 438.5 453.6 449.6 448.0 ............... ............... ............... ............... ............... ............... 497.1 362.8 134.6 2,025.5 1,653.3 372.2 -58.8 504.0 368.4 135.9 2,028.3 1,656.1 372.2 -59.0 504.1 366.8 137.7 2,035.6 1,659.2 376.4 -74.9 509.6 370.5 139.4 2,041.0 1,653.1 387.8 -62.5 551.9 415.8 135.7 2,013.1 1,627.6 385.4 -66.3 524.9 8.7 42.3 -26.9 384.5 3.8 45.2 -31.3 140.6 5.1 -3.7 4.9 1,992.7 25.3 -27.9 -20.5 1,612.2 16.7 -25.5 -15.4 380.4 8.6 -2.4 -5.0 -150.8 .......... .............. .............. 55 56 57 58 59 60 61 19,080.2 19,085.9 19,021.1 19,981.0 19,910.9 16,611.7 19,075.1 19,108.4 19,075.2 20,059.1 19,993.1 16,680.0 19,230.7 19,242.4 19,226.6 20,099.6 20,073.6 16,740.6 19,108.0 19,059.4 19,049.0 19,797.8 19,838.5 16,493.4 17,314.4 17,308.5 17,540.5 18,087.5 18,331.4 14,956.2 21,465.3 21,502.8 21,499.0 22,172.2 22,130.8 18,363.8 21,721.2 21,734.3 21,744.0 22,297.2 22,293.7 18,488.4 21,671.3 21,616.2 21,613.3 22,055.4 22,107.6 18,273.4 19,533.5 19,526.8 19,818.5 20,065.3 20,363.6 16,524.3 20863.9 21010.5 21,159.2 21,890.9 21,893.0 18,076.5 2019 Change from preceding period 2020 2019 Q2 r Q3 r -40.0 13.0 -241.3 -3.0 -567.7 242.1 -1.8 -427.3 264.0 -1.1 -148.0 1.2 37.0 -580.6 483.4 14.1 -438.5 478.7 19.4 -130.5 22.0 2020 Q2 r Q3 r -775.1 -1,016.4 1,927.4 2,169.5 1,347.2 1,611.2 582.1 583.3 2,702.5 3,185.9 2,348.0 2,826.6 372.1 394.1 21,420.4 21,426.8 21,384.1 22,043.7 21,994.6 18,246.7 2019 Seasonally adjusted at annual rates 18326 18454.7 18,567.4 19,564.5 19,549.8 16,224.0 74.1 49.4 41.1 26.4 15.0 339.9 371.9 407.3 443.9 447.4 373.5 20.9 50.7 7.5 3.0 4.6 -1,793.6 -1,751.0 -1,508.4 -1,710.3 -1,507.1 -1,537.2 1,011.6 1,146.3 1,026.9 1,477.0 1,218.5 1,267.9 43 44 45 46 47 48 49 62 63 64 65 66 67 21,433.2 21,540.3 21,747.4 21,561.1 19,520.1 21,157.1 19,091.7 19,141.7 19,254.0 19,010.8 17,302.5 18,583.5 403.9 -1,708.3 1,281.0 68 1,169.8 1,181.2 1,165.9 1,054.6 866.0 961.6 1,059.2 1,067.0 1,049.6 946.2 779.4 858.2 8.4 -166.8 78.8 69 900.2 901.4 884.8 811.4 714.2 773.6 812.0 811.2 793.6 725.3 640.3 687.8 26.1 -85.0 47.5 70 21,702.9 21,820.1 22,028.5 21,804.3 19,672.0 21345.2 19,338.4 19,397.0 19,509.6 19,232.1 17,442.9 18755 386.5 -1,789.1 1,312.1 71 18,012.3 18,097.0 18,272.9 18,052.2 15,985.7 17,584.8 15,971.8 16,009.6 16,098.4 15,835.0 14,118.9 15,379.6 310.4 -1,716.2 1,260.7 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2020. 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. Source: U.S. Bureau of Economic Analysis - 11 - November 25, 2020 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2017 2018 2019 2016 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 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) 1.9 2.4 1.8 1.8 2.1 1.5 0.3 0.7 -0.5 -2.3 -1.7 -1.2 1.6 1.9 -0.1 2.5 2.8 2.4 1.7 1.9 1.7 1.7 1.9 1.7 0.9 0.9 1.3 2.6 1.7 3.6 -0.1 0.1 0.2 0.8 1.3 1.3 4.5 5.6 2.8 ......... ......... ......... ......... ......... ......... 2.6 3.4 -0.4 2.6 3.6 -1.5 2.6 3.1 1.7 2.2 2.9 -1.5 2.2 2.8 -2.0 2.1 3.1 1.0 2017 2018 2019 Line 2020 r Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.2 2.0 1.3 2.3 2.5 2.4 3.2 1.8 1.8 1.2 2.5 1.5 1.4 1.4 -1.8 3.6 1 1.9 2.2 0.9 1.6 2.6 2.7 2.2 1.6 1.4 0.6 2.5 1.4 1.5 1.3 -1.6 3.7 2 0.8 2.2 -2.6 0.5 1.6 1.9 0.8 -0.4 -1.3 -1.8 1.8 -0.9 0.2 -0.9 -5.6 5.5 3 -3.3 0.3 -3.1 -3.0 -1.5 -1.4 -1.2 -1.4 -1.2 -0.6 -1.0 -1.8 -2.7 -1.7 -3.1 8.3 4 3.0 3.2 -2.4 2.4 3.3 3.6 1.8 0.1 -1.3 -2.4 3.2 -0.5 1.8 -0.5 -6.8 4.0 5 2.3 2.2 2.5 2.2 3.1 3.1 2.9 2.5 2.7 1.7 2.9 2.5 2.1 2.3 0.3 2.9 6 2.3 1.3 2.2 2.0 0.6 2.4 2.7 1.7 1.0 2.5 1.7 1.0 0.2 1.8 -0.1 2.7 7 2.2 1.5 2.2 1.8 0.9 2.6 2.5 1.8 1.1 2.4 1.8 1.0 0.2 1.3 0.8 2.2 8 1.3 1.0 1.4 1.0 0.3 0.8 1.2 1.2 0.7 2.5 1.8 0.4 -0.4 1.0 0.8 0.1 9 2.5 3.7 3.6 3.4 0.0 0.0 2.4 2.0 5.5 4.0 4.5 2.1 1.5 1.5 -1.1 0.6 10 -0.5 0.7 -0.2 0.1 0.0 -0.3 0.1 1.6 -0.1 0.9 -0.4 -1.0 -0.1 0.7 0.0 -0.6 11 3.0 -0.3 1.8 0.3 0.7 2.8 2.0 0.3 -1.4 3.5 2.7 1.1 -2.0 0.9 2.9 0.7 12 5.2 3.0 5.1 4.6 3.0 9.1 7.0 3.8 2.4 2.3 1.9 3.2 2.4 2.3 1.0 9.4 13 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 2.8 2.7 0.2 3.8 5.5 3.6 5.0 1.2 -1.3 -3.3 3.2 -2.3 -1.7 -2.5 -18.8 12.8 16 2.0 3.2 -0.6 4.9 5.5 3.8 6.0 0.9 -2.8 -5.1 2.4 -4.2 -1.7 -4.6 -23.6 15.7 17 4.2 1.9 1.8 1.7 5.5 3.2 3.2 1.8 1.6 0.0 4.8 1.3 -1.6 1.7 -9.4 7.7 18 1.4 4.1 -0.4 1.2 5.4 6.7 0.3 1.5 -1.9 -3.9 0.9 -3.2 -1.4 -1.4 -12.8 8.6 19 1.5 4.8 -1.4 0.4 6.0 7.4 -0.2 1.4 -2.5 -4.8 0.7 -4.1 -1.9 -1.6 -14.3 9.6 20 1.0 1.1 4.1 4.6 2.9 3.8 2.5 1.9 0.6 0.5 1.4 0.4 0.6 -0.7 -5.2 3.7 21 2.4 2.1 1.7 2.6 3.6 3.1 2.9 3.3 1.9 1.9 1.7 2.1 2.1 2.0 1.6 2.7 3.0 2.3 2.1 2.6 1.2 1.5 0.8 2.5 3.0 2.0 1.6 2.7 4.3 3.2 3.0 3.4 4.4 4.3 4.3 4.2 3.8 3.0 3.1 2.9 3.2 2.4 2.5 2.4 2.8 3.0 1.9 4.5 1.2 4.7 1.6 9.4 1.2 -2.6 1.1 -7.8 1.0 0.6 0.8 0.2 1.7 1.3 1.5 1.1 1.8 -0.3 -0.1 -0.5 -1.9 -1.1 -2.5 1.0 2.6 1.6 1.9 1.1 2.5 4.0 1.9 2.1 3.4 0.9 3.6 4.9 4.5 4.3 3.7 2.7 -0.8 3.5 1.3 1.9 3.1 -2.4 3.3 26 1.9 1.9 1.9 2.4 2.3 2.4 1.8 1.6 1.6 2.1 2.0 2.0 2.0 2.2 2.2 1.3 1.2 1.1 2.2 1.9 1.9 2.6 2.6 2.6 2.5 2.9 3.0 3.2 2.6 2.5 1.9 1.9 1.9 1.8 1.6 1.6 1.2 1.0 1.0 2.5 2.2 2.2 1.5 1.3 1.3 1.4 1.3 1.3 1.3 1.4 1.4 -1.7 -1.4 -1.3 3.5 27 3.3 28 3.3 29 1.8 1.9 1.9 2.1 2.4 2.4 1.5 1.8 2.0 1.9 2.1 2.0 2.1 2.0 2.0 1.1 1.3 1.4 1.7 2.3 1.9 2.3 2.5 2.5 2.7 2.4 2.8 2.3 3.2 3.0 1.6 1.9 2.0 1.4 1.8 2.1 0.9 1.2 1.6 2.4 2.5 2.4 1.3 1.5 1.7 1.3 1.4 1.3 1.3 1.4 1.7 -1.1 -1.8 -1.2 3.4 30 3.6 31 3.2 32 food and energy 1 PCE excluding food and energy 1 Market-based PCE 2 Market-based PCE excluding food and 1.8 1.7 1.5 2.3 2.0 1.8 1.7 1.7 1.3 1.7 1.5 1.6 1.9 1.8 2.1 1.5 1.4 0.1 1.8 1.4 1.3 2.2 2.1 2.4 2.8 2.4 2.3 2.7 2.3 2.1 1.8 1.5 1.3 1.9 1.9 1.1 1.5 1.2 0.8 1.9 2.1 2.1 1.6 1.9 1.1 1.2 1.3 1.5 1.6 1.6 1.3 -0.8 -0.8 -1.0 3.1 33 3.5 34 2.9 35 energy 1,2 1.3 1.6 1.5 1.1 1.6 0.6 1.0 1.7 2.0 2.2 1.1 1.5 1.6 1.6 1.6 1.3 1.7 0.1 2.5 36 Implicit price deflators: GDP Gross domestic purchases GNP 1.9 1.8 1.9 2.4 2.4 2.4 1.8 1.6 1.8 2.0 1.8 2.0 2.0 2.3 2.0 1.2 1.1 1.2 2.0 1.7 2.0 2.7 2.8 2.7 2.4 2.9 2.4 3.5 2.8 3.5 1.6 1.6 1.6 1.9 1.7 1.9 1.0 0.8 1.0 2.6 2.3 2.6 1.4 1.2 1.4 1.5 1.5 1.5 1.7 1.7 1.7 -2.1 -1.7 -2.1 3.7 37 3.5 38 3.7 39 GDP excluding food and energy 1 Gross domestic purchases excluding 22 23 24 25 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 - 12 - November 25, 2020 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 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 2,3 2012 2.2 1.5 2.1 6.0 0.4 1.2 11.0 10.0 9.5 13.0 11.0 5.0 13.0 .......... .......... 3.4 3.8 2.4 2.7 2.6 3.1 Percent change from fourth quarter to Percent change from preceding year fourth quarter one year ago Line 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 1.8 2.5 3.1 1.7 2.3 3.0 2.2 1.5 2.6 2.9 2.2 2.1 2.7 2.5 2.3 1 1.5 3.0 3.8 2.8 2.6 2.7 2.4 1.6 1.9 3.8 3.1 2.7 2.9 2.4 2.5 2 3.1 4.1 4.8 3.6 4.0 4.1 3.7 2.4 3.5 5.0 3.8 3.6 5.2 2.9 3.7 3 6.1 7.2 7.6 5.8 6.9 6.8 4.8 6.3 5.0 9.2 6.0 7.0 8.1 4.2 5.7 4 1.8 2.6 3.4 2.5 2.6 2.7 3.1 0.7 2.8 3.2 2.8 2.0 3.7 2.3 2.7 5 0.6 2.4 3.3 2.4 2.0 2.1 1.8 1.2 1.1 3.2 2.7 2.3 1.8 2.1 1.9 6 6.9 5.6 5.5 -1.5 3.5 6.3 1.7 4.0 9.3 5.3 2.3 1.2 4.0 5.9 -1.0 7 5.6 6.6 3.8 1.8 3.8 5.2 1.9 7.2 5.7 7.0 1.7 2.4 4.8 4.0 1.5 8 4.1 7.2 2.3 0.5 3.7 6.9 2.9 5.6 5.4 6.9 -0.1 1.8 4.8 6.5 1.4 9 1.3 11.0 -0.9 -4.4 4.2 3.7 -0.6 4.0 6.7 9.3 -7.3 3.5 0.0 1.2 1.9 10 4.7 7.0 3.0 -1.7 3.2 8.0 2.1 7.8 5.4 5.6 1.5 -2.2 7.5 7.0 -1.3 11 5.4 4.8 3.8 7.6 4.2 7.8 6.4 3.7 4.5 6.9 3.3 6.4 4.9 9.4 4.6 12 12.4 3.8 10.2 6.6 4.0 -0.6 -1.7 15.4 7.1 7.7 9.2 4.2 4.7 -3.9 1.6 13 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 3.6 4.2 0.4 0.3 3.9 3.0 -0.1 2.1 6.0 2.9 -1.5 1.5 5.8 0.5 0.4 16 3.2 4.6 -0.4 0.5 4.1 4.2 -0.1 1.4 7.1 2.8 -2.9 2.5 6.1 1.2 -0.1 17 4.5 3.3 2.0 -0.2 3.7 0.8 -0.1 3.8 3.7 3.2 1.2 -0.5 5.2 -0.9 1.1 18 1.5 5.0 5.2 1.7 4.7 4.1 1.1 0.6 3.0 6.5 3.3 2.8 5.6 3.0 -1.9 19 1.8 5.6 5.7 1.4 4.7 5.0 0.5 0.5 3.4 7.1 3.2 3.1 6.0 3.4 -2.9 20 0.5 2.3 3.0 2.9 4.5 0.4 3.7 1.4 1.1 3.5 3.8 1.4 4.0 1.7 2.4 21 -2.1 -1.9 -3.4 0.9 -2.2 -2.4 -5.5 -6.7 -3.5 -0.3 -0.9 -2.6 -4.1 -0.1 0.2 1.8 0.0 -2.1 3.3 2.9 1.8 0.6 -0.5 2.2 2.6 0.9 0.3 0.8 -0.5 1.2 1.8 2.8 3.3 2.1 1.2 2.3 4.0 5.6 1.8 1.3 -2.1 -2.6 -4.7 1.2 -1.7 -2.4 -6.1 -6.5 -5.5 0.2 0.3 -1.1 -3.4 2.7 1.2 2.2 1.3 -0.4 3.8 2.8 1.5 0.1 -0.7 1.2 2.4 1.1 1.2 2.2 -0.1 1.1 1.5 3.0 4.2 1.1 0.6 3.0 4.8 5.6 3.7 1.9 22 23 24 25 26 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 2.9 2.7 2.7 2.8 3.7 2.5 4.1 2.7 2.9 2.8 3.7 3.5 3.8 2.9 4.2 0.9 1.3 2.3 1.9 2.4 2.6 1.7 2.0 2.5 2.4 2.4 2.5 2.5 2.9 2.6 3.1 2.6 2.8 2.8 3.2 3.0 3.2 2.9 3.6 1.8 2.0 2.2 2.3 2.3 2.3 2.0 2.2 2.9 2.2 1.9 1.2 1.7 2.6 1.2 4.9 1.5 2.0 2.0 2.2 1.7 2.6 2.6 -2.5 4.2 3.5 3.2 3.4 3.7 4.5 2.8 5.3 1.4 1.8 2.1 2.8 2.7 2.8 2.2 3.1 1.2 1.6 2.3 2.2 2.4 2.6 2.2 1.8 2.9 2.8 2.8 2.8 2.9 3.2 2.9 3.4 2.4 2.4 2.2 2.8 2.5 2.7 2.2 3.7 1.9 2.1 2.8 1.9 2.4 2.3 2.3 1.6 27 28 29 30 31 32 33 34 1.8 1.5 1.6 0.3 0.7 1.9 2.3 1.6 1.8 1.5 1.3 0.1 1.3 2.0 2.2 1.4 35 1.8 1.9 1.9 1.9 1.9 1.8 1.6 1.8 1.9 1.3 1.5 1.0 1.7 1.8 1.9 1.5 1.6 1.1 1.0 1.0 1.2 0.2 1.2 -0.1 1.1 1.0 1.3 1.0 1.6 0.7 1.8 1.9 1.9 1.8 1.7 1.5 2.3 2.4 2.4 2.1 2.0 1.8 1.7 1.8 2.0 1.5 1.7 1.3 1.8 2.1 2.0 1.8 1.8 1.5 1.7 1.8 2.1 1.2 1.6 0.8 1.5 1.5 1.6 1.1 1.5 0.7 0.7 0.8 1.0 0.2 1.2 0.0 1.5 1.5 1.7 1.6 1.8 1.2 1.9 2.0 1.9 1.8 1.7 1.5 2.3 2.3 2.5 2.0 2.0 1.7 1.5 1.6 1.7 1.5 1.6 1.4 1.8 1.2 1.1 1.0 1.3 1.3 1.6 1.5 1.5 1.1 1.1 1.1 1.4 1.2 1.7 1.5 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 from 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 - 13 - November 25, 2020 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 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 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 2,3 2016 Q4 2.1 2.7 3.6 7.0 2.0 2.3 1.2 2.4 1.8 3.5 -2.2 6.4 4.2 ......... ......... 1.5 2.5 -0.5 2.8 3.1 1.4 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2.1 2.2 2.4 2.7 3.1 3.3 3.1 2.5 2.7 2.5 2.4 2.9 2.6 2.9 3.0 2.4 3.5 3.7 3.8 5.2 4.7 4.5 4.2 2.9 6.5 6.8 6.3 8.1 8.1 8.3 6.8 4.2 2.0 2.2 2.5 3.7 3.0 2.6 2.9 2.3 2.3 2.0 1.8 1.8 1.6 2.2 2.5 2.1 1.5 3.4 5.2 4.0 7.1 5.8 6.5 5.9 3.6 3.6 3.1 4.8 5.1 5.8 5.7 4.0 3.6 3.6 2.9 4.8 6.4 7.4 7.5 6.5 9.5 7.3 0.3 0.0 3.0 4.5 5.9 1.2 -0.4 1.9 3.8 7.5 8.8 8.1 8.1 7.0 5.2 3.3 3.6 4.9 5.6 8.4 7.8 9.4 3.6 3.8 3.9 4.7 1.0 0.8 -0.2 -3.9 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 3.7 3.6 2.5 5.8 4.4 4.6 2.6 0.5 3.9 3.7 2.6 6.1 4.5 7.1 4.1 1.2 3.5 3.5 2.5 5.2 4.1 0.1 -0.2 -0.9 4.0 5.0 4.1 5.6 4.6 3.6 5.2 3.0 4.1 4.8 3.9 6.0 5.3 4.6 6.6 3.4 3.4 5.7 4.8 4.0 1.3 -0.5 -0.7 1.7 Q1 2.3 2.3 3.0 3.4 2.8 2.0 4.2 2.7 4.5 -1.7 5.0 8.3 -3.5 ......... ......... 0.3 1.9 -2.6 2.4 2.3 3.0 2019 Q2 Q3 2.0 2.1 2.4 2.5 3.9 4.2 4.7 5.5 3.5 3.6 1.8 1.7 2.9 0.9 1.5 1.9 2.9 2.7 -2.5 -0.1 3.3 1.4 6.2 6.5 -3.6 -1.2 ......... ......... ......... ......... -1.3 0.2 -2.5 0.4 1.1 -0.1 2.9 1.0 2.3 0.3 5.3 4.2 Q4 2.3 2.5 3.7 5.7 2.7 1.9 -1.0 1.5 1.4 1.9 -1.3 4.6 1.6 ......... ......... 0.4 -0.1 1.1 -1.9 -2.9 2.4 2020 Q2 r -9.0 -10.2 -1.7 -1.5 -1.8 -14.0 -16.9 -7.8 -8.9 -11.0 -14.9 0.0 -4.0 ......... ......... -23.9 -23.6 -24.5 -22.4 -20.1 -31.9 Q3 r -2.9 -2.9 7.2 12.8 4.2 -7.4 -3.6 -2.1 -4.7 -15.5 -2.9 0.2 7.1 ......... ......... -14.5 -9.3 -23.7 -8.6 -4.0 -27.7 Line 2.7 2.1 0.3 4.8 6.5 3.6 4.1 3.9 3.3 6.0 10.4 4.2 1.4 -0.6 -1.8 22 23 24 25 26 Q1 0.3 0.2 3.1 2.0 3.6 -1.1 -4.2 0.4 -1.3 -1.0 -5.8 4.1 6.6 ......... ......... -2.6 -1.7 -4.1 -5.3 -5.2 -6.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1.5 0.6 1.1 0.7 1.1 0.1 -0.7 0.6 0.0 1.2 -0.7 -1.2 1.8 0.5 2.2 1.2 0.0 -1.1 -0.6 -0.1 2.4 1.3 1.4 1.1 1.1 1.5 2.1 2.6 1.5 1.1 1.8 2.5 2.4 2.6 1.5 2.4 3.7 4.1 3.2 1.7 1.5 1.7 3.0 2.8 4.2 5.8 1.1 -1.4 0.6 1.1 2.3 4.2 5.4 2.4 1.1 2.2 4.3 5.5 2.5 0.9 3.0 4.8 5.6 3.7 1.9 1.2 1.6 2.3 2.2 2.4 2.6 2.2 1.8 1.6 1.8 2.4 2.1 2.5 2.9 2.3 2.1 2.9 2.5 2.2 2.4 2.5 2.7 2.4 3.3 2.7 2.5 2.0 2.6 2.3 2.6 2.7 3.5 2.9 2.8 2.8 2.8 2.9 3.2 2.9 3.4 2.9 3.0 2.7 3.1 2.8 3.1 3.2 3.6 2.2 2.8 3.3 3.2 3.2 3.5 3.4 3.4 2.9 3.0 3.0 3.5 3.4 3.5 2.8 3.6 2.4 2.4 2.2 2.8 2.5 2.7 2.2 3.7 2.0 2.1 2.0 2.5 2.3 2.4 1.9 3.2 2.1 2.1 1.7 2.5 2.2 2.2 1.8 2.1 1.2 1.6 2.3 2.1 2.3 2.3 2.1 1.8 1.9 0.7 -9.0 -3.9 27 2.1 0.5 -9.0 -3.4 28 2.8 1.1 -7.4 -2.7 29 1.9 -0.2 -9.3 -2.5 30 2.4 0.7 -7.7 -2.2 31 2.3 0.2 -9.7 -2.7 32 2.3 0.3 -9.5 -3.3 33 1.6 1.4 12.2 6.9 34 1.3 2.0 1.7 1.8 2.0 2.1 2.5 2.5 2.2 1.8 1.7 1.5 1.4 1.6 0.7 1.2 35 1.5 1.5 1.7 1.6 1.8 1.2 1.8 2.0 2.1 2.0 1.8 1.8 1.7 1.7 1.8 1.6 1.6 1.3 1.7 1.9 1.8 1.6 1.5 1.3 1.9 2.0 1.9 1.8 1.7 1.5 2.1 2.1 2.1 2.0 1.8 1.5 2.4 2.6 2.5 2.3 2.1 2.0 2.4 2.5 2.6 2.3 2.1 2.0 2.3 2.3 2.5 2.0 2.0 1.7 2.0 2.0 2.2 1.4 1.7 1.3 1.8 1.8 2.0 1.5 1.7 1.3 1.7 1.7 2.0 1.5 1.8 1.3 1.5 1.6 1.7 1.5 1.6 1.4 1.6 1.7 1.8 1.7 1.8 1.5 0.9 0.6 0.9 0.6 1.0 0.7 1.3 1.1 1.2 1.2 1.4 1.2 1.4 1.5 1.2 1.1 1.2 1.3 1.7 1.8 1.7 1.6 1.4 1.6 1.5 1.5 1.2 1.4 42 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 2020. 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 - 14 - November 25, 2020 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 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 Seasonally adjusted at annual rates Line 2019 2020 Q2 r Q3 r Q3 Q4 Q1 21,540.3 21,747.4 21,561.1 19,520.1 21,157.1 1 1,181.2 1,165.9 1,054.6 866.0 961.6 2 901.4 884.8 811.4 714.2 773.6 3 21,820.1 22,028.5 21,804.3 19,672.0 21,345.2 4 3,443.3 3,474.4 3,509.0 3,534.4 3,572.3 5 75.0 26.2 -110.2 -13.4 293.2 6 18,301.8 18,527.8 18,405.5 16,151.0 17,479.7 7 11,438.0 11,564.8 11,674.4 10,949.5 11,533.0 8 9,311.3 9,422.5 9,526.1 8,908.8 9,405.9 9 2,126.6 2,142.4 2,148.3 2,040.7 2,127.1 10 2017 2018 2019 19,543.0 1,032.7 740.4 19,835.3 3,112.9 -131.4 16,853.9 10,422.5 8,471.5 1,951.1 20,611.9 1,142.9 858.2 20,896.6 3,265.0 -58.0 17,689.6 10,950.1 8,894.2 2,055.9 21,433.2 1,169.8 900.2 21,702.9 3,420.9 12.8 18,269.1 11,432.4 9,309.3 2,123.1 1,509.0 1,585.9 1,657.7 1,677.0 1,697.7 1,706.0 1,511.9 1,804.5 11 721.9 759.3 787.1 789.7 795.5 802.3 796.1 806.0 12 2,114.5 636.4 1,304.1 150.7 -5.3 2,243.0 619.1 1,381.5 156.6 -5.8 2,250.5 573.4 1,417.5 158.0 -7.6 2,246.5 571.0 1,419.6 168.1 -8.0 2,311.3 586.0 1,428.5 152.0 -7.9 2,035.0 588.9 1,454.9 156.8 -12.8 1,826.1 619.3 309.2 160.4 -21.4 2,321.4 626.3 248.7 159.3 -19.5 13 14 15 16 17 19,674.4 20,669.9 21,420.4 21,465.3 21,721.2 21,671.3 19,533.5 20,863.9 18 19,608.7 20,640.9 21,426.8 21,502.8 21,734.3 21,616.2 19,526.8 21,010.5 19 -0.7 -0.3 0.1 0.3 0.1 -0.5 -0.1 1.4 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2020. Source: U.S. Bureau of Economic Analysis - 15 - November 25, 2020 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 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 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) dollars 2 20 Disposable personal income, billions of chained (2012) dollars 2 2017 2018 2019 Seasonally adjusted at annual rates 2019 2020 Q2 r Q3 r Q3 Q4 Q1 16,948.6 17,851.8 18,551.5 18,597.6 18,760.8 18,951.0 20,457.3 19,926.4 10,422.5 10,950.1 11,432.4 11,438.0 11,564.8 11,674.4 10,949.5 11,533.0 8,471.5 8,894.2 9,309.3 9,311.3 9,422.5 9,526.1 8,908.8 9,405.9 1,951.1 2,055.9 2,123.1 2,126.6 2,142.4 2,148.3 2,040.7 2,127.1 Line 1 2 3 4 1,509.0 41.5 1,467.4 1,585.9 43.0 1,542.9 1,657.7 49.7 1,608.0 1,677.0 58.9 1,618.1 1,697.7 58.7 1,639.0 1,706.0 56.4 1,649.6 1,511.9 38.9 1,473.0 1,804.5 62.9 1,741.6 5 6 7 721.9 2,738.5 1,577.6 1,160.8 2,855.1 759.3 2,946.7 1,641.6 1,305.1 2,970.3 787.1 2,967.9 1,677.4 1,290.4 3,125.2 789.7 2,970.1 1,681.7 1,288.3 3,141.9 795.5 2,980.4 1,693.4 1,287.0 3,155.2 802.3 2,984.3 1,679.7 1,304.6 3,235.5 796.1 2,910.2 1,637.0 1,273.2 5,678.0 806.0 8 2,862.8 9 1,629.0 10 1,233.8 11 4,370.0 12 1,298.4 1,360.4 1,418.8 1,419.0 1,432.9 1,451.5 1,388.4 1,449.8 13 2,046.7 2,085.3 2,202.9 2,197.1 2,221.2 2,252.4 2,096.5 2,186.6 14 14,901.9 15,766.5 16,348.6 16,400.5 16,539.6 16,698.6 18,360.8 17,739.8 15 13,830.9 14,529.2 15,117.4 15,219.9 15,335.8 15,103.3 13,590.0 14,880.5 16 1,071.0 1,237.3 1,231.2 1,180.6 1,203.8 1,595.3 4,770.8 2,859.3 17 7.2 7.8 7.5 7.2 7.3 9.6 26.0 16.1 18 13,297.8 13,748.8 14,042.9 14,037.4 14,119.5 14,173.6 13,383.3 13,958.8 19 14,060.5 14,566.4 14,882.5 14,895.4 14,964.5 15,060.3 16,626.5 15,917.9 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2020. 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 - 16 - November 25, 2020 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Seasonally adjusted at annual rates Line 2017 2018 2019 2019 Q3 2020 Q4 Q1 Q2 Q3 Percent change from preceding period Quarter Quarterly rates one year Line ago 2018 2019 2020 2019 2020 Q4 Q1 Q2 Q3 Q3 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Less: Taxes on corporate income 2,114.5 2,243.0 2,250.5 2,246.5 2,311.3 2,035.0 1,826.1 2,321.4 311.3 282.9 298.7 283.0 312.3 255.6 236.8 294.3 6.1 -9.1 0.3 5.6 2.9 -12.0 -10.3 10.3 -18.2 -7.3 27.1 24.3 3.3 4.0 1 2 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments 4 Net dividends 1,803.2 1,960.1 1,951.8 1,963.4 1,998.9 1,779.5 1,589.4 2,027.1 1,270.4 1,390.1 1,360.8 1,348.5 1,356.3 1,379.5 1,364.5 1,348.3 8.7 9.4 -0.4 -2.1 1.8 -11.0 -10.7 0.6 1.7 -1.1 27.5 -1.2 3.2 0.0 3 4 7.0 3.7 4.5 -37.8 -43.8 201.9 10.4 5 1,934.4 2,332.9 2,460.0 2,497.4 2,542.9 2,321.3 2,101.9 2,625.7 20.6 5.4 1.8 -8.7 -9.5 24.9 5.1 Undistributed profits with inventory valuation and capital consumption 532.8 570.0 591.0 615.0 642.7 400.0 224.9 678.8 7.0 3.7 4.5 -37.8 -43.8 201.9 10.4 adjustments Consumption of fixed capital 8 1,695.8 1,773.6 1,867.9 1,881.2 1,899.3 1,920.4 1,934.1 1,946.1 4.6 5.3 1.0 1.1 0.7 0.6 3.5 Less: Capital transfers paid (net) 9 294.2 10.7 -1.1 -1.3 -0.9 -0.9 57.0 -0.8 .......... .......... .......... .......... .......... .......... ............... Addenda: 6 5 6 Undistributed profits with inventory valuation and capital consumption adjustments 532.8 570.0 591.0 615.0 642.7 400.0 224.9 678.8 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment 7 10 11 12 13 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 2,183.2 2,186.7 2,237.3 2,203.4 2,313.1 1,994.7 1,793.8 2,421.0 0.2 2.3 5.0 -13.8 -10.1 35.0 7 8 9 9.9 10 1,871.9 1,903.8 1,938.6 1,920.3 2,000.7 1,739.1 1,557.1 2,126.7 1.7 1.8 4.2 -13.1 -10.5 36.6 10.7 11 -52.7 -54.7 -5.3 28.4 -18.1 58.9 50.4 -83.0 .......... .......... .......... .......... .......... .......... ............... 12 -16.0 111.0 18.5 14.7 16.3 -18.5 -18.1 -16.5 .......... .......... .......... .......... .......... .......... ............... 13 Source: U.S. Bureau of Economic Analysis - 17 - November 25, 2020 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Line 2017 2018 2019 [Billions of dollars] Level Seasonally adjusted at annual rates 2019 2020 Q3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 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 25 26 27 28 29 30 31 32 33 Rest of the world Q4 Q1 Q2 Change from preceding period Q3 2018 2,114.5 2,243.0 2,250.5 2,246.5 2,311.3 2,035.0 1,826.1 2,321.4 128.5 1,617.3 1,730.4 1,745.1 1,731.9 1,794.6 1,561.9 1,442.5 1,898.2 113.1 417.9 424.1 462.0 456.8 473.4 431.2 457.7 482.2 6.1 1,199.3 1,306.4 1,283.0 1,275.2 1,321.2 1,130.7 984.8 1,416.0 107.0 497.2 512.5 505.4 514.5 516.6 473.1 383.6 423.2 15.3 803.4 866.3 871.2 877.3 880.8 790.5 656.0 753.5 62.9 306.2 353.7 365.7 362.7 364.2 317.4 272.4 330.3 2,130.5 2,132.0 2,232.0 2,231.7 2,294.9 2,053.5 1,844.3 2,337.9 1,633.3 1,619.5 1,726.5 1,717.2 1,778.3 1,580.4 1,460.7 1,914.8 435.6 418.2 470.5 466.7 482.9 444.7 471.1 495.8 78.2 68.0 52.4 50.7 49.4 68.5 77.3 94.0 357.3 350.2 418.1 416.0 433.5 376.2 393.8 401.7 1,197.7 1,201.3 1,256.0 1,250.5 1,295.4 1,135.7 989.6 1,419.0 14.0 21.7 27.2 27.1 27.3 22.5 29.0 .............. 304.7 337.6 336.5 341.0 335.7 302.2 197.6 .............. 173.6 171.0 181.3 174.2 170.1 157.8 103.9 .............. 22.0 19.8 24.8 23.9 24.2 23.0 12.5 .............. 21.6 19.0 26.4 27.1 26.1 20.9 6.9 .............. 47.5 2019 7.6 14.6 38.0 -23.3 -7.1 4.9 12.0 1.5 100.0 -13.8 107.1 -17.4 52.3 -10.2 -15.6 -7.2 67.9 3.6 54.7 7.7 5.5 32.9 -1.1 -2.7 10.4 -2.2 4.9 -2.6 7.4 2019 Q4 Line 2020 Q1 Q2 Q3 64.8 -276.2 -208.9 495.3 62.7 -232.7 -119.4 455.7 16.7 -42.2 26.5 24.5 46.0 -190.5 -145.9 431.2 2.1 -43.5 -89.5 39.6 3.5 -90.3 -134.5 97.5 1.4 -46.8 -45.0 57.9 1 2 3 4 5 6 7 63.2 -241.4 -209.2 493.7 8 61.1 -197.9 -119.7 454.1 9 16.2 -38.2 26.3 24.7 10 -1.3 19.1 8.8 16.8 11 17.5 -57.3 17.6 7.9 12 44.9 -159.7 -146.1 429.4 13 0.2 -4.8 6.5 ........... 14 -5.3 -33.5 -104.7 ........... 15 -4.1 -12.3 -53.9 ........... 16 0.3 -1.2 -10.5 ........... 17 -1.0 -5.2 -14.0 ........... 18 49.4 54.5 50.8 45.4 51.3 54.7 53.8 .............. 5.1 -3.7 5.9 3.4 -0.8 ........... 19 5.8 10.9 11.4 12.5 10.9 7.9 11.0 .............. 5.1 0.5 -1.6 -2.9 3.0 ........... 20 13.0 61.8 131.1 1.0 65.8 166.7 0.6 67.3 155.2 0.2 65.2 166.8 -2.1 59.7 165.6 -1.1 52.4 144.4 2.5 .............. 17.2 .............. 93.7 .............. -12.0 3.9 35.6 -0.4 1.6 -11.5 -2.3 -5.4 -1.2 1.0 -7.4 -21.2 3.6 ........... 21 -35.2 ........... 22 -50.8 ........... 23 60.0 -7.9 53.4 25.6 122.0 149.1 58.7 138.0 411.1 497.2 47.6 31.0 60.9 27.3 105.7 146.5 52.8 139.2 397.7 512.5 48.3 17.5 58.3 31.2 111.3 168.0 56.4 130.8 425.8 505.4 51.6 21.7 61.3 32.2 113.4 166.8 59.5 108.4 434.3 514.5 48.0 25.8 58.8 33.1 117.4 184.2 57.0 138.7 435.1 516.6 50.4 15.9 57.0 21.2 108.3 167.1 37.8 126.7 371.0 473.1 -12.4 38.9 7.5 1.6 -16.3 -2.7 -5.9 1.2 -13.4 15.3 0.7 -13.5 -2.6 3.9 5.6 21.6 3.6 -8.4 28.1 -7.1 -3.7 4.2 -2.5 0.9 4.0 17.3 -2.5 30.3 0.8 2.1 2.5 -9.9 -1.8 -11.9 -9.1 -17.1 -19.2 -12.0 -64.1 -43.5 12.3 -55.2 1.9 -9.8 -6.9 38.0 -18.6 -17.2 -43.2 -89.5 Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 18 - 62.7 -39.3 58.9 11.4 101.4 205.1 19.2 109.5 327.8 383.6 .............. .............. .............. .............. .............. .............. .............. .............. .............. 423.2 ........... ........... ........... ........... ........... ........... ........... ........... ........... 39.6 24 25 26 27 28 29 30 31 32 33 November 25, 2020 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Line 2017 2018 Seasonally adjusted at annual rates 2019 2020 2019 Q3 Q4 Q1 Q2 r Line Q3 Billions of dollars 1 18 19 Gross value added of nonfinancial corporate business Consumption of fixed capital Net value added Compensation of employees Wages and salaries Supplements to wages and salaries Taxes on production and imports less subsidies Net operating surplus Net interest and miscellaneous payments Business current transfer payments (net) Corporate profits with inventory valuation and capital consumption adjustments Taxes on corporate income Profits after tax with inventory valuation and capital consumption adjustments Net dividends Undistributed profits with inventory valuation and capital consumption adjustments Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation adjustment Capital consumption adjustment 20 Gross value added of nonfinancial corporate business 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 9,635.8 10,100.8 10,458.2 10,473.3 10,579.3 10,487.3 1,489.3 1,557.1 1,639.2 1,650.4 1,666.6 1,684.8 8,146.5 8,543.6 8,819.0 8,822.9 8,912.7 8,802.6 5,703.9 6,018.3 6,300.9 6,297.3 6,355.7 6,412.3 4,784.9 5,046.1 5,294.9 5,291.9 5,340.5 5,396.3 919.0 972.2 1,006.0 1,005.4 1,015.3 1,016.0 825.3 873.6 914.7 918.7 924.1 941.7 1,617.3 1,651.8 1,603.5 1,606.9 1,632.9 1,448.6 331.8 262.0 243.3 243.1 242.8 242.8 86.1 83.4 77.1 88.6 68.9 75.2 9,192.0 1,696.6 7,495.4 6,004.8 5,054.6 950.2 183.2 1,307.5 251.0 71.7 9,993.3 1 1,706.5 2 8,286.8 3 6,390.8 4 5,387.5 5 1,003.3 6 155.5 7 1,740.5 8 252.9 9 71.6 10 1,199.3 224.2 1,306.4 196.4 1,283.0 212.4 1,275.2 195.6 1,321.2 221.7 1,130.7 184.8 984.8 160.6 1,416.0 11 212.2 12 975.2 720.7 1,109.9 259.8 1,070.7 636.6 1,079.5 672.8 1,099.5 661.8 945.8 607.2 824.3 736.1 1,203.8 13 292.2 14 254.4 850.1 434.1 406.8 437.8 338.7 88.2 911.7 15 1,250.4 1,255.9 1,261.3 1,222.2 1,313.5 1,076.8 939.2 1,502.0 16 1,026.2 -52.7 1.6 1,059.5 -54.7 105.1 1,049.0 -5.3 27.0 1,026.5 28.4 24.7 1,091.9 -18.1 25.8 892.0 58.9 -5.0 778.6 50.4 -4.8 1,289.9 17 -83.0 18 -3.0 19 8,911.1 20 Billions of chained (2012) dollars 21 Consumption of fixed capital 2 22 Net value added 3 23 24 25 26 27 28 29 30 31 9,026.1 9,260.6 9,405.1 9,394.4 9,454.3 9,358.0 8,292.6 1,458.2 1,510.7 1,571.5 1,579.7 1,597.1 1,615.1 1,629.0 1,642.9 21 7,568.0 7,749.9 7,833.6 Dollars; quarters seasonally adjusted 7,814.8 7,857.3 7,742.9 6,663.6 7,268.2 22 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 1.068 0.632 0.303 0.165 1.091 0.650 0.300 0.168 1.112 0.670 0.306 0.174 1.115 0.670 0.309 0.176 1.119 0.672 0.307 0.176 1.121 0.685 0.315 0.180 1.108 0.724 0.266 0.205 1.121 0.717 0.245 0.192 0.101 0.037 0.103 0.028 0.105 0.026 0.107 0.026 0.105 0.026 0.109 0.026 0.031 0.030 0.025 27 0.028 28 0.133 0.025 0.141 0.021 0.136 0.023 0.136 0.021 0.140 0.023 0.121 0.020 0.119 0.019 0.159 29 0.024 30 0.108 0.120 0.114 0.115 0.116 0.101 0.099 0.135 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 2020. 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 - 19 - November 25, 2020 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change 2017 2018 2019 2016 Q4 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 added 1 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output Seasonally adjusted at annual rates 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Percent change from preceding period 2.3 3.5 1.7 3.2 -0.8 3.0 5.7 2.0 1.4 7.5 2.2 4.1 1.6 -0.4 0.3 2.5 3.7 1.5 6.5 -0.5 2.3 0.7 2.3 7.5 -8.5 1.7 2.9 4.9 9.5 0.6 1.2 -0.5 -5.6 4.5 -10.6 2.4 2.9 2.2 2.6 2.6 1.6 2.8 3.5 2.3 3.0 1.02 1.04 0.27 -0.02 3.9 5.5 2.6 7.6 34.6 3.8 6.0 2.5 5.8 6.2 2.7 4.6 1.8 2.9 2.7 2.1 1.3 2.9 3.5 6.9 5.9 2.4 0.5 1.2 -4.1 -10.8 5.3 1.7 10.3 -12.1 1.5 -0.5 2.4 2.1 -1.0 3.1 3.7 2.7 2.1 2020 Q2 Q1 2.6 2.4 -5.0 4.2 3.2 -3.5 1.8 2.1 -7.6 2.6 1.5 10.3 21.5 -14.6 -24.7 Line Q3 r -31.4 33.1 -29.0 61.0 -32.9 23.6 -28.4 15.2 -86.9 1131.2 1 2 3 4 5 1.1 3.4 1.6 2.1 2.9 -4.4 -29.0 26.4 6 2.5 3.4 2.4 2.1 3.8 4.7 4.3 3.0 2.3 1.4 Contributions to percent change in real gross domestic product 3.8 1.2 2.9 2.8 -6.4 -36.8 43.4 7 2.9 1.5 2.6 2.4 -5.0 -31.4 33.1 8 2.2 2.5 2.3 1.7 3.4 Q4 2.9 3.9 3.8 1.66 1.19 1.07 0.23 1.39 2.67 1.22 1.00 0.94 1.43 0.37 0.76 0.12 -0.03 0.53 0.62 -0.04 -0.49 0.21 0.01 -0.02 -0.25 0.12 -0.31 1.62 1.63 0.62 0.82 1.74 1.55 0.49 0.17 2.7 2.1 1.3 1.34 1.02 1.96 1.72 -0.13 1.11 1.46 0.31 0.77 1.45 0.25 -0.36 -0.96 0.44 0.18 0.08 0.05 0.28 -0.36 -0.03 1.23 0.94 -0.98 -7.40 17.09 9 1.12 1.29 -4.82 -21.32 14.54 10 0.22 0.13 0.85 -2.66 1.44 11 0.54 -0.43 -0.73 -3.99 5.91 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 Line Q2 1 2 3 4 5 6 7 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) 8 GDP 9 Gross domestic income 2018 Q3 Billions of chained (2012) dollars at quarterly rates 2019 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q2 r Q3 r Percent change from quarter one year ago Line 2018 2019 2020 r r Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4,666.8 4,720.4 4,791.7 4,603.3 4,764.4 4,813.8 4,910.2 4,628.7 4,333.8 4,685.0 3.0 2.4 2.1 2.1 2.0 2.5 0.6 -9.0 -2.7 1 3,221.3 3,237.3 3,352.1 3,176.5 3,302.2 3,320.6 3,440.9 3,186.5 2,964.4 3,222.8 2.9 2.3 1.9 2.5 2.6 2.6 0.3 -10.2 -2.9 2 5.9 6.4 4.9 3.1 0.5 -1.3 -3.1 -17.5 -2.7 3 -208.6 -242.7 -234.0 -207.0 -241.8 -256.5 -212.3 -181.8 -194.6 -272.2 ........ ........ ........ ........ ........ ........ ........ ......... ......... 649.3 634.0 647.3 619.4 640.5 635.5 651.3 607.4 483.3 536.5 2.4 0.4 0.1 -1.4 0.2 0.6 -1.9 -24.5 -15.6 857.9 876.7 881.3 826.4 882.3 892.0 863.5 789.3 677.9 808.7 5.1 3.4 1.9 2.8 1.7 -2.0 -4.5 -23.2 -9.3 4 5 6 810.1 838.9 900.5 817.4 852.1 814.9 832.0 798.3 864.8 830.8 904.8 835.5 841.0 839.2 805.8 820.2 713.3 850.2 880.1 842.6 2.5 1.6 1.4 2.6 2.2 3.0 2.7 0.8 7 5,154.6 5,219.5 5,305.6 5,132.2 5,357.3 5,415.4 5,528.3 5,245.5 4,901.8 5,321.3 5,078.6 5,138.0 5,321.5 5,314.7 5,284.9 5,300.5 5,520.4 5,472.1 4,783.8 5,151.9 5.5 5.5 4.9 5.3 4.1 3.6 3.9 4.1 3.8 3.2 4.2 3.7 2.2 -8.5 -1.7 3.0 -9.5 -2.8 8 9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2020. Source: U.S. Bureau of Economic Analysis - 20 - 2.3
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