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U N IT E D S TA TE S D E P A R T M E N T O F So c i a l a n d Ec o n o m i e C O M M E R C E St a t i s t i c s A d m i n i s t r a t i o n B U R EA U OF EC O N O M I C A N A L Y SI S W A SH I N G T O N , D . C . 20230 EMBARGOED F OR WI RE T RANSMI SSI ON AT 1 : 3 0 P. M. THURSDAY, J ANUARY 16, 1 9 7 5 Leo M. Ber nst ei n: 523- 0824 BEA 75- 04 GROSS NATI ONAL PRODUCT ( GNP) GROSS DOMESTI C PRODUCT ( GDP) PRELI MI NARY REPORT FOR FOURTH QUARTER AND YEAR 1974 Gr oss nat i onal pr oduc t - - t he mar k et val ue of t he Nat i on' s out put of goods and ser vi ces — r ose $11. 7 bi l l i on or 3. 3 per c ent at annual r at e i n t he f our t h quar t er of annual r at e of $1, 428. 0 bi l l i on, 1974 t o a seas onal l y adj ust ed ac cor di ng t o pr el i mi nar y f i gur es r el eas ed by t he Bur eau of Economi c Anal ys i s , Depar t ment ' s Soci al t hi r d quar t er , an an agency of t he Commer ce and Economi c St at i s t i cs Admi ni st r at i on. GNP i ncr eased $32. 5 bi l l i on or 9. 7 per c ent I n t he at an annual r at e. Real out put ( GNP adj ust ed f or pr i ce changes) decl i ned r at e of 9. 1 per c ent i n t he f our t h quar t er , compar ed wi t h a 1. 9 per cent i n t he t hi r d. Pr i ces, as meas ur ed by t he GNP def l at or , r ose at an annual r at e of 13. 7 per cent , compar ed per cent i n t he t hi r d quar t er . at an annual decl i ne of i mpl i c i t pr i ce wi t h 11. 9 Gr oss domest i c pr oduc t i ncr eased $14. 0 bi l l i on, compar ed wi t h $31. 1 bi l l i on i n t he t hi r d quar t er . Real GDP decl i ned at an annual r at e of 8. 9 per cent , compar ed wi t h a decl i ne of 2. 1 per c ent i n t he t hi r d. GNP and per sonal i ncome st at i s t i cs f or 1974 ar e shown i n t he ac c ompanyi ng t abl e. Addi t i onal det ai l wi l l appear i n t he J anuar y i ssue of t he Sur v ey of Cur r ent Bus i nes s , t he mont hl y magazi ne of t he Bur eau of Economi c Anal ysi s. The Sur v ey i s av ai l abl or f r om t he Super i nt endent Washi ngt on, D. C. 20402, at week l y suppl ement s; si ngl e e f r om Depar t ment of Commer ce Di st r i ct Of f i ces of Document s, U. S. Gover nment Pr i nt i ng Of f i ce, an annual subs cr i pt i on pr i ce of $48. 30, i ncl udi ng copy $3. 00. -m or e - - 2 - For t he y ear 1974, GNP t ot al ed $1, 396. 7 bi l l i on, an i ncr ease of $101. 8 bi l l i on or 7. 9 per c ent over 1973. Al l of t he i ncr ease was at t r i but abl e t o pr i ces, whi c h r ose 10. 2 per cent . Real out put de cl i ned 2. 2 per cent . I n 1973, GNP i ncr eased $136. 9 bi l l i on or 11. 8 per cent over 1972, as r eal out put i ncr eased 5. 9 per c ent and pr i ces r ose 5. 6 per cent . Real GDP decl i ned 2. 0 per c ent i n 1974, compar ed wi t h an i ncr ease of 5. 9 per cent i n 1973. The Bur eau emphas i z ed t hat t he f our t h quar t er f i gur es ar e based on pr el i mi nar y and i ncompl et e sour ce dat a. Dat a ar e not avai l abl e f or December on f or ei gn t r ade and c ons umer pr i ces, and ar e i ncompl et e f or i nvent or i es and domest i c t r ade. Revi sed est i mat es based on mor e c ompr e hensi ve dat a wi l l be i ssued next mont h. Four t h Quar t er 1974 Fi nal sal es i ncr eased $5. 9 bi l l i on i n t he f our t h quar t er , compar ed wi t h $37. 3 bi l l i on i n t he t hi r d. I ncr eases oc cur r ed i n busi ness f i xed i nvest ment , net expor t s, and gover nment pur chases. Thes e wer e l ar gel y of f s et by decl i nes i n cons umer spendi ng and i n r esi dent i al cons t r uc t i on I nvent or y i nvest ment amount ed t o $14. 4 bi l l i on i n t he f our t h quar t er compar ed wi t h $8. 7 bi l l i on i n t he t hi r d and $13. 5 bi l l i on i n t he f i r st . The f our t h quar t er i ncr ease was due t o t he bui l dup i n st ocks of unsol d new car s. Cons umer spendi ng Per sonal cons umpt i on ex pendi t ur es decl i ned $4. 5 bi l l i on i n t he f our t h quar t er , compar ed wi t h an i ncr ease of $32. 2 bi l l i on i n t he t hi r d. Pur chases of dur abl e goods decl i ned $14. 6 bi l l i on wi t h new car pur chases f al l i ng $11. 5 bi l l i on. Pur c hases of nondur abl e goods i ncr eased $2. 5 bi l l i on, r e f l ect i ng i ncr eased spendi ng on f ood and decl i nes i n ot her nondur abl es. Ex pendi t ur es on ser vi ces i ncr eased $7. 6 bi l l i on. I n t he t hi r d quar t er , dur abl es i ncr eased $6. 6 bi l l i on, nondur abl es $13. 2 bi l l i on, and ser vi ces $12. 4 bi l l i on. t he out l savi 6. 6 Di spos abl e ( af t er - t ax) per sonal f our t h quar t er , compar ed wi t h a ays. As a r esul t , per sonal savi ng r at e ( savi ng as a per c ent age per c ent i n t he t hi r d quar t er t o - m o i ncome i ncr eased $15. 6 bi l l i on i n decl i ne of $4. 3 bi l l i on i n per sonal ng i ncr eased $19. 9 bi l l i on and t he of di spos abl e i ncome) i ncr eased f r om 8. 5 per c ent i n t he f our t h. r e - - 3- Fi xed i nvest ment Busi ness f i xed i nvest ment i ncr eased $1. 8 bi l l i on i n t he f our t h quar t er , compar ed wi t h $1. 5 bi l l i on i n t he t hi r d. Nonr esi dent i al cons t r uc t i on out l ays i ncr eased $3. 3 bi l l i on, c ompar ed wi t h a $1. 2 bi l l i on decl i ne i n t he t hi r d. Spendi ng on pr oducer s' dur abl e equi pment decl i ned $1. 5 bi l l i on, compar ed wi t h an i ncr ease of $2. 7 bi l l i on i n t he t hi r d. Resi dent i al cons t r uc t i on out l ays decl i ned $5. 7 bi l l i on, compar ed wi t h a decl i ne of $2. 6 bi l l i on i n t he t hi r d. Net expor t s Based on pr el i mi nar y and i ncompl et e dat a, net expor t s of goods and ser vi c es i ncr eased $4. 3 bi l l i on i n t he f our t h quar t er as expor t s showed a smal l i ncr ease whi l e i mpor t s decl i ned. I n t he t hi r d quar t er , net expor t s dec! i ned $1. 6 bi l l i on. Gover nment pur chases Feder al Gover nment pur c hases of goods and ser vi c es i ncr eased $5. 6 bi l l i on i n t he f our t h quar t er , compar ed wi t h $2. 9 bi l l i on i n t he t hi r d. Def ens e spendi ng was up $5. 1 bi l l i on and nondef ense $0. 5 bi l l i on. A pay r ai se f or Feder al empl oy ees t hat went i nt o ef f ect i n Oc t ober ac count ed f or $2. 3 bi l l i on of t he i ncr ease. Ex cl udi ng t he pay r ai se, def ense spendi ng i ncr eased about $3. 2 bi l l i on and nondef ense was l i t t l e changed. St at e and l ocal gover nment pur c hases r ose $4. 5 bi l l i on, compar ed wi t h $5. 0 bi l l i on i n t he t hi r d quar t er . Al t er nat i v e meas ur e of pr i ce change The i mpl i c i t pr i ce def l at or i s a meas ur e of pr i c e change based on shi f t i ng wei ght s t hat r ef l ec t changes i n t he compos i t i on of GNP. An al t er nat i v e meas ur e of pr i ce change, t he chai n pr i ce i ndex, uses wei ght s of t he pr i or quar t er i n t he c al c ul at i on of pr i ce change each quar t er . Thi s i ndex r ose at an annual r at e of 11. 3 per c ent i n t he f our t h quar t er , compar ed wi t h 12. 7 per c ent i n t he t hi r d. Def i ni t i ons of GNP and GDP GNP i s t he mar k et val ue of t he out put of goods and ser vi c es ac cr ui ng t o r esi dent s of t he Nat i on. I t i ncl udes f act or i ncome r ecei v ed by U. S. r esi dent s f r om abr oad - pr i mar i l y t he r et ur n on U. S. - owned capi t al i n f or ei gn count r i es - and excl udes f act or i ncome ear ned i n t he Uni t ed St at es by f or ei gner s - pr i mar i l y t he r et ur n on f or ei gn- owned capi t al i n t he Uni t ed St at es. GDP i s t he mar k et val ue of t he out put pr oduc ed wi t hi n t he boundar i es of t he Uni t ed St at es. I t excl udes f act or i ncome r ecei ved by U. S. r esi dent s f r om abr oad and i ncl udes f act or i ncome ear ned i n t he Uni t ed St at es by f or ei gner s. -m or e - f o r m U.S. D EPA RT M EN T O F C O M M ERC E SO C IA L AN D EC O N O M IC ST A T I ST IC S A D M IN . BU R EA U O F EC O N O M IC A N A L Y SIS BE- 479 (9- 3- 74) GROSS NATIONAL PRODUCT AND DISPOSITION OF PERSON AL INCOME G R O SS N A T I O N A L PR O D U C T 1974 1973 1972 p 1974 1973 1974 1973 I I I I I . I Se aso n al l y ad ju st ed at an nu al r at es IV 1973 1972 IV P 1974P iv p I I I II I IV Se aso n al l y ad ju st ed a t an n u al r at es Bi l l i o n s of B i l l i o n s o f cu r r en t d o l lar s 958 d o l lar s G r o s s n a t i o n a l p r o d u c t ( G N P ) ........................ 1 1 5 8 . 0 1 2 9 4 .9 1 3 9 6 .7 1 3 4 4 .0 1 3 5 8 .8 1 3 8 3 .8 1 4 1 6 .3 1 4 2 8 .0 7 9 2 .5 8 3 9 .2 8 2 1 .1 8 4 5 .7 8 3 0 .5 8 2 7 .1 8 2 3 .1 8 0 3 .7 7 2 9 .0 8 0 5 .2 8 7 7 .0 8 2 3 .9 8 4 0 .6 8 6 9 .1 9 0 1 .3 8 9 6 .8 5 2 7 .3 5 5 2 .1 5 3 9 .9 P e r s o n a l c o n s u m p t i o n e x p e n d i t u r e s ............................................................ 5 4 6 .3 5 3 9 .7 5 4 2 .7 5 4 7 .2 5 3 0 .1 1 1 8 .4 1 3 0 .3 1 2 7 .8 1 2 4 .3 1 2 3 .9 1 2 9 .5 1 3 6 .1 1 2 1 .5 1 0 4 .9 1 1 3 .6 1 0 3 .4 1 0 7 .2 1 0 5 .2 1 0 6 .8 1 0 7 .8 9 3 .7 2 9 9 .7 3 1 0 .9 3 3 8 .0 3 3 6 .9 3 8 0 .2 3 6 4 .4 3 5 2 .4 3 7 5 .8 3 6 3 .8 3 8 9 .0 3 7 6 .2 3 9 1 .5 2 2 0 .2 2 0 2 .2 2 2 8 .6 2 0 9 .9 2 2 3 .8 3 6 9 .1 3 5 2 .1 3 4 7 .4 2 1 2 .8 2 2 7 .4 2 1 1 .7 2 2 3 .9 2 1 0 .6 2 2 3 .6 2 1 2 .2 2 2 5 .8 2 1 3 .7 2 2 1 .7 2 1 4 .7 2 0 9 .4 2 0 8 .9 2 2 4 .5 2 1 0 .5 2 1 1 .8 2 0 5 .8 1 2 5 .0 1 3 8 .1 1 2 6 .3 1 3 3 .3 1 3 0 .3 1 2 2 .7 1 7 0 .8 1 9 4 .0 1 9 5 .6 1 9 5 .5 1 9 8 .3 1 9 7 .1 1 1 8 .0 1 2 7 .3 1 1 8 .1 1 2 5 .8 1 2 2 .7 1 2 2 .2 1 1 7 .7 N o n r e s i d e n t i a l ........................................................................... 1 3 6 .8 1 4 9 .6 1 4 9 .4 5 2 .2 9 7 .2 1 5 2 .7 5 4 .3 8 3 .7 2 3 .8 5 9 .8 9 4 .4 2 5 .4 9 4 .1 9 6 .0 2 6 .0 7 0 .0 9 6 .3 2 6 .7 6 9 .7 9 6 .5 2 6 .6 6 9 .9 9 4 .1 2 5 .4 8 9 .3 9 7 .4 1 4 1 .9 4 9 .3 9 2 .6 1 5 0 .9 4 7 .0 8 9 .8 5 2 .2 Pr o d u cer s’ d u r ab le e q u i p m e n t ........................................... 1 1 6 .8 4 1 .1 7 5 .7 1 9 3 .6 1 4 5 .2 1 1 8 .9 1 0 9 .7 Fi x e d in vest m en t ........................................................................... 2 0 7 .6 1 9 3 .2 1 4 5 .8 G r o s s p r i v a t e d o m e s t i c i n v e s t m e n t ................................................................ 1 7 9 .3 6 8 .7 Resi d en t i al s t r u c t u r e s .............................................................. N o n f a r m ................................................................................. 5 4 .0 5 3 .4 5 7 .2 5 6 .7 4 6 .0 4 5 .2 4 6 .2 4 5 .4 .7 .4 2 5 .7 2 5 .3 .4 Ch an g e in b u sin ess i n v e n t o r i e s ................................................... 8 .5 1 5 .4 1 3 .4 2 8 .9 1 6 .9 1 3 .5 8 .7 3 9 .8 .7 1 4 .4 2 6 .4 2 6 .0 .4 6 3 .1 2 0 .4 .5 3 2 .9 3 2 .6 .3 2 3 .6 2 3 .1 .6 3 4 .3 3 3 .9 .4 2 9 .8 2 9 .5 F a r m ...................................................................................... 4 8 .8 4 8 .0 .8 1 0 .6 8 .2 5 .0 N o n f a r m ...................................................................................... 7 .8 1 1 .4 1 1 .0 2 4 .0 1 3 .1 1 0 .4 6 .6 1 3 .8 8 .2 6 .9 2 0 .0 1 7 .9 8 .7 6 .4 3 .9 D u r ab le g o o d s ................................................................................. No n d u r ab le g o o d s ........................................................................... Se r v i c e s ........................................................................................... St r u c t u r e s .............................................................................. 5 3 .6 5 3 .0 .6 5 1 .3 9 3 .9 4 8 .4 4 7 .8 .7 5 1 .0 9 9 .9 .8 3 8 3 .8 9 8 .4 4 0 .5 7 .0 6 .4 6 9 .0 1 0 .8 8 .9 2 6 .2 6 7 .8 2 4 .0 2 3 .6 .4 2 6 .2 2 0 .1 .4 .4 9 .1 8 .8 .7 4 .0 2 .4 4 .9 3 .8 3 .1 2 .1 .7 .7 1 .8 1 .3 2 .1 1 .8 1 .8 1 .1 .4 - 6 .0 3 .9 2 .0 9 .3 1 1 .3 - 1 .5 - 3 .1 1 .2 - 3 .0 4 .6 7 .9 1 1 .5 8 .2 7 .3 8 .9 1 0 0 .4 1 3 9 .4 1 1 3 .6 1 3 1 .2 1 3 8 .5 1 4 3 .6 5 5 .7 6 6 .6 6 8 .9 7 3 .3 7 0 .9 9 6 .4 1 3 7 .5 1 0 4 .3 1 1 9 .9 1 4 0 .0 1 4 6 .7 5 8 .7 6 2 .0 6 2 .6 6 1 .0 6 1 .8 6 5 .1 6 3 .6 6 8 .9 6 0 .0 Im p o r t s.............................................................................................. 7 8 .4 1 4 4 .3 1 4 3 .2 7 3 .4 ........................................................................................... 7 2 .4 9 .0 7 1 .6 2 5 5 .7 2 7 6 .4 3 0 8 .8 2 8 6 .4 2 9 6 .3 3 0 4 .4 3 1 2 .3 3 2 2 .4 1 4 3 .1 1 4 4 .4 1 4 5 .9 1 4 5 .7 1 4 6 .0 1 4 5 .8 1 4 5 .9 1 4 5 .8 1 0 4 .9 1 0 6 .6 1 1 6 .4 1 0 8 .4 1 1 1 .5 1 1 4 .3 1 1 7 .2 1 2 2 .8 6 1 .0 5 7 .3 5 6 .3 5 6 .4 5 6 .3 5 6 .3 5 6 .5 N at io n al d e f e n s e ...................................................................... O t h e r ........................................................................................... 7 4 .8 7 4 .4 7 5 .3 7 5 .8 7 6 .6 7 8 .4 8 3 .5 XXXXXX 3 0 .1 3 2 .2 7 8 .6 3 7 .9 3 3 .1 3 5 .7 3 7 .7 3 8 .8 3 9 . 3 St at e and l o c a l ................................................................................. 1 5 0 .8 1 6 9 .8 1 9 2 .4 1 7 7 .9 1 8 4 .8 1 9 0 .1 1 9 5 .1 1 9 9 .6 XXXXXX 8 2 .1 XXXXXX XXXXXX 8 7 .0 1 1 4 9 .5 1 2 7 9 .6 1 3 8 3 .3 1 3 1 5 .1 1 3 4 1 .9 1 3 7 0 .3 1 4 0 7 .6 1 4 1 3 .5 7 8 5 .4 1 1 5 1 .5 1 2 8 6 .5 1 3 8 5 .6 1 3 3 5 .2 1 3 4 4 .0 1 3 7 4 .1 1 4 0 5 .2 1 4 1 9 .2 7 8 7 .7 1 4 6 .1 2 . 1 4 6 .1 8 1 5 4 .3 1 1 5 4 .2 7 1 7 0 .1 1 1 5 8 .9 3 1 5 8 .8 1 1 6 3 .6 1 1 6 3 .2 0 1 6 7 .3 1 1 6 6 .7 5 1 7 2 .0 7 1 7 1 .4 1 1 7 7 .6 8 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX 1 6 9 .5 8 1 6 0 .5 1 1 6 5 .3 5 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX 1 6 3 .2 7 1 5 6 .7 7 XXXXXX 1 4 7 .5 6 1 5 2 .1 0 XXXXXX 1 3 9 .6 1 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX G N P ................................................................................................. Gr o ss d o m est i c p r o d u c t ................................................................. 9 .8 1 1 .8 4 .5 7 .6 9 .7 3 .3 6 .2 5 .9 1 1 .7 7 .9 7 .7 1 1 .2 9 .8 2 .7 4 .0 6 .2 5 .9 3 .4 5 .6 1 0 .2 1 2 .3 9 .3 9 .4 9 .4 GN P i m p l i ci t p r ice d e f l a t o r ......................................................... Gr o ss d o m est ic prod uct i m p l i c i t p r i ce d e f l a t o r ......................... 1 1 .1 8 .6 1 1 .9 1 3 .7 XXXXXX XXXXXX XXXXXX 3 .3 5 .5 9 .9 8 .4 1 1 .5 9 .0 1 1 .7 1 4 .2 XXXXXX XXXXXX Pr i v at e G N P i m p l i ci t p r i ce d ef l at o r .............................................. 2 .9 5 .7 8 .7 1 2 .9 9 .9 1 2 .6 1 3 .7 XXXXXX XXXXXX G N P ch ain p r i ce i n d e x ................................................................... 3 .9 3 .2 6 .0 5 .9 1 0 .6 1 0 .0 8 .5 8 .6 1 1 .6 1 2 .6 9 .8 1 0 .6 1 2 .7 1 3 .8 1 1 .3 XXXXXX XXXXXX 1 1 .5 XXXXXX 1 1 1 2 .5 1 1 3 4 .6 1 1 6 8 .2 1 1 8 6 .4 XXXXXX XXXXXX F a r m ........................................................................................... N e t e x p o r t s o f g o o d s a n d s e r v i c e s ................................................................ Ex p o r t s G o v e r n m e n t p u r c h a s e s o f g o o d s a n d s e r v i c e s ........................................ Fe d e r a l ................................................ ............................................. ' A d d en d a: Fin a l s a l e s ( G N P l e s s c h a n g e i n b u s i n e s s i n v e n t o r i e s ) .................... Im p l i c i t p r ic e d e f la t o r , in d e x n u m b er s, 1 9 5 8 - 1 0 0 : G N P ................................................................................................ Gr o ss d o m est ic p r o d u c t ................................................................. Pr i v a t e G N P (G N P l ess g en er al g over n m ent em p lo yee co m p .). C h a n g e from p r e ced in g p e r io d , p e r cen t a t an n u al r at e: Pr i v at e G N P ch ain p r ice i n d e x ................................................... D ISPO SIT IO N O F P E R S O N A L IN C O M E 1 0 .6 1 7 7 .1 9 1 7 0 .7 2 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX 8 9 .5 XXXXXX 8 9 .3 XXXXXX 8 9 .7 XXXXXX 8 9 .5 XXXXXX 8 9 .4 XXXXXX 8 9 .5 8 2 8 .4 8 1 2 .9 8 2 5 .7 8 1 9 .9 8 1 8 .9 8 1 8 .1 7 9 4 .6 8 3 3 .9 8 1 7 .1 8 4 0 .7 8 2 3 .5 8 2 4 .1 8 1 9 .8 8 0 0 .9 - 2 .2 - 2 .0 - 8 .9 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX 6 1 9 .6 XXXXXX 6 0 3 .2 xxm XXXXXX XXXXXX 580. 5 XXXXXX 6 1 0 .3 XXXXXX 6 0 3 .5 XXXXXX 6 0 2 .9 XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX XXXXXX 2 .8 8 7 2 .8 5 0 2 r 842 1 0 9 9 .3 1 5 9 .9 1 6 1 .9 1 6 8 .2 1 7 5 .1 D i sp o sab l e p er so n al i n c o m e .............................................. 8 0 2 .5 9 0 3 .7 9 7 9 .7 9 3 9 .4 9 5 0 .6 9 6 6 .5 9 9 3 .1 1 0 0 8 .7 Per so n al o u t l a y s ...................................................................... 7 4 9 .9 8 2 9 .4 9 0 3 .0 8 5 0 .1 8 6 6 .2 8 9 4 .9 9 2 7 .6 9 2 3 .3 5 2 .6 7 4 .4 7 6 .7 8 9 .3 8 4 .4 7 1 .5 6 5 .5 8 5 .4 Per so n al savi n g as a p er cen t ag e o f d i sp o sab l e p er so n al in co m e . 6 .6 8 .2 7 .8 9 .5 8 .9 7 .4 6 .6 8 .5 XXXXXX XXXXXX XXXXXX Pe r cap i t a d i sp o sab l e p er so n al inco m e, d o l l a r s .............................. 3 ,8 4 3 4 ,2 9 5 4 ,6 2 3 4 ,4 5 2 4 ,5 6 5 4 ,6 8 1 4 ,7 4 4 2 .7 7 9 2 .9 4 5 2 ,8 4 6 4 ,4 9 7 - 9 .1 XXXXXX 1 1 5 0 .4 1 7 0 .7 So u r c e : - 2 .1 XXXXXX 1 5 1 .3 Per so n al s a v i n g ................................................................... - 1 .9 .3 XXXXXX 1 0 5 5 .0 Eq u a l s : - 1 .6 - 7 .9 XXXXXX 1 4 2 .4 Less: - 7 .0 2 .4 XXXXXX 9 4 4 .9 Eq u a l s : 2 .3 XXXXXX XXXXXX Per so n al t ax and no nt ax p a y m e n t s ...................................... Less: 5 6 .3 XXXXXX XXXXXX 2 .9 5 2 XXXXXX 5 9 6 .2 XXXXXX 2 ,8 0 4 U . S. D e p a r t m e n t o f C o m m e r c e , So c i a l an d Ec o n o m i c St a t i s t i c s A d m i n i s t r a t i o n , Bu r e a u o f Ec o n o m i c A n a l y s i s t • è
@FedFRASER