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NEW S RELEA SE B U R E A U O F E C O N O M IC A N A L Y SIS us. DEPARTMENT OF COMMERCE EM B A R G O ED U N T IL R E L E A S E A T 8:30 A .M . ED T , FR ID A Y , JU L Y 28, 2006 V irginia H. M annering: R ecorded m essage: (202) (202) 606-5304 (G D P) 606-5306 B rent M oulton: C arol M oylan: (202) (202) 606-9606 (A nnual R evision) 606-9715 B EA 06-33 N A T IO N A L IN C O M E A N D P R O D U C T A C C O U N T S • S E C O N D Q U A R T E R 2 0 0 6 G D P (A D V A N C E ) • R E V IS E D E S T IM A T E S : 2003 T H R O U G H F IR S T Q U A R T E R 2006 R eal gross dom estic p ro d u ct -- the output o f goods and services p ro d u ced by labor and property located in the U n ited States — in creased at an annual rate o f 2.5 p ercen t in the second quarter o f 2006, according to advance estim ates released by the B ureau o f E conom ic A nalysis. In the first quarter, real G D P increased 5.6 percent. The B ureau em phasized that the second-quarter “ad v an ce” estim ates are based on source data that are incom plete or subject to further revision by the source agency (see th e b o x on page 3). The secondquarter “prelim inary” estim ates, based on m ore com prehensive data, w ill be released on A ugust 30, 2006. The estim ates released to d ay reflect the annual rev isio n to the natio n al incom e and product accounts (N IPA s), beg in n in g w ith the estim ates for the first quarter o f 2003. A nnual revisions, w hich are usually released in July, incorporate source data th at are m ore com plete, m ore detailed, and otherw ise m ore reliable th an those previously available. This release includes th e revised quarterly estim ates o f G D P, corporate profits, and personal incom e and p rovides an overview o f the effects o f the revision. The A ugust 2006 S u r v e y o f C u r r e n t B u s i n e s s w ill co n tain N IP A ta b le s and an article describing the revisions. T he rev ised estim ates w ill be available on B E A ’s W eb site at w w w .b ea.g o v . N O T E .--Q uarterly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter dollar changes are differences betw een th ese pu b lish ed estim ates. Percent changes are calculated from unrounded data and are annualized. “R ea l” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. This new s release is available on B E A ’s W eb site at w w w .b ea.g o v /b ea/rels.h tm . - m o re - - 2 - The increase in real G D P in the second q uarter p rim arily reflected p o sitiv e contributions from p ersonal consum ption ex p en d itu res (P C E ) for services, p riv ate in v en to ry investm ent, nonresidential structures, exports, state and local governm ent spending, and P C E fo r nondurables that w ere partly offset b y negative contributions fro m residential fixed in v estm en t an d federal governm ent spending. Im ports, w hich are a subtraction in the calculation o f G D P, in creased slightly. The deceleration in real G D P g ro w th in the second quarter p rim arily reflected dow nturns in PCE fo r durable goods and in eq u ip m en t and softw are, decelerations in ex p o rts and in P C E for nondurable goods, a dow nturn in federal g o v ern m en t spending, and a larg er d ecrease in residential fixed investm ent th at w ere partly offset by a d eceleratio n in im ports, an acceleratio n in P C E for services, and an upturn in p riv ate inventory investm ent. Final sales o f com puters su b tracted 0.03 percentage p o in t fro m the second-quarter grow th in real G D P after contributing 0.07 p ercen tag e p o in t to th e first-quarter grow th. M otor vehicle output subtracted 0.34 percentage p o in t fro m th e second-quarter g ro w th in real G D P after contributing 0.12 percentage point to the first-q u arter grow th. The price index for gross d o m estic purchases, w hich m easu res p rices p aid by U .S. residents, increased 4.0 percent in the second quarter, com pared w ith an in crease o f 2.7 percent in the first. E xcluding food and energy prices, the p rice index for gross d o m estic pu rch ases increased 2.9 percent in the second quarter, com pared w ith an increase o f 3.0 percen t in the first. R eal personal co n su m p tio n expenditures increased 2.5 p e rc en t in the second quarter, com pared w ith an increase o f 4.8 p ercen t in the first. D urable goods d ecreased 0.5 percent, in contrast to an increase o f 19.8 percent. N o n d u rab le goods increased 1.7 p ercen t, co m p ared w ith an increase o f 5.9 percent. Services expenditures in creased 3.5 percent, com pared w ith an increase o f 1.6 percent. R eal nonresidential fixed in v estm en t in creased 2.7 p ercen t in th e second quarter, com pared w ith an increase o f 13.7 percen t in th e first. N o n resid en tial structures in creased 12.7 percent, com pared w ith an increase o f 8.7 percent. E q u ip m en t and softw are decreased 1.0 p ercen t, in contrast to an increase o f 15.6 percent. R eal residential fix ed in v estm en t decreased 6.3 p ercen t, com pared w ith a decrease o f 0.3 percent. R eal exports o f goods and services increased 3.3 p ercen t in th e second quarter, com pared w ith an increase o f 14.0 percent in the first. R eal im ports o f goods and serv ices in creased 0.2 percent, com pared w ith an increase o f 9.1 percent. R eal federal governm ent co n su m p tio n expenditures and gross in v estm en t decreased 3.4 percent in th e second quarter, in contrast to an increase o f 8.8 percent in the first. N atio n al defense decreased 1.0 percent, in contrast to an in crease o f 8.9 percent. N o n d efen se d ecreased 7.8 percent, in contrast to an increase o f 8.5 percent. R eal state and local governm ent co n su m p tio n expenditures and gross investm ent increased 3.0 p ercen t, co m p ared w ith an increase o f 2.7 percent. The real change in p riv ate in v en to ries added 0.40 p ercen tag e p o in t to the second-quarter change in real G D P after subtracting 0.03 p e rcen tag e p o in t from the first-q u arter change. P rivate businesses increased inventories $52.6 b illio n in th e second quarter, fo llo w in g in creases o f $41.2 b illio n in the first and $43.5 billion in the fourth. R eal final sales o f d o m estic p ro d u ct — G D P less change in p riv ate inventories — increased 2.1 percen t in the second quarter, c o m p ared w ith an increase o f 5.6 p e rc en t in th e first. - m o re - -3 - G r o s s d o m e s t ic p u r c h a s e s Real gross dom estic purchases - purchases by U .S. residents o f goods and services w herever produced -- increased 2.0 percent in the second quarter, com pared w ith an increase o f 5.3 percent in the first. D is p o s i t i o n o f p e r s o n a l in c o m e C urrent-dollar personal incom e increased $165.4 billio n (6.4 percent) in the second quarter, com pared w ith an increase o f $163.8 billio n (6.4 percent) in the first. Personal current taxes increased $47.2 billio n in the second quarter, com pared w ith an increase o f $78.4 billion in the first. D isposable personal incom e in creased $118.2 billion (5.2 percent) in the second quarter, com pared w ith an increase o f $85.4 billion (3.8 percent) in the first. R eal disposable p ersonal incom e increased 1.0 percent, com pared w ith an increase o f 1.7 percent. Personal outlays increased $162.2 b illio n (7.1 percent) in the second quarter, com pared w ith an increase o f $154.0 billion (6.8 percent) in the first. Personal saving - disposable personal incom e less personal outlays — w as a negative $141.0 billion in the second quarter, com pared w ith a negative $97.0 billio n in the first. The personal saving rate -- saving as a percen tag e o f disposable personal incom e — decreased from a n egative 1.0 percen t in the first quarter to a n egative 1.5 percent in the second. Saving from current incom e m ay be near zero o r negative w hen outlays are fin an ced by borrow ing (including borrow ing financed through credit cards or hom e equity loans), by selling investm ents or other assets, or by using savings from previous periods. F o r m ore inform ation, see the FA Q s on “Personal Saving” on B E A ’s W eb site. 6 C u r r e n t - d o l la r G D P C urrent-dollar G D P - the m arket value o f the nation's output o f goods and services — increased 5.8 percent, or $185.5 billion, in the second quarter to a level o f $13,193.9 billion. In the first quarter, current-dollar G D P increased 9.0 percent, or $277.9 billion. Inform ation on the assum ptions u sed for unavailable source data is pro v id ed in a technical note that is posted w ith the new s release on B E A 's W eb site. W ithin a few days after the release, a detailed "K ey Source D ata and A ssum ptions" file is posted on the W eb site. In th e m iddle o f each m onth, an analysis o f the current quarterly estim ates o f G D P and related series is m ad e available on the W eb site; click on S u r v e y o f C u r r e n t B u s i n e s s , "G D P and the Econom y." - m o re - -4 - R e v is io n o f th e N a tio n a l I n c o m e a n d P r o d u c t A c c o u n t s The revised estim ates, w h ich begin w ith 2003, reflect the results o f the regular annual revision o f the national incom e and p roduct accounts (N IPA s). T hese rev isio n s, u su ally m ade each July, incorporate new ly available and m ore com prehensive source data, as w ell as im proved estim ating m ethodologies. B ecause o f the additional data show n, tables 3, 11, and 12 are each divided into two separate tables - 3A and 3B, 11A and 1 IB , and 12A and 12B. T here are also a num ber o f special tables that com pare the rev ised an d previously published estim ates for selected periods: T able 1A show s the percen t change in real G D P and related m easures; table IB show s revisions to current-dollar G D P, to national incom e, and to disposition o f personal incom e; table 2A show s contributions to the percen t change in real G D P; tab le 4A show s the percent change in the chain-type price indexes for G D P and related m easures; and tab le 12C show s revisions to corporate profits by industry. This section o f the release discusses the highlights o f the rev isio n s and describes their sources. S u m m a r y o f m a j o r r e v is io n s • F or 2002-2005, real G D P grew at an average annual rate o f 3.2 p ercen t, 0.3 percentage point less than in the previously p ublished estim ates. The average annual rate o f grow th o f real GDP from 2002:IV to 2006:1 is 3.6 percent, 0.2 p ercentage p o in t less th an in th e previously published estim ates. R evisions to the year-to -y ear grow th rates w ere sm all. • B oth the revised and the previously pu b lish ed estim ates sh o w sim ilar quarterly patterns o f grow th in real G D P. For the 13 quarters from 2003:1 to 2006:1, the average revision (w ithout regard to sign) w as 0.4 percentage point. The larg est q uarterly rev isio n s to the percent change in real G D P w ere for the fo u rth q uarter o f 2003 (from 3.6 p ercen t to 2.7 percent) and for the third quarter o f 2004 (from 4.0 percen t to 3.1 percent). • The average annual rate o f grow th o f real disposable p erso n al incom e for 2002-2005 w as 2.3 percent, 0.1 percentage p o in t less th an in the prev io u sly p u b lish ed estim ates. R e v i s i o n s to 2 0 0 3 - 2 0 0 5 e s t im a t e s The percen t change from the preceding year in real G D P w as rev ised dow n for all 3 years: From 2.7 percen t to 2.5 p ercen t for 2003, from 4.2 p ercen t to 3.9 p ercen t fo r 2004, and from 3.5 percent to 3.2 percen t for 2005. - m o re - -5 - For 2003, the largest contributors to the dow nw ard rev isio n to real G D P grow th w ere dow nw ard revisions to personal consum ption expenditures (PCE) for durable goods, to state and local governm ent spending, to exports, and to PC E for services; these dow nw ard revisions w ere partly offset by a dow nw ard revision to im ports. For 2004, the larg est contributors to the dow nw ard revision were dow nw ard revisions to fixed investm ent in equipm ent and softw are, to P C E for nondurable goods, and to federal governm ent spending; these dow nw ard revisions w ere p artly offset by upw ard revisions to P C E for services and to exports. For 2005, the largest contributors to th e dow nw ard revision were dow nw ard revisions to fixed investm ent in equipm ent and softw are, to P C E for services, to state and local governm ent spending, and to federal governm ent spending; these dow nw ard revisions w ere partly offset by upw ard revisions to residential fixed investm ent and to P C E for durable goods. The percent change from fourth q uarter to fourth q uarter in real G D P w as revised dow n for all 3 years: From 4.0 percen t to 3.7 percent for 2003, from 3.8 percen t to 3.4 p ercen t for 2004, and from 3.2 percent to 3.1 percen t for 2005. The percent change from the preceding year in the price index for gross dom estic purchases was revised up for all 3 years: From 2.2 percent to 2.3 percent for 2003, fro m 2.9 percent to 3.1 percent for 2004, and from 3.2 percen t to 3.5 percent for 2005. For the quarters o f 2003 to 2005, the percent change in the price index w as rev ised up for eight quarters, w as revised dow n fo r one quarter (the fourth quarter o f 2005), and w as u nchanged for three quarters; th e largest upw ard rev isio n w as 0.6 percentage point (the third quarter o f 2004). C urrent-dollar G D P w as revised dow n fo r all 3 years: $10.4 billion, or 0.1 percent, for 2003; $21.8 billion, or 0.2 percent, for 2004; and $31.3 billion, or 0.3 percent, fo r 2005. The percent change from the preceding year w as revised dow n for all 3 years: From 4.8 p ercen t to 4.7 percent for 2003; from 7.0 percent to 6.9 percen t for 2004; and from 6.4 percent to 6.3 p e rc en t for 2005. C urrent-dollar G N P (GDP plus net incom e receipts from the rest o f the w orld) w as also rev ised dow n for all 3 years: $21.7 billion, or 0.2 percent, for 2003; $29.3 billion, or 0.2 percent, for 2004; and $33.1 billion, or 0.3 percent, for 2005. N e t incom e receipts w as also revised dow n for all 3 years: $11.3 billion for 2003, $7.4 billion for 2004, and $1.8 billio n for 2005. The revisions to n et incom e receipts — w hich affect G N P, national incom e, corporate profits, net interest and m iscellaneous paym ents, and personal interest incom e — result from the revisions to B E A 's international transactions accounts (ITA s) that were released in June. A lthough the revisions to the ITA s extended back to 1995, the revisions prior to 2003 are not incorporated into the N IP A s at this tim e. (A n article describ in g the revisions to the ITAs was published in the July 2006 issue o f the S u r v e y o f C u r r e n t B u s i n e s s . ) N ational incom e w as rev ised dow n for all 3 years: $28.6 billion, or 0.3 percent, for 2003; $20.0 billion, or 0.2 percent, for 2004; and $79.9 billion, or 0.7 percent, for 2005. F or 2003, the dow nw ard revision w as m ore th an accounted for by a dow nw ard revision to corporate profits; w ithin com pensation o f em ployees, an upw ard revision to w age and salary accruals w as largely offset by a dow nw ard revision to supplem ents to w ages and salaries. F or 2004, dow nw ard rev isio n s to com pensation o f em ployees and to n et in terest and m iscellaneous paym ents w ere p artly o ffset b y upw ard revisions to corporate profits and to nonfarm p ro p rieto rs’ incom e. F or 2005, d o w n w ard revisions to com pensation, to corporate profits, and to n et interest and m iscellaneous paym ents w ere p artly offset by upw ard revisions to nonfarm p ro p rieto rs’ incom e and to taxes on p roduction and im ports. - m o re - - 6 - C orporate profits from current production — profits before ta x w ith inventory valu atio n and capital consum ption adjustm ents — w as rev ised dow n $38.7 billion, or 3.8 percent, for 2003; w as revised up $21.1 billion, or 1.8 percent, fo r 2004; and w as revised d o w n $21.2 billion, or 1.6 percent, for 2005. For 2003, profits before tax accounted for m o st o f the revision. F o r 2004, a large upw ard revision to profits before tax was partly offset by a dow nw ard rev isio n to the capital consum ption adjustm ent. For 2005, a large upw ard rev isio n to profits before tax w as m ore th an o ffset by a large dow nw ard revision to the capital consum ption adjustm ent. For 2003, dow nw ard revisions to profits o f dom estic no n fm an cial corporations and profits from the rest o f the w o rld w ere partly offset by a sm all upw ard rev isio n to profits o f dom estic financial corporations. F or 2004, a large upw ard rev isio n to profits o f dom estic financial corporations w as partly offset by a dow nw ard revision to profits from the rest o f the w orld. F o r 2005, a large dow nw ard revision to profits o f dom estic nonfm ancial corporations and a d o w nw ard rev isio n to profits from the rest o f the w orld w ere partly offset by a large upw ard rev isio n to p ro fits o f dom estic financial corporations. Personal incom e w as rev ised dow n $5.5 billion, or 0.1 p ercen t, for 2003; w as revised up $18.1 billion, or 0.2 percent, for 2004; and w as rev ised up $1.5 billion, or less th an 0.1 percent, for 2005. For 2003, a dow nw ard revision to co m p en satio n o f em ployees w as p a rtly offset b y an upw ard revision to personal current transfer receipts. F o r 2004, upw ard revisions to p erso n al dividend incom e and to nonfarm p ro p rieto rs’ incom e w ere p artly offset by dow nw ard rev isio n s to com pensation o f em ployees and to personal interest incom e. F o r 2005, upw ard revisions to p erso n al dividend incom e and to both farm and nonfarm p ro p rieto rs’ incom e w ere largely offset by a d o w n w ard rev isio n to com pensation o f em ployees. D isposable personal inco m e (D PI) (personal incom e less p erso n al current taxes) w as revised dow n $6.7 billion, or 0.1 percent, for 2003; w as revised up $17.4 b illio n , or 0.2 percent, for 2004; and w as revised up $6.2 billion, or 0.1 percent, for 2005. The rev isio n s w ere ro u g h ly sim ilar to those to personal incom e, reflecting relativ ely sm all revisions to p ersonal cu rren t taxes. Personal current taxes w as revised up $1.2 billio n fo r 2003, w as rev ised up $0.7 b illio n fo r 2004, and w as rev ised dow n $4.6 billion for 2005. The percen t change from the preceding y ear in real D P I w as revised d o w n from 2.4 percent to 2.2 percen t for 2003, w as rev ised up from 3.4 p ercen t to 3.6 p e rc en t for 2004, and w as revised dow n from 1.3 percen t to 1.2 percen t for 2005. Personal outlays — PC E , p ersonal interest paym ents, and p ersonal current transfer paym ents — w as revised dow n for all 3 years: $8.6 billion for 2003, $5.3 b illio n for 2004, and $1.2 billio n for 2005. R evisions to P C E accounted for m o st o f the revisions for all 3 years. T he personal saving rate (personal saving as a percentage o f D PI) w as unrevised at 2.1 percen t for 2003, w as rev ised up from 1.8 percent to 2.0 percent for 2004, and w as rev ised up from a negative 0.5 p ercen t to a n egative 0.4 percen t for 2005. The statistical d iscrepancy is current-dollar GDP less cu rren t-d o llar gross dom estic incom e (G D I). It arises because m o st com ponents o f G D P and o f G D I are estim ated independently. GDP m easures final expenditures — th e sum o f consum er spending, p riv ate investm ent, net exports, and governm ent spending. G D I m easures the incom es earned in the p ro d u ctio n o f GDP. In concept, GDP is equal to GDI. In practice, they d iffer because th ey are estim ated u sin g d ifferen t source data and different m ethods. - m o re - -7 - A s a result o f the annual revision, th e statistical discrepancy as a percentage o f GDP was unrevised at 0.4 percen t for 2003, w as rev ised fro m 0.7 percent to 0.6 p ercen t for 2004, and w as revised from 0.4 percent to 0.6 percent for 2005. T he revisions to the discrepancy fo r 2003 and for 2005 reflected larger dow nw ard revisions to G D I th an to GDP. F or 2004, th e rev isio n to the discrepancy reflected a larger dow nw ard revision to G D P th an to GDI. B u s in e s s c y c le The expansion that follow ed the 2001 dow nturn is slightly m ild er th a n previously estimated. From the cyclical trough o f GDP in the th ird quarter o f 2001 to the first quarter o f 2006, the revised estim ates show th at real G D P increased at an average annual rate o f 3.1 percent; the previously published estim ates show ed an average increase o f 3.3 percent. N e w so u r ce d a ta The annual revision incorporated data from the follow ing m ajo r fed eral statistical sources: C ensus B ureau econom ic census for 2002; C ensus B ureau annual surveys o f m anufactures, o f m erchant w holesale trade, and o f retail trade for 2004 and revised m onthly indicators o f m anufactures, o f m erchant w holesale trade, and o f retail trade fo r 2003-2005; C ensus B u reau annual surveys o f services for 2003 and 2004 (revised) and 2005 (prelim inary), and o f state and local governm ents for 2003 (revised) and 2004 (prelim inary); C ensus B ureau m onthly survey o f co n stru ctio n put-in-place for 2003-2005 (revised); C ensus B ureau quarterly survey o f services for 2005; C ensus B ureau residential finance survey for 2001; C ensus B ureau A m erican housing survey for 2003; C ensus B ureau current population survey/housing vacancy survey for 2005; federal governm ent b u d g et data for fiscal years 2005 and 2006; Internal R evenue Service tab u latio n s o f tax returns for corporations for 2003 (revised) and 2004 (prelim inary) and for sole proprietorships and partnerships fo r 2004; B ureau o f Labor Statistics quarterly census o f em ploym ent and w ages for 2005 (revised); D ep artm en t o f A griculture farm statistics for 2003-2005; and B EA 's IT A s for 2003-2005 (revised). A tab le show ing the m ajor current-dollar revisions and their sources fo r each com ponent o f G D P, natio n al incom e, and personal incom e w ill be p ublished in the A ugust 2006 issue o f the S u r v e y o f C u r r e n t B u s i n e s s . C h a n g e s in m e t h o d o l o g y The annual revision also incorporated refinem ents to estim ating m ethodologies, including the follow ing: • The v aluation o f unit sales o f new light trucks and utility vehicles incorporated new source data on retail and w holesale transactions p rices th at better reflect disco u n ts and custom er rebates (data from the sam e source are also used fo r autom obiles). The use o f th e se data is part o f B E A ’s initiative to acquire and incorporate real-tim e data into the econom ic accounts. • D ata from the C ensus B ureau's quarterly services survey (Q SS) w ere incorporated in the quarterly estim ates o f consum er spending for hospitals and n u rsin g hom es. The incorporation o f QSS data is continuing as the C ensus B ureau expands the coverage o f the survey. This change increased the percentage o f quarterly consum er spending fo r serv ices th at is based on the QSS from 6 p ercen t to 17 percent. - m o re - - 8 • - The indicator for extrapolating dom estic shipm ents o f com puters w as m odified to be a w eighted average o f the Federal R eserve B o ard ’s Industrial P ro d u ctio n In d ex (IPI) for com puters and peripherals (75 percent) and the C ensus B u reau ’s M an u factu rin g S hipm ents (M 3) for com puters (25 percent). The IPI w as converted to current d o llars u sin g a B E A price index. This indicator is used for deriving the quarterly estim ates o f com puters w ith in p riv ate equipm ent and softw are investm ent. * * * B EA 's national, international, regional, and industry estim ates; th e S u r v e y o f C u r r e n t B u s i n e s s ' , and B E A new s releases are available w ithout charge on B EA 's W eb site at w w w .b ea.g o v . By visiting the site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents. Sum m ary B E A estim ates are available on recorded m essag es at the tim e o f public release at the follow ing telephone num bers: (202) (202) 606-5306 606-5303 G ross dom estic p ro d u ct P ersonal incom e and outlays * * * N e x t release - A u g u st 30, 2006, at 8:30 A .M . E D T for: G ross D om estic Product: Second Q u arter 2006 (Prelim inary) C orporate Profits: Second Q uarter 2006 - m o re - -9 C o m p a r is o n s o f R e v is io n s to G D P Quarterly estimates o f GDP are released on the following schedule: “Advance” estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end o f the first month after the end of the quarter; as more detailed and more comprehensive data become available, “preliminary” and “final” estimates are released near the end o f the second and third months, respectively. The “ latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters o f the 3 most recent calendar years, are usually carried out each summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons o f the revisions between quarterly percent changes o f current-dollar and real GDP for the different vintages o f the estimates. From the advance estimate to the preliminary estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of chain indexes and the capitalization of software. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent o f the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths o f the time. R e v is io n s B e t w e e n Q u a r te r ly P e r c e n t C h a n g e s o f G D P : V in ta g e C o m p a r is o n s [Annual rates] Vintages Compared Average Average without regard to sign Standard deviation of revisions without regard to sign C u r r e n t-d o lla r G D P Advance to preliminary.... Advance to final............... Preliminary to final.......... 0.1 .2 .0 0.5 .7 .3 0.4 4 .2 Advance to latest.............. .4 1.2 .9 R eal G D P Advance to preliminary.... Advance to final............... Preliminary to final.......... 0.1 .1 .0 0.5 .6 .3 0.4 4 .2 Advance to latest.............. .4 1.3 1.0 NOTE.—These comparisons are based on the period from 1983 through 2002. - m ore - T ab le 1.— Real G ross Do m estic P ro duct and Related M easures: Percent C h an ge From Preceding Period Seasonally adjusted at annual rates 2002 2003 2004 2005 2 C03 2002 IV i II 2004 III IV 1 ii 2005 III IV 2006 I II Gross dom estic product (G D P )................ 1 .6 2.5 3.9 3.2 0 .2 1 .2 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 1 .8 5.6 Personal consum ption expenditures ..................... Durable goods ...................................................... Nondurable goods ............................................... Services ............................................................... 2.5 2.7 7.1 2.5 1.9 2 .8 3.9 6.4 3.6 3.5 3.5 5.5 4.5 1.4 -5 .2 3.6 2.1 2.3 .7 2.7 2.4 5.2 2.5 -12.3 3.9 4.8 19.8 5.9 1 .8 3.9 9.0 3.4 3.2 .8 4.3 4.6 3.9 8.7 3.7 3.1 4.2 1 .8 2.9 1.7 1.7 3.8 4.3 2 .6 5.8 16.7 7.7 2.9 4.7 .4 3.8 1.5 3.6 16.8 2.3 2 .0 1 .6 Gross private dom estic in v e s tm e n t......................... Fixed investment .................................................. Nonresidentlal.................................................. S tructures..................................................... Equipment and software ................................ R esidential........................................................ Change In private inventories ................................. - 2 .6 -5.2 -9.2 -17.1 - 6 .2 4.8 3.6 3.4 5.4 7.5 - 1 .0 -1 .4 -5 .0 -5 .3 -4.9 6.4 -1.3 -.4 - 2 .6 -6.9 - 1 .0 4.1 21.7 11.7 7.2 6.9 7.3 19.8 2 .0 Net exports of goods and services ....................... E xports............................................................ G o o d s .............................................................. S erv ices ............................................................ Imports ................................................................. G o o d s .............................................................. S erv ices ............................................................ ........ -5.3 Government consum ption expenditures and gross investment ...................................................... F e deral................................................................. National de fe n s e ............................................... Nondefense ...................................................... State and lo c a l..................................................... Addenda: Final sales of domestic product.............................. Gross domestic purchases .................................... Final sales to domestic purchasers........................ Gross national product (GNP) ................................ Disposable personal inc om e .................................. C urrent-dollar measures: G D P ............................................................... Final sales of domestic product ....................... Gross domestic purchases ............................... Final sales to domestic purchasers .................... GNP ................................................................. Disposable personal income .............................. Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. -2.3 -4.0 1.9 3.4 3.7 5.8 3.2 1.9 1 .0 9.8 7.3 5.9 -4.1 2 .2 1.1 2 .8 7.3 9.9 8.9 9.2 9.0 9.7 6 .8 8.4 6 .8 8 .6 1 .8 3.3 1 0 .6 10.7 14.7 9.3 10.5 17.7 13.6 9.4 2 .8 6.1 9.3 5.5 4.8 2 .8 1.7 3.3 2 .2 13.2 -4.7 5.6 2 2 .2 1 0 .6 3.1 -1 .7 - 1 .2 - 2 .8 4.1 î Î .4 2 0 .8 8 .8 8 .6 .6 -15.7 2 1 .2 19.8 23.1 17.6 17.2 19.6 7.2 7.1 7.5 6.1 19.7 36.3 -6.4 1.5 .4 -5.3 12.4 - 6 .0 -.8 2.1 - .6 6.9 2 .1 6 .6 3.4 4.4 4.0 3J5 ¿9 7.8 7.3 8.9 8.5 7.4 7.7 - .8 1 .2 7.6 10.3 3.1 13.0 3.2 6.1 5.4 3.4 1 .6 5.1 4.9 8.3 8 .2 7.8 6 .0 - 2 .0 12.3 5.3 6.3 11.1 - .6 III 1 2 .8 4.9 2.3 -3.6 10.5 5.2 - 2 .0 7.9 5.2 6.3 5.9 -7.0 2 0 .0 7.1 9.4 3.2 3.7 1 1 .0 IV I 16.2 7.8 h -5 1.7 3.5 1.7 -.7 2.7 12 7 2 .8 8 .2 5.2 -9 13.7 8.7 15.6 -3 9.6 11.5 5.5 13.2 14.1 8.3 14.0 17.3 6.7 9.1 9.4 7.4 4.9 .6 8 .8 -3.4 - 1 .0 -7.8 3.0 1 2 .0 2 .8 -1 0 -6J3 ........ Ï.3 4.1 4.9 1 0 .8 6.1 -3.1 -9.1 11.7 9.0 10.9 6.7 8.1 2.1 0 1 0 .0 2 .8 14.0 - 2 0 .0 -5.0 -3.9 - 1 0 .6 4.4 7.0 7.4 6.3 3.1 2.5 1.9 4.3 5.9 .9 1.5 1.7 4.8 -1.4 1 0 .2 .1 14.8 -4.4 9.0 - 2 .2 1 .8 0 6 .8 8.7 3.4 7.5 5.1 2 .0 1 .2 1.1 2.1 .2 .5 .5 2 .0 3.5 3.3 3.6 31 1 0 1.1 8 1 .2 .2 6.3 6.7 6.9 7.2 2.4 2.4 3.9 3.8 3.2 1.9 1 .2 2.5 2 .2 2 .8 1 .8 2 .8 1.5 3.1 2 .2 3.5 4.4 4.0 38 3.6 3.4 2.9 3.8 3.4 3.2 4.6 4.7 4.7 5.2 5.2 4.9 4.2 6.9 6.5 7.6 7.2 6.7 6.4 2.7 6 .2 4.1 .1 1.7 1 .6 1.3 .9 17.5 3.7 .7 3.1 8.1 1.7 4.5 4.0 5.1 41 5.0 73 6.3 3.0 2.5 3J5 1.7 4.4 4.6 5.1 5.3 4.0 4.8 4.8 5.8 4.7 5.7 5.4 5.7 9.7 9.1 9.1 8.5 9.6 8.9 4.9 4.4 4.9 4.4 5.8 3.2 6.1 1 0 .2 10.1 10.9 2.9 7.2 9.1 3.6 .5 6 .2 6.4 5.6 16.0 17.7 7.6 2 .2 2.5 2 .0 3.5 2.1 4.8 8.3 - 2 .8 4.4 4.7 3.1 1.3 5.0 9.1 -2.9 -.9 9.9 4.7 5.5 2.9 4.1 4.9 6.1 19.2 1 2 .0 1 2 .6 1 2.8 2 .0 2.1 1.4 2 .0 2.5 2.7 9.0 - .2 -1.5 1.2 -1.9 -5.2 -9.1 3.4 1 .6 1.1 3.4 4.5 3.4 9.6 .1 .6 .4 2.9 -4.4 1.5 2 .6 1 .2 3.3 2 .2 5.8 .2 - .6 4.5 6 .2 - 1.1 -4.6 -9.9 7.1 -.1 1 .0 8.9 8.5 2.7 4.4 4.0 4.2 -.3 27 J 5.6 5.3 5.4 20 1 1 .2 5.5 4.1 4.0 3.1 4.0 3.3 3.2 3.3 3.4 3.3 5.6 2.4 4.6 2.4 2 .8 7.5 -4.0 .5 - .6 5.5 1.7 1 .0 5.3 5.9 5.9 7.0 7.0 5.3 10.7 7.0 6.9 6.7 6.7 7.2 5.8 7.6 7.8 85 5.1 3.0 6.3 4.3 38 9.0 9.1 5.8 8 ,2 8 .2 58 5.4 6 J) 5.7 9.6 3.8 5.2 2 .6 7.9 6.4 9.7 8.3 6.7 6 .0 6 .2 5.8 6.7 5.4 4.7 - 1 .8 8 .2 8.1 8 .8 5.6 3.6 8.4 3.5 8 .6 2.1 1 6 T ab le 1A.— Real Gross Dom estic Product and Related M easures: Percent Ch an g e From Preceding Period [Percent] Seasonally adjusted at annual rates 2002 2003 2004 2005 IV Gross dom estic product (G D P )............ Previously published.................... 1.6 Personal consum ption expenditures ............ Previously published ................................ Durable g o o d s .......................................... Previously published.................................... Nondurable g o o d s .................................. Previously published.................................... S erv ices ................................................. Previously published...................................... 2.6 ti 2.7 2.7 2.7 7.1 71 2.8 2.9 - 2 .6 - 2 .6 -5.2 -9.2 -9.2 -17.1 -17.1 - 6 .2 -ÎL 2 4.8 4.8 3 3.5 O.CJ 0 .2 14 II 2004 III 1 .2 25 Previously published................................ G o o d s .............................................. Previously published...................... S ervices.............................................. Previously published.............................. Im p orts................................................ Previously published .................................... Goods ............................................... Previously published............................ S ervices........................................... Previously published.............................. IV ! .3 3.6 5.8 3.1 .7 1.3 ............ 2.6 3.9 4.4 8.7 4.3 4.2 10 .8 3.7 3.9 3.1 3.4 53 5.4 5.5 3.4 3.6 2.6 2 .0 5.1 8.2 4.7 1.6 6.1 3.1 6 .6 2 .6 2 .8 4.6 3.8 3.8 4.8 21.7 20.9 11.7 15.1 7.2 13.5 6.9 9.4 2 .8 8 .6 1.1 -4 2 2.8 7.3 8.9 -5.3 -4 .9 - 1.1 -6.9 - i!o 8.4 14.7 9.3 32 9.9 8 .6 6.4 4.1 10.5 - .8 13.2 4.4 -4.7 1.7 7.4 3.4 4.6 10.7 1.3 9.2 5.5 2 2 .2 1 0 .6 6 .8 -3.1 -5 .3 -1 .7 11.4 2 0 .8 1 .8 3. I 6 .0 11.7 -11.9 - 6 .6 17.2 23.1 23.7 3.3 4.1 16.5 u<9 2.5 2 .8 7.0 7.4 7.4 6.3 6.3 3.1 3.1 6.9 8.7 1 .2 1 .2 2.5 2.7 2 .2 2 .8 2 .2 3.0 1 .8 2 .8 1 .8 3.0 2.7 3.0 2 .2 2.4 4.7 4.8 4.7 4.8 5.2 5.3 5.2 5.3 4.9 5.1 4.2 4.3 1 2 .0 10.1 12.4 10.9 1 0 .0 2 .2 1Ü 4.8 -.3 7.2 3.9 .5 -5.3 .5 8.1 8 .8 .2 7.2 5.0 7.1 7.5 7.5 -.4 1 0 .2 17.7 4.4 4.4 3.1 5.2 .5 .5 3.5 3.9 4.4 4.7 4.0 4.4 3.8 4.0 3.6 3.4 3.5 3.8 3.3 3.6 3.6 3.9 3.1 3.3 -5.8 2 .0 - 2 .2 1.7 1.7 1.3 1.9 .9 1.5 1 .6 1.1 1 .6 1.7 1 .0 .8 1 .0 4.8 4.8 5.8 5.7 4.7 4.6 5.7 5.4 5.4 5.7 5.7 5.2 .1 1 .2 .2 1.3 2 6.9 7.0 6.5 6.3 6.4 6.7 6 .6 6 .8 7.6 7.7 7.2 7.4 6.7 6.9 6.9 7.2 7.2 2.4 2.4 2.4 2.4 3.9 3.9 3.8 3.8 3.2 3.2 1.9 1.9 4.4 4.8 4.6 5.1 5.1 5.7 5.3 5.9 4.0 4.6 4.8 5.6 6 .2 6 .8 6 .2 6.4 4.1 4.2 - .8 4.5 4.6 4.0 4.2 5.1 5.0 4.1 4.5 5.0 4.5 .1 1.5 1.7 2.5 6.1 7.3 15.2 19.8 17.8 ....... * ........ 19.8 3.0 1 .2 1 2 .0 1 .8 2.1 6.9 1.7 7.9 3.3 1 .8 8 .8 11.5 -2.3 -2.3 -4.0 -4.0 1.9 1.9 3.4 3.4 2.9 2.9 3.8 3.8 3.4 3.4 3.2 3.2 4.6 4.6 3.1 4.C 4.4 4.3 ........ 1.5 1.5 3.1 3.1 4.1 3.6 2 .2 3.7 Addenda: Final sales of domestic product .................... Previously published............................... Gross domestic purchases ...................... Previously published............................. Final sales to domestic purchasers........... Previously published......................... Gross national product (G N P )................ Previously published ............................. Disposable personal Incom e.......................... Previously published............................ 3.6 4.: 1 .8 2.1 Government consum ption expenditures and gross in v e s tm e n t...................................... Previously published ................................. F ederal................................................ Previously published............................ National de fe ns e ................................ Previously published.................................. N ondefense.................................. Previously published.......................... State and lo c a l...................................... Previously published.......................... II 10.1 1 .0 2.1 6.9 6.9 6 .6 6.5 6.1 6.1 7.3 7.2 6.3 7.2 9.7 9.3 9.1 8 .8 9.1 8 .6 8.5 8 .2 9.6 9.2 8.9 9.4 - .6 2.9 3.3 7.2 10.7 9.1 13.8 3.6 4.9 .5 -.7 1 .0 3.4 3.8 4.4 5.2 4.0 4.8 3.5 3.8 3.9 3.6 4.9 5.5 4.4 4.8 4.9 5.6 4.4 4.9 5.8 6.4 3.2 2.3 7.3 7.5 8.9 9.7 8.5 9.2 7.4 7.7 7.7 7.6 2.1 2 .8 3.0 3.9 2.5 3.2 3.5 4.5 1.7 2005 I 1.7 .4 1.7 6 Net exports of goods and services .................................... S s e “ E x p la n a to ry N o te " a t th e en d o f th e ta b le s . 3.9 3.2 I 2.5 2.5 1.9 1.9 Gross private dom estic in v e s tm e n t............. Previously published ................................... Fixed investm ent............................................ Previously published..................................... Nonresidentlal ............................................ Previously published................................. Structures ...................................... Previously published ......................... Equipment and software ............................................ Previously published ............................. R esidential.............................................. Previously published............................ Change in private inventories................... Current-dollar measures: G D P ................................................... Previously published.......................... Rnal sales of domestic p ro d u c t............ Previously published...................... Gross domestic purchases........................ Previously published.............................. Final sales to domestic purchasers ............ Previously published.................................. G N P .............................................. Previously published....................... Disposable personal income ..................... Previously published.......................... 3.9 2 003 2002 7.8 8.1 6 .2 6.9 6.4 7.9 516 4.8 16.0 14.5 17.7 14.7 7.6 13.7 2 .2 2.3 2.5 3.2 2 .0 .8 3.5 8.1 III 4.6 7.6 8.4 10.3 1 1 .8 3.1 1.4 13.0 15.5 3.2 IV 2 .E 3.C 6.1 I II 3.' 3. 3.: 2 ." 3.Ï 24 2.6 5.9 5.C 1.6 a: 4.2 34 12.6 7.S 4.9 3.5 2.3 2.3 -3.6 -3.7 10.5 9.5 5.2 6 .8 8.6 4.9 7.2 8.3 10.4 - 2 .0 4.7 12.3 12.4 7.8 7.0 5.7 5.3 - 2 .0 6.3 8.3 - 2 .0 2.7 7.9 10.9 6 .0 8 .8 2006 III IV 4.2 4.1 3.9 44 9.0 9.3 3.4 3.5 3.2 3.3 I 1.1 1.7 .8 .9 -12.3 -16.6 3.1 5.1 2 .0 5.6 5.6 4.8 5.1 19.8 20.3 5.9 5.9 1 .6 2 .6 1.9 5.2 5.3 6.3 16.2 16.1 7.8 8.4 8 .0 3.9 5.2 4.5 2.6 5.9 8.5 -7.0 1 2 .0 2 .2 3.1 1 1 .0 2 .8 1 0 .6 5.0 -.9 7.1 7.3 8 .2 10.1 13.7 14.2 B.7 12.5 15.6 14.8 -.3 3.3 - .6 11.1 2 0 .0 2 .6 1 .6 9.5 1 0.8 ........ ........ ........ ........ ........ ........ ........ 9.9 7.1 4.7 7.5 5.5 5.3 2.9 12.5 4.1 7.4 4.9 94 10.7 3.2 2.5 3.7 3.2 9.6 5.1 11.5 14.0 14.7 17.3 18.5 6.7 6.3 9.1 10.7 9.4 8 .2 - 1.1 -1.5 4.4 4.8 5.5 8.3 8 .2 - 2 .8 4.4 4.7 4.7 4.7 3.1 4.6 1.3 1.8 5.0 3.6 9.1 9.0 -2.9 -6.4 -.9 6.1 3.7 19.2 15.5 1 2 .0 11.3 1 2 .6 13.0 9.0 3.1 -1.9 .9 -5.2 - .6 -9.1 -3.3 3.4 5.2 - .2 3.7 1 2 .8 16.0 2 .0 -.4 1.4 -.3 2 .0 2 .8 8 .0 5.5 1.0 . -1.4 2.5 13.2 2.4 12.1 2.7 14.1 3.5 13.5 1 .2 8.3 -3.2 4.8 2.1 3.4 2.9 9.6 7.4 1 .6 1.1 1.9 3.4 2.4 4.5 3.0 1 .2 2.5 .4 2.4 2.9 3.7 -4.4 1.1 -.2 2.4 1 1 .2 1 0 .0 6 .2 - 1.1 - .8 11.1 7.4 8.5 4.9 4.8 -4.6 - 2 .6 -9.9 -8.9 7.1 11.7 1 2 .2 8 .8 10.5 8.9 9.6 8.5 .1 .6 1.5 -.1 1 .0 2.7 1 .8 .8 1 .8 1 .6 2 .6 .2 .2 1 .6 2 .6 2 .6 3.3 3.5 3.4 4.0 3.3 3.7 3.6 3.9 -4.0 -3.4 5.6 5.6 2.4 4.4 4.6 4.0 4.0 4.2 4.5 4.9 4.4 -.3 5.6 5.9 5.3 5.5 5.4 5.8 2.1 2 .2 4.0 4.6 3.1 3.9 4.0 4.5 3.3 4.0 2.4 2 .8 1 .2 2 .8 7.9 7.5 6.4 5.3 5.3 2 .6 5.5 4.7 4.1 3.8 2.9 6 .2 3.3 3.3 4.1 3.2 4.1 2 .0 2.9 7.5 9.1 5.9 6.1 5.9 6 .6 6.1 6 .2 9.7 9.0 8.3 5.8 5.9 6.7 7.0 7.4 7.0 7.4 5.3 5.7 10.7 12.5 8.1 6 .6 6.7 5.4 5.4 4.7 4.3 6.1 6 .0 5.1 7.0 7.0 6.9 6.7 6.7 7.0 6.7 6.7 7.2 7.0 - 1 .8 -1.3 2.1 4.6 4.2 3.0 3.2 .5 - .6 .2 -1.4 5.8 7.6 7.6 7.8 6 .0 8 .2 8.3 5.8 5.5 8.1 8.5 8.4 8.1 8 .8 7.6 5.6 5.9 3.6 3.5 8.9 8.4 7.8 3.5 2.3 - .2 2.7 2.9 .7 1.1 .5 .7 5.5 5.1 6.1 5.1 5.2 3.0 3.2 6.3 6.7 4.3 4.8 3.8 4.2 9.0 8.9 9.1 9.3 8 .6 8.1 6 .2 1.7 1.5 8 .2 8.3 8 .2 8 .6 9.6 9.5 3.8 3.6 T ab le 1 B.— R evisio ns to C u rrent-Do ilar G ross Do m estic Product, N atio n al Incom e, and Disposition o f Personal Incom e Billions of dollars F evlsed estimates G ro ss d o m es tic p ro d u c t (G D P ) .............................. Revlsions as a percentage of pr eviously published Revisions to previously published 2003 2004 2005 2003 2004 2003 2005 2004 2005 10,960.8 11,712.5 12,455.8 -10.4 - 2 1 .a -31.3 - 0 .1 - 0 .2 -0.3 Personal consumption expenditures............................... Durable g o o d s ........................................................ Nondurable g o o d s .............................................. S ervice s............................................................. 7,703.6 942.7 2,190.2 4.570.8 8.211.5 986.3 2.345.2 4,880.1 8,742.4 1.033.1 2.539.3 5,170.0 -6.3 -7 .4 - 2 .8 -1.5 -23.1 21.9 -3.3 -.1 0 0 6 .6 - .8 -2 Gross private domestic investm ent............................... Fixed investm ent..................................................... Nonresidential ................................................... S tructures......................................................... Equipment and software ................................... R esidential................................................................. Change In private inventories............................................ 1,664.1 1.649.8 1,077.4 277.2 800.2 572.4 14.3 1 ,8 8 8 .0 1.830.6 1.155.3 300.8 854.5 675.3 57.3 2.057.4 2.036.2 1,265.7 338.6 927.1 770.4 21.3 -6.3 -5.1 -5 .0 .3 -5.4 Net exports of goods and services ............................... E xports............................................................................... Goods ..................................................................... S ervices................................................................................. Im p orts.................................................................. G o o d s ....................................................................... S ervices............................................................. -499.4 1,040.8 724.4 316.4 1,540.2 1,283.9 256.2 -613.2 1,178.1 818.8 359.3 1,791.4 1,495.2 296.2 -716.7 1,303.1 907.5 395.6 2,019.9 1,699.0 320.9 Government consumption expenditures and gross investment . F ederal............................................................ National defense ................................................ Nondefense................................................. State and local ........................................................ 2,092.5 756.4 497.2 259.2 1,336.0 2,226.2 825.9 551.2 274.7 1,400.3 2,372.8 878.3 589.3 289.0 1,494.4 10,960.8 11,712.5 336.8 280.0 410.2 363.9 11,017.6 Less: Consumption of fixed c ap ita l............................... Less: Statistical discrepancy............................................... E q u als: N a tio n a l in co m e 1 .2 0 -.1 - 1.1 1.5 -4.8 .1 -4 .9 -6 .3 0 -6.4 .6 1 .6 .5 -25.1 15.1 -40.1 -42.0 -43.5 2.4 -45.9 1.5 19 -47.6 -49.9 -64.1 3.5 -67.6 14.1 1 0 .8 9.8 1.9 1.9 4.3 .7 3.6 -6.4 -.7 -5.7 0 -7.8 -1.7 - 6 .1 10.3 -1.7 -1.5 .1 -.4 -.3 -.5 1 .0 1 .0 .5 .3 - 2.1 - 2 .2 -3.6 -2.3 -2.4 -4.8 .1 .8 1 .0 -5.1 - 6 .8 1.9 0 .2 -.5 .4 i 0 -1.5 -4 o -2.4 .1 o 10 4 o -1.9 -1.9 5 4 o 9.9 .6 - -.7 6 3 1 2 .2 4 1 .0 - .2 -1 6 1.1 1 2 .0 9.2 -!i 12,455.8 -1 0.4 - 2 1 .8 -31.3 -.1 513.3 481.5 -6.9 4.4 -5.2 57 7.5 11,758.7 12,487.7 -21.7 -29.3 -33.1 1,336.5 48.8 1,436.2 66.7 1,604.8 71.0 5.2 1.7 g 30 7 9,632.3 6,325.4 5,127.7 1,197.7 10,255.9 6,650.3 5,377.1 1,273.2 10,811.8 7,030.3 5,664.8 1,365.5 -28.6 4.3 16.6 -12.3 811.3 133.0 911.1 127.0 970.7 72.B 1.1 993.1 524.7 759.3 83.8 1.7 1,182.6 485.1 819.4 85.5 -5.0 1,330.7 483.4 865.1 74.2 -15.4 -3 8.7 -3 .8 4.5 -20.4 1 0 .0 -2 1 ? -1 4 9 17 1 2 .2 -5.6 -¿ 0 0 -4.1 - - 0 .9 6 R e latio n o f G D P a n d N atio n a l In c o m e G ro ss d o m es tic p r o d u c t .................................................... Plus: Income receipts from the rest of the world ................ Less: Income payments to the rest of the w o rld ................. E q u als : G ro ss n atio n a l p ro d u c t ........................................ ............................................. Compensation of employees ................................... Wage and salary accruals........................... Supplements to wages and sa la rie s ..................... Proprietors' Income with Inventory valuation and capital consumption adjustments ..................................................... Rental Income of persons with capital consumption adjustm ent... Corporate profits with Inventory valuation and capital consumption adjustm ents..................................................... Net interest and miscellaneous payments .......... Taxes on production and imports less subsidies .... Business current transfer paym ents.................... Current surplus of government enterprises.............. 1.3 4 2 .2 -2 -.3 1 .6 6 1 .6 - .2 - .2 -.3 _3 2 -1 0 1 - 2 0 .0 -37.3 -12.3 -24.9 -79.9 -82.8 -4 7 5 21.5 -7.2 32 0 21 .1 ? 5 1 3 -3 5 3 -.1 i 10 7 2J D isp o sitio n o f p e rs o n a l in co m e P e rs o n al i n c o m e ................................................................. Compensation of employees, received .............. Wage and salary disbursem ents.................... Supplements to wages and sa la rie s ..................... Proprietors' income with inventory valuation and capital consumption adjustm ents.................................................. F a rm ........................................................... N onfarm ...................................................... Rental Income of persons with capital consumption adjustm ent... Personal Income receipts on assets ........................... Personal interest inc om e................................ Personal dividend Income ................................... Personal current transfer receipts ............................ Less: Contributions for government social insurance........ Less: Personal current taxes .................... ........ 9,163.6 9,731.4 10,239.2 -5.5 18.1 1.5 -.1 6,310.4 5,112.7 1,197.7 6,665.3 5,392.1 1,273.2 7,030.3 5,664.8 1,365.5 -10.7 -22.3 2.7 -24.9 -8 2 8 -47.5 2 35 3 _ U ) 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1.1 21.5 .4 32.0 9.4 5.4 21 .1 2 2 .6 -7.2 31.4 -15.1 46.5 - 1 .0 -.1 - 2 .1 -3.5 1.5 7.0 1 0 2.5 -5 4 62.0 -7 62 7 1.3 - .2 2 2 826.4 880.6 2 .0 4.2 10.9 .3 .5 1.3 1,049.8 1,203.1 1 .2 .7 -4.6 .1 .1 -.4 778.6 1 ,0 0 1 .1 1 .6 -12.3 1.5 -.3 1.3 E q u als : D isp o sa b le p e rs o n a l in c o m e ...................... 8,162.5 8,681.6 9,036.1 -6 .7 17.4 Less: Personal o u tla y s ......................................... 7,987.7 8,507.2 9,070.9 - 8 .6 -5.3 174.9 174.3 -34.8 2,1 ?? 5 2.1 2 .0 -.4 E q u als : P erso n al s a v i n g ................................................. Personal saving as a percentage of disposable personal income . 0 .2 - .2 0 0 ■J .1 o 4 2.4 1.1 1 7 '4 9-5 .5 -.1 3.4 45.2 2.5 - 1 ¿3 _1 12 3 .1 6 .2 -.1 2 1 .2 -.1 -.1 0 .........T i .........- i ........... -.4 .1 .1 Ad dend a: Statistical discrepancy as a percentage of GDP ........ Gross domestic inco m e .................................. .4 10,912.0 .6 .6 11,645.8 12,384.8 0 - 1 2 .2 -.1 -11.7 .2 -47.4 T a b le 2 .— C o n t r ib u t io n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t ic P r o d u c t Seasonally adjusted at annual rates 2002 2003 2004 2005 2 2002 IV II 1 103 2004 III IV I II 2005 ill IV I II 2006 III IV I II 1 .8 5.6 2.5 Percent change at annual rate: Gross dom estic p r o d u c t............................. 1 .6 2.5 3.9 3.2 0 .2 1 .2 3.5 Personal consum ption e x p e n d itu re s ............... 1.90 1.94 2.71 Durable g o o d s ............................................ Motor vehicles and p a rts ............................ Furniture and household equipm ent........... Other ....................................................... .61 .23 .29 .09 .50 .27 .54 .07 .35 .1 0 .11 ,29 .14 Nondurable goods ...................................... F o o d ....................................................... . Clothing and shoes ................................... Gasoline, fuel oil, and other energy goods ... Other ....................................................... .50 .15 .14 .04 .18 .64 .23 .14 .73 .33 .14 .90 .51 .17 .01 .0 2 .26 .24 .23 .31 -.0 4 .23 S e rv ic e s ...................................................... Housing ................................................... Household operation.................................. Electricity and g a s ................................. . Other household operation .................... . Transportation......................................... . Medical care ...........;................................. R ecreation................................................ O th e r ....................................................... . .79 .09 .80 1.45 .40 .0 2 .06 .03 .03 1.09 .30 .08 .04 .04 .74 -.07 .19 .23 -.0 4 0 - .0 1 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 2.44 .97 1.41 .45 -.47 -.75 .21 .03 -.04 .05 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.74 1.35 .65 .49 .06 -.29 .27 .08 .51 .09 .33 .14 -.14 .28 .71 .50 .17 .2 0 1 .0 2 -.29 .27 .10 .01 .1 2 .21 .50 .28 .24 1.50 .60 .65 .26 -.04 .21 .74 .38 .40 -.03 -1.08 -1.51 .33 .21 1.39 .46 .67 .26 .07 .0 2 .70 .75 .39 .45 .04 .29 1.53 .61 .31 .36 .86 .0 2 .54 .32 .34 .16 -.14 .74 .28 .18 -.04 .32 1.07 .70 .19 1.04 .53 .17 .98 .55 .25 .01 .12 -.1 0 .16 .21 .28 .70 .61 .08 -.15 .16 .79 .39 .27 -.06 .19 1.30 .37 .06 -.07 .13 1.39 .32 .25 .25 .70 .29 .94 .28 .04 .83 .18 -.0 2 .44 .04 .16 .52 .09 .31 - .0 2 .2 0 1.32 .24 .09 .03 .06 -.04 .53 .05 .44 .84 2.51 1.31 .28 1 .0 2 .46 .52 .31 1.34 1.36 .25 - .1 2 Percentage points at annual rates: .1 2 .1 0 .04 - .0 2 -.08 .63 .06 .06 .1 0 .0 2 .09 .08 .03 .37 .14 .41 0 .45 .10 .0 2 - .0 1 .2 0 - .0 2 -.0 2 - .0 2 .39 .14 .63 .73 .18 1 .2 1 0 0 -.05 .05 .07 .47 -.03 .05 .03 .28 .13 .40 .11 .2 0 -.1 2 -.04 -.08 .08 -.03 .28 .15 .16 .43 .08 .59 .16 .10 .0 2 .52 .35 .0 2 - .0 2 .06 .30 0 0 .32 0 1.18 .40 .17 1.92 .49 .11 .1 0 .1 2 .28 .16 .15 .06 .05 .05 .33 .18 .76 -.06 .16 .06 .47 .13 .42 .05 .0 2 1.59 .42 .2 2 .36 .13 0 .01 0 0 .01 .53 .09 .24 .04 .43 .05 .30 .32 .13 -.07 0 .0 2 .04 -.03 .40 .05 Gross private domestic in v e s tm e n t................. -.41 .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 Fixed in v e s tm e n t......................................... Nonresidential ........................................... Structures ............................................. Equipment and softw a re......................... Information processing equipment and s o ftw a re ........................................ Computers and peripheral equipment S oftw are........................................ Other ............................................ Industrial equipment........................... Transportation equipm ent.................... Other equipment ................................ Residential ................................................ -.84 -1.06 -.55 -.51 .51 1.1 1 1.17 .67 .03 .64 - .2 1 -.04 -.24 -.18 -.06 1.52 2 .0 0 1.0 1 .92 .83 .29 .34 .18 .08 .95 .41 .1 0 1.16 .97 .08 .90 .77 .81 -.05 .6 6 1.72 .69 .17 .52 1 .2 2 .1 0 .59 .14 .45 1.62 .51 -.06 .56 .31 .13 .82 .26 .32 .23 -.1 4 .70 .05 -.03 .03 .05 -.05 .46 .06 1.03 .21 .43 .29 .1 0 .1 0 .03 .30 .16 -.1 4 .06 -.07 .21 .58 .06 .52 -.2 0 .2 2 .04 -.04 -.19 .36 .30 .09 .07 .05 .04 .1 0 .12 .15 .09 - .1 1 - .1 1 -.16 -.04 - .1 2 .07 .41 .22 -.52 -.1 4 -.38 .11 .1 0 -.38 -.0 4 -.1 7 -.1 7 -.05 .14 .07 .53 .10 .01 .15 .09 .50 -.0 2 .38 .07 .31 .35 -.0 2 - .1 2 .26 1.08 -.13 .07 .55 .30 -.03 .17 .16 -.09 -.08 -.0 4 .16 -.16 -.8 5 .56 -.0 6 .62 .56 -.05 .60 .40 .27 .13 .21 -.7 3 .51 -.47 .1 2 0 .06 .05 .08 .14 .31 .08 .51 .1 2 .0 2 .17 -.57 .04 .30 .2 0 -.30 -.0 6 -.24 .08 .03 .04 .19 -.31 -.26 -1.52 .01 .21 .2 0 .29 - .2 2 0 .78 .21 1.11 25 .16 .04 .04 .19 -.31 .08 -.06 .74 .15 .18 .40 -.05 .31 .51 .28 .36 -.07 -.0 2 .40 -.81 -.16 .72 -.06 -1.07 -.04 .33 .46 .55 -.09 .96 .42 .54 .47 .38 .09 .94 .33 .27 .06 .97 .80 .17 1.41 .35 .17 .18 -1.77 -1.55 -.63 -.6 4 .01 -.39 -.36 -.03 -2.04 -1.84 -.2 2 -.26 .04 - .2 0 -1.46 -1.27 -.19 -1.62 .8 8 .6 8 -.53 .13 -.65 -.16 -.08 -.08 1.81 .52 .16 -.31 -.6 4 .33 1 .0 2 .60 .28 .55 .47 1 .2 0 .69 .47 .61 .22 .60 .43 .17 Im ports ........................................................ G oo ds ....................................................... Services ................................................... -.46 -.41 -.05 -1.53 -1.29 -.24 -.94 -.87 -.0 7 - 1 .2 1 -.9 0 -.31 .74 .47 .27 -.57 -.9 7 .40 -.51 -.0 7 -.4 4 -2.29 - 1 .8 6 -.43 -1.42 -1.17 -.25 - 2 .2 2 -2.03 -.18 -.59 -.08 - .6 6 .01 .1 2 .11 .24 .8 8 .06 -.2 2 .11 - .0 2 -.09 .04 .04 -.16 .19 -.30 .13 -.40 -.03 - .0 1 1 .2 0 .21 .40 0 -.03 .09 - .1 2 .80 .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 - .2 1 .94 .11 .43 .29 .23 .06 .14 .30 .27 .11 .64 .59 .67 -.08 .05 .07 .01 .49 .41 .40 .18 .09 .23 .03 .13 .03 .66 -.33 -.49 -.47 .61 .41 .37 .05 -.24 -.05 -.15 .1 2 .2 0 -.19 - .1 2 .11 .34 .41 .34 .08 -.07 -.06 -.38 -.45 -.4 4 .02 .03 -.25 -.32 .07 .28 .27 .21 - .2 2 1.26 1.41 1.30 .12 .44 .37 .32 .05 .08 .07 .0 2 .01 .01 -.03 -.03 .11 .16 .03 -.09 .37 .29 .08 .0 2 .06 .11 .08 -.18 .13 .09 .03 .33 .17 .16 .35 - .0 2 .06 .19 -.13 - .1 0 -.04 -.07 .07 -.15 .25 .15 .0 2 .26 -.04 .30 1 .0 0 1.56 1.84 .51 1.43 1.31 .49 .81 1.63 1 .2 0 .1 2 .2 0 .01 .16 1.56 1.48 .06 .52 .15 1.43 1.47 -.29 .06 .26 1.51 1.07 .82 .38 .16 .97 .46 .33 -.71 .11 .99 1.74 1.31 -.24 -.1 4 3.86 1.39 .33 .06 5.00 1.15 1.33 .30 .50 .20 .07 .94 1.47 .05 -.34 -.03 Federal ......................................................... National defense........................................ . Consumption expenditures....................... Gross investm ent................................... N ondefense............................................... Consumption expenditures....................... Gross investm ent................................... State and local ............................................. Consumption expenditures....................... Gross investm ent................................... Addenda: Goods ........................................................... S ervices......................................................... Structures ...................................................... Motor vehicle o u tp u t....................................... Final sales of com puters................................. .41 1.43 -.24 .39 .03 S e e " E x p la n a to ry N o te ” a t th e e n d o f th e ta b le s . .02 .03 .41 .1 0 - .2 0 -.73 .1 2 0 .2 2 0 2.05 .14 1.90 .12 Governm ent consumption expenditures and gross investm ent ......................................... .21 1.43 .26 .24 -.18 .28 -.46 -.84 -.48 -.35 -.23 -.28 .06 -.56 -.56 .0 2 -2.23 -.2 6 -1.97 1.44 .61 .84 Exports ........................................................ G oo ds ....................................................... Services ................................................... 0 .67 .24 -.58 -.58 .21 -.1 0 .09 .16 -.06 .18 .1 0 -.65 1.0 1 0 .05 .40 .08 -.04 -.44 - .64 .23 -.03 .36 .05 -.38 .43 .19 .39 -.69 - .1 2 .34 1 .2 0 1.1 1 .12 - .1 2 Net exports of goods and services .................. .04 .03 0 .03 .11 .63 .21 - .0 2 .45 .01 - .1 1 -.04 .26 .06 .07 .13 .23 .27 .03 .43 Change in private in v e n to rie s ...................... F a rm ......................................................... Nonfarm ................................................... .43 .8 6 .33 .17 .16 .59 - .2 0 .10 0 .05 .03 .03 0 .1 0 1 .2 0 .31 .05 .15 .08 .05 .03 .03 .2 2 0 - .2 0 .21 -.16 .19 - .2 1 .06 .0 2 -.0 2 .01 .06 .08 .25 .15 -.27 -.19 -.09 -.1 0 1.27 .03 -.09 -.46 .56 2.06 .85 .36 .1 0 -1.74 1.65 .29 ■12| -.0 7 -.0 2 -.0 2 .35 .31 .05 -.14 .22 -.23 .15 0 0 .1 0 .09 2.59 .05 .33 -.13 .08 .03 .05 - .0 1 .21 .25 -.04 .03 - .1 1 .01 -.09 .01 -.0 2 .01 .08 .15 -.1 4 .0 2 .18 .05 .13 - .0 1 .08 .05 .03 .06 .1 0 1.09 1.04 1.13 -.03 .2 0 .52 .45 .07 .14 .08 .06 - .0 1 .14 -.15 2.07 2 .0 2 .09 .70 .08 - .0 2 .16 .05 .12 .1 0 - .1 0 .22 .13 T a b l e 2 A . — C o n t r i b u t i o n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t i c P r o d u c t Seasonally adjusted at annual rates 2002 2003 2004 2005 2003 2002 IV I II 2004 III IV 1 II 2005 III IV 1 II 2006 III IV I Percent change at annual rate: Gross dom estic p r o d u c t............................................. Previously published.................................................. 2.5 2.7 3.9 4.2 3.2 3.5 0 .2 1 .2 3.5 3.7 7.5 7.2 2.7 3.6 3.9 4.3 4.0 3.5 3.1 4.0 3.3 3.4 3.8 3.3 3.3 4.2 4.1 1 .8 .2 1.7 2 .6 1 .6 1.7 5.6 5.6 Personal consum ption e x p e n d itu re s ............................... Previously publis hed ..................................................... 1.90 1.90 1.94 2.05 2.71 2.71 2.44 2.48 .97 .97 1.41 1.70 2.53 2.55 4.13 4.13 1.59 2.15 3.30 3.27 2.07 1.33 2.74 3.05 2.97 3.01 1.94 2.44 2.94 2.35 Durable goods ............................................................ Previously published.................................................. 2.76 2.85 .53 .62 3.38 3.53 .61 .61 .50 .57 .54 .51 .45 .37 -.47 -.47 .03 .31 1.35 1.23 1.39 1.64 .06 -.03 .51 .38 .14 .03 .71 .50 .45 .2 0 1 .0 2 .68 .2 2 .64 .74 .76 -1.08 -1.47 Motor vehicles and p a rts ........................................... Previously published ............................................. Furniture and household equipm ent........................... Previously published ............................................. Other ....................................................................... Previously published ............................................. 1.50 1.51 .23 .23 .29 .29 .09 .09 .1 2 .07 .06 .35 .34 .0 2 -.75 -.75 -.0 4 -.14 -.19 .28 .24 .2 2 .17 .05 .03 -.29 -.43 .27 .30 .08 .09 .21 .65 .53 .49 .48 .01 .1 2 .21 .1 0 .1 0 - .0 2 .1 0 .14 .2 0 .38 .45 .40 .37 -.03 -.06 -1.51 -1.92 .33 .33 .08 .50 .27 .28 .17 .24 .60 .60 .65 21 -.29 -.31 .27 .32 .1 0 .44 .36 .34 .13 .1 2 N ondurable goods ...................................................... Previously published.................................................. .26 .26 .36 .61 .8 6 1.31 .34 .53 .74 .78 1.07 1.09 1.04 1.07 .98 .74 .70 .73 .79 1 .2 0 1 .0 2 1.21 .16 .27 -.14 -.09 .28 .32 .18 .17 -.04 .70 .63 .19 .25 .53 .50 .17 .15 .55 .42 .25 .39 .50 .27 .64 .65 .23 .01 .1 2 - .1 0 .61 .61 .08 .08 -.15 .02 .21 - .1 1 - .1 1 20 .28 23 .16 .15 .70 1.15 .94 .97 1 .6 Percentage points at annual rates: .07 .07 .0 2 .21 .06 .2 2 .90 .90 .70 .70 .75 .63 .45 .37 1.53 1.65 .51 .49 .17 .17 .2 0 .39 .38 .04 .05 .29 .27 .61 .69 .31 .33 .1 0 .11 .11 .1 0 -.03 .29 .28 .14 .13 .50 .50 .64 .63 .73 .94 F o o d ........................................................................ Previously published ............................................. Clothing and shoes ................................................... Previously published ............................................. Gasoline, fuel oil, and other energy g o o d s .................. Previously published ............................................. Other ....................................................................... Previously published ............................................. .15 .15 .14 .14 .04 .04 .18 .18 .23 .25 .14 .14 .33 .48 .14 .17 .01 .02 .01 .04 .23 .2 2 .03 .24 .26 S e rv ic e s ...................................................................... Previously published.................................................. .79 .79 .80 .85 1.45 1.27 1.09 .40 .30 .30 .24 .08 H ou sin g.................................................................... Previously published ............................................. Household operation ................................................. Previously published ............................................. Electricity and g a s ................................................. Previously published......................................... Other household operation .................................... Previously published.................................... .19 .27 .26 .46 .77 .67 .63 .26 .23 .26 .09 .09 .0 2 .04 .04 -.0 2 Transportation........................................................... Previously published ............................................. Medical care .......................................................... Previously published ............................................. R ecreation............................................................ Previously published ............................................. Other ....................................................................... Previously published .............................................. -.08 -.08 .63 .63 .06 .06 .06 .06 Gross private domestic In ve stm en t.............................. Previously published...................................................... -.41 -.41 Fixed in v e s tm e n t........................................................ Previously published.................................................. 1.21 .2 0 .31 .31 -.04 -.04 .23 .23 -.0 2 -.0 4 -.0 2 -.0 2 .1 0 - .0 1 .1 2 .39 .29 -.0 4 .14 .09 .63 .76 .73 .94 1.2 1 .74 .74 .1 0 .07 .1 0 -.07 -.07 .19 .19 .03 .0 2 .02 .03 .08 .05 .04 .06 .04 .04 .23 .23 -.04 -.04 .03 .03 - .0 2 .21 .21 .07 .06 .05 .1 0 .0 2 -.0 1 .22 .52 .51 .84 .18 .13 .11 .08 0 .35 .24 0 .0 2 -.0 2 .33 .31 .02 .54 .2 0 .8 8 - .0 2 .32 .37 .04 .06 .07 .30 .31 -.0 4 1.18 1.57 .40 .31 .17 .25 0 .11 .03 .32 .33 .32 .28 .07 .16 .14 1.92 1.58 1.59 .77 1.30 1.39 1.39 1.47 .49 .39 .42 .27 .11 .1 0 .37 .29 .06 .04 .32 .29 .25 .34 -.07 -.05 .13 .25 .37 0 .01 -.0 6 -.0 2 .07 -.07 -.0 5 -.0 5 .05 .07 -.0 8 -.1 3 .08 .07 -.03 -.0 7 .05 .05 .1 2 .06 -.06 .2 2 .0 2 - .1 1 .05 .03 .05 .05 .07 .07 .47 .45 .03 .0 2 .0 2 .0 2 .28 .31 .13 .07 40 .28 .59 .16 .2 2 .15 .19 .05 .13 .33 .37 .18 .17 .76 .44 .04 .43 .56 .08 .06 -.0 1 .41 .26 .2 0 -.1 2 .04 -.04 .21 -.1 2 .1 0 -.0 3 -.0 5 .28 .42 .15 .15 .16 .35 .54 .58 1.49 1.82 .87 -.14 -.14 -.16 -.03 .51 .42 2.56 2.53 1.39 1.78 -.84 -.84 .51 .54 1 .1 1 - .2 1 -.0 4 .13 1.52 1.26 2 .0 0 Nonresidentlal ........................................................... Previously published .............................................. -1.06 -1.06 .1 0 .58 .92 .67 -.2 4 1.01 .8 8 -.52 -.52 -.1 0 .79 Structures ............................................................ Previously published.......................................... -.55 -.55 - .1 1 .06 .06 .03 .05 -.14 -.14 -.18 -.0 2 -.2 2 .35 .32 0 .03 Equipment and software ..................................... Previously published.......................................... -.51 -.51 .21 .52 -.38 -.38 .6 6 .1 2 .47 .95 1.09 .41 .40 .1 0 .8 6 .64 .82 -.0 6 .24 Information processing equipment and software .... Previously published ..................................... -.2 0 .2 2 .30 .48 -.38 -.38 .13 .19 .36 .49 .31 -.2 0 .21 .2 0 .82 .79 .70 .52 Computers and peripheral equipment ............. Previously published .................................. S oftw are....................................................... Previously publis hed .................................. O th e r......................................................... Previously published ................................ .04 .04 -.04 -.04 -.19 -.19 .09 .09 .07 .06 .05 .05 .10 .1 2 .1 2 .19 .15 .11 .24 .09 .17 .11 .1 0 -.1 1 .04 .02 .17 .15 -.57 -.25 .04 Industrial equipment .......................................... Previously published .................................... Transportation equipm ent.............................. Previously published ..................................... Other equipm ent.......................................... Previously published .................................. -.1 1 -.16 -.16 -.04 -.04 0 0 .45 .49 .1 0 .1 0 .09 .14 .13 - .1 1 .03 .03 .37 .49 .14 .11 1.47 0 1 .0 0 1.17 1.29 -.0 1 .59 .59 .16 .16 - .2 1 .02 .19 .08 -.04 -.04 -.17 -.17 -.17 -.17 .1 0 .01 .09 .15 .17 .09 .09 .01 -.03 .07 .08 -.05 .04 .14 .15 .07 .18 - .0 2 .02 .01 .53 .55 .50 .41 .30 .30 .2 0 -.1 2 0 - .1 2 - .0 2 .1 2 .1 0 1.34 .97 1.15 .81 1.04 .59 .58 .51 .90 .59 .52 .48 1.36 1.47 -.05 .14 -.0 5 -.06 .07 -.2 0 .22 .08 .04 .31 .09 .25 .34 .52 1.07 .90 .8 6 .92 .56 .83 .78 .82 1.11 1 .1 2 .45 .64 .21 .85 .39 1.13 .30 .61 .05 .38 .21 .31 .33 .34 .43 .72 29 .53 .26 .42 .25 .32 .74 .74 .17 27 .16 .09 .1 0 .1 0 .06 .31 .03 .23 .11 .12 .07 .14 .13 .17 .16 .28 .04 .09 .04 -.06 .15 .14 .18 .14 .40 .46 -.05 -.04 .31 .38 2.15 2 .2 2 .92 1.08 .29 .43 .18 .76 .69 1.29 .08 -.09 .17 .26 .33 1.08 1.07 .55 .59 .16 .28 .56 .38 .56 .75 -.0 6 -.0 7 .62 .45 -.05 .19 .60 .57 -.8 4 .19 .17 -.31 -.33 -.1 6 -.2 2 .46 .65 1.16 1.31 -.14 -.13 -.16 .07 .18 -.16 .0 2 1 .0 2 1 .1 2 1.62 1.51 1.72 .19 .30 .39 .23 .03 .03 .04 .04 0 1 .2 2 .34 1.04 -.05 -.05 .46 .56 .06 .18 -.0 6 -.07 -.2 4 .45 .45 1.31 1.44 .77 1.13 .83 1.03 -.0 9 .19 -.0 8 -.0 4 -.0 4 .09 .07 .03 .31 .32 -.0 2 2.51 2.54 .82 -.2 2 .03 .03 -.0 2 .2 0 .84 .87 .32 .75 -.1 4 -.0 4 1 .0 1 - .2 1 -.8 5 -.6 3 - .0 1 -.61 -.63 3.17 3.10 .14 .08 .08 0 -.0 2 1.32 1.42 .74 1.52 .17 .08 .16 .33 -.30 -.29 -.58 -.55 - .0 2 .16 .2 0 .38 .35 .03 .03 .1 0 .0 2 .32 .29 .23 .29 .04 .05 .06 .08 .44 .26 .05 .04 .08 .05 .2 2 .03 -.08 .04 .06 .0 2 -.03 .18 .03 .05 .05 .16 .43 .43 0 .0 2 .01 0 .18 .02 .2 0 Change in private in v e n to rie s ..................................... Previously published............................................ .09 .17 .05 .42 -.03 .51 .47 -.0 2 .20 0 .17 .41 .41 .07 .0 2 .30 .29 .01 .24 .19 -.58 -.56 .15 .52 .59 .09 .09 .31 .36 - .0 1 .02 .01 .18 .16 24 .2 0 .44 .58 .04 0 .24 .33 .2 0 .67 .81 .28 .0 2 0 .1 0 .15 .29 .83 1.08 .22 .04 - .0 1 1.32 1.36 .04 .05 .2 2 -.03 .36 .35 .29 .23 0 27 -.06 .03 .19 21 .01 -.0 3 .43 .54 .05 - .1 2 .21 .01 .53 .64 .09 .21 .20 -.04 .05 .53 .47 .56 .13 .21 .2 2 0 20 .6 6 -.03 .06 .40 .50 .05 - .0 1 .21 .31 .36 .08 .04 - .06 .10 .26 -.1 2 .23 .16 .05 .1 0 0 .07 .06 .04 Residential ............................................................... Previously published ............................................. F a rm ...................................................................... Previously published .......................................... Nonfarm ............................................................... Previously published ............................................. 0 .11 .21 1.11 .12 .21 .16 .12 .1 0 -.1 2 .05 0 -.0 2 .06 .32 .53 .13 .14 -.07 .h .2 2 .30 .18 .29 .06 .01 .16 .23 -.14 -.16 .28 .05 .06 .40 .39 .08 .13 1.03 .93 .18 .15 -.0 4 .09 .63 .54 1.11 .40 .48 1.44 .87 -.84 -.56 .05 -.03 .09 .29 .27 .61 .45 .84 .42 -.48 -.38 -.28 .43 .25 .16 -.26 -.09 -1.97 -2.05 -.2 0 .13 .6 8 .10 - .0 1 -.35 -.55 .01 -.14 - .1 1 -.06 .40 .6 6 1.31 .8 8 .06 0 .1 0 .11 1 .6 8 -.07 -.27 .23 .11 .27 .18 .03 .19 .16 -.31 -.19 .08 .0 2 .1 0 .05 -.06 .17 - .0 2 .62 .43 .43 -2.23 -2.14 -.18 -.4 3 2.05 1.89 -.03 -.24 .28 .33 .24 23 .2 0 .11 .21 .14 - .0 1 -.0 2 .0 2 - .0 2 -.46 -.42 1.90 1.87 - .0 2 -.23 T a b l e 2 A . — C o n t r i b u t i o n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t i c P r o d u c t — C o n tin u e d Seasonally adjusted at annual rates 2002 2003 2004 2005 2002 2 IV Net exports of goods and s e r v ic e s ........................... Previously published ............................................. I II 2004 III 2005 IV I II III IV I -0.47 -.47 -0.73 -1.16 -1.62 -1.37 - 0 .2 0 -.17 -0.81 -.98 -0.16 -.40 1.81 1.69 .69 .49 .60 .67 .46 .53 .96 .70 1 .2 0 .47 .50 .55 .55 -.09 .42 .25 .54 .44 -1.77 - 1 .6 8 -.63 -1.14 - .2 2 -.26 .15 04 II IV I 0.72 in -0.06 -1 07 -1.36 .47 .74 .94 1.07 .33 .26 .9 7 - 0 04 -.24 1 41 1.47 .38 .37 .09 .37 88 .27 .23 06 .03 80 .56 J7 -.05 -.39 -.38 -2.04 - 1 .8 8 -1.46 -1.70 -.36 -.46 -.03 .09 -1 84 -1.76 -.2 0 -1 2 7 -1.49 i9 -.1 2 - .2 1 -0.44 -.46 -0.65 -.73 -0.26 -.29 -1.52 -1.52 0 .2 1 .08 -.6 6 0.51 .48 Exports ................................................................ Previously published.................................................. -.23 -.23 .1 2 .88 .6 8 1 .0 2 .80 .70 -.5 3 -.2 9 -.16 .17 -.31 -.31 -.2 0 1.04 Goods ..................................................................... Previously published ...................................... Services .................................................................. Previously published .................................... -.28 -.28 .06 .06 .1 2 .60 .59 .28 .2 2 -.64 -.64 .33 .33 .13 .09 -.6 5 -.3 8 -.08 .05 .52 .51 .16 .18 -.2 0 .55 .58 .47 .46 1.05 .61 .64 - .0 1 .43 .53 .17 .14 Imports ...................................................................... Previously published............................................ -.46 -.46 -.56 -.63 -1.53 -1.53 -.94 -.9 8 1.21 .74 .37 -.57 -.46 -.51 -.56 -2.29 -2.16 -1.42 -1.65 - 2 .2 2 -2.03 Goods ..................................................................... Previously published ............................................ Services ................................................................... Previously published ....................................... -.41 -.41 -.05 -.05 -.56 -.56 -.87 -.89 -.0 7 -.0 9 -.90 -.90 -.31 -.31 .47 .32 .27 .05 -.9 7 -.71 .40 .26 -.07 - 1 .8 6 -1.91 -.43 -.25 -1.17 -1.41 -.25 -.23 -2.03 -1.71 -.18 -.32 -.59 -.59 -.08 -1.55 -1.60 -.64 -1.05 -.07 -1.29 -1.30 -.24 -.23 -.2 2 .01 Government consum ption expenditures and gross investm ent .................................................................. Previously published......................................... - h -.08 -.1 0 - .1 1 .55 .62 .43 .43 .24 .35 -.37 .17 .31 .35 2\ .1 2 0 - 1 .2 1 0 -.0 8 -.1 0 -.44 -.46 .2 2 - .0 2 - .6 6 -.70 2006 III -0.69 -.69 0 -0.73 303 1.08 06 - .0 1 .04 - .1 2 .52 .80 .80 .47 .53 .36 .41 .17 .34 .89 .89 -.26 -.0 5 1.16 1.37 .29 .14 .11 .1 0 Federal ............................................................. Previously published........................................... .43 .43 .44 .45 .30 .36 .11 .64 .64 .01 1.26 1.40 .03 -.14 .21 .49 .71 .18 .2 2 .34 .25 -.38 -.04 .23 .17 .03 .17 .66 .21 National defense................................................. Previously published ..................................... .29 .29 .37 .37 .27 .32 1.41 1.46 -.25 -.31 .35 .35 .41 .60 .09 .04 .41 .41 -.45 -.16 .21 .14 .13 .17 52 .46 -.44 .23 23 .06 .06 .32 .33 .05 .04 .34 -.4 4 .25 03 45 47 .05 .06 .1 0 .08 - .0 1 -.04 .14 .14 .08 .08 .03 .04 .1 2 .12 .07 .08 .03 .04 .0 2 .01 Consumption expenditures .................................... Previously published............................... Gross investment ............................................... Previously published.......................................... Nondefense.......................................................... Previously published ................................... Consumption expenditures ............................. Previously published...................................... Gross investment .................................................. Previously published................................... State and local ..................................................... Previously published........................................ Consumption expenditures .................................... Previously published.......................................... Gross Investm ent........................................... Previously published.......................................... Addenda: G o o d s ................................................................ Previously published........................................ S e rvices....................................................... Previously published...................................... Structures ............................................................... Previously published................................... Motor vehicle o u tp u t.......................................... Previously published....................................... Final sales of computers ............................... Previously published....................................... Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. .0 2 .37 .37 .29 .29 .08 .08 .41 .41 1.43 1.43 -.24 -.2 4 .39 .39 .03 .03 0 .16 .08 .2 2 0 -.1 5 .05 .67 -.2 2 1.30 1 35 -.32 .31 .03 .0 2 .1 2 .01 -.08 -.08 .11 .07 .03 .05 .03 .14 .0 2 .02 .1 0 -.2 0 .03 .04 .05 .05 .21 -.1 6 -.0 6 .28 .17 -.1 4 -.14 .09 .08 .19 -.07 -.16 .08 .03 .03 -.1 1 .19 .18 - .2 1 .27 .29 - .1 2 .11 .03 .04 .05 .15 -.06 -.04 .0 2 -.09 -.09 .01 - .0 2 - .1 2 .05 .08 .03 .04 .01 .0 2 .07 .07 .25 -.1 0 .01 0 5J .0 2 - .0 2 -.2 0 .04 .18 .01 0 -.19 .06 .14 .01 .11 -.03 -.0 7 .06 -.09 .0 2 -.0 2 .25 .25 -.27 -.0 8 -.0 4 .26 .25 .1 0 .08 -.0 7 -.04 .07 .11 .15 .15 -.1 9 -.0 2 - .0 1 - .0 1 .0 2 .0 2 .04 -.04 -.0 2 .1 0 .01 .06 .1 0 -.0 9 -.0 7 -.0 2 .0 2 1.0 0 1.56 2.06 1.84 1.59 .51 .57 1.43 1.49 1.31 1.54 .49 .49 -1.74 -1.74 1.65 1.65 .29 .29 .1 2 .2 0 .01 1.27 1.38 .03 .41 -.09 -.0 8 -.4 6 .16 .06 .15 .1 2 .01 .56 .75 2.06 2.15 .85 .76 .36 -.09 .16 .28 .11 .11 .08 O .06 1 .1 0 1 .2 0 1.30 .31 .31 .05 .14 .15 .15 0 -.0 3 .1 2 -.0 2 .05 .1 0 -.1 2 .11 -.03 -.04 .06 .17 -.1 0 .40 0 -.1 0 .06 .05 .0 2 0 .59 .59 .1 2 25 .03 .47 - .1 1 .30 .26 -.15 -.13 5.00 5.19 1.15 .78 1.33 1.28 .30 .72 .50 .45 .81 .96 1.63 2 .2 0 .2 2 .41 -.2 3 -.13 .15 .09 0 .19 0 0 -.0 1 .97 .73 .46 .65 .33 .28 -7 1 -.64 1.09 1.58 1.04 .11 .10 11 2.07 1.70 1.51 1.41 1.07 .15 05 .14 09 .09 03 -.06 1.43 1.26 1.47 1.82 -.29 .23 .06 .29 .26 .36 1.48 1.75 .06 .13 .52 .28 .08 .08 .06 14 .17 -.15 -.14 1.56 2 .1 0 .05 .04 .03 .11 .99 1.53 1.74 .71 1.31 1.26 -.24 -.26 -.14 .08 .05 .16 .26 .1 2 .05 .08 .13 .23 .08 .06 1 .8 6 .88 .82 .53 .38 .15 .16 .37 1.13 .85 -.03 -.0 1 .2 0 .32 41 .44 ,37 - .0 2 .13 .03 .0 2 .72 .07 .09 - .0 2 .21 21 .14 .06 - .0 1 .15 .16 -.1 4 .05 1 .2 0 - .4 9 .08 .10 .14 .9 4 .91 .18 .31 .08 .14 -.18 -.04 .19 - .2 1 .01 .15 .07 .11 .52 21 -.15 -3 3 -.18 .08 .19 .21 -.13 -.08 2.29 2.59 1.90 .05 .06 .33 .49 -.13 .08 - .0 1 .1 2 .1 0 .13 £4 .54 1 20 1.27 2 .0 2 2.09 .09 .35 .70 .56 .08 .16 20 .33 20 16 .23 03 .05 .33 .19 17 .1 2 16 .07 3.86 3.59 1 39 1.54 .33 .50 12 -2 1 07 .05 T a b le 3 A .— G r o s s D o m e s tic P r o d u c t a n d R e la te d M e a s u r e s [B illion s o f dolla rs ] Seasonally adjusted at annual rates 2002 2003 2004 2005 2003 2002 I II III IV I II Gross dom estic p r o d u c t............................................ 10,469.6 10,960.8 11,712.5 12,455.8 10,333.3 10,426.6 10,527.4 10,591.1 10,705.6 10,831.8 Personal consum ption expenditures ..................................... 7,350.7 7,703.6 8,211.5 8,742.4 7,230.3 7,323.0 7,396.6 7,453.1 7,548.1 7,628.4 Durable goods .................................................................. Motor vehicles and p a rts .................................................. Furniture and household equipment .................................. O th e r.......................................................................... 923.9 429.3 323.1 171.6 942.7 431.7 331.5 179.4 986.3 437.9 356.5 191.8 1,033.1 448.2 377.2 207.7 915.2 422.8 322.C 170.4 918.9 422.4 324.9 171.6 940.1 446.6 322.2 171.4 921.5 425.2 323.3 173.0 911.5 419.3 320.2 172.0 937.3 433.8 326.9 176.6 Nondurable g o o d s ............................................................. Food ............................................................................ ~ Clothing and s h o e s .................................................... 2.2.2. Gasoline, fuel oil,and other energy goods ....................... 22. O th e r......................................................................... 2,079.6 1,001.9 303.5 178.8 595.5 2,190.2 1,046.0 310.9 209.6 623.7 2,345.2 1,114.8 325.1 248.8 656.5 2,539.3 1,201.4 341.8 302.1 694.0 2,044.9 993.3 303.6 159.3 588.7 2,078.9 1,000.3 303.8 181.3 593.5 2,085.1 1,002.4 300.2 184.5 598.0 2,109.7 1 ,0 1 1 .6 306.5 190.0 601.7 2,159.0 1,026.8 303.0 218.2 611.0 2,155.4 1,033.8 307.8 198.9 615.0 Services ............................................................................. Housing ....................................................................... Household operation........................................................ Electricity and gas ....................................................... Other household operation............................................ Transportation ................................................................. Medical c a r e .................................................................... Recreation ...................................................................... O th e r.............................................................................. 4,347.2 1,123.1 407.7 152.5 255.2 288.4 1,206.2 299.1 1,022.7 4,570.8 1,161.8 429.4 167.3 262.1 297.3 1,300.5 317.7 1,064.0 4,880.1 1,236.1 450.0 176.6 273.5 307.8 1,395.7 341.6 1,148.9 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 360.6 1,208.4 4,270.2 1,112.9 400.0 146.5 253.4 287.7 1,169.4 292.3 1,007.9 4,325.2 1 ,1 2 1 .1 406.9 153.0 253.9 289.0 1,193.4 297.0 1,017.8 4,371.4 1,126.2 407.9 151.3 256.6 287.7 1,218.0 300.3 1,031.2 4,421.8 1,132.2 415.9 159.1 256.8 289.4 1,244.0 306.6 1,033.8 4,477.7 Ijl4 2 .3 424.4 164.4 260.0 293.0 1,267.5 309.6 1,040.8 4,535.6 1,151.5 429.1 168.3 260.8 295.3 1,290.1 315.0 1,054.6 Gross private dom estic in v e s tm e n t....................................... fix e d in v e s tm e n t............................................................... Nonresidential............................................................... ” , S tructures.................................................................... Equipment and software............................................... . Information processing equipment and software .......... Computers and peripheral equipm ent..................... Soltware .............................................................. Other .................................................................. . Industrial equipm ent.................................................. Transportation equipment .......................................... Other equipm ent....................................................... R esidential...................................................................... . Change in private inventories ............................................ Farm ............................................................................... Nonfarm ......................................................................... “ 1,582.1 1,664.1 1 , 8 8 8 .0 2,057.4 1,564.1 1,571.4 1,592.9 1,600.1 1,606.4 1,617.1 1,570.2 1,066.3 279.2 787.1 399.4 77.2 167.6 154.5 135.7 126.3 125.7 503.9 1,649.8 1,077.4 277.2 800.2 406.7 77.8 171.4 157.5 140.7 118.3 134.5 572.4 1,830.6 1,155.3 300.8 854.5 431.6 82.3 184.3 164.9 138.4 141.6 143.0 675.3 2,036.2 1,265.7 338.6 927.1 454.3 85.1 194.0 175.2 155.1 158.3 159.4 770.4 1,572.4 1,085.2 292.2 793.0 402.9 79.7 165.9 157.3 136.7 130.6 1,568.8 1,067.8 280.9 787.0 400.3 76.4 167.7 156.2 133.6 126.9 126.1 501.0 1,566.8 1,061.4 272.1 789.3 403.7 78.1 171.0 154.7 136.0 123.1 126.5 505.4 1,572.8 1,050.7 271.7 779.0 390.6 74.8 166.0 149.9 136.4 124.7 127.3 522.1 1,583.3 1,044.0 269.9 774.1 393.8 75.3 166.1 152.4 141.1 110.4 128.8 539.3 1,620.6 1,067.4 279.2 788.2 394.9 73.5 167.5 153.9 144.9 117.3 131.1 553.2 11.9 -2.5 14.4 14.3 .4 13.9 57.3 8.4 49.0 21.3 .3 26.0 - 2 .2 28.2 27.3 - 1 .6 28.8 23.0 3.9 19.1 -3.5 .3 -3.8 2 1 .0 1 2 2 .8 487.2 - -8.3 2 .6 2 .8 -8.9 11.5 11.1 Net exports of goods and services ........................................ -424.4 -499.4 -613.2 -716.7 -373.1 -416.1 -433.8 -474.6 -499.3 -501.3 E x p o r ts ............................................................................... Goods ......................................................................... 2 ". S erv ices ......................................................................... " 1,005.9 697.6 308.4 1,040.8 724.4 316.4 1,178.1 818.8 359.3 1,303.1 907.5 395.6 976.4 676.7 299.6 1,008.2 703.4 304.8 1,022.9 713.0 309.9 1,016.2 697.1 319.1 1,012.4 706.8 305.7 1 ,0 1 0 .8 Im p o r ts .................................. ............................................. Goods ..........................................................................." " S erv ices ...................................................................... 22. 1,430.3 1,189.3 241.0 1,540.2 1,283.9 256.2 1,791.4 1,495.2 296.2 2,019.9 1,699.0 320.9 1,349.5 1,115.4 234.1 1,424.3 1,187.8 236.5 1,456.7 1,214.5 242.2 1,490.8 1,239.7 251.1 1,511.7 1,262.7 249.0 1,512.1 1,266.8 245.3 Government consum ption expenditures and gross investm ent 1,961.1 2,092.5 2,226.2 2,372.8 1,912.0 1,948.3 1,971.8 2,012.5 2,050.3 2,087.7 Federal ............................................................................... National d e fe ns e.......................................................... Consumption expenditures........................................ Gross investm ent.......................................................... . Nondefense ..................................................................... Consumption expenditures........................................ Gross investm ent.......................................................... 679.7 437.1 381.7 55.4 242.5 209.9 32.7 756.4 497.2 436.8 60.4 259.2 226.0 33.3 825.9 551.2 483.7 67.5 274.7 240.7 33.9 878.3 589.3 516.9 72.4 289.0 251.7 37.4 654.9 418.2 366.8 51.4 236.6 204.5 32.1 675.2 431.1 375.4 55.7 244.1 209.6 34.5 682.0 438.0 379.8 58.3 243.9 725.9 467.4 410.6 56.8 258.5 226.3 32.2 762.2 506.9 446.9 60.0 255.3 32.3 706.6 461.1 404.8 56.3 245.5 213.7 31.8 State and lo c a l.................................................................... Consumption expenditures ............................... .2222222 Gross investm ent........................................................... 1,281.5 1,025.3 256.1 1,336.0 1,073.8 262.2 1,400.3 1,130.3 270.0 1,494.4 1,207.2 287.3 1,257.2 1 ,0 0 1 .8 255.4 1,273.1 1,019.4 253.7 1,289.8 1,033.6 256.2 1,305.9 1,046.7 259.3 1,324.4 1,065.2 259.2 1,325.5 1,066.7 258.7 Addenda: final sales of domestic product.............................................. Gross domestic purchases................................................... 2 Final sales to domestic purchasers......................................... 10,457.7 10,894.0 10,882.1 10,946.5 11,460.2 11,445.9 11,655.1 12,325.7 12,268.4 12,434.6 13,172.5 13,151.3 10,341.6 10,706.4 10,714.7 10,424.0 10,842.7 10,840.1 10,501.4 10,961.2 10,935.2 10,563.9 11,065.7 11,038.4 10,682.6 11,204.8 11,181.8 10,835.4 11,333.1 11,336.7 Gross dom estic p r o d u c t...................................................... Plus: Income receipts from the rest ol the w o r ld ............... Less: Income payments to the rest of the w o rld ...................... Equals: Gross national p r o d u c t........................................... 10,469.6 305.7 275.0 10,500.2 10,960.8 336.8 280.0 11,017.6 11,712.5 410.2 363.9 11,758.7 12,455.8 513.3 481.5 12,487.7 10,333.3 294.5 268.3 10,359.5 10,426.6 307.1 290.5 10,443.3 10,527.4 317.7 288.1 10,557.0 10,591.1 303.3 253.3 10,641.1 10,705.6 315.6 276.2 10,744.9 10,831.8 323.6 267.0 10,888.4 Net domestic p ro d u c t............................................................. 9,177.6 9,624.3 10,276.3 10,851.0 9,051.3 9,138.4 9,232.5 9,288.4 9,388.6 9,502.4 S e e “ E x p la n a to ry N o te ” a t th e en d o f th e ta b le s . 2 1 1 .6 707.5 303.3 2 2 1 .6 33.8 T a b le 3 A .— G r o s s D o m e s tic P r o d u c t a n d R e l a t e d M e a s u r e s — C o n tin u ed [Billions of dollars] Seasonally adjusted at annual rates 2 003 2004 2005 III IV I II III IV I 11 Gross dom estic p r o d u c t................................ 11,086.1 11,219.5 11,430.9 11,649.3 11,799.4 11,970.3 12,173.2 Personal consum ption e x p en ditu re s.......................... 7,782.6 7,855.3 8,018.0 8,148.1 8,265.0 8,414.8 8,519.7 Durable g o o d s ....................................................... Motor vehicles and parts .............................. ....... Furniture and household equipm ent...................... O th e r.................................................................. 964.4 443.3 337.2 183.8 957.4 430.4 341.7 185.4 971.5 433.8 348.8 188.9 976.2 431.9 353.9 190.3 990.9 438.6 359.7 192.6 1,006.4 447.4 363.6 195.4 1,013.1 443.6 368./ Nondurable g o o d s ................................................. F o o d .................................................................. Clothing and shoes .............................................. Gasoline, fuel oil, and other energy go ods ............. O th e r.................................................................. 2,216.8 1,056.6 316.8 212.3 631.2 2,229.5 1,066.7 316.1 209.1 637.7 2,284.7 1,089.4 323.8 230.6 641.0 2,327.8 1,104.6 321.5 249.2 652.5 2,355.5 1,119.3 325.1 249.0 662.0 2,412.7 1,145.9 330.1 266.4 670.4 Services ................................................................ H ousing............................................................... Household operation ............................................ Electricity and gas ........................................... Other household operation ................................ Transportation...................................................... Medical c a r e ........................................................ Recreation........................................................... O th e r.................................................................. 4,601.4 1,167.2 429.9 167.2 262.7 299.2 1,311.5 320.3 1,073.2 4,668.4 1,186.2 434.1 169.2 264.8 301.6 1,333.0 325.9 1,087.6 4,761.8 1,206.0 441.2 173.9 267.2 303.7 1,357.6 333.6 1,119.7 4,844.2 1,228.1 446.1 173.8 272.3 306.4 1,383.4 339.6 1,140.6 4,918.6 1,247.0 451.7 174.6 277.1 308.7 1,409.5 344.5 1,157.3 2006 III IV I II 12,346.1 12,573.5 12,730.5 13,008.4 13,193.9 8,674.6 8,847.3 8,927.8 9,079.2 9,228.3 1,057.3 468.1 380.0 209.2 1,019.6 421.6 386.0 2 0 1 .2 1,042.3 459.6 374.4 208.3 2 1 2 .0 1,064.1 442.7 402.3 219.1 1,060.8 439J5 401 6 219.6 2,450.2 1,165.3 335.5 269.9 679.6 2,508.6 1,191.9 341.5 285.5 689.7 2,584.9 1,214.7 341.3 331.0 698.0 2,613.5 1,233.7 349.1 322.1 708.6 2,658.2 1,262.3 355.4 316.2 724.2 2,722.9 1,274.7 355 1 359.1 734.0 4,995.7 1,263.2 461.1 183.9 277.2 312.3 1,432.5 348.6 1,178.0 5,056.4 1,280.8 467.2 187.6 279.6 314.7 1,456.3 354.3 1,183.1 5,123.7 1,297.2 474.3 192.1 282.2 318.8 1,478.3 357.9 1,197.1 5,205.1 1,311.7 484.3 199.4 285.0 322.3 1,505.0 362.6 1,219.1 5,294.7 T326.6 506.1 219.9 286.2 325.9 1,534.0 367.7 1,234.4 5,356.8 1^345.4 494.8 206.2 288.6 330.4 1,557.2 372.4 1,256.5 5,444.6 1¿70.3 497 0 206 6 290.4 335 5 1,581 2 375 9 1,284.8 Gross private dom estic investm ent ............................ 1,690.5 1,742.3 1,781.9 1,892.2 1,917.7 1,960.2 2,013.5 2,009.1 2,052.6 2,154.5 Fixed in v e s tm e n t................................................... Nonresidential...................................................... Structures ......................................................... Equipment and softw are ................................... . Information processing equipment and software Computers and peripheral equipm ent......... S oftware................................................... O th e r........................................................ Industrial equipm ent...................................... Transportation equipm ent............................... Other equipm ent........................................... R esidential........................................................... 2,214.8 2,237.5 1,678.7 1,093.3 280.2 813.2 412.5 79.1 174.6 158.8 141.3 121.3 138.1 585.4 1,716.4 1,104.8 279.6 825.2 425.5 83.4 177.4 164.7 135.4 124.3 139.9 611.6 1,743.9 1 , 1 1 2 .1 286.5 825.6 430.0 81.4 181.6 167.0 134.5 122.9 138.2 631.8 1,812.8 1,137.6 296.8 840.8 428.1 79.0 181.9 167.2 134.3 136.9 141.4 675.2 1,862.9 1,170.0 306.4 863.6 431.5 83.0 185.4 163.1 140.9 146.6 144.6 692.9 1,902.9 1,201.5 313.6 887.9 436.5 85.9 188.3 162.3 143.7 159.8 147.9 701.4 1,954.1 1,230.0 326.5 903.5 447.0 85.4 189.7 171.8 150.1 155.5 150.9 724.1 2,016.7 1,251.8 332.0 919.8 452.3 85.3 193.8 173.3 149.5 158.0 159.9 764.9 2,067.9 1,276.7 336.3 940.4 456.6 83.9 195.6 177.2 157.0 165.0 161.8 791.2 2,105.8 1[304.3 359.7 944.7 461.3 85.9 196.9 178.4 163.9 154.6 164.9 801.5 2,167.7 1,359.2 378.2 981.0 482.4 2,177.7 1¿78.3 399 8 978.5 478.2 8 8 .0 8 6 .2 203.6 190.8 163.4 165.7 169.4 808.5 205.9 186.1 170.8 156.3 173.2 799.4 25.9 - 2 .2 28.1 38.0 5.8 32.2 79.3 22.9 56.4 54.8 57.3 -3.4 60.7 59.4 46.6 -7.6 -6.7 -.9 -15.3 1.3 -16.6 48.6 5.8 42.8 47.2 5.4 41.8 59.7 5.6 54.2 Change in private in v e n to rie s .................................. F a rm .................................................................... N on farm ............................................................... 1 1 .8 -.4 1 2 .2 8 .2 .8 58.5 Net exports ot goods and s e rv ic e s ............................. -495.2 -501.8 -543.4 -606.2 -630.7 -672.7 -676.2 -686.4 -728.8 -775.4 -765.2 E x p o r ts ................................................................... Goods ................................................................. S ervice s............................................................... -783.1 1,040.7 721.3 319.4 1,099.1 762.1 337.0 1,135.1 787.7 347.4 1,166.3 810.3 356.1 1,185.3 828.7 356.6 1,225.8 848.6 377.2 1,254.0 869.4 384.6 1,293.8 902.6 391.2 1,312.4 913.9 398.5 1,352.4 944.3 408.1 1,405.4 989.3 416.0 1,437.4 1,009.2 428.3 I m p o r t s ............................................................................................... 1,535.9 1,276.6 259.3 1,600.9 1,329.7 271.2 1,678.5 1,394.8 283.7 1,772.5 1,460.4 292.1 1,815.9 1,517.2 298.8 1,898.5 1,588.4 310.1 1,930.2 1,615.2 315.0 1,980.2 1,662.4 317.8 2,041.2 1,719.1 322.1 2,127.8 1,799.3 328.5 2,170.6 1|832.6 338.1 2 ,2 2 0 .6 2,108.2 2,123.7 2,174.4 2,215.1 2,247.3 2,268.0 2,316.2 2,348.9 2,402.4 2,423.6 2,479.6 2,511.3 764.8 501.5 439.7 61.8 263.3 229.4 33.9 772.8 513.1 450.0 63.2 259.7 226.5 33.1 808.2 537.7 474.2 63.5 270.5 238.0 32.5 823.8 548.1 481.0 67.0 275.7 241.5 34.2 838.4 564.1 494.5 69.5 274.3 240.3 34.0 833.2 555.1 485.3 69.8 278.1 243.0 35.1 862.9 576.8 507.7 69.1 286.0 250.3 35.7 868.4 584.3 512.1 72.2 284.1 248.7 35.4 895.8 605.0 530.9 74.2 290.7 253.4 37.4 8 8 6 .2 590.9 516.9 74.1 295.3 254.2 41.1 921.7 613.5 537.7 75.8 308.2 265.9 42.4 921.8 617.5 538.0 79.5 304.2 264.5 39.7 1,343.3 1,076.2 267.1 1,350.9 1,086.9 264.0 1,366.3 1,103.9 262.4 1,391.4 1,120.9 270.5 1,409.0 1,136.6 272.4 1,434.8 1,160.0 274.8 1,453.3 1,174.6 278.7 1,480.5 1,192.8 287.7 1,506.6 1,217.8 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,589.5 1 ¡281.1 308.4 11,074.3 11,581.3 11,569.5 11,193.6 11,721.3 11,695.4 11,392.9 11,974.4 11,936.4 11,569.9 12,255.4 12,176.1 11,744.6 12,430.1 12,375.3 11,913.0 12,643.0 12,585.7 12,113.8 12,849.4 12,790.0 12,353.7 13,032.6 13,040.2 12,588.8 13,302.3 13,317.6 12,681.9 13,505.9 13,457.3 12,961.2 13,773.6 13,726.4 13,134.2 13,977.0 13,917.3 11,086.1 337.2 283.6 11,139.8 11,219.5 370.8 293.1 11,297.3 11,430.9 376.1 305.6 11,501.5 11,649.3 398.3 357.8 11,689.7 11,799.4 415.1 369.2 11,845.3 11,970.3 451.2 423.1 11,998.5 12,173.2 472.2 437.9 12,207.5 12,346.1 489.0 460.6 12,374.6 12,573.5 527.2 475.0 12,625.7 12,730.5 564.9 552.4 12,743.0 13,008.4 603.3 574.3 13,037.4 13,193.9 9,862.6 10,057.7 10,254.7 10,264.4 10,528.3 10,705.4 10,855.1 10,675.5 11,168.0 11,460.3 11,632.0 G oo ds ................................................................................. Z Z ! " S e rv ic es .............................................................................. Z Z ! ! ! G o v e r n m e n t c o n s u m p tio n e x p e n d itu r e s a n d g r o s s in v e s tm e n t F e d e ra l ............................................................................................... N a tion al de fe ns e ..................................................... !...!!.!!!!!!!!!!!!! C o ns um ptio n exp e nd itu re s .................................................. ” G ro s s in v e s tm e n t ......................................................Z Z ! ! ! ! ! ! ! N o n d e fe n s e .................................................................................. . C o ns um ptio n exp e nd itu re s ............................................. Z Z G ro s s in v e s tm e n t ............................................................. S ta te a n d l o c a l ................................................................................. C o n su m p tio n e x p e n d it u r e s ........................................ Z !!!!!!!!! G ro s s in v e s tm e n t ........................................................... . . . Z Z 1,875.1 '345.5 Addenda: F ina l sa le s o f do m es tic p r o d u c t ....................................................... G ro ss d o m e s tic p u r c h a s e s ......................................................Z Z I R n a l sa le s to d om es tic p u r c h a s e r s ......................................Z ! ! ! Z G ro s s d o m e s t ic p r o d u c t ................................................................. P lus: In c o m e rece ip ts fro m th e re s t o f th e w o rld ............ Z . Z Z ! Less: Inc om e pa ym en ts to th e res t o f th e w o r l d ................... Z Z E q u a ls : G ro s s n a tio n a l p r o d u c t ................................................. N et d o m e s tic p r o d u c t ......................................................................... S e e " E x p la n a to ry N o te ” a t th e en d o f th e ta b le s . 9,743.51 T a b le 3 B .— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la t e d M e a s u r e s [Billions of chained (2000) dollars] Seasonally adjusted at annual rates 2002 2003 2004 2005 2003 2002 I II III IV I II Gross dom estic p r o d u c t............................................ 10,048.8 10,301.0 10,703.5 11,048.6 9,977.3 10,031.6 10,090.7 10,095.8 10,126.0 10,212.7 Personal consum ption expenditures ..................................... 7,099.3 7,295.3 7,577.1 7,841.2 7,042.2 7,083.5 7,123.2 7,148.2 7,184.9 7,249.3 Durable goods .......................................................... ........ Motor vehicles and p a r ts .................................................. Furniture and household equipment .................................. O th er.............................................................................. 964.8 429.0 364.3 172.4 1 ,0 2 0 .6 442.1 397.8 183.2 1,085.7 450.4 446.0 195.6 1,145.3 452.9 490.6 2 1 2 .6 948.4 422.1 356.9 170.3 956.9 422.5 363.5 172.1 983.4 445.6 365.2 172.7 970.4 425.9 371.6 174.4 971.4 424.8 373.3 174.9 1,009.8 442.3 388.7 180.6 Nondurable g o o d s ............................................................. Food .............................................................................. Clothing and s h o e s .......................................................... Gasoline, fuel oil, and other energy goods ........................ O th er............................................................................... 2,037.1 954.6 318.3 197.4 567.1 2,103.0 977.7 334.2 198.5 593.2 2,179.2 1 ,0 1 1 .0 350.9 200.5 618.5 2,276.8 1,065.7 372.7 199.5 643.9 2,026.8 950.2 315.S 195.9 565.0 2,033.4 954.5 317.0 197.6 564.6 2,035.0 954.4 315.7 198.7 566.5 2,053.1 959.5 324.4 197.5 572.2 2,072.5 969.4 323.9 197.2 582.1 2,084.2 970.3 332.2 196.8 585.7 Services ............................................................................. Housing .......................................................................... Household ope ratio n ........................................................ Electricity and gas ....................................................... Other household operation............................................ Transportation ................................................................. Medical c a r e .................................................................... Recreation ....................................................................... Other ............................................................................... 4,100.4 1,042.1 393.2 144.9 248.3 280.2 1,136.6 281.2 966.6 4,178.8 1,051.9 398.8 147.5 251.2 280.6 1,180.8 290.8 975.3 4,323.9 1,091.6 409.3 149.8 259.5 284.0 1,217.3 304.8 1,016.0 4,436.6 1 , 1 2 2 .6 418.0 153.8 264.1 284.4 1,260.9 313.1 1,036.2 4,069.4 1,044.4 388.0 139.8 248.3 281.9 1,113.5 278.5 962.7 4,095.7 1,043.7 395.1 145.8 249.2 281.0 1,129.9 280.1 965.5 4,109.0 1,041.0 392.4 144.1 248.3 279.1 1,144.4 281.1 970.5 4,127.4 1,039.3 397.3 149.8 247.3 279.0 1,158.8 285.1 967.6 4,143.3 1,042.0 397.5 148.6 248.7 280.7 1,170.5 285.6 966.5 4,161.3 1,046.3 397.4 146.7 250.7 279.9 1,177.4 289.2 970.4 Gross private dom estic Investment ....................................... Fixed Investment ............................................................... Nonresidential.................................................................. . S tructures.................................................................... Equipment and softw are............................................... . Information processing equipment and software ......... . Computers and peripheral equipm ent..................... Software .............................................................. Other ................................................................... Industrial equipm ent.................................................. Transportation equipment .......................................... Other equipm ent....................................................... ] R esidential................................................................... Change in private Inventories ............................................ Farm ............................................................................ Z N onfarm ................................................................... 1,557.1 1,613.1 1,770.6 1,866.3 1,541.7 1,549.0 1,570.9 1,567.0 1,561.8 1,574.4 1,544.6 1,071.5 253.8 820.2 437.4 1,596.9 1,081.8 243.5 843.1 462.7 1,713.9 1,145.8 248.7 904.2 509.3 1,842.0 1,223.8 251.5 984.9 552.6 1,551.5 1,090.3 270.3 820.9 435.0 1,545.9 1,073.3 256.4 819.0 437.1 1,543.2 1,068.0 245.8 825.7 444.2 1,537.8 1,054.5 242.5 815.4 433.3 1,536.3 1,047.5 238.2 813.3 442.1 1,575.6 1,074.5 246.5 831.7 446.0 169.7 161.1 134.5 126.0 122.9 469.9 177.3 167.1 138.4 113.8 130.4 509.4 195.0 180.7 132.7 128.8 137.6 559.9 206.2 193.6 143.5 145.4 147.3 608.0 166.3 162.9 135.8 130.4 120.3 459.0 170.2 162.6 132.7 126.1 123.8 469.5 173.4 161.7 134.7 124.1 123.6 471.8 168.7 157.1 134.9 123.5 124.1 479.3 170.4 160.2 139.1 108.3 125.1 484.1 .... 171.8 162.4 142.7 116.6 127.1 496.3 12.5 -2.5 15.2 14.3 .4 14.0 53.4 19.6 28.0 - 1.1 29.3 29.5 29.9 24.3 4.8 19.2 -2.7 .4 -3.2 6.1 47.0 - 1 0 .2 2 .6 .9 - 11.1 -9 .4 12.4 .2 19.6 -.2 Net exports of goods and services ........................................ -471.3 -518.9 -590.9 -619.2 -441.3 -458.9 -472.2 -513.0 -507.2 -526.9 E x p o rts ................................................................................ G o o d s ......................................................................... S ervices...................................................................... 1,013.3 707.0 306.0 1,026.1 719.8 306.2 1,120.4 784.4 335.9 1,196.1 843.2 352.9 992.8 691.8 300.7 1,018.0 715.2 302.7 1,025.2 719.0 306.1 1,017.2 702.1 314.7 1,003.3 705.6 297.6 999.0 703.5 295.5 Imports ................................................................................ Goods ................................................................. S e rvices.............................................................. 1,484.6 1,248.2 236.5 1,545.0 1,309.3 236.6 1,711.3 1,452.2 260.3 1,815.3 1,549.9 267.5 1,434.0 1,198.2 235.4 1,476.9 1,243.4 233.6 1,497.4 1,263.1 234.6 1,530.2 1,287.9 242.4 1,510.5 1,275.3 235.7 1,525.9 1,301.7 225.9 Government consum ption expenditures and gross Investment 1,858.8 1,904.8 1,940.6 1,958.0 1,832.0 1,853.4 1,863.9 1,885.8 1,879.3 1,907.5 Federal ................................................................................ National de fe n s e .................................................. Consumption expenditures.................................... Gross investm ent............................ .............................. Nondefense ...................................................................... Consumption expenditures ........................................ " " " Gross investm ent........................................................ 643.4 413.2 356.7 56.7 230.2 197.3 32.9 687.1 449.0 387.5 61.7 238.0 204.5 33.5 716.6 475.4 408.3 67.5 241.0 207.0 33.9 727.5 483.6 413.3 71.2 243.7 207.3 36.7 623.2 399.2 346.5 52.7 224.0 191.8 32.2 641.7 410.2 353.5 57.0 231.5 196.9 34.7 646.5 414.4 355.2 59.6 232.2 199.5 32.6 662.3 428.9 371.5 57.4 233.4 693.0 458.4 397.1 61.2 234.5 32.1 662.5 424.2 366.3 58.0 238.4 205.8 32.5 State and lo c a l..................................................................... Consumption expenditures..................................... Gross investm ent.........................................................." 1,215.4 969.4 246.1 1,217.8 969.8 248.1 1,223.9 979.6 244.1 1,230.4 988.0 242.1 1,208.9 961.9 247.0 1 ,2 1 1 .8 1,217.5 972.0 245.5 1,223.6 975.7 247.9 1,216.9 971.1 245.7 1,214.4 969.3 245.1 - ZZZZZZZ. ZZZZZZ.. ZZZZZ ZZZZ Residual ................................................................................... - 1.1 -6 .4 -17.6 -42.6 Addenda: Final sales of domestic produ ct......... ..................................... Gross domestic purchases.............................................. Final sales to domestic purchasers.................................... ZZ'. 10,036.5 10,517.7 10,505.3 10,285.1 10,815.5 10,799.5 10,648.3 11,286.5 11,231.1 Gross dom estic p r o d u c t....................................................... Plus: Income receipts from the rest ofthe w o r ld .......... Less: Income payments to the rest ofthe w o rld .................. ...... Equals: Gross national p r o d u c t........................................... 10,048.8 295.2 265.1 10,079.0 10,301.0 318.3 264.0 10,355.3 Net domestic p ro d u c t............................................................. 8,761.8 8,981.2 ZZZZZZ. NOT E. — U s e r s a r e c a u t i o n e d t h a t p a r t i c u l a r l y f o r c o m p o n e n t s t h a t e x h i b i t r a p i d c h a n g e i n p r i c e s r e l a t i v e t o o t h e r P h c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t s r e l a t i v e i m p o r t a n c e o r i t s c o n t r i b u t i o n t o t h e g r o w t h r a t e o f m o r e a g g r e g a t e se r i e s. Fo r accu r at e e st i m a t e s o f t h e c o n t r i b u t i o n s 967.8 244.0 2 0 1 .2 2 0 0 .6 34.0 1 .8 - .2 -3.3 1.0 1 .6 1.1 11,025.2 11,659.7 11,636.1 9,986.8 10,418.0 10,427.5 10,028.4 10,488.5 10,485.3 10,063.5 10,560.4 10,533.1 10,067.3 10,604.1 10,575.4 10,100.9 10,629.0 10,603.9 10,213.7 10,734.6 10,735.6 10,703.5 376.7 333.3 10,746.8 11,048.6 456.9 427.2 11,077.9 9,977.3 286.6 259.8 10,004.1 10,031.6 297.2 280.3 10,048.6 10,090.7 306.2 277.3 10,119.7 10,095.8 291.0 243.1 10,143.8 10,126.0 299.6 261.7 10,163.8 10,212.7 306.9 252.6 10,266.9 9,319.8 9,557.2 8,700.2 8,747.8 8,800.3 8,798.7 8,818.9 8,897.5 t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u se t a b l e 2. Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. T a b le 3 B .— R e a l G r o s s D o m e s tic P r o d u c t a n d R e l a t e d M e a s u r e s — C o n tin u e d [Billions of chained (2000) dollars] Seasonally adjusted at annual rates CD O O 2 004 2 III IV 1 10,398.7 10,467.0 7,352.9 Durable g o o d s ................................. Motor vehicles and parts ............... Furniture and household equipm ent. O th e r............................................ 2005 2006 II III IV I II III IV I II 10,566.3 10,671.5 10,753.3 10,822.9 10,913.8 1 1 ,0 0 1 .8 11,115.1 11,163.8 11,316.4 11,385.3 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,053.0 1,049.6 454.8 410.0 187.5 1,051.4 446.4 419.1 189.9 1,067.0 449.0 430.3 192.6 1,071.4 444.7 440.1 192.9 1,093.9 451.3 453.0 196.7 1,110.3 456.5 460.8 200.3 1,116.8 447.7 471.2 206.7 1,150.8 463.0 482.0 214.2 1,175.9 474.6 497.7 213.1 1,137.9 426.3 511.5 216.3 1,190.5 445.1 538.5 224.6 Nondurable goods .................................... F o o d ...................................................... Clothing and shoes ................................. Gasoline, fuel oil, and other energy goods. O th e r..................................................... 1,189.1 441.6 543.3 223.3 2,123.0 985.3 340.8 199.3 598.6 2,132.5 985.8 340.1 2,155.3 999.6 349.8 2,184.0 1 ,0 1 1 .0 351.1 2 0 1 .0 2 0 1 .0 606.5 606.5 2,164.3 1,003.7 345.5 200.9 615.2 623.8 2,213.1 1,029.6 357.2 200.3 628.4 2,241.5 1,043.7 362.8 203.0 634.3 2,268.4 1,058.5 371.1 200.7 642.2 2,287.6 1,074.9 373.9 197.8 646.7 Services .................................................... Housing . Household operation ............ Electricity and gas ........... . Other household operation Transportation...................... Medical c a r e ........................ Recreation........................... Other .................................. 2,309.6 1,085.7 383.1 196.6 652.4 2,342.8 1,103.4 391.1 196.0 662.6 2,352.4 1’ 109.5 3874 196.3 668.9 4,190.7 1,054.7 398.0 145.9 252.1 280.7 1,184.2 292.2 980.2 4,220.2 1,064.6 402.3 148.8 253.3 281.2 1,191.0 296.2 984.1 4,268.2 1,076.8 405.0 150.4 254.5 282.6 1,199.1 300.8 1,003.1 4,308.4 1,087.4 407.5 148.8 258.8 284.1 1 ,2 1 0 .8 304.1 1,013.6 4,341.5 1,096.9 409.0 147.0 262.4 284.1 1,224.2 306.5 1,019.8 4,377.4 1,105.3 415.6 153.2 262.3 285.2 1,235.1 307.8 1,027.4 4,395.3 1,112.7 415.9 153.3 262.5 285.8 1,243.4 311.1 1,025.4 4,420.0 1 ,1 2 0 .0 416.9 153.2 263.7 284.8 1,253.8 312.5 1,030.6 4,454.5 1,126.4 419.4 154.0 265.4 283.6 1,267.5 313.9 1,042.2 4,476.7 1’ 131.2 419.8 154.7 264.9 283.5 1,279.0 315.1 1,046.5 4,494.5 1,137.6 404.3 141.7 264.8 286.3 1,292.6 317.5 1,054.9 4,533.2 1*144 6 410 7 146.7 265.3 2872 1,303.5 317.0 1,068.8 Gross dom estic p r o d u c t...... Personal consum ption expenditures . Gross private dom estic investment 2 0 0 .0 1,639.7 1,676.5 1,696.4 1,781.9 1,790.8 1,813.4 1,849.6 1,832.6 1,855.9 1,927.0 1,963.6 Fixed investm ent ..................................................... Nonresidential ........................................................ Structures .......................................................... Equipment and softw are..................................... Information processing equipment and software Computers and peripheral equipm ent........... S oftw are.................................................... O th e r............. .......................................... Industrial equipment ....................................... . Transportation equipm ent................................ . Other equipm ent............................................. Residential ............................................................. 1,971.7 1,626.7 1,098.8 246.0 857.8 470.4 1,648.9 1,106.5 243.1 869.5 492.4 1,658.0 1 ,1 1 1 .2 245.0 872.0 501.8 1,704.4 1,130.7 249.1 887.6 503.1 1,736.1 1,158.8 251.0 915.1 510.3 1,757.1 1,182.3 249.7 942.0 521.8 1,790.6 1,199.7 253.0 956.5 537.4 1,835.8 1,214.8 251.7 974.8 547.9 1,864.2 1,232.4 247.1 1 ,0 0 0 .6 557.7 1,877.3 1,248.2 254.2 1,007.6 567.3 1,914.6 1’288.8 '259.6 1,044.8 '595.9 1,911.1 1,297.5 267.5 1,042.2 592.4 180.6 168.7 138.9 116.8 133.8 521.8 186.3 177.0 132.8 113.5 135.5 535.2 191.3 181.5 130.6 111.7 134.4 539.2 192.2 182.9 129.4 123.7 136.1 564.1 195.8 179.1 134.7 134.3 139.0 568.6 200.7 179.2 136.1 145.3 141.1 567.7 201.7 189.3 140.4 141.4 141.3 582.8 205.7 191.5 138.4 144.6 148.0 609.9 208.0 ..... 2 0 Ï5 196.0 197.5 144.9 150.4 152.3 143.2 148.8 151.2 620.4 618.9 215.6 149.0 152.2 154.3 618.5 216.9 205.7 154.5 143.2 158.1 608.5 Change in private in v e n to rie s ................................... F a rm ...................................................................... Nonfarm .......................................................... 10.5 - 1 .2 25.0 -2 .4 28.1 35.9 3.9 32.1 74.7 17.9 54.5 50.8 5.9 44.8 52.0 -3 .3 56.5 55.2 .7 54.9 -7.4 -5.8 - 1 .0 41.2 4.3 36.8 52.6 4.3 48.3 1 2 .0 Net exports of goods and services . -12.7 1.1 -14.0 43.5 4.8 38.6 2 1 1 .6 -513.8 -527.8 -548.5 -593.9 -599.4 -621.9 -626.4 -606.1 -607.6 -636.6 -636.6 E x p o r ts .... Goods ... Services -627.1 1,026.3 718.4 307.6 1,075.8 751.6 324.0 1,094.8 764.6 329.9 1,111.3 776.6 334.5 1,124.3 792.2 332.1 1,151.3 804.0 347.0 1,164.5 814.8 349.5 1,191.0 839.7 351.2 1,200.5 847.5 353.0 1,228.4 870.8 357.8 1,269.3 906.2 363.6 Imports .... Goods ... Services 1,279.6 911.2 368.8 1,540.0 1,303.7 237.0 1,603.6 1,356.5 247.8 1,643.2 1,389.5 254.3 1,705.2 1,447.3 259.1 1,723.7 1,464.0 261.0 1,773.1 1,507.9 266.7 1,790.9 1,526.2 266.6 1,797.1 1,533.6 265.5 1,808.1 1,543.9 266.3 1,865.0 1,595.8 271.7 1,905.9 1’631.9 276.6 1,906.7 1'629.4 279.6 1,914.5 1,918.0 1,931.8 1,942.6 1,948.7 1,939.3 1,947.2 1,952.6 1,968.8 1,963.5 1,987.1 1,990.0 693.7 452.2 389.4 63.0 241.5 207.2 34.2 699.0 461.1 397.0 64.4 237.8 204.2 33.5 711.3 471.3 406.9 64.4 239.9 207.0 32.7 715.7 473.6 406.9 67.2 241.9 207.7 34.2 724.5 484.0 415.2 69.4 240.1 206.2 34.0 714.9 472.6 404.2 69.1 242.1 207.3 34.9 720.8 477.8 410.2 242.8 207.7 35.2 721.6 481.1 410.9 71.2 240.1 205.4 34.8 7382 494.1 421.9 73.2 243.8 207.5 36.6 729.6 481.4 410.0 72.6 248.0 208.7 40.1 745.1 491.8 419.0 74.0 253.1 738.7 490.5 415.3 77.1 248.0 2 1 2 .8 2 1 0 .1 41.1 38.4 1 , 2 2 0 .8 1,220.4 974.9 245.4 1,226.8 978.6 248.2 1,224.1 980.5 243.4 1,224.3 984.3 239.7 1,226.3 984.7 241.3 1,230.9 986.0 244.7 1,230.5 989.5 240.7 1,233.7 991.9 241.6 1,242.0 996.1 245.7 1,251.1 1 ,0 0 1 .8 249.1 Government consum ption expenditures and gross investm ent Federal ................................................................................ National defense .............................................. ...Z Z Z Z Consumption expenditures .................................... Gross investm ent.................................................... Z Z Nondefense......................................................... Z Z Z Z Consumption expenditures ........................................ Gross investm ent................................................ State and l o c a l...................... Consumption expenditures Gross investm ent............ . 6 8 .0 966.4 252.6 1,219.0 970.2 248.8 R esidual............................................................. -11.3 -15.2 -15.8 -9.1 -18.8 -2 7.3 -31.0 -39.1 -47.1 -53.7 -78.7 -77.0 Addenda: Final sales of domestic p ro du ct........................ Gross domestic purchases............................... Final sales to domestic purchasers................... 10,385.9 10,908.7 10,895.9 10,440.0 10,989.5 10,962.4 10,528.7 11,108.5 11;070.B 10,596.1 11,257.2 11,181.5 10,700.1 11,344.5 11,291.0 10,768.2 11,435.9 11,381.1 10,856.5 11,531.5 11,473.9 11,005.3 11,599.9 11,603.2 11,123.5 11,714.6 11,722.8 11,115.5 11,792.9 11/44.6 11,269.0 11,946.3 11,898.7 11,326.4 12,005.8 11,946.9 Gross dom estic p r o d u c t................................ Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world . Equals: Gross national product .................... 10,398.7 318.2 266.9 10,449.9 10,467.0 348.4 274.7 10,540.5 10,566.3 349.8 283.8 10,632.2 10,671.5 366.7 328.6 10,709.4 10,753.3 380.3 337.2 10,796.3 10,822.9 410.2 383.6 10,849.3 10,913.8 426.3 393.9 10,946.0 1 1 ,0 0 1 .8 438.0 411.3 11,028.2 11,115.1 467.2 419.9 11,162.0 11,163.8 496.1 483.8 11,175.6 11,316.4 526.4 499.7 11,342.7 11,385.3 9,074.4 9,134.0 9,225.3 9,320.2 9,284.5 9,449.2 9,525.8 9,603.5 9,371.6 9,727.9 9,896.5 9,957.0 Net domestic product ...................................... . NOT E. — U s e r s a r e c a u t i o n e d t ha t p a r t i c u l a r l y f o r c o m p o n e n t s t h a t e x h i b i t r api d c h a n g e in p r i c e s r elat ive t o ot he r p r i c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t 's r e l a t i v e i m p o r t a n c e o r i t s c o n t r i b u t i o n t o t h e gr o w t h r a t e o f m o r e a g g r e g a t e se r i e s. F o r a c c u r a t e e st i m a t e s o f t h e c o n t r i b u t i o n s t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u se t Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. T a b le 4 .— P r ic e In d e x e s f o r G r o s s D o m e s t ic P r o d u c t a n d R e la t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2002 2003 2004 2005 2003 2002 IV I II 2004 III IV 1 II 2005 III IV I II 2006 III IV I II Gross dom estic product (G D P )................ 1.7 2 .1 2 .8 3.0 2 .2 3.1 1.3 2 .1 2 .2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 Personal consum ption expenditures ....................... Durable goods ...................................................... Nondurable goods ................................................. Services ............................................................... 1.4 -2.4 .5 2.7 2 .0 2 .6 1.7 -2.7 3.1 -4.8 5.6 3.6 .7 -4.2 -2.9 3.5 2.4 -4 .0 3.9 3.0 1.5 -3.5 .5 3.0 3.7 3.6 .3 1.9 -2.3 2.3 .3 2.9 -1.3 4.1 6 .0 1.1 3.2 3.1 4.1 -2.9 9.0 3.2 2 .0 5.7 3.5 3.0 .3 4.4 3.0 3.1 3.3 3.2 2.9 -.7 3.6 3.2 Gross private dom estic in v e s tm e n t......................... Fixed investment .................................................. N onresidential................................................... S truc tu res ..................................................... Equipment and software ................................ R esidential........................................................ Change in private inventories ................................. .6 1.5 3.4 3.5 2.9 3.0 -.7 1 .6 3.3 3.4 2 .8 .6 3.1 - .8 2 .6 1.1 .1 1 .0 2.1 3.5 6 .2 -.4 7.3 5.1 -.3 7.0 4.8 -1.5 9.4 -1.7 .1 .2 .2 2 .6 6.7 -.9 10.5 7.8 1.1 11.3 -.4 5.1 3.6 3.6 1.4 3.7 3.7 1 .2 -1 .3 4.5 4.6 .1 3.5 3.5 1.4 4.2 .4 7.7 4.2 4.3 - .2 1.3 1.3 .7 2.3 9.0 4.1 3.6 5.3 11.3 11.9 1.1 .9 -.7 4.7 -3.9 -6 .7 1.7 3.6 3.1 4.8 6.3 6.5 5.4 .6 3.5 2.9 6.3 3.7 3.7 3.5 5.0 5.0 5.1 8.1 1 1 .8 2.9 3.7 3.7 3.5 2.5 4.1 4.2 4.7 3.4 4.1 4.4 4.7 4.7 4.7 4.3 5.6 4.8 5.1 4.1 3.6 4.6 6.9 .5 3.0 9.2 11.3 10.3 12.9 1.3 1.5 1.4 1.6 .6 .6 8.1 1.1 3.3 2.9 1.7 2 .1 2 .8 2.3 2 .1 2 .2 2.3 2.3 3.1 3.1 .6 2 .2 1 .6 .6 2 .2 1.9 1.9 1.7 2 .1 2 .6 3.2 4.1 4.2 3.2 1.3 1 .6 1.3 2 .1 2 .2 1.7 2.1 2 .8 1 .6 2.3 3.1 1.7 2 .1 2 .8 Net exports of goods and services ......................... E x ports................................................................. Goods .............................................................. Services ........................................................... Im p orts ................................................................. Goods .............................................................. S ervice s ........................................................... Governm ent consum ption expenditures and gross investm ent .......................................................... F e deral................................................................. National defense ............................................... Nondefense ...................................................... State and local ..................................................... Addenda: Final sales of domestic product.............................. Gross domestic purchases .................................... Rnal sales to domestic purchasers......................... Gross national product (GNP) ................................ Im plicit price deflators: G D P ................................................................. Gross domestic purchases ................................. G N P ................................................................. Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. -3 .6 2 .0 3.2 4.4 - 1 .8 - 2.5 4.8 -.4 -.7 .4 2 .2 - 1 .6 1 .2 2 .8 - .2 0 - .6 3.2 4.8 3.1 3.0 3.1 3.6 2.7 2.7 3.7 4.0 2 .6 2 .0 2 .2 1 0 .2 1 2 .0 1 1 .6 -1.5 7.4 -.5 5.6 .9 2.3 9.2 -.4 3.8 13.2 -1.5 6.9 h - 1 .0 - .8 .6 1.1 5.0 3.1 8.3 3.1 4.3 4.6 3.5 16.8 - 1 .0 63 3.7 3.8 3.7 12.4 3 2.5 2 .6 2.9 10.7 .6 0 8 2 ,0 ........ - 1 .2 1 .8 2 .0 2 .6 6 .2 3.0 3.5 3.5 3.0 3.0 3.5 3.0 .5 .7 .6 .4 1.4 2 .2 2 .2 2 .2 2 .2 2 .2 2.3 3.2 4.1 3.1 1 .6 -.2 2 .6 2.5 3.1 3.0 4.1 .7 .4 .5 0 6.1 6.5 5.0 9.7 10.1 8 .0 5.0 5.2 4.5 7.3 7.9 4.4 2.5 2 .2 6 .8 1 .0 1.1 1 .2 1.3 11.5 10.5 13.7 4.1 5.3 5.3 5.8 4.3 5.3 3.7 4.3 4.3 3.7 3.7 4.1 4.1 3.7 3.8 4.3 3.8 3.7 4.0 3.7 1.3 2.1 .6 2.3 1.9 1.3 2 .1 2 .2 2 .2 4.0 3.6 5.0 6.7 2 .6 6 .8 1 .8 10.1 6 .2 6.3 6 .8 5.1 4.6 5.7 2.9 3.2 2.3 7.4 7.0 11.3 2 .2 1 1 .6 2.4 1 .8 1.1 3.5 5.5 5.4 2 .2 2 .8 .9 6.1 2.1 2 .6 2 .6 2.1 2.1 2 .6 2 .1 4.6 4.4 5.1 3.6 3.0 4.9 9.2 4.6 2 .6 2 .8 1.3 5.6 2.3 4.2 4.3 5.1 1 0 .2 11.3 4.3 2.3 .... S.Q 2 .8 5.9 - 1 .2 6.1 -.7 9.3 10.3 4.4 1 .6 -.1 4.5 4.7 .4 4.4 7.6 6.7 9.5 1 0 .6 1 .8 4.6 6.1 5.9 3.3 3.4 3.2 7.4 3.2 3.6 3.6 3.2 3.5 3.2 3.2 3.5 2.4 3.3 3.3 2.4 3.3 4.4 4.4 3.3 3.3 3.5 3.5 3.2 3.3 2.7 2.7 3.3 3.3 4.0 4.0 3.2 3.6 3.2 3.4 3.2 3.4 2.5 3.4 2.5 3.3 4.3 3.3 3.3 3.5 3.3 3.3 2.7 3.3 3.3 4.0 1 .0 -.7 7.3 2 .6 4.6 3.5 3.7 3.0 5.3 T a b l e 4 A . — P r i c e In d e x e s f o r G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d [Percent] Seasonally adjusted at annual rates 2002 G ro ss d o m e s tic p r o d u c t (G D P ) 1.7 1.7 Previously published . P ers o n a l c o n su m p tio n ex p en d itu res 1.4 1.4 -2.4 -2.4 .5 .5 2.7 2.7 Previously published ...................... Durable g o o d s ............................... Previously published .................. Nondurable g o o d s .......................... Previously published .................. S ervices........................................ Previously published................. . G ro ss p riv ate d o m es tic in v e s tm e n t . Previously published .................... Fixed investment Previously published ................ Nonresidential ......................... Previously published............. S tructures............................ Previously published ........ Equipment and software ...... Previously published ........ Residential.............................. Previously published............. Change in private inventories....... Net exports of goods and services Exports....................................... Previously published................. G o o ds ..................................... Previously published............. S ervices................................... Previously published............. Im ports........................................ Previously published................. Goods ..................................... Previously published............. S ervices................................... Previously published.............. 2003 2.1 2 .8 3.0 2 6 2 .8 2 .0 2 .6 2.9 1.9 -3.6 -3.5 2 .6 2 .8 - 1 .6 -1.9 3.3 3.3 3.2 3.2 -.7 -.5 3.6 3.7 3.2 3.1 3.3 3.1 3.4 3.2 3.4 3.1 3.5 3.1 2 .0 2 .0 3.2 3.0 1.5 1 .6 1 .6 1.7 - .2 .1 1 .2 2 .6 - .2 .3 3.5 3.5 1.3 2.1 6 .2 11.3 5.5 -.4 10.1 4.4 4.4 1 .8 - 1.1 -.4 -.4 5.1 4.8 -.9 4.8 4.8 -.1 2 .2 1.7 1.7 2.5 3.5 3.4 2.9 2.9 6.3 5.8 3.7 3.6 3.7 3.7 3.5 3.1 5.0 5.0 5.0 5.0 5.1 4.9 2.9 2.9 3.7 3.7 3.7 3.7 3.5 3.5 2.5 2.5 4.1 3.7 4.2 3.9 4.7 4.4 3.4 3.0 4.1 3.7 4.4 3.7 4.7 4.2 4.7 4.0 4.7 4.6 4.3 3.4 1.7 1.7 2.1 2 .8 3.0 2 .0 2 .6 2 .8 1 .6 2.3 1 .6 2 .2 3.1 2.9 3.1 2.9 1 .8 2.5 2.5 -.4 -.4 -.7 -.7 .4 .4 - 2005 2.C .6 .6 .6 .6 - 2004 1 .2 1 .2 1 .8 1 .8 2.1 2 .0 2 .0 2 .6 7.3 6.7 3.6 3.7 3.1 3.1 4.8 5.0 6.3 6.1 6.5 6.4 5.4 4.6 G o v e r n m e n t c o n su m p t i o n e x p e n d i t u r e s a n d g r o s s i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Previously published ........................................ Federal................................................................ Previously published........................................ National defens e.............................................. Previously published..................................... Nondefense..................................................... Previously published..................................... State and lo c a l.................................................... Previously published......................................... 5.6 4.8 4.8 3.6 5.1 3.6 4.1 3.8 6 .2 5.4 Ad de nd a: final sales of domestic product ......................... Previously published ........................................ Gross domestic purchases ................................... Previously published......................................... Final sales to domestic purchasers........................ Previously published......................................... Gross national product (G N P )............................... . Previously published.......................................... 1 .6 2.3 1 .6 2 .2 1.7 1.7 2.1 2 .8 3.5 3.2 3.5 3.2 3.0 2 .0 2 .6 2 .8 Im p lic it p rice d efla to rs : G D P ......................... Previously published..... Gross domestic purchases Previously published..... G N P ................................ Previously published..... Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o t t h e t a b l e s. 1.7 1.7 2.1 2 .8 2 .0 2 .6 2 .8 1 .6 2.3 1 .6 2 .2 3.1 2.9 1.7 1.7 2.1 2 .8 3.5 3.2 3.0 2 .0 2 .6 2 .8 3.0 T a b le 5 .— R e a l G r o s s D o m e s t ic P r o d u c t , Q u a n t it y In d e x e s [Index numbers, 2000=100] Seasonally adjusted 2004 2003 2002 2005 G ro s s d o m e s tic p ro d u c t ........................... P erso n al c o n su m p tio n ex p e n d itu re s .................... Durable goods ............................................ Nondurable goods ...................................... Services .................................................. G ro ss p riv ate d o m e s tic i n v e s t m e n t .......................... Fixed investment ............................................ Non residential.................................................. S tructures............................................ Equipment and softw are............................... Residential .............................................. Change in private inventories............................... E x p o rts o t g o o d s a n d s er vice s ..... Im p o rts o f g o o d s an d serv ic es 2003 2002 I II III IV I II 102.362 104.931 109.031 112.546 101.633 102.186 102.788 102.840 103.148 104.031 105.340 111.752 104.614 104.366 108.249 118.214 108.002 106.363 112.430 125.753 111.913 110.055 116.349 132.666 116.924 112.925 104.494 109.858 104.085 103.579 105.106 110.840 104.426 104.247 105.695 113.908 104.507 104.585 106.066 112.404 105.439 105.055 106.611 112.521 106.435 105.458 107.566 116.971 107.033 105.917 89.724 91.997 86.969 81.029 89.265 105.149 92.949 95.110 87.804 77.735 91.747 113.977 102.026 102.080 92.995 79.418 98.400 125.281 107.537 109.708 99.326 80.302 107.180 136.050 88.835 92.405 88.489 86.299 89.335 102.707 89.255 92.076 87.116 81.879 89.130 105.066 90.517 91.914 86.687 78.500 89.855 105.582 90.290 91.593 85.584 77.438 88.739 107.242 89.993 91.502 85.023 76.061 88.514 108.329 90.718 93.842 87.208 78.719 90.506 111.060 .......... 92.430 93.599 1 0 2 .2 0 1 109.105 90.557 92.858 93.520 92.784 91.518 91.128 ............................. 100.601 104.693 115.962 123.007 97.172 100.078 101.467 103.688 102.355 103.398 107.969 111.169 106.354 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 106.411 107.667 105.782 107.658 110.873 106.033 108.266 111.700 106.532 109.539 114.438 107.067 109.160 114.471 106.478 110.799 119.742 106.266 102.828 103.151 103.603 102.264 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 102.319 102.173 102.836 101.504 102.745 102.864 103.406 101.955 103.105 103.569 103.877 102.677 103.143 103.998 104.294 102.921 103.488 104.242 104.575 103.124 104.643 105.278 105.874 104.170 G o v e rn m e n t c o n su m p tio n ex p e n d itu re s a n d g r o s s in v e s tm e n t F e deral....................................................... State and local ........................................... Ad dend a: Final sales of domestic produ ct........................... Gross domestic purchases................................. Final sales to domestic purchasers.................... Gross national produ ct....................................... Seasonally adjusted 2C03 III 2004 IV I II 2005 III IV I II 2006 III IV I II G ro ss d o m es tic p r o d u c t ................... 105.926 106.621 107.633 108.705 109.538 110.247 111.173 112.069 113.223 113.719 115.274 115.976 P e rs o n al c o n su m p tio n e x p e n d it u r e s ............... 109.103 121.579 109.027 106.664 109.718 121.783 109.513 107.415 110.987 123.590 110.685 108.637 111.796 124.106 111.148 109.662 112.875 126.712 112.160 110.503 114.062 128.603 113.657 111.418 114.838 129.358 115.114 111.874 116.031 133.299 116.496 112.501 117.152 136.207 117.481 113.379 117.373 131.799 118.608 113.945 118.761 137.893 120.313 114.398 119.492 137.729 120.809 115.383 94.483 96.889 89.179 78.552 93.348 116.766 96.604 98.206 89.806 77.607 94.622 119.753 97.750 98.751 90.192 78.238 94.900 120.656 102.675 101.515 91.773 79.548 96.590 126.221 103.187 103.401 94.056 80.148 99.591 127.224 104.490 104.655 95.960 79.737 102.519 127.022 106.579 106.650 97.370 80.773 104.092 130.406 105.595 109.339 98.601 80.356 106.087 136.476 106.938 111.032 100.025 78.903 108.889 138.821 111.034 111.811 101.308 81.174 109.653 138.495 113.143 114.033 104.606 82.893 113.704 138.391 113.611 113.828 105.313 85.417 113.421 136.149 116.720 Durable goods ............................................ Nondurable goods ................................... Services ................................................ G ro ss p riva te d o m e s tic in ve stm en t ..................... Fixed investm ent......................................... Nonresidential.......................................... S tructures.............................................. Equipment and softw a re.............................. Residential ......................................... Change in private inventories ...................... E x p o rts o f g o o d s a n d serv ic es ........................... 93.612 98.136 99.862 101.368 102.557 105.017 106.226 108.637 109.503 112.054 115.783 Im p o rts o f g o o d s a n d s e r v i c e s .................................. 104.354 108.666 111.348 115.547 116.800 120.151 121.357 121.775 122.520 126.377 129.146 129.199 G o ve rn m en t co n su m p tio n ex p e n d itu re s an d g r o s s in v e s tm e n t 111.206 119.858 106.820 111.410 120.778 106.663 1 1 2 .2 1 0 122.901 106.789 112.835 123.664 107.344 113.189 125.170 107.110 112.647 123.517 107.131 113.104 124.540 107.302 113.417 124.668 107.709 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.682 115.589 127.635 109.475 106.408 106.985 107.455 106.027 106.962 107.778 108.111 106.946 107.871 108.945 109.180 107.876 108.551 110.403 110.272 108.660 109.627 111.259 111.352 109.541 110.325 112.156 112.240 110.079 111.229 113.093 113.155 111.060 112.754 113.764 114.430 111.894 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.044 117.745 117.820 F e de ra l.................................................... State and lo c a l.......................................... A d d en d a : Final sales of domestic p ro du ct...................... Gross domestic purchases........................... Final sales to domestic purchasers ................ Gross national p ro du ct................................... Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o t t h e t a b l e s. T a b l e 6 .— P r i c e I n d e x e s f o r G r o s s D o m e s t i c P r o d u c t [Index numbers, 2000=100] Seasonally adjusted 2002 G r o ss d o m e st i c p r o d u c t . . . . . . . . . . ..... 2003 2004 2005 2002 2003 104.193 106.409 109.429 112.744 103.553 103.944 104.347 104.926 105.742 106.076 103.542 95.766 102.089 106.018 105.597 92.366 104.145 109.379 108.373 90.845 107.617 112.863 111.493 90.198 111.530 116.529 102.673 96.496 100.895 104.937 103.385 96.029 102.238 105.608 103.841 95.594 102.464 106.390 104.268 94.946 102.760 107.137 105.059 93.795 104.175 108.076 105.235 92.785 103.423 109.002 101.640 101.660 99.513 110.030 95.956 107.240 103.191 103.313 99.591 113.872 94.912 112.372 106.645 106.811 100.834 120.951 94.503 120.618 110.284 110.542 103.428 134.647 94.134 126.714 101.347 101.348 99.542 108.065 96.607 106.151 101.472 101.480 99.485 109.455 96.087 106.720 101.512 101.532 99.380 110.612 95.598 107.130 102.229 102.279 99.645 111.988 95.534 108.960 102.941 103.067 99.664 113.295 95.173 111.434 102.759 102.865 99.341 113.239 94.774 111.496 E xp o rts o f g o o d s a n d s er vice s ........................................................ 99.273 101.429 105.151 108.949 98.360 99.048 99.772 99.911 100.920 101.192 Im p o rts o f g o o d s an d serv ic es ........................................................ 95.341 99.685 104.678 111.268 94.146 96.474 97.304 97.441 100.078 99.093 G o v e rn m e n t co n su m p tio n ex p e n d itu re s a n d g ro s s in v estm en t F e d e r a l................................................................................................ S tate and local ................................................................................ " 105.507 105.631 105.435 109.849 110.094 109.712 114.718 115.249 114.417 121.183 120.726 121.463 104.378 105.098 103.997 105.126 105.231 105.064 105.795 105.502 105.943 106.728 106.696 106.734 109.107 109.578 108.840 109.449 109.987 109.144 M arket-b ased P C E excluding food and e n e rg y 1 ................ Z Z ! 103.705 103.082 103.153 105.175 104.995 104.330 107.314 107.393 105.865 109.559 110.339 107.713 103.031 102.236 102.546 103.504 102.937 102.957 103.984 103.361 103.403 104.300 103.795 103.708 104.589 104.586 103.895 104.922 104.670 104.144 Final sales of domestic p r o d u c t....................................................... G ross domestic p u rc h a s e s ....................................................... . Z Z Final sales to dom estic p u r c h a s e r s ................................................. Gross national p r o d u c t................................................................ 104.197 103.583 103.586 104.184 106.430 105.966 105.986 106.401 109.455 109.210 109.235 109.419 112.783 112.981 113.021 112.733 103.554 102.755 102.756 103.543 103.946 103.385 103.387 103.935 104.352 103.816 103.820 104.339 104.936 104.374 104.383 104.919 105.763 105.435 105.455 105.736 106.094 105.587 105.604 106.067 104.187 104.197 103.577 103.587 104.179 106.404 106.430 105.961 105.985 106.396 109.426 109.455 109.207 109.235 109.416 112.737 112.783 112.975 113.021 112.726 103.568 103.552 102.768 102.754 103.552 103.938 103.945 103.378 103.384 103.928 104.328 104.351 103.795 103.817 104.321 104.907 104.933 104.353 104.379 104.903 105.724 105.758 105.418 105.450 105.718 106.062 106.087 105.576 105.599 106.053 P erso n al co n su m p tio n ex p en d itu res ( P C E ) .................................. D urable goods ............................................................................. ” N o ndurable goods ............................................................................ Services .......................................................................................... . G ro ss p riva te d o m es tic i n v e s t m e n t ................................................ R x ed investment ......................................................................... Z N o n resid e n tial....................................... Z Z S tru c tu re s .................................................................................. Equipm ent and s o ftw a r e .......................................................... R e s id e n tia l................................................................................. . C h an g e in private in v e n to rie s ......................................................... ! Ad dend a: P C E excluding food and e n e r g y ..................................................... M arket-b ased P C E 1 .......................................................................... Im p lic it p ric e d eflato rs: Gross domestic p r o d u c t................................................................ Final sales of domestic product .......................................... . Z Z G ro ss domestic p u r c h a s e s ........................................................... Final sales to domestic purchasers .................................... . . Z Z Gross national p ro d u c t.................................................................. • Seasonally adjusted 2 C03 III G r o s s d o m e st i c p r o d u c t . 2004 IV I II 2005 III IV I II 2006 III IV 106.616 107.204 108.190 109.172 109.744 110.510 111.558 1124229 113.139 114.048 114.967 115.905 105.851 91.848 104.424 109.808 106.242 91.037 104.558 110.629 107.202 91.044 106.014 111.573 108.155 91.105 107.561 112.444 108.658 90.581 107.865 113.303 109.476 90.649 109.030 114.133 110.091 90.709 109.325 115.049 110.940 90.570 110.604 115.929 112.067 89.908 113.016 116.858 112.873 89.606 113.177 118.281 113.445 89.385 113.484 119.194 114.603 89.208 115.768 103.093 103.207 99.509 113.894 94.799 112.225 103.971 104.111 99.849 115.058 94.902 114.331 105.054 105.204 100.094 116.948 94.679 117.212 106.225 106.386 100.621 119.166 94.724 119.753 107.167 107.334 100.982 122.093 94.366 121.912 108.132 108.321 101.639 125.599 94.244 123.596 108.944 109.153 102.539 129.084 94.450 124.298 109.664 109.875 103.055 131.941 94.347 125.450 110.675 110.946 103.607 136.089 93.983 127.573 111.853 112.194 104.510 141.476 93.754 129.536 112.860 113.238 105.471 145.684 93.887 130.765 113.566 113.968 106.236 149.431 93.889 131.430 ...................................... 101.423 102.181 103.701 104.973 105.441 106.490 107.701 108.648 109.341 110.108 110.737 112.356 Im p o r t s o t go o d s a n d s e r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.734 99.836 102.185 103.996 105.407 107.126 107.815 1 1 0 .2 2 2 112.919 114.117 113.918 116.491 110.118 110.257 110.041 110.724 110.556 110.822 112.562 113.617 111.953 114.034 115.097 113.420 115.328 115.724 115.105 116.950 116.558 117.190 118.955 119.712 118.520 120.302 120.361 120.276 122.029 121.353 122.438 123.444 . 121.479 124.620 124.791 123.721 125.434 126.204 124.783 127.057 PCE excluding food and en ergy ............................................ Market-based PCE > .................................................. ...Z Z Z Market-based PCE excluding food and energy 1 ......... Z Z Z 105.384 105.239 104.517 105.806 105.485 104.764 106.451 106.339 105.210 107.106 107.222 105.718 107.549 107.626 106.023 108.151 108.385 106.508 108.787 108.954 107.090 109.298 109.801 107.530 109.732 110.952 107.854 110.418 111.647 108.375 110.983 112.116 108.810 111.774 113.278 109.531 Rnal sales of domestic produ ct.............................................. Gross domestic purchases....................................... Z Z Z Z ! Rnal sales to domestic purchasers............................. Z Z Z ! Gross national p ro d u c t................................................ .......... 106.636 106.170 106.189 106.607 107.228 106.671 106.694 107.194 108.215 107.803 107.827 108.183 109.198 108.880 108.905 109.161 109.769 109.588 109.613 109.731 110.638 110.567 110.596 110.600 111.589 111.449 111.481 111.543 112.261 112.362 112.395 112.218 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.969 116.440 116.504 106.611 106.628 106.166 106.183 106.602 107.190 107.219 106.659 106.686 107.180 108.183 108.208 107.794 107.819 108.177 109.162 109.191 108.868 108.895 109.154 109.728 109.762 109.569 109.603 109.717 110.601 110.631 110.555 110.584 110.592 111.539 111.582 111.429 111.471 111.525 112.219 112.252 112.351 112.385 112.209 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.885 115.960 116.419 116.493 P e r so n a l c o n su m p t i o n e x p e n d i t u r e s ( P C E ) Durable goods ........................................ Nondurable goods ................................... Services ................................................. G r o s s p r i v a t e d o m e st i c i n v e st m e n t Rxed investm ent.......................... Nonresidential........................... Structures Equipment and softw are................................................. R esidential.................................................................. Change in private Inventories ................................... ZZZ!!!!!!! E x p o r t s o f g o o d s a n d se r v i c e s G o v e r n m e n t c o n su m p t i o n e x p e n d i t u r e s a n d g r o s s i n v e st m e n t Federal ................................................................................. State and lo c a l........................................................ Z Z Z Z 120.112 Addenda: I m p l i c i t p r i c e d e f l a t o r s: Gross domestic produ ct................ Final sales of domestic product .... Gross domestic purchases ............ Rnal sales to domestic purchasers . Gross national product.................. 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a se d o n h o u se h o l d e x p e n d i t u r e s f or w h i c h t h e r e a r e o b se r v a b l e pnce m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s ( f o r e x a m p l e , t h e se r v i c e s f u r n i sh e d w i t h o u t p a y m e n t b y f inan cia l i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. Pe r c e n t a g e c h a n g e s f o r t h e se se r i e s a r e i n c l u d e d a d d e n d a t o t a b l e 8 a n d i n a p p e n d i x t a b l e A. Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. in t he T a b le 7 .— R e a l G r o s s D o m e s t ic P r o d u c t: P e r c e n t C h a n g e F r o m 1988 G ro ss d o m es tic p r o d u c t ( G D P ) ............................. 1989 4.1 P erso n al co n su m p tio n ex p e n d itu re s .............................. Durable g o o d s ................................................................. Nondurable g o o d s ......................................................... Services ....................................................................... G ro ss p riv ate d o m es tic i n v e s t m e n t ................................. Fixed Investment .......................................................... Nonresidential ........................................................... S tructures................................................................. Equipment and software ........................................... R esidential................................................................... Change In private Inventories............................................ 1990 1991 1992 1993 1994 1995 1996 3.5 1.9 - 0 .2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0 .8 1 .6 2.5 3.9 3.2 3.3 5.9 3.7 8.4 3.5 2.9 2.7 4.4 3.4 7.8 3.8 5.0 11.3 4.0 4.2 5.1 11.7 4.6 4.0 4.7 7.3 3.8 4.5 2.5 4.3 2.7 7.1 2.5 1.9 2 .8 3.9 6.4 3.6 3.5 3.5 5.5 4.5 9.8 7.8 8.3 9.2 -.4 12.7 5.7 6.5 8.7 3.6 3.4 5.4 7.5 6 .0 .8 - 2 .6 -5.2 -9.2 -17.1 - 6 .2 4.8 4.1 2 .8 2 .0 .2 6 .0 2 .2 -.3 -5.6 3.3 4.0 2 .8 1 .6 - .2 2 .0 3.3 7.8 2.7 3.0 2.9 1.7 3.5 2 .8 2.4 3.3 5.2 4.0 3.0 5.6 -3.4 - 2.1 .5 1.5 - 8.1 -6.5 -5.4 8.1 8.9 .6 2 .0 7.5 1 .0 7.3 -3.0 - 8 .6 16.0 18.8 9.0 3.9 4.0 3.4 11.5 11.9 10.3 4.4 4.3 4.9 9.0 8.4 10.5 3.6 3.0 6.5 1.3 2 .6 1 .6 1.5 -.5 8.3 3.4 - P r e c e d in g Y e a r 0 - 5.9 3.2 - 6 .0 7.3 13.8 11.1 - 2 .6 -9.6 8 .6 8.7 - .7 12.5 8 .2 2 .2 2 .6 2 .6 2.9 3.1 6.5 10.5 6.4 8.9 9.0 9.3 5.6 1 2 .0 1 0 .6 -3.2 8 .0 8.7 9.7 6.3 11.9 13.3 5.7 10.1 8.4 13.6 9.3 9.2 1 .8 11.9 9.6 1997 8 .6 2.7 3.3 1998 12.4 9.2 1 0 .2 12.1 11.1 7.3 13.8 1.9 5.1 13.3 7.6 1999 2000 6 .8 9.4 20 0 1 2002 2 .0 2.4 -7.9 -3.0 -4 .2 -2.3 -4.9 .4 2003 2004 5.8 3.2 1.9 2005 2 .6 1 .0 9.8 7.3 5.9 -4.1 2 .2 1.1 2 .8 7.3 99 89 8J3 92 9.0 9.7 7.5 5.1 4.1 4.9 1 0 .8 6.1 10.9 6.7 1 0 .0 2 .8 1.9 4.3 5.9 .9 1.5 1.7 8.4 6 .8 ..... ..... ..... ..... ..... ..... ..... N e t ex p o rts o f g o o d s an d s er vice s .......................................... E x ports................................................................... G o o d s .......................................................................... S erv ices ....................................................................... Im p orts ........................................................................ G o o d s .......................................................................... S ervices................................................................... G o v e rn m e n t co n su m p tio n e xp en d itu re s an d g ro s s in ve s tm e n t ............................................................................... F e deral............................................................................. National d e fe ns e........................................................... Nondefense .............................................................. State and local .............................................................. - -.5 -5.1 3.7 -.1 6.9 7.5 5.5 7.0 9.3 10.1 - 2 .6 - 2 .6 2.9 3.2 1.1 2 .0 - .2 0 8.3 4.1 6 .6 6.9 6 .0 - .6 - 3.2 3.3 3.2 8 .8 11.7 6.3 8 .8 7.2 8.7 9.3 5.5 8 .0 9.0 3.3 2.4 .5 -1.7 -5.0 6.9 2.1 2 .2 3.0 3.3 3.1 3.3 3.4 3.2 3.2 2.7 1 .0 3.4 4.4 3.8 3.9 2.7 2.3 2 .2 2.1 2 .1 1 .8 2 .6 2.3 2.3 2.4 2.3 2 .2 2 .2 2.1 2 .0 1.1 - .9 0 -4 .2 -5 .6 -.7 1.4 -3 .7 -4.9 - 1 .2 .5 -2.7 -3.8 - .4 2 .6 2 .6 2 .6 3.0 2.4 11.9 ~ 2 4 ....4 3 14.3 2 .2 3.8 5.9 2.9 5.6 13.6 11 .6 11.5 14.4 11.7 12.4 9.4 11.4 6.9 1.9 - 1 .0 - 2 .8 3.6 1.9 - 1.1 - 2.1 .7 3.6 2 .8 3.7 3.8 3.8 3.7 3.0 4.0 4.8 4.3 4.4 3.5 4.2 5.3 5.3 4.0 5.8 1.4 1.3 1.7 1.7 1.7 1 .0 - 1 .2 -1.4 -.7 2.3 2 .6 8.7 1 1 .2 2.9 13.1 13.5 11.1 3.9 2 .1 2 .2 4.7 .9 -.5 3.5 2.7 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 1.9 2 .8 -5.4 - 6.1 -3.7 -2 .7 -3.2 -.3 -2.3 -4.0 1.9 3.4 3.7 2.1 0 3.4 3.9 3.9 3.9 3.2 4.4 7.0 7.4 6.3 3.1 2.5 1.3 1 .8 0 6 .8 8.7 3.4 6 .8 1 .2 1.1 .2 .5 .5 3.5 3.3 3.6 3.1 2 .2 3.5 44 4.0 3.8 3.6 23 1.9 3 1 2.7 2.1 2 .8 Ad dend a: Final sales of domestic product ........................................ Gross domestic purchases ............................................. Final sales to domestic purchasers..................................... Gross national produ ct...................................................... Real disposable personal income ..................................... 4.3 3.2 3.4 4.2 4.3 3.4 3.0 2.1 .1 1.4 - .8 2 .8 1 .6 -.6 3.5 2 .0 2 .8 1.9 -.3 .5 3.4 3.7 3.4 3.4 4.0 3.8 3.6 3.8 3.6 4.4 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 2 .8 2 .6 .9 2 .2 2.5 28 1 .8 1 .8 2 .8 .8 1.5 3.1 2.7 1 .6 1.2 1.9 1.2 P rice in d ex es : Gross domestic purchases............................................ Gross domestic purchases excluding food and e n e rg y .... G D P ............................................................................. GDP excluding food and en erg y................................ Personal consumption expenditures ............................... 2.3 2.5 2.9 2 .2 2.1 1.5 1.9 1.7 2 .1 2 .1 2 .2 .6 1 .6 1 .0 1.4 1.4 1.5 1.7 1.1 1 .2 .9 2.5 1.9 2 .0 1 6 1.9 2.4 1.9 1.7 2 .0 2.1 2.1 1.9 2.7 2.5 2 .1 1.4 2 .0 2 .6 2 .2 15 2 .8 3.0 3.0 2.9 T ab le 8.— Real G ro ss Dom estic Product: Percent C h an g e From Q u a rter One Y ear Ago 2003 2002 i G ro ss d o m es tic p r o d u c t ( G D P ) .............................. P e rs o n al co n su m p tio n ex p e n d itu re s (P C E ) .............................. Durable goods ....................................................... Nondurable goods .................................................... Services ....................................................................... G ro ss p riv ate d o m es tic i n v e s t m e n t ....................................... Fixed investm ent................................................... Nonresidential ............................................................ S tructures................................................................. Equipment and software ....................................... R esidential.................................................................... Change In private Inventories...................................... II III I IV II 2004 III IV I II 2005 III IV I II 1 .0 1.3 2 .2 1.9 1.5 1 .8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 2 .8 3.1 8.9 3.0 3.2 1.9 2 .0 1 .2 2.1 2.4 2.3 3.4 8.3 3.9 4.1 9.8 4.0 3.0 3.8 3.5 3.5 4.2 2.9 3.6 4.0 5.6 3.8 3.7 3.5 4.7 4.0 3.0 3.8 7.4 4.8 3.8 7.5 4.7 2 .6 4.5 2.3 3.0 3.3 3.7 2 .6 2.9 2.5 4.4 2.3 3.4 2.4 3.2 6.7 4.3 3.9 1 1 .0 2.3 5.5 2.5 8 .6 13.2 8 .2 9.0 2 .8 6.3 6 .2 7.7 7.4 3.6 7.4 6.3 5.6 6.9 7.4 1.6 1 .8 2 .6 9.3 9.1 7.0 9.0 9.2 6.3 6.9 6.1 - .2 ........ ........ 7.2 6 .8 6.7 8.3 3.1 5.2 5.8 1.9 9.0 8.1 7.4 8.5 5.0 7.8 2 .6 1 .8 2 .0 2 .0 1.9 1 .8 1 .6 2 .0 2 .2 -7.7 -7.6 -11.7 -13.9 -10.9 3.4 -5.4 -5.8 -9.8 -17.4 - 6 .8 4.3 -1.4 -4.9 -8.7 4.9 -2.5 -6.5 -14.9 -3.4 7.0 1.3 1 .6 - 1 .0 -3.9 -11.9 -.9 5.5 4.4 5.4 2.9 7.0 7.2 4.9 -3.9 1.5 5.7 .1 .2 3.9 6 .6 1 0 .6 11.7 - 2 2 .0 -3.2 4.4 1.9 .1 6.1 7.9 8 .2 6.1 5.2 9.2 6.7 5.5 2.9 7.2 11.4 1.1 2 .0 6.7 13.7 6.7 9.0 III 6 .6 8 .0 6.9 2.7 6.3 8 .0 3.2 9.7 9.8 6.1 8.1 8.1 1 .0 N e t ex p o rts o f g o o d s an d s er vice s ............................................ E x ports......................................................................... Goods .................................................................... S ervices.................................................................. Im p orts ......................................................................... G o o d s ............................................................... S ervices.............................................................. G o v e rn m e n t c o n su m p tio n e x p e n d itu re s a n d g ro ss in v e s t m e n t .............................................................................. F ederal................................................................... National de fe ns e...................................................... Nondefense ............................................................ State and local ............................................................ -9.5 - 2006 1 2 .2 - 2 .8 -4.1 -5.0 .7 -4.0 -4.9 - 2 .0 2.1 3.2 -3.0 -1.9 - 1 .6 -2.4 3.3 4.7 -3 .3 1 .6 3.8 1.1 1.1 1.1 2 .0 2 .8 1 0 .2 6.4 7.2 2.4 9.7 9.9 5.3 6.4 8 .8 .1 4.0 7.8 8.4 2 .6 2.9 6.3 6.3 6.5 .7 11.7 1.3 - 1 .0 4.7 5.9 5.6 6.3 4.1 4.0 6.7 7.4 5.5 4.9 7.5 7.9 6 .8 6 .8 2 .6 3.6 2.1 1 .0 1 .2 1.7 .8 1.1 1 .8 1.4 1.4 .9 3.7 1.9 1.9 2 .8 2.7 2 .0 2.3 2.3 1.4 1 .6 1.7 2.3 2.4 1 .6 1 .6 2 .2 2.9 .6 1.3 1.9 1.7 1.7 1.9 2 .6 2.1 1.9 1 .8 2.1 2 .0 2.3 1.5 2.3 1.3 1 .8 3.2 5.8 7.1 3.0 4.8 5.3 1 .0 2 .2 2.7 7.3 9.1 4.0 .3 1.7 5.5 7.5 1.9 - .4 11.1 3.2 3.3 3.4 3.3 3.3 .1 -.1 .5 2 .8 9.1 8.4 10.9 8 .8 10.4 13.2 11.7 9.0 7.9 1 1 .2 9.6 10.3 7.9 11.9 12.3 14.7 10.1 1 1 .2 7.0 _ 6 A 7.0 6 .6 7.1 5.9 1 0 .6 9.0 1 1 .2 9.8 7.6 4.8 - IV 6 .0 7.0 6.3 4.9 5.5 2.5 2 .0 5.0 5.4 6 .8 I 6 .6 1 1 .2 4.0 6.4 6.9 3.7 2 .8 1 .8 1 .8 1.1 .8 1 .0 1 .2 1.3 1.4 .8 1.9 2 .1 1 .6 2.1 1 .8 1 .2 .3 .4 .5 -.7 .3 1.5 .5 1.9 2.4 1 .0 4.4 7.0 -.5 .3 2.3 2.5 .6 3.3 3.3 3.2 .5 2.1 7.4 .8 3.4 2.9 4.2 1.3 3.7 3.6 3.7 3.9 3.7 4.2 4.5 4.4 4.6 4.2 3.7 4.9 4.2 4.3 3.6 3.0 4.0 3.6 3.3 2.7 3.1 4.1 3.8 2.9 4.1 3.1 3.8 3.6 3.0 3.9 3.0 3.8 3.0 4.0 3.3 3.8 3.4 2 .1 1 .6 .8 3.2 3.1 3.2 3.0 .3 3.8 3.6 3.7 3.6 1.7 2.3 1.9 2 .2 2 .2 3.1 3.2 1.9 3.6 2 .8 1.9 1.9 1.9 1.3 2 .8 1.9 1.9 1.4 2 .1 2 .6 2 .0 2 .8 2.9 2.9 2.7 2 .8 2 .2 2.9 2 .8 2 .2 2.3 2 .8 2.1 3.4 3.0 3.1 3.1 2.7 3.6 2 .6 3.7 3.0 3.2 3.1 3.0 3.2 2.1 2 .6 3.1 2.9 3.1 3.1 3.0 3.1 35 2.7 3.1 2.9 3.0 1 .8 2 .1 2,1 2 .2 2 .2 2 .0 2 .0 2.1 2 .0 1 .8 1 .6 2.4 1.5 2.3 1.4 2.7 1.7 2.4 1.7 3.1 1.7 3.0 2.9 1 .0 1.7 1.3 2.5 1.1 1 .8 1 .6 8 .0 .2 II 2 .6 7.6 4.1 6 .8 6.1 6 .2 5.3 1.9 2.4 2 .0 3.3 1 .6 Ad dend a: Final sales of domestic product ................................ Gross domestic purchases ........................................... Final sales to domestic purchasers..................................... Gross national produ ct.......................................... Real disposable personal Income .................................. 1 .0 4.6 2.9 3.5 3.0 1.9 P rice in d e xes : Gross domestic purchases....................................... Gross domestic purchases excluding food and e n e rg y .... G D P ........................................................................ GDP excluding food and en ergy ........................... PCE ............................................................................ PCE excluding food and energy ..................................... Market-based PC E 1 .............................................. Market-based PCE excluding food and energy 1 .............. 1.3 2 .0 1.4 1.9 1 .6 1.9 2 .0 1 .6 1 .6 2.3 2.1 2 .0 1 .2 1 .2 1 .8 1.1 1.7 1.4 1 .8 1 .8 1.5 1.9 .7 1.5 .9 1.5 1.5 1 .6 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e pr ice m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s (f or e x am p l e , i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. t h e se r v i c e s f u r n i sh e d w i t h o u t paym ent b y f i nancial 1.4 1.7 1 .2 1 .8 2.9 36 2 .8 3.3 3.1 3.3 2.3 3.2 1.9 T a b l e 9 .— R e l a t i o n o f G r o s s D o m e s t i c P r o d u c t , G r o s s N a t i o n a l P r o d u c t , a n d N a t i o n a l I n c o m e [Billions of dollars] Seasonally adjusted at annual rates 2003 2002 2004 2005 2002 G ro ss d o m es tic p r o d u c t ............................ ................. 2003 II 1 III IV I II 10,469.6 10,960.8 11,712.5 12,455.8 10,333.3 10,426.6 10,527.4 10,591.1 10,705.6 10,831.8 305.7 275.0 336.8 280.0 410.2 363.9 513.3 481.5 294.5 268.3 307.1 290.5 317.7 288.1 303.3 253.3 315.6 276.2 323.6 267.0 10,500.2 11,017.6 11,758.7 12,487.7 10,359.5 10,443.3 10,557.0 10,641.1 10,744.9 Less: Consumption of fixed c a p ita l....................... Less: Statistical discre pancy........................................... 10,888.4 1,292.0 - 2 1 .0 1,336.5 48.8 1,436.2 66.7 1,604.8 ’ 71.0 1,282.0 -53.6 1,288.2 -56.7 1,294.9 14.6 1,302.7 11.7 1,317.0 21.3 1,329.5 E q u als: N a tio n al i n c o m e ..................................................... 9,229.3 6,091.2 4,980.9 1,110.3 9.632.3 6.325.4 5,127.7 1,197.7 10,255.9 6,650.3 5,377.1 1,273.2 7,030.3 5,664.8 1,365.5 9,131.1 6,025.3 4,961.2 1,064.2 9,211.7 6,091.5 4,989.4 1 , 102 .1 9,247.5 6,114.5 4,988.5 1,126.0 9,326.7 6,133.4 4,984.5 1,148.9 9,406.7 6,202.4 5,032.4 1,170.0 9,537.9 6,289.0 5,098.7 1,190.3 768.4 152.9 811.3 133.0 911.1 127.0 970.7 72.8 763.0 172.1 763.5 167.7 769.1 142.9 778.1 129.2 779.1 137.4 801.6 130.5 886.3 520.9 724.4 84.3 .9 993.1 524.7 759.3 83.8 1.7 1,182.6 485.1 819.4 85.5 -5.0 1,330.7 483.4 865.1 74.2 -15.4 829.4 545.8 706.1 91.1 - 1 .6 864.3 519.3 720.8 85.8 - 1 .2 895.4 507.0 733.3 81.4 4.0 956.1 511.5 737.2 78.8 2.3 923.6 529.1 745.5 84.1 5.4 956.2 529.6 744.6 83.8 2.5 10,490.6 10,912.0 11,645.8 12,384.8 10,386.9 10,483.3 10,512.8 10,579.4 10,684.3 10,810.8 Plus: Income receipts from the rest of the w o rld ....... Less: Income payments to the rest of the world .......... E q uals: G ro ss n a tio n al p ro d u c t ....................................... Compensation of em ployees.................................. Wage and salary a c crua ls ........................................ Supplements to wages and s a la rie s .............................. 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 pay m e nts........................... Current surplus of government enterprises.................. 21 .1 A d d en d u m : Gross domestic inc om e......................................... Seasonally adjusted at annual rates 2C03 G r o s s d o m e st i c p r o d u c t .................................. Plus: Income receipts from the rest of the w o rld ................ Less: Income payments to the rest of the world .............. 2004 2005 2006 III IV I II III IV I II III IV I II 11,086.1 11,219.5 11.430.9 11,649.3 11.799.4 11,970.3 12.173.2 12.346.1 12,573.5 12,730.5 13.008.4 13,193.9 337.2 283.6 370.8 293.1 376.1 305.6 398.3 357.8 415.1 369.2 451.2 423.1 472.2 437.9 489.0 460.6 527.2 475.0 564.9 552.4 603.3 574.3 11,139.8 11,297.3 11,501.5 11,689.7 11,845.3 11.998.5 12,207.5 12,374.6 12,625.7 12.743.0 13.037.4 Less: Consumption of fixed c a p ita l................................ Less: Statistical discrepancy...................................... 1.342.6 97.9 1,357.0 54.9 1,373.2 43.9 1,394.5 1,534.9 6 6 .8 1.467.8 37.4 1,491.1 8 8 .2 1,442.0 67.8 88.1 1,898.0 84.5 1,562.5 74.3 1.548.0 23.1 E q u a l s: N a t i o n a l i n c o m e 9.699.3 6,365.8 5.159.3 1.206.6 9,885.4 6.444.3 5.220.4 1,223.9 10,084.3 6.521.9 5.276.4 1.245.5 10.207.0 6.590.2 5.328.1 1.262.1 10.243.5 6,689.6 5,408.1 1,281.5 10.488.6 6.799.4 5.495.8 1.303.5 10.702.3 6.889.6 5.555.7 1.333.9 10,795.4 6,953.7 5.601.3 1.352.4 10,643.2 7,093.6 5.715.2 1,378.4 11,106.2 7.184.4 5.787.0 1.397.4 11.466.2 7.315.3 5,890.9 1.424.4 623.5 116.3 840.8 147.6 877.5 140.1 910.2 132.0 915.1 112.7 941.5 123.4 952.8 118.5 965.8 967.3 -11.5 996.8 81.5 1,008.3 76.8 1,016.2 526.4 766.4 84.1 .5 1.076.5 513.7 780.7 83.3 -1 .5 1,158.1 501.8 801.7 85.4 -2.3 1.183.3 493.4 815.4 1.234.9 469.4 837.4 91.2 - 8 .6 1,320.0 483.7 849.4 97.6 -9.1 1,342.9 477.1 864.7 99.9 -11.3 1.266.3 482.9 872.1 -3.6 1,154.0 475.7 822.9 79.1 -5.6 -27.7 1.393.5 490.0 874.2 99.1 -13.3 1.569.1 514.8 897.4 93.8 -9.2 10,988.2 11,164.7 11,387.0 11.561.0 11.732.6 11,902.5 12,135.8 12.258.1 12,489.0 12,656.2 12.985.2 E q u a l s: G r o s s n a t i o n a l p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . .............................. Compensation of em ployees............................. Wage and salary accruals ........................... Supplements to wages and salaries ..................... Proprietors' income with inventory valuation and capital consumption adjustm ents................................. Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustm ents................................. Net interest and miscellaneous paym ents.................. Taxes on production and Imports less subsidies...... Business current transfer pa ym en ts .......................... Current surplus of government enterprises............... 86.1 1 0 2 .8 .2 Addendum : Gross domestic in c o m e ....................................... 1,561.9 7,426.6 5,982.4 1.444.2 1.017.3 6 8 .0 510.4 913.0 94.5 -9.3 T a b le 1 0 .— P e r s o n a l In c o m e a n d It s D is p o s it io n [Billions of dollars] Seasonally adjusted at annual rates 2003 2002 2004 2005 2 00 2 2003 I IV P erso n al i n c o m e 1 ................................................................................ 8,881.9 9,163.6 9,731.4 10,239.2 8,814.7 8.892.0 8.895.4 8,925.5 8,998.2 9.111.3 Compensation of employees, received ................................... Wage and salary disbursem ents.................................... Supplements to wages and sa la rie s ......................... Proprietors' income with inventory valuation and capital consumption adjustments .................................................. F a r m ......................................................................... Nonfarm ....................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets ...................................... Personal interest in c o m e ............................................ Personal dividend incom e................................................. . Personal current transfer receipts ........................................ . 6,091.2 4,980.9 1,110.3 6,310.4 5,112.7 1,197.7 6,665.3 5,392.1 1,273.2 7,030.3 5,664.8 1,365.5 6,025.3 4,961.2 1,064.2 6,091.5 4.989.4 1 102.1 6.114.5 4.988.5 1,126.0 6.133.4 4.984.5 1,148.9 6.191.0 5.021.0 1.170.0 6.275.4 5,085.1 1,190.3 76B.4 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 763.0 8.9 754.1 172.1 1,340.6 960.1 380.5 1,260.9 763.5 4.0 759.4 167.7 1.336.5 942.4 394.1 1,284.0 769.1 778.1 18.4 759.7 129.2 1.328.5 918.4 410.0 1,307.1 779.1 757.4 137.4 1.329.1 919.7 409.4 1,327.0 801.6 30.5 771.2 130.5 1,334.9 919.6 415.3 1,344.0 ZZZZZ. ZZZ. 1 0 .6 757.B 152.9 1,333.2 936.1 397.2 1,286.2 Less: Contributions for government social insurance............... . 750.0 Less: Personal current taxes ........................................... 1,051.8 E q u als: D is p o sa b le p er so n a l in c o m e .............................................. 7,830.1 Less: Personal outlays .............................................................. 7,645.3 E q u als : P ers o n a l s av in g ...................................................................... 184.7 Personal saving as a percentage of disposable personal income 2.4 7,562.2 778.6 . 11.0 758.1 142.9 1.327.4 923.3 404.1 1,292.7 21. 8 826.4 880.6 747.1 751.1 751.1 750.9 765.4 775.0 1,049.8 1,203.1 1,063.2 1,050.3 1,050.0 1,043.8 1,022.7 1,023.7 8,162.5 8,681.6 9,036.1 7,751.5 7,841.7 7.845.4 7,881.7 7,975.5 8.087.6 7,987.7 8,507.2 9,070.9 7,526.1 7.620.5 7.692.4 7,742.4 7,826.4 7.913.7 174.9 174.3 -34.8 225.4 221.2 153.0 139.3 149.1 173.9 2.1 2 .0 -.4 2.9 2.6 2.0 1.8 1.9 2. 2 7,729.9 8 ,0 1 0 .8 8,104.6 7,549.9 7,565.2 7.555.5 7,559.3 7,591.7 7,685.7 1 ,0 0 1 .1 A d d en d u m : Disposable personal income, billions of chained (2000) dollars 2 Seasonally adjusted at annual rates 2 C03 III 2004 IV I II 2005 III IV I 2006 II III IV P erso n al In c o m e 1 ................................................................................ 9,203.6 9,341.3 9,497.7 9,640.5 9,767.9 10,019.4 10,048.8 10,161.5 10,262.7 10,483.7 10,647.5 Compensation of employees, re ceived.................................... Wage and salary disbursements ............................. Supplements to wages and salaries .................................. . Proprietors' income with inventory valuation and capitai consumption adjustments......................................... ......... F a rm ....................................................................... Nonfarm ............................................................... Rental income of persons with capital consumption adjustment" Personal income receipts on a ss e ts ....................................... Personal interest income ..................................................” Personal dividend inc om e........................................ Personal current transfer receipts..................................... Z Z Z 10.812.9 ZZZZZ. 6,340.8 5,134.3 1,206.6 6,434.3 5,210.4 1,223.9 6,525.4 5,279.9 1,245.5 6,611.7 5,349.6 1,262.1 6,714.6 5,433.1 1,281.5 6,809.4 5,505.8 1,303.5 6,889.6 5,555.7 1,333.9 6,953.7 5,601.3 1,352.4 7,093.6 5,715.2 1,378.4 7,184.4 5Í787.0 1¡397.4 7.315.3 5,890.9 1.424.4 7.426.6 5,982.4 1.444.2 ZZZZZ ZZZZZ... 823.5 32.1 791.5 116.3 1,339.5 914.6 424.9 1,365.5 840.8 32.5 808.3 147.6 1,343.1 902.4 440.7 1,367.6 877.5 38.1 839.4 140.1 1,366.1 892.8 473.4 1,399.3 910.2 39.5 870.6 132.0 1,389.8 889.0 500.8 1,416.7 915.1 32.9 882.2 112.7 1,415.7 889.1 526.6 1,441.7 941.5 34.3 907.3 123.4 1,539.8 892.3 647.5 1,448.4 952.8 33.9 918.9 118.5 1,464.3 912.3 552.0 1,487.3 965.8 28.7 937.1 967.3 29.7 937.7 -11.5 1,532.7 951.2 581.5 1,569.0 996.8 28.7 968.1 81 5 1,580.2 981.7 598.5 1,539.8 1.008.3 23.9 984.4 76.8 1.602.3 989.1 613.2 1.570.4 1.017.3 19.5 997.8 Less: Contributions for government social ins uranc e................ 782.1 791.9 810.8 819.8 831.8 843.1 863.6 871.5 888.5 898.9 925.6 938.9 942.6 1,015.4 1,016.0 1,033.4 1,061.6 1,088.2 1,157.9 1,191.8 1,215.0 1,247.6 1,326.0 1,373.2 ZZZZZ Less: Personal current ta x e s ................................................. 1 0 2 .8 1,500.5 934.8 565.7 1,510.1 68.0 1.649.9 1.021.4 628.5 1.589.9 E q u als : D isp o sa b le p er so n a l i n c o m e ............................................... 8,261.0 8,326.0 8,481.6 8,607.1 8,706.3 8,931.2 8,890.9 8,969.7 9,047.7 9,236.1 9.321.5 9.439.7 Less: Personal outlays.............. ..................... ........................... 8,067.0 8,143.5 8,302.7 8,438.7 8,565.1 8,722.3 8,838.5 9,000.4 9,180.3 9,264.5 9.418.5 9.580.7 E q u als: P erso n al s av in g ...................................................................... 194.0 182.5 178.9 168.3 141.2 208.9 52.5 -30.8 -132.6 -28.5 -97.0 -141.0 Personal saving as a percentage of disposable personal income 2.3 2 .2 2.1 2 .0 1 .6 2.3 .6 -.3 -1.5 -.3 1.0 -1.5 7,804.8 7,837.3 7,912.4 7,958.8 8,013.3 8,158.8 8,076.6 8,085.8 8,074.1 8,183.3 - A d d en d u m : Disposable personal income, billions of chained (2000) dollars 2 1. P e r so n a l i n c o m e i s a l so eq u al t o nat ional in co m e l e ss c o r p o r a t e prof it s w it h c o n su m p t i o n a d j u st m e n t s, t a x e s o n p r o d u c t i o n a n d i m p o r t s l e ss su b si d i e s, an c e , n e t i n t e r e st a n d m i sc e l l a n e o u s p a y m e n t s, i nv en t or y v al u at i o n and capit al c o n t r i b u t i o n s f o r g o v e r n m e n t so c i a l i n su r b u s i n e ss c u r r e n t t r a n sf e r p a y m e n t s, c u r r e n t su r p l u s o f g o v e r n m e n t e n t e r p r i se s, a n d w a g e a c c r u a l s l e ss d i sb u r se m e n t s, p l u s p e r so n a l t r a n sf e r r e c e i p t s. i n c o m e r e c e i p t s o n a s se t s a n d p e r so n a l c u r r e n t 2. Eq u a l s d i sp o sa b l e p e r s o n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. T a b le 1 1 A .— C o r p o r a t e P r o f it s [B illions of dolla rs ] Seasonally adjusted at annual rates 2002 2003 2004 2005 2002 I II 2003 III IV I II Corporate profits w ith inventory valuation and capital consum ption adjustments ................................................................ 886.3 993.1 1,182.6 1,330.7 829.4 864.3 895.4 956.1 923.6 956.2 Less: Taxes on corporate income ............................................ 192.6 243.3 300.1 399.3 174.9 188.5 196.9 210.2 234.1 228.9 Equals: P rofits after tax w ith inventory valuation and capital consum ption a d ju s tm e n ts .................................................. Net dividends..................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ........................................................................... 693.7 399.2 749.9 424.7 882.5 539.5 931.4 576.9 654.5 382.5 675.8 396.1 698.5 406.1 746.0 412 0 689.5 411 7 727.4 294.5 325.1 343.0 354.5 272.0 279.7 292.4 334.0 277.8 310.0 1,036.6 1,084.9 1,139.2 1,211.3 1,013.7 1,021.2 1,034.3 1,077.2 1,030.0 1,067.0 294.5 742.1 325.1 759.8 343.0 796.2 354.5 856.8 272.0 741.7 279.7 741.5 292.4 741.9 334.0 743.3 277 8 752.1 310 O 7576 Cash flow : Net cash flow w ith inventory valuation and capital consum ption a d ju s tm e n ts ........................................................................ Undistributed profits with Inventory valuation and capital consumption adjustm ents.............................................. Consumption of fixed capital ............................................. Less: Inventory valuation ad justm ent............................... Equals: Net cash f lo w .............................................. 4174 -2.2 -13.6 -39.8 -32.6 13.3 -1.6 -11.8 -8.8 -25.8 -3.3 1,038.9 1,098.5 1,178.9 1,243.9 1,000.4 1,022.8 1,046.1 1,086.1 1,055.8 1,070.3 768.4 908.1 1,144.3 1,518.7 693.8 742.1 786.4 851 5 859 4 R5 1 1 575.8 -2.2 120.1 664.8 -13.6 98.7 844.2 -39.8 78.1 1,119.4 -32.6 -155.5 518.9 13.3 122.4 553.6 -1.6 123.8 589.5 -11.8 120.8 641.3 -8.8 113.4 625 3 -2 5 8 90.0 622 2 -3 3 108.4 Addenda: Profits before tax (without Inventory valuation and capital consumption adjustm ents)............................................................... Profits after tax (without Inventory valuation and capital consumption adjustm ents)................................................................ Inventory valuation adjustment ................................................ Capital consumption adjustm ent.......................................... Seasonally adjusted at annual rates 2003 III Corporate profits w ith inventory valuation and capital consum ption a d ju s tm e n ts ................................................................... 2004 IV 1 h 2005 III IV 1 II 2006 III IV I 1,016.2 1,076.5 1,158.1 1,183.3 1,154.0 1,234.9 1,320.0 1,342.9 1,266.3 1,393.5 1,569.1 Less: Taxes on corporate Incom e.................................. 245.5 264.7 281.3 303.0 297.8 318.1 400.9 392.8 378.9 424.6 456.9 Equals: P rofits after tax w ith inventory valuation and capital consum ption a d ju s tm e n ts ............................................. Net dividends ............................................................ Undistributed profits with Inventory valuation and capital consumption adjustments ......................................................... 770.7 427.1 811.8 442.8 876.8 475.5 880.2 503.0 856.2 529.0 916.8 650.5 919.0 554.3 950.1 568.2 887.5 584 0 968.9 601 0 1,112.1 615 7 343.6 369.0 401.3 377.2 327.2 266.2 364.7 381.9 303.5 367.9 496.4 1,105.9 1,136.9 1,173.2 1,157.0 1,159.5 1,066.9 1,181.0 1,209.8 1,230.7 1,223.9 1,349.2 343.6 762.3 369.0 767.9 401.3 771.9 377.2 779.8 327.2 832.3 266.2 800.7 364.7 816.3 381.9 827.9 303.5 927.2 367.9 856.0 496.4 852.8 Cash flow : Net cash flow w ith inventory valuation and capital consum ption a d ju s tm e n ts ......................................................... Undistributed profits with inventory valuation and capital consumption adjustments .......................................... Consumption of fixed capital .................................... Less: Inventory valuation adjustment .................................. Equals: Net cash f l o w ................................................ 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 .................................... -5.3 -19.9 -30.0 -47.5 -38.6 -43.1 -39.2 -21.0 -30.9 -39.2 - 2 2 .9 1,111.2 1,156.8 1,203.1 1,204.5 1,198.1 1,110.0 1,220.2 1,230.8 1,261.5 1,263.2 1,372.1 918.3 1,003.5 1,091.7 1,144.7 1,125.5 1,215.2 1,492.3 1,508.3 1,475.8 1,598.3 1,740.6 672.7 -5.3 103.3 738.9 -19.9 92.9 810.3 -30.0 96.4 841.7 -47.5 86.0 827.7 -38.6 67.1 897.1 -43.1 62.8 1,091.3 -39.2 -133.1 1,115.5 -21.0 -144.5 1,096.9 -30.9 -178.6 1,173.7 -39.2 -165.6 1,283.7 -22.9 -148.6 T a b le 1 1 B — C o r p o r a te P r o fits : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Quarterly rates 2004 2003 2002 2005 C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Taxes on corporate income ..................................................................... E q u a l s: Net dividends............................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ............................................................................................. II III ii I IV 15.5 12.1 19.1 12.5 4.6 4.2 3.6 6.8 -3.4 3.5 -5.6 26.3 23.3 33.1 -2.0 7.8 4.5 6.7 11.4 -2.2 23.2 7.6 8.1 6.4 17.7 27.0 5.5 6.9 6.5 3.8 3.3 3.6 3.4 2.5 6.8 1.5 -7.6 -.1 5.5 1.4 53.2 10.4 5.5 3.4 10.5 2.8 4.5 14.2 -16.8 11.6 P r o f i t s a f t e r t a x w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2003 2002 I C a sh flow : N e t c a sh f l o w w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n 9.7 4.7 5.0 6.3 1.9 .7 1.3 4.2 -4.4 3.6 Undistributed profits with inventory valuation and capital consumption adjustm ents......................................................................................... Consumption of fixed capital ..................................................................... 53.2 -1.4 10.4 2.4 5.5 4.8 3.4 7.6 10.5 -1 .0 2.8 0 4.5 0 14.2 .2 -16.8 1.2 11.6 .6 E q u a l s: N e t c a s h f l o w . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 5.7 7.3 5.5 3.7 2.2 2.3 3.8 -2.B 1.4 8.5 18.2 26.0 32.7 6.6 7.0 6.0 8.3 .9 -1.0 14.3 15.5 27.0 32.6 9.8 6.7 6.5 8.8 -2.5 -.5 III IV a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adde nda: Profits before tax (without inventory valuation and capital consumption adjustm ents)............................................................................................ Profits after tax (without inventory valuation and capital consumption adjustm ents)....... .................................................................................... Capital consumption adjustm ent................................................. ................... Quarterly rates 2004 2003 I IV III C o r p o r a t e p r o f i t s w it h i n v e n t o r y v a lu a t i o n a n d c a p i t a l c o n su m p t i o n III ii 2006 2005 IV I II I 6.3 5.9 7.6 2.2 -2.5 7.0 6.9 1.7 -5.7 10.0 12.6 7.3 7.8 6.3 7.7 -1.7 6.8 26.0 -2.0 -3.5 12.1 7.6 6.0 2.3 5.3 3.7 8.0 7.4 .4 5.8 -2.7 5.2 7.1 23.0 .2 -14.8 3.4 2.5 -6.6 2.8 9.2 2.9 14.8 2.5 10.9 7.4 8.8 -6 .0 -13.3 -18.6 37.0 4.7 -20.5 21.2 34.9 a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 2.8 3.2 -1 .4 .2 -8.0 10.7 2.4 1.7 -.5 10.2 Undistributed profits with inventory valuation and capital consumption adjustm ents.............................................................................. .......... Consumption of fixed c a p ita l..................................................................... 10.9 .7 7.4 .7 8.8 .5 -6 .0 1.0 -13.3 6.7 -18.6 -3.8 37.0 1.9 4.7 1.4 -20.5 12.0 21.2 -7 .7 34.9 -.4 E q u a l s: N e t c a sh f l o w . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 4.1 4.0 .1 -.5 -7.4 9.9 .9 2.5 .1 8.6 7.9 9.3 8.8 4.9 -1.7 8.0 22.8 1.1 -2.2 8.3 6.9 8.1 9.8 9.7 3.9 -1.7 8.4 21.7 2.2 -1.7 7.0 9.4 a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Taxes on corporate income ..................................................................... E q u a l s: P r o f i t s a f t e r t a x w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n s u m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net div idends.............................................................................................. Undistributed profits with inventory valuation and capital consumption adjustments ................................................. - .......................................... C a sh flow : N e t c a sh f l o w w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n s u m p t i o n Adde nda: Profits before tax (without inventory valuation and capital consumption adjustments) ............................................................................................ Profits after tax (without inventory valuation and capital consumption adjustments) ............................................................................................ Capital consumption adjustm ent.................................................................... ............. T a b le 1 2 A .— C o r p o r a te P r o fits b y In d u s tr y [B illion s of d o llars ] Seasonally adjusted at annual rates 2002 2003 2004 2005 2002 I II 2003 III IV I II Co r p o r a t e p r o f i t s w it h i n v e n t o r y v a lu a t io n a n d ca p i t a l ................................... 886.3 993.1 1,182.6 1.330.7 829.4 864.3 895.4 956.1 923.6 956.2 730.5 301.1 429.4 827.7 335.6 492.1 1,006.3 353.7 652.6 1.133.7 369.4 764.2 674.4 303.8 370.6 717.1 303.6 413.5 740.8 299.3 441.5 789.6 297.8 491.8 774.4 321.0 453.4 797.3 327.5 469.8 Receipts from the rest of the w o rld ........................................ Less: Payments to the rest of the w o rld ................................ 155.8 204.4 48.6 165.5 249.1 83.6 176.3 302.0 125.8 197.0 338.0 141.0 155.0 191.6 36.6 147.1 202.5 55.4 154.6 217.3 62.8 166.5 206.2 39.7 149.2 229.5 80.3 158.9 236.3 77.4 C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a d j u s t m e n t .... 766.2 894.5 1,104.5 1.486.1 707.0 740.5 774.5 842.7 833.6 847.8 D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610.4 276.4 23.7 252.7 729.0 317.3 928.2 344.2 593.3 277.7 24.5 253.3 620.0 274.6 23.6 251.0 676.2 275.3 22.4 252.9 688.9 307.3 324.1 552.0 277.9 24.2 253.6 684.4 301.6 297.2 1.289.1 389.0 26.6 362.5 279.8 286.5 334.0 411.8 345.4 400.9 76.0 -5.9 7.9 1.5 -15.6 20.6 274.2 7.1 27.8 -30.6 8.4 315.6 48.2 -9.9 8.9 1.7 -35.3 900.1 30.3 254.8 73.8 55.0 -.2 13.8 3.9 5.7 -17.9 47.7 70.0 5.3 9.8 1.5 -23.9 .5 -5.5 22.9 382.8 11.5 63.6 -6.8 7.1 -.3 -20.5 381.6 10.5 55.2 -13.3 8.8 -49.2 .3 -10.5 18.4 40.0 -13.9 8.9 1.3 -39.7 -1.3 -1.1 17.9 c o n s u m p t i o n a d j u st m e n t s D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F inancial........................................................................... Nonfinancial .............................................................. R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F inancial....................................... I...................................... Federal Reserve ba nk s................................................... Other fin a n cia l.................................................................. Nonfinancial ........................................................................ U tilitie s ................................................................ M anufacturing............................................................ Durable goods ....................................................... Fabricated metal products ................................ Machinery ................................................................ Computer and electronic products............................... Electrical equipment, appliances, and com ponents....... Motor vehicles, bodies and trailers, and p a rts ............ Other durable goods .................................................. 20.1 20.0 -5.0 -12.3 10.5 584.0 16.2 150.2 31.3 12.3 7.0 -6 .7 .2 -11.2 29.7 Nondurable goods .................................................. Food and beverage and tobacco produ cts ............ Petroleum and coal products...................................... Chemical products..................................................... Other nondurable goods ............................................ 58.1 24.9 81.9 23.6 23.3 19.5 15.5 118.9 22.4 49.3 23.8 23.4 181.0 28.5 70.4 45.3 36.8 58.4 27.9 4.8 16.4 9.4 54.0 25.7 Wholesale tr a d e .............................................................. Retail tra d e ................................................................ Transportation and warehousing ......................................... Inform ation..................................................................... Other nonfinancial.................................................... 49.3 79.4 -.9 -8.5 155.8 55.2 69.9 89.3 97.6 113.7 7.3 3.2 171.7 37.7 208.8 77.5 305.2 48.5 75.7 -1.3 -17.5 133.8 155.8 165.5 176.3 197.0 155.0 R e st o f t h e w o r l d 10.6 11.6 ■ -.1 2.1 20.0 1.6 18.4 13.2 ............................................................. 86.8 11.8 10.1 2.0 21.0 12.6 8.6 1.9 -28.4 0 -2.9 20.7 70.3 68.6 20.5 18.2 17.2 14.3 23.6 15.0 17.5 12.4 45.3 80.2 -2.0 -7.8 162.1 50.7 82.1 3.4 2.7 179.2 47.3 80.9 3.5 -5.1 181.0 168.7 154.6 166.5 149.2 158.9 147.1 11.0 -6.0 11.5 1.6 -19.0 1.9 -13.5 6.9 .9 52.6 79.7 -3.8 -11.4 148.4 16.4 1.6 20.8 64.8 55.2 25.5 -.2 18.2 11.7 .8 12.8 21.8 20.6 22.8 20.6 47.2 89.7 8.6 1.8 Seasonally adjusted at annual rates 2003 III 2004 IV I II 2005 III IV I II 2006 III IV I Co r p o r a t e p r o f i t s w it h i n v e n t o r y v a lu a t io n a n d ca p it a l c o n su m p t i o n a d j u s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial................................................................ Nonfinancial .................................................................. R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts from the rest of the world .................................. Less: Payments to the rest of the w o rld ....................... 1,016.2 1,076.5 1,158.1 1,183.3 1,154.0 1,234.9 1,320.0 1,342.9 1,266.3 1,393.5 1,569.1 853.1 344.6 508.6 885.9 349.2 536.6 973.3 367.8 605.6 1,013.4 364.8 648.7 971.4 296.0 675.4 1,067.0 386.1 681.0 1,136.9 417.5 719.4 1,157.7 373.3 784.3 1,042.9 296.1 746.8 1,197.2 390.8 806.4 1,343.0 442.2 900.9 163.1 250.3 87.2 190.6 280.2 89.5 184.8 288.0 103.3 169.8 297.4 127.6 182.6 304.3 121.7 167.8 318.4 150.5 183.0 320.1 137.1 185.2 327.4 142.2 223.4 344.0 120.5 196.3 360 6 164.2 226.1 376 3 150.2 912.9 983.6 1,061.7 1,097.2 1,086.9 1,172.1 1,453.1 1,487.4 1,444.9 1,559.1 1,717.7 F inancial................................................................. Feoeral Reserve ba nk s........................................... Other fina nc ia l.................................................... 749.8 326.4 19.5 306.9 793.0 333.8 18.2 315.5 876.9 354.3 19.0 335.2 927.4 353.9 19.1 334.8 904.3 288.5 20.1 268.4 1,004.3 380.1 21.9 358.2 1,270.0 433.7 23.1 410.7 1,302.2 391.7 25.9 365.7 1,221.5 317.4 26.9 290.6 1,362.8 413.3 30.4 382.9 1,491.6 463.9 30.9 433.0 Nonfinancial ...................................................... Utilities ......................................................... M anufacturing................................................ Durable goods .................................................. Fabricated metal products ....................... Machinery ..................................................... Computer and electronic proaucts ........... Electrical equipment, appliances, and com ponents.... Motor vehicles, oooies and trailers, and parts ... Other durable goods .................................... 423.5 11.0 77.0 -11.6 6.9 1.4 -16.4 2.3 -15.5 9.7 459.2 13.2 108.2 8.1 9.1 3.4 -6.5 2.6 -14.1 13.7 522.7 13.6 127.7 17.8 9.8 4.7 -8.7 .4 -7.2 18.8 573.5 15.5 147.4 29.5 11.7 6.4 -5.7 .4 -13.4 30.2 615.8 15.7 155.0 35.7 12.3 9.0 -6.2 -1.5 -10.3 32.4 624.2 20.0 170.7 42.3 15.4 7.9 -6.3 1.5 -13.8 37.6 836.3 29.5 235.5 60.6 17.4 12.1 -1.8 3.2 -15.8 45.5 910.5 30.9 264.0 86.2 21.2 13.7 2.8 7.2 -10.8 52.2 904.1 22.4 260.7 75.4 22.8 14.5 6.7 6.7 -19.8 44.5 949.4 38.3 258.9 72.9 21.2 15.0 80 56 -25.3 48.5 1,027.7 39.7 300.7 102.2 25.7 19.1 12 3 84 -18.2 54.9 Nondurable goods ........................................... Food and beverage and tobacco products............... Petroleum and coal products........................... Chemical products......................................... Other nondurable goods ........................................ 88.6 23.1 26.9 22.1 16.5 100.1 27.0 33.3 21.0 18.8 109.8 24.7 42.1 22.1 20.9 117.9 20.8 52.2 22.2 22.7 119.3 22.5 43.7 27.8 25.3 128.4 21.7 59.0 23.1 24.7 175.0 29.4 65.1 47.1 33.3 177.8 26.7 66.4 46.4 38.3 185.2 29.3 74.2 43.3 38.4 186 0 28 6 76.0 444 37.0 Wholesale tr a d e .................................................. Retail tra d e ............................................................ Transportation and w arehousing............................ Information.............................................. Other nonfinancial........................................................ . 61.0 89.5 8.0 11.3 165.7 65.4 87.3 9.0 4.8 171.2 64.5 96.6 13.5 10.8 196.0 64.8 91.5 18.2 39.0 197.2 81.2 82.5 10.1 55.4 216.0 69.3 86.7 5.6 45.8 226.0 88.2 102.6 19.9 68.6 291.9 102.1 107.3 22.0 79.9 304.3 94.1 1159 23.1 77.8 310.1 105.9 129 1 19.0 83.6 314.6 107.2 123 0 27.3 89.8 340.1 163.1 190.6 184.8 169.8 182.6 167.8 183.0 185.2 223.4 196.3 226.1 C o r p o r a t e p r o f it s w it h i n v e n t o r y v a l u a t io n a d j u st m e n t . . . D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOT E. — Est i m a t e s i n t h i s t a b l e a r e b a s e d on t h e 1 9 9 7 No r t h A m e r i c a n In d u st r y Cl a ssi f i c a t i o n Sy s t e m ( N A I C S) . 198 5 29 6 74 5 54 1 40.1 Table 12B.— Corporate Profits by I ndustry: Change From Preceding Period [Billions of dollars] 2002 2002 2004 2003 2003 2005 II III IV I II Co r p or a t e p r o f it s w it h in v e n t o r y v a lu a t io n a n d ca p it a l ................................ 119.0 106.8 189.5 148.1 34.9 31.1 60.7 -32.5 32.6 D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.9 60.7 72.2 97.2 34.5 62.7 178.6 18.1 160.5 127.4 15.7 111.6 42.7 -.2 42.9 23.7 -4.3 28.0 48.8 -1.5 50.3 -15.2 23.2 -38.4 22.9 6.5 16.4 -13.9 21.8 35.7 9.7 44.7 35.0 10.8 52.9 42 2 20.7 36.0 15.2 -7.9 10.9 18.8 7.5 14.8 7.4 11.9 -11.1 -23.1 -17.3 23.3 40.6 9.7 6.8 -2.9 47.0 128.3 210.0 381.6 33.5 34.0 68.2 -9.1 14.2 Financial........................................................................... Federal Reserve banks ................................................. Other fina nc ia l.............................................................. 60.9 48.8 -4.6 53.4 118.6 40.9 -3 .6 44.5 199.2 26.9 -.1 26.9 360.9 44.8 6.6 38.4 41.3 -.2 .3 -.3 26.7 -3.1 -.9 -2.3 56.2 .7 -1.2 1.9 8.2 26.3 -.6 26.9 4.5 5.7 -1 .0 6.7 Nonfinancial ...................................................................... U tilitie s......................................................................... Manufacturing............................................................... Durable goods .......................................................... Fabricated metal products ..................................... M achinery............................................................. Computer and electronic products .......................... Electrical equipment, appliances, and components .... Motor vehicles, bodies and trailers, and parts ......... Other durable g o o d s .............................................. 12.0 -14.1 -4.4 15.5 -1.0 -1.0 13.2 -2.0 4.2 2.2 77.8 1.0 27.8 4.0 -1 .0 -.2 19.7 2.2 -7.3 -9 .5 172.2 4.6 74.2 37.2 4.4 5.5 8.9 -1.9 1.1 19.2 316.1 14.1 104.6 42.5 8.3 6.8 10.6 5.5 -6.7 18.0 41.4 3.0 12.2 16.7 .5 -.7 9.5 -1.6 9.4 -.5 29.8 2.5 15.0 13.7 -.3 .6 11.3 1.3 -1.8 2.8 55.5 .2 15.0 5.5 1.2 -.4 4.5 .5 -2.6 2.2 -18.1 -1.3 -6.4 -12.1 -2.7 -1.8 3.4 1.1 -.5 -11.4 -1.2 -1.0 -8 .4 -6.5 1.7 1.9 1.5 .3 -7 .5 -4.6 Nondurable goods ..................................................... Food and beverage and tobacco products.............. Petroleum and coal products .................................. Chemical products................................................. Other nondurable goods ........................................ -19.9 -3.1 -28.0 5.8 5.4 23.8 -1.3 21.7 1.1 2.3 37.0 -1.2 26.0 4.3 7.9 62.1 6.1 21.1 21.5 13.4 -4.4 -2.2 ^t.O 0 1.6 1.2 -.2 -1.0 1.8 .7 9.6 -4.9 1.1 4.6 8.8 5.5 0 17.3 -5.6 -6.2 -1.7 3.0 -3.2 .3 -1.9 Wholesale tr a d e ............................................................ Retail tra d e ................................................................... Transportation and w arehousing..................................... Information.................................................................... Other nonfinancial ......................................................... -2.8 8.4 -2.2 17.1 9.9 5.9 7.4 8.2 11.7 15.9 14.7 2.5 4.5 34.5 37.1 27.7 24.4 9.2 39.8 96.4 4.1 4.0 -2.5 6.1 14.6 -7.3 .5 1.8 3.6 13.7 5.4 1.9 5.4 10.5 17.1 -3.4 -1.2 .1 -7.8 1.8 -.1 8.8 5.1 6.9 -12.3 -13.9 9.7 10.8 20.7 -7.9 7.5 11.9 -17.3 9.7 c o n su m p t i o n a d j u st m e n t s Financial........................................................................... Nonfinancial ............;......................................................... R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts from the rest of the world .................................... Less: Payments to the rest of the w o rld ............................. C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a d j u st m e n t D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004 2003 IV hi I 2005 III ii IV I II 2006 III IV I Co r p or a t e p r o f it s w it h in v e n t o r y v a lu a t io n a n d ca p it a l c o n su m p t i o n a d j u s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.0 60.3 81.6 25.2 -29.3 80.9 85.1 22.9 -76.6 127.2 175.6 D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.8 17.1 38.8 32.8 4.6 28.0 87.4 18.6 69.0 40.1 -3.0 43.1 -42.0 -68.8 26.7 95.6 90.1 5.6 69.9 31.4 38.4 20.8 -44.2 64.9 -114.8 -77.2 -37.5 154.3 94.7 59.6 145.8 51.4 94.5 Receipts from the rest of the world .................................... Less: Payments to the rest of the w o rld ............................. 4.2 14.0 9.8 27.5 29.9 2.3 -5.8 7.8 13.8 -15.0 9.4 24.3 12.8 6.9 -5.9 -14.8 14.1 28.8 15.2 1.7 -13.4 2.2 7.3 5.1 38.2 16.6 -21.7 -27.1 16.6 43.7 29.8 15.7 -14.0 C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a d j u st m e n t 65.1 70.7 78.1 35.5 -10.3 85.2 281.0 34.3 -42.5 114.2 158.6 F inancial........................................................................... Federal Reserve b a n ks .................................................. Other fina ncia l............................................................... 60.9 19.1 -1.3 20.4 43.2 7.4 -1.3 8.6 83.9 20.5 .8 19.7 50.5 -.4 .1 -.4 -23.1 -65.4 1.0 -66.4 100.0 91.6 1.8 89.8 265.7 53.6 1.2 52.5 32.2 -42.0 2.8 -45.0 -80.7 -74.3 1.0 -75.1 141.3 95.9 3.5 92.3 128.8 50.6 .5 50.1 Nonfinancial ...................................................................... Utilities ......................................................................... M anufacturing................................................................ Durable goods .......................................................... Fabricated metal products ...................................... Machinery ............................................................. Computer and electronic products........................... Electrical equipment, appliances, and components .... Motor vehicles, bodies and trailers, and p a rts .......... Other durable g o o d s .............................................. 41.9 .5 21.8 1.7 -1.9 -.2 2.6 .4 -2 .0 2.8 35.7 2.2 31.2 19.7 2.2 2.0 9.9 .3 1.4 4.0 63.5 .4 19.5 9.7 .7 1.3 -2.2 -2.2 6.9 5.1 50.8 1.9 19.7 11.7 1.9 1.7 3.0 0 -6.2 11.4 42.3 .2 7.6 6.2 .6 2.6 -.5 -1.9 3.1 2.2 8.4 4.3 15.7 6.6 3.1 -1.1 -.1 3.0 -3 .5 5.2 212.1 9.5 64.8 18.3 2.0 4.2 4.5 1.7 -2 .0 7.9 74.2 1.4 28.5 25.6 3.8 1.6 4.6 4.0 5.0 6.7 -6.4 -8.5 -3.3 -10.8 1.6 .8 3.9 -.5 -9.0 -7.7 45.3 15.9 -1.8 -2.5 -1.6 .5 1.3 -1.1 -5.5 4.0 78.3 1.4 41.8 29.3 4.5 4.1 4.3 2.8 7.1 6.4 Nondurable goods ..................................................... Food and beverage and tobacco products.............. Petroleum and coal produ cts .................................. Chemical products.............................................. Other nondurable goods ........................................ 20.0 -.5 11.9 4.6 4.1 11.5 3.9 8.4 -1.1 2.3 9.7 -2.3 8.8 1.1 2.1 8.1 -3.9 10.1 .1 1.8 1.4 1.7 -8.5 5.6 2.6 9.1 - .8 15.3 -4 .7 -.6 46.6 7.7 6.1 24.0 8.6 2.8 -2.7 1.3 -.7 5.0 7.4 2.6 7.8 -3.1 .1 .8 -.7 1.8 1.1 -1.4 12.5 1.0 -1.5 9.7 3.1 Wholesale tr a d e ............................................................ Retail tra d e ................................................................... Transportation and warehousing ..................................... Inform ation.................................................................... Other nonfinancial......................................................... 13.8 -.2 -.6 9.5 -3.0 4.4 -2.2 1.0 -6.5 5.5 -.9 9.3 4.5 6.0 24.8 .3 -5.1 4.7 28.2 1.2 16.4 -9.0 -8.1 16.4 18.8 -11.9 4.2 -4.5 -9.6 10.0 18.9 15.9 14.3 22.8 65.9 13.9 4.7 2.1 11.3 12.4 -8.0 8.6 1.1 -2.1 5.8 11.8 13.2 -4.1 5.8 4.5 1.3 -6.1 8.3 6.2 25.5 -5.8 -15.0 12.8 -14.8 15.2 2.2 38.2 -27.1 29.8 F inancial........................................................................... Nonfinancial ...................................................................... R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D o m e st i c i n d u s t r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTE. — Est i m a t e s In t h i s t a b l e a r e b a se d o n t he 1997 No r t h A m e r i c a n 4.2 In d u st r y Cl a ssi f i c a t i o n 27.5 Sy st e m ( N A I C S) . T a b le 1 2 C .— R e v is io n s t o C o r p o r a te P r o fits b y In d u s tr y Billions of dollars Revised estima es 2003 2004 Revisions to previously published 2005 2003 2004 Revisions as a percentage of previously published 2003 2005 2004 2005 C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993.1 1,182.6 1,330.7 -38.7 21 .1 - 2 1 .2 -3.8 1.8 D o m e st i c i n d u st r i e s 827.7 335.6 492.1 1,006.3 353.7 652.6 1,133.7 369.4 764.2 -28.1 4.7 -32.8 29.7 31.0 -1.3 - -3.3 1.4 3.0 9.6 -. 2 165.5 249.1 83.6 176.3 302.0 125.8 197.0 338.0 141.0 -10.5 - 6 .6 3.9 - 8 .6 -7.5 1 .2 - 8 .6 3.8 12.5 894.5 1,104.5 1,486.1 -29.4 84.8 79.3 729.0 317.3 928.2 344.2 -18.9 4.3 87.9 42.0 2 0 .1 2 0 .0 93.4 43.6 -.3 43.8 -23.1 49.8 4.1 31.3 -3.5 34.9 45.9 2.9 46.9 17.9 29.0 3.7 -1.5 -7.2 26.4 -25.2 F in ancial.............. Nonfinancial.......... R e st o f t h e w o r l d .......................................... Receipts from the rest of the w o rld ........................ Less: Payments to the rest of the w o rld ................. C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a d j u st m e n t . D o m e st i c i n d u st r i e s Financial . Federal Reserve banks Other financial ............ Nonfinancial................ . Utilities .................... Manufacturing .......... Durable g o o d s ..... Nondurable goods . Wholesale tra d e ....................... Retail trade .............................. Transportation and warehousing . Inform ation............................... Other nonfinancial .................... R e st o t t h e w o r l d 297.2 324.1 1,289.1 389.0 26.6 362.5 411.8 584.0 16.2 150.2 31.3 118.9 900.1 30.3 254.8 73.8 181.0 69.9 89.3 97.6 113.7 1 1 .6 76.0 -5.9 81.9 55.2 -.1 4.4 .2 -4 .7 - 1 .8 -2 .9 - 1 2 .6 21.7 -34.4 -.2 42.2 7.3 3.2 171.7 1 1 .8 2 1 .0 - .8 37.7 208.8 77.5 305.2 5.1 -20.7 6.4 -.7 3.4 20.7 -15.5 165.5 176.3 197.0 -10.5 - 8 .6 - 8 .6 908.1 1,144.3 1,518.7 -29.1 85.0 80.4 749.9 882.5 931.4 -49.8 -7.8 1,084.9 1,139.2 1,211.3 -45.9 325.1 759.8 343.0 796.2 354.5 856.8 -5 1.4 5.4 -13.6 -39.8 -32.6 -.3 - .2 1,243.9 -45.6 -57.7 8 6 .8 1.1 -.9 - 1.6 1.1 6.2 -4.3 - 6.2 - 6.0 - 2.6 -4 .7 -2.4 4.9 1.0 -4.2 1.1 9.7 -3.2 8.3 5.6 -2.5 1.4 -.5 1.5 11.2 14.5 -1.5 15.6 7.3 12.1 -.7 13.2 -5.3 1.8 -5.8 9.3 33.9 26.3 22. 6 -3.4 41.5 19.1 - 2 .0 - 1 .0 -9.9 10.1 5.4 10.6 40.5 3.9 -1.3 -25.5 1 0 .8 -6.9 -7.6 -6 .0 -4.7 -4.2 -3.1 8 .0 5.6 -12.4 - 6 .2 -.9 -4.4 -57.7 -92.0 -4.1 -4.8 -7.1 -54.3 -3.4 -105.1 13.2 -13.7 .7 -13.7 -.4 -22.9 -4.0 -4 .7 - 6 .8 - - .8 Co r p o r a t e p r o f i t s b e f o r e t a x w i t h o u t i n v e n t o r y v a lu a t io n a n d ca p i t a l c o n su m p t i o n a d j u s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adde nda: Corporate profits after tax with inventory valuation and capital consumption adjustm ents........................................................................................ N e t c a s h f l o w w i t h i n v e n t o r y V a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s ...................................................................... Undistributed profits with inventory valuation and capital consumption..... adjustments.................................................................................... Consumption of fixed capital ......................................... Less: Inventory valuation ad justm ent....................................................... E q u a l s: N e t c a s h f l o w ............................................................. 1,098.5 1,178.9 I - 1 .6 1.1 -90.8 T ab le 13.— G ross Valu e A d d ed o f N o n fin an cial D o m estic C o rp orate Business Seasonally adjusted at annual rates 2002 2003 2004 2002 2005 I II 2003 III IV 1 II 5,501.6 Billions of dollars Gross value added of nonfinancial corporate b u s in e s s ........................................ 5,371.7 5,558.4 Co n su m p t i o n o f f i x e d c a p i t a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543.6 657.5 Net value a d d e d ............................................................................................................ 4,728.2 4,900.9 Co m p e n sa t i o n o f e m p l o y e e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,611.9 2,969.9 642.0 465.5 650.8 167.4 54.0 429.4 97.0 332.3 254.8 77.5 336.3 239.2 -2 .2 95.3 Z . .Z Z Z Z Z ..Z .Z Z Z Z Z " ................................ Z Z Z Z " Z Z W a g e a n d sa l a r y a c c r u a l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Su p p l e m e n t s t o w a g e s a n d s a l a r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T a x e s o n p r o d u c t i o n a n d i m p o r t s l e ss su b si d i e s Ne t o p e r a t i n g s u r p l u s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Z .Z Z Z Z Ne t i n t er est a n d m i sc e l l a n e o u s p a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B u si n e ss c u r r e n t t r a n sf e r p a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Co r p o r a t e p r o f i t s w i t h In v e n t o r y v a l u a t i o n a n d c ap i t a l c o n su m p t i o n a d j u s t m e n t 's 'l l " " ! ^ T a x e s o n cor p o r at e i n c o m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ZZZ. Pr o f i t s af t er t a x w i t h i n v e n t o r y v a l u a t i o n a n d c ap i t a l c o n su m p t i o n a d j u st m e n t Ne t d i v i d e n d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U n d i st r i b u t e d p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t al c o n su m p t i o n a d j u st m e n t s 5,932.9 6,369.7 5,284.6 5,358.3 5,395.6 5,448.4 5,443.9 739.7 643.3 643.4 643.4 644.2 651.B 5,246.7 5,630.1 4,641.3 4,715.0 4,752.1 4,804.2 4,792.1 4,846.1 3,703.2 3,019.4 683.8 488.5 709.2 152.6 64.4 492.1 135.7 356.4 292.7 63.8 3,873.4 3,158.4 714.9 522.9 850.4 137.8 60.0 652.6 185.3 467.4 366.9 100.5 4,099.7 3,335.1 764.6 558.1 972.2 156.6 51.4 764.2 251.4 512.9 228.5 284.4 3,576.7 2,963.2 613.5 454.3 610.2 186.1 53.6 370.5 78.2 292.3 245.0 47.3 3,616.8 2,977.8 639.0 462.8 635.3 168.5 53.2 413.5 91.9 321.6 257.8 63.7 3,626.4 2,972.9 653.6 470.2 655.5 160.1 53.8 441.5 339.5 245.5 94.0 3,627.4 2,965.8 661.7 474.8 702.0 155.0 55.2 491.8 116.0 375.8 270.9 105.0 3,631.3 2,958.0 673.3 479.2 681.6 167.2 61.0 453.4 129.4 324.0 245.5 78.5 3,680.1 2,999.6 680.6 476.9 689.1 155.5 63.8 469.8 123.5 346.4 333.1 13.3 425.4 289.7 -13.6 80.3 623.8 438.6 -39.8 932.6 681.3 -32.6 -135.8 260.9 182.7 13.3 96.4 317.2 225.3 -1.6 97.9 357.2 255.2 -11.8 96.1 409.8 293.7 -8.8 90.9 408.6 279.2 -25.8 70.6 384.9 261.5 -3 .3 686.2 102.0 655.5 Addenda: Pr o f i t s b e f o r e t a x (w i t h ou t i n v e n t o r y v a l u a t i o n a n d c ap i t a l c o n su m p t i o n a d j u st m e n t s) . . . . . . . Pr o f i t s af t er t a x (w i t h o u t i n v e n t o r y v a l u a t i o n a n d c a p i t al c o n su m p t i o n a d j u st m e n t s) . . . . . . . . . . In v e n t o r y v a l u a t i o n a d j u st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ca p i t a l c o n su m p t i o n a d j u st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.6 88.2 Billions of chained (2000) dollars G r o ss v a lu e a d d e d o f n o n f i n a n c i a l co r p o r a t e b u si n e ss 1 5,269.7 5,382.1 5,654.5 5,959.9 5,194.6 5,265.4 5,296.0 5,322.8 5,293.8 5,337.8 Consumption of fixed capital1 2 ................................................. . Net value added3 ................................................................... . 618.2 4,651.5 630.5 4,751.6 650.9 5,003.6 681.6 5,278.3 614.1 4,580.5 617.1 4,648.3 619.6 4,676.4 622.0 4,700.8 626.5 4,667.4 629.2 4,708.6 1.028 1.031 Dollars; quarters seasonally adjusted P r i c e , c o st s, a n d p r o f i t s p e r u n i t o f r e a l g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e s s: 1.019 1.033 1.049 1.069 1.017 1.018 1.019 1.024 Compensation of employees (unit labor cost) .............................................................................. .685 .688 .685 .688 .689 .687 .685 .681 .686 .689 Unit nonlabor c o s t ..................................................................................................................... Consumption of fixed c a p ita l................. ......................................... Z Z Z Z Z Z Z Z Z Z Z Taxes on production and imports less subsidies plus business current transfer paym ents.......... Net interest and miscellaneous paym ents................................................................................ .253 .122 .253 .122 .248 .250 .250 .103 .028 .103 .024 .257 .123 .253 .123 .026 .258 .124 .098 .036 .252 .099 .032 .252 .124 .098 .032 .099 .030 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)................................................................................................................ Taxes on corporate inco m e................................................... Z Z Z Z Z Z Z Z Z Z Z Z Z " Profits after tax with Inventory valuation and capital consumption adjustm ent Z Z .Z Z Z Z Z !! .081 .018 .063 .091 .025 .066 .115 .033 .083 .128 .042 .086 .071 .015 .056 .079 .017 .061 .083 .019 .064 P r i c e p e r u n i t o f r e a l g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e s s 4 .................. 1. T b s c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. Fo r p e r i o d s w h e n t h i s p r i c e i n d e x i s n o t a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x t o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2 . C h a i n e d - d o l i a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s c a l c u l a t e d a s t h e pr od u ct of t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . .121 .102 .122 .121 .121 .100 .102 .029 .032 .092 .086 .024 .061 .022 .071 .101 .029 .088 .023 .065 3 . C h a i n e d - d o l i a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4. T h e d e f l at or f o r g r o ss v a l u e a d d e d o f n o n f i n a n c ia l c o r p o r a t e b u si n e ss d iv id e d b y 10 0 . NOT E. — Est i m a t e s i n t h i s t a b l e are b a se d on the 199 7 Nort h Am e r ican I n d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A J C S) . T a b l e 1 3 .— G r o s s V a l u e A d d e d o f N o n f i n a n c i a l D o m e s t i c C o r p o r a t e B u s i n e s s — C o n tin u e d Seasonally adjusted at annual rates 2003 2004 2005 2006 Billions of dollars G r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e ss Consumption of fixed c a p ita l................................................... N e t v a lu e a d d e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Compensation of em ployees............................................................................... Wage and salary ac crua ls .............................................. ZZZZZZZZZ..... Supplements to wages and sa la rie s ............................ ...Z..ZZZZ............ Taxes on production and imports less subsidies................... Z Z Z Z Z Z Z Z Z ... Net operating s u rp lu s ............................................................. Z..ZZZ!.......... Net interest and miscellaneous pa ym ents........................ ZZZZZZZ......... Business current transfer paym ents................................... Z Z Z Z Z Z Z Z Z ! Corporate profits with Inventory valuation and capital consumption"adjustments Z Taxes on corporate income ..................................................................... Profits after tax with inventory valuation and capitai cw nsum ^'O T '^iistrrw nts" Net dividends......................................................................................... Undistributed profits with inventory valuation and capital consumption......... adjustments ........................................................................ 5,603.3 5,684.6 5,780.2 5,878.9 5,992.9 6,079.6 6,193.9 6,324.4 6,425.7 6,534.8 659.3 663.4 666.0 672.3 716.8 689.7 703.3 713.2 804.9 737.2 733.7 4,944.0 5,021.2 5,114.1 5,206.6 5,276.1 5,389.9 5,490.6 5,611.3 5,620.8 5,797.6 5.993.7 3,727.0 3,040.0 687.0 495.3 721.8 147.2 3,794.8 3,094.2 700.6 511.8 807.5 135.4 66.5 605.6 164.3 441.3 340.8 3,834.5 3,125.6 708.8 519.5 852.7 137.5 648.7 186.0 462.7 298.3 3,897.7 3,178.2 719.5 524.8 853.6 137.8 40.4 675.4 199.2 476.2 339.2 3,966.5 3,235.7 730.8 535.6 887.7 140.3 66.5 681.0 191.6 489.4 489.3 4,010.2 3,264.1 746.1 545.6 934.7 148.8 66.4 719.4 238.4 481.0 364.6 4,049.9 3,292.7 757.1 556.8 1,004.6 152.9 67.3 784.3 244.9 539.4 303.0 4,140.7 3,369.0 771.7 562.9 917.3 159.3 508.6 135.8 372.7 292.7 3,774.5 3,080.0 694.5 502.4 744.2 140.6 66.9 536.6 154.0 382.7 299.6 4,198.0 3’414.5 783.5 567.2 1,032.4 165.1 60.9 806.4 266.4 540.0 120.1 4.280.3 3.481.3 799.0 576.7 1.136.8 175.1 60.9 900.9 280.9 620.0 377.7 80.0 83.1 100.4 164.4 137.0 .1 116.5 236.5 364.7 419.9 242.3 428.8 293.0 -5.3 85.1 479.1 325.2 -19.9 77.5 552.7 388.3 -30.0 82.9 621.0 435.1 -47.5 75.1 654.3 455.1 -38.6 59.6 875.5 637.1 -39.2 -116.9 931.4 686.5 -21.0 -126.2 935.0 679.2 -30.9 -157.3 988.7 722.3 -39.2 -143.0 1,050.6 769.7 -22.9 -126.8 66.0 66.6 11.1 746.8 255.8 491.0 126.3 6,727.4 Ad de nd a: 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 adjustm ent.......................................... ZZZ................... 667.3 475.7 -43.1 56.8 Billions of chained (2000) dollars G r o ss v a lu e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e s s 1 Consumption of fixed capital 2 ................................................. Net value added3 ..................................................... 5,417.8 5,479.0 5,554.5 5,603.9 5,707.4 5,752.0 5,829.7 5,935.2 5,994.7 6,079.8 6,211.9 631.8 4,786.0 634.4 4,844.5 636.2 4,918.3 639.7 4,964.2 678.6 5,028.8 648.9 5,103.1 656.5 5,173.2 660.5 5,274.7 738.9 5,255.8 670.5 5,409.3 5,545.8 1.083 666.1 Dollars; quarters seasonally adjusted P r i c e , c o st s, a n d p r o f i t s p e r u n i t o f r e a l g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e s s: 1.034 1.038 1.041 1.049 1.050 1.057 1.062 1.066 1.072 Compensation of employees (unit labor cost) .............................................................. 1.075 .688 .689 .683 .684 .683 .690 .688 .682 .691 Unit nonlabor c o s t ...................................................... Consumption of fixed c a p ita l................................... ZZZZZZZZZZZZZZZZZZ Taxes on production and imports less subsidies plus business current transfer............ paym ents.................................................................................. Net interest and miscellaneous pa ym ents.............. .690 .689 .253 .122 .251 .121 .248 .120 .250 .120 .249 .126 .249 .120 .252 .121 .251 .120 .257 .134 .251 .121 .249 .118 .104 .027 .104 .026 .104 .024 .105 .025 .099 .024 .105 .024 .105 .026 .105 .026 .096 .027 .103 .027 .103 .028 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)...................................................... Taxes on corporate Incom e........................................ ZZZZZZZ.............. Profits after tax with inventory valuation and capital consumption^ adjustments ZZ! .094 .025 .069 .098 .028 .070 .109 .030 .079 .116 .033 .083 .118 .035 .083 .118 .033 .085 .123 .041 .083 .132 .041 .091 .125 .043 .082 .133 .044 .089 .145 .045 Pr i ce p e r u n it o f r e a l g r o ss v a lu e a d d e d o f n o n f i n a n c ia l c o r p o r a t e b u si n e ss4 „ ^ ...... Jb ® . c u r r a n t - d o l f a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e In d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e In d e x I s n o l a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2. Ch a i n e d - d o l l a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss Is c a l c u l a t e d a s t h e p r o d u c t o f t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . .100 3 ^ a *n ® ^ ° N a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4. T h e d e f l a t o r f o r g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss d i v i d e d b y 1 0 0 . NOT E. — E st i m a t e s i n t h i s t a b l e are b a se d on t he 1997 No r t h A m e r i c a n In d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . A p p e n d ix T a b le A .— R e a l G r o s s D o m e s tic P r o d u c t a n d R e la te d A g g r e g a t e s a n d P r ic e In d e x e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2002 2003 2004 2005 2002 2(103 IV 2004 III 1 2005 I II 1.2 3.5 7.5 2.7 3.9 4.0 3.1 3.9 1.6 2.5 3.7 4.5 .5 3.0 3.0 13.6 5.0 2.5 IV II III IV I II 2006 III 1 IV II G r o s s d o m e st i c p r o d u c t ( G D P ) a n d r e l a t e d a g g r e g a t e s: 1.6 1.2 GDP ....................................................... Goods ........................................... S ervic es ........................................ Structures...................................... 2.5 -2.5 Motor vehicle o u tp u t....................... GDP excluding motor vehicle ou tp u t. 11.5 1.3 Final sales of computers1 ................. ................ . GDP excluding final sales of com puters.............. . £9j 0.2 2.5 3.9 3.2 3.1 4.9 3.2 5.2 4.6 2.3 4.6 -5.2 2.9 3.1 3.5 3.9 5.9 3.1 .2 2.1 3.3 1.3 2.6 20.8 8;2| 2.4 3.9 24.5 3.1 .5 15.3 Farm gross value added1 2 .................................. . 1.6 6.8 8.4 7.4 1.0 Nonfarm business gross value added3 ................ 1.5 3.1 4.3 3.8 .1 1.7 2.1 2.8 3.0 3.0 3.2 2.2 2.0 2.4 .1 34.2 -1.0 3.6 9.2 16.2 1.9 14.1 -11.8 1.7 10.9 3.2 8.9 7.4 -6.5 3.0 9.9 3.6 -7.1 4.5 16.6 2.7 16.9 -2.5 3.5 90.4 7.0 20.0 2.5 -16.0 4.0 -17.4 4.2 23.0 3.0 26.6 -34.7 -36.1 120.0 .1 1.1 -16.1 2.8 2.2 1.2 4.3 11.0 3.1 2.7 3.3 1.3 2.1 1.4 2.2 2.2 2.3 1.6 .6 2.6 4.6 2.5 -2.7 1.9 2.6 3.4 3.3 4.2 1.8 5.6 4.9 3.5 6.7 3.5 .7 3.1 12.8 1.8 1.8 8.0 11.1 12.0 -.7 22.6 3.1 3.4 3.6 42.8 2.4 24.3 3.3 31.5 3.1 11.6 4.1 2.5 2.4 2.9 3.0 2.5 .4 -19.1 3.8 5.6 -10.1 2.9 33.8 .8 3.1 2.6 1.6 8.1 1.8 9.5 5.6 -3.9 2.5 14.1 13.5 6.7 2.5 -17.4 19.4 23.7 -2.0 -24.6 11.3 3.6 5.2 3.2 2.4 4.2 4.4 4.9 3.7 3.4 3.8 3.7 3.4 3.7 3.2 3.1 3.4 3.5 3.4 3.7 2.6 3.4 3.3 3.3 3.4 3.3 3.1 3.4 3.3 3.0 3.5 3.5 2.7 4.0 P r i c e i n d e x e s: GDP .................................................................. GDP excluding food and e n e rg y .......................... GDP excluding final sales of com puters............... Gross domestic purchases ................................. Gross domestic purchases excluding food and en ergy ........................................................... Gross domestic purchases excluding final sales of computers to domestic purchasers................... Personal consumption expenditures (P C E )............ PCE excluding food and en ergy .......................... Market-based P C E * ........................................... Market-based PCE excluding food and energy4 .... 2.3 3.1 3.5 2.2 4.1 1.9 4.3 4.1 2.1 2.6 2.2 2.6 3.6 3.2 3.3 4.4 1.9 1.9 2.7 2.8 1.8 2.6 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 1.8 2.5 3.2 3.7 2.4 4.4 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 1.4 2.0 2.6 2.0 2.9 1.7 3.1 2.4 1.5 2.7 1.7 1.7 3.1 .7 3.6 2.5 3.4 1.9 1.9 1.7 1.5 3.0 2.3 2.9 2.3 2.4 3.1 1.9 3.1 1.7 2.9 2.5 2.5 1.9 2.0 2.1 1.4 .9 .9 3.7 2.5 3.3 1.7 4.1 2.3 1.5 .7 1.3 .3 4.1 2.9 4.2 2.7 1.8 1.1 1.5 1.9 2.3 1.4 1.9 1.1 2.7 2.9 2.1 1.2 1.2 1. So m e c o m p o n e n t s o f f i n a l sa l e s o f c o m p u t e r s i n c l u d e c o m p u t e r p a r t s. 2 . F a r m o u t p u t l e ss i n t e r m e d i a t e g o o d s a n d se r v i c e s p u r c h a se d . 3 . C o n s i s t s o f G D P l e ss g r o s s v a l u e a d d e d o f f ar m , o f h o u se h o l d s a n d i n st i t u t i o n s, a n d o f ge n e r a l go v e r n m e n t . 4 . T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a se d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p n c e m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s ( f or e x a m p l e , i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i nst i t u t i on s. Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. 2.2 2.1 2.1 2.0 1.6 t h e se r v i c e s f u r n i sh e d w i t h o u t p a y m e n t b y f inan cia l 1.1 1.1 .6 1.0 1.7 1.8 2.2 1.6 1.2 1.8 2.1 2.2 2.4 2.4 3.3 2.8 1.6 4.3 1.2 1.7 1.6 E x p la n a t o r y N o te : N I P A M e a s u r e s o f Q u a n titie s a n d P r ic e s C u r r e n t - d o l l a r G D P is a m e a s u r e o f t h e m a r k e t v a l u e o f g o o d s , s e r v i c e s , a n d s t r u c t u r e s p r o d u c e d in t h e e c o n o m y in a p a r t i c u l a r p e r i o d . c o m p o n e n ts. year - C h a n g e s in c u r r e n t - d o l l a r G D P c a n b e d e c o m p o s e d i n t o q u a n t i t y a n d p r ic e Q u a n titie s , o r “ r e a l” m e a s u r e s , a n d p r ic e s a r e e x p r e s s e d a s in d e x n u m b e r s w ith th e r e fe r e n c e at p r e se n t, th e y e a r 2 0 0 0 - eq u a l to 1 0 0 . A n n u a l c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t in c o r p o r a t e s w e i g h t s fr o m tw o a d ja c e n t y e a r s. ( Q u a r t e r l y c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t in c o r p o r a t e s w e i g h t s f r o m t w o a d j a c e n t q u a r t e r s ; q u a r t e r l y i n d e x e s a r e a d j u s t e d f o r c o n s i s t e n c y t o t h e a n n u a l i n d e x e s b e f o r e p e r c e n t c h a n g e s a r e c a l c u l a t e d . ) F o r e x a m p l e , t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in r e a l G D P u s e s p r i c e s f o r 2 0 0 4 a n d 2 0 0 5 a s w e i g h t s , a n d t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in G D P p r i c e s u s e s q u a n titie s fo r 2 0 0 4 a n d 2 0 0 5 a s w e ig h t s . fo r m t im e s e r ie s o f q u a n tity a n d p r ic e in d e x e s . c h o ic e o f r e fe r e n c e y ea r. T h e s e a n n u a l c h a n g e s a re “ c h a in e d ” ( m u lt ip lie d ) to g e th e r to P e r c e n t c h a n g e s in F i s h e r i n d e x e s a r e n o t a f f e c t e d b y t h e ( B E A a l s o p u b l i s h e s a m e a s u r e o f t h e p r i c e l e v e l k n o w n a s t h e i m p l i c i t p r ic e d e f l a t o r ( I P D ) , w h i c h is c a l c u l a t e d a s t h e r a t io o f t h e c u r r e n t - d o l l a r v a l u e t o t h e c o r r e s p o n d i n g c h a in e d -d o lla r v a lu e , m u lt ip lie d b y 1 0 0 . T h e v a lu e s o f th e I P D a re v e r y c lo s e to th e v a lu e s o f th e c o r r e s p o n d i n g " c h a in - t y p e " p r i c e i n d e x . ) I n d e x n u m b e r s o f q u a n t i t y a n d p r i c e i n d e x e s f o r G D P a n d its m a j o r c o m p o n e n t s a r e p r e s e n t e d in t h is r e l e a s e in t a b l e s 5 a n d 6 . P e r c e n t c h a n g e s f r o m t h e p r e c e d i n g p e r i o d a r e p r e s e n t e d i n t a b l e s 1 , 4 , 7 , a n d 8 . C o n t r i b u t i o n s b y m a j o r c o m p o n e n t s t o c h a n g e s in r e a l G D P a r e p r e s e n t e d in t a b l e 2 . M e a s u r e s o f r e a l G D P a n d it s m a j o r c o m p o n e n t s a r e a l s o p r e s e n t e d i n d o l l a r - d e n o m i n a t e d f o r m , d e s i g n a t e d " c h a i n e d ( 2 0 0 0 ) d o l l a r e s t i m a t e s ." F o r m o s t s e r i e s , t h e s e e s t i m a t e s , w h i c h a r e p r e s e n t e d in t a b l e 3 , a r e c o m p u t e d b y m u l t i p l y i n g t h e c u r r e n t - d o lla r v a l u e i n 2 0 0 0 b y a c o r r e s p o n d i n g q u a n t i t y i n d e x n u m b e r a n d t h e n d i v i d i n g b y 1 0 0 . F o r e x a m p l e , i f a c u r r e n t - d o l l a r G D P c o m p o n e n t e q u a l e d $ 1 0 0 in 2 0 0 0 a n d i f r e a l o u tp u t fo r t h is c o m p o n e n t in c r e a s e d 1 0 p e r c e n t in 2 0 0 1 , th e n t h e c h a in e d ( 2 0 0 0 ) d o lla r v a lu e o f t h i s c o m p o n e n t in 2 0 0 1 w o u l d b e $ 1 1 0 ( = $ 1 0 0 x 1 1 0 / 1 0 0 ) . P e r c e n t c h a n g e s c a lc u la te d fr o m c h a in e d -d o lla r e s t im a t e s a n d fr o m c h a in -ty p e q u a n tity in d e x e s a r e t h e s a m e ; a n y d if f e r e n c e s w i l l b e s m a ll a n d d u e to r o u n d in g . C h a in e d -d o lla r v a lu e s fo r th e d e ta ile d G D P c o m p o n e n ts w ill n o t n e c e s s a r ily s u m to th e c h a in e d -d o lla r e s tim a te o f G D P (o r to a n y in te r m e d ia te a g g r e g a te ). T h is is b e c a u s e t h e r e la t iv e p r ic e s u s e d a s w e ig h t s fo r a n y p e r io d o th e r th a n th e r e f e r e n c e y e a r d iffe r fr o m t h o s e o f t h e r e f e r e n c e y e a r . A m e a s u r e o f th e e x t e n t o f s u c h d i f f e r e n c e s is p r o v i d e d b y a “ r e s i d u a l ” l i n e , w h i c h i n d i c a t e s t h e d i f f e r e n c e b e t w e e n G D P ( o r o t h e r m a j o r a g g r e g a t e ) a n d t h e s u m o f t h e m o s t d e t a i l e d c o m p o n e n t s in t h e t a b l e . F o r p e r i o d s c l o s e t o t h e r e f e r e n c e y e a r , w h e n t h e r e u s u a l l y h a s n o t b e e n m u c h c h a n g e in t h e r e l a t i v e p r i c e s t h a t a r e u s e d a s w e i g h t s , th e r e s id u a ls te n d to b e s m a ll, a n d th e c h a in e d -d o lla r e s tim a te s c a n b e u s e d to a p p r o x im a te th e c o n tr ib u tio n s to g r o w th a n d to a g g r e g a te th e d e ta ile d e s tim a te s . F o r p e r io d s fu r th e r fr o m th e r e fe r e n c e y e a r , t h e r e s i d u a l s t e n d t o b e la r g e r , a n d t h e c h a i n e d - d o l l a r e s t i m a t e s a r e l e s s u s e f u l f o r a n a l y s e s o f c o n tr ib u tio n s to g r o w th . T h u s , th e c o n tr ib u tio n s to p e r c e n t c h a n g e s h o w n in ta b le 2 p r o v id e a b etter m e a s u r e o f t h e c o m p o s i t i o n o f G D P g r o w t h . I n p a r t ic u la r , f o r c o m p o n e n t s f o r w h i c h r e l a t i v e p r i c e s a r e c h a n g in g r a p id ly , c a lc u la t io n o f c o n t r ib u t io n s u s in g c h a in e d - d o lla r e s t im a t e s m a y b e m is le a d in g e v e n j u s t a fe w y ea rs fr o m th e r e fe r e n c e y ea r. R e f e r e n c e : “ C h a in e d - D o lla r I n d e x e s : I s s u e s , T ip s o n T h e ir U s e , a n d U p c o m in g C h a n g e s ,” N o v e m b e r 2 0 0 3 S u rv e y , pp. 8 -1 6 .