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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 27, 2007 Virginia H. Mannering: Recorded message: (202) 606-5304 (GDP) (202) 606-5306 Brent Moulton: Carol Moylan: (202) 606-9606 (Annual Revision) (202) 606-9715 BEA 07-34 NATIONAL INCOME AND PRODUCT ACCOUNTS • SECOND QUARTER 2007 GDP (ADVANCE) • REVISED ESTIMATES: 2004 THROUGH FIRST QUARTER 2007 Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.4 percent in the second quarter of 2007, according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent. The Bureau emphasized that the second-quarter “advance” estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The secondquarter “preliminary” estimates, based on more comprehensive data, will be released on August 30, 2007. The estimates released today reflect the annual revision to the national income and product accounts (NIPAs), beginning with the estimates for the first quarter of 2004. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the revision. The August 2007 Survey of Current Business will contain NIPA tables and an article describing the revisions. The revised estimates will be available on BEA’s Web site at www.bea.gov. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000) dollars. Prices indexes are chain-type measures. This new release is available on BEA’s Web site at http://www.bea.gov/newsreleases/rels.htm. - more - -2The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE) for services, exports, nonresidential structures, federal government spending, and state and local government spending that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased. The acceleration in real GDP growth in the second quarter primarily reflected a downturn in imports, upturns in federal government spending and in private inventory investment, accelerations in exports and in nonresidential structures, and a smaller decrease in residential fixed investment that were partly offset by a notable deceleration in PCE. Final sales of computers contributed 0.16 percentage point to the second-quarter growth in real GDP after subtracting 0.01 percentage point from the first-quarter growth. Motor vehicle output contributed 0.03 percentage point to the second-quarter growth in real GDP after contributing 0.18 percentage point to the first-quarter growth. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.9 percent in the second quarter, compared with an increase of 3.8 percent in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent in the second quarter, compared with 3.1 percent in the first. Real personal consumption expenditures increased 1.3 percent in the second quarter, compared with an increase of 3.7 percent in the first. Durable goods increased 1.6 percent, compared with an increase of 8.8 percent. Nondurable goods decreased 0.8 percent, in contrast to an increase of 3.0 percent. Services expenditures increased 2.2 percent, compared with an increase of 3.1 percent. Real nonresidential fixed investment increased 8.1 percent in the second quarter, compared with an increase of 2.1 percent in the first. Nonresidential structures increased 22.1 percent, compared with an increase of 6.4 percent. Equipment and software increased 2.3 percent, compared with an increase of 0.3 percent. Real residential fixed investment decreased 9.3 percent, compared with a decrease of 16.3 percent. Real exports of goods and services increased 6.4 percent in the second quarter, compared with an increase of 1.1 percent in the first. Real imports of goods and services decreased 2.6 percent, in contrast to an increase of 3.9 percent. Real federal government consumption expenditures and gross investment increased 6.7 percent in the second quarter, in contrast to a decrease of 6.3 percent in the first. National defense increased 9.5 percent, in contrast to a decrease of 10.8 percent. Nondefense increased 1.3 percent, compared with an increase of 3.8 percent. Real state and local government consumption expenditures and gross investment increased 2.9 percent, compared with an increase of 3.0 percent. The real change in private inventories added 0.15 percentage point to the second-quarter change in real GDP after subtracting 0.65 percentage point from the first-quarter change. Private businesses increased inventories $3.6 billion in the second quarter, following increases of $0.1 billion in the first quarter and $17.4 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2 percent in the second quarter, compared with an increase of 1.3 percent in the first. - more - -3Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.1 percent in the second quarter, compared with an increase of 1.1 percent in the first. Disposition of personal income Current-dollar personal income increased $114.3 billion (4.0 percent) in the second quarter, compared with an increase of $283.9 billion (10.5 percent) in the first. Personal income in the first quarter was boosted by large bonus payments and the exercise of stock options. Personal current taxes increased $27.7 billion in the second quarter, compared with an increase of $58.0 billion in the first. Disposable personal income increased $86.6 billion (3.5 percent) in the second quarter, compared with an increase of $225.9 billion (9.5 percent) in the first. Real disposable personal income decreased 0.8 percent, in contrast to an increase of 5.9 percent. Personal outlays increased $138.3 billion (5.7 percent) in the second quarter, compared with an increase of $160.3 billion (6.7 percent) in the first. Personal saving -- disposable personal income less personal outlays -- was $55.9 billion in the second quarter, compared with $107.6 billion in the first. The personal saving rate -- saving as a percentage of disposable personal income -- was 0.6 percent in the second quarter, compared with 1.1 percent in the first. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frd.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 6.2 percent, or $204.0 billion, in the second quarter to a level of $13,755.9 billion. In the first quarter, current-dollar GDP increased 4.9 percent, or $159.6 billion. Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimates of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." - more - -4- Revision of the National Income and Product Accounts The revised estimates, which begin with 2004, reflect the results of the regular annual revision of the national income and product accounts (NIPAs). These revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimating methodologies. Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that compare the revised and previously published estimates for selected periods: Table 1A shows the percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to national income, and to disposition of personal income; table 2A shows contributions to the percent change in real GDP; table 4A shows the percent change in the chain-type price indexes for GDP and related measures; and table 12C shows revisions to corporate profits by industry. This section of the release discusses the highlights of the revisions and describes their sources. Summary of major revisions • For 2003-2006, real GDP grew at an average annual rate of 3.2 percent, 0.3 percentage point less than in the previously published estimates. • Both the revised and the previously published estimates show similar quarterly patterns of growth in real GDP. For the 13 quarters from the first quarter of 2004 to the first quarter of 2007, the average revision (without regard to sign) was 0.5 percentage point. The largest quarterly revisions to the percent change in real GDP were for the third quarter of 2006 (from 2.0 percent to 1.1 percent), for the first quarter of 2004 (from 3.9 percent to 3.0 percent), and for the first quarter of 2006 (from 5.6 percent to 4.8 percent). The largest upward revision was for the third quarter of 2004 (from 3.1 percent to 3.6 percent). • The average annual rate of growth of real disposable personal income for 2003-2006 was 2.8 percent, 0.3 percentage point more than in the previously published estimates. - more - -5- Revisions to 2004-2006 estimates The percent change from the preceding year in real GDP was revised down for all 3 years: From 3.9 percent to 3.6 percent for 2004, from 3.2 percent to 3.1 percent for 2005, and from 3.3 percent to 2.9 percent for 2006. For 2004, the largest contributors to the downward revision to real GDP growth were downward revisions to personal consumption expenditures (PCE) for services and to state and local government spending, and an upward revision to imports; these revisions were partly offset by an upward revision to exports. For 2005, the largest contributors to the downward revision were downward revisions to PCE for nondurable goods, to residential fixed investment, and to PCE for durable goods; these downward revisions were partly offset by upward revisions to inventory investment and to equipment and software. For 2006, the largest contributors to the downward revision were downward revisions to inventory investment, to PCE for durable goods, to state and local government spending, and to exports; these downward revisions were partly offset by an upward revision to PCE for services. The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3 years: From 3.4 percent to 3.1 percent for 2004, from 3.1 percent to 2.9 percent for 2005, and from 3.1 percent to 2.6 percent for 2006. The average annual rate of growth of real GDP from the fourth quarter of 2003 to the first quarter of 2007 is 2.7 percent, 0.3 percentage point less than in the previously published estimates. The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 3.1 percent for 2004, was revised up from 3.5 percent to 3.7 percent for 2005, and was revised up from 3.1 percent to 3.3 percent for 2006. For the quarters of 2004 to 2006, the percent change in the price index was revised up for eight quarters, was revised down for one quarter (the fourth quarter of 2006), and was unrevised for three quarters; the largest upward revision was 0.4 percentage point (the first quarter of 2005). Current-dollar GDP was revised down for all 3 years: $26.6 billion, or 0.2 percent, for 2004; $21.9 billion, or 0.2 percent, for 2005; and $51.9 billion, or 0.4 percent, for 2006. The percent change from the preceding year was revised down from 6.9 percent to 6.6 percent for 2004; was revised up from 6.3 percent to 6.4 percent for 2005; and was revised down from 6.3 percent to 6.1 percent for 2006. Current-dollar GNP (GDP plus net receipts of income from the rest of the world) was revised up $3.4 billion, or less than 0.1 percent, for 2004; was revised up $14.7 billion, or 0.1 percent, for 2005; and was revised down $23.8 billion, or 0.2 percent, for 2006. Net receipts of income was revised up for all 3 years: $29.9 billion for 2004, $36.7 billion for 2005, and $28.1 billion for 2006. The revisions to net receipts of income -- which affect GNP, national income, corporate profits, net interest and miscellaneous payments, and personal interest income -- result from the revisions to BEA's international transactions accounts (ITAs) that were released in June. Although the revisions to the ITAs extended back to 1997, the revisions prior to 2004 are not incorporated into the NIPAs at this time. (An article describing the revisions to the ITAs was published in the July 2007 issue of the Survey of Current Business.) - more - -6- National income was revised up $50.9 billion, or 0.5 percent, for 2004; was revised up $75.8 billion, or 0.7 percent, for 2005; and was revised down $55.4 billion, or 0.5 percent, for 2006. For 2004, the upward revision was primarily accounted for by a large upward revision to corporate profits. For 2005, large upward revisions to net interest and miscellaneous payments and to corporate profits were partly offset by downward revisions to rental income of persons and to business current transfer payments. Within compensation of employees, a downward revision to supplements to wages and salaries was largely offset by an upward revision to wage and salary accruals. For 2006, large downward revisions to corporate profits, to compensation of employees, and to rental income of persons were partly offset by a large upward revision to net interest and miscellaneous payments. Corporate profits from current production -- profits before tax with inventory valuation and capital consumption adjustments -- was revised up $48.6 billion, or 4.1 percent, for 2004; was revised up $42.1 billion, or 3.2 percent, for 2005; and was revised down $62.0 billion, or 3.8 percent, for 2006. For 2004 and 2005, upward revisions to profits before tax were partly offset by downward revisions to the capital consumption adjustment. For 2006, a large downward revision to the capital consumption adjustment accounted for most of the revision, although profits before tax was also revised down. For 2004, profits of domestic nonfinancial corporations, profits from the rest of the world, and profits of domestic financial corporations were revised up. For 2005, upward revisions to profits of domestic financial corporations and to profits from the rest of the world were partly offset by a downward revision to profits of domestic nonfinancial corporations. For 2006, a large downward revision to profits of domestic nonfinancial corporations was partly offset by upward revisions to profits from the rest of the world and to profits of domestic financial corporations. Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was revised up $61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent, for 2006. For 2004, a downward revision to rental income of persons was partly offset by an upward revision to compensation of employees. For 2005, large upward revisions to personal interest income and to personal dividend income were partly offset by a large downward revision to rental income of persons. For 2006, large upward revisions to personal interest income and to personal dividend income were partly offset by downward revisions to compensation of employees, to rental income of persons, and to proprietors’ income. Within compensation of employees, supplements to wages and salaries accounted for most of the downward revision, although wage and salary disbursements was also revised down. In addition, contributions for government social insurance, which are subtracted in the calculation of personal income, was revised down. Disposable personal income (DPI) (personal income less personal current taxes) was revised down $0.7 billion, or less than 0.1 percent, for 2004; was revised up $55.9 billion, or 0.6 percent, for 2005; and was revised up $100.0 billion, or 1.0 percent, for 2006. The revisions were roughly similar to those to personal income, reflecting relatively small revisions to personal current taxes. Personal current taxes was revised down $3.5 billion for 2004, was revised up $6.0 billion for 2005, and was revised down $7.8 billion for 2006. The percent change from the preceding year in real DPI was unrevised at 3.6 percent for 2004, was revised up from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6 percent to 3.1 percent for 2006. - more - -7- Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- was revised down for all 3 years: $8.0 billion for 2004, $23.5 billion for 2005, and $35.2 billion for 2006. Downward revisions to PCE more than accounted for the revisions for all 3 years. The personal saving rate (personal saving as a percentage of DPI) was revised up from 2.0 percent to 2.1 percent for 2004, was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up from negative 1.0 percent to positive 0.4 percent for 2006. The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI). It arises because most components of GDP and of GDI are estimated independently. GDP measures final expenditures -- the sum of consumer spending, private investment, net exports, and government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is equal to GDI. In practice, they differ because they are estimated using different source data and different methods. As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised from 0.6 percent to 0.2 percent for 2004, was revised from 0.6 percent to less than 0.1 percent for 2005, and was unrevised at negative 0.1 percent for 2006. The revisions to the discrepancy for 2004 and for 2005 reflected downward revisions to GDP and upward revisions to GDI. For 2006, GDP and GDI were both revised down by similar magnitudes. Business cycle From the cyclical trough of GDP in the third quarter of 2001 to the first quarter of 2007, the revised estimates show that real GDP increased at an average annual rate of 2.7 percent; the previously published estimates showed an average increase of 2.9 percent. New source data The annual revision incorporated data from the following major federal statistical sources: Census Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for 2005 and revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2004-2006; Census Bureau annual surveys of services for 2004 (revised), 2005 (revised), and 2006 (preliminary), and of state and local governments for 2003 (revised), 2004 (revised), and 2005 (preliminary); Census Bureau monthly survey of construction put in place for 2004-2006 (revised); Census Bureau quarterly survey of services for 2004-2006 (revised); Census Bureau American housing survey for 2005; Census Bureau current population survey/housing vacancy survey for 2006; federal government budget data for fiscal years 2006 and 2007; Internal Revenue Service tabulations of tax returns for corporations for 2004 (revised) and 2005 (preliminary) and for sole proprietorships and partnerships for 2005; Bureau of Labor Statistics quarterly census of employment and wages for 20042006 (revised); Department of Agriculture farm statistics for 2004-2006; and BEA's ITAs for 2004-2006 (revised). A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income will be published in the August 2007 issue of the Survey of Current Business. - more - -8- Changes in methodology The annual revision also incorporated the following refinement to estimating methodologies: The price index used for deflating business purchases of new light trucks reflects a new treatment of special financing incentives (such as “zero-percent” financing) that is more consistent with the price index used for deflating personal consumption expenditures for new light trucks. In the revised estimates, these financing incentives are treated consistently as a financial transaction rather than as a reduction in the prices used for deflating business truck purchases. Previously, the price index used for deflating business truck purchases -- a producer price index (PPI) -- treated special financing incentives as a price reduction; in the revised estimates, the consumer price index (CPI) for light trucks, which does not treat these incentives as a price reduction, is used for deflation. For inventory investment, beginning with the first quarter of 2007, a special PPI that excludes special financing incentives is used for deflation; for 2004-2006, a CPI that excludes special financing is used in the revised estimates. * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – August 30, 2007, at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2007 (Preliminary) Corporate Profits: Second Quarter 2007 - more - -9Comparisons of Revisions to GDP Quarterly estimates of 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 of 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 of the second and third months, respectively. The “latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters of 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 of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of 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 of 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 of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Compared Average Average without regard to sign Standard deviation of revision without regard to sign Current-dollar GDP Advance to preliminary..... Advance to final................ Preliminary to final........... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .4 1.2 .9 Real GDP 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 2003. - more - Table 1.—Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV 2004 I II 2005 III IV I II 2006 III IV I II 2007 III IV I II Gross domestic product (GDP) ................... 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 0.6 3.4 Personal consumption expenditures ........................... 2.8 3.6 3.2 3.1 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 2.8 3.9 3.7 1.3 Durable goods .............................................................. 5.8 6.3 4.9 3.8 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 –13.0 16.6 .8 5.6 3.9 8.8 1.6 Nondurable goods ........................................................ 3.2 3.5 3.6 3.6 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 3.2 4.3 3.0 –.8 Services ........................................................................ 1.9 3.2 2.7 2.7 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 2.0 3.7 3.1 2.2 Gross private domestic investment ............................. 3.6 9.7 5.6 2.7 9.3 2.1 20.7 8.0 6.4 5.3 –3.9 7.0 13.4 4.3 .6 –4.1 –14.1 –8.2 3.1 Fixed investment .......................................................... 3.4 7.3 6.9 2.4 5.5 –.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 –1.9 –4.7 –7.1 –4.4 2.2 Nonresidential ........................................................... 1.0 5.8 7.1 6.6 2.8 –2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 5.1 –1.4 2.1 8.1 Structures ............................................................. –4.1 1.3 .5 8.4 –4.7 –.3 6.1 3.6 –.2 2.1 –1.6 –6.3 4.8 15.0 16.4 10.8 7.4 6.4 22.1 Equipment and software ..................................... 2.8 7.4 9.6 5.9 5.6 –3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 –.1 2.9 –4.9 .3 2.3 Residential ................................................................ 8.4 10.0 6.6 –4.6 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 –.7 –11.7 –20.4 –17.2 –16.3 –9.3 Change in private inventories ...................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ............................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports .......................................................................... 1.3 9.7 6.9 8.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 5.7 14.3 1.1 6.4 Goods ....................................................................... 1.8 9.0 7.5 9.9 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 7.4 9.6 .9 6.1 Services .................................................................... 0 11.5 5.4 4.8 23.1 16.2 5.1 –3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 2.0 26.0 1.6 7.2 Imports .......................................................................... 4.1 11.3 5.9 5.9 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 5.4 1.6 3.9 –2.6 Goods ....................................................................... 4.9 11.3 6.6 6.0 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 6.2 –.6 4.2 –2.4 Services .................................................................... 0 11.5 2.3 5.2 19.6 16.5 8.9 1.8 10.5 –3.5 –.5 0 10.3 9.5 –.1 1.3 14.2 2.3 –4.0 Government consumption expenditures and gross investment ................................................................... 2.5 1.4 .7 1.8 .7 1.5 1.3 1.6 –1.8 1.3 1.2 3.2 –1.9 4.9 1.0 .8 3.5 –.5 4.2 Federal .......................................................................... 6.8 4.2 1.5 2.2 3.1 6.1 2.4 6.2 –4.6 2.8 .7 8.6 –6.2 8.4 –1.6 .9 7.3 –6.3 6.7 National defense ...................................................... 8.7 5.8 1.5 1.9 8.1 8.1 2.0 10.9 –9.7 4.6 2.6 10.0 –11.7 6.8 2.3 –1.5 16.9 –10.8 9.5 Nondefense .............................................................. 3.4 1.1 1.3 2.8 –6.0 2.3 3.2 –2.7 6.5 –.8 –3.0 5.8 5.8 11.9 –8.8 6.0 –10.0 3.8 1.3 State and local ............................................................. .2 –.2 .3 1.6 –.6 –1.0 .7 –1.1 –.1 .4 1.5 0 .7 2.9 2.5 .7 1.3 3.0 2.9 Addenda: Final sales of domestic product ................................... 2.5 3.3 3.3 2.8 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 –.5 5.4 2.0 1.0 3.5 1.3 3.2 Gross domestic purchases .......................................... 2.8 4.1 3.1 2.8 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 1.3 .8 1.1 2.1 Final sales to domestic purchasers ............................. 2.8 3.8 3.3 2.7 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 1.2 2.1 1.7 1.9 Gross national product (GNP) ..................................... 2.7 3.8 3.0 2.8 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 0 5.2 2.4 .5 2.6 .7 .......... Disposable personal income ........................................ 2.2 3.6 1.7 3.1 1.7 3.7 2.4 2.9 7.5 –3.3 2.5 –1.2 6.6 4.9 .2 1.7 6.2 5.9 –.8 Current-dollar measures: GDP .......................................................................... 4.7 6.6 6.4 6.1 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.2 Final sales of domestic product .............................. 4.7 6.2 6.6 6.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 3.4 5.2 5.5 6.0 Gross domestic purchases ...................................... 5.2 7.3 6.9 6.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 3.8 .9 4.9 6.1 Final sales to domestic purchasers ........................ 5.2 7.0 7.1 6.1 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 3.7 2.1 5.5 5.9 GNP .......................................................................... 4.9 6.8 6.3 6.0 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 2.8 4.3 4.9 .......... Disposable personal income ................................... 4.2 6.4 4.7 5.9 3.2 7.3 6.3 4.9 10.8 –1.2 6.0 3.0 9.6 6.7 4.5 4.4 5.2 9.5 3.5 See ‘‘Explanatory Note’’ at the end of the tables. Table 1A.—Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV 2004 I II 2005 III IV I II 2006 III IV I II Gross domestic product (GDP) ................................ 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 Previously published ................................................ 2.5 3.9 3.2 3.3 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 Personal consumption expenditures ........................................ 2.8 3.6 3.2 3.1 2.3 4.4 2.4 3.5 4.2 2.4 3.5 4.1 1.2 4.4 2.4 Previously published ................................................................. 2.8 3.9 3.5 3.2 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6 Durable goods ........................................................................... 5.8 6.3 4.9 3.8 .7 5.8 1.9 7.8 7.0 2.2 11.3 6.2 –13.0 16.6 .8 Previously published ............................................................. 5.8 6.4 5.5 5.0 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 –12.3 19.8 –.1 Nondurable goods ..................................................................... 3.2 3.5 3.6 3.6 1.8 4.6 1.5 3.1 4.9 3.5 3.7 2.5 4.7 4.5 2.3 Previously published ............................................................. 3.2 3.6 4.5 3.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.4 Services ..................................................................................... 1.9 3.2 2.7 2.7 2.8 4.1 3.0 2.9 3.4 1.9 1.8 4.4 2.6 2.1 2.7 Previously published ............................................................. 1.9 3.5 2.6 2.6 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.7 Gross private domestic investment .......................................... 3.6 9.7 5.6 2.7 9.3 2.1 20.7 8.0 6.4 5.3 –3.9 7.0 13.4 4.3 .6 Previously published ................................................................. 3.6 9.8 5.4 4.3 9.3 4.8 21.7 2.0 5.1 8.2 –3.6 5.2 16.2 7.8 1.0 Fixed investment ....................................................................... 3.4 7.3 6.9 2.4 5.5 –.2 12.9 9.3 7.3 4.0 7.9 8.0 2.3 7.9 –1.9 Previously published ............................................................. 3.4 7.3 7.5 2.9 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 –1.6 Nonresidential ....................................................................... 1.0 5.8 7.1 6.6 2.8 –2.6 10.7 12.3 10.3 3.3 5.0 8.6 3.4 13.3 4.2 Previously published ......................................................... 1.0 5.9 6.8 7.2 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.4 Structures .......................................................................... –4.1 1.3 .5 8.4 –4.7 –.3 6.1 3.6 –.2 2.1 –1.6 –6.3 4.8 15.0 16.4 Previously published .................................................... –4.1 2.2 1.1 9.0 –4.7 3.3 6.9 3.1 –2.0 5.3 –2.0 –7.0 12.0 8.7 20.3 Equipment and software .................................................. 2.8 7.4 9.6 5.9 5.6 –3.4 12.4 15.5 14.3 3.8 7.4 14.5 3.1 13.0 –.1 Previously published .................................................... 2.8 7.3 8.9 6.5 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 –1.4 Residential ............................................................................. 8.4 10.0 6.6 –4.6 10.6 4.0 16.7 4.2 2.4 5.3 13.1 6.9 .5 –.7 –11.7 Previously published ......................................................... 8.4 9.9 8.6 –4.2 10.6 3.1 19.8 3.2 –.6 11.1 20.0 7.1 –.9 –.3 –11.1 Change in private inventories ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services .......................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports ....................................................................................... 1.3 9.7 6.9 8.4 20.8 10.0 6.5 3.1 10.0 6.0 9.5 2.1 10.6 11.5 5.7 Previously published ............................................................. 1.3 9.2 6.8 8.9 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 6.2 Goods .................................................................................... 1.8 9.0 7.5 9.9 19.8 7.4 7.2 6.2 7.2 5.8 13.6 1.9 12.6 15.5 6.5 Previously published ......................................................... 1.8 9.0 7.5 10.5 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 6.0 Services ................................................................................. 0 11.5 5.4 4.8 23.1 16.2 5.1 –3.4 16.8 6.5 .9 2.6 6.3 2.9 3.9 Previously published ......................................................... 0 9.7 5.1 5.4 23.1 7.5 5.6 –2.8 19.2 2.9 2.0 2.1 5.5 6.7 6.7 Imports ....................................................................................... 4.1 11.3 5.9 5.9 17.6 12.3 15.2 4.8 13.8 2.1 .8 2.1 16.2 6.9 .9 Previously published ............................................................. 4.1 10.8 6.1 5.8 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 1.4 Goods .................................................................................... 4.9 11.3 6.6 6.0 17.2 11.5 16.6 5.5 14.5 3.2 1.0 2.5 17.3 6.5 1.1 Previously published ......................................................... 4.9 10.9 6.7 5.9 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 –.1 Services ................................................................................. 0 11.5 2.3 5.2 19.6 16.5 8.9 1.8 10.5 –3.5 –.5 0 10.3 9.5 –.1 Previously published ......................................................... 0 10.0 2.8 5.3 19.6 10.9 7.6 3.1 9.0 –.2 –1.5 1.2 8.3 7.4 9.9 Government consumption expenditures and gross investment ................................................................................ 2.5 1.4 .7 1.8 .7 1.5 1.3 1.6 –1.8 1.3 1.2 3.2 –1.9 4.9 1.0 Previously published ............................................................. 2.5 1.9 .9 2.1 .7 2.9 2.2 1.3 –1.9 1.6 1.1 3.4 –1.1 4.9 .8 Federal ....................................................................................... 6.8 4.2 1.5 2.2 3.1 6.1 2.4 6.2 –4.6 2.8 .7 8.6 –6.2 8.4 –1.6 Previously published ............................................................. 6.8 4.3 1.5 2.0 3.1 7.2 2.5 5.0 –5.2 3.4 .4 9.6 –4.6 8.8 –4.5 National defense ................................................................... 8.7 5.8 1.5 1.9 8.1 8.1 2.0 10.9 –9.7 4.6 2.6 10.0 –11.7 6.8 2.3 Previously published ......................................................... 8.7 5.9 1.7 1.9 8.1 9.1 2.0 9.1 –9.1 4.5 2.9 11.2 –9.9 8.9 –2.0 Nondefense ........................................................................... 3.4 1.1 1.3 2.8 –6.0 2.3 3.2 –2.7 6.5 –.8 –3.0 5.8 5.8 11.9 –8.8 Previously published ......................................................... 3.4 1.2 1.1 2.1 –6.0 3.6 3.5 –2.9 3.4 1.2 –4.4 6.2 7.1 8.5 –9.3 State and local .......................................................................... .2 –.2 .3 1.6 –.6 –1.0 .7 –1.1 –.1 .4 1.5 0 .7 2.9 2.5 Previously published ............................................................. .2 .5 .5 2.1 –.6 .5 2.1 –.9 .1 .6 1.5 –.1 1.0 2.7 4.0 Addenda: Final sales of domestic product ............................................... 2.5 3.3 3.3 2.8 2.1 2.6 2.4 3.8 2.7 2.9 4.8 4.6 –.5 5.4 2.0 Previously published ............................................................. 2.5 3.5 3.5 3.1 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 –.3 5.6 2.1 Gross domestic purchases ....................................................... 2.8 4.1 3.1 2.8 3.0 3.6 4.8 3.8 3.4 2.6 1.9 4.3 2.5 4.5 1.9 Previously published ............................................................. 2.8 4.4 3.3 3.2 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0 Final sales to domestic purchasers .......................................... 2.8 3.8 3.3 2.7 2.5 3.2 3.7 4.0 3.6 2.4 3.7 4.5 .8 5.0 1.5 Previously published ............................................................. 2.8 4.0 3.6 2.9 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6 Gross national product (GNP) .................................................. 2.7 3.8 3.0 2.8 3.5 3.6 2.6 3.9 1.5 3.6 2.7 5.1 0 5.2 2.4 Previously published ............................................................. 2.7 3.8 3.1 3.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.3 Disposable personal income ..................................................... 2.2 3.6 1.7 3.1 1.7 3.7 2.4 2.9 7.5 –3.3 2.5 –1.2 6.6 4.9 .2 Previously published ............................................................. 2.2 3.6 1.2 2.6 1.7 3.9 2.4 2.8 7.5 –4.0 .5 –.6 5.5 4.6 –1.5 Current-dollar measures: GDP ....................................................................................... 4.7 6.6 6.4 6.1 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 Previously published ......................................................... 4.7 6.9 6.3 6.3 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 Final sales of domestic product ........................................... 4.7 6.2 6.6 6.1 4.4 6.4 6.2 6.1 6.0 6.9 7.5 8.3 3.0 9.0 5.5 Previously published ......................................................... 4.7 6.5 6.7 6.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.5 Gross domestic purchases ................................................... 5.2 7.3 6.9 6.1 4.9 8.0 9.2 6.7 7.2 6.3 5.5 9.1 6.3 7.3 6.2 Previously published ......................................................... 5.2 7.6 6.9 6.4 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.1 Final sales to domestic purchasers ..................................... 5.2 7.0 7.1 6.1 4.4 7.6 8.0 6.8 7.3 6.1 7.4 9.3 4.6 7.9 5.7 Previously published ......................................................... 5.2 7.2 7.2 6.1 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7 GNP ....................................................................................... 4.9 6.8 6.3 6.0 5.8 7.4 6.5 6.3 4.8 7.6 5.4 8.7 3.5 8.8 6.0 Previously published ......................................................... 4.9 6.7 6.2 6.3 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 5.7 Disposable personal income ................................................ 4.2 6.4 4.7 5.9 3.2 7.3 6.3 4.9 10.8 –1.2 6.0 3.0 9.6 6.7 4.5 Previously published ......................................................... 4.2 6.4 4.1 5.5 3.2 7.7 6.0 4.7 10.7 –1.8 3.6 3.5 8.6 6.8 2.5 See ‘‘Explanatory Note’’ at the end of the tables. 2007 III IV I 1.1 2.0 2.8 2.8 5.6 6.4 3.2 1.5 2.0 2.8 –4.1 –.8 –4.7 –1.2 5.1 10.0 10.8 15.7 2.9 7.7 –20.4 –18.7 .......... .......... 5.7 6.8 7.4 9.4 2.0 .8 5.4 5.6 6.2 7.1 1.3 –2.6 2.1 2.5 3.9 4.2 3.9 4.4 4.3 5.9 3.7 3.4 –14.1 –15.2 –7.1 –9.1 –1.4 –3.1 7.4 .8 –4.9 –4.8 –17.2 –19.8 .......... .......... 14.3 10.6 9.6 8.4 26.0 16.3 1.6 –2.6 –.6 –4.1 14.2 6.2 0.6 .7 3.7 4.2 8.8 8.7 3.0 3.2 3.1 3.8 –8.2 –9.6 –4.4 –3.9 2.1 2.6 6.4 4.8 .3 1.7 –16.3 –15.8 .......... .......... 1.1 .7 .9 .2 1.6 1.9 3.9 5.5 4.2 6.0 2.3 2.8 .8 3.5 –.5 1.7 3.4 1.0 .9 7.3 –6.3 1.3 4.6 –3.9 –1.5 16.9 –10.8 –1.2 12.3 –7.4 6.0 –10.0 3.8 6.5 –9.6 3.6 .7 1.3 3.0 1.9 2.7 3.9 1.0 1.9 1.3 2.0 1.2 2.0 .5 1.8 1.7 3.2 3.5 3.7 .8 .8 2.1 1.9 2.6 3.5 6.2 6.4 1.3 1.7 1.1 1.4 1.7 2.4 .7 .8 5.9 4.8 3.4 3.8 3.4 3.8 3.8 4.2 3.7 4.2 2.8 3.7 4.4 5.7 3.8 4.1 5.2 5.4 .9 1.0 2.1 2.1 4.3 5.2 5.2 5.4 4.9 4.9 5.5 5.9 4.9 5.1 5.5 6.1 4.9 5.0 9.5 8.5 Table 1B.—Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income Billions of dollars Revised estimates Revisions as a percentage of previously published Revisions to previously published 2004 2005 2006 2004 2005 2004 2006 2005 2006 Gross domestic product (GDP) .................................................................. 11,685.9 12,433.9 13,194.7 –26.6 –21.9 –51.9 –0.2 –0.2 –0.4 Personal consumption expenditures ....................................................................... Durable goods ..................................................................................................... Nondurable goods ............................................................................................... Services ............................................................................................................... 8,195.9 983.9 2,343.7 4,868.3 8,707.8 1,023.9 2,516.2 5,167.8 9,224.5 1,048.9 2,688.0 5,487.6 –15.6 –2.4 –1.5 –11.8 –34.6 –9.2 –23.1 –2.2 –44.4 –21.4 –26.9 3.9 –.2 –.2 –.1 –.2 –.4 –.9 –.9 0 –.5 –2.0 –1.0 .1 Gross private domestic investment ......................................................................... Fixed investment ................................................................................................. Nonresidential ................................................................................................. Structures .................................................................................................... Equipment and software ............................................................................ Residential ....................................................................................................... Change in private inventories ............................................................................. 1,888.6 1,830.0 1,154.5 298.2 856.3 675.5 58.6 2,077.2 2,040.3 1,272.1 334.6 937.5 768.2 36.9 2,209.2 2,162.5 1,397.7 405.1 992.6 764.8 46.7 .6 –.6 –.8 –2.6 1.8 .2 1.3 19.8 4.1 6.4 –4.0 10.4 –2.2 15.6 –3.3 0 1.0 –.1 –.4 0 .2 0 1.5 –.1 .5 .1 –6.1 –.9 –1.2 –1.5 7.6 .2 1.1 .8 –1.9 0 –.3 –.2 –2.9 .................... .................... .................... Net exports of goods and services ........................................................................ Exports ................................................................................................................. Goods .............................................................................................................. Services ........................................................................................................... Imports ................................................................................................................. Goods .............................................................................................................. Services ........................................................................................................... –615.4 1,182.4 818.3 364.1 1,797.8 1,499.5 298.3 –714.6 1,309.4 907.0 402.4 2,023.9 1,702.0 322.0 –762.0 1,467.6 1,030.5 437.1 2,229.6 1,880.4 349.2 –2.2 4.3 –.5 4.8 6.4 4.3 2.1 2.1 6.3 –.5 6.8 4.0 3.0 1.1 .5 .................... .................... .................... 1.4 .4 .5 .1 –4.9 –.1 –.1 –.5 6.3 1.3 1.7 1.5 .9 .4 .2 0 .9 .3 .2 0 0 .7 .3 0 Government consumption expenditures and gross investment ............................. Federal ................................................................................................................. National defense ............................................................................................. Nondefense ..................................................................................................... State and local .................................................................................................... 2,216.8 825.6 550.7 274.9 1,391.2 2,363.4 878.4 588.7 289.8 1,485.0 2,523.0 932.5 624.3 308.2 1,590.5 –9.4 –.3 –.5 .2 –9.1 –9.4 .1 –.6 .8 –9.4 –4.7 5.9 3.3 2.6 –10.6 Gross domestic product ....................................................................................... 11,685.9 12,433.9 13,194.7 –26.6 –21.9 –51.9 –.2 –.2 –.4 Plus: Income receipts from the rest of the world .................................................. Less: Income payments to the rest of the world ................................................... 437.5 361.3 544.1 475.6 691.4 633.4 27.3 –2.6 30.8 –5.9 25.8 –2.3 6.7 –.7 6.0 –1.2 3.9 –.4 Equals: Gross national product .......................................................................... 11,762.1 12,502.4 13,252.7 3.4 14.7 –23.8 0 .1 –.2 Less: Consumption of fixed capital ......................................................................... Less: Statistical discrepancy ................................................................................... 1,436.1 19.1 1,609.5 5.4 1,615.2 –18.1 –.1 –47.6 4.7 –65.6 Equals: National income ...................................................................................... Compensation of employees .............................................................................. Wage and salary accruals .............................................................................. Supplements to wages and salaries .............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments ..................................................................................................... Rental income of persons with capital consumption adjustment ...................... Corporate profits with inventory valuation and capital consumption adjustments ..................................................................................................... Net interest and miscellaneous payments ......................................................... Taxes on production and imports less subsidies .............................................. Business current transfer payments ................................................................... Current surplus of government enterprises ........................................................ 10,306.8 6,656.4 5,379.5 1,276.9 10,887.6 7,029.6 5,672.9 1,356.8 11,655.6 7,448.3 6,025.7 1,422.6 50.9 6.1 2.4 3.7 75.8 –.7 8.1 –8.7 –55.4 –50.1 –17.9 –32.3 .5 .1 0 .3 .7 0 .1 –.6 –.5 –.7 –.3 –2.2 911.6 118.4 969.9 42.9 1,006.7 54.5 .5 –8.6 –.8 –29.9 –8.4 –22.9 .1 –6.8 –.1 –41.1 –.8 –29.6 1,231.2 491.2 819.2 83.0 –4.2 1,372.8 558.0 863.1 66.5 –15.1 1,553.7 598.5 917.6 90.2 –13.9 48.6 6.1 –.2 –2.5 .8 42.1 74.6 –2.0 –7.7 .3 Personal income .................................................................................................... 9,727.2 10,301.1 10,983.4 –4.2 61.9 92.2 0 .6 .8 Compensation of employees, received .............................................................. Wage and salary disbursements .................................................................... Supplements to wages and salaries .............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments ..................................................................................................... Farm ................................................................................................................ Nonfarm ........................................................................................................... Rental income of persons with capital consumption adjustment ...................... Personal income receipts on assets .................................................................. Personal interest income ................................................................................ Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... 6,671.4 5,394.5 1,276.9 7,024.6 5,667.9 1,356.8 7,440.8 6,018.2 1,422.6 6.1 2.4 3.7 –5.7 3.1 –8.7 –45.1 –12.9 –32.3 .1 0 .3 –.1 .1 –.6 –.6 –.2 –2.2 911.6 37.3 874.3 118.4 1,432.1 895.1 537.0 1,422.5 969.9 30.8 939.1 42.9 1,617.8 1,018.9 598.9 1,520.7 1,006.7 19.4 987.4 54.5 1,796.5 1,100.2 696.3 1,612.5 .5 1.1 –.6 –8.6 4.2 4.3 –.1 –4.0 –.8 .6 –1.3 –29.9 98.4 73.9 24.5 –5.9 –8.4 –3.2 –5.1 –22.9 140.2 83.5 56.7 10.3 .1 3.0 –.1 –6.8 .3 .5 0 –.3 –.1 2.0 –.1 –41.1 6.5 7.8 4.3 –.4 –.8 –14.2 –.5 –29.6 8.5 8.2 8.9 .6 –.4 0 –.1 .1 –.6 –.4 0 –.1 .3 –.6 –.2 .6 .5 .9 –.7 Relation of GDP and National Income 38.3 0 .3 2.4 –6.7 .................... .................... .................... –62.0 4.1 3.2 –3.8 89.2 1.3 15.4 17.5 5.1 0 –.2 .6 –2.4 –2.9 –10.4 –2.6 –4.0 .................... .................... .................... Disposition of personal income Less: Contributions for government social insurance ........................................ 828.8 874.8 927.6 2.4 –5.8 –18.1 .3 –.7 –1.9 Less: Personal current taxes .................................................................................. 1,046.3 1,209.1 1,354.3 –3.5 6.0 –7.8 –.3 .5 –.6 Equals: Disposable personal income ................................................................. 8,680.9 9,092.0 9,629.1 –.7 55.9 100.0 0 .6 1.0 Less: Personal outlays ............................................................................................ 8,499.2 9,047.4 9,590.3 –8.0 –23.5 –35.2 –.1 –.3 –.4 Equals: Personal saving ....................................................................................... 181.7 44.6 38.8 7.4 79.4 135.2 .................... .................... .................... Personal saving as a percentage of disposable personal income ................... 2.1 .5 .4 .1 .9 1.4 .................... .................... .................... Addenda: Statistical discrepancy as a percentage of GDP ................................................... Gross domestic income ........................................................................................... .2 11,666.8 0 12,428.6 –.1 13,212.8 –.4 21.0 –.6 43.8 0 .................... .................... .................... –45.2 .2 .4 –.3 Table 2.—Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV Percent change at annual rate: Gross domestic product ....................................... Percentage points at annual rates: Personal consumption expenditures ....................... Durable goods ........................................................ Motor vehicles and parts ..................................... Furniture and household equipment ................... Other .................................................................... Nondurable goods ................................................. Food ..................................................................... Clothing and shoes ............................................. Gasoline, fuel oil, and other energy goods ........ Other .................................................................... Services ................................................................... Housing ................................................................ Household operation ............................................ Electricity and gas ........................................... Other household operation ............................. Transportation ...................................................... Medical care ........................................................ Recreation ............................................................ Other .................................................................... Gross private domestic investment ......................... Fixed investment .................................................... Nonresidential ...................................................... Structures ........................................................ Equipment and software ................................. Information processing equipment and software .................................................. Computers and peripheral equipment ... Software .................................................. Other ....................................................... Industrial equipment .................................... Transportation equipment ........................... Other equipment ......................................... Residential ........................................................... Change in private inventories .............................. Farm ..................................................................... Nonfarm ............................................................... Net exports of goods and services ......................... Exports .................................................................... Goods ................................................................... Services ............................................................... Imports .................................................................... Goods ................................................................... Services ............................................................... Government consumption expenditures and gross investment ................................................... Federal ..................................................................... National defense .................................................. Consumption expenditures .............................. Gross investment ............................................ Nondefense .......................................................... Consumption expenditures .............................. Gross investment ............................................ State and local ....................................................... Consumption expenditures .............................. Gross investment ............................................ Addenda: Goods ....................................................................... Services .................................................................... Structures ................................................................. Motor vehicle output ................................................ Final sales of computers ......................................... See ‘‘Explanatory Note’’ at the end of the tables. 2004 I II 2005 III IV I II 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 1.94 .50 .12 .27 .10 .64 .23 .14 .01 .26 .80 .10 .06 .03 .03 0 .45 .10 .09 .54 .51 .10 –.11 .21 2.56 .53 .08 .35 .10 .71 .31 .14 .03 .24 1.32 .32 .10 .02 .08 .04 .36 .14 .36 1.48 1.10 .56 .03 .53 2.24 .40 0 .31 .09 .72 .38 .17 –.02 .19 1.12 .33 .08 .04 .03 .03 .41 .06 .21 .91 1.09 .70 .01 .69 2.15 .31 –.11 .35 .07 .74 .38 .13 –.01 .23 1.11 .28 –.03 –.05 .02 .03 .40 .09 .34 .45 .39 .68 .24 .44 1.59 .06 –.29 .27 .08 .36 .02 –.02 .06 .30 1.18 .40 .17 .12 .05 .02 .28 .16 .15 1.39 .83 .29 –.12 .41 3.12 .49 .09 .29 .11 .92 .59 .31 0 .03 1.71 .35 .13 .04 .08 .04 .33 .21 .66 .30 –.07 –.28 –.01 –.27 1.73 .16 –.11 .27 0 .31 .10 –.13 .04 .29 1.25 .25 .06 –.05 .11 .08 .45 .12 .29 3.00 1.88 1.00 .15 .85 2.46 .64 .17 .36 .10 .62 .21 .15 –.03 .29 1.21 .29 .06 –.05 .12 .02 .52 .09 .22 1.26 1.41 1.16 .09 1.07 2.93 .57 .23 .25 .09 .97 .60 .23 0 .14 1.39 .31 .15 .15 .01 .06 .40 .03 .44 1.04 1.14 1.00 0 1.01 1.68 .18 –.27 .31 .13 .71 .31 .18 .05 .17 .79 .36 .04 .03 .01 .02 .27 .09 0 .89 .68 .36 .06 .30 2.40 .90 .48 .28 .14 .74 .38 .27 –.11 .20 .76 .36 –.02 –.04 .02 .01 .38 .03 0 –.64 1.26 .51 –.04 .55 .22 .33 .09 .08 .07 .14 .05 .12 .04 –.04 –.12 .16 .07 .07 .41 .53 .04 .39 .03 .06 0 .32 –.44 –.68 .12 .93 .12 .60 0 .33 –.56 –1.61 –.56 –1.33 0 –.27 .34 .17 .10 .08 .09 .13 .12 .39 –.18 –.07 –.11 –.23 .70 .53 .17 –.92 –.86 –.06 .27 .70 .04 .15 .12 .21 –.16 .04 .06 .20 .14 0 .10 .29 .05 .12 .05 –.22 –.14 .09 .09 –.13 –.07 .52 .04 .07 –.10 .09 –.29 .55 .21 .89 .06 .56 .37 1.12 0 –.05 .28 .37 .06 .60 .08 .75 –.08 –.47 –.75 –1.50 .88 1.81 .95 .64 .73 1.20 .49 .48 .16 .61 .46 .16 –.96 –2.29 –1.70 –2.14 –.83 –1.86 –1.32 –1.92 –.13 –.43 –.37 –.21 .47 .44 .37 .32 .05 .08 .07 .01 .02 0 .02 .27 .29 .27 .21 .06 .03 .02 0 –.02 .01 –.03 .14 .11 .07 .04 .03 .03 .01 .02 .04 .07 –.03 .35 .15 .09 .05 .04 .06 .05 .02 .19 .13 .06 .14 .21 .35 .31 .05 –.14 –.12 –.03 –.07 .07 –.15 .29 .41 .36 .35 .01 .06 .07 –.02 –.12 –.04 –.08 1.00 1.20 .31 .05 .15 1.50 1.62 .51 .14 .04 1.36 1.36 .35 .14 .22 1.53 1.36 –.01 –.04 .13 .81 1.63 .22 –.23 .15 .68 2.17 .10 .29 –.28 2006 III I II 1.2 4.8 2.4 2.82 .84 .51 –1.13 .20 –1.57 .39 .35 –.08 .09 .50 .93 .49 .40 0 .29 –.11 .06 .13 .18 1.81 1.05 .36 .30 .33 –.22 .29 –.21 .04 –.01 .01 .03 .53 .53 .06 .08 .53 .32 1.15 2.13 1.28 .38 .87 .35 –.17 .12 1.04 .23 3.00 1.23 .48 .54 .22 .91 .47 .11 .02 .31 .86 .30 –.40 –.42 .02 .06 .49 .07 .34 .78 1.27 1.31 .39 .92 1.63 .07 –.04 .17 –.06 .47 .13 .05 .02 .27 1.10 .23 .17 .14 .03 –.03 .26 .02 .45 .13 –.32 .44 .45 –.01 4.5 IV 2007 III I II 0.6 3.4 1.88 2.68 2.56 .43 .30 .67 .16 0 .35 .24 .25 .28 .04 .05 .04 .64 .86 .61 .24 .68 .16 .14 .10 .22 .05 –.15 .06 .20 .23 .17 .81 1.52 1.28 .18 .20 .26 .16 .13 .04 .17 .07 .03 –.01 .07 .01 .06 .11 .07 .12 .34 .47 .19 .30 .06 .11 .44 .39 –.70 –2.50 –1.36 –.80 –1.19 –.70 .53 –.15 .22 .31 .23 .20 .21 –.38 .02 .89 .13 –.02 .09 .06 –.16 –.20 .05 –.06 .05 .92 .29 –.05 –.08 .03 .15 .35 –.03 .22 .49 .34 .83 .66 .17 1.1 IV 2.1 .24 .41 .19 .24 .11 .17 –.06 0 .19 .06 .43 .40 .20 .13 .24 .14 –.14 –.11 –.32 –.14 .18 .03 –.42 –1.07 .31 .97 .42 .49 –.11 .49 –.73 –2.04 –.69 –1.78 –.05 –.26 .46 .32 .13 .19 .07 .14 .26 –.01 .15 –.12 –.34 .14 .04 .21 .32 .75 .21 –1.90 –.25 .13 .46 –2.04 .26 .83 .60 .95 .40 .92 .20 .03 –.34 –.12 –.43 –.13 .09 .01 .32 .26 .48 .11 .23 .06 .02 .05 .08 .19 –.01 .34 .23 .11 –.08 .40 –.21 .46 .09 .07 .06 .42 .03 –.05 –.14 1.74 –.49 .12 .01 –.04 –.26 1.73 –.45 –.10 –1.41 .13 .22 1.07 1.19 .14 .87 1.10 .08 .20 .10 –.32 –2.47 –1.07 –.32 –2.22 –.83 0 –.26 –.24 .05 .24 –.06 .11 .09 .03 .03 .05 .04 –.09 .10 –.12 .17 –.04 –.08 –.24 .10 –.18 0 –.09 –.05 –.76 –1.33 –1.04 .46 .10 –1.31 –.23 .10 .25 .69 .01 –1.56 .49 –.25 1.25 .61 .62 1.51 .49 .56 .73 .13 .07 .78 –.12 –.88 –.26 –.12 –.84 .09 0 –.03 –.35 .56 .25 .14 .18 –.04 –.20 –.30 –.93 –.65 .04 –.69 –.51 .13 .07 .05 –.63 –.57 –.06 .27 .03 .09 .15 .21 –.41 .09 –.49 .15 –.02 .17 1.18 .73 .48 .25 .45 .34 .11 .25 .17 .09 .03 .06 .08 .03 .05 .09 .02 .07 .30 .43 .49 .34 .15 –.06 –.04 –.03 –.13 .04 –.17 –.35 –.33 –.48 –.45 –.04 .15 .12 .03 –.01 .11 –.12 .25 .19 .22 .26 –.05 –.02 –.02 0 .05 .02 .03 .22 .05 .12 .01 .11 –.07 –.08 .01 .17 .09 .08 .60 .59 .46 .41 .05 .13 .07 .06 .01 .12 –.11 –.37 –.46 –.59 –.57 –.02 .13 .06 .07 .09 .09 0 .92 .57 .31 .30 .01 .27 .23 .04 .35 .15 .20 .18 –.11 .11 –.05 .15 –.22 –.15 –.07 .29 .11 .18 1.10 1.27 1.11 –.21 –.04 2.06 1.40 .14 .87 .13 1.18 1.41 –.03 –.34 .29 1.32 1.34 .42 .18 .24 1.23 .82 .76 .16 .31 1.83 .49 2.50 .56 .14 .14 .92 –1.21 .15 .22 2.95 1.39 .48 .51 .05 .14 .06 –.07 0 –.07 .14 .13 .01 .08 .18 –.10 .66 .50 .74 .60 .15 –.24 –.23 –.02 .16 .19 –.03 –.09 –.46 –.54 –.40 –.14 .08 .14 –.06 .36 .20 .17 .82 .47 .44 .39 .05 .03 .01 .02 .35 .23 .12 1.45 1.06 1.15 1.15 –.16 –1.14 –.37 .44 .13 .03 .36 2.50 –.77 –.74 .16 .06 1.21 –.68 .18 –.01 1.18 1.91 .29 .03 .16 Table 2A.—Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV Percent change at annual rate: Gross domestic product .................................................... Previously published ......................................................... Percentage points at annual rates: Personal consumption expenditures .................................... Previously published ............................................................. Durable goods ..................................................................... Previously published ......................................................... Motor vehicles and parts .................................................. Previously published .................................................... Furniture and household equipment ................................ Previously published .................................................... Other ................................................................................. Previously published .................................................... Nondurable goods .............................................................. Previously published ......................................................... Food .................................................................................. Previously published .................................................... Clothing and shoes .......................................................... Previously published .................................................... Gasoline, fuel oil, and other energy goods ..................... Previously published .................................................... Other ................................................................................. Previously published .................................................... Services ................................................................................ Previously published ......................................................... Housing ............................................................................. Previously published .................................................... Household operation ........................................................ Previously published .................................................... Electricity and gas ........................................................ Previously published ................................................ Other household operation .......................................... Previously published ................................................ Transportation ................................................................... Previously published .................................................... Medical care ..................................................................... Previously published .................................................... Recreation ......................................................................... Previously published .................................................... Other ................................................................................. Previously published .................................................... Gross private domestic investment ...................................... Previously published ............................................................. Fixed investment ................................................................. Previously published ......................................................... Nonresidential ................................................................... Previously published .................................................... Structures ..................................................................... Previously published ................................................ Equipment and software .............................................. Previously published ................................................ Information processing equipment and software .... Previously published ........................................... Computers and peripheral equipment ................ Previously published ....................................... Software ............................................................... Previously published ....................................... Other .................................................................... Previously published ....................................... Industrial equipment ................................................ Previously published ........................................... Transportation equipment ........................................ Previously published ........................................... Other equipment ...................................................... Previously published ........................................... Residential ........................................................................ Previously published .................................................... Change in private inventories ........................................... Previously published ......................................................... Farm .................................................................................. Previously published .................................................... Nonfarm ............................................................................ Previously published .................................................... 2004 I II 2005 III IV I II 2006 III IV I II 2.4 2.6 2.5 2.5 3.6 3.9 3.1 3.2 2.9 3.3 2.7 2.7 3.0 3.9 3.5 4.0 3.6 3.1 2.5 2.6 3.1 3.4 2.8 3.3 4.5 4.2 1.2 1.8 4.8 5.6 1.94 1.94 .50 .50 .12 .12 .27 .27 .10 .10 .64 .64 .23 .23 .14 .14 .01 .01 .26 .26 .80 .80 .10 .10 .06 .06 .03 .03 .03 .03 0 0 .45 .45 .10 .10 .09 .09 .54 .54 .51 .51 .10 .10 –.11 –.11 .21 .21 .22 .22 .09 .09 .07 .07 .05 .05 .04 .04 –.12 –.12 .07 .07 .41 .41 .04 .04 .03 .03 0 0 2.56 2.71 .53 .54 .08 .07 .35 .35 .10 .11 .71 .73 .31 .33 .14 .14 .03 .02 .24 .24 1.32 1.45 .32 .40 .10 .10 .02 .02 .08 .08 .04 .03 .36 .37 .14 .14 .36 .41 1.48 1.49 1.10 1.11 .56 .58 .03 .06 .53 .52 .33 .36 .08 .10 .14 .15 .12 .11 –.04 –.05 .16 .14 .07 .07 .53 .53 .39 .38 .06 .07 .32 .31 2.24 2.44 .40 .45 0 .02 .31 .29 .09 .14 .72 .90 .38 .51 .17 .17 –.02 –.01 .19 .23 1.12 1.09 .33 .30 .08 .08 .04 .04 .03 .04 .03 0 .41 .43 .06 .08 .21 .20 .91 .87 1.09 1.17 .70 .67 .01 .03 .69 .64 .34 .30 .17 .12 .10 .09 .08 .10 .09 .10 .13 .15 .12 .09 .39 .50 –.18 –.30 –.07 –.06 –.11 –.24 2.15 2.24 .31 .41 –.11 –.04 .35 .36 .07 .09 .74 .76 .38 .41 .13 .14 –.01 –.02 .23 .23 1.11 1.07 .28 .24 –.03 –.02 –.05 –.05 .02 .03 .03 .04 .40 .42 .09 .06 .34 .33 .45 .70 .39 .47 .68 .73 .24 .26 .44 .47 .27 .31 .12 .10 .06 .10 .10 .11 .05 .07 .09 0 .04 .08 –.29 –.27 .06 .23 0 .03 .06 .21 1.59 1.59 .06 .06 –.29 –.29 .27 .27 .08 .08 .36 .36 .02 .02 –.02 –.02 .06 .06 .30 .30 1.18 1.18 .40 .40 .17 .17 .12 .12 .05 .05 .02 .02 .28 .28 .16 .16 .15 .15 1.39 1.39 .83 .83 .29 .29 –.12 –.12 .41 .41 .70 .70 .21 .21 .20 .20 .29 .29 –.22 –.22 –.13 –.13 .07 .07 .55 .55 .56 .56 –.05 –.05 .60 .60 3.12 3.30 .49 .51 .09 .09 .29 .33 .11 .10 .92 .86 .59 .54 .31 .32 0 0 .03 0 1.71 1.92 .35 .49 .13 .11 .04 .06 .08 .05 .04 .05 .33 .33 .21 .18 .66 .76 .30 .74 –.07 .34 –.28 .18 –.01 .08 –.27 .10 .04 .30 –.16 –.03 .14 .17 .05 .16 –.14 –.09 –.07 –.08 –.10 –.04 .21 .16 .37 .40 .28 .27 .08 .13 1.73 2.07 .16 .14 –.11 –.14 .27 .28 0 .01 .31 .34 .10 .16 –.13 –.14 .04 0 .29 .32 1.25 1.59 .25 .42 .06 .10 –.05 –.06 .11 .16 .08 .06 .45 .47 .12 .13 .29 .42 3.00 3.17 1.88 1.72 1.00 .69 .15 .17 .85 .52 .15 .05 .04 –.03 0 .03 .12 .05 .09 –.05 .52 .46 .09 .06 .89 1.03 1.12 1.44 .37 .61 .75 .84 2.46 2.74 .64 .71 .17 .22 .36 .36 .10 .13 .62 .74 .21 .28 .15 .18 –.03 –.04 .29 .32 1.21 1.30 .29 .37 .06 .06 –.05 –.07 .12 .13 .02 0 .52 .53 .09 .09 .22 .24 1.26 .32 1.41 1.16 1.16 .97 .09 .08 1.07 .90 .24 .21 .19 .21 .11 .12 –.06 –.12 .19 .19 .43 .39 .20 .10 .24 .18 –.14 –.84 –.32 –.48 .18 –.35 2.93 2.97 .57 .50 .23 .17 .25 .21 .09 .12 .97 1.07 .60 .70 .23 .19 0 .01 .14 .16 1.39 1.39 .31 .32 .15 .25 .15 .25 .01 0 .06 .04 .40 .43 .03 .05 .44 .30 1.04 .82 1.14 .77 1.00 .81 0 –.05 1.01 .86 .41 .33 .24 .17 .17 .16 0 0 .06 .05 .40 .40 .13 .08 .14 –.04 –.11 .05 –.14 –.38 .03 .43 1.68 1.94 .18 .20 –.27 –.29 .31 .27 .13 .21 .71 1.04 .31 .53 .18 .17 .05 .12 .17 .21 .79 .70 .36 .29 .04 .01 .03 0 .01 .01 .02 .02 .27 .32 .09 .13 0 –.07 .89 1.32 .68 1.22 .36 .59 .06 .14 .30 .45 .46 .43 .13 .10 .07 .03 .26 .30 .15 .16 –.34 –.14 .04 .01 .32 .63 .21 .09 –.25 .16 .46 –.06 2.40 2.94 .90 1.02 .48 .50 .28 .28 .14 .24 .74 .98 .38 .55 .27 .25 –.11 –.10 .20 .28 .76 .94 .36 .28 –.02 .04 –.04 0 .02 .04 .01 –.03 .38 .40 .03 .05 0 .20 –.64 –.61 1.26 1.62 .51 .51 –.04 –.06 .55 .56 .32 .29 .19 .10 .14 .12 –.01 .06 –.12 –.07 .14 .11 .21 .24 .75 1.11 –1.90 –2.23 .13 –.26 –2.04 –1.97 2.82 2.76 .51 .74 .20 .38 .39 .40 –.08 –.03 .50 .70 .49 .61 0 .08 –.11 –.15 .13 .16 1.81 1.32 .36 .24 .33 .09 .29 .03 .04 .06 .01 –.04 .53 .53 .06 .05 .53 .44 1.15 .84 1.28 1.02 .87 .59 –.17 –.20 1.04 .78 .32 .26 .11 .06 .02 .07 .19 .13 .23 .23 .40 .27 .09 .03 .42 .43 –.14 –.18 .12 .28 –.26 –.46 .84 .53 –1.13 –1.08 –1.57 –1.51 .35 .33 .09 .10 .93 .79 .40 .39 .29 .27 .06 –.06 .18 .19 1.05 .83 .30 .18 –.22 .01 –.21 .03 –.01 –.02 .03 0 .53 .44 .08 .04 .32 .16 2.13 2.51 .38 .46 .35 .52 .12 .31 .23 .21 .26 .25 .23 .16 .05 .04 –.01 .04 .11 .19 –.21 –.31 .07 .08 .03 –.06 1.74 2.05 .01 .14 1.73 1.90 3.00 3.38 1.23 1.50 .48 .60 .54 .65 .22 .26 .91 1.20 .47 .64 .11 .23 .02 –.03 .31 .36 .86 .67 .30 .24 –.40 –.58 –.42 –.58 .02 0 .06 .10 .49 .52 .07 .09 .34 .31 .78 1.31 1.27 1.34 1.31 1.36 .39 .25 .92 1.11 .48 .74 .06 .15 .08 .18 .34 .40 –.08 –.05 .46 .31 .06 .11 –.05 –.02 –.49 –.03 –.04 –.01 –.45 –.02 2007 III 1.1 2.0 IV 2.1 2.5 I 0.6 0.7 1.63 1.88 2.68 2.56 1.81 1.96 2.93 2.89 .07 .43 .30 .67 –.01 .50 .35 .67 –.04 .16 0 .35 –.04 .28 –.15 .38 .17 .24 .25 .28 .10 .20 .38 .27 –.06 .04 .05 .04 –.06 .03 .12 .03 .47 .64 .86 .61 .30 .32 1.18 .65 .13 .24 .68 .16 .19 –.07 .62 .14 .05 .14 .10 .22 –.10 .15 .18 .21 .02 .05 –.15 .06 .02 .14 .03 .14 .27 .20 .23 .17 .19 .11 .35 .17 1.10 .81 1.52 1.28 1.52 1.14 1.41 1.57 .23 .18 .20 .26 .25 .27 .33 .24 .17 .16 .13 .04 .31 .35 .13 .30 .14 .17 .07 .03 .23 .32 .08 .26 .03 –.01 .07 .01 .08 .04 .05 .04 –.03 .06 .11 .07 .04 .03 .10 .08 .26 .12 .34 .47 .31 .25 .42 .51 .02 .19 .30 .06 .02 .08 .09 –.02 .45 .11 .44 .39 .58 .15 .33 .46 .13 –.70 –2.50 –1.36 .17 –.13 –2.71 –1.59 –.32 –.80 –1.19 –.70 –.27 –.19 –1.54 –.62 .44 .53 –.15 .22 .45 1.01 –.34 .27 .45 .31 .23 .20 .56 .46 .03 .15 –.01 .21 –.38 .02 –.10 .55 –.36 .12 .05 .24 –.06 .56 –.04 .35 –.07 .60 .11 .09 .03 .25 .03 .13 0 .26 .03 .05 .04 .14 .07 .09 .05 .13 –.09 .10 –.12 .18 –.14 .13 –.11 .21 .17 –.04 –.08 –.04 .16 0 –.07 –.04 –.24 .10 –.18 –.20 –.32 .15 –.22 –.13 0 –.09 –.05 –.30 .09 .05 –.01 –.31 –.76 –1.33 –1.04 –.93 –.72 –1.20 –1.21 –.89 .46 .10 –1.31 –.65 .44 .06 –1.16 –.97 –.23 .10 .25 .04 –.09 .02 –.01 .01 .69 .01 –1.56 –.69 .54 .05 –1.15 –.98 Table 2A.—Contributions to Percent Change in Real Gross Domestic Product—Continued Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV Net exports of goods and services ...................................... Previously published ............................................................. Exports ................................................................................. Previously published ......................................................... Goods ............................................................................... Previously published .................................................... Services ............................................................................ Previously published .................................................... Imports ................................................................................. Previously published ......................................................... Goods ............................................................................... Previously published .................................................... Services ............................................................................ Previously published .................................................... Government consumption expenditures and gross investment ........................................................................... Previously published ......................................................... Federal .................................................................................. Previously published ......................................................... National defense ............................................................... Previously published .................................................... 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 investment ......................................................... Previously published ................................................ Addenda: Goods .................................................................................... Previously published ......................................................... Services ................................................................................. Previously published ......................................................... Structures .............................................................................. Previously published ......................................................... Motor vehicle output ............................................................. Previously published ......................................................... Final sales of computers ...................................................... Previously published ......................................................... See ‘‘Explanatory Note’’ at the end of the tables. –0.44 –.44 .12 .12 .12 .12 0 0 –.56 –.56 –.56 –.56 0 0 2004 I II 2005 III IV –0.68 –0.23 –0.08 –0.47 –0.75 –1.50 –0.42 –1.07 –.65 –.26 –.02 –.47 –.73 –1.62 –.20 –.81 .93 .70 .88 1.81 .95 .64 .31 .97 .88 .68 .93 1.81 .69 .60 .46 .96 .60 .53 .73 1.20 .49 .48 .42 .49 .60 .52 .76 1.20 .47 .43 .55 .42 .33 .17 .16 .61 .46 .16 –.11 .49 .28 .16 .17 .61 .22 .17 –.09 .54 –1.61 –.92 –.96 –2.29 –1.70 –2.14 –.73 –2.04 –1.53 –.94 –.95 –2.29 –1.42 –2.22 –.66 –1.77 –1.33 –.86 –.83 –1.86 –1.32 –1.92 –.69 –1.78 –1.29 –.87 –.82 –1.86 –1.17 –2.03 –.59 –1.55 –.27 –.06 –.13 –.43 –.37 –.21 –.05 –.26 –.24 –.07 –.14 –.43 –.25 –.18 –.08 –.22 I II 2006 III IV I II 2007 III IV I 0.26 –.16 .60 .47 .40 .38 .20 .09 –.34 –.63 –.43 –.64 .09 .01 0.83 –0.10 –1.41 0.13 .72 –.06 –1.07 –.04 .95 .22 1.07 1.19 .94 .33 .97 1.41 .92 .14 .87 1.10 .88 .27 .80 1.20 .03 .08 .20 .10 .06 .06 .17 .21 –.12 –.32 –2.47 –1.07 –.22 –.39 –2.04 –1.46 –.13 –.32 –2.22 –.83 –.26 –.36 –1.84 –1.27 .01 0 –.26 –.24 .04 –.03 –.20 –.19 0.49 –0.25 .42 –.19 .61 .62 .66 .73 .49 .56 .45 .71 .13 .07 .21 .03 –.12 –.88 –.24 –.93 –.12 –.84 .01 –1.00 0 –.03 –.25 .07 1.25 –0.51 1.59 –.81 1.51 .13 1.14 .08 .73 .07 .65 .01 .78 .05 .50 .06 –.26 –.63 .45 –.88 .09 –.57 .61 –.81 –.35 –.06 –.16 –.07 .18 .16 –.11 –.32 .11 –.09 –.05 –.17 .15 .08 –.22 –.23 –.15 –.10 –.07 –.12 .29 .48 .11 .20 .18 .28 .66 .64 .50 .31 .74 .55 .60 .43 .15 .11 –.24 –.23 –.23 –.19 –.02 –.04 .16 .33 .19 .33 –.03 0 –.09 .19 –.46 –.28 –.54 –.36 –.40 –.30 –.14 –.06 .08 .08 .14 .11 –.06 –.03 .36 .47 .20 .26 .17 .21 1.45 1.06 .36 1.12 1.17 1.25 1.15 1.15 2.50 1.40 1.63 2.32 –.16 –1.14 –.77 .04 –.84 –1.11 –.37 .44 –.74 –.31 .76 –1.18 .13 .03 .16 .04 .07 .22 .06 –.32 1.21 1.63 –.68 –.61 .18 .22 –.01 .02 .47 .47 .44 .44 .37 .37 .32 .32 .05 .05 .08 .08 .07 .07 .01 .01 .02 .02 0 0 .02 .02 .27 .36 .29 .30 .27 .27 .21 .22 .06 .05 .03 .03 .02 .03 0 0 –.02 .06 .01 .10 –.03 –.04 .14 .17 .11 .11 .07 .08 .04 .05 .03 .03 .03 .03 .01 0 .02 .02 .04 .06 .07 .08 –.03 –.02 .35 .40 .15 .14 .09 .09 .05 .05 .04 .04 .06 .05 .05 .04 .02 .01 .19 .26 .13 .18 .06 .08 .14 .14 .21 .21 .35 .35 .31 .31 .05 .05 –.14 –.14 –.12 –.12 –.03 –.03 –.07 –.07 .07 .07 –.15 –.15 .29 .55 .41 .49 .36 .41 .35 .40 .01 0 .06 .09 .07 .11 –.02 –.03 –.12 .06 –.04 .19 –.08 –.13 .25 .43 .17 .18 .09 .09 .03 0 .06 .10 .08 .08 .03 .03 .05 .05 .09 .25 .02 .15 .07 .11 .30 .24 .43 .34 .49 .41 .34 .34 .15 .08 –.06 –.07 –.04 –.06 –.03 –.01 –.13 –.10 .04 .08 –.17 –.18 –.35 –.37 –.33 –.38 –.48 –.45 –.45 –.44 –.04 –.01 .15 .08 .12 .05 .03 .03 –.01 .01 .11 .15 –.12 –.14 .25 .31 .19 .23 .22 .21 .26 .25 –.05 –.04 –.02 .03 –.02 .01 0 .01 .05 .08 .02 .02 .03 .06 .22 .21 .05 .03 .12 .13 .01 .03 .11 .10 –.07 –.11 –.08 –.09 .01 –.02 .17 .18 .09 .05 .08 .13 .60 .64 .59 .66 .46 .52 .41 .45 .05 .07 .13 .14 .07 .08 .06 .06 .01 –.01 .12 .14 –.11 –.15 –.37 –.21 –.46 –.33 –.59 –.49 –.57 –.47 –.02 –.02 .13 .16 .06 .05 .07 .11 .09 .13 .09 .09 0 .03 .92 .94 .57 .61 .31 .41 .30 .37 .01 .05 .27 .20 .23 .16 .04 .03 .35 .33 .15 .17 .20 .16 1.00 1.00 1.20 1.20 .31 .31 .05 .05 .15 .15 1.50 1.56 1.62 1.84 .51 .51 .14 .12 .04 .06 1.36 1.43 1.36 1.31 .35 .49 .14 .20 .22 .16 1.53 1.90 1.36 1.37 –.01 .05 –.04 –.06 .13 .11 .81 .81 1.63 1.63 .22 .22 –.23 –.23 .15 .15 .68 1.20 2.17 2.59 .10 .05 .29 .33 –.28 –.13 1.10 .99 1.27 1.74 1.11 1.31 –.21 –.24 –.04 –.14 2.06 1.56 1.40 1.48 .14 .06 .87 .52 .13 .15 1.18 1.43 1.41 1.47 –.03 –.29 –.34 .06 .29 .26 1.32 1.51 1.34 1.07 .42 .82 .18 .38 .24 .16 1.23 1.09 .82 1.04 .76 1.13 .16 –.03 .31 .20 1.83 .49 2.07 .97 2.50 .56 2.02 .46 .14 .14 .09 .33 .92 –1.21 .70 –.71 .15 .22 .08 .20 2.95 3.86 1.39 1.39 .48 .33 .51 .12 .05 .07 .14 .32 .06 .09 –.07 –.06 0 –.04 –.07 –.02 .14 .15 .13 .13 .01 .02 .08 .23 .18 .30 –.10 –.08 Table 3A.—Gross Domestic Product and Related Measures [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 2004 I II III IV I II Gross domestic product ........................................................................................... 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3 Personal consumption expenditures ................................................................................... 7,703.6 8,195.9 8,707.8 9,224.5 7,548.1 7,628.4 7,782.6 7,855.3 8,010.1 8,135.0 Durable goods .................................................................................................................... Motor vehicles and parts ................................................................................................. Furniture and household equipment ............................................................................... Other ................................................................................................................................. 942.7 431.7 331.5 179.4 983.9 436.8 355.7 191.3 1,023.9 444.9 378.2 200.7 1,048.9 434.2 404.1 210.6 911.5 419.3 320.2 172.0 937.3 433.8 326.9 176.6 964.4 443.3 337.2 183.8 957.4 430.4 341.7 185.4 969.6 432.5 347.8 189.3 974.8 431.6 352.8 190.4 Nondurable goods .............................................................................................................. Food ................................................................................................................................. Clothing and shoes .......................................................................................................... Gasoline, fuel oil, and other energy goods .................................................................... Other ................................................................................................................................. 2,190.2 1,046.0 310.9 209.6 623.7 2,343.7 1,113.1 325.0 249.7 655.9 2,516.2 1,183.8 341.7 301.8 688.8 2,688.0 1,259.3 357.2 340.1 731.4 2,159.0 1,026.8 303.0 218.2 611.0 2,155.4 1,033.8 307.8 198.9 615.0 2,216.8 1,056.6 316.8 212.3 631.2 2,229.5 1,066.7 316.1 209.1 637.7 2,284.2 1,090.5 323.6 228.4 641.7 2,327.7 1,104.0 321.1 250.3 652.2 Services ............................................................................................................................... Housing ............................................................................................................................ Household operation ........................................................................................................ Electricity and gas ....................................................................................................... Other household operation .......................................................................................... Transportation .................................................................................................................. Medical care ..................................................................................................................... Recreation ........................................................................................................................ Other ................................................................................................................................. 4,570.8 1,161.8 429.4 167.3 262.1 297.3 1,300.5 317.7 1,064.0 4,868.3 1,226.8 449.0 175.4 273.5 308.2 1,395.5 341.8 1,147.1 5,167.8 1,298.7 481.0 198.7 282.3 324.2 1,492.6 358.8 1,212.4 5,487.6 1,381.3 501.6 209.8 291.8 340.6 1,587.7 381.0 1,295.3 4,477.7 1,142.3 424.4 164.4 260.0 293.0 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 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 4,756.3 1,201.8 441.6 173.2 268.4 303.5 1,357.7 334.4 1,117.2 4,832.4 1,219.0 445.5 173.3 272.2 306.4 1,383.4 340.0 1,138.3 Gross private domestic investment ..................................................................................... 1,664.1 1,888.6 2,077.2 2,209.2 1,606.4 1,617.1 1,690.5 1,742.3 1,769.6 1,875.6 Fixed investment ................................................................................................................ Nonresidential ................................................................................................................... Structures ..................................................................................................................... Equipment and software .............................................................................................. Information processing equipment and software ................................................... Computers and peripheral equipment ................................................................ Software .............................................................................................................. Other ................................................................................................................... Industrial equipment ................................................................................................ Transportation equipment ....................................................................................... Other equipment ...................................................................................................... Residential ........................................................................................................................ 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 1,830.0 1,154.5 298.2 856.3 429.6 80.3 183.0 166.4 139.7 142.9 144.0 675.5 2,040.3 1,272.1 334.6 937.5 457.4 89.0 193.8 174.6 156.1 159.5 164.6 768.2 2,162.5 1,397.7 405.1 992.6 480.9 91.3 203.3 186.2 166.7 171.9 173.2 764.8 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 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 1,732.6 1,100.4 284.0 816.4 424.1 77.7 180.9 165.5 132.8 123.1 136.4 632.2 1,806.6 1,135.5 293.5 842.0 426.3 77.4 180.3 168.6 136.5 138.3 140.8 671.1 Change in private inventories .......................................................................................... Farm ................................................................................................................................. Nonfarm ............................................................................................................................ 14.3 .4 13.9 58.6 8.0 50.5 36.9 –.5 37.4 46.7 –1.2 47.8 23.0 3.9 19.1 –3.5 .3 –3.8 11.8 –.4 12.2 25.9 –2.2 28.1 37.0 6.2 30.7 69.0 16.7 52.3 Net exports of goods and services ..................................................................................... –499.4 –615.4 –714.6 –762.0 –499.3 –501.3 –495.2 –501.8 –543.2 –603.1 Exports ................................................................................................................................. Goods ............................................................................................................................... Services ............................................................................................................................ 1,040.8 724.4 316.4 1,182.4 818.3 364.1 1,309.4 907.0 402.4 1,467.6 1,030.5 437.1 1,012.4 706.8 305.7 1,010.8 707.5 303.3 1,040.7 721.3 319.4 1,099.1 762.1 337.0 1,140.9 787.6 353.2 1,172.8 811.7 361.1 Imports ................................................................................................................................. Goods ............................................................................................................................... Services ............................................................................................................................ 1,540.2 1,283.9 256.2 1,797.8 1,499.5 298.3 2,023.9 1,702.0 322.0 2,229.6 1,880.4 349.2 1,511.7 1,262.7 249.0 1,512.1 1,266.8 245.3 1,535.9 1,276.6 259.3 1,600.9 1,329.7 271.2 1,684.1 1,399.0 285.1 1,775.8 1,481.3 294.6 Government consumption expenditures and gross investment ...................................... 2,092.5 2,216.8 2,363.4 2,523.0 2,050.3 2,087.7 2,108.2 2,123.7 2,169.1 2,202.8 Federal ................................................................................................................................. National defense .............................................................................................................. Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... Nondefense ...................................................................................................................... Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... 756.4 497.2 436.8 60.4 259.2 226.0 33.3 825.6 550.7 482.9 67.8 274.9 240.8 34.1 878.4 588.7 515.8 72.9 289.8 252.7 37.0 932.5 624.3 544.8 79.5 308.2 268.0 40.2 725.9 467.4 410.6 56.8 258.5 226.3 32.2 762.2 506.9 446.9 60.0 255.3 221.6 33.8 764.8 501.5 439.7 61.8 263.3 229.4 33.9 772.8 513.1 450.0 63.2 259.7 226.5 33.1 806.2 536.5 472.7 63.8 269.7 236.9 32.9 821.9 546.5 480.4 66.1 275.3 240.8 34.5 State and local .................................................................................................................... Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... 1,336.0 1,073.8 262.2 1,391.2 1,120.3 270.9 1,485.0 1,197.2 287.8 1,590.5 1,276.5 314.0 1,324.4 1,065.2 259.2 1,325.5 1,066.7 258.7 1,343.3 1,076.2 267.1 1,350.9 1,086.9 264.0 1,362.9 1,099.2 263.7 1,381.0 1,110.2 270.8 Addenda: Final sales of domestic product ........................................................................................... Gross domestic purchases ................................................................................................... Final sales to domestic purchasers ..................................................................................... 10,946.5 11,460.2 11,445.9 11,627.3 12,301.3 12,242.7 12,397.0 13,148.5 13,111.6 13,148.0 13,956.7 13,910.1 10,682.6 11,204.8 11,181.8 10,835.4 11,333.1 11,336.7 11,074.3 11,581.3 11,569.5 11,193.6 11,721.3 11,695.4 11,368.6 11,948.7 11,911.8 11,541.3 12,213.3 12,144.3 Gross domestic product .................................................................................................... Plus: Income receipts from the rest of the world ............................................................... Less: Income payments to the rest of the world ................................................................ Equals: Gross national product ....................................................................................... 10,960.8 336.8 280.0 11,017.6 11,685.9 437.5 361.3 11,762.1 12,433.9 544.1 475.6 12,502.4 13,194.7 691.4 633.4 13,252.7 10,705.6 315.6 276.2 10,744.9 10,831.8 323.6 267.0 10,888.4 11,086.1 337.2 283.6 11,139.8 11,219.5 370.8 293.1 11,297.3 11,405.5 407.5 311.3 11,501.7 11,610.3 425.4 352.6 11,683.1 Net domestic product ........................................................................................................... 9,624.3 10,249.8 10,824.5 11,579.5 9,388.6 9,502.4 9,743.5 9,862.6 10,031.9 10,216.0 See ‘‘Explanatory Note’’ at the end of the tables. Table 3A.—Gross Domestic Product and Related Measures—Continued [Billions of dollars] Seasonally adjusted at annual rates 2004 2005 2006 2007 III IV I II III IV I II III IV I II 13,755.9 Gross domestic product ..................................................... 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 Personal consumption expenditures .............................................. 8,245.1 8,393.3 8,488.8 8,632.6 8,810.5 8,899.3 9,034.7 9,183.9 9,305.7 9,373.7 9,540.5 9,671.9 Durable goods ............................................................................... Motor vehicles and parts ........................................................... Furniture and household equipment .......................................... Other ........................................................................................... 986.9 436.5 358.6 191.8 1,004.1 446.7 363.7 193.7 1,009.7 442.9 369.3 197.4 1,036.0 459.0 375.3 201.7 1,044.1 462.7 380.7 200.7 1,005.7 415.1 387.6 203.0 1,042.6 432.7 400.6 209.3 1,042.8 431.8 401.8 209.2 1,053.8 437.6 405.1 211.1 1,056.5 434.8 409.0 212.8 1,074.0 444.5 414.2 215.3 1,074.6 444.0 413.3 217.3 Nondurable goods ........................................................................ Food ............................................................................................ Clothing and shoes .................................................................... Gasoline, fuel oil, and other energy goods ............................... Other ........................................................................................... 2,353.5 1,117.0 324.6 250.9 661.0 2,409.3 1,140.8 330.6 269.1 668.8 2,432.1 1,153.0 336.2 266.0 676.9 2,484.3 1,174.5 342.1 283.2 684.5 2,557.0 1,193.9 340.2 331.3 691.7 2,591.3 1,213.8 348.6 326.8 702.1 2,622.1 1,236.4 351.3 317.9 716.6 2,692.2 1,245.9 354.9 363.3 728.1 2,732.4 1,263.2 359.6 373.1 736.5 2,705.4 1,291.7 363.2 306.3 744.3 2,759.4 1,312.2 371.1 320.9 755.1 2,820.6 1,320.5 367.9 375.7 756.4 Services ......................................................................................... Housing ....................................................................................... Household operation .................................................................. Electricity and gas ................................................................. Other household operation .................................................... Transportation ............................................................................. Medical care ............................................................................... Recreation ................................................................................... Other ........................................................................................... 4,904.6 1,235.2 450.9 174.4 276.6 309.4 1,409.3 344.7 1,155.0 4,979.9 1,251.2 457.8 180.8 277.0 313.5 1,431.5 348.1 1,177.9 5,047.0 1,271.2 464.9 185.4 279.5 317.2 1,454.8 352.8 1,186.2 5,112.3 1,289.5 470.1 188.7 281.4 322.1 1,477.0 355.5 1,198.1 5,209.4 1,307.4 487.4 203.9 283.5 326.7 1,503.9 360.4 1,223.7 5,302.4 1,326.8 501.7 216.9 284.8 331.0 1,534.8 366.5 1,241.6 5,370.0 1,347.8 496.8 208.8 288.0 334.7 1,558.3 371.1 1,261.4 5,448.9 1,371.1 496.7 206.6 290.1 338.4 1,578.6 375.7 1,288.4 5,519.5 1,392.5 503.3 211.3 292.1 342.5 1,596.1 384.4 1,300.5 5,611.8 1,413.9 509.7 212.7 297.0 346.8 1,617.9 392.8 1,330.7 5,707.1 1,435.1 520.0 220.6 299.4 349.6 1,656.9 395.3 1,350.1 5,776.8 1,455.4 522.6 220.0 302.6 356.0 1,678.9 398.4 1,365.6 Gross private domestic investment ............................................... 1,929.7 1,979.5 2,029.6 2,024.7 2,078.5 2,176.0 2,221.1 2,239.0 2,224.1 2,152.4 2,117.3 2,135.0 Fixed investment .......................................................................... Nonresidential ............................................................................. Structures ............................................................................... Equipment and software ........................................................ Information processing equipment and software ............. Computers and peripheral equipment .......................... Software ......................................................................... Other .............................................................................. Industrial equipment .......................................................... Transportation equipment .................................................. Other equipment ................................................................ Residential .................................................................................. 1,864.7 1,172.7 303.4 869.3 430.3 80.6 183.7 166.0 143.2 148.9 146.9 692.0 1,916.1 1,209.5 312.0 897.4 437.9 85.5 187.0 165.4 146.5 161.3 151.8 706.6 1,960.4 1,233.1 323.3 909.7 448.4 86.0 190.0 172.4 152.6 153.0 155.7 727.3 2,012.5 1,255.7 328.8 926.9 455.0 88.7 194.3 172.0 150.7 157.0 164.2 756.8 2,072.7 1,287.0 334.2 952.9 460.6 88.7 194.7 177.1 158.2 166.1 168.0 785.7 2,115.5 1,312.6 352.0 960.5 465.7 92.6 196.3 176.7 162.8 161.7 170.4 803.0 2,176.8 1,367.3 375.7 991.7 479.1 91.7 199.9 187.5 161.5 177.6 173.5 809.4 2,179.5 1,391.2 400.2 991.1 479.0 91.7 202.6 184.7 168.5 169.5 174.0 788.2 2,161.3 1,415.2 416.1 999.1 484.9 91.6 204.9 188.4 169.2 172.4 172.6 746.1 2,132.4 1,417.1 428.4 988.7 480.5 90.4 205.9 184.3 167.5 168.0 172.7 715.3 2,118.9 1,431.4 439.6 991.8 497.6 96.6 210.5 190.5 168.1 162.9 163.2 687.5 2,132.5 1,460.6 461.4 999.3 505.3 94.6 214.4 196.3 176.7 150.3 166.9 671.9 Change in private inventories ..................................................... Farm ............................................................................................ Nonfarm ...................................................................................... 65.0 6.8 58.1 63.4 2.4 61.0 69.3 –5.5 74.7 12.2 –1.1 13.2 5.8 2.2 3.6 60.5 2.4 58.1 44.3 1.0 43.3 59.5 –6.6 66.1 62.8 –3.7 66.5 20.0 4.7 15.3 –1.6 5.5 –7.0 2.5 5.0 –2.6 Net exports of goods and services ................................................ –632.6 –682.6 –671.1 –679.8 –725.0 –782.4 –763.3 –780.4 –799.1 –705.3 –714.2 –721.6 Exports ........................................................................................... Goods ......................................................................................... Services ...................................................................................... 1,187.3 826.0 361.3 1,228.6 848.0 380.7 1,260.8 869.2 391.5 1,301.2 904.0 397.2 1,316.0 911.1 404.9 1,359.6 943.7 415.9 1,406.6 985.4 421.2 1,447.4 1,016.4 431.0 1,484.5 1,047.8 436.7 1,531.9 1,072.3 459.6 1,549.9 1,084.0 465.9 1,593.1 1,112.9 480.2 Imports ........................................................................................... Goods ......................................................................................... Services ...................................................................................... 1,820.0 1,519.3 300.7 1,911.2 1,598.4 312.8 1,931.9 1,619.2 312.7 1,981.0 1,662.8 318.1 2,041.0 1,717.0 323.9 2,141.9 1,808.9 333.1 2,169.9 1,828.7 341.1 2,227.8 1,879.8 348.0 2,283.6 1,933.3 350.3 2,237.2 1,879.9 357.3 2,264.0 1,902.7 361.4 2,314.6 1,951.5 363.1 Government consumption expenditures and gross investment 2,237.3 2,258.2 2,306.7 2,339.8 2,394.8 2,412.5 2,472.1 2,512.5 2,536.1 2,571.4 2,608.3 2,670.5 Federal ........................................................................................... National defense ........................................................................ Consumption expenditures .................................................... Gross investment ................................................................... Nondefense ................................................................................. Consumption expenditures .................................................... Gross investment ................................................................... 839.4 564.9 494.1 70.8 274.5 240.6 33.9 835.0 555.0 484.5 70.5 280.0 245.0 35.0 864.0 577.7 508.1 69.6 286.2 251.0 35.2 870.4 585.0 511.9 73.1 285.4 249.8 35.5 896.0 604.3 529.8 74.5 291.7 254.3 37.4 883.4 587.7 513.3 74.5 295.7 255.8 39.9 921.5 610.8 535.7 75.1 310.7 269.2 41.5 926.9 620.6 540.0 80.6 306.3 266.7 39.6 932.0 620.7 542.0 78.7 311.3 271.3 40.0 949.7 645.2 561.5 83.7 304.5 264.9 39.6 946.6 634.8 555.7 79.1 311.7 274.0 37.7 969.9 655.1 574.3 80.8 314.9 276.5 38.4 State and local .............................................................................. Consumption expenditures .................................................... Gross investment ................................................................... 1,397.9 1,124.8 273.1 1,423.2 1,147.0 276.2 1,442.7 1,162.9 279.9 1,469.5 1,182.3 287.2 1,498.7 1,208.9 289.8 1,529.0 1,234.7 294.4 1,550.6 1,247.4 303.2 1,585.7 1,270.0 315.7 1,604.1 1,287.7 316.4 1,621.7 1,300.8 320.9 1,661.7 1,326.7 335.0 1,700.6 1,357.9 342.7 Addenda: Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... 11,714.4 12,412.0 12,347.0 11,885.0 12,631.1 12,567.6 12,084.7 12,825.1 12,755.8 12,305.2 12,997.2 12,985.0 12,553.1 13,283.8 13,278.0 12,645.0 13,487.8 13,427.3 12,920.3 13,727.9 13,683.6 13,095.5 13,935.4 13,875.9 13,204.1 14,065.9 14,003.2 13,372.3 14,097.6 14,077.6 13,553.5 14,266.1 14,267.7 13,753.4 14,477.4 14,475.0 Gross domestic product .............................................................. Plus: Income receipts from the rest of the world ......................... Less: Income payments to the rest of the world .......................... Equals: Gross national product ................................................. 11,779.4 446.5 363.5 11,862.3 11,948.5 470.6 417.9 12,001.1 12,154.0 499.1 429.0 12,224.0 12,317.4 523.3 455.6 12,385.1 12,558.8 558.1 471.2 12,645.7 12,705.5 595.9 546.3 12,755.0 12,964.6 633.3 570.4 13,027.5 13,155.0 688.9 625.0 13,218.9 13,266.9 709.7 664.7 13,311.9 13,392.3 733.8 673.7 13,452.4 13,551.9 13,755.9 752.2 ................ 689.0 ................ 13,615.1 ................ Net domestic product ..................................................................... 10,244.8 10,506.5 10,687.3 10,825.0 10,655.0 11,130.6 11,389.8 11,552.2 11,638.1 11,737.9 11,881.0 See ‘‘Explanatory Note’’ at the end of the tables. 12,069.2 Table 3B.—Real Gross Domestic Product and Related Measures [Billions of chained (2000) dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 2004 I II III IV I II Gross domestic product ........................................................................................... 10,301.0 10,675.8 11,003.4 11,319.4 10,126.0 10,212.7 10,398.7 10,467.0 10,543.6 10,634.2 Personal consumption expenditures ................................................................................... 7,295.3 7,561.4 7,803.6 8,044.1 7,184.9 7,249.3 7,352.9 7,394.3 7,475.1 7,520.5 Durable goods .................................................................................................................... Motor vehicles and parts ................................................................................................. Furniture and household equipment ............................................................................... Other ................................................................................................................................. 1,020.6 442.1 397.8 183.2 1,084.8 450.8 445.1 195.1 1,137.4 451.3 492.2 205.5 1,180.5 437.3 550.9 213.9 971.4 424.8 373.3 174.9 1,009.8 442.3 388.7 180.6 1,049.6 454.8 410.0 187.5 1,051.4 446.4 419.1 189.9 1,066.2 448.9 429.1 193.0 1,071.3 445.7 438.8 192.9 Nondurable goods .............................................................................................................. Food ................................................................................................................................. Clothing and shoes .......................................................................................................... Gasoline, fuel oil, and other energy goods .................................................................... Other ................................................................................................................................. 2,103.0 977.7 334.2 198.5 593.2 2,177.6 1,009.4 350.7 201.2 618.0 2,255.4 1,050.0 372.6 199.2 639.1 2,337.7 1,091.8 391.1 198.6 666.2 2,072.5 969.4 323.9 197.2 582.1 2,084.2 970.3 332.2 196.8 585.7 2,123.0 985.3 340.8 199.3 598.6 2,132.5 985.8 340.1 201.0 606.5 2,156.7 1,000.8 349.5 200.9 607.1 2,164.9 1,003.4 345.6 201.8 615.0 Services ............................................................................................................................... Housing ............................................................................................................................ Household operation ........................................................................................................ Electricity and gas ....................................................................................................... Other household operation .......................................................................................... Transportation .................................................................................................................. Medical care ..................................................................................................................... Recreation ........................................................................................................................ Other ................................................................................................................................. 4,178.8 1,051.9 398.8 147.5 251.2 280.6 1,180.8 290.8 975.3 4,311.0 1,083.8 408.5 149.1 259.5 284.6 1,216.5 305.0 1,011.7 4,427.3 1,118.3 416.5 153.2 263.1 287.8 1,258.2 311.6 1,033.7 4,545.5 1,148.3 412.9 148.5 265.1 291.2 1,300.3 321.3 1,069.9 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 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 4,262.9 1,073.3 405.5 149.8 255.5 282.3 1,199.0 301.5 1,000.5 4,294.6 1,079.7 407.1 148.6 258.6 284.3 1,210.3 304.4 1,007.9 Gross private domestic investment ..................................................................................... 1,613.1 1,770.2 1,869.3 1,919.5 1,561.8 1,574.4 1,639.7 1,676.5 1,685.3 1,766.3 Fixed investment ................................................................................................................ 1,596.9 1,712.8 1,831.4 1,874.7 1,536.3 1,575.6 1,626.7 1,648.9 1,647.9 1,698.7 Nonresidential ................................................................................................................... 1,081.8 1,144.3 1,225.8 1,306.8 1,047.5 1,074.5 1,098.8 1,106.5 1,099.1 1,127.5 Structures ..................................................................................................................... 243.5 246.7 247.8 268.6 238.2 246.5 246.0 243.1 242.9 246.5 Equipment and software .............................................................................................. 843.1 905.1 991.8 1,050.6 813.3 831.7 857.8 869.5 861.9 887.4 Information processing equipment and software ................................................... 462.7 505.7 554.3 595.9 442.1 446.0 470.4 492.4 494.2 499.3 Computers and peripheral equipment ................................................................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ Software .............................................................................................................. 177.3 193.6 205.7 213.0 170.4 171.8 180.6 186.3 190.5 190.5 Other ................................................................................................................... 167.1 181.1 191.5 204.8 160.2 162.4 168.7 177.0 179.2 183.0 Industrial equipment ................................................................................................ 138.4 134.0 144.3 149.6 139.1 142.7 138.9 132.8 129.1 131.5 Transportation equipment ....................................................................................... 113.8 130.6 145.1 155.2 108.3 116.6 116.8 113.5 112.0 125.5 Other equipment ...................................................................................................... 130.4 138.3 151.9 156.2 125.1 127.1 133.8 135.5 132.7 135.3 Residential ........................................................................................................................ 509.4 560.2 597.1 569.5 484.1 496.3 521.8 535.2 540.5 561.7 Change in private inventories .......................................................................................... Farm ................................................................................................................................. Nonfarm ............................................................................................................................ 14.3 .4 14.0 54.3 5.9 48.2 33.2 –.4 34.0 40.3 –.9 41.7 24.3 4.8 19.2 –2.7 .4 –3.2 10.5 –1.2 12.0 25.0 –2.4 28.1 35.0 4.4 30.4 64.9 12.9 50.5 Net exports of goods and services ..................................................................................... –518.9 –593.8 –618.0 –624.5 –507.2 –526.9 –513.8 –527.8 –549.1 –591.1 Exports ................................................................................................................................. Goods ............................................................................................................................... Services ............................................................................................................................ 1,026.1 719.8 306.2 1,126.1 784.4 341.4 1,203.4 843.5 359.8 1,304.1 927.4 377.1 1,003.3 705.6 297.6 999.0 703.5 295.5 1,026.3 718.4 307.6 1,075.8 751.6 324.0 1,101.8 765.1 336.4 1,119.4 778.5 340.6 Imports ................................................................................................................................. Goods ............................................................................................................................... Services ............................................................................................................................ 1,545.0 1,309.3 236.6 1,719.9 1,457.0 263.9 1,821.5 1,553.6 269.8 1,928.6 1,646.9 283.8 1,510.5 1,275.3 235.7 1,525.9 1,301.7 225.9 1,540.0 1,303.7 237.0 1,603.6 1,356.5 247.8 1,650.9 1,393.9 257.5 1,710.5 1,448.3 263.0 Government consumption expenditures and gross investment ...................................... 1,904.8 1,931.8 1,946.3 1,981.4 1,879.3 1,907.5 1,914.5 1,918.0 1,925.4 1,931.8 Federal ................................................................................................................................. National defense .............................................................................................................. Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... Nondefense ...................................................................................................................... Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... 687.1 449.0 387.5 61.7 238.0 204.5 33.5 715.9 475.0 407.6 68.0 240.7 206.7 34.0 726.5 482.4 411.7 71.7 243.9 207.9 36.2 742.3 491.5 416.6 76.6 250.7 212.6 38.5 662.5 424.2 366.3 58.0 238.4 205.8 32.5 693.0 458.4 397.1 61.2 234.5 200.6 34.0 693.7 452.2 389.4 63.0 241.5 207.2 34.2 699.0 461.1 397.0 64.4 237.8 204.2 33.5 709.5 470.2 405.6 64.7 239.1 205.9 33.0 713.7 472.5 406.4 66.5 241.0 206.5 34.5 State and local .................................................................................................................... Consumption expenditures .......................................................................................... Gross investment ......................................................................................................... 1,217.8 969.8 248.1 1,215.8 970.8 245.0 1,219.6 977.7 241.8 1,239.0 990.9 248.0 1,216.9 971.1 245.7 1,214.4 969.3 245.1 1,220.8 968.4 252.6 1,219.0 970.2 248.8 1,215.9 969.2 246.7 1,218.1 969.6 248.6 Residual .................................................................................................................................... –6.4 –17.3 –49.3 –93.4 1.6 1.1 –11.3 –15.2 –12.7 –9.9 Addenda: Final sales of domestic product ........................................................................................... Gross domestic purchases ................................................................................................... Final sales to domestic purchasers ..................................................................................... 10,285.1 10,815.5 10,799.5 10,619.8 11,261.4 11,205.2 10,966.9 11,613.1 11,576.4 11,275.9 11,937.1 11,893.4 10,100.9 10,629.0 10,603.9 10,213.7 10,734.6 10,735.6 10,385.9 10,908.7 10,895.9 10,440.0 10,989.5 10,962.4 10,507.1 11,086.3 11,049.6 10,568.5 11,216.9 11,150.9 Gross domestic product .................................................................................................... Plus: Income receipts from the rest of the world ............................................................... Less: Income payments to the rest of the world ................................................................ Equals: Gross national product ....................................................................................... 10,301.0 318.3 264.0 10,355.3 10,675.8 401.3 330.9 10,746.0 11,003.4 482.5 420.8 11,064.7 11,319.4 595.0 543.6 11,370.1 10,126.0 299.6 261.7 10,163.8 10,212.7 306.9 252.6 10,266.9 10,398.7 318.2 266.9 10,449.9 10,467.0 348.4 274.7 10,540.5 10,543.6 378.8 289.1 10,633.0 10,634.2 391.5 324.1 10,701.4 Net domestic product ........................................................................................................... 8,981.2 9,292.5 9,514.7 9,872.8 8,818.9 8,897.5 9,074.4 9,134.0 9,200.5 9,281.3 NOTE.—Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See ‘‘Explanatory Note’’ at the end of the tables. Table 3B.—Real Gross Domestic Product and Related Measures—Continued [Billions of chained (2000) dollars] Seasonally adjusted at annual rates 2004 2005 2006 2007 III IV I II III IV I II III IV I II 11,507.9 Gross domestic product ..................................................... 10,728.7 10,796.4 10,878.4 10,954.1 11,074.3 11,107.2 11,238.7 11,306.7 11,336.7 11,395.5 11,412.6 Personal consumption expenditures .............................................. 7,585.5 7,664.3 7,709.4 7,775.2 7,852.8 7,876.9 7,961.9 8,009.3 8,063.8 8,141.2 8,215.7 8,241.4 Durable goods ............................................................................... Motor vehicles and parts ........................................................... Furniture and household equipment .......................................... Other ........................................................................................... 1,091.5 450.9 451.7 195.9 1,110.1 457.8 460.8 198.7 1,116.0 449.6 472.6 202.9 1,146.3 464.4 483.4 207.3 1,163.5 470.7 499.0 204.6 1,123.8 420.4 513.8 207.4 1,167.8 435.7 536.8 214.5 1,170.2 434.3 544.4 212.4 1,186.3 439.5 555.4 213.6 1,197.6 439.6 566.9 215.2 1,223.2 451.5 579.9 216.6 1,228.2 450.8 584.2 218.6 Nondurable goods ........................................................................ Food ............................................................................................ Clothing and shoes .................................................................... Gasoline, fuel oil, and other energy goods ............................... Other ........................................................................................... 2,181.4 1,008.9 350.2 201.1 623.0 2,207.5 1,024.7 357.5 200.9 626.9 2,226.8 1,032.9 363.4 202.0 631.7 2,247.2 1,043.1 372.3 199.5 637.4 2,260.9 1,056.3 372.3 197.2 641.1 2,286.8 1,067.6 382.3 198.3 646.2 2,312.3 1,080.7 386.2 198.6 655.3 2,325.6 1,084.4 388.0 199.0 663.4 2,343.9 1,091.4 393.3 199.9 669.5 2,368.8 1,110.7 397.0 197.0 676.5 2,386.6 1,115.3 405.1 198.2 681.7 2,381.8 1,109.5 407.0 197.0 683.2 Services ......................................................................................... Housing ....................................................................................... Household operation .................................................................. Electricity and gas ................................................................. Other household operation .................................................... Transportation ............................................................................. Medical care ............................................................................... Recreation ................................................................................... Other ........................................................................................... 4,325.2 1,087.1 408.8 147.2 261.8 285.0 1,223.3 306.7 1,013.5 4,361.1 1,095.1 412.8 150.9 262.0 286.6 1,233.5 307.4 1,024.8 4,381.3 1,104.4 413.8 151.6 262.3 287.2 1,240.4 309.7 1,024.7 4,401.3 1,113.9 413.3 150.7 262.8 287.6 1,250.3 310.4 1,024.6 4,449.1 1,123.3 422.2 157.8 263.8 287.8 1,264.0 312.0 1,038.4 4,477.5 1,131.6 416.4 152.9 263.5 288.7 1,278.1 314.2 1,047.0 4,501.0 1,139.7 406.3 143.7 264.1 290.2 1,291.2 316.1 1,056.1 4,531.6 1,146.0 410.9 147.0 264.9 289.5 1,298.2 316.8 1,068.6 4,554.0 1,151.0 415.4 150.9 264.7 291.0 1,301.4 321.9 1,071.6 4,595.5 1,156.6 419.1 152.5 266.8 294.1 1,310.5 330.3 1,083.5 4,630.7 1,163.7 420.1 153.1 267.1 296.0 1,323.2 332.0 1,094.1 4,655.9 1,171.6 418.7 151.2 268.0 300.1 1,332.7 331.2 1,100.0 Gross private domestic investment ............................................... 1,800.5 1,828.8 1,852.6 1,834.3 1,865.3 1,924.9 1,945.4 1,948.5 1,928.2 1,856.2 1,816.9 1,831.0 Fixed investment .......................................................................... 1,736.7 1,767.7 1,785.3 1,819.8 1,854.9 1,865.6 1,901.4 1,892.3 1,869.6 1,835.5 1,815.2 1,825.0 Nonresidential ............................................................................. 1,160.7 1,189.7 1,199.5 1,214.1 1,239.5 1,250.0 1,289.7 1,303.2 1,319.4 1,314.8 1,321.7 1,347.6 Structures ............................................................................... 248.7 248.6 249.8 248.9 244.8 247.7 256.5 266.4 273.3 278.3 282.6 297.1 Equipment and software ........................................................ 920.0 951.2 960.0 977.4 1,011.1 1,018.7 1,050.2 1,050.1 1,057.6 1,044.4 1,045.3 1,051.2 Information processing equipment and software ............. 507.5 521.7 537.4 548.8 560.5 570.6 589.8 592.1 602.0 599.6 623.3 634.8 Computers and peripheral equipment .......................... ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ Software ......................................................................... 193.9 199.3 201.6 206.0 206.7 208.3 211.0 212.1 213.8 215.1 219.9 223.2 Other .............................................................................. 181.2 181.0 188.9 188.3 194.6 194.2 206.3 203.3 207.1 202.6 209.2 214.6 Industrial equipment .......................................................... 136.9 138.7 142.8 139.4 145.9 149.2 147.0 152.0 150.9 148.4 147.3 153.5 Transportation equipment .................................................. 137.0 147.9 138.2 142.0 153.2 147.0 160.3 153.3 156.3 150.9 144.8 132.5 Other equipment ................................................................ 140.8 144.5 145.7 151.6 154.2 156.1 157.8 157.9 155.2 153.7 144.8 147.5 Residential .................................................................................. 567.5 570.9 578.3 596.4 606.4 607.2 606.1 587.5 555.0 529.4 506.3 494.2 Change in private inventories ..................................................... Farm ............................................................................................ Nonfarm ...................................................................................... 60.1 4.8 55.4 57.2 1.3 56.4 63.4 –4.4 69.0 10.1 –1.3 11.5 5.9 1.8 3.9 53.6 2.2 51.6 38.4 .8 38.0 51.4 –5.5 57.6 53.9 –2.9 57.6 17.4 3.8 13.6 .1 5.0 –5.8 3.6 4.3 –1.8 Net exports of goods and services ................................................ –602.7 –632.3 –624.4 –601.0 –604.1 –642.6 –640.1 –626.6 –633.8 –597.3 –612.1 –577.9 Exports ........................................................................................... Goods ......................................................................................... Services ...................................................................................... 1,128.0 790.2 337.7 1,155.3 804.0 351.0 1,172.4 815.4 356.6 1,199.3 841.8 357.5 1,205.6 845.7 359.8 1,236.4 871.1 365.3 1,270.6 903.0 368.0 1,288.4 917.3 371.5 1,306.6 933.7 373.4 1,350.9 955.4 395.6 1,354.7 957.6 397.2 1,375.9 971.8 404.2 Imports ........................................................................................... Goods ......................................................................................... Services ...................................................................................... 1,730.8 1,467.7 264.1 1,787.7 1,518.1 270.8 1,796.8 1,530.1 268.4 1,800.3 1,534.0 268.1 1,809.7 1,543.6 268.1 1,879.0 1,606.5 274.7 1,910.7 1,631.8 281.0 1,915.0 1,636.3 281.0 1,940.4 1,661.0 281.9 1,948.2 1,658.7 291.4 1,966.8 1,675.6 293.1 1,953.7 1,665.6 290.1 Government consumption expenditures and gross investment 1,939.4 1,930.6 1,936.8 1,942.5 1,957.6 1,948.2 1,971.8 1,976.5 1,980.2 1,997.2 1,994.7 2,015.6 Federal ........................................................................................... National defense ........................................................................ Consumption expenditures .................................................... Gross investment ................................................................... Nondefense ................................................................................. Consumption expenditures .................................................... Gross investment ................................................................... 724.5 484.8 414.7 70.9 239.4 205.6 33.7 716.0 472.7 403.7 69.9 243.2 208.6 34.5 721.0 478.1 410.1 68.5 242.7 208.1 34.6 722.2 481.1 410.3 72.0 240.9 206.2 34.8 737.3 492.7 420.4 73.4 244.3 208.0 36.6 725.5 477.7 406.1 72.9 247.8 209.5 38.8 740.4 485.5 413.6 73.1 254.8 215.3 40.1 737.4 488.2 412.5 77.8 249.0 211.4 38.0 739.2 486.4 412.6 75.5 252.7 214.8 38.3 752.3 505.8 427.7 80.1 246.1 208.8 37.8 740.2 491.6 417.4 75.6 248.4 212.5 35.9 752.3 502.8 427.2 77.1 249.2 212.7 36.6 State and local .............................................................................. Consumption expenditures .................................................... Gross investment ................................................................... 1,214.7 970.7 243.9 1,214.4 973.5 240.8 1,215.7 973.9 241.6 1,220.1 976.2 243.8 1,220.3 979.2 240.9 1,222.5 981.4 240.8 1,231.3 985.3 245.9 1,238.9 988.1 250.7 1,240.9 992.7 248.1 1,244.9 997.5 247.3 1,254.2 1,002.5 251.5 1,263.1 1,008.4 254.5 Residual ............................................................................................... –18.2 –28.1 –35.1 –45.8 –53.1 –62.8 –79.6 –86.5 –99.3 –108.2 –130.7 –132.1 Addenda: Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... 10,666.6 11,322.8 11,260.5 10,737.0 11,419.2 11,359.7 10,813.0 11,493.8 11,428.1 10,940.4 11,546.9 11,533.0 11,064.8 11,670.0 11,660.2 11,049.5 11,742.0 11,684.3 11,196.1 11,871.3 11,828.6 11,252.1 11,926.1 11,871.3 11,279.7 11,963.6 11,906.4 11,375.8 11,987.1 11,967.3 11,411.6 12,018.7 12,017.4 11,502.7 12,080.6 12,075.2 Gross domestic product .............................................................. Plus: Income receipts from the rest of the world ......................... Less: Income payments to the rest of the world .......................... Equals: Gross national product ................................................. 10,728.7 408.4 331.9 10,804.9 10,796.4 426.6 378.4 10,844.4 10,878.4 449.0 385.1 10,941.9 10,954.1 466.9 405.9 11,014.7 11,074.3 492.7 415.3 11,151.2 11,107.2 521.6 477.1 11,151.1 11,238.7 550.7 494.7 11,294.0 11,306.7 593.2 536.7 11,362.5 11,336.7 607.9 568.0 11,375.9 11,395.5 628.3 575.1 11,447.8 11,412.6 11,507.9 638.2 ................ 583.2 ................ 11,466.7 ................ Net domestic product ..................................................................... 9,260.9 9,427.6 9,499.6 9,564.0 9,331.5 9,663.9 9,811.0 9,867.0 9,884.7 9,928.3 NOTE.—Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See ‘‘Explanatory Note’’ at the end of the tables. 9,937.7 10,025.0 Table 4.—Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV 2004 I II 2005 III IV I II 2006 III IV I II 2007 III IV I II Gross domestic product (GDP) ................... 2.1 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.7 Personal consumption expenditures ........................... Durable goods .............................................................. Nondurable goods ........................................................ Services ........................................................................ 2.0 –3.6 2.0 3.2 2.6 –1.8 3.3 3.2 2.9 –.7 3.7 3.4 2.8 –1.3 3.1 3.4 1.5 –3.5 .5 3.0 3.5 –.5 5.3 3.5 3.8 .3 6.2 3.4 2.0 –2.5 1.4 3.1 3.0 .2 4.7 2.8 2.2 .1 .3 3.6 3.4 –.4 5.0 3.4 4.3 –2.8 9.5 3.3 2.8 –1.1 .8 4.6 1.7 –1.0 .3 3.0 4.3 –.7 8.6 3.2 2.6 –1.3 2.8 3.2 –.9 –2.7 –7.9 3.0 3.5 –1.9 5.0 3.8 4.3 –1.4 10.0 2.7 Gross private domestic investment ............................. 1.5 3.4 4.2 3.5 3.5 4.1 4.7 3.9 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 .3 Fixed investment .......................................................... 1.6 3.4 4.3 3.5 3.5 4.1 4.7 3.9 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 .4 Nonresidential ........................................................... .1 1.3 2.9 3.1 1.4 1.1 2.4 1.3 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 .3 Structures ............................................................. 3.5 6.2 11.7 11.7 4.2 6.8 7.6 10.1 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 –.6 Equipment and software ..................................... –1.1 –.3 –.1 0 .4 –.8 .7 –1.7 –.6 1.8 .3 –2.5 .2 .6 –.2 .4 .8 1.0 .7 Residential ................................................................ 4.8 7.3 6.7 4.4 7.7 9.8 8.8 8.5 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 .5 Change in private inventories ...................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ............................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports .......................................................................... 2.2 3.5 3.6 3.4 3.0 5.5 4.8 1.9 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 –.8 3.6 4.9 Goods ....................................................................... 2.0 3.7 3.1 3.3 4.1 6.3 5.2 1.0 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 4.7 Services .................................................................... 2.6 3.2 4.9 3.7 .7 3.9 3.8 3.8 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 –2.7 3.9 5.2 Imports .......................................................................... 3.5 4.9 6.3 4.0 .4 9.2 7.3 5.3 6.9 2.2 9.7 10.3 4.3 –1.5 10.1 4.7 –9.4 1.0 12.2 Goods ....................................................................... 2.9 4.9 6.5 4.2 .5 10.0 7.9 5.0 7.0 2.0 10.1 10.9 4.9 –1.9 10.4 5.3 –10.1 .7 13.4 Services .................................................................... 6.3 4.4 5.6 3.1 0 4.9 4.7 6.7 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 –5.3 2.3 6.2 Government consumption expenditures and gross investment ................................................................... Federal .......................................................................... National defense ...................................................... Nondefense .............................................................. State and local ............................................................. 4.1 4.2 4.7 3.4 4.1 4.5 4.7 4.7 4.9 4.3 5.8 4.8 5.3 4.0 6.4 4.9 3.9 4.1 3.5 5.4 2.2 1.1 1.3 .6 2.9 7.2 11.6 10.6 13.8 4.6 5.0 5.5 5.6 5.2 4.7 4.8 2.5 2.9 1.4 6.2 5.7 2.6 3.1 1.7 7.6 7.5 11.5 12.2 10.1 5.2 4.6 2.3 2.5 1.8 6.1 6.4 3.4 3.5 3.2 8.1 5.0 .8 1.3 –.2 7.6 5.1 9.1 9.3 8.9 2.7 5.7 4.0 4.2 3.5 6.7 3.0 1.3 1.6 .7 4.0 2.1 .5 –.1 1.7 3.1 6.4 5.3 5.0 5.9 7.0 Addenda: Final sales of domestic product ................................... Gross domestic purchases .......................................... Final sales to domestic purchasers ............................. Gross national product (GNP) ..................................... 2.1 2.3 2.3 2.1 2.9 3.1 3.1 2.9 3.2 3.7 3.7 3.2 3.2 3.3 3.3 3.1 2.2 1.9 1.9 2.2 3.7 4.3 4.3 3.7 3.8 4.2 4.2 3.8 2.3 2.8 2.7 2.3 3.2 3.6 3.6 3.2 3.9 3.6 3.6 3.9 2.6 3.5 3.5 2.6 3.5 4.6 4.6 3.5 3.5 3.7 3.7 3.5 3.4 2.7 2.7 3.4 3.5 4.2 4.2 3.5 2.3 2.5 2.5 2.4 1.7 .1 .1 1.7 4.2 2.7 3.8 3.9 3.8 3.9 4.2 .......... Implicit price deflators: GDP .......................................................................... Gross domestic purchases ...................................... GNP .......................................................................... 2.1 2.3 2.1 2.9 3.1 2.9 3.2 3.6 3.2 3.2 3.3 3.2 2.2 1.9 2.2 3.7 4.3 3.7 3.8 4.2 3.8 2.3 2.7 2.3 3.2 3.7 3.2 3.9 3.6 3.9 2.6 3.6 2.6 3.5 4.6 3.5 3.5 3.7 3.5 3.4 2.7 3.4 3.5 4.2 3.5 2.4 2.5 2.4 1.7 .1 1.7 4.2 2.7 3.8 3.9 4.2 .......... See ‘‘Explanatory Note’’ at the end of the tables. 5.4 3.3 3.5 2.8 6.6 Table 4A.—Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV 2004 I II 2005 III IV I II 2006 III IV I II 2007 III IV I Gross domestic product (GDP) .............................. 2.1 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 Previously published ............................................... 2.1 2.8 3.0 2.9 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 4.2 Personal consumption expenditures ....................................... 2.0 2.6 2.9 2.8 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 –.9 3.5 Previously published ................................................................ 2.0 2.6 2.9 2.7 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.4 –1.0 3.5 Durable goods .......................................................................... –3.6 –1.8 –.7 –1.3 –3.5 –.5 .3 –2.5 .2 .1 –.4 –2.8 –1.1 –1.0 –.7 –1.3 –2.7 –1.9 Previously published ............................................................ –3.6 –1.6 –.7 –1.3 –3.5 0 .3 –2.3 .3 .3 –.6 –2.9 –1.3 –1.0 –.8 –1.1 –2.7 –1.9 Nondurable goods .................................................................... 2.0 3.3 3.7 3.1 .5 5.3 6.2 1.4 4.7 .3 5.0 9.5 .8 .3 8.6 2.8 –7.9 5.0 Previously published ............................................................ 2.0 3.3 3.6 3.1 .5 5.7 6.0 1.1 4.4 1.1 4.8 9.0 .6 1.1 8.3 2.3 –7.7 5.0 Services .................................................................................... 3.2 3.2 3.4 3.4 3.0 3.5 3.4 3.1 2.8 3.6 3.4 3.3 4.6 3.0 3.2 3.2 3.0 3.8 Previously published ............................................................ 3.2 3.2 3.2 3.4 3.0 3.5 3.2 3.1 3.0 3.2 3.1 3.2 5.0 3.1 2.9 3.0 2.9 3.8 Gross private domestic investment ......................................... 1.5 3.4 4.2 3.5 3.5 4.1 4.7 3.9 3.9 5.2 2.8 4.0 5.8 4.0 2.5 1.6 2.2 2.0 Previously published ................................................................ 1.5 3.3 3.4 3.2 3.5 4.2 4.5 3.6 3.7 3.0 2.7 3.7 4.3 3.7 3.1 .6 3.4 1.9 Fixed investment ...................................................................... 1.6 3.4 4.3 3.5 3.5 4.1 4.7 3.9 3.9 5.3 2.9 4.2 6.0 3.9 2.4 1.5 2.0 1.9 Previously published ............................................................ 1.6 3.4 3.5 3.3 3.5 4.3 4.6 3.6 3.7 3.1 2.7 4.0 4.6 3.8 3.0 .5 3.4 1.8 Nonresidential ...................................................................... .1 1.3 2.9 3.1 1.4 1.1 2.4 1.3 2.5 4.5 2.4 1.6 4.6 3.9 2.8 1.9 2.0 1.9 Previously published ........................................................ .1 1.2 2.6 2.9 1.4 1.0 2.1 1.4 2.6 3.6 2.0 2.2 3.5 3.7 3.0 .9 3.1 2.0 Structures ......................................................................... 3.5 6.2 11.7 11.7 4.2 6.8 7.6 10.1 12.0 12.8 8.7 13.8 17.6 13.0 10.7 5.6 4.6 4.1 Previously published ................................................... 3.5 6.2 11.3 11.4 4.2 6.7 7.8 10.2 12.0 11.6 9.2 13.2 16.8 12.4 10.7 5.3 5.5 .5 Equipment and software ................................................. –1.1 –.3 –.1 0 .4 –.8 .7 –1.7 –.6 1.8 .3 –2.5 .2 .6 –.2 .4 .8 1.0 Previously published ................................................... –1.1 –.4 –.4 –.2 .4 –.9 .2 –1.5 –.5 .9 –.4 –1.5 –1.0 .6 .1 –.9 2.1 2.6 Residential ............................................................................ 4.8 7.3 6.7 4.4 7.7 9.8 8.8 8.5 6.2 6.6 3.6 8.7 8.5 3.9 1.8 .8 2.1 2.0 Previously published ........................................................ 4.8 7.3 5.1 4.0 7.7 10.5 9.0 7.4 5.6 2.3 3.8 6.9 6.3 3.8 2.9 –.1 3.9 1.6 Change in private inventories .................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ......................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports ...................................................................................... 2.2 3.5 3.6 3.4 3.0 5.5 4.8 1.9 4.2 4.6 3.6 2.5 3.0 2.7 6.0 4.6 –.8 3.6 Previously published ............................................................ 2.2 3.7 3.6 3.3 3.0 6.1 5.0 1.8 4.0 4.6 3.6 2.6 2.8 2.3 6.1 4.5 –.9 4.1 Goods ................................................................................... 2.0 3.7 3.1 3.3 4.1 6.3 5.2 1.0 3.6 4.3 3.0 1.3 2.3 3.0 6.3 5.2 .1 3.5 Previously published ........................................................ 2.0 3.7 3.1 3.3 4.1 6.5 5.2 1.1 3.6 4.4 3.0 1.3 2.3 2.8 6.2 5.3 0 4.0 Services ................................................................................ 2.6 3.2 4.9 3.7 .7 3.9 3.8 3.8 5.5 5.0 4.9 5.2 4.8 2.2 5.5 3.3 –2.7 3.9 Previously published ........................................................ 2.6 3.5 4.8 3.3 .7 5.0 4.5 3.5 5.0 5.1 4.9 5.6 4.2 1.2 6.0 2.5 –3.1 4.3 Imports ...................................................................................... 3.5 4.9 6.3 4.0 .4 9.2 7.3 5.3 6.9 2.2 9.7 10.3 4.3 –1.5 10.1 4.7 –9.4 1.0 Previously published ............................................................ 3.5 5.0 6.3 4.3 .4 9.7 7.3 5.5 6.7 2.6 9.2 10.2 4.3 –.7 9.8 5.4 –8.6 .9 Goods ................................................................................... 2.9 4.9 6.5 4.2 .5 10.0 7.9 5.0 7.0 2.0 10.1 10.9 4.9 –1.9 10.4 5.3 –10.1 .7 Previously published ........................................................ 2.9 5.0 6.5 4.5 .5 10.1 7.9 5.4 6.8 1.8 10.1 11.3 5.1 –1.6 10.6 5.8 –10.2 .7 Services ................................................................................ 6.3 4.4 5.6 3.1 0 4.9 4.7 6.7 6.0 3.5 7.7 7.5 1.3 .5 8.4 1.4 –5.3 2.3 Previously published ........................................................ 6.3 5.1 5.4 3.4 0 8.0 4.4 6.2 6.3 6.8 5.1 4.3 –.1 4.5 5.5 3.2 .1 1.8 Government consumption expenditures and gross investment ............................................................................... 4.1 4.5 5.8 4.9 2.2 7.2 5.0 4.8 5.7 7.5 4.6 6.4 5.0 5.1 5.7 3.0 2.1 6.4 Previously published ............................................................ 4.1 4.4 5.6 4.4 2.2 6.8 5.3 4.6 5.7 7.0 4.6 5.9 4.7 4.4 4.8 2.8 1.8 5.8 Federal ...................................................................................... 4.2 4.7 4.8 3.9 1.1 11.6 5.5 2.5 2.6 11.5 2.3 3.4 .8 9.1 4.0 1.3 .5 5.3 Previously published ............................................................ 4.2 4.7 4.8 3.5 1.1 11.5 5.3 2.2 2.9 11.3 2.2 3.3 .4 7.6 3.8 2.0 0 6.5 National defense .................................................................. 4.7 4.7 5.3 4.1 1.3 10.6 5.6 2.9 3.1 12.2 2.5 3.5 1.3 9.3 4.2 1.6 –.1 5.0 Previously published ........................................................ 4.7 4.7 5.1 3.4 1.3 10.5 5.8 2.8 3.2 11.6 2.4 3.4 1.0 6.7 4.1 2.3 –.3 6.4 Nondefense .......................................................................... 3.4 4.9 4.0 3.5 .6 13.8 5.2 1.4 1.7 10.1 1.8 3.2 –.2 8.9 3.5 .7 1.7 5.9 Previously published ........................................................ 3.4 4.7 4.1 3.5 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 –.7 9.5 3.2 1.4 .8 6.7 State and local ......................................................................... 4.1 4.3 6.4 5.4 2.9 4.6 4.7 6.2 7.6 5.2 6.1 8.1 7.6 2.7 6.7 4.0 3.1 7.0 Previously published ............................................................ 4.1 4.3 6.2 4.9 2.9 4.1 5.3 6.1 7.4 4.6 6.1 7.4 7.3 2.6 5.4 3.4 2.9 5.3 Addenda: Final sales of domestic product .............................................. 2.1 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.3 1.7 4.2 Previously published ............................................................ 2.1 2.8 3.0 3.0 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 4.2 Gross domestic purchases ...................................................... 2.3 3.1 3.7 3.3 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 Previously published ............................................................ 2.3 3.1 3.5 3.1 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2 3.7 Final sales to domestic purchasers ......................................... 2.3 3.1 3.7 3.3 1.9 4.3 4.2 2.7 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 Previously published ............................................................ 2.3 3.1 3.5 3.1 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2 3.6 Gross national product (GNP) ................................................. 2.1 2.9 3.2 3.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 Previously published ............................................................ 2.1 2.8 3.0 2.9 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.2 3.3 3.3 1.9 1.7 4.2 Implicit price deflators: GDP ...................................................................................... 2.1 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 Previously published ........................................................ 2.1 2.8 3.0 2.9 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6 4.2 Gross domestic purchases .................................................. 2.3 3.1 3.6 3.3 1.9 4.3 4.2 2.7 3.7 3.6 3.6 4.6 3.7 2.7 4.2 2.5 .1 3.8 Previously published ........................................................ 2.3 3.1 3.5 3.1 1.9 4.3 4.0 2.6 3.6 3.2 3.4 4.3 3.5 2.7 4.0 2.1 .2 3.7 GNP ...................................................................................... 2.1 2.9 3.2 3.2 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 Previously published ........................................................ 2.1 2.8 3.0 2.9 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6 4.2 See ‘‘Explanatory Note’’ at the end of the tables. Table 5.—Real Gross Domestic Product, Quantity Indexes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2006 2003 I 2004 II III IV I II Gross domestic product ................................................ 104.931 108.748 112.086 115.304 103.148 104.031 105.926 106.621 107.402 108.325 Personal consumption expenditures ............................................. Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 108.249 118.214 108.002 106.363 112.197 125.652 111.833 109.726 115.791 131.748 115.828 112.687 119.359 136.735 120.051 115.696 106.611 112.521 106.435 105.458 107.566 116.971 107.033 105.917 109.103 121.579 109.027 106.664 109.718 121.783 109.513 107.415 110.917 123.502 110.759 108.502 111.590 124.094 111.178 109.309 Gross private domestic investment ............................................... Fixed investment ............................................................................ Nonresidential ............................................................................. Structures ............................................................................... Equipment and software ........................................................ Residential .................................................................................. Change in private inventories ........................................................ 92.949 102.003 107.709 110.607 89.993 90.718 94.483 96.604 97.109 101.776 95.110 102.012 109.080 111.657 91.502 93.842 96.889 98.206 98.148 101.175 87.804 92.873 99.490 106.062 85.023 87.208 89.179 89.806 89.210 91.512 77.735 78.760 79.127 85.770 76.061 78.719 78.552 77.607 77.550 78.708 91.747 98.505 107.935 114.332 88.514 90.506 93.348 94.622 93.800 96.575 113.977 125.343 133.608 127.433 108.329 111.060 116.766 119.753 120.936 125.696 ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... Exports of goods and services ...................................................... 93.599 102.723 109.775 118.957 91.518 91.128 93.612 98.136 100.502 Imports of goods and services ...................................................... 104.693 116.546 123.425 130.683 102.355 103.398 104.354 108.666 111.867 102.108 115.903 Government consumption expenditures and gross investment Federal ............................................................................................ State and local ............................................................................... 110.644 118.712 106.557 112.210 123.693 106.384 113.050 125.524 106.721 115.092 128.255 108.418 109.160 114.471 106.478 110.799 119.742 106.266 111.206 119.858 106.820 111.410 120.778 106.663 111.839 122.580 106.393 112.212 123.306 106.586 Addenda: Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... Gross national product ................................................................... 105.375 106.071 106.504 105.067 108.804 110.444 110.505 109.031 112.360 113.894 114.166 112.265 115.526 117.071 117.292 115.363 103.488 104.242 104.575 103.124 104.643 105.278 105.874 104.170 106.408 106.985 107.455 106.027 106.962 107.778 108.111 106.946 107.649 108.727 108.971 107.885 108.278 110.008 109.970 108.579 Seasonally adjusted 2004 III 2005 IV I II 2006 III IV I II 2007 III IV I II Gross domestic product ................................................. 109.287 109.977 110.812 111.583 112.808 113.143 114.482 115.175 115.481 116.080 116.254 117.225 Personal consumption expenditures .............................................. Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 112.555 126.432 112.026 110.088 113.724 128.580 113.369 111.003 114.393 129.271 114.360 111.516 115.370 132.777 115.404 112.026 116.521 134.775 116.110 113.241 116.878 130.170 117.438 113.964 118.140 135.263 118.749 114.563 118.843 135.542 119.434 115.341 119.652 137.413 120.370 115.911 120.801 138.720 121.650 116.969 121.906 141.680 122.563 117.865 122.287 142.260 122.320 118.506 Gross private domestic investment ............................................... 103.748 105.377 106.749 105.692 107.484 110.913 112.095 112.274 111.106 106.955 104.690 105.503 Fixed investment ............................................................................. 103.439 105.287 106.333 108.386 110.481 111.118 113.245 112.705 111.354 109.325 108.113 108.699 Nonresidential ............................................................................. 94.211 96.558 97.355 98.545 100.603 101.457 104.679 105.770 107.090 106.711 107.277 109.379 Structures ............................................................................... 79.410 79.371 79.776 79.460 78.179 79.094 81.898 85.063 87.270 88.849 90.241 94.857 Equipment and software ........................................................ 100.124 103.519 104.477 106.368 110.030 110.863 114.291 114.276 115.100 113.662 113.753 114.394 Residential .................................................................................. 126.994 127.747 129.413 133.463 135.695 135.860 135.615 131.465 124.190 118.462 113.301 110.574 Change in private inventories ........................................................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ Exports of goods and services ...................................................... 102.897 105.385 106.943 109.401 109.976 112.780 115.898 117.528 119.182 123.222 123.568 125.502 Imports of goods and services ....................................................... 117.279 121.135 121.756 121.994 122.630 127.321 129.472 129.764 131.483 132.014 133.272 132.387 Government consumption expenditures and gross investment Federal ............................................................................................ State and local ................................................................................ 112.649 125.175 106.291 112.138 123.710 106.265 112.500 124.566 106.378 112.830 124.787 106.763 113.710 127.388 106.776 113.161 125.353 106.968 114.533 127.919 107.745 114.807 127.414 108.407 115.022 127.708 108.584 116.007 129.977 108.935 115.865 127.886 109.748 117.076 129.987 110.522 Addenda: Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... Gross national product ................................................................... 109.284 111.047 111.051 109.629 110.005 111.992 112.029 110.030 110.783 112.724 112.704 111.019 112.089 113.244 113.738 111.757 113.363 114.452 114.993 113.142 113.207 115.158 115.230 113.141 114.709 116.426 116.653 114.591 115.282 116.963 117.074 115.286 115.565 117.331 117.421 115.422 116.550 117.562 118.021 116.152 116.916 117.850 117.871 118.479 118.515 119.085 116.344 ................ See ‘‘Explanatory Note’’ at the end of the tables. Table 6.—Price Indexes for Gross Domestic Product [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2006 2003 I 2004 II III IV I II Gross domestic product ................................................ 106.409 109.462 113.005 116.568 105.742 106.076 106.616 107.204 108.180 109.185 Personal consumption expenditures (PCE) .................................. Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 105.597 92.366 104.145 109.379 108.392 90.696 107.626 112.929 111.588 90.018 111.561 116.726 114.675 88.857 114.989 120.725 105.059 93.795 104.175 108.076 105.235 92.785 103.423 109.002 105.851 91.848 104.424 109.808 106.242 91.037 104.558 110.629 107.163 90.927 105.918 111.582 108.179 90.986 107.530 112.532 Gross private domestic investment ............................................... Fixed investment ............................................................................ Nonresidential ............................................................................. Structures ............................................................................... Equipment and software ........................................................ Residential .................................................................................. Change in private inventories ........................................................ 103.191 106.686 111.155 115.090 102.941 102.759 103.093 103.971 105.010 106.217 103.313 106.845 111.404 115.352 103.067 102.865 103.207 104.111 105.165 106.382 99.591 100.896 103.778 106.961 99.664 99.341 99.509 99.849 100.123 100.729 113.872 120.912 135.013 150.806 113.295 113.239 113.894 115.058 116.960 119.118 94.912 94.600 94.527 94.485 95.173 94.774 94.799 94.902 94.708 94.872 112.372 120.587 128.653 134.288 111.434 111.496 112.225 114.331 117.027 119.511 ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... Exports of goods and services ...................................................... 101.429 104.997 108.803 112.537 100.920 101.192 101.423 102.181 103.567 104.785 Imports of goods and services ...................................................... 99.685 104.526 111.117 115.610 100.078 99.093 99.734 99.836 102.047 103.872 Government consumption expenditures and gross investment Federal ............................................................................................ State and local ............................................................................... 109.849 110.094 109.712 114.754 115.322 114.431 121.435 120.914 121.758 127.334 125.622 128.370 109.107 109.578 108.840 109.449 109.987 109.144 110.118 110.257 110.041 110.724 110.556 110.822 112.657 113.641 112.088 114.028 115.164 113.369 Addenda: PCE excluding food and energy .................................................... Market-based PCE 1 ....................................................................... Market-based PCE excluding food and energy 1 .......................... 105.175 104.995 104.330 107.338 107.386 105.857 109.670 110.307 107.667 112.130 113.168 109.717 104.589 104.586 103.895 104.922 104.670 104.144 105.384 105.239 104.517 105.806 105.485 104.764 106.442 106.311 105.222 107.142 107.213 105.715 Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... Gross national product ................................................................... 106.430 105.966 105.986 106.401 109.487 109.235 109.259 109.456 113.040 113.225 113.261 112.999 116.603 116.920 116.956 116.558 105.763 105.435 105.455 105.736 106.094 105.587 105.604 106.067 106.636 106.170 106.189 106.607 107.228 106.671 106.694 107.194 108.206 107.787 107.812 108.175 109.212 108.893 108.919 109.178 Implicit price deflators: Gross domestic product ............................................................. Final sales of domestic product ................................................ Gross domestic purchases ........................................................ Final sales to domestic purchasers .......................................... Gross national product ............................................................... 106.404 106.430 105.961 105.985 106.396 109.462 109.487 109.234 109.259 109.455 113.000 113.040 113.221 113.261 112.994 116.567 116.603 116.919 116.956 116.558 105.724 105.758 105.418 105.450 105.718 106.062 106.087 105.576 105.599 106.053 106.611 106.628 106.166 106.183 106.602 107.190 107.219 106.659 106.686 107.180 108.175 108.199 107.779 107.803 108.170 109.178 109.205 108.883 108.909 109.173 Seasonally adjusted 2004 III 2005 IV I II 2006 III IV I II 2007 III IV I II Gross domestic product ................................................. 109.807 110.677 111.745 112.455 113.422 114.398 115.363 116.350 117.030 117.527 118.750 119.542 Personal consumption expenditures (PCE) .................................. Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 108.703 90.415 107.903 113.406 109.521 90.454 109.153 114.198 110.119 90.470 109.234 115.204 111.037 90.375 110.570 116.165 112.205 89.735 113.113 117.100 112.989 89.491 113.328 118.434 113.480 89.276 113.405 119.316 114.670 89.110 115.763 120.252 115.406 88.827 116.576 121.209 115.143 88.213 114.210 122.122 116.129 87.799 115.620 123.252 117.362 87.488 118.419 124.081 Gross private domestic investment ............................................... 107.246 108.271 109.653 110.407 111.493 113.065 114.175 114.891 115.335 115.958 116.532 116.624 Fixed investment ............................................................................. 107.404 108.429 109.837 110.618 111.759 113.403 114.485 115.169 115.592 116.162 116.718 116.834 Nonresidential ............................................................................. 101.048 101.686 102.816 103.439 103.846 105.009 106.025 106.764 107.267 107.789 108.301 108.390 Structures ............................................................................... 122.026 125.544 129.388 132.114 136.453 142.098 146.516 150.294 152.344 154.071 155.637 155.417 Equipment and software ........................................................ 94.477 94.344 94.759 94.827 94.240 94.281 94.423 94.379 94.470 94.667 94.892 95.066 Residential .................................................................................. 121.984 123.826 125.811 126.933 129.599 132.270 133.546 134.137 134.390 135.076 135.736 135.922 Change in private inventories ........................................................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ Exports of goods and services ...................................................... 105.273 106.362 107.552 108.506 109.171 109.983 110.725 112.359 113.641 113.424 114.433 115.808 Imports of goods and services ....................................................... 105.212 106.973 107.565 110.075 112.811 114.018 113.576 116.339 117.689 114.834 115.114 118.473 Government consumption expenditures and gross investment Federal ............................................................................................ State and local ................................................................................ 115.361 115.863 115.077 116.971 116.621 117.191 119.102 119.840 118.677 120.462 120.512 120.443 122.335 121.534 122.825 123.839 121.770 125.087 125.379 124.463 125.938 127.125 125.686 127.998 128.076 126.097 129.271 128.757 126.244 130.272 130.765 127.886 132.499 132.500 128.925 134.647 Addenda: PCE excluding food and energy .................................................... Market-based PCE 1 ....................................................................... Market-based PCE excluding food and energy 1 .......................... 107.601 107.622 106.014 108.169 108.397 106.478 108.858 108.910 107.078 109.422 109.757 107.482 109.878 110.929 107.797 110.520 111.632 108.310 111.078 112.051 108.791 111.871 113.240 109.500 112.519 113.926 110.072 113.052 113.456 110.507 113.730 114.472 111.161 114.133 115.755 111.458 Final sales of domestic product ..................................................... Gross domestic purchases ............................................................. Final sales to domestic purchasers ............................................... Gross national product ................................................................... 109.830 109.637 109.660 109.799 110.699 110.622 110.646 110.671 111.770 111.605 111.630 111.736 112.484 112.571 112.602 112.449 113.459 113.846 113.885 113.418 114.446 114.878 114.927 114.391 115.405 115.645 115.687 115.355 116.388 116.850 116.890 116.342 117.065 117.575 117.612 117.022 117.553 117.609 117.636 117.515 118.773 119.570 118.702 119.846 118.727 119.875 118.740 ................ Implicit price deflators: Gross domestic product ............................................................. Final sales of domestic product ................................................ Gross domestic purchases ........................................................ Final sales to domestic purchasers ........................................... Gross national product ............................................................... 109.793 109.823 109.619 109.649 109.786 110.671 110.692 110.612 110.634 110.666 111.726 111.761 111.582 111.618 111.717 112.446 112.475 112.560 112.590 112.442 113.405 113.451 113.828 113.874 113.403 114.389 114.439 114.868 114.918 114.384 115.357 115.399 115.639 115.682 115.350 116.347 116.383 116.848 116.886 116.338 117.026 117.061 117.573 117.610 117.019 117.522 117.550 117.606 117.634 117.511 118.745 119.534 118.770 119.566 118.700 119.840 118.725 119.874 118.736 ................ 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the addenda to table 8 and in appendix table A. See ‘‘Explanatory Note’’ at the end of the tables. Table 7.—Real Gross Domestic Product: Percent Change From Preceding Year 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Gross domestic product (GDP) ................................ 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 3.6 3.1 2.9 Personal consumption expenditures ........................................ 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.6 3.2 3.1 Durable goods ........................................................................... 2.2 –.3 –5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.3 4.9 3.8 Nondurable goods ..................................................................... 2.8 1.6 –.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.5 3.6 3.6 Services ..................................................................................... 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.2 2.7 2.7 Gross private domestic investment .......................................... 4.0 –3.4 –8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 –7.9 –2.6 3.6 9.7 5.6 2.7 Fixed investment ....................................................................... 3.0 –2.1 –6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 –3.0 –5.2 3.4 7.3 6.9 2.4 Nonresidential ....................................................................... 5.6 .5 –5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 –4.2 –9.2 1.0 5.8 7.1 6.6 Structures .......................................................................... 2.0 1.5 –11.1 –6.0 –.7 1.8 6.4 5.6 7.3 5.1 –.4 6.8 –2.3 –17.1 –4.1 1.3 .5 8.4 Equipment and software .................................................. 7.3 0 –2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 –4.9 –6.2 2.8 7.4 9.6 5.9 Residential ............................................................................. –3.0 –8.6 –9.6 13.8 8.2 9.6 –3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.0 6.6 –4.6 Change in private inventories ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services .......................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports ....................................................................................... 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 –5.4 –2.3 1.3 9.7 6.9 8.4 Goods .................................................................................... 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 –6.1 –4.0 1.8 9.0 7.5 9.9 Services ................................................................................. 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 –3.7 1.9 0 11.5 5.4 4.8 Imports ....................................................................................... 4.4 3.6 –.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 –2.7 3.4 4.1 11.3 5.9 5.9 Goods .................................................................................... 4.3 3.0 –.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 –3.2 3.7 4.9 11.3 6.6 6.0 Services ................................................................................. 4.9 6.5 –2.6 –2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 –.3 2.1 0 11.5 2.3 5.2 Government consumption expenditures and gross investment ................................................................................ 2.6 3.2 1.1 .5 –.9 0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.4 .7 1.8 Federal ....................................................................................... 1.5 2.0 –.2 –1.7 –4.2 –3.7 –2.7 –1.2 –1.0 –1.1 2.2 .9 3.9 7.0 6.8 4.2 1.5 2.2 National defense ................................................................... –.5 0 –1.1 –5.0 –5.6 –4.9 –3.8 –1.4 –2.8 –2.1 1.9 –.5 3.9 7.4 8.7 5.8 1.5 1.9 Nondefense ........................................................................... 8.3 8.3 2.4 6.9 –.7 –1.2 –.4 –.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.1 1.3 2.8 State and local .......................................................................... 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 –.2 .3 1.6 Addenda: Final sales of domestic product ............................................... 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.3 3.3 2.8 Gross domestic purchases ....................................................... 3.0 1.4 –.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.1 3.1 2.8 Final sales to domestic purchasers .......................................... 2.8 1.6 –.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 3.8 3.3 2.7 Gross national product .............................................................. 3.5 2.0 –.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.0 2.8 Real disposable personal income ............................................ 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.7 3.1 Price indexes: Gross domestic purchases ................................................... 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.7 3.3 Gross domestic purchases excluding food and energy ...... 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 3.1 2.9 GDP ....................................................................................... 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2 GDP excluding food and energy .......................................... 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.2 3.1 Personal consumption expenditures .................................... 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 Table 8.—Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2003 I II 2004 III IV I II 2005 III IV I II 2006 III IV I II 2007 III IV I II Gross domestic product (GDP) ................................ 1.5 1.8 3.1 3.7 4.1 4.1 3.2 3.1 3.2 3.0 3.2 2.9 3.3 3.2 2.4 2.6 1.5 1.8 Personal consumption expenditures (PCE) ............................. 2.0 2.3 3.2 3.4 4.0 3.7 3.2 3.7 3.1 3.4 3.5 2.8 3.3 3.0 2.7 3.4 3.2 2.9 Durable goods ........................................................................... 2.4 5.5 6.7 8.3 9.8 6.1 4.0 5.6 4.7 7.0 6.6 1.2 4.6 2.1 2.0 6.6 4.7 5.0 Nondurable goods ..................................................................... 2.3 2.5 4.3 3.9 4.1 3.9 2.8 3.5 3.3 3.8 3.6 3.6 3.8 3.5 3.7 3.6 3.2 2.4 Services ..................................................................................... 1.8 1.6 2.0 2.2 2.9 3.2 3.2 3.3 2.8 2.5 2.9 2.7 2.7 3.0 2.4 2.6 2.9 2.7 Gross private domestic investment .......................................... 1.3 1.6 4.4 7.0 7.9 12.2 9.8 9.1 9.9 3.8 3.6 5.3 5.0 6.2 3.4 –3.6 –6.6 –6.0 Fixed investment ....................................................................... –1.0 1.9 5.4 7.2 7.3 7.8 6.8 7.2 8.3 7.1 6.8 5.5 6.5 4.0 .8 –1.6 –4.5 –3.6 Nonresidential ....................................................................... –3.9 .1 2.9 4.9 4.9 4.9 5.6 7.5 9.1 7.7 6.8 5.1 7.5 7.3 6.4 5.2 2.5 3.4 Structures .......................................................................... –11.9 –3.9 .1 .2 2.0 0 1.1 2.3 2.9 1.0 –1.6 –.3 2.7 7.1 11.6 12.3 10.2 11.5 Equipment and software .................................................. –.9 1.5 3.9 6.6 6.0 6.7 7.3 9.4 11.4 10.1 9.9 7.1 9.4 7.4 4.6 2.5 –.5 .1 Residential ............................................................................. 5.5 5.7 10.6 11.7 11.6 13.2 8.8 6.7 7.0 6.2 6.9 6.4 4.8 –1.5 –8.5 –12.8 –16.5 –15.9 Change in private inventories ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services .......................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports ....................................................................................... 1.1 –1.9 .1 5.8 9.8 12.0 9.9 7.4 6.4 7.1 6.9 7.0 8.4 7.4 8.4 9.3 6.6 6.8 Goods .................................................................................... 2.0 –1.6 –.1 7.1 8.4 10.7 10.0 7.0 6.6 8.1 7.0 8.3 10.7 9.0 10.4 9.7 6.1 5.9 Services ................................................................................. –1.0 –2.4 .5 3.0 13.0 15.3 9.8 8.3 6.0 4.9 6.6 4.1 3.2 3.9 3.8 8.3 7.9 8.8 Imports ....................................................................................... 5.3 3.3 2.8 4.8 9.3 12.1 12.4 11.5 8.8 5.3 4.6 5.1 6.3 6.4 7.2 3.7 2.9 2.0 Goods .................................................................................... 6.4 4.7 3.2 5.3 9.3 11.3 12.6 11.9 9.8 5.9 5.2 5.8 6.6 6.7 7.6 3.2 2.7 1.8 Services ................................................................................. .1 –3.3 1.0 2.2 9.2 16.4 11.5 9.3 4.3 1.9 1.5 1.4 4.7 4.8 5.2 6.1 4.3 3.3 Government consumption expenditures and gross investment ................................................................................ 2.6 2.9 2.7 1.7 2.5 1.3 1.3 .7 .6 .6 .9 .9 1.8 1.8 1.2 2.5 1.2 2.0 Federal ....................................................................................... 6.3 8.0 7.3 5.5 7.1 3.0 4.4 2.4 1.6 1.2 1.8 1.3 2.7 2.1 .3 3.7 0 2.0 National defense ................................................................... 6.3 11.7 9.1 7.5 10.8 3.1 7.2 2.5 1.7 1.8 1.6 1.1 1.6 1.5 –1.3 5.9 1.2 3.0 Nondefense ........................................................................... 6.5 1.3 4.0 1.9 .3 2.8 –.9 2.3 1.5 –.1 2.1 1.9 5.0 3.4 3.4 –.7 –2.5 .1 State and local .......................................................................... .7 .2 .3 –.4 –.1 .3 –.5 –.4 0 .2 .5 .7 1.3 1.5 1.7 1.8 1.9 2.0 Addenda: Final sales of domestic product ............................................... 1.1 1.8 3.2 3.7 4.0 3.5 2.7 2.8 2.9 3.5 3.7 2.9 3.5 2.8 1.9 3.0 1.9 2.2 Gross domestic purchases ....................................................... 2.0 2.3 3.3 3.6 4.3 4.5 3.8 3.9 3.7 2.9 3.1 2.8 3.3 3.3 2.5 2.1 1.2 1.3 Final sales to domestic purchasers .......................................... 1.7 2.4 3.4 3.7 4.2 3.9 3.3 3.6 3.4 3.4 3.5 2.9 3.5 2.9 2.1 2.4 1.6 1.7 Gross national product .............................................................. 1.6 2.2 3.3 3.9 4.6 4.2 3.4 2.9 2.9 2.9 3.2 2.8 3.2 3.2 2.0 2.7 1.5 .......... Real disposable personal income ............................................ .6 1.3 3.3 3.7 4.2 3.5 2.7 4.1 2.3 2.3 1.3 1.1 3.1 2.6 3.3 3.2 3.5 3.2 Price indexes: Gross domestic purchases ................................................... 2.6 2.1 2.3 2.2 2.2 3.1 3.3 3.7 3.5 3.4 3.8 3.8 3.6 3.8 3.3 2.4 2.6 2.6 Gross domestic purchases excluding food and energy ...... 1.9 1.8 1.9 1.9 2.1 2.7 2.9 3.1 3.2 3.0 3.0 3.1 2.9 3.1 3.0 2.8 2.8 2.4 GDP ....................................................................................... 2.1 2.1 2.2 2.2 2.3 2.9 3.0 3.2 3.3 3.0 3.3 3.4 3.2 3.5 3.2 2.7 2.9 2.7 GDP excluding food and energy .......................................... 2.0 1.9 1.9 1.9 2.1 2.7 2.9 3.2 3.3 3.1 3.2 3.3 3.1 3.3 3.2 2.9 2.9 2.5 PCE ....................................................................................... 2.3 1.8 1.9 1.9 2.0 2.8 2.7 3.1 2.8 2.6 3.2 3.2 3.1 3.3 2.9 1.9 2.3 2.3 PCE excluding food and energy .......................................... 1.5 1.4 1.3 1.4 1.8 2.1 2.1 2.2 2.3 2.1 2.1 2.2 2.0 2.2 2.4 2.3 2.4 2.0 Market-based PCE 1 ............................................................. 2.3 1.7 1.8 1.6 1.6 2.4 2.3 2.8 2.4 2.4 3.1 3.0 2.9 3.2 2.7 1.6 2.2 2.2 Market-based PCE excluding food and energy 1 ................ 1.3 1.2 1.1 1.0 1.3 1.5 1.4 1.6 1.8 1.7 1.7 1.7 1.6 1.9 2.1 2.0 2.2 1.8 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 9.—Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 I 2004 II III IV I II Gross domestic product .................................................................. 10,960.8 11,685.9 12,433.9 13,194.7 10,705.6 10,831.8 11,086.1 11,219.5 11,405.5 11,610.3 Plus: Income receipts from the rest of the world .............................. Less: Income payments to the rest of the world .............................. 336.8 280.0 437.5 361.3 544.1 475.6 691.4 633.4 315.6 276.2 323.6 267.0 337.2 283.6 370.8 293.1 407.5 311.3 425.4 352.6 Equals: Gross national product ..................................................... 11,017.6 11,762.1 12,502.4 13,252.7 10,744.9 10,888.4 11,139.8 11,297.3 11,501.7 11,683.1 Less: Consumption of fixed capital .................................................... Less: Statistical discrepancy .............................................................. 1,336.5 48.8 1,436.1 19.1 1,609.5 5.4 1,615.2 –18.1 1,317.0 21.3 1,329.5 21.1 1,342.6 97.9 1,357.0 54.9 1,373.7 38.0 1,394.3 40.8 Equals: National income .................................................................. Compensation of employees .......................................................... Wage and salary accruals ......................................................... Supplements to wages and salaries ......................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................... Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments .......................................................... Net interest and miscellaneous payments .................................... Taxes on production and imports less subsidies .......................... Business current transfer payments .............................................. Current surplus of government enterprises ................................... 9,632.3 6,325.4 5,127.7 1,197.7 10,306.8 6,656.4 5,379.5 1,276.9 10,887.6 7,029.6 5,672.9 1,356.8 11,655.6 7,448.3 6,025.7 1,422.6 9,406.7 6,202.4 5,032.4 1,170.0 9,537.9 6,289.0 5,098.7 1,190.3 9,699.3 6,365.8 5,159.3 1,206.6 9,885.4 6,444.3 5,220.4 1,223.9 10,090.0 6,505.6 5,257.4 1,248.2 10,248.0 6,596.7 5,329.7 1,266.9 811.3 133.0 911.6 118.4 969.9 42.9 1,006.7 54.5 779.1 137.4 801.6 130.5 823.5 116.3 840.8 147.6 879.3 140.4 908.7 126.0 993.1 524.7 759.3 83.8 1.7 1,231.2 491.2 819.2 83.0 –4.2 1,372.8 558.0 863.1 66.5 –15.1 1,553.7 598.5 917.6 90.2 –13.9 923.6 529.1 745.5 84.1 5.4 956.2 529.6 744.6 83.8 2.5 1,016.2 526.4 766.4 84.1 .5 1,076.5 513.7 780.7 83.3 –1.5 1,184.0 497.3 801.1 84.8 –2.5 1,227.4 491.8 814.2 86.6 –3.3 10,912.0 11,666.8 12,428.6 13,212.8 10,684.3 10,810.8 10,988.2 11,164.7 11,367.5 11,569.5 Addendum: Gross domestic income .................................................................. Seasonally adjusted at annual rates 2004 2005 2006 2007 III IV I II III IV I II III IV I II Gross domestic product .................................................................. 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,755.9 Plus: Income receipts from the rest of the world .............................. Less: Income payments to the rest of the world .............................. 446.5 363.5 470.6 417.9 499.1 429.0 523.3 455.6 558.1 471.2 595.9 546.3 633.3 570.4 688.9 625.0 709.7 664.7 733.8 673.7 752.2 ................ 689.0 ................ Equals: Gross national product ...................................................... 11,862.3 12,001.1 12,224.0 12,385.1 12,645.7 12,755.0 13,027.5 13,218.9 13,311.9 13,452.4 13,615.1 ................ Less: Consumption of fixed capital .................................................... Less: Statistical discrepancy ............................................................... 1,534.5 10.0 1,442.0 –12.2 1,466.6 –11.1 1,492.4 –10.3 1,903.9 27.2 1,574.9 15.7 1,574.8 –20.9 1,602.8 –2.6 1,628.8 –2.5 1,654.4 –46.6 1,670.9 1,686.6 –35.5 ................ Equals: National income .................................................................. Compensation of employees .......................................................... Wage and salary accruals ......................................................... Supplements to wages and salaries ......................................... Proprietors’ income with inventory valuation and capital consumption adjustments ........................................................... Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments ........................................................... Net interest and miscellaneous payments ..................................... Taxes on production and imports less subsidies .......................... Business current transfer payments .............................................. Current surplus of government enterprises ................................... 10,317.8 6,709.7 5,422.8 1,286.9 10,571.3 6,813.6 5,508.1 1,305.5 10,768.5 6,890.5 5,559.1 1,331.3 10,903.0 6,961.3 5,614.0 1,347.2 10,714.6 7,088.5 5,720.4 1,368.1 11,164.5 7,178.3 5,797.9 1,380.4 11,473.6 7,328.7 5,925.6 1,403.1 11,618.7 7,371.9 5,958.4 1,413.5 11,685.6 7,442.5 6,015.8 1,426.7 11,844.6 7,649.9 6,203.0 1,446.9 11,979.7 ................ 7,734.1 7,842.3 6,261.4 6,355.6 1,472.7 1,486.7 914.1 105.5 944.4 101.7 948.8 87.6 971.1 74.5 967.1 –49.8 992.6 59.3 1,000.1 59.0 1,013.5 55.4 1,003.6 52.9 1,009.8 50.9 1,027.4 53.2 1,218.7 483.9 823.6 67.0 –4.7 1,294.8 491.8 837.9 93.6 –6.5 1,376.7 534.0 845.1 94.3 –8.5 1,404.0 546.7 859.7 96.1 –10.4 1,297.9 568.5 870.4 –.3 –27.7 1,412.5 583.0 877.0 75.8 –13.9 1,515.5 592.9 900.1 89.1 –11.7 1,575.5 611.0 916.2 88.6 –13.4 1,592.5 594.2 922.9 91.4 –14.5 1,531.2 596.0 931.1 91.8 –16.0 1,547.7 ................ 599.6 599.4 943.8 954.7 91.8 92.5 –17.8 –15.2 11,769.4 11,960.6 12,165.1 12,327.7 12,531.6 12,689.8 12,985.5 13,157.5 13,269.4 13,438.9 13,587.4 ................ Addendum: Gross domestic income .................................................................. 1,035.1 58.4 Table 10.—Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 I Personal income 1 2004 II III IV I II ............................................................................. 9,163.6 9,727.2 10,301.1 10,983.4 8,998.2 9,111.3 9,203.6 9,341.3 9,482.8 9,629.6 Compensation of employees, received ......................................... Wage and salary disbursements ............................................... Supplements to wages and salaries ......................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................... Farm ........................................................................................... Nonfarm ...................................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets ............................................. Personal interest income ........................................................... Personal dividend income .......................................................... Personal current transfer receipts ................................................. 6,310.4 5,112.7 1,197.7 6,671.4 5,394.5 1,276.9 7,024.6 5,667.9 1,356.8 7,440.8 6,018.2 1,422.6 6,191.0 5,021.0 1,170.0 6,275.4 5,085.1 1,190.3 6,340.8 5,134.3 1,206.6 6,434.3 5,210.4 1,223.9 6,509.1 5,260.9 1,248.2 6,618.2 5,351.2 1,266.9 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 911.6 37.3 874.3 118.4 1,432.1 895.1 537.0 1,422.5 969.9 30.8 939.1 42.9 1,617.8 1,018.9 598.9 1,520.7 1,006.7 19.4 987.4 54.5 1,796.5 1,100.2 696.3 1,612.5 779.1 21.8 757.4 137.4 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 1,344.0 823.5 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 1,367.6 879.3 40.3 839.1 140.4 1,359.8 888.1 471.8 1,404.9 908.7 39.6 869.1 126.0 1,384.4 885.9 498.5 1,415.3 Less: Contributions for government social insurance ................... 778.6 828.8 874.8 927.6 765.4 775.0 782.1 791.9 810.8 822.9 Less: Personal current taxes ............................................................. 1,001.1 1,046.3 1,209.1 1,354.3 1,022.7 1,023.7 942.6 1,015.4 1,008.1 1,024.5 Equals: Disposable personal income ............................................ 8,162.5 8,680.9 9,092.0 9,629.1 7,975.5 8,087.6 8,261.0 8,326.0 8,474.7 8,605.1 Less: Personal outlays ....................................................................... 7,987.7 8,499.2 9,047.4 9,590.3 7,826.4 7,913.7 8,067.0 8,143.5 8,299.5 8,432.9 Equals: Personal saving .................................................................. 174.9 181.7 44.6 38.8 149.1 173.9 194.0 182.5 175.1 172.2 Personal saving as a percentage of disposable personal income 2.1 2.1 .5 .4 1.9 2.2 2.3 2.2 2.1 2.0 Addendum: Disposable personal income, billions of chained (2000) dollars 2 7,729.9 8,008.9 8,147.9 8,396.9 7,591.7 7,685.7 7,804.8 7,837.3 7,908.7 7,955.1 Seasonally adjusted at annual rates 2004 III Personal income 1 2005 2006 2007 IV I II III IV I II III IV I II ............................................................................. 9,770.9 10,025.5 10,074.1 10,234.1 10,328.6 10,567.4 10,787.1 10,915.5 11,030.9 11,200.2 11,484.1 11,598.4 Compensation of employees, received .......................................... Wage and salary disbursements ............................................... Supplements to wages and salaries ......................................... Proprietors’ income with inventory valuation and capital consumption adjustments ........................................................... Farm ............................................................................................ Nonfarm ...................................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .............................................. Personal interest income ........................................................... Personal dividend income .......................................................... Personal current transfer receipts .................................................. 6,734.7 5,447.8 1,286.9 6,823.6 5,518.1 1,305.5 6,890.5 5,559.1 1,331.3 6,961.3 5,614.0 1,347.2 7,088.5 5,720.4 1,368.1 7,158.3 5,777.9 1,380.4 7,348.7 5,945.6 1,403.1 7,371.9 5,958.4 1,413.5 7,442.5 6,015.8 1,426.7 7,599.9 6,153.0 1,446.9 7,784.1 6,311.4 1,472.7 7,842.3 6,355.6 1,486.7 914.1 33.0 881.1 105.5 1,420.1 894.0 526.1 1,432.7 944.4 36.5 908.0 101.7 1,564.1 912.3 651.8 1,437.1 948.8 30.1 918.6 87.6 1,527.6 964.0 563.6 1,480.6 971.1 34.0 937.1 74.5 1,590.0 1,004.4 585.7 1,505.2 967.1 30.9 936.2 –49.8 1,643.9 1,033.8 610.1 1,560.6 992.6 28.2 964.4 59.3 1,709.5 1,073.3 636.2 1,536.2 1,000.1 20.8 979.3 59.0 1,725.6 1,065.7 659.9 1,572.5 1,013.5 14.6 998.9 55.4 1,795.7 1,112.7 682.9 1,599.1 1,003.6 18.1 985.5 52.9 1,828.1 1,119.7 708.4 1,630.6 1,009.8 23.9 985.8 50.9 1,836.6 1,102.8 733.8 1,647.7 1,027.4 29.1 998.3 53.2 1,882.9 1,126.1 756.8 1,710.7 1,035.1 25.7 1,009.4 58.4 1,924.7 1,143.1 781.6 1,717.1 Less: Contributions for government social insurance ................... 836.1 845.5 861.0 867.9 881.7 888.5 918.8 920.1 926.8 944.6 974.1 979.3 Less: Personal current taxes .............................................................. 1,062.1 1,090.7 1,166.4 1,195.5 1,223.5 1,251.0 1,318.6 1,342.6 1,355.2 1,401.0 1,459.0 1,486.7 Equals: Disposable personal income ............................................. 8,708.9 8,934.8 8,907.7 9,038.6 9,105.1 9,316.4 9,468.5 9,572.9 9,675.8 9,799.2 10,025.1 10,111.7 Less: Personal outlays ........................................................................ 8,553.7 8,710.6 8,819.0 8,970.8 9,153.9 9,245.7 9,384.0 9,542.9 9,677.1 9,757.2 9,917.5 10,055.8 Equals: Personal saving .................................................................. 155.2 224.2 88.7 67.8 –48.8 70.8 84.5 30.0 –1.4 42.0 107.6 55.9 Personal saving as a percentage of disposable personal income 1.8 2.5 1.0 .8 –.5 .8 .9 .3 .4 1.1 .6 Addendum: Disposable personal income, billions of chained (2000) dollars 2 8,012.2 8,158.8 8,089.8 8,140.9 8,115.4 8,246.0 8,344.2 8,348.6 8,510.7 8,633.0 8,616.1 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government 0 8,384.5 enterprises, and wage accruals less disbursements, plus personal income receipts on assets and personal current transfer receipts. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 11A.—Corporate Profits [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 I II 2004 III IV I II Corporate profits with inventory valuation and capital consumption adjustments ............................................................................................. 993.1 1,231.2 1,372.8 1,553.7 923.6 956.2 1,016.2 1,076.5 1,184.0 1,227.4 Less: Taxes on corporate income ............................................................... 243.3 307.4 392.9 453.9 234.1 228.9 245.5 264.7 282.5 307.1 Equals: Profits after tax with inventory valuation and capital consumption adjustments ..................................................................... Net dividends ............................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments .......................................................................................... 749.9 424.7 923.9 539.5 979.9 601.4 1,099.8 698.9 689.5 411.7 727.4 417.4 770.7 427.1 811.8 442.8 901.5 473.9 920.3 500.7 325.1 384.4 378.6 400.9 277.8 310.0 343.6 369.0 427.7 419.6 Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ......................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ................................................................ Consumption of fixed capital ............................................................... 1,084.9 1,181.5 1,235.4 1,290.9 1,030.0 1,067.0 1,105.9 1,136.9 1,201.5 1,200.8 325.1 759.8 384.4 797.1 378.6 856.8 400.9 890.0 277.8 752.1 310.0 757.0 343.6 762.3 369.0 767.9 427.7 773.8 419.6 781.2 Less: Inventory valuation adjustment ...................................................... –13.6 –43.1 –36.2 –36.3 –25.8 –3.3 –5.3 –19.9 –33.7 –51.9 Equals: Net cash flow ............................................................................ 1,098.5 1,224.6 1,271.6 1,327.2 1,055.8 1,070.3 1,111.2 1,156.8 1,235.1 1,252.7 908.1 1,204.7 1,579.6 1,805.8 859.4 851.1 918.3 1,003.5 1,128.3 1,199.6 664.8 –13.6 98.7 897.3 –43.1 69.7 1,186.7 –36.2 –170.6 1,351.9 –36.3 –215.8 625.3 –25.8 90.0 622.2 –3.3 108.4 672.7 –5.3 103.3 738.9 –19.9 92.9 845.8 –33.7 89.4 892.5 –51.9 79.7 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 .............................................................. Seasonally adjusted at annual rates 2004 III 2005 IV I II 2006 III IV I II 2007 III IV I Corporate profits with inventory valuation and capital consumption adjustments ............................................................................................. 1,218.7 1,294.8 1,376.7 1,404.0 1,297.9 1,412.5 1,515.5 1,575.5 1,592.5 1,531.2 1,547.7 Less: Taxes on corporate income ................................................................ 302.5 337.3 389.0 393.8 373.1 415.6 432.8 460.0 470.4 452.4 452.5 Equals: Profits after tax with inventory valuation and capital consumption adjustments ..................................................................... Net dividends ............................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments .......................................................................................... 916.2 528.5 957.4 654.8 987.7 566.0 1,010.3 588.1 924.8 612.6 996.8 638.7 1,082.6 662.5 1,115.6 685.6 1,122.1 711.1 1,078.8 736.4 1,095.2 759.4 387.7 302.6 421.7 422.2 312.2 358.1 420.2 430.0 411.1 342.4 335.8 Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ......................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ................................................................ Consumption of fixed capital ............................................................... 1,220.7 1,103.1 1,234.0 1,247.2 1,239.9 1,220.4 1,289.9 1,314.2 1,308.3 1,251.3 1,251.5 387.7 833.0 302.6 800.4 421.7 812.2 422.2 825.1 312.2 927.7 358.1 862.3 420.2 869.7 430.0 884.2 411.1 897.3 342.4 908.9 335.8 915.7 Less: Inventory valuation adjustment ...................................................... –39.6 –47.2 –45.3 –19.4 –32.9 –47.0 –31.4 –57.7 –35.2 –21.0 –40.2 Equals: Net cash flow ............................................................................ 1,260.3 1,150.2 1,279.3 1,266.6 1,272.8 1,267.5 1,321.2 1,371.9 1,343.6 1,272.2 1,291.7 1,199.3 1,291.5 1,558.3 1,578.7 1,528.3 1,653.0 1,740.2 1,842.3 1,851.4 1,789.2 1,815.8 896.7 –39.6 59.0 954.2 –47.2 50.5 1,169.4 –45.3 –136.3 1,184.9 –19.4 –155.2 1,155.2 –32.9 –197.5 1,237.3 –47.0 –193.5 1,307.3 –31.4 –193.3 1,382.4 –57.7 –209.1 1,381.0 –35.2 –223.7 1,336.8 –21.0 –237.0 1,363.3 –40.2 –227.9 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 .............................................................. Table 11B.—Corporate Profits: Percent Change From Preceding Period Quarterly rates 2003 2004 2005 2006 2003 I II 2004 III IV I II Corporate profits with inventory valuation and capital consumption adjustments ............................................................................................................ 12.1 24.0 11.5 13.2 –3.4 3.5 6.3 5.9 10.0 3.7 Less: Taxes on corporate income .............................................................................. 26.3 26.3 27.8 15.5 11.4 –2.2 7.3 7.8 6.7 8.7 Equals: Profits after tax with inventory valuation and capital consumption adjustments ............................................................................................................ Net dividends ........................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ......................................................................................................... 8.1 6.4 23.2 27.0 6.1 11.5 12.2 16.2 –7.6 –.1 5.5 1.4 6.0 2.3 5.3 3.7 11.1 7.0 2.1 5.7 10.4 18.2 –1.5 5.9 –16.8 11.6 10.9 7.4 15.9 –1.9 Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ........................................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments ..................................................................................................... Consumption of fixed capital .............................................................................. 4.7 8.9 4.6 4.5 –4.4 3.6 3.6 2.8 5.7 –.1 10.4 2.4 18.2 4.9 –1.5 7.5 5.9 3.9 –16.8 1.2 11.6 .6 10.9 .7 7.4 .7 15.9 .8 –1.9 1.0 Less: Inventory valuation adjustment ..................................................................... ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Equals: Net cash flow ........................................................................................... 5.7 11.5 3.8 4.4 –2.8 1.4 3.8 4.1 6.8 1.4 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ........................................................................................................ 18.2 32.7 31.1 14.3 .9 –1.0 7.9 9.3 12.4 6.3 Profits after tax (without inventory valuation and capital consumption adjustments) ........................................................................................................ 15.5 35.0 32.2 13.9 –2.5 –.5 8.1 9.8 14.5 5.5 Inventory valuation adjustment ............................................................................... ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Capital consumption adjustment ............................................................................. ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Quarterly rates 2004 III 2005 IV I II 2006 III IV I II 2007 III IV I Corporate profits with inventory valuation and capital consumption adjustments ............................................................................................................ –0.7 6.2 6.3 2.0 –7.6 8.8 7.3 4.0 1.1 –3.8 1.1 Less: Taxes on corporate income .............................................................................. –1.5 11.5 15.3 1.2 –5.3 11.4 4.1 6.3 2.3 –3.8 0 Equals: Profits after tax with inventory valuation and capital consumption adjustments ............................................................................................................ Net dividends ........................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ......................................................................................................... –.4 5.5 4.5 23.9 3.2 –13.6 2.3 3.9 –8.5 4.2 7.8 4.3 8.6 3.7 3.0 3.5 .6 3.7 –3.9 3.6 1.5 3.1 –7.6 –21.9 39.3 .1 –26.0 14.7 17.3 2.3 –4.4 –16.7 –1.9 Cash flow: Net cash flow with inventory valuation and capital consumption adjustments ........................................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments ..................................................................................................... Consumption of fixed capital .............................................................................. 1.7 –9.6 11.9 1.1 –.6 –1.6 5.7 1.9 –.4 –4.4 0 –7.6 6.6 –21.9 –3.9 39.3 1.5 .1 1.6 –26.0 12.4 14.7 –7.1 17.3 .9 2.3 1.7 –4.4 1.5 –16.7 1.3 –1.9 .7 Less: Inventory valuation adjustment ..................................................................... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... Equals: Net cash flow ........................................................................................... .6 –8.7 11.2 –1.0 .5 –.4 4.2 3.8 –2.1 –5.3 1.5 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ........................................................................................................ 0 7.7 20.7 1.3 –3.2 8.2 5.3 5.9 .5 –3.4 1.5 Profits after tax (without inventory valuation and capital consumption adjustments) ........................................................................................................ .5 6.4 22.6 1.3 –2.5 7.1 5.7 5.7 –.1 –3.2 2.0 Inventory valuation adjustment ............................................................................... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... Capital consumption adjustment ............................................................................. ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... Table 12A.—Corporate Profits by Industry [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 I Corporate profits with inventory valuation and capital consumption adjustments .................................................. Domestic industries .......................................................................... Financial .......................................................................................... Nonfinancial .................................................................................... Rest of the world .............................................................................. Receipts from the rest of the world ............................................... Less: Payments to the rest of the world ....................................... Corporate profits with inventory valuation adjustment ...... Domestic industries .......................................................................... Financial .......................................................................................... Federal Reserve banks .............................................................. Other financial ............................................................................ Nonfinancial .................................................................................... Utilities ........................................................................................ Manufacturing ............................................................................. Durable goods ....................................................................... Fabricated metal products ................................................ Machinery .......................................................................... Computer and electronic products .................................... Electrical equipment, appliances, and components ......... Motor vehicles, bodies and trailers, and parts ................. Other durable goods ......................................................... Nondurable goods ................................................................. Food and beverage and tobacco products ...................... Petroleum and coal products ............................................ Chemical products ............................................................. Other nondurable goods ................................................... Wholesale trade ......................................................................... Retail trade ................................................................................. Transportation and warehousing ............................................... Information .................................................................................. Other nonfinancial ...................................................................... Rest of the world .............................................................................. 993.1 827.7 335.6 492.1 165.5 249.1 83.6 894.5 729.0 317.3 20.1 297.2 411.8 11.6 76.0 –5.9 7.9 1.5 –15.6 2.1 –12.3 10.5 81.9 23.6 23.3 19.5 15.5 55.2 86.8 7.3 3.2 171.7 165.5 1,231.2 1,037.8 356.2 681.6 193.4 316.4 123.0 1,161.6 968.2 348.9 20.0 328.9 619.3 18.6 152.7 38.3 11.9 7.2 –4.9 .3 –7.6 31.3 114.5 24.2 48.9 25.4 16.0 79.2 91.1 14.1 43.9 219.7 193.4 1,372.8 1,154.6 405.5 749.1 218.2 358.7 140.6 1,543.4 1,325.2 423.6 26.6 397.1 901.6 28.4 251.2 85.1 17.3 16.0 10.1 –3.7 .1 45.3 166.0 27.8 89.8 29.7 18.7 95.2 114.4 28.2 74.8 309.5 218.2 1,553.7 1,296.4 482.2 814.3 257.3 419.8 162.5 1,769.5 1,512.2 505.3 33.8 471.4 1,006.9 35.7 293.4 95.9 20.3 19.3 7.7 –1.9 –1.1 51.7 197.5 29.2 110.4 37.6 20.3 97.0 124.5 41.9 85.4 329.0 257.3 II 923.6 774.4 321.0 453.4 149.2 229.5 80.3 833.6 684.4 301.6 21.8 279.8 382.8 11.5 63.6 –6.8 7.1 –.3 –20.5 1.6 –6.0 11.5 70.3 20.6 18.2 17.2 14.3 47.3 80.9 3.5 –5.1 181.0 149.2 956.2 797.3 327.5 469.8 158.9 236.3 77.4 847.8 688.9 307.3 20.8 286.5 381.6 10.5 55.2 –13.3 8.8 1.6 –19.0 1.9 –13.5 6.9 68.6 23.6 15.0 17.5 12.4 47.2 89.7 8.6 1.8 168.7 158.9 2004 III IV I 1,016.2 853.1 344.6 508.6 163.1 250.3 87.2 912.9 749.8 326.4 19.5 306.9 423.5 11.0 77.0 –11.6 6.9 1.4 –16.4 2.3 –15.5 9.7 88.6 23.1 26.9 22.1 16.5 61.0 89.5 8.0 11.3 165.7 163.1 1,076.5 885.9 349.2 536.6 190.6 280.2 89.5 983.6 793.0 333.8 18.2 315.5 459.2 13.2 108.2 8.1 9.1 3.4 –6.5 2.6 –14.1 13.7 100.1 27.0 33.3 21.0 18.8 65.4 87.3 9.0 4.8 171.2 190.6 II 1,184.0 982.1 358.8 623.3 201.9 303.3 101.3 1,094.6 892.7 347.3 19.0 328.3 545.4 15.2 134.2 27.5 9.5 5.0 –6.3 2.0 –1.0 18.3 106.7 26.6 41.4 20.6 18.1 69.0 96.2 13.9 13.1 203.8 201.9 1,227.4 1,039.6 358.7 681.0 187.7 313.4 125.7 1,147.7 959.9 350.2 19.1 331.1 609.7 17.8 148.3 37.2 11.6 6.5 –5.7 1.9 –9.0 31.8 111.1 22.9 46.6 26.5 15.1 79.6 91.1 20.0 45.7 207.1 187.7 Seasonally adjusted at annual rates 2004 III Corporate profits with inventory valuation and capital consumption adjustments .................................................. Domestic industries .......................................................................... Financial .......................................................................................... Nonfinancial .................................................................................... Rest of the world .............................................................................. Receipts from the rest of the world .............................................. Less: Payments to the rest of the world ....................................... Corporate profits with inventory valuation adjustment ...... Domestic industries .......................................................................... Financial .......................................................................................... Federal Reserve banks .............................................................. Other financial ............................................................................ Nonfinancial .................................................................................... Utilities ........................................................................................ Manufacturing ............................................................................. Durable goods ....................................................................... Fabricated metal products ................................................ Machinery .......................................................................... Computer and electronic products ................................... Electrical equipment, appliances, and components ......... Motor vehicles, bodies and trailers, and parts ................ Other durable goods ......................................................... Nondurable goods ................................................................. Food and beverage and tobacco products ...................... Petroleum and coal products ............................................ Chemical products ............................................................. Other nondurable goods ................................................... Wholesale trade ......................................................................... Retail trade ................................................................................. Transportation and warehousing ............................................... Information .................................................................................. Other nonfinancial ...................................................................... Rest of the world .............................................................................. 1,218.7 1,013.8 297.5 716.3 205.0 322.3 117.3 1,159.7 954.7 292.4 20.1 272.3 662.4 18.6 158.4 42.8 12.2 9.5 –4.6 –.3 –10.6 36.6 115.6 24.4 40.7 32.6 17.8 91.4 87.7 13.0 64.3 229.0 205.0 2005 IV 1,294.8 1,115.8 409.8 706.0 179.0 326.6 147.6 1,244.3 1,065.4 405.7 21.9 383.8 659.6 22.8 170.0 45.6 14.4 7.9 –2.9 –2.3 –9.9 38.4 124.4 22.6 66.9 21.8 13.1 76.8 89.2 9.6 52.3 239.0 179.0 I 1,376.7 1,172.7 449.3 723.4 204.0 339.8 135.8 1,513.0 1,309.0 464.8 23.1 441.8 844.2 30.2 244.2 80.2 16.3 12.1 5.5 –3.7 2.7 47.3 164.0 28.9 74.9 42.2 18.0 89.0 99.6 25.0 62.2 293.8 204.0 NOTE.—Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). II 1,404.0 1,192.4 412.3 780.2 211.6 349.9 138.3 1,559.3 1,347.6 429.3 25.9 403.3 918.4 30.4 244.9 89.8 17.6 15.2 10.4 –4.3 2.9 47.9 155.1 26.7 81.5 26.2 20.7 107.4 122.6 29.8 74.1 309.4 211.6 2006 III 1,297.9 1,057.5 345.3 712.2 240.4 363.8 123.4 1,495.4 1,255.0 364.8 26.9 338.0 890.2 19.9 252.5 87.0 19.1 17.0 11.7 –3.1 –.9 43.1 165.5 28.0 94.5 24.2 18.8 87.2 108.5 31.1 79.7 311.3 240.4 IV 1,412.5 1,195.9 415.1 780.8 216.6 381.4 164.9 1,605.9 1,389.3 435.6 30.4 405.1 953.8 32.9 263.1 83.7 16.2 19.9 12.8 –3.9 –4.3 42.9 179.4 27.7 108.4 26.1 17.2 97.4 126.9 26.7 83.2 323.6 216.6 I 1,515.5 1,273.4 458.1 815.3 242.1 394.0 151.8 1,708.8 1,466.7 478.7 30.9 447.8 987.9 31.7 276.1 93.0 20.4 20.7 9.8 –3.4 –1.4 47.0 183.1 26.7 102.2 36.5 17.6 93.3 119.4 34.0 85.3 348.1 242.1 II 1,575.5 1,316.1 498.6 817.5 259.4 420.6 161.2 1,784.6 1,525.2 521.0 33.8 487.3 1,004.2 35.3 298.0 81.8 18.9 19.5 7.8 –2.9 –2.8 41.4 216.1 27.9 125.6 41.5 21.2 85.4 119.6 45.9 83.2 336.7 259.4 2007 III 1,592.5 1,342.8 476.3 866.4 249.8 425.9 176.1 1,816.2 1,566.4 500.3 35.9 464.4 1,066.1 37.8 319.5 101.8 19.3 18.3 7.1 –1.6 –1.4 60.1 217.6 30.4 128.7 40.6 17.9 118.1 126.9 47.7 81.5 334.5 249.8 IV 1,531.2 1,253.5 495.6 757.9 277.8 438.7 160.9 1,768.2 1,490.4 521.0 34.8 486.2 969.5 37.8 280.2 107.2 22.5 18.7 6.2 .2 1.3 58.3 173.0 31.8 85.2 31.7 24.3 91.1 132.1 40.0 91.5 296.7 277.8 I 1,547.7 1,249.8 468.7 781.1 297.9 448.7 150.8 1,775.6 1,477.7 493.0 38.5 454.5 984.7 36.4 298.9 113.0 23.3 21.8 9.0 1.3 4.6 52.9 185.9 30.1 94.9 41.0 20.0 97.8 134.3 39.1 109.5 268.7 297.9 Table 12B.—Corporate Profits by Industry: Change From Preceding Period [Billions of dollars] 2003 2003 2004 2005 2004 2006 I II III IV I II Corporate profits with inventory valuation and capital consumption adjustments ............................................. 106.8 238.1 141.6 180.9 –32.5 32.6 60.0 60.3 107.5 43.4 Domestic industries ..................................................................... Financial ..................................................................................... Nonfinancial ............................................................................... 97.2 34.5 62.7 210.1 20.6 189.5 116.8 49.3 67.5 141.8 76.7 65.2 –15.2 23.2 –38.4 22.9 6.5 16.4 55.8 17.1 38.8 32.8 4.6 28.0 96.2 9.6 86.7 57.5 –.1 57.7 Rest of the world ......................................................................... Receipts from the rest of the world ......................................... Less: Payments to the rest of the world .................................. 9.7 44.7 35.0 27.9 67.3 39.4 24.8 42.3 17.6 39.1 61.1 21.9 –17.3 23.3 40.6 9.7 6.8 –2.9 4.2 14.0 9.8 27.5 29.9 2.3 11.3 23.1 11.8 –14.2 10.1 24.4 128.3 267.1 381.8 226.1 –9.1 14.2 65.1 70.7 111.0 53.1 Domestic industries ..................................................................... Financial ..................................................................................... Federal Reserve banks ......................................................... Other financial ....................................................................... Corporate profits with inventory valuation adjustment 118.6 40.9 –3.6 44.5 239.2 31.6 –.1 31.7 357.0 74.7 6.6 68.2 187.0 81.7 7.2 74.3 8.2 26.3 –.6 26.9 4.5 5.7 –1.0 6.7 60.9 19.1 –1.3 20.4 43.2 7.4 –1.3 8.6 99.7 13.5 .8 12.8 67.2 2.9 .1 2.8 Nonfinancial ............................................................................... Utilities ................................................................................... Manufacturing ........................................................................ Durable goods .................................................................. Fabricated metal products ........................................... Machinery ..................................................................... Computer and electronic products ............................... Electrical equipment, appliances, and components .... Motor vehicles, bodies and trailers, and parts ............ Other durable goods .................................................... 77.8 1.0 27.8 4.0 –1.0 –.2 19.7 2.2 –7.3 –9.5 207.5 7.0 76.7 44.2 4.0 5.7 10.7 –1.8 4.7 20.8 282.3 9.8 98.5 46.8 5.4 8.8 15.0 –4.0 7.7 14.0 105.3 7.3 42.2 10.8 3.0 3.3 –2.4 1.8 –1.2 6.4 –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 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 86.2 2.0 26.0 19.4 .4 1.6 .2 –.6 13.1 4.6 64.3 2.6 14.1 9.7 2.1 1.5 .6 –.1 –8.0 13.5 Nondurable goods ............................................................ Food and beverage and tobacco products ................. Petroleum and coal products ....................................... Chemical products ........................................................ Other nondurable goods .............................................. 23.8 –1.3 21.7 1.1 2.3 32.6 .6 25.6 5.9 .5 51.5 3.6 40.9 4.3 2.7 31.5 1.4 20.6 7.9 1.6 5.5 0 17.3 –5.6 –6.2 –1.7 3.0 –3.2 .3 –1.9 20.0 –.5 11.9 4.6 4.1 11.5 3.9 6.4 –1.1 2.3 6.6 –.4 8.1 –.4 –.7 4.4 –3.7 5.2 5.9 –3.0 Wholesale trade .................................................................... Retail trade ............................................................................ Transportation and warehousing .......................................... Information ............................................................................. Other nonfinancial ................................................................. 5.9 7.4 8.2 11.7 15.9 24.0 4.3 6.8 40.7 48.0 16.0 23.3 14.1 30.9 89.8 1.8 10.1 13.7 10.6 19.5 –3.4 –1.2 .1 –7.8 1.8 –.1 8.8 5.1 6.9 –12.3 13.8 –.2 –.6 9.5 –3.0 4.4 –2.2 1.0 –6.5 5.5 3.6 8.9 4.9 8.3 32.6 10.6 –5.1 6.1 32.6 3.3 Rest of the world ......................................................................... 9.7 27.9 24.8 39.1 –17.3 9.7 4.2 27.5 11.3 –14.2 2004 III 2005 IV I II 2006 III IV I II 2007 III IV I Corporate profits with inventory valuation and capital consumption adjustments ............................................. –8.7 76.1 81.9 27.3 –106.1 114.6 103.0 60.0 17.0 –61.3 16.5 Domestic industries ..................................................................... Financial ..................................................................................... Nonfinancial ............................................................................... –25.8 –61.2 35.3 102.0 112.3 –10.3 56.9 39.5 17.4 19.7 –37.0 56.8 –134.9 –67.0 –68.0 138.4 69.8 68.6 77.5 43.0 34.5 42.7 40.5 2.2 26.7 –22.3 48.9 –89.3 19.3 –108.5 –3.7 –26.9 23.2 Rest of the world ......................................................................... Receipts from the rest of the world ......................................... Less: Payments to the rest of the world .................................. 17.3 8.9 –8.4 –26.0 4.3 30.3 25.0 13.2 –11.8 7.6 10.1 2.5 28.8 13.9 –14.9 –23.8 17.6 41.5 25.5 12.6 –13.1 17.3 26.6 9.4 –9.6 5.3 14.9 28.0 12.8 –15.2 20.1 10.0 –10.1 12.0 84.6 268.7 46.3 –63.9 110.5 102.9 75.8 31.6 –48.0 7.4 Domestic industries ..................................................................... Financial ..................................................................................... Federal Reserve banks ......................................................... Other financial ....................................................................... Corporate profits with inventory valuation adjustment –5.2 –57.8 1.0 –58.8 110.7 113.3 1.8 111.5 243.6 59.1 1.2 58.0 38.6 –35.5 2.8 –38.5 –92.6 –64.5 1.0 –65.3 134.3 70.8 3.5 67.1 77.4 43.1 .5 42.7 58.5 42.3 2.9 39.5 41.2 –20.7 2.1 –22.9 –76.0 20.7 –1.1 21.8 –12.7 –28.0 3.7 –31.7 Nonfinancial ............................................................................... Utilities ................................................................................... Manufacturing ........................................................................ Durable goods .................................................................. Fabricated metal products ........................................... Machinery ..................................................................... Computer and electronic products ............................... Electrical equipment, appliances, and components .... Motor vehicles, bodies and trailers, and parts ............ Other durable goods .................................................... 52.7 .8 10.1 5.6 .6 3.0 1.1 –2.2 –1.6 4.8 –2.8 4.2 11.6 2.8 2.2 –1.6 1.7 –2.0 .7 1.8 184.6 7.4 74.2 34.6 1.9 4.2 8.4 –1.4 12.6 8.9 74.2 .2 .7 9.6 1.3 3.1 4.9 –.6 .2 .6 –28.2 –10.5 7.6 –2.8 1.5 1.8 1.3 1.2 –3.8 –4.8 63.6 13.0 10.6 –3.3 –2.9 2.9 1.1 –.8 –3.4 –.2 34.1 –1.2 13.0 9.3 4.2 .8 –3.0 .5 2.9 4.1 16.3 3.6 21.9 –11.2 –1.5 –1.2 –2.0 .5 –1.4 –5.6 61.9 2.5 21.5 20.0 .4 –1.2 –.7 1.3 1.4 18.7 –96.6 0 –39.3 5.4 3.2 .4 –.9 1.8 2.7 –1.8 15.2 –1.4 18.7 5.8 .8 3.1 2.8 1.1 3.3 –5.4 Nondurable goods ............................................................ Food and beverage and tobacco products ................. Petroleum and coal products ....................................... Chemical products ........................................................ Other nondurable goods .............................................. 4.5 1.5 –5.9 6.1 2.7 8.8 –1.8 26.2 –10.8 –4.7 39.6 6.3 8.0 20.4 4.9 –8.9 –2.2 6.6 –16.0 2.7 10.4 1.3 13.0 –2.0 –1.9 13.9 –.3 13.9 1.9 –1.6 3.7 –1.0 –6.2 10.4 .4 33.0 1.2 23.4 5.0 3.6 1.5 2.5 3.1 –.9 –3.3 –44.6 1.4 –43.5 –8.9 6.4 12.9 –1.7 9.7 9.3 –4.3 Wholesale trade .................................................................... Retail trade ............................................................................ Transportation and warehousing .......................................... Information ............................................................................. Other nonfinancial ................................................................. 11.8 –3.4 –7.0 18.6 21.9 –14.6 1.5 –3.4 –12.0 10.0 12.2 10.4 15.4 9.9 54.8 18.4 23.0 4.8 11.9 15.6 –20.2 –14.1 1.3 5.6 1.9 10.2 18.4 –4.4 3.5 12.3 –4.1 –7.5 7.3 2.1 24.5 –7.9 .2 11.9 –2.1 –11.4 32.7 7.3 1.8 –1.7 –2.2 –27.0 5.2 –7.7 10.0 –37.8 6.7 2.2 –.9 18.0 –28.0 Rest of the world ......................................................................... 17.3 –26.0 25.0 7.6 28.8 –23.8 25.5 17.3 –9.6 28.0 20.1 NOTE.—Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). Table 12C.—Revisions to Corporate Profits by Industry Billions of dollars Revised estimates 2004 2005 Revisions as a percentage of previously published Revisions to previously published 2006 2004 2005 2006 2004 2005 2006 Corporate profits with inventory valuation and capital consumption adjustments ........................................................................................................ 1,231.2 1,372.8 1,553.7 48.6 42.1 –62.0 4.1 3.2 –3.8 Domestic industries .......................................................................................... Financial .......................................................................................................... Nonfinancial ..................................................................................................... 1,037.8 356.2 681.6 1,154.6 405.5 749.1 1,296.4 482.2 814.3 31.5 2.5 29.0 20.9 36.1 –15.1 –76.2 8.2 –84.2 3.1 .7 4.4 1.8 9.8 –2.0 –5.6 1.7 –9.4 Rest of the world .............................................................................................. Receipts from the rest of the world ............................................................... Less: Payments to the rest of the world ....................................................... 193.4 316.4 123.0 218.2 358.7 140.6 257.3 419.8 162.5 17.1 14.4 –2.8 21.2 20.7 –.4 14.2 16.0 1.8 9.7 4.8 –2.2 10.8 6.1 –.3 5.8 4.0 1.1 Corporate profits with inventory valuation adjustment ................................... 1,161.6 1,543.4 1,769.5 57.1 57.3 –7.1 5.2 3.9 –.4 Domestic industries .......................................................................................... Financial .......................................................................................................... Federal Reserve banks .............................................................................. Other financial ............................................................................................ 968.2 348.9 20.0 328.9 1,325.2 423.6 26.6 397.1 1,512.2 505.3 33.8 471.4 40.0 4.7 0 4.8 36.1 34.6 0 34.6 –21.2 6.6 0 6.5 4.3 1.4 0 1.5 2.8 8.9 0 9.5 –1.4 1.3 0 1.4 Nonfinancial ..................................................................................................... Utilities ........................................................................................................ Manufacturing ............................................................................................. Durable goods ........................................................................................ Nondurable goods .................................................................................. 619.3 18.6 152.7 38.3 114.5 901.6 28.4 251.2 85.1 166.0 1,006.9 35.7 293.4 95.9 197.5 35.3 2.4 2.5 7.0 –4.4 1.5 –1.9 –3.6 11.3 –15.0 –27.8 –12.9 –18.3 –12.1 –6.2 6.0 14.8 1.7 22.4 –3.7 .2 –6.3 –1.4 15.3 –8.3 –2.7 –26.5 –5.9 –11.2 –3.0 Wholesale trade .......................................................................................... Retail trade ................................................................................................. Transportation and warehousing ................................................................ Information .................................................................................................. Other nonfinancial ...................................................................................... 79.2 91.1 14.1 43.9 219.7 95.2 114.4 28.2 74.8 309.5 97.0 124.5 41.9 85.4 329.0 9.3 1.8 2.3 6.2 10.9 –2.4 .7 7.2 –2.7 4.3 –9.0 –5.6 7.2 –2.3 13.2 13.3 2.0 19.5 16.4 5.2 –2.5 .6 34.3 –3.5 1.4 –8.5 –4.3 20.7 –2.6 4.2 Rest of the world .............................................................................................. 193.4 218.2 257.3 17.1 21.2 14.2 9.7 10.8 5.8 Corporate profits before tax without inventory valuation and capital consumption adjustments ................................................................................ 1,204.7 1,579.6 1,805.8 60.4 60.9 –5.1 5.3 4.0 –.3 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments ..................................................................................................... 923.9 979.9 1,099.8 41.4 48.5 –40.9 4.7 5.2 –3.6 1,181.5 1,235.4 1,290.9 42.3 24.1 –74.0 3.7 2.0 –5.4 384.4 797.1 378.6 856.8 400.9 890.0 41.4 .9 24.1 0 –97.7 23.7 12.1 .1 6.8 0 –19.6 2.7 Net cash flow with inventory valuation and capital consumption adjustments ................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ................................................................................................. Consumption of fixed capital .......................................................................... Less: Inventory valuation adjustment ................................................................. –43.1 –36.2 –36.3 –3.3 –3.6 Equals: Net cash flow ...................................................................................... 1,224.6 1,271.6 1,327.2 45.7 27.7 –1.9 .................... .................... .................... –72.0 3.9 2.2 –5.1 Table 13.—Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 I II 2004 III IV I II 5,907.6 Billions of dollars Gross value added of nonfinancial corporate business .............................................................. 5,558.4 5,956.4 6,319.4 6,689.4 5,443.9 5,501.6 5,603.3 5,684.6 5,778.1 Consumption of fixed capital ........................................................................................................................ 657.5 687.4 742.3 772.8 651.8 655.5 659.3 663.4 667.8 673.7 Net value added .......................................................................................................................................... 4,900.9 5,269.0 5,577.1 5,916.6 4,792.1 4,846.1 4,944.0 5,021.2 5,110.3 5,234.0 Compensation of employees ................................................................................................................... Wage and salary accruals ................................................................................................................... Supplements to wages and salaries ................................................................................................... Taxes on production and imports less subsidies ................................................................................... Net operating surplus ............................................................................................................................... Net interest and miscellaneous payments .......................................................................................... Business current transfer payments .................................................................................................... Corporate profits with inventory valuation and capital consumption adjustments ............................. Taxes on corporate income ............................................................................................................ Profits after tax with inventory valuation and capital consumption adjustments .......................... Net dividends ............................................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ............... 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 3,865.2 3,159.7 705.5 523.9 879.9 138.9 59.3 681.6 191.0 490.7 367.0 123.7 4,078.5 3,334.8 743.6 558.7 940.0 132.5 58.3 749.1 263.4 485.7 199.2 286.5 4,316.7 3,543.8 772.9 584.9 1,015.0 133.2 67.6 814.3 288.2 526.0 448.6 77.4 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 3,727.0 3,040.0 687.0 495.3 721.8 147.2 66.0 508.6 135.8 372.7 292.7 80.0 3,774.5 3,080.0 694.5 502.4 744.2 140.6 66.9 536.6 154.0 382.7 299.6 83.1 3,770.5 3,079.8 690.7 512.5 827.4 140.1 64.0 623.3 173.1 450.2 324.2 126.0 3,826.4 3,126.0 700.4 519.9 887.7 141.7 65.0 681.0 190.0 490.9 312.8 178.1 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 .............................................................................................................. 425.4 289.7 –13.6 80.3 662.4 471.4 –43.1 62.4 937.8 674.4 –36.2 –152.5 1,043.2 755.0 –36.3 –192.7 408.6 279.2 –25.8 70.6 384.9 261.5 –3.3 88.2 428.8 293.0 –5.3 85.1 479.1 325.2 –19.9 77.5 579.0 406.0 –33.7 77.9 661.7 471.6 –51.9 71.2 Billions of chained (2000) dollars Gross value added of nonfinancial corporate business 1 ........................................................... 5,387.5 5,652.3 5,806.6 6,012.1 5,298.6 5,345.0 5,424.6 5,481.9 5,546.9 5,618.5 Consumption of fixed capital 2 ..................................................................................................................... Net value added 3 ......................................................................................................................................... 630.5 4,757.1 651.4 5,001.0 682.4 5,124.2 686.9 5,325.3 626.5 4,672.1 629.2 4,715.8 631.8 4,792.8 634.4 4,847.5 637.3 4,909.6 640.7 4,977.8 1.051 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 .......................... 1.032 1.054 1.088 1.113 1.027 1.029 1.033 1.037 1.042 Compensation of employees (unit labor cost) ........................................................................................ .687 .684 .702 .718 .685 .689 .687 .689 .680 .681 Unit nonlabor cost .................................................................................................................................... Consumption of fixed capital ............................................................................................................... Taxes on production and imports less subsidies plus business current transfer payments ............ Net interest and miscellaneous payments .......................................................................................... .253 .122 .103 .028 .250 .122 .103 .025 .257 .128 .106 .023 .260 .129 .109 .022 .257 .123 .102 .032 .253 .123 .101 .029 .252 .122 .103 .027 .251 .121 .104 .026 .249 .120 .104 .025 .249 .120 .104 .025 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ............................................................................................................................... Taxes on corporate income ................................................................................................................. Profits after tax with inventory valuation and capital consumption adjustments ............................... .091 .025 .066 .121 .034 .087 .129 .045 .084 .135 .048 .087 .086 .024 .061 .088 .023 .065 .094 .025 .069 .098 .028 .070 .112 .031 .081 .121 .034 .087 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chaintype price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE.—Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). Table 13.—Gross Value Added of Nonfinancial Domestic Corporate Business—Continued Seasonally adjusted at annual rates 2004 III 2005 IV I II 2006 III IV 2007 I II III IV I 6,856.9 Billions of dollars Gross value added of nonfinancial corporate business ............................................. 6,038.5 6,101.4 6,170.9 6,291.1 6,349.9 6,465.6 6,594.1 6,639.8 6,739.1 6,784.5 Consumption of fixed capital ....................................................................................................... 717.8 690.3 701.0 712.7 808.4 747.1 754.2 767.6 779.5 789.8 795.7 Net value added ......................................................................................................................... 5,320.7 5,411.1 5,469.9 5,578.4 5,541.5 5,718.6 5,839.9 5,872.2 5,959.6 5,994.7 6,061.2 Compensation of employees ................................................................................................... Wage and salary accruals .................................................................................................. Supplements to wages and salaries .................................................................................. Taxes on production and imports less subsidies ................................................................... Net operating surplus .............................................................................................................. Net interest and miscellaneous payments ......................................................................... Business current transfer payments ................................................................................... Corporate profits with inventory valuation and capital consumption adjustments ............ Taxes on corporate income ........................................................................................... Profits after tax with inventory valuation and capital consumption adjustments ......... Net dividends .............................................................................................................. Undistributed profits with inventory valuation and capital consumption adjustments ............................................................................................................ 3,899.1 3,188.1 711.0 526.3 895.3 138.8 40.2 716.3 201.1 515.2 334.8 3,965.1 3,244.9 720.2 537.0 909.1 135.0 68.1 706.0 199.6 506.4 496.1 3,992.2 3,261.1 731.2 545.3 932.4 135.8 73.2 723.4 250.2 473.2 330.1 4,034.6 3,295.6 739.0 556.3 987.5 132.5 74.9 780.2 260.5 519.6 284.8 4,115.3 3,366.4 748.9 563.7 862.5 131.1 19.2 712.2 261.2 450.9 145.6 4,171.7 3,416.2 755.5 569.4 977.5 130.7 65.9 780.8 281.7 499.1 36.3 4,249.2 3,484.4 764.8 576.1 1,014.6 131.8 67.5 815.3 278.3 537.0 394.0 4,269.2 3,501.0 768.2 583.9 1,019.1 135.0 66.7 817.5 288.8 528.6 405.2 4,306.4 3,532.3 774.1 587.3 1,065.9 132.3 67.2 866.4 300.6 565.8 463.2 4,442.1 3,657.5 784.6 592.1 960.5 133.6 68.9 757.9 285.2 472.7 532.2 4,486.0 3,687.4 798.6 599.7 975.6 136.0 58.5 781.1 298.6 482.5 483.7 180.4 10.3 143.0 234.9 305.4 462.8 143.0 123.5 102.6 –59.5 –1.2 701.9 500.8 –39.6 53.9 706.8 507.2 –47.2 46.4 889.5 639.3 –45.3 –120.8 937.8 677.3 –19.4 –138.2 923.1 661.8 –32.9 –178.0 1,000.8 719.1 –47.0 –173.0 1,019.3 741.1 –31.4 –172.7 1,061.9 773.0 –57.7 –186.7 1,101.4 800.7 –35.2 –199.7 990.4 705.3 –21.0 –211.6 1,024.9 726.3 –40.2 –203.6 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ........ Profits after tax (without inventory valuation and capital consumption adjustments) ........... Inventory valuation adjustment ............................................................................................... Capital consumption adjustment ............................................................................................. Billions of chained (2000) dollars Gross value added of nonfinancial corporate business 1 ........................................... 5,721.3 5,722.6 5,727.5 5,802.8 5,808.3 5,887.8 5,966.9 5,965.7 6,039.7 6,076.2 6,082.4 Consumption of fixed capital 2 .................................................................................................... Net value added 3 ........................................................................................................................ 679.1 5,042.2 648.4 5,074.2 653.5 5,074.0 658.5 5,144.3 740.0 5,068.3 677.5 5,210.2 675.9 5,291.0 683.1 5,282.6 690.4 5,349.2 698.1 5,378.1 701.7 5,380.6 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 ......... 1.055 1.066 1.077 1.084 1.093 1.098 1.105 1.113 1.116 1.117 1.127 Compensation of employees (unit labor cost) ....................................................................... .681 .693 .697 .695 .709 .709 .712 .716 .713 .731 .738 Unit nonlabor cost ................................................................................................................... Consumption of fixed capital .............................................................................................. Taxes on production and imports less subsidies plus business current transfer payments ......................................................................................................................... Net interest and miscellaneous payments ......................................................................... .248 .125 .251 .121 .254 .122 .255 .123 .262 .139 .257 .127 .256 .126 .261 .129 .259 .129 .261 .130 .261 .131 .099 .024 .106 .024 .108 .024 .109 .023 .100 .023 .108 .022 .108 .022 .109 .023 .108 .022 .109 .022 .108 .022 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) .......................................................................................... Taxes on corporate income ................................................................................................ Profits after tax with inventory valuation and capital consumption adjustments .............. .125 .035 .090 .123 .035 .088 .126 .044 .083 .134 .045 .090 .123 .045 .078 .133 .048 .085 .137 .047 .090 .137 .048 .089 .143 .050 .094 .125 .047 .078 .128 .049 .079 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chaintype price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE.—Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). Appendix Table A.—Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2003 2004 2005 2006 2003 IV 2004 I II 2005 III IV I II 2006 III IV I II 2007 III IV I II Gross domestic product (GDP) and related aggregates: GDP .............................................................................. 2.5 3.6 3.1 2.9 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 0.6 3.4 Goods ........................................................................... Services ........................................................................ Structures ...................................................................... 3.1 2.1 3.3 4.7 2.8 5.2 4.3 2.3 3.4 5.0 2.3 –.1 2.5 2.8 2.2 2.1 3.8 1.0 3.4 2.2 11.5 6.6 2.4 1.3 3.7 2.4 –.3 4.2 2.3 4.0 3.9 1.4 7.3 5.8 4.4 1.2 1.5 1.0 1.2 9.6 2.4 4.3 4.6 2.0 –1.4 3.4 2.0 –9.9 1.1 4.4 –7.0 .2 2.1 –6.2 3.9 3.3 2.7 Motor vehicle output ..................................................... GDP excluding motor vehicle output ........................... 1.3 2.6 4.0 3.6 4.2 3.0 –1.3 3.0 –6.5 3.0 8.8 2.8 –6.1 3.8 29.0 2.8 –9.6 3.0 5.4 3.0 4.7 2.7 15.1 –21.6 .6 2.9 6.2 .4 1.1 3.5 Final sales of computers 1 ........................................... GDP excluding final sales of computers ..................... 20.8 2.4 5.4 3.6 35.1 2.9 19.4 2.8 20.0 –31.0 2.5 3.3 –6.6 3.6 19.8 3.5 50.1 2.3 39.5 2.8 51.7 2.5 21.8 4.3 34.2 1.0 7.3 4.8 –1.3 .6 26.4 3.2 .6 –36.1 149.5 –30.8 18.9 40.8 –10.9 30.6 –30.5 3.6 2.5 17.0 –10.9 4.4 2.9 20.7 2.3 5.1 1.0 Farm gross value added 2 ........................................... 8.4 8.1 5.9 14.0 –3.0 6.0 –8.9 Nonfarm business gross value added 3 ...................... 3.1 4.1 3.6 3.2 1.6 2.6 5.0 3.8 2.6 3.9 3.2 5.6 .9 5.7 2.4 .8 2.6 .3 4.2 Price indexes: GDP .............................................................................. GDP excluding food and energy ................................. GDP excluding final sales of computers ..................... 2.1 1.9 2.3 2.9 2.7 3.0 3.2 3.2 3.4 3.2 3.1 3.3 2.2 2.1 2.3 3.7 3.5 3.8 3.8 3.4 3.8 2.3 2.8 2.4 3.2 3.1 3.4 3.9 4.1 4.1 2.6 2.6 2.7 3.5 2.9 3.6 3.5 3.5 3.7 3.4 3.4 3.5 3.5 3.2 3.6 2.4 2.6 2.5 1.7 2.4 1.8 4.2 3.3 4.3 2.7 1.7 2.8 Gross domestic purchases .......................................... Gross domestic purchases excluding food and energy ....................................................................... Gross domestic purchases excluding final sales of computers to domestic purchasers ......................... 2.3 3.1 3.7 3.3 1.9 4.3 4.2 2.8 3.6 3.6 3.5 4.6 3.7 2.7 4.2 2.5 .1 3.8 3.9 1.9 2.7 3.1 2.9 2.0 3.5 3.4 2.6 2.8 4.0 2.6 2.7 3.2 3.2 3.2 2.5 2.3 3.1 1.7 2.5 3.2 3.9 3.5 2.0 4.4 4.3 2.9 3.9 3.8 3.7 4.8 3.9 2.9 4.5 2.7 .2 3.9 4.1 Personal consumption expenditures (PCE) ................. PCE excluding food and energy .................................. Market-based PCE 4 ..................................................... Market-based PCE excluding food and energy 4 ........ 2.0 1.4 1.9 1.1 2.6 2.1 2.3 1.5 2.9 2.2 2.7 1.7 2.8 2.2 2.6 1.9 1.5 1.6 .9 .9 3.5 2.4 3.2 1.8 3.8 2.7 3.4 1.9 2.0 1.7 1.5 1.1 3.0 2.1 2.9 1.8 2.2 2.6 1.9 2.3 3.4 2.1 3.1 1.5 4.3 1.7 4.3 1.2 2.8 2.4 2.6 1.9 1.7 2.0 1.5 1.8 4.3 2.9 4.3 2.6 2.6 2.3 2.4 2.1 –.9 1.9 –1.6 1.6 3.5 2.4 3.6 2.4 4.3 1.4 4.6 1.1 1. Some components of final sales of computers include computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. See ‘‘Explanatory Note’’ at the end of the tables. 17.5 –12.4 27.0 1.9 .8 –12.5 –25.9 Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2005-06 annual percent change in real GDP uses prices for 2005 and 2006 as weights, and the 2005-06 annual percent change in GDP prices uses quantities for 2005 and 2006 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 1A, 4, 4A, 7, 8, and Appendix Table A. Contributions by major components to changes in real GDP are presented in tables 2 and 2A. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.