Full text of Survey of Current Business : December 2003
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DECEMBER 2 0 0 3
Survey of C urrent B usiness
In T h i s I s s u e . . .
Initial R e s u l t s o f t h e C o m p r e h e n s i v e R e v i s i o n o f t h e NIPAs
Effects o f R evision s to S e a s o n a l Factors
Reliability o f t h e S tate P e r so n a l I n c o m e E s tim a te s
BUREAU OF ECONOMIC ANALYSIS
ECONOMICS AND STATISTICS ADMINISTRATION
U.S. DEPARTMENT OF COMMERCE
U.S. Department of Commerce
Donald L. Evans, Secretary
Economics and Statistics Administration
Kathleen B. Cooper, Under Secretary fo r Economic Affairs
Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosemary D. Marcuss, Deputy Director
Dennis J. Fixler, Chief Statistician
Barbara M. Fraumeni, ChiefEconomist
Suzette Kern, Associate Director fo r Management
and Chief Administrative Officer
Ralph Kozlow, Associate Directorfo r International Economics
Alan C. Lorish, Jr., Chief Information Officer
Brent R. Moulton, Associate Directorfo r National
Economic Accounts
Sumiye Okubo, Associate Directorfo r Industry Accounts
John W. Ruser, Associate Directorfo r Regional Economics
BEA Advisory Committee
The B E A Advisory Committee advises the Director of B EA on matters related to the
development and improvement of B EA ’s national, regional, industry, and interna
tional economic accounts, especially in areas o f new and rapidly growing economic
activities arising from innovative and advancing technologies, and it provides
recommendations from the perspective of businessmen, academicians, researchers,
and experts in government and international affairs.
William D. Nordhaus, Chair, Yale University
Alan J. Auerbach, University o f California, Berkeley
Richard B. Berner, Morgan Stanley
Michael J. Boskin, Stanford University
Barry P. Bosworth, The Brookings Institution
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University o f Maryland
Dale W. Jorgenson, Harvard University
Edward E. Learner, University of California, Los Angeles
Karen R. Polenske, Massachusetts Institute o f Technology
Joel L. Prakken, Macroeconomic Advisers, LLC
The Survey of C urrent B usiness (ISSN 0 0 3 9 -6 2 2 2 ) is
published monthly by the Bureau of Economic Analysis of the
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C urrent B usiness, Bureau of Econom ic Analysis, U.S.
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Acting Editor-in-Chief: M. Gretchen Gibson
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Graphic Designer: W. Ronnie Foster
M anuscript Editor: M. Gretchen Gibson
Production Editor: Ernestine T. Gladden
Editor: Kristina L. Maze
This issue went to the printer on December 16, 2003.
It incorporates data from the following monthly BEA
news releases:
Personal Incom e and Outlays (Nov. 26), and
Gross Domestic Product (Dec. 10), and
U.S. International Trade in Goods Services (Dec. 12).
S u r v ey
of
C
u r r en t
D ecem ber 2003
B usiness
V o lum e 83 • N um ber 12
1 Initial Results of the 2003 Comprehensive Revision of the National
Income and Product Accounts
On December 10, 2003, BEA released revised estimates for 1929-2002 from the
12th comprehensive revision of the accounts. According to the revised estimates,
between 1992 and 2002, real GDP grew at an average annual rate of 3.2 percent,
the same rate as previously estimated. Consumer spending and residential
investment increased slightly more than previously estimated, but exports and
government spending increased slightly less. The pace of the current expansion
was revised down slightly: From the third quarter of 2001 to the second quarter of
2003, the growth rate of real GDP was revised from 2.7 percent to 2.6 percent.
43 The Effects of Revisions to Seasonal Factors on Revisions to
Seasonally Adjusted Estimates: The Case of Exports and Imports
Seasonal adjustments are used to remove the effects of recurring patterns of
economic activity, such as increased consumer spending during the holidays. This
study examines the importance of revisions to the underlying seasonally
unadjusted data for the exports and imports of goods and services in BEA’s
international transactions accounts, relative to the effects of revisions to seasonal
factors.
52 The Reliability of the State Personal Income Estimates
A recent study by BEA found that the quarterly estimates of state personal income
are reliable indicators of whether a state’s economy is expanding or contracting,
whether a state’s economy is accelerating or decelerating, and whether a state’s
economy is growing at rates that are above, below, or near long-term trend. As a
result, the estimates present a consistent picture of a state’s economic growth.
w w w .b e a .g o v
December 2003
68 Subject Guide for 2003
71 Schedule of BEA News Releases in 2004
D-1 BEA Current and Historical Data
Inside back cover: BEA Web Site and BEA Contacts
Back cover: Schedule of Upcoming News Releases
Looking Ahead
Improved NIPA Estimates for 1929-2003. The January 20 0 4 S urvey will
include an article that describes the comprehensive revision in detail and
an extensive set of tables that will present the revised estimates.
1
December 2003
On December 10, 2003, the Bureau o f Economic Analysis released the initial results of
the comprehensive revision of the national income and product accounts. The news
release is reprinted below with minor editorial corrections.
BUREAU OF ECONOMIC ANALYSIS
.SEA.GOV
C om prehensive Revision of the National Incom e and
Product Accounts
1 9 2 9 T h r o u g h S e c o n d Q u a r te r 2 0 0 3
Today, BEA is releasing revised estimates of gross do
mestic product (GDP) and other national income and
product accounts (NIPAs) series from 1929 through
the second quarter of 2003. Comprehensive revisions,
which are carried out about every 4 to 5 years, are an
important part of BEA’s regular process for improving
and modernizing its accounts to keep pace with the
ever-changing U.S. economy.
Most of the tables in this release present revised
estimates beginning with 1992; estimates beginning
with 1929 are available on the BEA Web site
<www.bea.gov> and will be published in the
January 2004 issue of BEAs monthly journal, the
Su rv ey
of
C
urren t
B
u s in e s s .
The picture of the economy shown in the revised es
timates is very similar in broad outline to the picture
shown in the previously published estimates. The simi
larity in outline and some of the differences in detail
can be seen in the following:
• For 1992-2002, the average growth rate of real GDP
is 3.2 percent, the same as in the previously pub
lished estimates. Consumer spending and residen
tial investment increased a little more than in the
previously published estimates, but exports and
government spending increased a little less. For the
subperiod 1994-2000, the rate of growth is also the
same as in the previously published estimates (3.8
percent).
• Similarly, for 1992-2002, the average rate of change
in prices paid by U.S. residents is the same as in the
previously published estimates (1.8 percent).
• From the fourth quarter of 2000 to the third quarter
of 2001, real GDP decreased 0.5 percent; in the pre
viously published estimates, it decreased 0.6 per
cent. In the revised estimates, real GDP decreased
slightly in the third quarter of 2000; in the previ
ously published estimates, it had increased through
out the year.
• The pace of the current expansion has been revised
down slightly; from the third quarter of 2001 to the
second quarter of 2003, the average growth rate of
real GDP is revised from 2.7 percent to 2.6 percent.
• Corporate profits is revised up substantially for
2002; profits of domestic industries as a percentage
of gross domestic income is revised up from 6.3
percent to 7.1 percent.
Improvements Incorporated in This
Comprehensive Revision
Comprehensive revisions incorporate three major
types of improvements:
• Changes in definitions and classifications that
update the accounts to more accurately portray the
evolving U.S. economy,
• Presentational changes that make the NIPA tables
more informative and easier to use, and
• Statistical changes that introduce new and improved
methodologies and that bring in newly available
o t e . 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 annualized. “Real” estimates are in chained (2000) dollars. Price indexes are chain-type mea
sures.
N
2
Initial Results of the Comprehensive NIPA Revision
and revised source data.
The improvements incorporated in the estimates
being released today have been previewed in a series
of articles in the S u r v e y and are available on BEA’s
Web site at <www.bea.gov/bea/dn/2003benchmark/
CR2003.htm>.
Changes in definitions and classifications
The changes in definitions and classifications intro
duced in this comprehensive revision include the fol
lowing:
•The implicit services provided by property and
casualty insurance are recognized, and the treat
ment of insured losses is improved; as a result, large
swings in measured insurance services associated
with catastrophic losses such as those of September
11th and of Hurricane Andrew are eliminated.
•A portion of the implicit services of commercial
banks is allocated to borrowers, thereby recognizing
that both borrowers and depositors receive these
services.
• The definition of national income is broadened to
include all net incomes (net of consumption of
fixed capital) earned in production. For example,
under the new definition, national income will
include taxes on production and imports (formerly,
indirect business taxes).
Presentational changes
Noteworthy changes in presentation include the fol
lowing:
• The reference year for chain-type quantity and price
indexes and for chained-dollar estimates has been
updated from 1996 to 2000.
• Many new tables show percent changes in GDP
components, contributions to percent change,
and relative shares of GDP and of gross domestic
income.
•A new organization and numbering system is intro
duced for the NIPA tables that groups together the
different measures for a given set of components
and that allows the addition of new tables more easily.
• Industry estimates are based on the North American
Industrial Classification System (NAICS), which
deals well with new and emerging industries.
Statistical changes
Improved methodologies. Several important method
ology changes are also incorporated in this revision
and include the following:
• The estimates of used motor vehicles reflect new
methods and source data for estimating net transac
tions and total dealers’ margins.
December 2003
•The estimates of personal consumption expendi
tures for hotels and motels reflect new source data
on U.S. residents’ lodging expenditures by sector
and nonresidents’ spending on lodging.
• The estimates of real nonresidentiai structures and
of photocopy equipment reflect the use of new
quality-adjusted price indexes.
• The estimates of corporate profits for recent periods
for which Internal Revenue Service tabulations of
corporate tax returns are unavailable reflect a new
adjustment for the exercise of stock options.
New and revised data. The revised estimates also
reflect the incorporation of newly available and revised
source data. The most important source data that af
fect the current-dollar and “real” estimates prior to
2000 are the following: BEA’s benchmark 1997 inputoutput (I-O) accounts; data on inventories, on receipts
and expenses of business establishments and of gov
ernments, on sales by detailed commodity and by mer
chandise line, and on final industry and product
shipments from the 1997 Economic Census, and on
trade margins from both the 1997 Economic Census
and the 1997 annual surveys of merchant wholesale
and retail trade; and data on housing units from the
2000 decennial Census of Housing. In addition, esti
mates that are based on BEA’s international transac
tions accounts (ITAs)— primarily net exports of goods
and services and rest-of-the-world income receipts and
payments— reflect improvements to the ITAs that have
been introduced since 1999. Estimates of private struc
tures reflect Census Bureau revisions to the surveys of
value of construction put-in-place data that go back to
1978. Other data that were incorporated include the
following: Data on expenditures and receipts of state
and local governments for fiscal years 1997-99 from
the Census Bureau; final data on employer pension
and profit-sharing plans for 1995-98 from the Depart
ment of Labor; revised data on mortgage debt out
standing, beginning with 1982, and on consumer debt
outstanding and the effective rate of interest on con
sumer debt outstanding, beginning with 1980, from
the Federal Reserve Board; and new Census Bureau
“exact-match” files based on tabulations of Internal
Revenue Service (IRS) individual tax returns for 1996
and 1999.
The revised estimates for 2000 forward also reflect
the incorporation of newly available and revised
source data that became available since the last annual
NIPA revision in July 2002. The most important of
these data are the following: Census Bureau data from
annual surveys of state and local governments (for fis
cal years 2000 (final) and 2001 (preliminary)), of man
ufactures, of merchant wholesale trade, and of retail
trade (for 2000 (revised) and 2001 (preliminary));
December 2003
Survey of Current Business
Census Bureau data from the services annual survey
and from the surveys of the value of construction putin-place for 2001 and 2002; Census Bureau data from
the American Housing Survey for 2001; Federal Gov
ernment budget data (for fiscal years 2002 and 2003);
ITA data for 2000-2002 (revised); Bureau of Labor Sta
tistics (BLS) tabulations of wages and salaries of em
ployees covered by state unemployment insurance for
2001 and 2002 (revised); newly available IRS tabula
tions of corporate tax returns for 2000 (final) and 2001
(preliminary); U.S. Department of Agriculture
(USDA) farm statistics for 2002; and newly available
IRS tabulations of sole proprietorship and partnership
tax returns for 2001.
In the aggregate, changes in definitions and classifi
cations lowered current-dollar GDP, and statistical
changes (improved data and methodologies) raised
GDP, as shown in chart 1 for 1992-2002.
3
the first quarter of 1998. Three of the regular ta
bles— tables 3, 11, and 12— are split into A and B seg
ments in this release in order to accommodate this
longer-than-usual time span. The regular news release
tables on real GDP percent change from quarter a year
ago (table 8) and on gross value added of nonfinancial
corporate business (table 13), as well as appendix table
A, are not yet available; they will be posted on BEA’s
Web site in a few days as part of the regular NIPA ta
bles.
Revisions to Real Gross Domestic
Product (GDP), Prices, and Income
For this comprehensive revision, most current-dollar
series are revised back to 1993, and many are revised
back to 1929, the earliest year for which the NIPA esti
mates are available.
Real GDP growth
Chart 1. Sources of Revision to Current-Dollar GDP
B illio n $
News release tables
This release includes most of the tables that will regu
larly be shown in future GDP news releases; in addi
tion, special tables have been included to highlight the
effects of the comprehensive revision. The special ta
bles are
• Tables 1A, 2A, and 4A, which show revised and pre
viously published estimates for percent changes in
real GDP, contributions to percent change in real
GDP, and percent changes in price indexes, respec
tively;
•Table IB, which shows revisions to current-dollar
GDP and selected income components; and
• Tables 7A-7C, which show annual levels, percent
changes, and revisions to percent changes for current-dollar GDP, for real GDP, and for price indexes
for GDP, respectively.
Most of the tables show annual estimates beginning
with 1992; quarterly estimates (if shown) begin with
For 1929-2002, the average annual rate of growth of
real GDP is 3.4 percent, the same as in the previously
published estimates. Over the shorter period, 19922002, the growth rate is 3.2 percent in both the revised
and previously published estimates. For the 1994-2000
subperiod, the growth rate is also the same in both the
revised and previously published estimates (3.8 per
cent). Since 1992, personal consumption expenditures
(PCE) and residential fixed investment grew somewhat
faster in the revised estimates, and exports of goods
and services and government consumption expendi
tures and gross investment grew somewhat slower.
The revisions to year-to-year real GDP growth are
generally less than 0.1 percentage point between 1959
and 1971, but they are more sizable thereafter. The
largest upward revision before 1959 is 0.3 percentage
point for 1940; downward revisions of 0.2 percentage
point are recorded for 3 years (1937, 1947, and 1952).
The largest upward revision after 1959 is 0.4 percent
age point for 1999, and upward revisions of 0.3 per
centage point are recorded for 1985, 1991, and 1992;
the largest downward revision after 1959 is 0.3 per
centage point recorded for 1976. For the 3 most recent
years, growth is revised as follows:
• Down from 3.8 percent to 3.7 percent for 2000,
• Up from 0.3 percent to 0.5 percent for 2001, and
• Down from 2.4 percent to 2.2 percent for 2002.
Business cycles
From the fourth quarter of 2000 to the third quarter of
2001, real GDP decreased 0.5 percent; in the previously
published estimates, it decreased 0.6 percent. In the re
vised estimates, real GDP also decreased slightly in the
third quarter of 2000. The pace of the current expan
sion has been revised down slightly; from the third
4
Initial Results of the Comprehensive NIPA Revision
quarter of 2001 to the second quarter of 2003, the
growth rate of real GDP is revised from 2.7 percent to
2.6 percent. Earlier business cycles show very little revi
sion.
Price changes
For 1929-2002, the average annual increases in both
the price index for gross domestic purchases and the
price index for GDP are 3.0 percent, the same as in the
previously published estimates. For 1992-2002, the av
erage annual increase in the price index for gross do
mestic purchases is 1.8 percent, the same as in the
previously published estimates; the price index for
GDP is 1.9 percent, also the same as in the previously
published estimates.
Real disposable personal income (DPI)
growth
For 1929-2002, the average annual increase in real DPI
is 3.3 percent, the same as in the previously published
estimates. For 1992-2002, the average annual increase
in real DPI is 3.2 percent, 0.1 percentage point more
than in the previously published estimates.
Personal saving
The revisions are relatively small through 1986. Begin
ning with 1987, the revisions are larger and all down
ward. The downward revisions reflect upward
revisions to PCE and downward revisions to personal
income (discussed below). The downward revisions to
personal saving result in corresponding downward re
visions to the personal saving rate— personal saving as
a percentage of DPI— that range from 0.2 percentage
point for 1999 to 1.4 percentage points for 2002.
Revisions to Current-Dollar Estimates
The revisions to current-dollar GDP and to selected
measures of income are shown in table IB. This table
shows the “revisions in level”— that is, the revised esti
mates less the previously published estimates— and the
revisions as a percent of the previously published esti
mates for selected years.
D ire c tio n
o f R e v is io n s to C u rre n t-D o lla r G D P
D o w n w ard
U p w a rd
1 9 5 9 -1 9 7 4
1 9 7 5 -1 9 7 6
1 9 7 7 -1 9 8 2
1 9 8 3 -1 9 8 6
1 9 8 7 -1 9 9 0
1 9 9 1 -1 9 9 4
1995
1996
1 9 9 7 -2 0 0 0
2 0 0 1 -2 0 0 2
December 2003
Gross domestic product (GDP)
Since 1959, GDP is revised down for 31 years and is re
vised up for 13 years. (See also chart 2.) Over the entire
period, GDP is generally reduced by the reallocation of
a portion of the implicit services of commercial banks
from depositors to borrowers; relatively large reduc
tions begin with 1987. (Services imputed to business
borrowers are treated as intermediate purchases and,
therefore, are not part of GDP.) In contrast, GDP is
raised by the recognition of the implicit services pro
vided by the investment income of property and casu
alty insurance companies. Generally, the reduction in
GDP resulting from the new treatment of banking ser
vices outweighs the increase in GDP resulting from the
new treatment of insurance services.
Excluding all the changes in definitions and classifi
cations, current-dollar GDP is revised down by small
amounts for 1959-80 (except for 1979 when there is a
small upward revision), and it is revised up beginning
with 1981. The revisions tend to increase over time; the
largest is an upward revision of about 1 percent of
GDP for 2002.
Personal consumption expenditures (PCE)
Revisions to PCE are relatively small through 1988;
PCE for services is generally the main source of the re
visions. From 1989 forward, PCE is revised up. PCE
for durable goods is the main source of the upward re
visions through 1999; for 1995-99, there are partly off
setting downward revisions to PCE for nondurable
goods. For 2000-2002, upward revisions to durable
goods and to services are partly offset by downward re
visions to nondurable goods. For the entire period, the
revisions reflect changes in definitions and classifica
tions; until 1982, the revisions attributable to new
source data and methodologies are small.
Chart 2. Revisions to Current-Dollar GDP
B illio n $
l
l
l
—
,
M
1
i
1992
i
1994
i
i
1996
i
i
1998
i
i
2000
i
i
2002
December 2003
S u rv ey of C u rrent B usiness
Services. For 1978 forward, downward revisions to
services resulting from the new treatment o f banking
services more than offset upward revisions resulting
from the new treatment o f insurance services. Banking
and insurance are not the only notable sources o f revi
sion to PCE for services. Beginning with 1960, PCE for
religious and welfare activities is revised down, reflect
ing the improved allocations to PCE com m odity cate
gories made possible by NAICS. Beginning with the
1980s, PCE for housing is revised up, reflecting, in
part, improved data on lodging at hotels and motels.
Also beginning with the 1980s, PCE for transportation
services is revised up, reflecting, in part, the new treat
ment o f motor vehicle insurance services. PCE for
medical services is revised up (and the revisions in
crease over time), reflecting the recognition o f the im
plicit services provided by health insurance companies,
the improved allocations made possible by NAICS, as
well as the incorporation o f newly available and re
vised source data.
Durable goods. Notable upward revisions to PCE
for durable goods begin with 1987. For 1987-90, the
revisions mainly reflect improved estimates o f net
transactions in used light trucks. (The improvement
involves the use o f average auction prices to value the
change in unit stocks.) For 1991 forward, a similar
methodology has been applied to the estimation o f net
transactions in used autos. Beginning with 1994, up
ward revisions to furniture and equipment primarily
reflect the incorporation o f results from the 1997 1-0
table.
Nondurable goods. Upward revisions for 1988-93
largely reflect revisions to gasoline and oil. Beginning
with 1995, downward revisions are more than ac
counted for by food and by clothing and shoes; the re
visions mainly reflect the incorporation o f results from
the 1997 1 -0 table.
Private fixed investment
The revisions begin with 1978 and are relatively small
through 1996, as downward revisions to nonresidentiai
fixed investment are generally offset by upward revi
sions to residential fixed investment. For 1997-2000,
the downward revisions to nonresidentiai outweigh
the upward revisions to residential. For 2001 and 2002,
the revisions are almost offsetting. The downward re
visions to nonresidentiai fixed investment primarily
reflect revisions to equipment and software; revisions
to nonresidentiai structures are generally smaller.
Nonresidentiai structures. Upward revisions occur
for 1978-92 and downward revisions occur for 1993
forward (except for 1995). The revisions (except for
1997 and 1998) are relatively small and primarily re
5
flect revisions to Census Bureau estimates o f the value
o f construction put-in-place and the incorporation of
data from the 1997 1-0 accounts.
Equipment and software. Downward revisions for
1978 forward start out very small but become large.
For 1978-86, the revisions mainly reflect improve
ments to the measurement o f computer software that
were introduced in the 1997 1 -0 accounts. For 19872002, the revisions reflect improvements to the mea
surement o f used trucks and o f computer software.
Residential fixed investm ent. Upward revisions for
1983 forward start out very small but becom e large and
reflect an improved methodology for estimating resi
dential improvements and revised Census Bureau data
on the value o f construction put-in place.
Change in private inventories
The revisions begin with 1991 and are small through
1996, primarily reflecting the inclusion o f farm mate
rials and supplies in the definition o f private farm in
ventories. Beginning with 1997, a mixed pattern o f
revisions continues, but the magnitudes are generally
larger; nonfarm inventories dominate these revisions,
though for 2002, an upward revision to nonfarm
inventories is largely offset by a downward revision
to farm inventories. The revisions to nonfarm inven
tories primarily reflect newly available and revised
Census Bureau data on inventory book values, the in
corporation o f new com m odity price weights from the
1997 1 -0 accounts, and revised producer prices.
Exports and imports of goods and services
Revisions to net exports o f goods and services are small
through 1987— at first upward and then downward.
Thereafter, revisions are downward for all years; they
tend to grow larger over time, but the revision for 2002
is small.
Exports. Through 1988, revisions are relatively
small and generally upward; thereafter, larger down
ward revisions occur. For most years, the revisions are
mainly accounted for by services (2002 is an exception,
in that goods account for most o f the revision). The re
visions to exports o f services mainly reflect the new
treatments o f insurance and o f banking services, as
well as a reclassification o f military grants from Federal
Government consumption expenditures to exports o f
services.
Imports. Upward revisions begin with 1986 and
tend to be small through 1997; imports is revised down
slightly for 1998. Larger upward revisions occur for
1999-2001, and a downward revision occurs for 2002.
The new treatment o f insurance services contributes to
the upward revisions throughout the period; for 2002,
6
Initial Results of the Comprehensive NIPA Revision
the incorporation o f revised estimates from the ITAs
more than offsets the contribution from this defini
tional change.
Government consumption expenditures and
gross investment
Revisions prior to 1959 are very small. Beginning
with 1959, the revisions for all but 5 years are
downward. Through 1996, the revisions generally re
main small (except for 1986, when the new treatment
o f banking services more than accounts for a large
upward revision); for 1997-2002, the revisions are
much larger. Downward revisions for 1959-84 are pri
marily accounted for by the Federal Government, al
though state and local government also contributes.
Through 1975, the revisions to Federal spending pri
marily reflect the reclassification o f military grants. Be
ginning with
1972, new source data and
m ethodologies becom e important and contribute to
the downward revisions; these revisions are mainly to
consumption o f general government fixed capital, re
flecting improved price estimates for military equip
ment and, beginning with the 1990s, revised estimates
o f software investment. As noted, the new treatment o f
banking services also contributes to the revisions, most
notably beginning with 1985, sometimes raising
spending, other times reducing spending. Beginning
with 1997, state and local spending accounts for most
o f the downward revisions; the revisions for 1997 and
1998 primarily reflect the incorporation o f newly
available medical insurance data for government
employees, and the revisions for 1999-2002 primarily
reflect the incorporation o f G overnm ent Finances data.
Personal income
For 1929-81, downward revisions to personal income
mainly reflect revisions to personal interest income;
Chart 3. Revisions to Personal Income
B illio n $
40
30
20
10
0
-1 0
-2 0
-3 0
-4 0
-5 0
-60
J_______ L
1992
1994
1996
J_______ L
1998
2000
2002
December 2003
through 1977, the revisions are small— proprietors’ in
come contributes to the downward revisions, and
rental income o f persons moderates them. (See also
chart 3.) For 1982-86, the revisions to personal income
are upward, and again personal interest income is the
main contributor. For 1987-97, downward revisions to
personal income are accounted for by downward revi
sions to personal interest income, to supplements to
wages and salaries, and to proprietors’ income; they
are moderated by upward revisions to rental income of
persons.
For the 5 most recent years, the revisions to personal
income can be summarized as follows:
• 1998: A small downward revision is accounted for
by personal interest incom e and by wages and sala
ries; it is moderated by supplements.
• 1999: An upward revision is mainly accounted for
by supplements and by personal dividend income; it
is moderated by personal interest incom e and by
wages and salaries.
• 2000: An upward revision is mainly accounted for
by supplements, by personal current transfer
receipts, and by proprietors’ income; it is moder
ated by personal interest income and by wages and
salaries.
• 2001: An upward revision is mainly accounted for
by supplements, by proprietors’ income, by rental
income, and by personal current transfer receipts; it
is moderated by personal interest income, by divi
dend income, and by wages and salaries.
• 2002: A downward revision is mainly accounted for
by personal interest income, by personal dividend
income, and by wages and salaries; it is moderated
by supplements, by proprietors’ income, and by
rental income.
The revisions to the components o f personal in
come are discussed below.
Wage and salary disbursem ents. Through 1988, re
visions are upward and small. Beginning with 1989,
the revisions are downward and become more notable
beginning with 1994, reflecting downward revisions to
private wages and salaries that are partly offset by up
ward revisions to government wages and salaries. A
large downward revision for 2002 primarily reflects the
more complete incorporation o f tabulations o f wage
and salary data from the BLS for private and state and
local government employees who are covered by state
unemployment insurance.
Supplem ents to wages and salaries. Through 1986,
revisions are small and downward; they remain dow n
ward but become larger through 1995. Beginning with
1996, the revisions are upward, becom ing large begin
ning with 1997. The revisions reflect the pattern o f re
December 2003
S u rv ey of C u rrent B usiness
visions to employer contributions for pension and
insurance funds. Upward revisions to employer contri
butions for pensions begin with 1989, reflecting m eth
odology improvements and more complete source
data, including more complete pension data from the
Department o f Labor for 1988-98. Downward revi
sions to employer contributions for health insurance
for 1987-96 reflect an improved m ethodology that in
corporates the results o f the annual medical expendi
ture panel survey; beginning with 1998, upward
revisions reflect newly available source data.
Proprietors’ incom e. Through 1997, m ost revisions
are downward. For 1998, a small upward revision oc
curs, and for 1999, a slight downward revision occurs,
followed by large upward revisions for 2000-2002.
Through 1983, the revisions generally reflect down
ward revisions to both farm and nonfarm proprietors’
income. Beginning with 1984, the revisions primarily
reflect the pattern of revisions to nonfarm proprietors’
income. The revisions to farm proprietors’ income re
flect the reclassification o f farm housing services from
proprietors’ income to rental income o f persons and,
for recent years, newly available data from the USDA.
Prior to 2001, the revisions to nonfarm proprietors’ in
come primarily reflect a number o f statistical improve
ments. The large revisions for 2001 and 2002 also
reflect the incorporation o f newly available IRS tabula
tions o f sole proprietorship and partnership tax re
turns for 2001.
Rental incom e o f persons. Through 1977, the revi
sions are upward and small, after which the pattern o f
revisions is mixed although the magnitudes remain
relatively small through 1991. Beginning with 1992,
the revisions are mostly upward with particularly large
upward revisions for 2001 and 2002. The reclassifica
tion o f farm housing services contributes to the up
ward revisions throughout the period. In addition, the
revisions for 2001 and 2002 reflect the incorporation
o f newly available source data from the Census Bu
reau’s American Housing Survey.
Personal interest income. The revisions are rela
tively small and m ostly downward through 1977. Be
ginning with 1978, the revisions becom e larger and
remain downward (except for 1982-86). For most
years, the revisions reflect generally downward revi
sions attributed to the new treatment o f banking ser
vices that are partly offset by upward revisions
attributed to the new treatment o f insurance services.
The revisions also reflect the incorporation o f revised
and newly available source data for estimating net in
terest and miscellaneous payments (see below) and
data on consumer debt outstanding from the Federal
Reserve Board.
Personal dividend incom e. The revisions are rela
7
tively small through 2000 (except for 1999, which
shows a notable upward revision); the revisions pri
marily reflect newly incorporated data from the ITAs
on dividends from the rest o f the world. For 2001 and
2002, large downward revisions primarily reflect the
incorporation of newly available IRS tabulations o f
corporate tax return data for 2001 and data from com
pany financial statements.
Personal current transfer receipts. Through 1990,
the revisions are generally small and upward. For
1991-98, the revisions are downward, and for
1999-2002, they are upward. The revisions mostly
reflect the pattern o f revisions to “other current trans
fer receipts, from business (net)” (formerly “business
transfer payments”). For 2002, the revision also re
flects an upward revision to old-age, survivors, dis
ability, and health insurance benefits, reflecting newly
available data on Medicare benefits, and downward re
visions to government unemployment insurance
benefits and to state and local Medicaid benefits.
Contributions for governm ent social insurance.
The revisions for contributions for government social
insurance (which is deducted in the calculation o f per
sonal income) are small throughout the period.
Personal current taxes. This com ponent consists of
tax components that were included in the former ag
gregate “personal tax and nontax payments”; however,
the nontax components are reclassified as personal
current transfer payment to government. Therefore,
the pattern for the new series is similar to that o f the
previously published series, although the revised levels
are somewhat lower.
D isposable personal incom e (DPI). The pattern o f
revisions to disposable personal income reflects the re
visions to personal income and to personal current
taxes. Through 1974, the revisions to DPI are very
small; beginning with 1975, there is a mixed pattern:
Upward revisions for 1975 and 1976, downward revi
sions for 1977-81, upward revisions for 1982-86,
downward revisions for 1987-95 (except for 1989),
and upward revisions for 1996-2002.
Personal outlays. This series now consists o f PCE,
personal interest payments, and personal current
transfer payments. The revision to personal outlays,
primarily reflects the revisions to PCE that were previ
ously described. In addition, the revised levels o f the
series reflect the inclusion of personal current transfer
payments to government, which was formerly classi
fied as personal nontaxes.
National income
The revisions are upward for all years and grow pro
gressively larger over time. They mainly reflect the re
definition o f national income to include nonfactor
Initial Results of the Comprehensive NIPA Revision
8
incomes, notably taxes on production and imports,
which grew from $6.8 billion for 1929 to $760.1 billion
for 2002.
Corporate profits with inventory valuation and
capital consumption adjustments
Revisions are generally upward and small through
1980, growing larger thereafter; the revision for 2002
is very large. (See also chart 4.) Through 1999, the
revisions largely reflect the pattern o f revisions to the
capital consumption adjustment. The revisions for
2000-2002 reflect revised 2000 and newly available
2001 IRS tabulations o f corporate tax returns. In addi
tion, the revision for 2002 reflects a new stock-options
adjustment that offsets a timing problem between the
treatment o f nonqualified stock options in reported
wages and salaries and the treatment o f exercised stock
options in the corporate profits data. Profits from the
rest o f the world are revised beginning with 1982; the
revisions are relatively small and generally upward
through 2000, with larger upward revisions for 2001
and 2002.
December 2003
mixed through 1986; beginning with 1987, the revi
sions are downward and generally become larger. The
overall revisions reflect mostly downward revisions at
tributable to the new treatment o f banking services
that are partly offset by upward revisions attributable
to the new treatment o f insurance services. The revi
sions also reflect the incorporation o f revised and
newly available source data from the Federal Reserve
Board on mortgage debt outstanding, from BEA’s
ITAs, and, beginning with 2000, from IRS tabulations
o f business tax returns.
Consumption of fixed capital (CFC)
The revisions to the NIPA measure o f depreciation are
downward for most years. They are generally small
through 1980 and become larger thereafter. The revi
sions reflect revised investment estimates and three
statistical improvements: The incorporation o f new
service lives for private aircraft, separate estimation of
CFC for light trucks, and a revised depreciation sched
ule for autos.
Statistical discrepancy
Net interest and miscellaneous payments
The revisions are very small until the mid-1970s, when
they become more notable. The pattern o f revisions is
For 1959-77, revisions to GDP and to gross domestic
income (GDI) are in the same direction and o f similar
magnitude; thus, there is little effect on the statistical
Availability of Revised Estimates and
Related Information
Chart 4. Revisions to Corporate Profits with IVA
Revised estimates for selected NIPA tables, beginning
with 1929, are available without charge on BEA’s Web
site <www.bea.gov>.
The comprehensive revision was previewed in a
series of articles in the S urvey of C urrent B usiness in
June, August, and September 2003 issues. The articles
are also available on BEA’s Web site at <www.bea.gov/
bea/dn/2003benchmark CR2003Articles.htmX
An article in the January 2004 S urvey will discuss
the sources and impacts of the revision. The January
issue will also contain tables for GDP and other major
aggregates, beginning with 1929, and most of the
NIPA tables (including “annual-only” tables), begin
ning with 1999.
1992
1994
1996
1998
2000
2002
December 2003
S u rv ey o f C u rren t B usiness
discrepancy, which is the difference between GDP and
GDI. (In theory, GDP should equal GDI; in practice,
they differ because their components are estimated us
ing largely independent and less-than-perfect source
data.) For 1978-86, the revisions to GDP and to GDI
continue to be in the same direction but the magni
tudes differ more; thus, for some o f these years, the sta
tistical discrepancy is revised up, and for others, it is
9
revised down (the revisions to the discrepancy remain
relatively small). Beginning with 1987, the statistical
discrepancy is revised up (becoming more positive or
less negative): For 1987-90, GDI is revised down more
than GDP; for 1991-94, GDP is revised up, and GDI is
revised down; for 1995-2000 (except for 1996), GDI is
again revised down more than GDP; and for 2001 and
2002, GDP is revised up more than GDI.
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 particu
lar period. Changes in current-dollar GDP can be decomposed
into quantity and price components. Quantities, or “real” mea
sures, and prices are expressed as index numbers with the refer
ence 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 2 adjacent
years.1 (Quarterly changes in quantities and prices are calcu
lated using a Fisher formula that incorporates weights from two
adjacent quarters; quarterly indexes are adjusted for consis
tency to the annual indexes before percent changes are calcu
lated.) For example, the 2001-2002 annual percent change in
real GDP uses prices for 2001 and 2002 as weights, and the
2001-2002 annual percent change in GDP prices uses quanti
ties for 2001 and 2002 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, 4, and 7. Contributions by major components to
changes in real GDP are presented in table 2.
1.
F o r a fu r t h e r d is c u s s io n , se e J. S te v e n L a n d e fe ld , B r e n t M o u lto n , a n d C in d y
V o j te c h , “C h a in e d - D o lla r In d e x e s : Is s u e s , T ip s o n T h e ir U s e , a n d U p c o m in g
C h a n g e s ,” S u r v e y
o f
C u r r e n t B u s in e s s 8 3 ( N o v e m b e r 2 0 0 3 ) : 8 - 1 6 .
Measures of real GDP and its major components are also pre
sented 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 cur
rent-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 aggre
gates) 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 fur
ther from the reference year, the residuals tend to be larger, and
the chained-dollar estimates are less useful for analyses of con
tributions 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 rela
tive prices are changing rapidly, calculation of contributions
using chained-dollar estimates may be misleading even just a
few years from the reference year.
10
Initial Results of the Comprehensive NIPA Revision
December 2003
T a b l e 1 . R e a l G r o s s D o m e s t i c P r o d u c t a n d R e la t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d i n g P e r io d
[Percent]
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1998
1999
I
II
I
II
Gross domestic product (GDP) .......................................
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.5
2.2
4.5
2.7
4.7
6.2
3.4
3.4
Personal consumption expenditures...............................................
3.3
3.3
3.7
2.7
3.4
3.8
5.0
5.1
4.7
2.5
3.4
4.5
6.5
4.9
5.5
4.1
6.4
Durable g o o d s .......................................................................................................
Nondurable g o o d s ................................................................................................
S e rv ic e s ...................................................................................................................
5.9
2.0
3.5
7.8
2.7
2.8
8.4
3.5
2.9
4.4
2.2
2.6
7.8
2.6
2.9
8.6
2.7
3.3
11.3
4.0
4.2
11.7
4.6
4.0
7.3
3.8
4.5
4.1
1.9
2.4
6.5
3.0
3.0
1.8
5.3
4.7
19.8
5.0
4.6
11.6
2.8
4.5
25.9
5.8
1.3
-1 .5
5.3
4.7
20.3
4.1
4.6
Gross private domestic investment.................................................
8.1
8.9
13.6
3.1
8.9
12.4
9.8
7.8
5.7
-fl.4
-1.2
22.5
-6.2
9.5
10.1
11.6
.3
Fixed investm ent..................................................................................................
Nonresidentiai ......................
Structures.........................
Equipment and software
Residential.............................
Change in private inventories...........................................................................
5.9
3.2
-6 .0
7.3
13.8
8.6
8.7
- .7
12.5
8.2
...........
9.3
9.2
1.8
11.9
9.6
6.5
10.5
6.4
12.0
-3 .2
9.0
9.3
5.6
10.6
8.0
9.2
12.1
7.3
13.8
1.9
10.2
11.1
5.1
13.3
7.6
8.3
9.2
- .4
12.7
6.0
6.5
-3 .2
-3 .7
8.7
-4 .5
-7 .2
6.8
-2 .5 -1 8 .4
9.4
-5 .2
-2 .8
.4
.8
4.9
........... ........... ...........
12.6
14.1
.6
19.3
8.5
12.5
12.9
16.6
11.7
11.5
5.8
3.9
-3 .3
6.6
11.3
12.2
13.0
3.0
16.7
10.0
6.3
7.4
-7 .4
12.9
3.5
10.2
12.8
2.9
16.2
3.5
...........
87
9.7
6.3
11.9
13.3
5.7
10.1
11.7
6.3
8.0
9.0
3.3
8.4
8.8
7.2
8.7
9.3
5.5
11.9
14.3
5.9
13.6
14.4
9.4
2.4
2.2
2.9
11.6
11.7
11.4
4.3
3.8
5.6
11.5
12.4
6.9
1.7
.7
4.5
15.6
15.2
17.6
-4 .2
-9.1
9.1
11.4
11.9
9.0
-1 .7
.9
- 7 .7
5.2
4.0
10.9
15.9
17.1
12.9
12.1
13.8
4.5
-3 .4
-7 .9
8.2
10.7
11.6
6.1
Net exports of goods and services.................................................
E xpo rts.....................................................................................................................
Goods
Services
Imports ...
Goods
S ervice s ..............................................................................................................
6.9
7.5
5.5
7.0
9.3
-2 .6
...........
3.2
3.3
3.2
8.8
10.1
2.9
........... ........... ...........
-5 .2
-2 .4
8 ./
11.2
-6.1
- 4 .0
2.9
1.4
-3.1
13.1
-2 .6
3.3
13.5
-3 .2
3.7
.4
1.4
11.1
III
IV
...........
4.6
4.6
4.6
15.0
16.8
6.5
Government consumption expenditures and gross investment .....
.5
-.9
0
.5
1.0
1.9
1.9
3.9
2.1
2.8
3.8
-2.2
8.4
3.7
3.7
2.7
2.4
F e d e ra l.....................................................................................................................
National defense
Nondefense ..
State and local .
-1 .7
-5 .0
6.9
2.2
-4 .2
-5 .6
- .7
1.4
-3 .7
-4 .9
-1 .2
2.6
-2 .7
-3 .8
- .4
2.6
-1 .2
-1 .4
- .7
2.3
-1 .0
-2 .8
2.6
3.6
-1.1
-2.1
.7
3.6
2.2
1.9
2.8
4.7
.9
- .5
3.5
2.7
3.7
3.9
3.5
2.2
7.9
8.9
6.2
1.8
- 9 .4
-1 8 .3
10.1
2.0
10.5
12.1
7.7
7.2
- 3 .4
5.9
-1 8 .8
7.7
3.7
-1 .9
15.3
3.8
-2 .3
-5 .5
3.8
5.4
1.7
- .2
5.3
2.8
3.0
3.3
3.1
3.3
3.4
2.6
3.2
3.2
2.7
1.0
3.4
4.4
3.8
3.9
2.7
3.0
2.4
2.8
2.6
2.8
3.7
3.8
3.8
3.7
3.0
4.0
4.8
4.3
4.4
3.5
4.2
5.3
5.3
4.0
5.8
4.5
5.3
5.4
4.6
3.0
3.8
4.4
4.5
3.7
4.8
1.4
.7
1.6
.5
1.8
1.8
2.8
2.4
2.1
3.8
2.9
6.1
4.6
4.5
8.8
5.9
4.5
7.8
2.6
6.0
4.1
5.4
4.8
4.0
4.4
6.5
6.0
6.3
6.4
3.1
2.5
5.1
4.2
4.0
3.0
5.0
4.7
6.3
3.6
.5
5.7
5.4
5.8
5.5
5.7
6.4
5.0
5.0
5.5
5.5
5.1
3.4
6.2
5.6
6.6
6.0
6.1
4.9
4.6
5.1
4.5
5.0
4.7
5.0
5.7
5.7
5.7
5.7
5.6
5.2
6.2
5.7
6.2
5.7
6.2
5.3
5.3
5.4
6.0
6.0
5.2
6.8
6.0
6.1
7.0
7.1
6.1
4.7
5.9
6.1
7.0
7.2
6.0
7.5
2.9
3.9
2.7
3.6
2.8
3.8
3.8
3.3
4.2
3.8
3.6
5.2
5.6
4.0
6.2
4.6
5.5
9.2
3.4
6.8
4.9
8.3
3.3
6.7
6.2
5.6
6.7
6.0
5.6
5.8
7.7
7.8
7.5
7.6
7.9
4.7
5.1
4.1
6.6
5.6
5.7
4.0
4.8
6.9
6.7
8.8
5.0
3.2
Addenda:
Final sales of domestic product ......................................................................
Gross domestic purchases ................................................................................
Final sales to domestic purchasers................................................................
Gross national product ( G N P ) ..........................................................................
Disposable personal in c o m e .............................................................................
Current-dollar measures:
G D P .....................................................................................................................
Final sales of domestic p ro d u ct.................................................................
Gross domestic p u rchases...........................................................................
Final sales to domestic p u rchasers..........................................................
G N P .....................................................................................................................
Disposable personal income .......................................................................
See “Explanatory Note” at the end of the text.
December 2003
11
S u rv e y o f C u r r e n t B usiness
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period—Continued
[Percent]
Seasonally adjusted at annual rates
1999
III
2000
IV
2002
2001
I
II
III
IV
I
II
III
IV
I
II
2003
III
IV
I
II
3.1
Gross domestic product (GDP) ...................................................
4.8
7.3
1.0
6.4
-0.5
2.1
-0.2
-0.6
-1.3
2.0
4.7
1.9
3.4
1.3
2.0
Personal consumption expenditures...........................................................
4.3
5.0
6.5
2.5
3.9
3.4
.5
2.3
1.9
6.2
4.1
2.6
2.0
2.2
2.5
3.3
Durable g o o d s ......................................................................................................................
Nondurable g o o d s ...............................................................................................................
S ervice s ..................................................................................................................................
8.8
1.2
4.8
2.8
9.3
3.5
24.4
.3
6.0
-9 .5
5.7
3.9
6.0
2.3
4.3
.7
3.7
3.9
1.7
.4
.3
9.8
-1.1
2.4
.7
2.9
1.6
27.3
4.7
2.8
1.6
6.1
3.8
.5
.4
4.1
5.0
.2
2.2
.3
4.6
1.5
.5
5.7
1.5
17.7
1.2
1.7
Gross private domestic investment.............................................................
10.2
15.7
-6.9
29.1
-9.9
11.1
4.6
11.4
-.6
-3.5
4.7
Fixed investm ent..................................................................................................................
Nonresidential .................................................................................................................
Structures ....................................................................................................................
Equipment and software .........................................................................................
Residential .......................................................................................................................
Change in private inventories..........................................................................................
7.9
10.0
-3.1
14.6
2.4
2.1
1.0
4.2
0
5.0
11.5
14.3
7.0
16.9
4.1
9.5
14.8
18.0
13.7
-3 .5
- .6
2.2
9.6
- .2
-8 .0
.7
.9
1.2
.8
.4
-2 .7
-4 .5
-5 .9
-4 .0
2.6
-9 .2
-1 3 .6
-5 .6
-1 6 .4
3.7
-5 .2
-8 .4
2.2
-1 2 .2
3.1
-1 0 .8
-1 4 .0
-3 5 .3
-4.1
-2 .5
-2 .5
-7 .0
-2 3 .9
-.2
8.7
.6
-3 .0
-1 4 .5
1.2
8.9
.6
-1.1
-1 4 .6
3.7
4.2
2.1
-.1
-5 .6
1.7
6.8
1.1
- .6
-4 .0
.5
4.5
6.1
7.0
3.9
8.0
4.5
11.0
13.9
4.5
14.7
15.8
9.0
10.9
14.0
3.8
8.2
8.9
4.7
6.6
8.7
1.4
16.7
16.0
20.8
12.3
13.8
8.5
16.5
17.7
10.7
10.7
18.3
-6 .6
14.1
14.1
14.1
-2 7
-5 .4
4.4
-1 .6
-1 .6
-1 .9
-4 .5
-5 .4
-2 .0
-6 .2
-6 .8
-3.1
-1 3 .4
-18.1
- .6
-8 .6
-1 2 .2
12.5
-1 7 .7
-1 8 .9
-1 4 .7
-1 0 .8
-9 .2
-1 8 .2
-9 .8
-7 .6
-1 5 .0
-3 .8
-3 .2
-6 .9
4.4
-2 .6
22.8
8.4
6.3
19.2
8.7
12.0
1.6
17.1
21.9
-3 .6
4.3
4.3
4.5
4.1
4.8
.7
-3 ./
-9.1
9.4
8.2
7.4
12.2
-2 .0
1.9
-10.1
-6 .8
-6 .6
-7 .5
-1.1
-1 .7
.2
9.1
13.7
-1 0 .9
-2.3 -11.1 -16.4
-8.5 -17.7
Net exports of goods and services.............................................................
Exports ...................................................................................................................................
G o o d s .................................................................................................................................
Services ............................................................................................................................
Im ports....................................................................................................................................
G o o d s .................................................................................................................................
Services ............................................................................................................................
Government consumption expenditures and gross investment .................
5.1
6.6
-3.0
5.5
-2.1
1.3
5.8
5.8
-4.1
7.4
4.6
4.0
2.5
7.1
-.4
7.4
Federal ...................................................................................................................................
National d e fe n s e .............................................................................................................
N o n defense......................................................................................................................
State and lo c a l.....................................................................................................................
8.3
13.8
-1.1
3.4
9.5
10.1
8.4
5.1
-1 3 .9
-2 1 .3
1.2
3.2
17.2
17.0
17.6
.1
-8 .2
-7 .4
-9 .7
1.3
-1 .0
1.7
-5 .7
2.5
8.9
7.7
11.2
4.3
6.7
2.6
14.4
5.3
0
2.4
-4 .3
-6.1
9.9
14.2
2.6
6.1
8.4
8.2
8.7
2.7
10.5
9.5
12.2
.7
3.9
4.5
2.9
1.7
18.2
22.1
11.4
1.5
- .2
-5 .6
10.5
- .5
23.5
41.9
-5 .0
- .8
4.3
5.4
5.0
4.5
2.0
5.0
7.1
4.8
7.7
5.9
4.2
2.5
5.6
.8
9.2
3.3
7.2
4.2
6.6
2.7
1.3
.4
2.1
- .7
5.2
2.6
2.1
2.6
3.0
.6
1.4
- .7
.9
-1 .3
-.3
.7
- .4
.9
- .6
-1 .4
- .7
- .8
- .3
-1 .9
12.2
3.2
2.4
3.6
4.6
-4 .4
2.6
5.2
3.2
2.6
10.6
1.3
3.1
2.5
1.3
4.1
1.8
3.4
1.8
3.8
- .9
1.7
2.7
3.1
2.0
.6
2.7
1.1
1.8
1.5
2.4
3.3
4.3
4.5
3.3
4.9
6.2
5.7
7.5
7.1
5.9
4.3
9.1
6.9
9.4
7.3
9.5
8.5
4.7
7.8
6.6
9.7
4.4
13.0
8.3
5.4
8.9
6.1
8.4
4.7
1.6
3.2
2.9
4.5
1.4
7.2
3.8
4.5
3.7
4.4
4.7
2.4
2.9
4.5
1.9
3.5
1.8
2.9
2.6
4.0
1.9
3.3
2.5
1.1
.3
.9
.2
.7
- .3
12.8
3.9
4.8
3.3
4.1
6.5
-4.1
5.4
3.8
5.8
4.2
3.3
11.4
3.9
2.8
6.1
5.0
3.3
7.2
4.4
3.3
4.6
3.5
4.9
1.1
3.1
3.5
4.5
4.8
3.9
2.3
4.3
5.1
4.5
5.3
3.9
5.3
4.2
4.4
4.7
4.8
4.4
5.4
Addenda:
Final sales of domestic p ro d u c t.....................................................................................
Gross domestic p u rc h a s e s ............
Final sales to domestic purchasers
Gross national product ( G N P ) ......
Disposable personal in c o m e ..........
Current-dollar measures:
GDP ...................................................................................................................................
Final sales of domestic p ro d u ct................................................................................
Gross domestic purchases..........................................................................................
Final sales to domestic purchasers.........................................................................
G NP ...................................................................................................................................
Disposable personal income ......................................................................................
See “Explanatory Note” at the end of the text.
12
Initial Results of the Com prehensive N IP A Revision
December 2003
T a b l e 1 A . R e a l G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d i n g P e r io d
[Percent]
Seasonally adjusted at an
nual rates
19292002
19591992
19922002
I
II
Gross domestic product (G D P )..................................
3.4
3.4
3.2
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.5
2.2
4.5
2.7
4.7
6.2
Previously published........................................................
3.4
3.4
3.2
3.0
2.7
4.0
2.7
3.6
4.4
4.3
4.1
3.8
.3
2.4
6.1
2.2
4.1
6 ./
Personal consumption expenditures...........................................
3.3
3.6
3.8
3.3
3.3
3.7
2.7
3.4
3.8
5.0
5.1
4.7
2.5
3.4
4.5
6.5
4.9
5.5
Previously published ............................................................................
Durable g o o d s ........................................................................................
Previously pub lish ed .......................................................................
Nondurable g o o d s ................................................................................
Previously pub lish ed .......................................................................
S erv ic e s ....................................................................................................
Previously pub lish ed .......................................................................
3.3
4.6
4.5
2.7
2.7
3.5
3.5
3.5
4.9
4.8
2.6
2.6
4.0
4.0
3.7
7.8
7.6
3.1
3.3
3.3
3.0
2.9
5.9
5.3
2.0
1.9
3.5
2.9
3.4
7.8
8.2
2.7
2.9
2.8
2.7
3.8
8.4
7.6
3.5
3.8
2.9
3.0
3.0
4.4
4.6
2.2
3.0
2.6
2.7
3.2
7.8
5.6
2.6
2.9
2.9
2.8
3.6
8.6
6.6
2.7
2.9
3.3
3.3
4.8
11.3
10.5
4.0
4.1
4.2
4.0
4.9
11.7
11.8
4.6
4.7
4.0
3.7
4.4
7.3
8.2
3.8
3.9
4.5
3.8
2.5
4.1
6.0
1.9
2.0
2.4
2.0
3.1
6.5
7.3
3.0
3.2
3.0
2.2
5.1
1.8
7.0
5.3
5.6
4.7
4.5
6.2
19.8
16.6
5.0
6.0
4.6
4.3
3.8
11.6
4.2
2.8
3.2
4.5
4.1
5.1
25.9
24.0
5.8
5.2
1.3
1.5
Gross private domestic investm ent.............................................
4.0
3.7
5.9
8.1
8.9
13.6
3.1
8.9
12.4
9.8
7.8
5.7
-8 .4
-1 .2
22.5
-6 .2
9.5
10.1
Previously published ............................................................................
Fixed in vestm en t...................................................................................
Previously pub lish ed .......................................................................
Nonresidential ...................................................................................
Previously published..................................................................
Structures......................................................................................
Previously published ............................................................
Equipment and software ..........................................................
Previously published ............................................................
R esidential..........................................................................................
Previously published..................................................................
Change in private inventories...........................................................
4.0
3.6
3.6
3.8
3.8
1.5
1.5
5.0
4.9
2.9
2.8
3.7
3.7
3.7
4.6
4.6
2.1
2.1
5.9
5.9
1.8
1.7
5.9
6.0
5.9
6.5
6.5
.8
1.4
8.6
8.3
4.3
4.2
8.5
5.9
6.5
3.2
3.4
-6 .0
-6.1
7.3
7.4
13.8
16.3
8.7
8.6
8.1
8.7
8.4
- .7
.8
12.5
11.3
8.2
7.3
13.2
9.3
9.1
9.2
8.9
1.8
.8
11.9
11.9
9.6
9.7
3.0
6.5
6.0
10.5
9.8
6.4
4.8
12.0
11.5
-3 .2
-3 .6
9.0
9.0
9.3
9.3
10.0
5.6
7.1
10.6
11.0
8.0
7.4
12.1
9.2
9.6
12.1
12.2
7.3
9.1
13.8
13.3
1.9
2.0
11.8
10.2
11.4
11.1
12.5
5.1
6.8
13.3
14.6
7.6
8.0
6.6
8.3
7.8
9.2
8.1
- .4
-1 .3
12.7
11.5
6.0
6.7
6.2
6.5
6.1
8.7
7.8
6.8
6.5
9.4
8.2
.8
1.1
-1 0 .7
-3 .2
-3 .8
-4 .5
-5 .2
-2 .5
-1 .7
-5 .2
-6 .4
.4
.3
1.0
-3 .7
-3.1
-7 .2
-5 .7
-1 8 .4
-1 6 .4
-2 .8
-1 .7
4.9
3.9
32.5
12.6
18.7
14.1
21.6
.6
4.9
19.3
28.0
8.5
10.4
-6 .7
12.5
11.7
12.9
12.5
16.6
14.9
11.7
11.6
11.5
9.2
11.8
5.8
3.8
3.9
1.5
-3 .3
-2 .7
6.6
3.0
11.3
11.1
14.1
12.2
13.1
13.0
14.4
3.0
3.3
16.7
18.4
10.0
9.3
E xpo rts......................................................................................................
Previously pub lish ed .......................................................................
G o o d s ..................................................................................................
Previously published..................................................................
S ervices...............................................................................................
Previously published..................................................................
Im p o rts......................................................................................................
Previously pub lish ed .......................................................................
G o o d s ..................................................................................................
Previously published..................................................................
S ervice s ...............................................................................................
Previously published..................................................................
4.7
4.7
4.6
4.6
5.4
5.5
4.9
4.9
5.0
5.0
4.5
4.5
6.6
6.9
6.8
6.8
6.1
7.5
5.8
5.7
6.4
6.4
4.1
4.0
4.9
5.0
5.3
5.3
3.8
4.1
8.7
8.7
9.3
9.3
5.7
5.9
6.9
6.2
7.5
6.8
5.5
4.6
7.0
6.6
9.3
9.3
-2 .6
-4 .0
3.2
3.3
3.3
3.0
3.2
4.1
8.8
9.1
10.1
10.1
2.9
4.7
8 ./
8.9
9.7
9.7
6.3
7.2
11.9
12.0
13.3
13.3
5.7
5.8
10.1
10.3
11.7
11.9
6.3
6.4
8.0
8.2
9.0
9.0
3.3
4.1
8.4
8.2
8.8
8.7
7.2
6.8
8.7
8.6
9.3
9.4
5.5
4.8
11.9
12.3
14.3
14.5
5.9
7.0
13.6
13.7
14.4
14.2
9.4
10.9
2.4
2.1
2.2
2.1
2.9
2.3
11.6
11.8
11.7
11.7
11.4
11.9
4.3
3.4
3.8
3.8
5.6
2.5
11.5
10.9
12.4
12.2
6.9
4.2
8 ./
9.7
11.2
11.3
2.9
6.0
13.1
13.2
13.5
13.5
11.1
11.6
-b .2
-5 .4
-6.1
-5 .9
-3.1
-4 .0
-2 .6
-2 .9
-3 .2
-3 .3
.4
- .5
-2 .4
-1 .6
-4 .0
-3 .6
1.4
3.2
3.3
3.7
3.7
3.9
1.4
2.1
1 ./
.5
.7
-.2
4.5
2.4
15.6
15.9
15.2
14.9
17.6
21.3
-4 .2
-4 .0
-9.1
-€ .6
9.1
8.0
11.4
11.3
11.9
12.2
9.0
6.7
-1 ./
-2 .2
.9
.5
-7 .7
-8 .4
5.2
4.2
4.0
3.7
10.9
7.0
1b.9
16.3
17.1
18.8
12.9
10.5
12.1
12.2
13.8
14.8
4.5
.1
Government consumption expenditures and gross
investm ent.......................................................................................
3.8
2.4
1.7
.5
-.9
0
.5
1.0
1.9
1.9
3.9
2.1
2.8
3.8
-2 .2
8.4
3.7
3.7
Previously published.......................................................................
F e d e ra l......................................................................................................
Previously published.......................................................................
National d e fe n s e ..............................................................................
Previously published..................................................................
N o n d efen se........................................................................................
Previously published..................................................................
State and local ......................................................................................
Previously published.......................................................................
3.8
4.8
4.9
5.2
5.2
4.4
4.5
3.1
3.1
2.3
1.5
1.4
.9
.9
3.2
3.1
3.3
3.3
2.0
0
.3
- .7
- .4
1.6
1.8
2.8
3.0
.5
-1 .7
-1 .6
-5 .0
-4 .9
6.9
7.1
2.2
2.0
- .8
-4 .2
-3 .9
-5 .6
-5 .4
- .7
-.3
1.4
1.4
.1
-3 .7
-3 .6
-4 .9
-4 .8
-1 .2
-1 .0
2.6
2.6
.5
-2 .7
-2 .7
-3 .8
-3 .7
-.4
-.5
2.6
2.5
1.1
-1 .2
-.9
-1 .4
-1 .3
- .7
0
2.3
2.3
2.4
-1 .0
-.4
-2 .8
-2 .6
2.6
4.2
3.6
4.0
1.9
-1.1
- .8
-2.1
-1 .8
.7
1.1
3.6
3.4
3.9
2.2
2.3
1.9
2.1
2.8
2.7
4.7
4.7
2.7
.9
1.3
- .5
-.1
3.5
3.6
2.7
3.5
3.7
3.7
4.8
3.9
5.0
3.5
4.5
2.2
3.1
4.4
7.9
7.5
8.9
9.3
6.2
4.3
1.8
2.8
-2 .5
-9 .4
-9 .7
-1 8 .3
-1 7 .6
10.1
7.2
2.0
1.7
7.5
10.5
12.2
12.1
12.6
7.7
11.4
7.2
5.0
2.0
-3 .4
-3 .9
5.9
5.3
-1 8 .8
-1 8 .8
7.7
5.3
4.1
3.7
5.3
-1 .9
-.8
15.3
17.7
3.8
3.4
3.4
3.4
3.5
3.4
3.4
3.4
3.4
3.4
3.3
3.3
3.4
3.3
3.3
3.3
3.3
3.3
3.4
3.3
3.6
3.6
3.2
3.2
3.7
3.7
3.7
3.7
3.2
3.2
3.2
3.1
3.0
2.8
3.3
3.1
3.1
2.8
3.3
3.0
3.4
3.1
2.6
2.6
3.2
3.3
3.2
3.2
2.7
2.6
1.0
1.4
3.4
3.4
4.4
4.4
3.8
3.8
3.9
3.9
2.7
2.6
3.0
3.1
2.4
2.5
2.8
3.0
2.6
2.7
2.8
2.6
3.7
3.6
3.8
3.7
3.8
3.7
3.7
3.5
3.0
2.5
4.0
4.0
4.8
4.7
4.3
4.3
4.4
4.3
3.5
3.1
4.2
4.2
5.3
5.4
5.3
5.3
4.0
4.2
5.8
5.4
4.5
4.3
5.3
5.0
5.4
5.2
4.6
4.4
3.0
2.6
3.8
3.7
4.4
4.4
4.5
4.3
3.7
3.7
4.8
4.8
1.4
1.5
.7
.4
1.6
1.6
.5
.2
1.8
1.8
1.8
1.8
2.8
3.0
2.4
2.4
2.1
2.1
3.8
4.2
2.9
4.0
6.1
7.9
4.6
5.8
4.5
6.4
8.8
8.1
5.9
5.4
4.5
4.0
7.8
7.3
2.6
2.1
6.0
6.0
4.1
2.8
5.4
4.8
4.8
3.5
4.0
3.3
4.4
3.7
6.5
6.5
6.0
6.4
6.3
6.2
6.4
7.0
3.1
2.4
6.5
6.5
6.5
6.5
6.6
6.6
6.6
6.6
6.5
6.5
6.4
6.4
8.0
7.9
8.0
8.0
8.0
7.9
8.0
8.0
8.0
7.9
8.2
8.2
5.2
5.2
5.2
5.2
5.5
5.5
5.5
5.5
5.1
5.1
5.2
5.1
5.7
5.6
5.4
5.3
5.8
5.7
5.5
5.4
5.7
5.5
6.4
6.3
5.0
5.1
5.0
5.0
5.5
5.6
5.5
5.5
5.1
5.1
3.4
3.8
6.2
6.2
5.6
5.6
6.6
6.5
6.0
5.9
6.1
6.1
4.9
4.7
4.6
4.9
5.1
5.4
4.5
4.8
5.0
5.3
4.7
4.9
5.0
5.0
5.7
5.6
5.7
5.6
5.7
5.6
5.7
5.6
5.6
5.5
5.2
4.7
6.2
6.5
5.7
6.1
6.2
6.4
5.7
6.0
6.2
6.3
5.3
5.1
5.3
5.6
5.4
5.5
6.0
6.3
6.0
6.2
5.2
5.4
6.8
6.5
6.0
5.6
6.1
5.8
7.0
6.6
7.1
6.8
6.1
5.9
4.7
4.3
5.9
5.9
6.1
5.9
7.0
7.0
7.2
7.0
6.0
5.9
7.5
7.4
2.9
2.6
3.9
3.9
2.7
2.4
3.6
3.6
2.8
2.6
3.8
3.8
3.8
3.6
3.3
3.0
4.2
4.2
3.8
3.6
3.6
3.3
5.2
5.6
5.6
7.2
4.0
5.2
6.2
8.0
4.6
6.0
5.5
7.5
9.2
8.8
3.4
3.3
6.8
6.5
4.9
4.7
8.3
8.0
3.3
3.1
6.7
7.0
6.2
5.6
5.6
4.3
6.7
6.0
6.0
4.7
5.6
4.8
5.8
5.1
7.7
7.8
7.8
7.6
7.5
7.6
7.6
7.4
7.9
8.1
4.7
3.8
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1998
III
IV
Net exports of goods and services .............................................
Addenda:
Final sales of domestic product ......................................................
Previously published .......................................................................
Gross domestic purchases ................................................................
Previously pub lish ed .......................................................................
Final sales to domestic purchasers.................................................
Previously published..................................................................
Gross national product (GNP) ..........................................................
Previously pub lish ed .......................................................................
Disposable personal in c o m e ..............................................................
Previously pub lish ed .......................................................................
Current-dollar measures:
G D P ......................................................................................................
Previously published..................................................................
Final sales of domestic p ro d u ct..................................................
Previously published..................................................................
Gross domestic purch ases...........................................................
Previously published..................................................................
Final sales to domestic purchasers ...........................................
Previously published ............................................................
G N P .......................................
Previously published ....
Disposable personal income
Previously published ....
See “Explanatory Note” at the end of the text.
December 2003
13
S u rv e y o f C u r r e n t B usiness
Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period—Continued
[Percent]
Seasonally adjusted at annual rates
2002
2001
2000
1999
II
2.0
4.7
1.9
3.4
1.3
2.0
3.1
2.7
5.0
13
33
6.2
4.1
2.6
2.5
3.3
1.4
9.8
5.3
-1.1
- .3
2.4
1.5
1.5
.7
4.6
2.9
1.3
1.6
.9
6.0
27.3
33.6
4.7
3.6
2.8
2.1
31
1.6
-6 3
6.1
7.9
3.8
2.9
18
.5
70
.4
-.1
4.1
2.7
14
7.9
17
.3
-8 ?
4.6
5.1
1.5
2.2
14
1.9
40
?.o
4?
5.0
77 8
.2
1.0
2.2
2.3
20
.5
-7 0
5.7
61
15
.9
38
17.7
?4 3
17
14
17
14
-11.1
-16.4
-8 .5
-17.7
11.1
4.6
11.4
-.6
-3 5
4.7
-1 9 .7
-2 .7
-2 .2
-4 .5
-5 .4
-5 .9
-3.1
-4 .0
-6 .3
2.6
8.2
-1 7 .6
-9 .2
-11.1
-1 3 .6
-1 4 .5
-5 .6
-8 .4
-1 6 .4
-1 6 .7
3.7
-.5
-5 .2 -1 7 .3
-5 .2 -1 0 .8
- 4 .3
-8 .9
-8 .4 -1 4 .0
-6 .0 -1 0 .9
2.2 -3 5 .3
2.9 -30.1
-1 2 .2
-4.1
-9 .2
-2 .5
-2 .5
3.1
.4
-3 .5
18.2
-2 .5
-.5
-7 .0
-5 .8
-2 3 .9
-1 4 .2
- .2
-2 .7
8.7
14.2
7.9
.6
-1 .0
-3 .0
-2 .4
-1 4 .5
-1 7 6
1.2
33
89
2.7
3.6
.6
- .3
-1.1
- .8
-1 4 .6
-2 1 .4
3.7
6.7
4?
11
6.3
2.1
4.4
-.1
2.3
-5 .6
-9 9
1.7
6.2
68
9.4
-5 3
11
-.1
-.6
-4 .4
-4 .0
-? 9
.5
-4 8
4.5
10.1
70
fi1
71
70
7.3
39
47
80
83
45
fifi
-4 .5
-6 .0
-5 .4
-6.1
-2 .0
-6 .0
-6 .2
-7 .9
-6 .8
-9 .2
-3.1
.3
-1 3 .4
-1 2 .4
-18.1
-16.1
- .6
-2 .5
-8 .6
-6 .8
-1 2 .2
-9 .4
12.5
8.5
-1 7 .7
-1 7 .3
-1 8 .9
-1 8 .6
-1 4 .7
-1 3 .9
-1 0 .8
-1 1 .8
-9 .2
-9 .6
-1 8 .2
-2 3 .2
-9 .8
-9 .6
-7 .6
-7 .9
-1 5 .0
-1 3 .8
-3 .8
-5 .3
-3 .2
-3 .3
-6 .9
-1 6 .5
4.4
3.5
-2 .6
-3 .4
22.8
21.7
8.4
8.5
6.3
3.7
19.2
35.7
8.7
14.3
1? 0
15.9
1 fi
10.7
17.1
77 7
21.9
27.9
-3 .6
-2.1
43
4.6
43
4.1
4.5
5.9
4.1
3.3
4.8
3.4
.7
3.1
-3 .7
-5 .8
-9 1
-1 1 .5
9.4
8.0
8.2
74
7.4
6.2
12.2
13.0
1.3
5.8
5.8
-4.1
7.4
4.6
4.0
2.5
7.1
-.4
7.4
2.9
-1 .0
2.0
1.7
4.7
-5 .7
-2 .6
2.5
3.3
5.7
8.9
9.5
7.7
8.3
11.2
11.8
4.3
3.8
5.6
6.7
6.0
2.6
2.7
14.4
12.0
5.3
5.4
-1.1
0
1.2
2.4
4.6
-4 .3
-4 .5
-6.1
-2 .3
10.5
9.9
13.5
14.2
14.3
2.6
12.1
6.1
8.9
5.6
8.4
7.4
8.2
11.6
8.7
.4
2.7
4.6
1.4
10.5
7.5
9.5
7.8
12.2
6.9
.7
-1 .7
2.9
3.9
4.3
4.5
6.9
2.9
-.3
1.7
2.2
4.6
18.2
11.0
22.1
11.0
11.4
11.1
1.5
1.2
.4
-.2
.7
-5 .6
-3 .3
105
8.4
-.5
.2
85
73 5
755
41.9
45 8
-5 0
-5 4
-8
-?
2.6
1.3
2.1
1.3
2.6
1.4
3.0
1.6
.6
1.8
1.4
2.8
- .7
-1.1
.9
2.2
-1 .3
-1 .4
- .3
-.1
.7
- .4
-.4
-1.1
.9
0
- .6
- .8
-1 .4
- .6
- .7
-.2
-8
-.1
- .3
.1
-1 .9
-1.1
12.2
10.5
3.2
4.2
74
2.9
3.6
4.3
4.6
3.7
-4 .4
-7 .6
2.6
2.4
5?
5.6
3.2
3.0
2.6
3.7
10.6
14.5
1.3
-.1
31
2.6
2.5
1.3
1.3
.4
4.1
3.9
1 ft
3.4
34
3.9
1.8
3.3
3.8
4.4
- .9
1.8
1.7
1.1
71
2.9
3.1
2.6
2.0
1.4
.6
1.4
2.7
2.3
11
.6
1.8
1.4
1.5
1.4
2.4
1.6
33
40
4.3
4.4
45
51
33
3.5
4.9
2.6
3.8
3.2
4.5
3.4
3.7
3.4
4.4
3.6
4.7
3.7
2.4
4.0
2.9
3.0
4.5
6.6
1.9
2.1
3.5
5.5
1.8
2.2
2.9
3.2
2.6
.9
4.0
2.1
1.9
.6
3.3
1.7
2.5
1.7
1.1
1.2
.3
1.9
.9
2.0
.2
-.2
.7
-.1
- .3
11
12.8
10.4
3.9
2.2
4.8
3.6
3.3
3.4
4.1
4.8
6.5
3?
-4.1
-6 .9
5.4
6.5
3.8
3.7
5.8
6.9
4.2
4.2
3.3
5.1
11.4
15.8
3.9
2.5
2.8
1.2
6.1
4.9
5.0
36
33
1 fi
7?
67
4.4
5.1
3.3
4.5
4.6
5.2
35
46
49
55
11
35
3.1
3.2
3.5
2.9
4.5
4.7
48
44
39
33
73
3?
4.3
3.8
5.1
4.8
4.5
4.1
53
50
39
38
53
43
47
43
4.4
51
47
4.8
4.8
5.5
4.4
4.6
5.4
3.4
7.3
1.0
6.4
-0 .5
2.1
-0 .2
-0 .6
-1 .3
7.1
2.6
4.8
.6
1.1
- .6
-1 .6
- .3
4.3
5.0
6.5
2.5
3.9
3.4
.5
2.3
5.7
20.3
14.4
4.1
4.8
4.6
4.4
4.6
8.8
10.3
1.2
2.5
4.8
4.5
5.0
2.8
10.1
9.3
7.5
3.5
2.8
5.3
24.4
17.8
.3
2.2
6.0
4.4
3.0
-9 .5
-3 .7
5.7
4.9
3.9
3.6
3.8
6.0
8.1
2.3
2.0
4.3
3.9
2.1
.7
-5 .3
3.7
2.7
3.9
3.3
2.4
1.7
11.5
.4
2.3
.3
.6
11.6
.3
10.2
15.7
-6 .9
29.1
-9 .9
-2 .3
7.2
6.3
7.7
7.4
7.7
-7 .4
-4.1
12.9
12.0
3.5
7.6
-4 .7
10.2
7.1
12.8
7.9
2.9
-5.1
16.2
12.5
3.5
4.9
11.0
7.9
5.9
10.0
7.7
-3.1
-6 .3
14.6
12.5
2.4
.9
13.7
2.1
2.9
1.0
3.0
4.2
6.1
0
2.1
5.0
2.7
2.3
11.5
13.3
14.3
15.0
7.0
13.8
16.9
15.5
4.1
8.3
17.3
9.5
6.7
14.8
10.2
18.0
8.2
13.7
10.9
-3 .5
-3 .0
-6 .0
-.6
.2
2.2
3.5
9.6
12.1
-.2
.9
- 8 .0
-9 .3
-3 .4
.7
-2 .4
.9
-3 .2
1.2
3.6
.8
-5 .4
.4
0
E xpo rts......................................................................................................
Previously pub lish ed .......................................................................
G o o d s ..................................................................................................
Previously published..................................................................
S ervices...............................................................................................
Previously published..................................................................
Im p o rts ......................................................................................................
Previously pub lish ed .......................................................................
G o o d s ..................................................................................................
Previously published..................................................................
S ervices...............................................................................................
Previously published..................................................................
-3 .4
-6 .9
-7 .9
-9 .0
8.2
-1 .5
10.7
8.4
11.6
10.1
6.1
.2
4.6
4.3
4.6
4.6
4.6
3.4
15.0
15.4
16.8
17.1
6.5
6.8
11.0
10.6
13.9
13.2
4.5
4.7
14.7
14.5
15.8
15.4
9.0
9.7
10.9
12.6
14.0
15.3
3.8
6.4
8.2
9.4
8.9
9.8
4.7
7.1
6.6
7.7
8.7
6.7
1.4
10.2
16.7
14.7
16.0
13.7
20.8
20.6
12.3
14.6
13.8
16.1
8.5
11.2
16.5
18.6
17.7
20.3
10.7
9.6
10.7
11.6
18.3
19.5
-6 .6
-5 .9
14.1
13.8
14.1
13.6
14.1
15.1
-2 .7
-4 .0
-5 .4
-7.1
4.4
4.4
-1 .6
-1 .6
-1 .6
-1 .8
-1 .9
-.5
Government consumption expenditures and gross
investm ent.......................................................................................
2.7
2.4
5.1
6.6
-3.0
5.5
-2.1
Previously published .......................................................................
F e d e ra l......................................................................................................
Previously pub lish ed .......................................................................
National d e fe n s e ..............................................................................
Previously published..................................................................
N o n d efen se........................................................................................
Previously published..................................................................
State and local ......................................................................................
Previously published .......................................................................
3.0
-2 .3
-3 .3
-5 .5
-5 .2
3.8
.2
5.4
6.5
2.9
1.7
2.6
-.2
-.2
5.3
7.9
2.8
3.0
5.3
8.3
7.4
13.8
14.0
-1.1
-3 .6
3.4
4.2
7.1
9.5
9.9
10.1
10.0
8.4
9.7
5.1
5.6
-1 .2
-1 3 .9
-1 3 .2
-2 1 .3
-1 9 .9
1.2
.3
3.2
5.6
4.6
17.2
16.0
17.0
15.0
17.6
17.9
.1
- .8
-1 .0
-8 .2
-7 .2
-7 .4
-6.1
-9 .7
-9 .2
1.3
2.4
2.5
3.1
5.1
4.8
4.2
4.9
4.0
4.4
3.0
2.7
5.0
4.1
4.7
3.3
6.3
5.4
3.6
2.1
.5
.8
4.3
4.3
5.4
5.8
5.0
4.9
4.5
4.8
2.0
1.5
5.0
5.2
7.1
6.8
4.8
5.0
7.7
7.6
5.9
4.8
4.2
4.4
2.5
3.6
5.6
5.4
.8
2.2
9.2
8.4
3.3
3.1
7.2
5.7
4.2
3.9
6.6
5.1
2.7
4.8
1.3
1.7
4
1.2
2.1
2.4
- .7
.2
5.2
4.3
5.1
4.9
4.1
5.0
6.6
6.3
5.6
6.4
5.7
6.3
4.0
4.0
4.8
3.5
6.9
5.7
6.7
5.5
8.8
7.6
5.0
3.7
3.2
3.1
6.2
6.5
5.7
5.6
7.5
7.8
7.1
6.9
5.9
6.1
4.3
3.7
9.1
8.9
6.9
7.0
9.4
9.1
7.3
7.3
9.5
9.4
8.5
7.3
4.7
5.7
7.8
7.6
6.6
7.4
9.7
9.3
4.4
5.3
13.0
12.2
8.3
7.3
5.4
5.5
8.9
8.0
6.1
6.2
8.4
7.5
4.7
7.2
1.6
2.2
3.2
3.4
2.9
3.4
4.5
4.6
1.4
1.9
7.2
6.4
Gross domestic product (G D P )..................................
3.4
3.4
4.8
Previously published........................................................
3.0
2.0
5.2
Personal consumption expenditures ...........................................
4.1
6.4
Previously published ............................................................................
Durable g o o d s ........................................................................................
Previously published .......................................................................
Nondurable g o o d s ................................................................................
Previously published .......................................................................
Services ...................................................................................................
Previously published .......................................................................
4.7
-1 .5
5.5
5.3
4.9
4.7
4.4
Gross private domestic investm ent.............................................
Previously published ...........................................................................
Fixed investment ...................................................................................
Previously p u blished.......................................................................
Nonresidential ...................................................................................
Previously published..................................................................
S tructures......................................................................................
Previously published ............................................................
Equipment and software ..........................................................
Previously published ............................................................
R esidential..........................................................................................
Previously published..................................................................
Change in private inventories...........................................................
IV
III
IV
III
II
II
III
III
I
I
II
II
IV
I
I
I
2003
IV
Net exports of goods and s e rv ic e s .............................................
-1.1
-7 0
-1 0
-1 .3
-1 7
19
-1 fi
1.9
-1 0 1
7
.5
-8 .0
9.1
-6 .8
88
- f i?
13.7
-6 .6
13
5
-6 .7
-7 .5 -1 0 .9
-4 .0 -11 4
Addenda:
Final sales of domestic product ......................................................
Previously published.......................................................................
Gross domestic purchases ................................................................
Final sales to domestic purchasers................................................
Previously published..................................................................
Gross national product (GNP) ..........................................................
Previously published .......................................... ............................
Current-dollar measures:
G D P ......................................................................................................
Previously published..................................................................
Final sales of domestic p ro d u ct..................................................
Previously published..................................................................
Gross domestic p u rchases...........................................................
Previously published..................................................................
Final sales to domestic purchasers ...........................................
Previously published ............................................................
G N P ......................................................................................................
Previously published..................................................................
Disposable personal income ........................................................
Previously published..................................................................
See “Explanatory Note” at the end of the text.
14
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b le 1 B . R e v is io n s t o C u r r e n t- D o lla r G r o s s D o m e s tic P r o d u c t a n d M e a s u r e s o f In c o m e
Billions of dollars
1959
1992
1993
1994
1995
1996
Percent of previously published
1997
1998
1999
2000
2001
2002
1959
1992
1997
2002
Gross domestic product (G D P )....................................
-0.8
18.8
15.1
17.9
-2.8
3.7
-14.1
-34.5
-5 .9
-7 .6
18.6
34.6
-0.2
0.3
-0.2
0.3
Personal consumption expenditures.............................................
Durable g o o d s ................................................................................
Nondurable g o o d s .........................................................................
S e rv ic e s ............................................................................................
- .5
.0
.0
-.5
25.6
12.8
7.6
5.3
23.2
13.3
4.2
5.7
26.9
21.4
- .8
6.3
6.8
21.9
-1 2 .2
-2 .9
19.3
36.1
-18 .6
1.7
18.1
50.2
-2 2 .6
-9 .4
23.5
57.0
-2 4 .9
-8 .6
36.0
61.7
-2 5 .3
-.5
55.7
59.4
-2 5 .7
21.9
58.4
46.0
-27 .7
39.9
81.6
39.4
-2 9 .0
71.2
- .2
.0
.0
- .4
.6
2.7
.6
.2
.3
7.8
-1 .4
-.3
1.1
4.5
-1 .4
1.6
Gross private domestic investm ent...............................................
Fixed investm ent............................................................................
Nonresidential ............................................................................
Structures...............................................................................
Equipment and software ...................................................
R esidential...................................................................................
Change in private inventories....................................................
.0
.0
.0
.0
.0
.0
.0
-1 .8
-3.1
-1 4 .0
.4
-1 4 .3
10.8
1.3
-1 .7
-1 .5
-1 5 .6
-2 .2
-1 3 .4
14.2
-.3
.0
-1 .3
-1 7 .2
- .7
-1 6 .5
15.9
1.2
.2
2.2
-15.1
2.7
-1 7 .7
17.2
-1 .9
-2 .4
-3 .2
-2 4 .0
-.4
-2 3 .6
20.8
.8
-.7
-9 .9
-3 0 .7
-5 .5
-2 5 .3
20.9
9.1
-2 9 .6
-2 7 .2
-4 8 .6
-7 .2
-4 1 .6
21.4
-2 .3
-1 1 .0
-1 8 .4
-3 9 .6
-1 .5
-38.1
21.2
7.4
-1 9 .9
-1 2 .8
-3 3 .7
-1 .0
-3 2 .7
20.9
-7.1
21.2
-2 .9
-27 .5
-2 .4
-25.1
24.4
24.2
-4 .0
-5 .4
-3 7 .2
-3 .0
-3 4 .2
31.8
1.5
.0
.0
.0
.0
.0
.0
-.2
- .4
-2 .2
.2
-3 .2
4.8
-.1
-.7
-3.1
-2 .2
-3 .4
6.4
- .3
- .3
-3 .3
-1.1
^ .0
6.7
Net exports of goods and services ..............................................
E xpo rts...............................................................................................
G o o d s ...........................................................................................
S ervices........................................................................................
Im p o rts...............................................................................................
G o o d s ...........................................................................................
S ervices.......................................................................................
2.1
2.1
.0
2.1
.0
.0
.0
-5 .3
-1 .5
- .7
- .7
4.0
.0
3.8
-4 .5
-2 .2
.2
-2 .4
2.4
.0
2.4
-6 .5
-4 .2
.5
-4 .7
2.4
.1
2.3
-7.1
-6 .4
-.5
-5 .8
.8
-.2
.9
-7 .2
-5 .6
-.1
-5 .6
1.7
-.9
2.6
-1 2 .3
-11.1
-1 .2
-9 .9
1.1
.2
.8
-8 .2
-9 .0
- .4
-8 .5
- .8
-1 .0
.2
-1 0 .6
1.9
-.1
2.0
12.5
.2
12.4
-1 4 .0
-4 .8
- .7
-4 .2
9.2
.4
8.8
-1 7 .6
1.0
-2 .0
3.0
18.7
.8
17.8
-2 .7
-8.1
-5 .8
-2 .2
-5 .4
-1 .8
-3 .7
10.2
.0
50.0
.0
.0
.0
-.2
-.2
-.4
.6
.0
3.2
-1.1
- .2
-3 .6
.1
.0
.5
-.8
- .8
-.7
-.4
-.2
-1 .5
Government consumption expenditures and gross
investment ........................................................................................
F e d e ra l...............................................................................................
National d e fe n s e .......................................................................
N o n d efen se................................................................................
State and local ...............................................................................
-2 .5
-2 .0
-2 .2
.1
- .4
.5
- .6
-1 .6
1.0
1.0
-1 .8
-2.1
-2 .0
.0
.3
-2 .4
-2 .0
-1 .4
- .4
-.5
-2 .8
-2 .3
-1 .9
- .4
-.5
-5 .9
-4 .2
-2 .4
-1 .8
-1 .8
-1 9 .2
-7 .3
-3 .0
-4 .3
-1 1 .9
-2 0 .2
-8 .8
-3 .4
-5 .4
-1 1 .4
-2 0 .2
-9 .2
-3 .7
-5 .5
-1 1 .0
-2 9 .4
-1 0 .4
-4 .6
-5 .8
-1 9 .0
-4 3 .3
-15 .2
-6 .9
-8 .3
-28.1
-4 0 .4
-1 4 .2
-9.1
-5.1
-26.1
-2 .2
-3 .0
-3 .9
.9
-.9
.0
-.1
-.4
.6
.1
-1 .3
-1 .4
- .9
-2 .3
-1 .3
-2 .0
-2 .0
-2 .0
-2.1
-2 .0
-.5
43.6
50.0
60.3
55.2
58.7
66.1
44.9
65.4
75.1
88.4
105.8
.............
.............
Gross domestic in c o m e .....................................................................
- .5
-4 0 .2
-6 0 .7
-66.1
-7 7 .5
-57.1
-5 4 .9
-5 0 .9
-9 .0
-9 .0
13.6
2.9
-.1
-.6
- .7
.0
Personal in c o m e ..................................................................................
Disposable personal in c o m e ...........................................................
Personal outlays ..................................................................................
Personal saving ...................................................................................
Personal saving as a percentage of disposable personal
in c o m e ..........................................................................................
-1 .2
-.7
-.8
.2
-2 8 .4
-3 .2
44.5
-A7.7
-5 1 .5
-2 3 .4
43.4
-6 6 .8
-4 5 .5
-1 3 .6
52.5
-6 6 .0
-4 8 .6
-1 4 .4
37.1
-5 1 .5
-2 6 .8
10.8
54.4
-4 3 .7
-2 1 .9
20.6
55.2
-3 4 .6
-3 .0
40.3
65.0
-2 4 .7
15.9
67.6
83.1
-1 5 .4
23.1
73.8
107.0
-3 3 .0
27.8
76.2
118.7
-4 2 .5
-1 1 .9
46.9
149.5
-1 0 2 .6
- .3
-.2
-.2
.8
- .5
-.1
1.0
-1 1 .5
- .3
.3
1.0
-1 3 .7
-.1
.6
2.0
-3 5 .9
.0
-1 .0
-1 .3
-1 .3
-1 .0
-.8
-.6
-.4
-.2
- .5
-.6
-1 .4
.0
-2 .3
-2 .5
-4 .6
-5 .4
-6 .9
-1 1 .3
-9 .4
^ .1
-7.1
-7 .7
-2 1 .8
.0
-.1
-.3
-.4
-.1
-7 .0
-1 0 .4
-1 4 .2
-3 .4
2.5
22.1
39.1
52.2
65.7
72.2
69.8
- .7
-1 .6
4.6
11.4
-1.1
- .9
-.3
-6 .7
1.8
-8 .7
-8 .0
1.1
-9.1
-3 .3
2.0
-5 .2
-5 .6
.5
-6 .0
-1 .5
3.0
-4 .6
-5 .2
4.5
-9 .7
4.0
3.8
.2
-.1
.9
-1 .0
13.6
.1
13.5
42.7
6.0
36.8
41.2
1.4
39.7
-2.1
-8 .3
-.7
-1 .5
5.5
-2 .2
- .9
15.2
-1 .8
5.4
10.9
5.3
1.0
-1 .0
.0
.0
14.7
-2 6 .7
2.1
-2 .3
4.7
-2 5 .9
-.8
-8 .5
9.4
-2 5 .6
- .7
-6 .6
4.2
-2 9 .3
-.8
-8 .5
1.8
-1 7 .6
-1 .2
-3 .8
.5
-1 5 .3
-1 .9
-1 1 .0
-1.1
-3 1 .2
1.6
-5.1
-1 .8
-4 0 .6
7.6
3.6
3.7
-6 6 .0
.4
13.7
25.2
-87 .6
-38 .0
22.2
30.6
-96.1
-3 7 .6
4.2
6.6
-4 .3
.0
.0
23.2
-3 .6
1.1
-.3
.4
-1 .8
- .6
-1.1
21.5
-8 .9
-8 .7
.3
.0
.0
.0
-9 .4
-2 .3
-7 .0
-1 3 .0
-2 .4
-1 0 .6
-1 9 .0
-4 .5
-1 4 .4
-9 .2
-5 .4
-3 .7
-5.1
-6 .9
1.9
10.4
-1 1 .3
21.7
29.8
-9 .4
39.2
48.3
-4 .2
52.5
59.3
-7.1
66.3
65.5
-7 .7
73.3
49.6
-2 1 .8
71.4
.0
.0
.0
- .3
-.1
-1 .0
.2
- .3
2.8
.8
- .4
7.3
-1.1
-6 .7
-8 .0
-3 .3
-5 .6
-1 .5
-5 .2
4.0
-.1
13.6
42.7
41.2
-2.1
-1 .5
-.9
5.4
1.0
14.7
4.7
9.4
4.2
1.8
.5
-1.1
-1 .8
3.7
25.2
30.6
6.6
23.2
.4
21.5
2.0
- .4
26.2
-1 8 .3
31.4
-1 5 .9
27.1
-2 1 .4
27.9
-2 9 .9
32.2
-1 8 .8
34.7
-1 7 .7
24.2
-33.1
45.5
-3 9 .6
29.8
-6 3 .3
38.8
-9 4 .0
116.8
-1 1 2 .2
3.7
-4 .0
5.8
-4 .5
4.2
-4.1
14.8
-1 6 .2
Addendum:
Revised GDP excluding changes in definitions and
classifications .............................................................................
Measures of income
Selected personal income components:
W age and salary disbursem ents..............................................
Employer contributions for employee pension and
insurance funds1 ......................................................................
Proprietors' income with inventory valuation and capital
consumption adjustm ents......................................................
F a r m ..............................................................................................
N o n farm ........................................................................................
Rental income of persons with capital consumption
adjustm ent...................................................................................
Personal interest income ............................................................
Personal dividend in c o m e ...........................................................
Personal current transfer receipts ............................................
Selected national income components:
Compensation of employees .....................................................
Wage and salary accru als.....................................................
Supplements to wages and s ala rie s ..................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ......................................................
Rental income of persons with capital consumption
adjustm ent...................................................................................
Corporate profits with inventory valuation and capital
consumption adjustments ......................................................
Net interest and miscellaneous payments ............................
1. Formerly named “other labor income.”
December 2003
15
S u r v ey o f C u rren t B usiness
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1999
1998
I
II
III
IV
I
II
3.4
3.4
Percent change at annual rate:
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.5
2.2
4.5
2.7
4.7
6.2
Personal consumption expenditures ....
2.18
2.23
2.52
1.81
2.31
2.54
3.36
3.44
3.17
1.68
2.38
2.98
4.25
3.29
3.71
2.68
4.23
Durable g o o d s ........................................
.44
.26
.16
.02
.59
.20
.29
.11
.66
.23
.32
.11
.36
-.0 5
.31
.10
.64
.17
.35
.12
.70
.24
.36
.10
.93
.41
.39
.13
.99
.38
.45
.16
.63
.15
.35
.13
.36
.19
.18
-.01
.55
.18
.30
.08
.15
-.3 5
.41
.09
1.53
1.09
.27
.17
.96
.28
.55
.13
2.08
1.46
.44
.17
-.1 4
-.7 3
.41
.18
1.64
1.11
.42
.11
.43
.06
.19
.08
.09
.56
.19
.14
.05
.18
.71
.25
.18
.03
.24
.44
.07
.13
.04
.20
.51
.09
.16
.03
.23
.53
.12
.10
.04
.27
.78
.23
.21
.06
.27
.89
.31
.23
.05
.30
.74
.33
.16
-.01
.26
.37
.12
.06
.03
.15
.60
.22
.15
.04
.20
1.01
.33
.33
.14
.22
.95
.44
.24
.02
.25
.55
.31
-.0 5
-.01
.31
1.13
.34
.32
.14
.33
1.00
.06
.46
.11
.37
.79
.46
.15
.01
.17
1.31
.16
.11
-.01
.12
.10
.49
.16
.29
1.09
.11
.20
.09
.10
.11
.17
.14
.36
1.14
.34
.17
.03
.14
.20
.12
.12
.19
1.01
.22
.13
.02
.11
.17
.23
.17
.10
1.15
.16
.19
.06
.13
.19
.19
.11
.32
1.31
.24
.16
-.01
.18
.18
.24
.08
.40
1.66
.29
.20
.03
.16
.10
.31
.10
.65
1.56
.32
.16
.02
.15
.12
.20
.14
.61
1.80
.29
.19
.05
.14
.08
.40
.11
.72
.96
.28
0
-.0 2
.02
-.0 2
.45
.06
.18
1.23
.29
.04
.04
0
- .0 5
.63
.11
.20
1.82
.36
-.1 2
- .2 4
.13
.10
.63
.20
.64
1.77
.28
.38
.29
.10
.15
.08
.05
.82
1.78
.29
.23
.04
.19
.07
.18
.16
.85
.51
.24
-.3 3
-.41
.08
.06
.14
.12
.29
1.82
.50
.29
.16
.13
.20
.11
.11
.61
1.81
.25
.36
.13
.23
.11
.24
.18
.67
1.07
1.21
1.93
.48
1.35
1.95
1.63
1.33
.99
-1 .4 7
- .1 8
3.53
-1 .1 2
1.57
1.71
1.96
.05
.79
.32
-.1 8
.50
.45
.21
.15
.09
.03
.02
-.01
.47
1.14
.83
-.0 2
.85
.40
.18
.11
.12
.12
.22
.11
.31
1.30
.91
.05
.87
.40
.16
.09
.15
.14
.23
.10
.39
.94
1.08
.17
.91
.56
.34
.10
.12
.16
.12
.07
-.1 4
1.34
1.01
.16
.85
.67
.35
.17
.16
.06
.06
.05
.33
1.42
1.33
.21
1.12
.83
.37
.32
.14
.04
.13
.12
.08
1.60
1.28
.16
1.12
.83
.38
.24
.21
.06
.11
.12
.32
1.36
1.09
-.01
1.11
.85
.37
.30
.18
0
.25
.01
.27
1.09
1.06
.21
.85
.75
.20
.20
.35
.12
-.0 7
.05
.03
-.5 4
-.5 6
-.0 8
-.4 7
-.1 0
.02
-.0 4
-.0 8
-.1 4
-.1 8
-.0 5
.02
-.6 0
-.8 2
-.5 9
-.2 3
.02
.11
-.0 4
-.0 5
-.0 9
-.1 4
-.0 2
.23
1.92
1.57
.02
1.55
.99
.54
.15
.30
.32
.05
.20
.35
1.92
1.44
.48
.96
.65
.35
.19
.11
-.0 8
.26
.13
.47
.93
.45
-.11
.56
.47
.21
.23
.02
-.1 6
.30
-.0 6
.48
1.93
1.49
.09
1.40
.91
.41
.28
.23
.01
.59
-.1 2
.44
1.02
.87
-.2 4
1.11
.90
.52
.30
.08
- .0 3
.07
.16
.16
1.63
1.47
.09
1.38
1.21
.48
.41
.32
.08
.19
-.1 0
.16
.29
.13
.16
.07
-.1 9
.27
.63
.27
.36
-.4 6
-.3 2
-.1 4
.02
.27
- .2 6
.54
-.0 5
.59
.03
-.0 2
.05
-.0 3
-.0 5
.02
-.1 0
.02
-.1 2
-.9 3
.02
-.9 4
.41
-.0 3
.44
1.61
.01
1.60
-3 .0 4
-.3 5
-2 .6 9
.64
.17
.46
-.2 2
-.0 6
-.1 6
.93
.02
.91
-1 .5 7
.04
-1.61
Net exports of goods and services
- .0 4
-.5 9
-.4 3
.11
-.1 4
- .3 4
-1 .1 6
-.9 9
-.8 6
-.1 9
-.7 0
-1 .6 5
-1 .8 6
- .8 2
.13
-1 .6 7
-1 .3 5
E x p o rts ..............................................
.68
.52
.16
.32
.23
.09
.85
.67
.18
1.04
.85
.19
.91
.68
.22
1.30
1.11
.19
.27
.18
.09
.47
.29
.18
.93
.84
.09
-.5 8
-.4 8
-.1 0
-.2 4
-.2 9
.04
.20
.06
.14
-.4 8
-.7 6
.28
- .1 9
.07
-.2 5
1.59
1.22
.38
- .3 9
- .6 3
.24
.48
.33
.14
- .7 2
-.7 7
.05
-.91
- .8 5
-.0 6
-1 .2 9
-1 .1 8
-.11
-.9 3
-.8 7
-.0 6
-1 .0 5
-.9 4
-.1 1
-1 .6 4
-1 .4 5
- .1 9
-1 .4 3
-1 .2 0
-.2 3
-1 .4 6
-1.31
-.1 5
-1 .7 9
-1 .5 5
-.2 5
.39
.39
-.01
-.4 5
-.4 2
-.0 3
-1 .8 5
-1 .5 2
-.3 4
-1 .3 8
-1 .2 0
-.1 8
-.6 3
-.4 1
-.2 2
-1 .4 6
-1 .3 7
-.0 9
-1 .2 8
-1 .1 6
-.1 3
-1 .8 3
-1 .6 9
- .1 4
Gross domestic p ro d u c t.....................
Percentage points at annual rates:
Motor vehicles and parts ...................
Furniture and household equipment
Other .........................................................
Nondurable goods ............................................
F o o d .......................................................................
Clothing and shoes ...........................................
Gasoline, fuel oil, and other energy goods
O th e r ......................................................................
S ervices..............................................
H o u sin g ..............................................
Household operation .....................
Electricity and gas ....................
Other household operation ....
Transportation........................
Medical care ..........................
R ecreation...............................
Other .........................................
Gross private domestic investment
Fixed investm ent...................................................................
Nonresidential.........................................................................
Structures ............................................................................
Equipment and so ftw a re ................................................
Information processing equipment and software
Computers and peripheral e q uipm ent.............
S o ftw a re .....................................................................
O th e r ...........................................................................
Industrial equipment ...................................................
Transportation equipm ent.........................................
Other e q uipm ent..........................................................
Residential ...............................................................................
Change in private inventories
F a r m .............................................
Nonfarm ......................................
Goods ...............................................
S e rv ic e s ............................................
Imports ....
Goods ...
Services
Government consumption expenditures and gross investment
F ed era l....................................................................................................
National d e fe n s e .....................................................................................
Consumption expenditures ............................................................
Gross investment ..............................................................................
N ondefense...............................................................................................
Consumption expenditures ............................................................
Gross investm ent..............................................................................
State and lo c a l...........................
Consumption expenditures
Gross investment ................
.11
- .1 8
0
.10
.18
.34
.34
.67
.36
.48
.69
-.41
1.40
.66
.64
.46
.41
- .1 5
-.3 2
- .2 8
-.0 4
.17
.12
.04
-.3 5
-.3 3
-.21
-.1 2
-.0 2
-.0 3
.01
-.3 0
-.2 7
-.21
-.0 6
-.0 3
.02
-.0 5
-.2 0
-.1 9
-.1 5
-.0 4
-.01
-.0 3
.02
-.0 8
-.0 7
-.0 7
.01
-.0 2
-.0 4
.03
- .0 7
-.1 3
-.0 5
-.0 8
.06
.06
0
- .0 7
-.0 9
-.0 9
.01
.02
-.0 2
.04
.14
.08
.05
.02
.06
.04
.02
.05
-.0 2
-.0 3
.01
.07
.10
- .0 3
.22
.15
.13
.02
.07
.07
0
.48
.35
.29
.06
.14
.12
.02
-.6 6
-.8 2
-.5 9
- .2 3
.16
-.01
.17
.61
.45
.40
.05
.16
.03
.12
- .1 9
.23
- .0 4
.27
-.4 2
-.3 2
-.1 0
.20
-.0 8
.12
-.2 0
.28
.32
-.0 4
- .1 4
-.2 2
-.11
-.11
.08
.05
.03
.09
-.01
-.2 0
.19
.09
-.0 6
.16
.26
.23
.03
.17
.19
-.0 2
.30
.24
.06
.30
.21
.09
.26
.17
.09
.41
.25
.15
.41
.35
.06
.54
.36
.18
.31
.18
.13
.26
.20
.06
.21
.13
.08
.25
.31
-.0 6
.79
.37
.42
.85
.38
.47
.44
.35
.08
.60
.44
.16
.32
.31
.01
1.40
1.60
.32
1.35
1.07
.25
2.32
1.26
.44
1.25
1.17
.09
1.81
1.32
.57
2.56
1.58
.36
1.95
1.75
.47
2.05
2.04
.36
1.46
1.90
.30
-.71
1.26
- .0 4
.71
1.77
- .2 9
2.85
1.33
.27
-1 .2 8
2.68
1.27
2.51
1.33
.86
4.14
1.59
.46
1.08
2.32
.04
1.34
1.86
.14
.21
.19
.18
.42
.50
.50
.43
.42
.31
.14
.10
.41
.45
.51
.42
.50
.45
Addenda:
G o o d s ..................................
S en /ic e s ...............................
S tructures...........................
Motor vehicle o u tp u t.......
Final sales of computers
See "Explanatory Note” at the end of the text.
16
Initial Results of the C om prehensive N IP A Revision
December 2003
Table 2. Contributions to Percent Change in Real Gross Domestic Product—Continued
Seasonally adjusted at annual rates
1999
III
2000
IV
2001
I
II
III
6.4
-0.5
2.1
IV
I
II
2002
III
IV
2003
I
II
III
2.0
4.7
1.9
3.4
IV
I
II
1.3
2.0
3.1
Percent change at annual rate:
Gross domestic p ro d u c t.....................................................................................
4.8
7.3
1.0
-0 .2
-0.6
-1 .3
Personal consumption expenditures...................................................................
2.90
3.47
4.38
1.78
2.62
Durable g o o d s ........................................................................................................
.76
.25
1.96
-.89
.50
2.29
.28
1.52
1.27
4.20
2.92
1.81
1.39
1.57
1.80
2.34
.06
.15
.80
.06
2.14
.14
.04
.43
.02
.04
Motor vehicles and parts ........................................................................................
Furniture and household equipm ent....................................................................
O th e r .............................................................................................................................
.10
.49
.18
-.4 5
.46
.24
1.31
.45
.19
-1 .1 2
.19
.04
1.38
.28
.19
.03
.01
.07
-.0 2
.04
.18
-.0 7
.67
.16
-.0 2
-.1 3
.23
-.0 4
1.58
.40
.16
-.4 4
.45
.13
-.2 5
.23
.05
.29
.12
.02
-.3 3
.24
.11
-.1 6
.04
.17
.54
.54
.30
Nondurable g o o d s ................................................................................................
.24
1.80
.06
F o o d ...............................................................................................................................
Clothing and shoes ..................................................................................................
Gasoline, fuel oil, and other energy goods .....................................................
O th e r ..............................................................................................................................
.23
.11
-.1 6
.06
.77
.01
.23
.79
.16
.27
-.1 3
-.2 3
1.11
.44
.72
.06
-.22
.57
.91
1.19
.07
.04
.90
1.13
.25
.39
.21
-.0 6
.56
.09
.19
-.0 5
.21
.14
.04
.25
.29
.22
-.0 8
.12
-.1 9
-.0 3
.01
-.3 7
.17
.02
.15
.09
.31
.14
.19
.32
.27
.56
.33
.10
.22
.19
.01
-.2 0
.07
.03
-.01
-.0 9
.11
.22
.21
.21
.25
.63
.09
.08
.33
.23
.21
-.4 0
.20
Services ...................................................................................................................
1.89
1.43
H o u sin g .........................................................................................................................
Household operation ................................................................................................
Electricity and gas ...............................................................................................
Other household operation ...............................................................................
Transportation
Medical care
Recreation
Other .........
.28
.39
.20
.19
.15
.38
.20
.49
.26
-.2 5
-.31
.06
.07
.40
.09
.86
2.36
1.55
1.67
1.51
.07
.94
.64
1.15
1.58
1.70
.92
.65
.63
.71
.32
.12
-.0 5
.18
.12
.37
.06
1.37
.31
.51
.33
.18
.08
.47
.14
.05
.27
.16
.07
.08
-.01
.41
.10
.75
.28
.41
.40
.01
.01
.42
.04
.34
.33
-.2 7
-.1 5
-.1 2
.03
.35
.09
-.4 5
.26
-.3 1
-.4 9
.17
-.01
.47
-.0 2
.56
.21
-.0 5
-.0 4
-.01
-.1 5
.62
.06
- .0 6
.25
-.1 7
-.1 3
-.0 4
-.1 4
.61
.15
.45
.35
.18
.20
-.0 2
.10
.75
.19
0
.33
.36
.27
.09
-.0 5
.61
.07
.38
.28
-.1 4
-.0 5
-.0 9
-.1 2
.51
.05
.34
.25
.04
.09
-.0 5
-.0 9
.69
.09
-.3 3
.26
.04
.01
.03
.01
.59
0
-.2 8
.20
-.1 3
-.21
.08
-.11
.53
.10
.13
4.65 -1.84
.73
Percentage points at annual rates:
Gross private domestic investment ....................................................................
1.72
-.36
-1.96
-2.92
-1.39
-2.98
1.60
.69
1.66
-.09
-.57
Fixed investment ..................................................................................................
1.30
2.65 -1.30
.36
1.83
1.60
-.10
.13
-.45
-1.60
-.88
-1.83
-.41
.08
.08
.31
.16
.90
Nonresidentiai
Structures
Equipment and s o ftw are....................................................................................
Information processing equipment and software .................................
Computers and peripheral eq u ip m e n t.................................................
S o ftw a re ........................................................................................................
O th e r ..............................................................................................................
Industrial equipment ......................................................................................
Transportation equipm ent.............................................................................
Other e q uipm ent..............................................................................................
R esidential...................................................................................................................
1.19
-.1 0
1.28
.78
.18
.33
.26
.08
.39
.04
.11
.12
.13
0
.14
-.0 5
.21
-.0 2
0
-.2 3
.09
.23
1.64
.21
1.44
1.13
.22
.17
.74
.29
-.1 2
.13
.19
1.76
.53
1.23
.96
.45
.18
.33
.14
.04
.09
-.1 6
.28
.29
-.0 2
.33
.12
.02
.19
.09
-.31
-.1 3
-.3 8
.11
.04
.07
.58
.06
.20
.32
-.1 2
-.3 6
-.0 3
.02
-.5 6
- .2 0
-.3 7
-.2 0
.16
-.0 7
-.2 8
.04
-.2 7
.06
.12
-1 .7 6
-.1 9
-1 .5 7
-.8 4
-.2 2
- .2 4
-.3 9
- .5 3
0
-.21
.16
-1 .0 2
.07
-1 .0 9
- .5 8
-.2 6
-.1 6
-.1 6
- .3 0
-.2 5
.04
.14
-1.71
-1 .3 6
-.3 5
-.1 5
.19
-.21
-.1 4
-.2 2
.24
-.21
-.1 2
-.81
-.7 7
-.0 3
.09
.22
-.0 5
-.0 8
.26
- .3 4
-.0 4
.40
-.3 3
-.41
.09
.37
.06
.09
.21
-.21
- .2 4
.17
.41
-.1 2
-.4 0
.28
.53
.28
.21
.05
0
-.2 6
0
.20
-.01
-.1 4
.13
- .0 6
.09
-.0 6
-.1 0
-.0 4
.20
.04
.32
-.0 6
-.1 0
.04
.64
.21
.18
.26
-.1 0
- .3 7
-.1 3
.22
.68
.09
.59
.64
.33
.15
.15
-.0 2
-.0 9
.05
.22
2.30 -3.13
3.05 -1.74
-.49
-1.51
-1.32
-.51
-1.15
2.01
.61
1.58
-.40
-.7 4
-.1 7
.39
1.91
-.51
-2 .6 2
.88
2.18
-.3 6
-1 .3 8
.34
-.8 3
.03
-1 .5 4
-.3 4
-.9 9
.14
-.6 5
-.2 6
-.8 9
.39
1.62
- .6 4
1.25
.34
1.25
-.0 2
-.3 8
.15
-.8 8
-.0 9
-.0 8
Change in private inventories ..........................................................................
.42
Farm ..............................................................................................................................
Nonfarm ........................................................................................................................
- .5 3
.95
Net exports of goods and se rvice s .....................................................................
-.75
.01
-1.53
-.98
-.87
-.07
.46
-.25
-.42
-.50
-.65
-1.32
-.15
-1.47
.81
-1.34
E x p o rts .....................................................................................................................
1.12
1.13
.70
1.30
1.14
-.31
-.50
-1.54
-1.99
-1.02
.40
.80
.41
-.3 7
-.19
Goods ...........................................................................................................................
S e n /ic e s ........................................................................................................................
.98
.14
1.01
.12
.65
.05
1.03
.26
1.36
-.2 2
-.4 5
.14
-.4 4
-.0 6
-1 .5 2
-.0 2
-1 .5 0
-.4 8
-.5 4
-.4 7
-.1 9
.59
.75
.05
.28
.13
-.6 4
.27
.13
-.31
-.1 1
-.11
.01
Im p o rts .....................................................................................................................
-1.87
-1.11
-2.23
-2.27
-2.01
.24
.96
1.29
1.57
.52 -1.05
-2.12
-.56
-1.10
Goods ...........................................................................................................................
Services ........................................................................................................................
-1 .6 7
-.1 9
-1.01
-.11
-1 .7 9
-.4 4
-2 .0 3
-.2 4
-1 .7 0
-.3 2
.19
.04
.88
.08
1.57
-.2 8
1.10
.47
.35
.16
-.6 6
-.3 9
-2 .2 0
.09
-.5 5
-.0 2
-.8 3
-.2 7
.81
.19
-1.51
.27
Government consumption expenditures and gross investm ent.................
.88
1.17
-.56
.96
-.3 7
.22
.99
1.00
-.7 4
1.28
.85
.72
.46
1.29
-.0 7
1.36
Federal .....................................................................................................................
.49
.58
-.93
.96
-.51
-.07
.50
.38
.57
.52
.64
.26
1.11
-.01
1.46
National defense .......................................................................................................
Consumption expenditures ................................................................................
Gross investment .................................................................................................
Nondefense ................................................................................................................
Consumption expenditures ...............................................................................
Gross investm ent.................................................................................................
.51
.38
.13
-.0 2
.08
-.1 0
.39
.41
-.0 2
.18
.05
.13
-.9 2
-.8 8
-.0 4
-.01
.21
-.2 2
.61
.60
.01
.35
.28
.07
-.2 9
-.3 0
.01
-.2 2
-.1 3
-.0 9
.06
.11
-.0 5
-.1 3
-.0 6
-.0 7
.27
.29
-.01
.23
.19
.04
.10
0
.10
.28
.19
.09
.09
.03
.06
-.0 9
-.0 2
-.0 7
.53
.50
.02
.04
.06
-.0 2
.33
.32
.01
.20
.14
.06
.38
.22
.15
.27
.15
.11
.19
.09
.10
.07
.13
-.0 6
.85
.93
-.0 7
.26
.26
0
-.2 5
-.1 9
-.0 6
.24
.25
-.01
1.58
1.39
.19
-.1 2
-.2 6
.14
State and lo c a l.......................................................................................................
.39
.59
.36
.01
.15
.29
.49
.62
-.7 4
.71
.33
.08
.20
.18
-.06
-.10
Consumption expenditures ...............................................................................
Gross investment .................................................................................................
.28
.11
.26
.33
.09
.28
.16
-.1 5
.10
.05
.21
.08
.29
.20
.22
.40
.13
-.8 8
.21
.50
.01
.31
.17
-.0 9
.11
.09
.19
-.01
.06
-.1 2
-.0 5
-.0 5
G o o d s .................................................................................................................................
Sen/ices ............................................................................................................................
S tructures..........................................................................................................................
Motor vehicle o u tp u t......................................................................................................
Final sales of com pu ters..............................................................................................
2.12
2.57
.06
4.45
2.17
.68
-.9 2
1.40
.51
3.64
2.63
.15
-1 .1 9
.80
-.0 7
.10
1.95
.03
-1 .1 7
.85
.09
-2 .0 8
1.05
.38
-1 .4 0
.77
-.6 5
1.38
1.61
-1 .0 0
2.54
2.25
-.0 8
-.3 7
2.38
-.1 0
2.12
1.37
-.1 3
-.9 2
2.02
.19
1.37
.62
-.0 2
.75
2.08
.26
.32
-.0 3
.52
.47
.10
.19
.45
-.2 0
-.1 9
.22
.06
.06
.35
.26
.26
.25
0
1.00 -1.24
Addenda:
See “Explanatory Note” at the end of the text.
December
2003
S u r v e y o f C u r r e n t B u s in e s s
17
T a b l e 2 A . C o n t r i b u t i o n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t i c P r o d u c t
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1999
1998
I
II
6.2
3.4
3.4
6.7
3.0
2.0
3.29
3.71
2.68
4.23
2.56
3.42
3.06
3.72
.96
2.08
-.14
1.64
1.21
1.09
.82
.27
.24
.17
.15
.33
.28
-.2 5
.55
.46
.13
.12
1.74
1.46
1.17
.44
.38
.17
.19
.43
-.7 3
-.1 8
.41
.41
.18
.20
1.09
1.11
.60
.42
.41
.11
.08
1.01
.95
.55
1.13
1.00
.79
1.08
.33
.53
.33
.33
.14
0
.22
.22
1.13
.44
.61
.24
.21
.02
.09
.25
.23
.62
.31
.35
-.0 5
-.0 6
-.0 1
.05
.31
.28
1.03
.34
.43
.32
.29
.14
0
.33
.31
.94
.06
-.0 4
.46
.52
.11
.06
.37
.39
.93
.46
.48
.15
.16
.01
.12
.17
.17
I
II
III
Percent change at annual rate:
Gross domestic p ro d u c t.......................................................................
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.5
2.2
4.5
2.7
4.7
Previously published..................................................................................
3.0
2.7
4.0
2.7
3.6
4.4
4.3
4.1
3.8
0.3
2.4
6.1
2.2
4.1
Percentage points at annual rates:
Personal consumption expenditures.....................................................
2.18
2.23
2.52
1.81
2.31
2.54
3.36
3.44
3.17
1.68
2.38
2.98
4.25
Previously published......................................................................................
1.90
2.24
2.53
2.00
2.14
2.39
3.18
3.30
2.94
1.67
2.15
3.39
3.99
Durable g o o d s .........................................................................................
.44
.59
.66
.36
.64
.70
.93
.99
.63
.36
.55
.15
1.53
Previously published..................................................................................
Motor vehicles and parts ........................................................................
Previously published ............................................................................
Furniture and household equipm ent....................................................
Previously published ............................................................................
Other ..............................................................................................................
Previously published ............................................................................
.39
.26
.20
.16
.16
.02
.02
.61
.20
.23
.29
.27
.11
.10
.59
.23
.18
.32
.30
.11
.10
.37
-.0 5
-.0 2
.31
.28
.10
.10
.44
.17
.04
.35
.30
.12
.11
.51
.24
.11
.36
.31
.10
.09
.80
.41
.32
.39
.35
.13
.13
.92
.38
.34
.45
.42
.16
.16
.65
.15
.17
.35
.35
.13
.13
.48
.19
.24
.18
.19
-.01
.06
.59
.18
.20
.30
.30
.08
.10
.53
-.3 5
.05
.41
.36
.09
.13
.43
.56
.71
.44
.51
.53
.78
.89
.74
.37
.60
.40
.06
.06
.19
.19
.08
.05
.09
.09
.61
.19
.28
.14
.16
.05
.05
.18
.11
.79
.25
.28
.18
.20
.03
.04
.24
.26
.60
.07
.16
.13
.18
.04
.05
.20
.21
.60
.09
.12
.16
.19
.03
.05
.23
.24
.58
.12
.11
.10
.17
.04
.04
.27
.27
.81
.23
.31
.21
.22
.06
.03
.27
.24
.91
.31
.33
.23
.24
.05
.05
.30
.30
.77
.33
.37
.16
.18
-.01
-.0 2
.26
.25
.39
.12
.09
.06
.08
.03
.02
.15
.21
.64
.22
.17
.15
.17
.04
.07
.20
.23
Nondurable g o o d s .......
Previously published ..
F o o d ...............................
Previously published
Clothing and shoes ...................................................................................
Previously published ............................................................................
Gasoline, fuel oil, and other energy g o o d s .......................................
Previously published ............................................................................
Other ..............................................................................................................
Previously published ............................................................................
IV
1.31
1.09
1.14
1.01
1.15
1.31
1.66
1.56
1.80
.96
1.23
1.82
1.77
1.78
.51
1.82
1.81
Previously published..
H o u s in g .........................
Previously published
Household operation .
Previously published
Electricity and gas ...............................................................................
Previously published.......................................................................
Other household operation ................................................................
Previously published.......................................................................
Transportation..............................................................................................
Previously published ............................................................................
Medical care ...............
Previously published
R ecreation....................
Previously published
O th e r ..............................................................................................................
Previously published
1.11
.16
.14
.11
.07
-.01
-.01
.12
.08
.10
.09
.49
.42
.16
.15
.29
.24
1.02
.11
.12
.20
.22
.09
.10
.10
.12
.11
.08
.17
.14
.14
.12
.36
.34
1.16
.34
.29
.17
.15
.03
.01
.14
.14
.20
.18
.12
.11
.12
.09
.19
.35
1.04
.22
.20
.13
.15
.02
.03
.11
.12
.17
.16
.23
.20
.17
.17
.10
.16
1.10
.16
.12
.19
.18
.06
.05
.13
.13
.19
.17
.19
.22
.11
.12
.32
.29
1.29
.24
.19
.16
.13
-.01
-.0 2
.18
.15
.18
.16
.24
.27
.08
.11
.40
.43
1.57
.29
.27
.20
.19
.03
.04
.16
.15
.10
.10
.31
.28
.10
.11
.65
.62
1.47
.32
.32
.16
.17
.02
.02
.15
.16
.12
.14
.20
.21
.14
.11
.61
.51
1.51
.29
.19
.19
.21
.05
.05
.14
.16
.08
.08
.40
.28
.11
.10
.72
.65
.80
.28
.17
0
.05
-.0 2
-.0 3
.02
.08
-.0 2
-.0 2
.45
.43
.06
.08
.18
.09
.92
.29
.17
.04
.02
.04
.02
0
0
-.0 5
-.01
.63
.46
.11
.05
.20
.23
1.77
.36
.31
-.1 2
-.0 8
-.2 4
-.2 3
.13
.14
.10
.08
.63
.47
.20
.21
.64
.78
1.64
.28
.28
.38
.39
.29
.30
.10
.10
.15
.19
.08
.11
.05
.04
.82
.63
1.62
.29
.30
.23
.23
.04
.03
.19
.20
.07
.09
.18
.16
.16
.15
.85
.68
.66
.24
.28
-.3 3
-.3 3
-.41
-.41
.08
.09
.06
.11
.14
.18
.12
.13
.29
.29
1.70
.50
.50
.29
.30
.16
.17
.13
.13
.20
.19
.11
.23
.11
.07
.61
.39
1.70
.25
.25
.36
.36
.13
.12
.23
.24
.11
.10
.24
.22
.18
.14
.67
.62
Gross private domestic investment ......................................................
.99 -1.47
-.18
3.53 -1.12
1.57
1.71
1.96
.05
4.99
-1 .1 8
1.98
2.38
1.25
-.8 6
Services...........................
1.07
1.21
1.93
.48
1.35
1.95
1.63
1.33
Previously published......
1.12
1.18
1.89
.47
1.37
1.91
1.96
1.15
1.08
-1 .9 0
.15
Fixed investm ent..........
.79
1.14
1.30
.94
1.34
1.42
1.60
1.36
1.09
-.54
-.60
1.92
1.92
.93
1.93
1.02
1.63
Previously published ..
Nonresidential .............
Previously published ............................................................................
Structures ................................................................................................
Previously published.......................................................................
Equipment and s o ftw a re .....................................................................
Previously published.......................................................................
Information processing equipment and softw are ...................
Previously published .................................................................
Computers and peripheral eq u ip m e n t.................................
Previously published............................................................
S o ftw are.........................................................................................
Previously published............................................................
Other ..............................................................................................
Previously pub lish ed ............................................................
Industrial equipment .......................................................................
Previously published .................................................................
Transportation equipm ent..............................................................
Previously published .................................................................
Other ...................................................................................................
Previously published .................................................................
Residential ....................................................................................................
Previously pub lish ed ............................................................................
.86
.32
.34
-.1 8
-.1 8
.50
.52
.45
.42
.21
.20
.15
.13
.09
.09
.03
.03
.02
.07
-.01
.01
.47
.52
1.09
.83
.83
-.0 2
.02
.85
.80
.40
.38
.18
.17
.11
.13
.12
.08
.12
.13
.22
.16
.11
.13
.31
.26
1.28
.91
.91
.05
.02
.87
.89
.40
.40
.16
.15
.09
.12
.15
.13
.14
.14
.23
.24
.10
.10
.39
.37
.88
1.08
1.03
.17
.13
.91
.90
.56
.56
.34
.34
.10
.11
.12
.12
.16
.16
.12
.11
.07
.08
-.1 4
-.1 5
1.39
1.01
1.10
.16
.20
.85
.91
.67
.62
.35
.34
.17
.18
.16
.11
.06
.07
.06
.14
.05
.07
.33
.28
1.47
1.33
1.39
.21
.26
1.12
1.13
.83
.77
.37
.36
.32
.30
.14
.11
.04
.05
.13
.15
.12
.16
.08
.08
1.80
1.28
1.49
.16
.21
1.12
1.27
.83
.85
.38
.36
.24
.32
.21
.16
.06
.07
.11
.21
.12
.14
.32
.32
1.29
1.09
1.01
-.01
-.0 4
1.11
1.05
.85
.73
.37
.34
.30
.24
.18
.15
0
.02
.25
.28
.01
.01
.27
.28
1.03
1.06
.98
.21
.20
.85
.78
.75
.63
.20
.17
.20
.16
.35
.30
.12
.15
-.0 7
-.0 7
.05
.08
.03
.05
-.6 5
-.5 6
-.6 6
-.0 8
-.0 5
-.4 7
-.61
-.1 0
-.2 6
.02
-.0 2
-.0 4
-.0 2
-.0 8
-.2 2
-.1 4
-.0 7
-.1 8
-.2 3
-.0 5
-.0 4
.02
.01
-.5 0
-.8 2
-.6 8
-.5 9
-.5 2
-.2 3
-.1 5
.02
.10
.11
.12
-.0 4
.03
-.0 5
-.0 5
-.0 9
-.0 7
-.1 4
-.1 7
-.0 2
-.01
.23
.18
2.85
1.57
2.45
.02
.15
1.55
2.29
.99
1.24
.54
.54
.15
.40
.30
.30
.32
.27
.05
.52
.20
.27
.35
.40
1.84
1.44
1.49
.48
.45
.96
1.04
.65
.73
.35
.28
.19
.26
.11
.19
-.0 8
-.1 5
.26
.24
.13
.22
.47
.36
.64
.45
.20
-.11
-.0 9
.56
.29
.47
.45
.21
.14
.23
.24
.02
.07
-.1 6
-.1 0
.30
-.1 0
-.0 6
.05
.48
.44
2.10
1.49
1.71
.09
.11
1.40
1.61
.91
.86
.41
.48
.28
.22
.23
.16
.01
.07
.59
.77
-.1 2
-.0 9
.44
.39
1.26
.87
.95
- .2 4
-.1 4
1.11
1.08
.90
.78
.52
.41
.30
.22
.08
.15
-.0 3
-.1 0
.07
.31
.16
.10
.16
.32
1.18
1.47
.97
.09
-.1 7
1.38
1.14
1.21
1.06
.48
.47
.41
.32
.32
.26
.08
.20
.19
.02
-.1 0
-.1 4
.16
.21
Change in private inventories.............................................................
.29
.07
.63
-.46
.02
.54
.03
-.03
-.10
-.93
.41
1.61
-3.04
.64
-.22
Previously published..................................................................................
F a rm ...............................................................................................................
Previously published ............................................................................
Nonfarm ........................................................................................................
Previously published ............................................................................
.26
.13
.11
.16
.16
.10
-.1 9
-.1 7
.27
.27
.61
.27
.25
.36
.36
-.41
-.3 2
-.2 8
-.1 4
-.1 4
-.0 2
.27
.24
-.2 6
-.2 6
.44
-.0 5
-.0 5
.59
.49
.15
-.0 2
-.0 2
.05
.17
-.1 5
-.0 5
-.0 3
.02
-.1 2
.06
.02
-.01
-.1 2
.06
-1 .2 4
.02
.04
-.9 4
-1 .2 8
.65
-.0 3
-.01
.44
.66
2.14
.01
.07
1.60
2.06
-3 .0 2
-.3 5
-.4 7
-2 .6 9
-2 .5 5
1.34
.17
.23
.46
1.11
.28
-.0 6
.15
-.1 6
.12
.93 -1.57
-.01
.02
.15
.91
-.1 7
-2 .0 4
.04
-.2 9
-1.61
-1 .7 5
18
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b l e 2 A . C o n t r i b u t i o n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t i c P r o d u c t — C o n t in u e d
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1998
I
1999
II
III
IV
Net exports of goods and se rvices.......................................................
-0.04
-0.59
-0.43
0.11
-0.14
-0.34
-1.16
-0.99
-0.86
-0.19
-0.70
-1.65
-1.86
-0.82
Previously published......................................................................................
-.0 7
-.61
-.41
.11
-.1 5
-.2 9
-1 .2 0
-1.01
-.7 5
-.1 8
-.6 7
-1 .8 5
-1 .8 3
-.7 8
.17
E x p o rts ......................................................................................................
.68
.32
.85
1.04
.91
1.30
.27
.47
.93
-.58
-.24
.20
-.48
-.19
Previously published..................................................................................
Goods ............................................................................................................
Previously published ............................................................................
Services ........................................................................................................
Previously published ............................................................................
.61
.52
.48
.16
.13
.33
.23
.21
.09
.12
.88
.67
.67
.18
.22
1.06
.85
.86
.19
.20
.89
.68
.68
.22
.22
1.35
1.11
1.12
.19
.23
.24
.18
.17
.09
.07
.37
.29
.29
.18
.08
1.04
.84
.85
.09
.19
-.5 9
-.4 8
-.4 7
-.1 0
-.1 3
-.1 7
-.2 9
-.2 6
.04
.09
.07
.06
-.0 2
.14
.09
-.4 6
-.7 6
-.7 2
.28
.25
-.2 4
.07
.04
-.2 5
-.2 8
Imports ......................................................................................................
-.72
-.91
-1.29
-.93
-1.05
-1.64
-1.43
-1.46
-1.79
.39
-.45
-1.85
-1.38
-.63
Previously published..................................................................................
Goods ............................................................................................................
Previously published ............................................................................
Services ........................................................................................................
Previously published ............................................................................
-.6 8
-.7 7
-.7 6
.05
.08
-.9 4
-.8 5
-.8 5
-.0 6
-.0 9
-1 .2 9
-1 .1 8
-1 .1 8
-.11
-.11
-.9 5
-.8 7
-.8 7
-.0 6
-.0 8
-1 .0 4
-.9 4
-.9 4
-.11
-.0 9
-1 .6 4
-1 .4 5
-1 .4 3
-.1 9
-.21
-1 .4 4
-1 .2 0
-1 .2 0
-.2 3
-.2 4
-1 .3 8
-1.31
-1 .2 9
-.1 5
-.0 9
-1 .7 9
-1 .5 5
-1 .5 4
-.2 5
-.2 4
.42
.39
.40
-.01
.01
-.5 0
-.4 2
-.4 3
-.0 3
-.0 7
-1 .9 2
-1 .5 2
-1.51
-.3 4
-.41
-1 .3 6
-1 .2 0
-1 .2 3
-.1 8
-.1 4
-.5 3
-.41
-.3 9
-.2 2
-.1 5
Government consumption expenditures and gross investment ...
.11
-.18
0
.10
.18
.34
.34
.67
.36
.48
.69
-.41
1.40
Previously published ...........................................................................................
.10
-.1 6
.02
.09
.21
.43
.34
.68
.49
.65
.81
-.4 3
1.27
F ed era l........................................................................................................
-.15
-.35
-.30
-.20
-.08
-.07
-.07
.14
.05
.22
.48
-.66
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.......................................................................
-.1 4
-.3 2
-.31
-.2 8
-.2 8
-.0 4
-.0 4
.17
.17
.12
.13
.04
.04
-.3 3
-.3 3
-.3 2
-.21
-.21
-.1 2
-.11
-.0 2
-.01
-.0 3
-.0 3
.01
.02
-.2 9
-.2 7
-.2 6
-.21
-.2 2
-.0 6
-.0 5
-.0 3
-.0 2
.02
0
-.0 5
-.0 3
-.2 0
-.1 9
-.1 9
-.1 5
-.1 6
-.0 4
-.0 3
-.01
-.01
-.0 3
-.0 3
.02
.02
-.0 6
-.0 7
-.0 6
-.0 7
-.0 8
.01
.02
-.0 2
0
-.0 4
-.0 4
.03
.04
-.0 3
-.1 3
-.1 2
-.0 5
-.0 5
-.0 8
-.0 7
.06
.09
.06
.07
0
.02
-.0 5
-.0 9
-.0 7
-.0 9
-.1 0
.01
.02
.02
.02
-.0 2
-.0 3
.04
.05
.14
.08
.09
.05
.06
.02
.03
.06
.06
.04
.01
.02
.05
.08
-.0 2
0
-.0 3
-.01
.01
.01
.07
.08
.10
.07
-.0 3
.01
.29
.15
.19
.13
.16
.02
.02
.07
.10
.07
.08
0
.01
.47
.35
.37
.29
.31
.06
.06
.14
.10
.12
.08
.02
.02
State and local ........................................................................................
.26
.17
.30
.30
.26
.41
.41
.54
.31
.26
.24
.23
.21
.03
.03
.17
.19
.18
-.0 2
-.01
.31
.24
.24
.06
.07
.28
.21
.19
.09
.10
.27
.17
.20
.09
.07
.45
.25
.25
.15
.21
.39
.35
.33
.06
.07
.54
.36
.35
.18
.18
.41
.18
.35
.13
.06
.36
.20
.30
.06
.07
1.40
1.32
1.60
1.37
.32
.36
1.35
1.43
1.07
.98
.25
.24
2.32
2.35
1.26
1.30
.44
.39
1.25
1.47
1.17
1.17
.09
.03
1.81
1.84
1.32
1.23
.57
.50
2.56
2.47
1.58
1.50
.36
.46
1.95
2.22
1.75
1.54
.47
.52
2.05
2.00
2.04
1.77
.36
.35
1.46
1.74
1.90
1.77
.30
.25
.35
.21
.20
.27
.19
.17
.40
.18
.15
.02
.42
.39
0
.50
.45
.23
.50
.44
.28
.43
.36
.31
.42
.35
-.1 0
.31
.25
Previously published.....
Consumption expenditures
Previously published
Gross investm ent.....
Previously published
I
0.13 -1.67
II
-1.35
-1 .7 7
-1.41
1.59
-.39
.48
1.66
1.22
1.33
.38
.32
-.7 8
-.6 3
-.7 2
.24
-.0 6
.43
.33
.33
.14
.10
-1.46
-1.28
-1.83
-1 .4 9
-1 .3 7
-1 .4 8
-.0 9
0
-.9 9
-1 .1 6
-1.01
-.1 3
.02
-1 .8 4
-1 .6 9
-1.7 2
-.1 4
-.1 2
.66
.64
.46
.41
.35
.73
.51
.50
.61
-.19
.20
-.14
.09
-.6 4
-.8 2
-.7 9
-.5 9
-.6 2
-.2 3
-.1 8
.16
.15
-.01
-.0 5
.17
.21
.71
.45
.47
.40
.42
.05
.06
.16
.24
.03
.08
.12
.16
-.2 4
.23
.21
-.0 4
-.0 4
.27
.25
-.4 2
-.4 5
-.3 2
-.3 6
-.1 0
-.1 0
.32
-.0 8
-.0 3
.12
.12
-.2 0
-.1 4
.28
.35
.32
.32
-.0 4
.03
-.21
-.2 2
-.21
-.11
-.0 7
-.11
-.1 4
.08
0
.05
-.01
.03
.01
.15
-.01
-.01
-.2 0
-.2 3
.19
.22
.09
.16
-.0 6
-.0 5
.16
.21
.21
.25
.79
.85
.44
.60
.32
.34
.13
.28
.08
.06
.21
.31
.33
-.0 6
-.1 2
.56
.37
.35
.42
.21
.60
.38
.33
.47
.26
.40
.35
.28
.08
.13
.72
.44
.32
.16
.40
.34
.31
.40
.01
-.0 6
-.71
-.8 5
1.26
1.11
-.0 4
-.01
.71
1.19
1.77
1.52
-.2 9
-.2 6
2.85
4.63
1.33
1.05
.27
.42
-1 .2 8
-1 .1 5
2.68
2.49
1.27
.90
2.51
2.28
1.33
1.21
.86
.63
4.14
4.77
1.59
1.40
.46
.53
1.08
.57
2.32
1.97
.04
.51
1.34
.57
1.86
1.53
.14
-.1 4
-.21
.14
.08
.39
.10
.08
.04
.41
.38
-.3 7
.45
.32
-.21
.51
.36
2.10
.42
.43
-.4 4
.50
.30
-.0 7
.45
.46
Addenda:
G o o d s ..................................................................................................................
Previously published..................................................................................
S ervice s ..............................................................................................................
Previously published..................................................................................
S tructures...........................................................................................................
Previously published..................................................................................
Motor vehicle output ......................................................................................
Previously published..................................................................................
Final sales of c om pu ters..............................................................................
Previously published..................................................................................
See “Explanatory Note” at the end of the text.
December 2003
19
S u rv e y o f C u r r e n t Business
T a b l e 2 A . C o n t r i b u t i o n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t i c P r o d u c t — C o n t in u e d
Seasonally adjusted at annual rates
1999
III
2000
IV
I
2001
II
III
IV
I
II
2002
III
IV
I
II
2003
III
IV
I
II
Percent change at annual rate:
Gross domestic p ro d u ct.....................................................................................
4.8
7.3
1.0
6.4
-0 .5
2.1
-0.2
-0 .6
-1.3
2.0
4.7
1.9
3.4
1.3
2.0
3.1
Previously published ................................................................................................
5.2
7.1
2.6
4.8
0.6
1.1
-0 .6
-1 .6
-0 .3
2.7
5.0
1.3
4.0
1.4
1.4
3.3
Percentage points at annual rates:
Personal consumption expenditures...................................................................
2.90
3.47
4.38
1.78
2.62
2.29
.28
1.52
1.27
4.20
2.92
1.81
1.39
1.57
1.80
2.34
Previously published......................................................................................................
3.14
3.45
3.54
2.11
2.54
1.37
1.53
.92
.97
4.05
2.22
1.22
2.93
1.19
1.40
2.68
Durable g o o d s ............
.76
.25
1.96
-.89
.50
.06
.15
.80
.06
2.14
.14
.04
.43
.02
.04
1.38
Previously published
Motor vehicles and parts
Previously published
Furniture and household equipm ent...................................................................
Previously pub lish ed ...........................................................................................
Other .............................................................................................................................
Previously published...........................................................................................
.81
.10
.18
.49
.45
.18
.18
.81
-.4 5
.12
.46
.45
.24
.24
1.36
1.31
.74
.45
.45
.19
.17
-.3 0
-1 .1 2
-.5 5
.19
.21
.04
.03
.63
.28
.40
.19
.16
.03
.08
-.4 4
.01
-.5 8
.07
.11
-.0 2
.02
.87
.04
.63
.18
.17
-.0 7
.07
.42
.67
.17
.16
.21
-.0 2
.04
.36
-.1 3
.13
.23
.20
-.0 4
.03
2.45
1.58
1.88
.40
.42
.16
.15
-.5 5
-.4 4
-1 .1 8
.45
.43
.13
.20
.16
-.2 5
-.0 3
.23
.20
.05
0
1.74
.29
1.46
.12
.18
.02
.11
-.7 2
-.3 3
-.9 3
.24
.17
.11
.04
-.1 7
-.1 6
-.2 9
.04
.01
.17
.12
1.79
.54
1.03
.54
.49
.30
.27
Nondurable g o o d s ................................................................................................
.24
1.80
.06
1.11
.44
.72
.06
-.22
.57
.91
1.19
.07
.04
.90
1.13
.25
Previously published ................................................................................................
F o o d ...............................................................................................................................
Previously pub lish ed ...........................................................................................
Clothing and shoes ..................................................................................................
Previously published...........................................................................................
Gasoline, fuel oil, and other energy goods .....................................................
Previously published...........................................................................................
O th e r .............................................................................................................................
Previously pub lish ed ...........................................................................................
.51
.23
.24
.11
.11
-.1 6
-.0 5
.06
.22
1.48
.77
.87
.01
.03
.23
.09
.79
.49
.45
.16
.22
.27
.31
-.1 3
-.2 3
-.2 3
.15
.99
.39
.44
.21
.23
-.0 6
.12
.56
.20
.40
.09
.01
.19
.17
-.0 5
0
.21
.23
.52
.14
.14
.04
.11
.25
.04
.29
.24
.45
.22
.22
-.0 8
-.0 3
.12
.02
-.1 9
.23
-.0 7
-.0 3
-.0 8
.01
.01
-.3 7
-.1 6
.17
.15
.25
.02
-.1 4
.15
.09
.09
.18
.31
.13
.73
.14
.13
.19
.28
.32
.07
.27
.25
1.57
.56
.65
.33
.40
.10
.16
.22
.37
-.0 2
.19
-.0 9
.01
-.0 3
-.2 0
-.0 3
.07
.13
.22
.03
-.0 5
-.0 1
.01
-.0 9
.05
.11
.22
1.01
.22
.56
.21
.22
.21
.06
.25
.17
1.21
.63
.83
.09
.08
.08
.01
.33
.30
.28
.23
.07
.21
.18
-.4 0
-.11
.20
.14
Services ...................................................................................................................
1.89
1.43
2.36
1.55
1.67
1.51
.07
.94
.64
1.15
1.58
1.70
.92
.65
.63
.71
Previously published ................................................................................................
H o u sin g .........................................................................................................................
Previously pub lish ed ...........................................................................................
Household operation ................................................................................................
Previously published ...........................................................................................
Electricity and gas ..........
Previously published ..
Other household operation
Previously published ..
Transportation.............................................................................................................
Previously published
Medical c a r e .............
Previously published
Recreation .................
Previously published...........................................................................................
O th e r ..............................................................................................................................
Previously published...........................................................................................
1.81
.28
.23
.39
.40
.20
.20
.19
.21
.15
.16
.38
.31
.20
.17
.49
.53
1.16
.26
.20
-.2 5
-.2 6
-.31
-.3 2
.06
.06
.07
.10
.40
.29
.09
.06
.86
.77
1.73
.32
.15
.12
.10
-.0 5
-.0 7
.18
.17
.12
.07
.37
.19
.06
.10
1.37
1.11
1.43
.31
.23
.51
.61
.33
.39
.18
.22
.08
.06
.47
.35
.14
.10
.05
.07
1.51
.27
.18
.16
.14
.07
.01
.08
.13
-.0 1
.01
.41
.31
.10
.05
.75
.81
1.29
.28
.19
.41
.39
.40
.35
.01
.04
.01
.04
.42
.41
.04
.10
.34
.15
.21
.33
.20
-.2 7
-.0 8
-.1 5
-.1 6
-.1 2
.08
.03
-.0 3
.35
.40
.09
.16
-.4 5
- .4 3
.57
.26
.14
-.31
-.3 5
-.4 9
-.4 5
.17
.10
-.0 1
-.0 4
.47
.51
-.0 2
.01
.56
.29
.35
.21
.09
-.0 5
.01
-.0 4
-.0 3
-.01
.04
-.1 5
-.11
.62
.53
.06
-.0 5
-.0 6
-.11
.87
.25
.12
-.1 7
-.1 8
-.1 3
-.1 0
-.0 4
-.0 8
-.1 4
-.0 6
.61
.48
.15
.13
.45
.38
1.20
.35
.22
.18
.15
.20
.14
-.0 2
.01
.10
.10
.75
.40
.19
.04
0
.30
1.08
.33
.21
.36
.06
.27
.01
.09
.06
-.0 5
-.0 3
.61
.51
.07
.07
.38
.26
.97
.28
.18
-.1 4
.07
-.0 5
.09
-.0 9
-.01
-.1 2
-.0 2
.51
.45
.05
0
.34
.29
.90
.25
.17
.04
.21
.09
.30
-.0 5
-.0 9
-.0 9
.01
.69
.34
.09
.14
-.3 3
.02
.36
.26
.19
.04
-.0 5
.01
-.0 9
.03
.04
.01
0
.59
.45
0
-.0 7
-.2 8
- .1 6
.60
.20
.18
-.1 3
-.1 8
-.21
-.2 9
.08
.10
-.11
-.0 9
.53
.48
.10
.10
.13
.11
Gross private domestic investment ....................................................................
1.72
2.65 -1.30
4.65 -1.84
-.36
-1.96
-2.92
-1.39
-2.98
1.60
.69
1.66
-.09
-.57
.73
Previously published......................................................................................................
1.85
2.32
.39
2.92
-1 .0 9
-.5 5
-3 .6 5
-3 .0 9
-.81
-2 .8 8
2.53
1.16
.55
.93
-.8 3
.30
Fixed investment ..................................................................................................
1.30
.36
1.83
1.60
-.10
.13
-.45
-1.60
-.88
-1.83
-.41
.08
.08
.31
.16
.90
Previously published ................................................................................................
N onresidential.............................................................................................................
Previously published...........................................................................................
S tructures...............................................................................................................
Previously published......................................................................................
Equipment and so ftw are....................................................................................
Previously published......................................................................................
Information processing equipment and software .................................
Previously published ................................................................................
Computers and peripheral e q uipm ent.................................................
Previously published............................................................................
S o ftw a re ........................................................................................................
Previously published............................................................................
O th e r..............................................................................................................
Previously published............................................................................
Industrial equipment ......................................................................................
Previously published .................................................................................
Transportation equipm ent.............................................................................
Previously published .................................................................................
Other ...................................................................................................................
Previously published .................................................................................
Residential ...................................................................................................................
Previously published...........................................................................................
1.01
1.19
.97
-.1 0
-.2 0
1.28
1.17
.78
.55
.18
.19
.33
.20
.26
.16
.08
.14
.39
.46
.04
.01
.11
.04
.53
.12
.41
.13
.18
0
.22
.14
.15
-.0 5
-.0 6
.21
.18
-.0 2
.03
0
.02
-.2 3
-.1 0
.09
.14
.23
.12
2.15
1.64
1.80
.21
.40
1.44
1.41
1.13
1.15
.22
.19
.17
.20
.74
.76
.29
.24
-.1 2
-.1 2
.13
.13
.19
.35
1.15
1.76
1.28
.53
.25
1.23
1.03
.96
.78
.45
.36
.18
.10
.33
.32
.14
.14
.04
-.0 6
.09
.17
-.1 6
-.1 3
.04
.28
.46
.29
.37
-.0 2
.09
.33
.20
.12
.10
.02
.06
.19
.04
.09
.21
-.31
-.2 4
-.1 3
-.0 9
-.3 8
-.4 2
-.4 1
.11
-.41
.04
.12
.07
-.5 3
.58
.08
.06
- .0 3
.20
-.01
.32
.12
-.1 2
-.0 4
-.3 6
-.5 7
-.0 3
.01
.02
0
-.3 8
-.5 6
-.71
-.2 0
-.1 0
-.3 7
-.61
-.2 0
- .4 7
.16
-.01
- .0 7
-.01
-.2 8
-.4 5
.04
.06
-.2 7
-.2 3
.06
.02
.12
.34
-1 .9 5
-1 .7 6
-1 .9 3
-.1 9
-.2 9
-1 .5 7
-1 .6 4
-.8 4
-.8 6
-.2 2
-.1 8
-.2 4
-.1 5
- .3 9
-.5 3
-.5 3
-.3 4
0
-.2 4
-.21
-.1 9
.16
-.0 2
-.7 2
-1 .0 2
-.7 3
.07
.10
-1 .0 9
-.8 3
-.5 8
-.4 8
-.2 6
-.1 8
-.1 6
-.0 5
-.1 6
-.2 6
-.3 0
-.3 0
-.2 5
-.0 7
.04
.02
.14
.02
-1 .4 9
-1.71
-1 .3 3
-1 .3 6
-1 .1 2
-.3 5
-.21
-.1 5
-.0 5
.19
.22
-.21
.01
-.1 4
-.2 7
-.2 2
-.1 8
.24
.22
-.2 1
-.2 0
-.1 2
-.1 6
-.0 7
-.81
-.6 6
-.7 7
-.4 4
-.0 3
-.2 2
.09
.25
.22
.21
-.0 5
-.0 6
-.0 8
.10
.26
.15
-.3 4
-.5 6
-.0 4
-.0 6
.40
.60
-.1 5
-.3 3
-.2 7
-.41
-.5 3
.09
.26
.37
.46
.06
.10
.09
.20
.21
.16
-.21
-.11
-.2 4
-.3 2
.17
.23
.41
.12
-.0 3
-.1 2
-.0 8
-.4 0
-.6 2
.28
.53
.53
.50
.28
.26
.21
.20
.05
.04
0
.09
-.2 6
-.0 6
0
.01
.20
.05
.65
-.01
.24
-.1 4
-.2 5
.13
.49
-.0 6
.12
.09
.05
-.0 6
.03
-.1 0
.04
-.0 4
-.0 8
.20
.37
.04
.08
.32
.41
-.0 2
-.0 6
-.4 7
-.1 0
-.0 7
.04
-.4 0
.64
.39
.21
.15
.18
.08
.26
.16
-.1 0
-.0 8
-.3 7
-.6 0
-.1 3
-.11
.22
.45
1.05
.68
.74
.09
.10
.59
.64
.64
.68
.33
.32
.15
.15
.15
.21
-.0 2
-.01
-.0 9
-.0 8
.05
.05
.22
.31
Change in private inventories ..........................................................................
.42
3.05 -1.74
-.49
-1.51
-1.32
-.51
-1.15
2.01
.61
1.58
-.40
-.74
-.17
Previously published ................................................................................................
Farm ..............................................................................................................................
Previously pub lish ed ...........................................................................................
Nonfarm ........................................................................................................................
Previously published ...........................................................................................
.84
-.5 3
-.4 7
.95
1.32
-1 .1 2
-.3 6
-.1 7
-1 .3 8
-.9 6
-.1 4
.34
.17
-.8 3
-.31
-3 .2 7
.03
.15
-1 .5 4
-3 .4 3
-1 .1 4
-.3 4
-.3 2
-.9 9
-.8 3
-.0 9
.14
.18
-.6 5
-.2 7
-1 .3 9
-.2 6
.05
-.8 9
-1 .4 3
2.60
.39
.09
1.62
2.51
1.31
-.6 4
-.2 0
1.25
1.51
.58
.34
-.1 0
1.25
.68
.28
-.0 2
.05
-.3 8
.24
-.8 2
.15
.07
-.8 8
-.8 8
-.7 4
-.0 9
-.0 5
-.0 8
-.6 9
2.30 -3.13
1.80
.39
.23
1.91
1.57
-1 .7 7
-.51
-.3 2
-2 .6 2
-1 .4 5
1.77
.88
.60
2.18
1.17
20
Initial Results of the C om prehensive N IP A Revision
December 2003
Table 2A. Contributions to Percent Change in Real Gross Domestic Product—Continued
Seasonally adjusted at annual rates
2000
1999
III
I
II
III
IV
-1.53
-0.98
-0.87
-0.07
-.7 5
.04
-1 .1 7
-1 .0 0
-.7 2
-.2 3
.53
-.4 2
1.12
1.13
.70
1.30
1.14
-.31
-.50
-1.54
1.08
.98
.94
.14
.14
1.31
1.01
1.11
.12
.20
.82
.65
.51
.05
.31
1.53
1.03
1.18
.26
.35
1.25
1.36
1.44
-.2 2
-.1 9
-.4 6
-.4 5
-.6 0
.14
.14
-.6 9
-.4 4
-.4 9
-.0 6
-.2 0
-1 .4 2
-1 .5 2
-1 .3 4
-.0 2
-.0 8
-1 .9 4
-1 .5 0
-1 .4 9
-.4 8
-.4 5
-0.75
Previously published......................................................................................................
E x p o rts .....................................................................................................................
Previously published ................................................................................................
Goods ................................
Previously published
S e rv ic e s ............................
Previously published
II
2002
0.01
Net exports of goods and services.....................................................................
IV
2001
I
0.46 -0.25
2003
III
IV
I
II
III
IV
-0.42
-0.50
-0.65
-1.32
-0.15
-1.47
-.2 4
-.2 8
-.7 5
-1 .4 0
-.01
-1.99
-1.02
.40
.80
.41
-.9 9
-.5 4
-.5 6
-.4 7
-.4 2
.33
-.1 9
-.2 3
.59
.56
1.29
.75
.99
.05
.30
.45
.28
.28
.13
.17
I
II
0.81
-1.34
-1 .5 9
.78
-1 .2 9
-.37
-.19
-.11
-.5 9
-.6 4
-.8 2
.27
.23
-.1 3
.13
.13
-.31
-.2 5
-.0 9
-.11
-.1 0
.01
.02
-1.87
-1.11
-2.23
-2.27
-2.01
.24
.96
1.29
1.57
.52
-1.05
-2.12
-.56
-1.10
Previously published ....
Goods ...........................................................................................................................
Previously published
S e rv ic e s ............................
Previously published
-1 .8 3
-1 .6 7
-1 .6 4
-.1 9
-.1 9
-1 .2 7
-1.01
-1 .1 2
-.11
- .1 5
-1 .9 9
-1 .7 9
-1 .5 6
-.4 4
- .4 3
-2 .5 4
-2 .0 3
-2 .3 2
-.2 4
-.21
-1 .9 7
-1 .7 0
-1 .6 4
-.3 2
-.3 2
.23
.19
.22
.04
.01
1.22
.88
1.21
.08
.01
1.00
1.57
1.18
-.2 8
-.1 8
1.70
1.10
1.17
.47
.53
.70
.35
.37
.16
.33
-1 .0 8
-.6 6
-.4 0
-.3 9
-.6 8
-2 .6 9
-2 .2 0
-2 .7 4
.09
.05
-.4 7
-.5 5
-.4 0
-.0 2
-.0 7
-1 .0 0
-.8 3
-.71
-.2 7
-.3 0
.91
.81
.81
.19
.10
-1.21
-1.51
-1 .5 0
.27
.30
Government consumption expenditures and gross investm ent.................
.88
1.17
-.56
.96
-.37
.22
.99
1.00
-.7 4
1.28
.85
.72
.46
1.29
-.07
1.36
Previously published......................................................................................................
.93
1.26
-.2 0
.83
- .1 8
.51
.99
1.00
-.21
1.85
1.04
.27
.56
.85
.08
1.59
Federal .....................................................................................................................
.49
.58
-9 3
.96
-.51
-.07
.50
.38
.57
.52
.64
.26
1.11
-.01
1.46
Previously published ................................................................................................
National defense ........................
Previously published............
Consumption expenditures .
Previously published.......
Gross investm ent..................
Previously published.......
Nondefense .................................................................................................................
Previously published...........................................................................................
Consumption expenditures ................................................................................
Previously published.......................................................................................
Gross investm ent.................................................................................................
Previously published.......................................................................................
.44
.51
.52
.38
.38
.13
.15
- .0 2
-.0 8
.08
.01
-.1 0
-.0 9
.60
.39
.39
.41
.42
-.0 2
-.0 3
.18
.21
.05
.04
.13
.16
-.8 5
-.9 2
- .8 6
-.8 8
-.8 2
- .0 4
-.0 5
-.0 1
.01
.21
.10
-.2 2
-.0 9
.91
.61
.54
.60
.55
.01
-.01
.35
.37
.28
.30
.07
.06
-.4 5
-.2 9
- .2 4
-.3 0
-.2 5
.01
.01
-.2 2
-.21
-.1 3
-.1 2
- .0 9
- .0 9
.12
.06
.17
.11
.18
-.0 5
-.01
-.1 3
-.0 6
-.0 6
-.0 4
- .0 7
-.01
.54
.27
.30
.29
.31
-.01
-.01
.23
.24
.19
.19
.04
.05
.36
.10
.10
0
.02
.10
.09
.28
.25
.19
.20
.09
.05
.07
.09
.18
.03
.10
.06
.07
-.0 9
-.11
-.0 2
- .0 3
-.0 7
-.0 8
.80
.53
.54
.50
.53
.02
.01
.04
.26
.06
.11
-.0 2
.15
.47
.33
.46
.32
.34
.01
.12
.20
.01
.14
.03
.06
-.0 2
.47
.38
.32
.22
.32
.15
0
.27
.16
.15
.10
.11
.06
.29
.19
.29
.09
.19
.10
.11
.07
-.0 1
.13
.07
-.0 6
-.0 7
.70
.85
.46
.93
.50
-.0 7
-.0 4
.26
.25
.26
.21
0
.04
.05
-.2 5
-.1 5
-.1 9
-.1 8
-.0 6
.03
.24
.20
.25
.21
-.01
-.0 1
1.61
1.58
1.74
1.39
1.57
.19
.17
-.1 2
- .1 3
-.2 6
-.2 2
.14
.09
State and lo c a l.......................................................................................................
.39
.59
.36
.01
.15
.29
.49
.62
-.7 4
.71
.33
.08
.20
.18
-.06
-.10
Previously published ................................................................................................
Consumption expenditures ................................................................................
Previously published.......................................................................................
Gross investm ent.................................................................................................
Previously published.......................................................................................
.49
.28
.44
.11
.05
.67
.26
.40
.33
.26
.65
.09
.37
.28
.28
- .0 8
.16
.29
-.1 5
-.3 8
.28
.10
.27
.05
0
.39
.21
.27
.08
.11
.45
.29
.15
.20
.30
.64
.22
.37
.40
.27
-.2 8
.13
.48
-.8 8
- .7 6
1.05
.21
.41
.50
.64
.56
.01
.25
.31
.32
-.21
.17
.16
-.0 9
-.3 7
.27
.11
.17
.09
.10
.15
.19
.14
-.0 1
0
.03
.06
.08
-.1 2
-.0 5
- .0 2
-.0 5
.01
-.0 5
-.0 3
2.12
3.01
2.57
2.35
.06
-.1 7
4.45
4.33
2.17
2.16
.68
.57
-.9 2
.51
1.40
1.10
.51
.95
3.64
2.55
2.63
2.63
.15
-.3 3
-1 .1 9
-.1 6
.80
.83
-.0 7
-.11
.10
-.9 8
1.95
1.93
.03
.15
-1 .1 7
-1 .5 9
.85
.43
.09
.56
-2 .0 8
-2 .0 8
1.05
.61
.38
-.1 2
-1 .4 0
-.5 3
.77
.94
-.6 5
-.7 0
1.38
1.52
1.61
1.75
-1 .0 0
-.5 4
2.54
2.89
2.25
1.60
-.0 8
.56
-.3 7
.14
2.38
1.91
-.1 0
-.8 0
2.12
3.10
1.37
1.43
-.1 3
-.5 0
-.9 2
-.5 5
2.02
1.71
.19
.22
1.37
.78
.62
.33
-.0 2
.32
.75
.87
2.08
2.03
.26
.38
.71
.32
.30
.08
- .0 3
-.0 3
-.0 6
.52
.42
-.3 0
.47
.36
-.6 2
.10
.09
-.6 5
.19
.09
-.6 5
.45
.23
.53
-.2 0
-.1 8
.31
-.1 9
-.0 4
.48
.22
.19
.31
.06
-.0 6
.25
.06
.08
1.06
.35
.39
-.4 9
.26
.17
-.0 6
.26
.18
-.11
.25
.18
Im p o rts ................................
0
1.00 -1.24
Addenda:
G o o d s .................................................................................................................................
Previously published
Services ....................
Previously published
S tructures..........................................................................................................................
Previously published
Motor vehicle output
Previously published
Final sales of computers
Previously published ................................................................................................
See “Explanatory Note” at the end of the text.
December 2003
21
S u r v ey o f C u rren t B usiness
T a b le 3 A . G r o s s D o m e s tic P r o d u c t a n d R e la te d M e a s u r e s
[Billions of dollars]
1992
1993
1994
1995
1996
1997
1998
1999
2000
Gross domestic p ro d u c t..............................................................................
6,337.7
6,657.4
7,072.2
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,100.8
10,480.8
Personal consumption expenditures .....................................................................
4,235.3
4,477.9
4,743.3
4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,045.4
7,385.3
Durable g o o d s ...........................................................................................................
483.6
526.7
582.2
611.6
652.6
692.7
750.2
817.6
863.3
881.9
911.3
Motor vehicles and parts ...........................................................................................
Furniture and household equipm ent.......................................................................
O th e r .................................................................................................................................
213.0
178.7
91.9
234.0
193.4
99.3
260.5
213.4
108.3
266.7
228.6
116.3
284.9
242.9
124.8
305.1
256.2
131.4
336.1
273.1
141.0
370.8
293.9
153.0
386.5
312.9
163.9
406.9
312.0
163.0
418.1
323.7
169.4
Nondurable g o o d s ...................................................................................................
1,330.5
1,379.4
1,437.2
1,485.1
1,555.5
1,619.0
1,683.6
1,804.8
1,947.2
2,013.6
2,086.0
F o o d ..................................................................................................................................
Clothing and s h o e s ......................................................................................................
Gasoline, fuel oil, and other energy goods .........................................................
O th e r .................................................................................................................................
669.3
221.9
124.6
314.7
691.9
229.9
126.6
331.1
720.6
238.1
129.0
349.5
740.9
241.7
133.3
369.2
768.7
250.2
144.8
391.9
796.2
258.1
147.7
416.9
829.8
270.9
133.9
449.0
873.1
286.3
149.8
495.6
925.2
297.7
191.5
532.9
964.6
297.5
188.5
563.1
1,005.6
304.4
180.4
595.6
Services ......................................................................................................................
2,421.2
2,571.8
2,723.9
2,879.1
3,048.7
3,235.8
3,445.7
3,660.0
3,928.8
4,149.8
4,388.0
H ousing............................................................................................................................
Household operation ....................................................................................................
Electricity and gas ..................................................................................................
Other household operation
Transportation...........................
Medical c a r e ..............................
Recreation .................................
O th e r .................................................................................................................................
658.5
250.7
108.9
141.9
157.7
672.2
146.6
535.5
683.9
269.9
118.2
151.7
172.7
715.1
160.4
569.8
726.1
286.2
120.7
165.5
190.6
752.9
171.4
596.7
764.4
298.7
122.2
176.5
207.7
797.9
187.9
622.5
800.1
318.5
129.4
189.1
226.5
833.5
202.5
667.6
842.6
337.0
131.3
205.6
245.7
873.0
215.1
722.4
894.6
350.5
129.8
220.7
259.5
921.4
229.3
790.5
948.4
364.8
130.6
234.1
276.4
961.1
248.6
860.7
1,006.5
390.1
143.3
246.8
291.3
1,026.8
268.3
945.9
1,073.7
407.4
156.2
251.2
294.0
1,109.9
283.8
980.9
1,144.6
408.2
152.3
255.9
292.8
1,202.7
303.3
1,036.4
Gross private domestic in vestm ent........................................................................
864.8
953.4
1,097.1
1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,607.2
1,589.2
Fixed investment .....................................................................................................
848.5
932.5
1,033.3
1,112.9
1,209.5
1,317.8
1,438.4
1,558.8
1,679.0
1,643.4
1,583.9
N onresidential................................................................................................................
Structures...................................................................................................................
Equipment and softw a re.......................................................................................
Information processing equipment and software .....................................
Computers and peripheral equipm ent....................................................
Software ..........................................................................................................
O th e r..................................................................................................................
Industrial e q u ip m en t..........................................................................................
Transportation equipm ent................................................................................
Other equipm ent.................................................................................................
R esidential......................................................................................................................
612.1
172.6
439.6
199.9
44.0
57.9
98.1
93.0
74.7
72.0
236.3
666.6
177.2
489.4
217.6
47.9
64.3
105.4
102.2
89.4
80.2
266.0
731.4
186.8
544.6
235.2
52.4
68.3
114.6
113.6
107.7
88.1
301.9
810.0
207.3
602.8
263.0
66.1
74.6
122.3
129.0
116.1
94.7
302.8
875.4
224.6
650.8
290.1
72.8
85.5
131.9
136.5
123.2
101.0
334.1
968.7
250.3
718.3
330.3
81.4
107.5
141.4
140.4
135.5
112.1
349.1
1,052.6
275.2
777.3
363.4
87.2
124.0
152.2
146.4
144.0
123.5
385.8
1,133.9
282.2
851.7
411.0
96.0
152.6
162.4
147.0
167.6
126.0
424.9
1,232.1
313.2
918.9
467.6
101.4
176.2
190.0
159.2
160.8
131.2
446.9
1,174.1
322.1
852.0
436.4
85.2
173.4
177.7
146.2
141.3
128.2
469.2
1,080.2
266.3
813.9
421.3
83.3
167.9
170.1
137.5
128.0
127.1
503.7
Change in private inventories .............................................................................
16.3
20.8
63.8
31.1
30.8
72.0
70.8
66.9
56.5
-36.1
5.4
Farm .................................................................................................................................
N o n fa rm ...........................................................................................................................
6.2
10.1
-6 .2
27.0
12.1
51.8
-11.1
42.2
8.6
22.1
3.2
68.8
1.4
69.4
-2 .7
69.6
-1 .3
57.8
.1
-3 6 .2
-3 .4
8.7
Net exports of goods and services ........................................................................
-33.2
-65.0
-93.6
-91.4
-96.2
-101.6
-159.9
-260.5
-379.5
-366.5
-426.3
E xp o rts........................................................................................................................
635.3
655.8
720.9
812.2
868.6
955.3
955.9
991.2
1,096.3
1,035.1
1,006.8
448.0
187.4
459.9
195.9
510.1
210.8
583.3
228.9
618.3
250.2
687.7
267.6
680.9
275.1
697.2
294.0
784.3
311.9
731.5
303.6
697.8
309.1
Goods ...
Sen/ices
2001
2002
Im p o rts ........................................................................................................................
668.6
720.9
814.5
903.6
964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,401.7
1,433.1
Goods ..............................................................................................................................
S ervice s ...........................................................................................................................
544.9
123.6
592.8
128.1
676.8
137.7
757.4
146.1
807.4
157.4
885.3
171.5
929.0
186.9
1,045.5
206.3
1,243.5
232.3
1,168.0
233.6
1,190.3
242.7
Government consumption expenditures and gross investm ent....................
1,271.0
1,291.2
1,325.5
1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,814.7
1,932.5
Federal ........................................................................................................................
533.9
525.2
519.1
519.2
527.4
530.9
530.4
555.8
578.8
612.9
679.5
National defense .....................
Consumption expenditures
Gross investm ent................
Nondefense ...............................
Consumption expenditures...................................................................................
Gross investm ent.....................................................................................................
376.9
315.3
61.6
157.0
129.8
27.2
362.9
307.6
55.2
162.4
134.2
28.1
353.7
300.7
52.9
165.5
140.1
25.4
348.7
297.3
51.4
170.5
143.2
27.3
354.6
302.5
52.1
172.8
143.8
29.1
349.6
304.7
44.9
181.3
153.0
28.3
345.7
300.7
45.0
184.7
153.9
30.8
360.6
312.9
47.7
195.2
162.2
33.0
370.3
321.5
48.8
208.5
177.8
30.7
393.0
342.8
50.2
219.9
188.8
31.0
438.3
382.7
55.7
241.2
208.1
33.0
State and lo c a l..........................................................................................................
737.0
766.0
806.3
850.0
888.6
937.8
987.9
1,065.0
1,142.8
1,201.8
1,253.1
Consumption expenditures ...................................................................................
Gross investm ent....................................................................................................
602.7
134.3
630.3
135.7
663.3
143.0
696.1
154.0
724.8
163.8
758.9
178.9
801.4
186.5
858.9
206.0
917.8
225.0
966.1
235.8
1,004.6
248.4
Final sales of domestic prod uct....................................................................................
Gross domestic purchases..............................................................................................
Final sales to domestic purchasers.............................................................................
6,321.4
6,371.0
6,354.7
6,636.6
6,722.4
6,701.6
7,008.4
7,165.8
7,102.0
7,366.5
7,489.0
7,457.9
7,786.1
7,913.1
7,882.3
8,232.3
8,405.9
8,333.9
8,676.2
8,906.9
8,836.2
9,201.5
9,528.9
9,462.0
9,760.5
10,196.4
10,140.0
10,136.9
10,467.3
10,503.4
10,475.5
10,907.1
10,901.7
Gross domestic p ro d u ct........................................................................................
6,337.7
6,657.4
7,072.2
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,100.8
10,480.8
Plus: Income receipts from the rest of the world ...................................................
Less: Income payments to the rest of the w o rld ....................................................
152.7
123.0
156.2
124.3
186.4
160.2
233.9
198.1
248.7
213.7
286.7
253.7
287.1
265.8
320.8
287.0
382.7
343.7
319.0
283.8
299.1
277.6
Equals: Gross national product ..........................................................................
6,367.4
6,689.3
7,098.4
7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,135.9
10,502.3
Addenda:
Net domestic product .......................................................................................................
See “Explanatory Note” at the end of the text.
22
Initial Results of the C om prehensive N IP A Revision
December 2003
Table 3A. Gross Domestic Product and Related Measures—Continued
[Billionsof dollars]
Seasonally adjusted at annual rates
1998
Gross domestic product
1999
2000
8,586.7
8,657.9
8,789.5
8,953.8
9,066.6
9,174.1
9,313.5
9,519.5
9,629.4
9,822.8
9,862.1
9,953.6
Personal consum ption e x p e n d itu re s ....................................................
5,733.4
5,834.2
5,924.2
6,026.2
6,101.7
6,237.2
6,337.2
6,453.7
6,613.9
6,688.1
6,783.9
6,871.6
D urable g o o d s ...........................................................................................
Motor vehicles and parts ...................................................................
Furniture and household equipm ent...............................................
Other ..........................................................................................................
711.9
739.8
754.9
794.2
785.2
818.5
832.8
834.1
876.9
854.2
861.3
860.9
308.1
267.1
136.7
329.7
270.2
139.8
337.2
275.6
142.1
369.3
279.6
145.3
352.1
285.0
148.1
377.0
290.5
151.1
382.0
297.0
153.8
372.1
303.0
158.9
402.3
311.4
163.3
376.9
313.4
163.8
382.6
314.7
164.1
384.3
312.2
164.4
Nondurable g o o d s ...................................................................................
F o o d ...........................................................................................................
Clothing and shoes ..............................................................................
Gasoline, fuel oil, and other energy g o o d s ..................................
O th e r ..........................................................................................................
1,652.0
1,671.3
1,691.2
1,719.7
1,748.5
1,789.2
1,812.5
1,869.0
1,894.2
1,938.3
1,965.8
1,990.5
812.4
266.8
138.4
434.5
824.5
270.4
132.8
443.6
835.0
271.1
132.1
453.0
847.2
275.2
132.4
464.9
852.7
281.7
130.7
483.4
866.3
286.8
146.5
489.6
875.4
287.8
154.4
494.9
898.1
288.9
167.5
514.4
906.9
292.8
182.9
511.6
922.1
296.1
188.6
531.5
932.0
300.3
193.7
539.9
939.7
301.6
200.8
548.4
Services .......................................................................................................
H o u sin g .....................................................................................................
Household operation ............................................................................
Electricity and gas ...........................................................................
Other household o p eratio n ...........................................................
Transportation.........................................................................................
Medical c a r e ...........................................................................................
R ecreation................................................................................................
O th e r ..........................................................................................................
3,369.4
3,423.1
3,478.1
3,512.3
3,568.0
3,629.6
3,691.9
3,750.7
3,842.8
3,895.6
3,956.7
4,020.3
874.4
343.8
128.1
215.7
254.9
908.2
224.3
763.9
888.0
352.8
134.0
218.8
258.1
917.7
226.6
780.0
901.5
356.5
133.4
223.1
261.2
926.2
230.9
801.8
914.7
348.8
123.5
225.3
263.7
933.5
235.3
816.3
930.2
355.6
127.4
228.1
269.7
941.8
239.5
831.3
942.3
362.9
130.3
232.6
274.4
952.5
246.0
851.5
954.5
372.2
135.6
236.6
279.1
967.2
252.4
866.6
966.7
368.4
129.2
239.2
282.4
983.2
256.5
893.5
983.8
372.0
128.6
243.4
286.8
998.1
260.7
941.4
998.8
385.4
138.7
246.7
290.9
1,017.0
266.1
937.3
1,013.6
393.7
145.4
248.3
292.5
1,036.9
271.8
948.2
1,029.6
409.4
160.6
248.8
294.7
1,055.2
274.4
956.9
G ross private dom estic investm ent ......................................................
1,505.5
1,474.6
1,507.8
1,548.6
1,596.7
1,589.9
1,628.3
1,687.7
1,672.3
1,781.7
1,749.0
1,738.9
Fixed investm ent .....................................................................................
Nonresidentiai.........................................................................................
Structures ...........................................................................................
Equipment and s o ftw are................................................................
Information processing equipment and software .............
Computers and peripheral eq u ip m e n t.............................
S o ftw a re ....................................................................................
O th e r ..........................................................................................
Industrial equipment ..................................................................
Transportation equipm ent.........................................................
Other eq uipm ent..........................................................................
Residential ...............................................................................................
1,390.0
1,427.7
1,447.1
1,488.7
1,514.6
1,551.7
1,579.2
1,589.5
1,642.4
1,685.4
1,690.6
1,697.5
1,024.0
264.2
759.9
355.7
87.4
117.5
150.8
148.8
133.5
121.9
365.9
1,049.1
277.5
771.6
360.6
88.0
121.0
151.6
147.4
138.5
125.1
378.6
1,054.3
277.5
776.8
362.6
85.7
125.9
151.0
144.4
145.2
124.6
392.8
1,082.7
281.8
800.9
374.6
87.8
131.6
155.2
144.9
158.9
122.6
406.0
1,101.0
278.3
822.7
389.2
93.4
139.5
156.2
144.6
162.3
126.7
413.5
1,130.1
282.0
848.1
410.5
98.7
149.6
162.3
146.3
166.7
124.5
421.7
1,151.5
281.6
869.8
422.7
98.2
157.9
166.6
148.3
173.4
125.5
427.8
1,153.0
286.9
866.1
421.6
93.6
163.3
164.7
148.8
168.1
127.5
436.5
1,193.9
295.2
898.7
446.4
96.2
168.7
181.5
156.0
165.6
130.7
448.5
1,236.5
310.4
926.1
466.5
103.5
174.8
188.1
159.5
166.7
133.4
448.8
1,247.5
321.1
926.5
473.6
103.8
177.9
191.9
162.1
160.3
130.6
443.1
1,250.3
326.0
924.2
484.0
102.2
183.2
198.5
159.3
150.8
130.1
447.2
Change in private in v e n to rie s ............................................................
F a rm ...........................................................................................................
Nonfarm ....................................................................................................
115.5
46.9
60.7
59.9
82.2
38.1
49.1
98.2
29.9
96.3
58.4
41.4
6.0
109.5
-4 .7
51.6
.5
60.2
3.6
56.3
6.0
76.2
-.5
38.7
-1 0 .9
60.0
-5 .3
103.5
-1 1 .5
41.3
3.3
93.0
- .8
59.2
3.7
37.7
Net exports of goods and s e r v ic e s ......................................................
-129.2
-162.4
-174.2
-174.0
-207.5
-252.1
-285.2
-297.2
-346.4
-366.9
-400.7
-403.9
E x p o rts ..........................................................................................................
Goods .......................................................................................................
Services ....................................................................................................
965.2
949.6
938.3
970.6
960.1
972.8
1,000.5
1,031.6
1,055.1
1,091.8
1,122.4
1,115.8
694.2
271.0
672.6
277.0
666.9
271.4
689.7
280.9
673.2
286.8
680.3
292.5
703.9
296.6
731.3
300.3
749.2
305.9
776.9
315.0
810.9
311.5
800.4
315.4
Im p o r ts ..........................................................................................................
Goods .......................................................................................................
Services ....................................................................................................
1,094.4
1,112.0
1,112.5
1,144.6
1,167.6
1,224.9
1,285.7
1,328.8
1,401.5
1,458.7
1,523.1
1,519.7
915.4
178.9
927.5
184.5
922.8
189.7
950.0
194.6
970.1
197.5
1,021.1
203.8
1,075.3
210.4
1,115.3
213.4
1,177.0
224.5
1,229.6
229.1
1,284.9
238.3
1,282.3
237.3
Governm ent consum ption expenditures and gross investm ent
1,477.0
1,511.5
1,531.7
1,553.1
1,575.6
1,599.1
1,633.2
1,675.3
1,689.6
1,720.0
1,729.9
1,746.9
Federal ..........................................................................................................
National defense ...................................................................................
Consumption expenditures ...........................................................
Gross investm ent.............................................................................
N ondefense..............................................................................................
Consumption expenditures ...........................................................
Gross investment .............................................................................
520.3
534.4
530.5
536.6
540.6
545.9
560.0
576.8
565.3
586.6
581.2
582.0
335.5
293.3
42.3
184.8
154.5
30.3
345.7
302.2
43.4
188.7
155.7
33.0
351.2
302.0
49.2
179.3
149.0
30.3
350.5
305.5
45.1
186.1
156.3
29.8
350.2
307.1
43.1
190.4
159.9
30.5
351.7
304.3
47.5
194.2
159.7
34.5
364.9
314.5
50.4
195.1
163.0
32.1
375.7
325.8
49.9
201.0
166.1
35.0
360.9
311.9
49.0
204.4
173.8
30.6
375.2
326.2
49.0
211.4
178.9
32.5
371.3
322.1
49.3
209.9
179.4
30.5
373.8
325.7
48.1
208.2
179.2
29.0
956.7
977.1
1,001.2
1,016.4
1,035.0
1,053.2
1,073.2
1,098.5
1,124.3
1,133.4
1,148.6
1,164.9
783.1
173.6
794.7
182.5
807.6
193.6
820.0
196.4
834.3
200.8
850.8
202.4
867.3
205.8
883.3
215.2
900.6
223.7
910.8
222.6
923.4
225.3
936.3
228.6
8,471.2
8,715.9
8,600.4
8,611.0
8,820.3
8,773.5
8,728.8
8,963.7
8,903.0
8,893.9
9,127.8
9,067.9
8,984.4
9,274.1
9,191.9
9,136.0
9,426.2
9,388.1
9,264.4
9,598.7
9,549.6
9,421.3
9,816.7
9,718.5
9,599.6
9,975.8
9,946.0
9,726.5
10,189.7
10,093.4
9,803.7
10,262.8
10,204.4
9,912.2
10,357.5
10,316.0
8,586.7
8,657.9
8,789.5
8,953.8
9,066.6
9,174.1
9,313.5
9,519.5
9,629.4
9,822.8
9,862.1
9,953.6
290.4
262.0
293.6
267.2
282.4
269.2
282.1
264.7
294.6
264.0
310.4
274.6
329.9
300.0
348.4
309.6
362.9
330.4
386.0
349.2
379.7
348.1
402.1
347.2
8,615.1
8,684.3
8,802.7
8,971.2
9,097.2
9,209.9
9,343.4
9,558.3
9,661.9
9,859.6
9,893.6
10,008.4
State and local ..........................................................................................
Consumption expenditures ...........................................................
Gross investm ent.............................................................................
Addenda:
Final sales of domestic p ro d u ct.............................................................
Gross domestic purchases......................................................................
Final sales to domestic p u rchasers.....................................................
Gross dom estic p ro d u c t.......................................................................
Plus: Income receipts from the rest of the world ...........................
Less: Income payments to the rest of the w o rld ............................
Equals: G ross national product ........................................................
Net domestic product ...............................................................................
See “Explanatory Note” at the end of the text.
December 2003
23
S u rv e y o f C u r r e n t B usiness
Table 3A. Gross Domestic Product and Related Measures—Continued
[Billionsof dollars]
Seasonally adjusted at annual rates
2002
2001
1
II
III
IV
I
II
2003
IV
III
I
II
G ross dom estic p ro d u c t...................................................................................
10,024.8
10,088.2
10,096.2
10,193.9
10,329.3
10,428.3
10,542.0
10,623.7
10,735.8
10,846.7
P ersonal consum ption expenditures .........................................................................
6,934.3
7,017.4
7,058.1
7,171.6
7,256.5
7,355.5
7,428.2
7,501.2
7,600.7
7,673.6
Durable goods ................................................................................................................
Motor vehicles and p a r ts ..........................................................................................
Furniture and household equipment .....................................................................
O th e r................................................................................................................................
862.0
387.4
311.3
163.2
875.3
403.5
309.5
162.3
870.6
398.5
310.8
161.3
919.6
438.1
316.4
165.1
914.9
425.2
321.7
168.0
909.3
415.7
324.6
169.0
913.6
421.1
323.3
169.1
907.3
410.4
325.3
171.6
898.2
402.1
321.8
174.3
926.2
414.5
329.9
181.8
Nondurable g o o d s .........................................................................................................
Food ................................................................................................................................
Clothing and s h o e s .....................................................................................................
Gasoline, fuel oil, and other energy goods .......................................................
Other ................................................................................................................................
1,998.6
953.1
299.5
198.9
547.1
2,011.5
959.5
295.5
200.4
556.1
2,021.8
968.3
296.3
187.3
569.9
2,022.6
977.5
298.7
167.3
579.2
2,051.8
996.0
305.0
164.4
586.5
2,082.5
1,003.6
304.5
180.9
593.5
2,090.5
1,006.3
301.9
183.2
599.0
2,119.2
1,016.4
306.4
193.0
603.4
2,175.7
1,037.4
304.8
222.4
611.1
2,170.8
1,049.7
307.5
196.9
616.7
Services ..............................................................................................................................
Housing .............
Household operation
Electricity and gas
Other household operation..................................................................................
Transportation ..............................................................................................................
Medical c a r e ..................................................................................................................
Recreation .....................................................................................................................
O th e r................................................................................................................................
4,073.8
1,047.4
417.0
170.3
246.7
296.6
1,077.7
278.9
956.2
4,130.5
1,065.6
409.5
157.6
251.9
296.3
1,098.5
281.3
979.5
4,165.7
1,082.1
406.7
153.4
253.3
293.0
1,120.7
284.8
978.4
4,229.4
1,099.8
396.5
143.5
253.0
290.3
1,142.9
290.3
1,009.7
4,289.7
1,120.0
400.5
146.5
254.0
293.3
1,167.5
296.6
1,011.8
4,363.6
1,137.7
409.7
153.8
255.8
294.8
1,191.2
301.5
1,028.9
4,424.1
1,152.9
409.9
152.8
257.1
291.7
1,212.3
305.2
1,052.1
4,474.7
1,167.7
412.9
156.0
256.9
291.5
1,239.8
309.7
1,053.0
4,526.8
1,181.5
422.6
163.1
259.5
292.3
1,263.1
312.6
1,054.7
4,576.6
1,191.4
424.2
163.9
260.3
292.8
1,289.2
317.2
1,061.9
G ross private dom estic in v e s tm e n t............................................................................
1,688.3
1,620.3
1,594.3
1,526.1
1,553.1
1,580.9
1,608.2
1,614.7
1,605.3
1,624.3
Fixed in v e s tm e n t............................................................................................................
Nonresidential...............................................................................................................
S tructures..................................................................................................................
Equipment and software .....................................................................................
Information processing equipment and software ....................................
Computers and peripheral equipm ent...................................................
Software .........................................................................................................
Other ...............................................................................................................
Industrial eq u ip m en t.........................................................................................
Transportation equipment ..............................................................................
Other equipm ent................................................................................................
R esidential.....................................................................................................................
1,686.2
1,230.3
326.4
903.9
468.3
97.1
181.3
189.8
160.9
142.3
132.4
455.9
1,652.7
1,186.9
327.2
859.6
442.3
88.1
175.9
178.3
148.1
141.7
127.5
465.8
1,640.3
1,162.9
334.1
828.8
421.6
77.4
170.9
173.3
140.5
137.8
128.8
477.4
1,594.2
1,116.4
300.6
815.8
413.3
78.3
165.6
169.4
135.1
143.2
124.2
477.8
1,580.8
1,092.7
280.0
812.7
413.0
81.5
164.5
167.0
141.5
134.9
123.3
488.2
1,580.4
1,080.4
269.6
810.8
418.8
81.2
165.9
171.6
136.1
128.3
127.6
500.0
1,579.7
1,073.4
259.4
814.0
429.4
85.4
171.6
172.4
136.6
119.9
128.1
506.3
1,594.6
1,074.3
256.3
817.9
424.1
84.9
169.8
169.3
135.6
128.8
129.4
520.3
1,606.2
1,071.8
256.1
815.8
436.2
86.8
173.4
175.9
133.4
119.8
126.3
534.4
1,630.1
1,086.9
259.2
827.7
451.2
93.5
177.6
180.1
133.2
115.3
128.1
543.2
Change in private inventories ..................................................................................
Farm ................................................................................................................................
N o n fa rm ..........................................................................................................................
2.0
3.3
-1 .3
-3 2 .4
-4 .4
-2 8 .0
-4 6 .0
.2
-4 6 .2
-68.1
1.3
-6 9 .4
-2 7 .8
.4
-2 8 .2
.5
-3 .0
3.5
28.6
-6.1
34.7
20.2
-4 .8
25.0
-.9
.2
-1 .2
-5 .8
-2 .7
-3 .0
Net exports of goods and services ............................................................................
-3 8 1 .3
-3 6 8 .2
-3 6 4 .9
-3 5 1 .7
-3 6 5 .6
-4 2 7 .3
-4 3 5 .9
-476.1
-4 8 7 .6
-5 0 5 .5
E x p o rts ................................................................................................................................
G o o d s .............................................................................................................................
S ervice s ..........................................................................................................................
1,103.1
788.9
314.2
1,061.1
747.6
313.5
1,005.4
704.9
300.5
970.8
684.5
286.4
978.5
677.7
300.8
1,006.3
700.9
305.4
1,025.3
714.1
311.2
1,017.2
698.3
318.8
1,021.0
707.6
313.3
1,020.2
707.7
312.5
Im p o rts ......
Goods ...
Services
1,484.4
1,247.8
236.6
1,429.3
1,187.4
241.9
1,370.4
1,139.5
230.9
1,322.5
1,097.4
225.1
1,344.1
1,108.5
235.6
1,433.6
1,194.9
238.7
1,461.3
1,217.1
244.1
1,493.3
1,240.8
252.5
1,508.5
1,254.2
254.3
1,525.7
1,272.4
253.3
G overnm ent consum ption expenditures and gross in v e s tm e n t....................
1,783.5
1,818.8
1,808.8
1,847.8
1,885.4
1,919.3
1,941.5
1,983.9
2,017.4
2,054.2
Federal ................................................................................................................................
National defense .........................................................................................................
Consumption expenditures
Gross investm ent................
Nondefense ...............................
Consumption expenditures
Gross investm ent...................................................................................................
597.5
384.1
336.6
47.6
213.4
183.4
30.0
609.8
388.2
338.1
50.1
221.6
189.0
32.7
613.3
392.8
341.3
51.6
220.5
189.8
30.7
630.8
406.9
355.5
51.4
223.9
193.1
30.7
652.9
420.3
368.5
51.8
232.6
200.8
31.8
673.2
432.5
376.6
55.9
240.7
206.0
34.6
681.8
439.3
380.9
58.4
242.5
209.5
33.0
710.0
461.1
404.6
56.6
248.9
216.1
32.7
723.0
463.3
408.6
54.7
259.7
227.3
32.4
764.7
507.3
447.5
59.8
257.4
221.4
36.0
State and lo c a l................................................................................................................
Consumption expenditures..................................................................................
Gross investm ent....................................................................................................
1,185.9
951.1
234.8
1,209.0
963.3
245.6
1,195.4
971.1
224.4
1,217.1
978.8
238.3
1,232.5
984.8
247.7
1,246.1
999.5
246.6
1,259.7
1,010.1
249.6
1,273.9
1,024.2
249.7
1,294.5
1,045.8
248.7
1,289.6
1,040.9
248.7
Addenda:
Final sales of domestic prod uct...................................................................................
Gross domestic purchases ...........................................................................................
Final sales to domestic purchasers............................................................................
10,022.8
10,406.1
10,404.1
10,120.6
10,456.4
10,488.9
10,142.2
10,461.2
10,507.2
10,262.0
10,545.5
10,613.6
10,357.1
10,694.9
10,722.7
10,427.8
10,855.6
10,855.1
10,513.4
10,977.9
10,949.4
10,603.6
11,099.9
11,079.7
10,736.7
11,223.4
11,224.3
10,852.4
11,352.2
11,357.9
Gross dom estic product ............................................................................................
Plus: Income receipts from the rest of the world ..................................................
Less: Income payments to the rest of the w o rld ...................................................
Equals: Gross national p r o d u c t..............................................................................
10,024.8
355.8
328.5
10,052.1
10,088.2
331.8
304.5
10,115.5
10,096.2
304.9
293.3
10,107.8
10,193.9
283.3
208.9
10,268.3
10,329.3
284.4
262.4
10,351.3
10,428.3
299.0
291.4
10,435.9
10,542.0
308.3
289.9
10,560.5
10,623.7
304.8
266.9
10,661.6
10,735.8
296.8
269.0
10,763.7
10,846.7
299.5
266.2
10,880.0
Net domestic p ro d u ct......................................................................................................
See "Explanatory Note” at the end of the text.
24
Initial Results of the Com prehensive N IP A Revision
December 2003
T a b le 3 B . R e a l G r o s s D o m e s tic P r o d u c t a n d R e la te d M e a s u r e s
[Billions of chained (2000) dollars]
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Gross domestic p ro d u c t..............................................................................
7,336.6
7,532.7
7,835.5
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,866.6
10,083.0
Personal consumption expenditures ......................................................................
4,934.8
5,099.8
5,290.7
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,904.6
7,140.4
Durable g o o d s ...........................................................................................................
453.0
488.4
529.4
552.6
595.9
646.9
720.3
804.6
863.3
899.1
957.2
Motor vehicles and p a r ts ...........................................................................................
Furniture and household equipm ent.......................................................................
Other .................................................................................................................................
244.9
127.8
90.2
259.2
141.1
97.0
276.2
156.8
104.2
272.3
173.3
111.2
285.4
193.4
119.6
304.7
216.3
127.3
339.0
244.7
137.6
372.4
280.7
151.7
386.5
312.9
163.9
405.4
331.4
162.4
423.3
364.7
170.2
Nondurable g o o d s ...................................................................................................
1,510.1
1,550.4
1,603.9
1,638.6
1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,983.3
2,043.6
F o o d ..................................................................................................................................
Clothing and s h o e s ......................................................................................................
Gasoline, fuel oil, and other energy goods .........................................................
Other .................................................................................................................................
787.9
199.2
162.8
366.0
802.2
207.4
166.9
379.0
821.8
218.5
169.7
397.7
827.1
227.4
173.0
414.1
834.7
238.7
176.2
432.9
845.2
246.0
179.7
456.6
865.6
263.1
186.3
481.1
893.6
282.7
192.7
508.6
925.2
297.7
191.5
532.9
937.0
303.5
194.8
548.0
958.2
319.1
199.3
567.3
Services ......................................................................................................................
3,000.8
3,085.7
3,176.6
3,259.9
3,356.0
3,468.0
3,615.0
3,758.0
3.928.8
4,022.4
4.141.8
H ou sin g .............................................................................................................................
Household o p e ra tio n ....................................................................................................
Electricity and gas ..................................................................................................
Other household operation
Transportation........................
Medical c a r e ..........................
Recreation ..............................
O th e r .................................................................................................................................
832.7
277.4
120.4
157.4
194.2
863.6
184.0
653.2
841.8
291.1
126.8
164.8
202.5
877.2
195.4
680.9
869.3
303.3
128.8
175.0
218.4
887.1
204.8
696.2
887.5
312.9
130.2
183.2
231.8
906.4
219.2
704.5
901.1
327.3
134.7
193.0
247.5
922.5
228.6
730.7
922.5
340.4
133.7
207.0
263.2
942.8
235.7
764.7
948.8
357.1
136.7
220.7
272.0
970.7
245.0
821.9
978.6
371.9
138.1
233.8
283.4
989.0
257.8
877.6
1,006.5
390.1
143.3
246.8
291.3
1.026.8
268.3
945.9
1.033.9
390.2
141.2
249.2
289.6
1.070.9
274.4
963.3
1.061.9
394.5
145.2
249.2
284.8
1,132.1
284.8
983.2
Gross private domestic in ves tm en t........................................................................
889.0
968.3
1,099.6
1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,590.6
1,572.0
Fixed investment .....................................................................................................
878.3
953.5
1,042.3
1,109.6
1,209.2
1,320.6
1,455.0
1.576.3
1.679.0
1.625.7
1,565.8
Nonresidential
Structures ..
Equipment and software
Information processing equipment and software .....................................
Computers and peripheral e q uipm ent....................................................
Software ...........................................................................................................
O th e r..................................................................................................................
Industrial e q u ip m en t..........................................................................................
Transportation equipm ent.................................................................................
Other equipm ent.................................................................................................
R esidential.......................................................................................................................
581.3
229.9
371.1
122.2
631.9
228.3
417.4
138.2
689.9
232.3
467.2
155.7
762.5
247.1
523.1
182.7
833.6
261.1
578.7
218.9
934.2
280.1
658.3
269.9
1,037.8
294.5
745.6
328.9
1.133.3
293.2
840.2
398.5
1.232.1
313.2
918.9
467.6
1.176.8
305.2
871.3
457.6
1,092.6
249.0
846.7
459.3
53.0
84.4
104.0
80.2
81.6
307.6
59.3
90.9
112.9
95.1
89.3
332.7
65.1
99.4
122.9
111.4
96.5
364.8
71.6
107.0
134.9
120.6
101.7
353.1
84.1
117.2
139.9
125.4
105.6
381.3
108.8
127.3
143.0
135.9
115.8
388.6
129.4
143.2
148.1
145.4
125.7
418.3
157.2
158.0
147.9
167.7
126.7
443.6
176.2
190.0
159.2
160.8
131.2
446.9
171.8
182.3
145.0
142.6
126.4
448.5
167.5
177.1
136.1
128.2
124.3
470.3
Change in private Inventories .............................................................................
16.5
20.6
63.6
29.9
28.7
71.2
72.6
68.9
56.5
-36.0
5.7
Farm .................................................................................................................................
N o n fa rm ...........................................................................................................................
5.8
10.3
-6.1
27.7
11.2
52.0
-1 0 .6
41.3
6.8
21.7
2.9
68.5
1.4
71.2
-3 .0
71.5
-1 .3
57.8
.2
-3 6 .3
-3 .3
9.3
Net exports of goods and services ........................................................................
-15.9
-52.1
-79.4
-71.0
-79.6
-104.6
-203.7
-296.2
-379.5
-398.1
-470.6
Exports ...
629.7
650.0
706.5
778.2
843.4
943.7
966.5
1,008.2
1,096.3
1,039.0
1,014.2
Goods .
Services
421.9
210.8
435.6
217.5
478.0
231.1
533.9
245.8
581.1
263.5
664.5
279.2
679.4
287.2
705.2
303.2
784.3
311.9
736.5
302.4
707.2
306.8
Im p o rts ........................................................................................................................
645.6
702.1
785.9
849.1
923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,437.1
1,484.7
G o o d s ...............................................................................................................................
S ervice s ............................................................................................................................
513.1
135.5
564.8
139.4
640.0
147.3
697.6
152.1
762.7
160.5
872.6
175.6
974.4
195.6
1,095.2
209.1
1,243.5
232.3
1,203.7
233.2
1,248.4
236.4
Government consumption expenditures and gross investm ent....................
1,555.3
1,541.1
1,541.3
1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,768.9
1,836.9
Federal ........................................................................................................................
646.6
619.6
596.4
580.3
573.5
567.6
561.2
573.7
578.8
600.5
648.0
National defense ...........................................................................................................
Consumption exp end itures...................................................................................
Gross investm ent.....................................................................................................
Nondefense ....................................................................................................................
Consumption expenditures ...................................................................................
Gross investm ent.....................................................................................................
450.7
383.5
66.1
195.4
168.2
27.6
425.3
367.2
57.7
194.1
166.0
28.2
404.6
350.6
53.8
191.7
167.3
25.2
389.2
338.1
50.9
191.0
164.7
26.7
383.8
332.2
51.3
189.6
161.1
28.6
373.0
328.1
45.1
194.5
166.6
28.2
365.3
319.8
45.6
195.9
164.8
31.2
372.2
324.6
47.6
201.5
168.1
33.4
370.3
321.5
48.8
208.5
177.8
30.7
384.7
334.0
50.7
215.8
185.0
30.8
418.8
362.2
56.6
229.2
196.3
32.9
State and lo c a l..........................................................................................................
906.5
919.5
943.3
968.3
990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,168.5
1,189.1
Consumption exp end itures...................................................................................
Gross investm ent.....................................................................................................
746.5
160.3
761.4
158.7
780.6
163.2
798.4
170.4
812.8
178.0
834.9
191.1
866.4
196.7
900.3
212.9
917.8
225.0
937.7
230.8
950.5
238.6
Final sales of domestic pro d u ct....................................................................................
Gross domestic purchases..............................................................................................
Final sales to domestic purchasers.............................................................................
7,331.1
7,338.9
7,333.0
7.522.3
7,577.2
7.566.4
7,777.8
7,911.3
7,853.6
8,010.2
8,098.4
8,076.8
8,306.5
8,405.7
8,383.1
8.636.6
8.807.6
8,740.4
8,997.6
9,272.5
9,203.2
9,404.0
9,767.7
9,701.3
9,760.5
10,196.4
10,140.0
9,901.1
10,265.0
10,299.7
10,076.9
10,551.5
10,545.4
Gross domestic p ro d u ct........................................................................................
7,336.6
7,532.7
7,835.5
8.031.7
8,328.9
8.703.5
9,066.9
9,470.3
9,817.0
9,866.6
10.083.0
Plus: Income receipts from the rest of the world ...................................................
Less: Income payments to the rest of the w o rld ....................................................
178.9
143.2
178.1
141.8
207.6
178.5
254.3
215.9
265.4
228.8
300.7
266.8
298.8
276.9
328.8
294.3
382.7
343.7
313.0
278.3
290.0
268.3
Equals: Gross national p ro d u c t..........................................................................
7,371.8
7,568.6
7,864.2
8.069.8
8,365.3
8.737.5
9,088.7
9,504.7
9,855.9
9,901.4
10.105.0
R e sid u a l......................................................................................................................................
Addenda:
Net domestic p ro d u c t.......................................................................................................
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 text,
December 2003
25
S u r v ey o f C u rren t B usiness
Table 3B. Real Gross Domestic Product and Related Measures—Continued
[Billionsof chained(2000) dollars]
Seasonally adjusted at annual rates
1999
1998
I
II
III
IV
I
2000
III
II
IV
I
II
III
IV
Gross domestic product...............................................
8,936.2
8,995.3
9,098.9
9,237.1
9,315.5
9,392.6
9,502.2
9,671.1
9,695.6
9,847.9
9,836.6
9,887.7
Personal consumption expenditures.........................................
5,996.8
6,092.1
6,165.7
6,248.8
6,311.3
6,409.7
6,476.7
6,556.8
6,661.3
6,703.3
6,768.0
6,825.0
Durable goods.......................................................................
676.2
310.3
233.5
132.7
707.5
333.9
238.6
136.2
727.2
340.0
249.0
138.9
770.3
371.7
257.6
142.5
767.4
355.1
266.1
146.6
803.6
380.2
275.1
149.0
820.7
382.5
285.7
152.9
826.4
371.9
296.1
158.4
872.8
403.3
306.7
162.9
851.3
376.1
311.3
163.9
863.8
383.2
315.9
164.7
865.4
383.5
317.8
164.1
1,765.4
852.9
258.3
184.9
471.4
1,787.2
862.7
263.2
185.5
477.2
1,799.7
869.6
262.1
185.2
484.3
1,825.5
877.1
268.8
189.6
491.8
1,849.2
878.4
278.9
193.2
500.4
1,867.9
889.0
282.3
193.5
504.3
1,873.7
894.5
284.7
188.9
505.7
1,915.7
912.4
284.9
195.1
524.0
1,917.2
916.1
291.3
191.6
518.4
1,944.0
925.6
296.4
190.2
531.9
1,955.0
927.8
301.1
189.1
537.1
1,972.7
931.2
302.1
195.2
544.1
H o u sin g ......................................................................................................
Household operation .............................................................................
Electricity and gas ............................................................................
Other household o p eratio n ............................................................
Transportation..........................................................................................
Medical c a r e ............................................................................................
R ecreation.................................................................................................
O th e r ..........................................................................................................
3,562.0
939.4
350.2
133.8
216.7
268.4
966.4
241.5
796.8
3,602.0
945.8
358.5
140.2
218.7
271.8
968.3
242.7
815.3
3,642.1
952.4
363.5
141.1
222.8
273.3
972.4
246.4
834.4
3,653.7
957.8
356.1
131.5
224.5
274.5
975.5
249.1
841.2
3,696.4
969.4
362.8
135.5
227.3
279.3
978.0
251.8
855.5
3,738.5
975.2
371.1
138.5
232.6
281.9
983.7
256.0
870.9
3,782.3
981.8
379.9
143.2
236.9
285.5
992.5
260.6
882.2
3,815.0
987.9
373.7
135.4
238.2
287.0
1,001.8
262.9
901.9
3,871.1
995.7
376.3
133.9
242.4
289.9
1,010.7
264.2
934.1
3.908.2
1.003.3
388.6
142.0
246.8
291.9
1,022.0
267.6
934.9
3,949.3
1,009.9
392.5
143.8
248.9
291.6
1,032.1
270.1
953.2
3.986.8
1.016.9
403.0
153.6
249.2
291.7
1,042.5
271.1
961.7
Gross private domestic investment ..........................................
1,515.8
1,491.7
1,525.8
1,563.0
1,606.6
1,607.8
1,647.4
1,708.4
1,678.0
1,788.6
1,742.6
1,732.7
Fixed investment ..................................................................
1,402.4
1,001.6
286.7
717.2
309.9
1.444.5
1.032.5
298.0
737.3
322.7
1,465.1
1,042.4
295.5
749.1
332.2
1.507.7
1.074.7
297.6
778.6
350.7
1.531.0
1.094.0
292.0
802.7
369.5
1,568.6
1,127.3
294.1
833.5
395.8
1,598.6
1,154.4
291.8
862.4
412.8
1,606.9
1,157.3
294.8
862.3
415.8
1,651.1
1,196.7
299.9
896.7
442.9
1,689.1
1,238.6
312.5
926.0
465.7
1,686.4
1,245.2
319.7
925.5
473.8
1,689.4
1,247.9
320.6
927.3
488.1
122.1
139.5
151.1
134.7
125.0
401.8
126.2
142.2
149.4
140.3
127.8
412.9
131.5
143.1
145.9
146.8
126.5
424.1
137.8
148.1
146.2
159.8
123.8
434.3
144.9
149.8
145.6
161.4
127.5
438.1
154.5
157.0
147.4
165.7
125.1
441.8
162.2
162.8
149.2
174.6
126.1
444.5
167.2
162.4
149.3
169.1
128.2
449.9
171.4
179.9
156.3
166.1
131.3
454.5
175.8
187.7
159.7
167.0
133.6
450.4
176.2
192.3
161.9
159.5
130.4
441.2
181.2
200.2
159.0
150.7
129.6
441.6
F a r m ............................................................................................................
Nonfarm .....................................................................................................
116.9
5.7
111.5
50.4
-2.1
52.7
64.2
1.8
62.3
58.9
.4
58.3
79.5
.5
78.7
41.7
1.3
40.2
50.8
-1 1 .5
61.7
103.5
-2 .2
105.4
26.9
-1 4 .5
41.5
99.3
6.1
93.2
56.2
-2 .7
58.8
43.5
5.7
37.8
Net exports of goods and services...........................................
-1 6 3 .7
-205.1
-2 2 3 .9
-2 2 2 .3
-262.1
-2 9 5 .2
-3 1 3 .9
-3 1 3 .7
-3 5 0 .6
-3 7 4 .5
-3 9 5 .6
-3 9 7 .2
Exports..................................................................................
967.4
683.9
283.2
957.0
667.8
289.5
952.9
669.3
283.7
988.7
696.3
292.5
980.1
682.1
298.3
991.2
689.8
301.7
1,017.4
712.5
305.0
1,044.1
736.3
307.9
1,060.9
751.9
309.0
1,092.0
776.6
315.3
1,120.0
810.0
310.0
1,112.3
798.9
313.4
1,131.1
941.5
189.4
1,162.1
968.3
193.6
1,176.9
978.0
198.7
1,211.0
1,010.0
200.9
1.242.2
1.038.2
203.9
1,286.4
1,079.2
207.1
1,331.3
1,119.7
211.6
1,357.9
1,143.8
214.0
1,411.5
1,187.1
224.4
1,466.5
1,236.3
230.1
1.515.6
1.277.7
237.9
1,509.5
1,272.7
236.8
Government consumption expenditures and gross investment
1,589.1
1,621.4
1,636.0
1,651.1
1,662.2
1,672.3
1,693.1
1,720.2
1,707.3
1,730.5
1,721.5
1,727.1
Federal ..................................................................................
551.9
355.4
312.7
42.9
196.5
166.1
30.6
565.9
365.7
321.9
43.9
200.2
166.9
33.3
561.1
371.0
320.9
49.9
190.1
159.3
30.7
566.1
369.2
323.7
45.6
196.9
166.8
30.2
562.9
364.1
321.3
43.0
198.8
167.9
30.9
565.3
363.9
316.5
47.4
201.4
166.4
34.9
576.7
375.9
325.5
50.3
200.8
168.3
32.5
589.9
385.0
335.2
49.8
204.9
169.6
35.3
568.2
362.6
313.8
48.9
205.6
174.8
30.8
591.2
377.1
328.1
49.0
214.0
181.5
32.6
578.6
369.9
320.7
49.3
208.7
178.2
30.4
577.2
371.5
323.4
48.1
205.6
176.8
28.8
1,037.0
853.4
184.0
1,055.2
862.1
193.3
1,074.9
871.0
203.9
1,084.9
879.2
205.7
1,099.3
889.8
209.6
1,107.0
897.3
209.8
1,116.3
904.0
212.4
1,130.2
910.2
220.0
1,139.2
912.4
226.8
1,139.3
916.3
223.0
1,142.9
918.7
224.2
1,149.9
923.7
226.2
Final sales of domestic p ro d u ct..............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers ......................................................
8,821.1
9,101.1
8,985.9
8,948.7
9,202.5
9,155.9
9,038.4
9,325.3
9,264.9
9,182.2
9.461.4
9.406.4
9,239.7
9.579.6
9.503.6
9,353.7
9.689.1
9.650.1
9,453.5
9,816.7
9,768.1
9.569.3
9.985.4
9.883.5
9,668.8
10.046.5
10.019.6
9,748.4
10,222.4
10,122.9
9,780.4
10,232.1
10,176.0
9,844.3
10,284.7
10,241.4
Gross domestic product........................................................
8,936.2
303.2
273.9
8,965.5
8,995.3
306.0
279.1
9,022.2
9,098.9
293.5
280.3
9,112.2
9,237.1
292.5
274.4
9,255.2
9,315.5
304.2
272.9
9,346.7
9,392.6
318.9
282.4
9,429.1
9,502.2
337.5
307.0
9,532.7
9,671.1
354.4
315.1
9,710.4
9,695.6
366.0
332.7
9,729.0
9,847.9
387.2
349.8
9,885.3
9,836.6
378.7
347.5
9,867.8
9,887.7
398.8
344.9
9,941.6
Motor vehicles and parts .....................................................................
Furniture and household equipm ent................................................
O th e r ...........................................................................................................
Nondurable goods.................................................................
F o o d ............................................................................................................
Clothing and shoes ...............................................................................
Gasoline, fuel oil, and other energy g o o d s ....................................
O th e r ..........................................................................................................
Services ................................................................................
Nonresidential..........................................................................................
Structures ............................................................................................
Equipment and s o ftw are.................................................................
Information processing equipment and software ..............
Computers and peripheral eq u ip m en t..............................
S o ftw a re .....................................................................................
O th e r ...........................................................................................
Industrial equipment ...................................................................
Transportation equipm ent..........................................................
Other eq uipm ent..........................................................................
Residential ................................................................................................
Change in private inventories...............................................
Goods ........................................................................................................
Sen/ices .....................................................................................................
Imports ..................................................................................
Goods ........................................................................................................
S e rv ic e s ....................................................................................................
National defense ....................................................................................
Consumption expenditures ............................................................
Gross investm ent..............................................................................
N ondefense...............................................................................................
Consumption expenditures ............................................................
Gross investm ent..............................................................................
State and local......................................................................
Consumption expenditures ............................................................
Gross investm ent..............................................................................
R esid u al...............................................................................................................
Addenda:
Plus: Income receipts from the rest of the world .............................
Less: Income payments to the rest of the w o rld ..............................
Equals: Gross national product ............................................
Net domestic product .................................................................................
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other
prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions
to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the text,
26
Initial Results of the C om prehensive N IP A Revision
December 2003
Table 3B. Real Gross Domestic Product and Related Measures—Continued
[Billionsof chained(2000) dollars]
Seasonally adjusted at annual rates
2001
I
II
2002
III
IV
I
II
2003
III
IV
I
II
Gross domestic product................................................................
9,882.2
9,866.3
9,834.6
9,883.6
9,997.9
10,045.1
10,128.4
10,160.8
10,210.4
10,288.3
Personal consumption expenditures .........................................................
6,833.7
6,872.2
6,904.2
7,008.2
7,079.2
7,124.5
7,159.2
7,198.9
7,244.1
7,304.0
Durable goods .......................................................................................
869.1
889.6
891.1
946.6
950.3
951.4
963.1
963.8
965.0
1,005.1
Motor vehicles and p a r ts ..........................................................................................
Furniture and household equipment .....................................................................
O th e r................................................................................................................................
384.5
322.5
162.3
401.3
326.7
161.7
397.9
332.9
160.8
437.8
343.7
164.8
426.5
356.2
168.2
420.1
362.8
169.6
427.8
366.2
170.1
419.0
373.5
173.0
414.5
374.7
177.6
429.5
391.7
185.9
Nondurable goods.................................................................................
1,974.5
1,969.1
1,983.4
2,006.2
2,035.9
2,037.8
2,038.8
2,061.8
2,090.5
2,096.9
Food ................................................................................................................................
Clothing and s h o e s .....................................................................................................
Gasoline, fuel oil, and other energy goods ........................................................
Other ................................................................................................................................
936.5
300.2
198.1
539.4
935.7
300.5
189.1
543.6
936.3
304.2
191.4
551.3
939.6
309.1
200.5
557.9
952.9
317.6
203.4
563.1
957.7
317.9
197.5
564.8
958.4
317.6
195.1
567.5
963.9
323.4
201.0
573.8
979.6
325.7
203.1
582.2
985.4
331.9
192.9
587.4
Services .................................................................................................
3,989.6
4,013.3
4,029.3
4,057.4
4,095.3
4,137.0
4,159.4
4,175.4
4,190.7
4,208.4
Housing ..........................................................................................................................
Household o p e ra tio n ..................................................................................................
Electricity and g a s .................................................................................................
Other household o peration..................................................................................
Transportation ..............................................................................................................
Medical c a r e ..................................................................................................................
Recreation .....................................................................................................................
Other ................................................................................................................................
1,025.0
397.1
150.4
246.2
292.4
1,051.1
273.3
950.8
1,031.4
389.9
139.7
250.6
292.2
1,062.5
272.7
964.8
1,036.5
389.0
138.8
250.5
288.6
1,077.6
274.1
963.4
1,042.7
384.9
135.8
249.4
285.1
1,092.5
277.7
974.3
1,051.1
389.2
140.4
249.0
287.7
1,110.4
282.4
974.1
1,059.0
398.3
147.0
251.2
286.5
1,125.3
284.0
983.4
1,065.7
394.7
145.7
248.9
283.6
1,137.8
285.3
991.7
1,071.7
395.6
147.9
247.6
281.3
1,154.8
287.5
983.5
1,078.0
396.6
148.0
248.5
281.6
1,169.3
287.5
976.6
1,082.8
393.4
143.1
250.5
278.8
1,182.4
290.1
979.7
Gross private domestic investment..........................................................
1,682.2
1,608.5
1,573.1
1,498.4
1,538.2
1,555.8
1,598.2
1,595.8
1,581.6
1,599.9
Fixed investment...................................................................................
1,677.8
1,638.0
1,616.1
1,570.7
1,560.9
1,563.2
1,565.4
1,573.5
1,577.7
1,601.4
N onresidential...............................................................................................................
S tructures..................................................................................................................
Equipment and software .....................................................................................
Information processing equipment and software ....................................
Computers and peripheral equipm ent...................................................
Software .........................................................................................................
Other ...............................................................................................................
Industrial eq u ip m en t.........................................................................................
Transportation equipment ..............................................................................
Other equipm ent................................................................................................
R esidential.....................................................................................................................
1,233.6
315.8
917.8
482.8
1,189.4
311.3
877.6
460.8
1,163.7
313.1
849.4
445.4
1,120.6
280.8
840.5
441.4
1,100.4
262.2
840.0
444.2
1,092.1
252.2
842.6
454.7
1,089.1
242.4
850.3
470.0
1,088.9
239.0
853.9
468.2
1,087.3
236.5
855.0
487.2
1,105.8
238.8
871.6
506.4
179.5
192.9
160.0
144.2
131.1
444.4
173.7
182.8
146.9
144.3
125.9
448.5
169.7
178.5
139.4
137.9
126.9
451.9
164.4
175.0
133.8
143.9
121.7
449.0
163.3
172.9
140.3
135.0
120.8
458.5
165.7
178.5
135.0
128.7
125.1
468.4
171.2
179.8
135.0
122.0
125.1
473.2
169.7
177.1
133.9
127.2
126.1
481.0
174.4
184.3
131.4
117.4
122.6
486.4
178.6
188.6
131.0
115.1
123.9
491.7
Change in private inventories ...............................................................
4.3
-28.8
-44.0
-75.5
-23.5
-8.0
32.8
21.5
1.6
-4.5
Farm ................................................................................................................................
N o n fa rm ..........................................................................................................................
6.2
-2.1
-1 .9
-2 7 .0
1.6
-4 5 .8
-5 .2
-7 0 .3
5.0
-2 8 .6
-1 1 .8
4.2
-3 .0
36.0
-3 .5
25.4
1.2
.3
-2 .0
-2 .4
Net exports of goods and services ..........................................................
-385.9
-391.7
-401.3
-413.4
-431.2
-467.6
-471.9
-511.5
-490.0
-526.0
Exports...................................................................................................
1,099.6
1,060.9
1,010.6
984.8
995.4
1,016.5
1,027.3
1,017.5
1,012.4
1,009.6
G o o d s ..............................................................................................................................
S ervice s ..........................................................................................................................
787.8
311.8
749.5
311.3
711.3
299.2
697.4
287.3
692.8
302.5
712.7
303.7
720.1
307.0
703.2
314.0
706.5
305.7
703.5
305.9
Imports...................................................................................................
1,485.5
1,452.7
1,411.9
1,398.2
1,426.7
1,484.1
1,499.2
1,529.0
1,502.5
1,535.7
G o o d s ..............................................................................................................................
S ervice s ..........................................................................................................................
1,250.6
234.9
1,210.5
241.9
1,181.7
230.1
1,172.1
226.0
1,190.1
236.2
1,250.4
234.0
1,265.2
234.4
1,288.1
241.2
1,266.2
236.5
1,307.4
229.8
Government consumption expenditures and gross investment................
1,751.6
1,776.4
1,758.1
1,789.7
1,810.1
1,827.8
1,838.9
1,870.8
1,869.0
1,902.8
Federal ...................................................................................................
589.7
599.3
599.3
613.6
626.1
641.9
648.2
675.8
675.5
712.0
National d e fe n s e ..........................................................................................................
Consumption expenditures
Gross investm ent..............
Nondefense ..............................
Consumption expenditures
Gross investm ent....................................................................................................
378.5
330.6
47.9
211.2
181.3
29.8
380.9
330.6
50.3
218.4
186.0
32.4
383.2
331.3
52.0
216.0
185.6
30.4
396.2
343.6
52.6
217.4
186.9
30.4
404.1
351.2
52.9
222.0
190.4
31.6
413.4
356.7
56.9
228.5
194.1
34.5
418.1
358.9
59.4
230.1
197.2
32.9
439.5
382.0
57.4
236.4
203.6
32.7
433.2
377.3
55.7
242.4
209.9
32.4
472.8
411.8
60.8
239.3
203.4
36.0
State and local.......................................................................................
1,161.9
1,177.1
1,158.9
1,176.1
1,184.1
1,186.0
1,190.9
1,195.3
1,193.8
1,191.4
Consumption expenditures..................................................................................
Gross investm ent....................................................................................................
930.9
231.1
936.2
241.0
939.4
219.4
944.5
231.6
944.9
239.2
949.0
237.0
951.8
239.2
956.4
239.0
957.8
236.0
956.6
234.7
Final sales of domestic prod uct...................................................................................
Gross domestic purchases ...........................................................................................
Final sales to domestic purchasers............................................................................
9,877.5
10,267.7
10,263.1
9,895.3
10,258.0
10,287.1
9,876.9
10,236.3
10,278.9
9,954.9
10,298.0
10,369.7
10,020.1
10,429.5
10,451.9
10,052.3
10,510.4
10,517.7
10,096.4
10,598.0
10,565.9
10,138.9
10,668.0
10,646.1
10,206.4
10,697.6
10,693.5
10,289.5
10,809.9
10,811.1
Residual ....................................................................................................................................
Addenda:
Gross domestic product .......................................................................
9,882.2
9,866.3
9,834.6
9,883.6
9,997.9
10,045.1
10,128.4
10,160.8
10,210.4
10,288.3
Plus: Income receipts from the rest of the w o r ld ..................................................
Less: Income payments to the rest of the w o rld ...................................................
350.2
323.6
325.3
298.1
299.0
287.2
277.5
204.1
277.7
255.5
290.3
282.2
298.4
279.4
293.7
256.1
283.4
256.4
285.6
253.8
Equals: Gross national product............................................................
9,908.7
9,893.5
9,846.5
9,956.8
10,020.3
10,053.4
10,147.5
10,198.5
10,237.6
10,320.2
Net domestic p ro d u ct......................................................................................................
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 text,
December 2003
27
S u rv e y o f C u r r e n t Business
T a b l e 4 . P r i c e I n d e x e s f o r G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d i n g P e r io d
[Percent]
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
2000
1999
2001
1998
2002
I
III
II
2.4
2.0
1.5
1.4
1.0
.3
-1 .9
1.5
3.2
-2 .9
.5
2.7
-2 .9
-1 .9
2.1
1999
IV
0.8
.7
1.4
1.3
-2 .7
- .2
1.9
-2 .8
1.9
2.0
I
II
1.2
1.5
1.5
1.0
1.8
2.6
-2 .7
1.0
2.7
-3 .0
1.5
1.7
-1 .8
5.3
2.3
Gross domestic product (GDP)...........................
Personal consumption expenditures ...................................
2.3
2.9
2.3
2.3
2.1
2.1
2.0
2.1
1.9
2.2
1.7
1.7
1.1
.9
1.4
1.7
2.2
2.5
Durable g o o d s ......................................................................................
Nondurable g o o d s ...............................................................................
S e rv ic e s ..................................................................................................
.6
1.5
4.1
1.0
1.0
3.3
2.0
.7
2.9
.6
1.1
3.0
-1.1
2.1
2.9
-2 .2
1.4
2.7
- 2 .7
0
2.2
-2 .4
2.5
2.2
-1 .6
4.0
2.7
Gross private domestic investment....................................
-.4
1.2
1.3
1.1
-.4
-.4
-1.1
-.1
1.0
1.1
0
-2.4
-1.2
-.5
-.2
.7
-.1
Fixed investment .................................................................................
Nonresidential...................................................................................
S tructures.....................................................................................
Equipment and software .........................................................
R esidential.........................................................................................
Change in private inventories..........................................................
- .3
-.8
0
-1 .2
1.2
1.2
.1
3.0
-1 .0
4.0
1.4
.5
3.6
-.6
3.5
1.2
.2
4.3
-1 .2
3.6
-.3
-1 .2
2.6
-2 .4
2.1
-.2
-1 .3
3.9
-3 .0
2.5
-.9
-2 .2
4.6
-4 .5
2.7
0
-1 .3
3.0
-2 .8
3.8
1.1
-.1
3.9
-1 .3
4.4
1.1
- .2
5.5
-2 .2
4.6
.1
-.9
1.4
-1 .7
2.4
-2.1
-3 .2
6.0
-€ .3
1.2
-1.1
-2 .4
4.5
-4 .8
2.8
- .3
-1 .8
3.3
-3 .5
4.0
-.1
-1 .5
3.2
-3 .2
3.8
.8
- .4
2.7
-1 .4
4.0
0
-1 .6
2.4
-2 .9
4.4
E xp o rts .....................................................................................................
G o o d s .................................................................................................
S e rv ic e s ..............................................................................................
Im p o rts .....................................................................................................
G o o d s .................................................................................................
S e n /ic e s ..............................................................................................
- .4
-1 .6
2.5
.1
- .5
2.7
0
- .6
1.4
- .9
-1 .2
.7
1.1
1.1
1.3
.9
.8
1.7
2.3
2.4
2.1
2.7
2.7
2.8
-1 .3
-2 .6
1.9
-1 .8
-2 .5
2.1
-1 .7
-2 .7
1.0
-3 .6
-4 .2
- .4
-2 .3
-3 .2
-.1
-5 .4
-6 .0
-2 .2
- .6
-1 .4
1.3
.6
.1
3.2
1.7
1.1
3.1
4.2
4.8
1.4
- .4
- .7
.4
-2 .5
-3 .0
.2
- .4
- .7
.3
-1 .0
-1 .7
2.5
-3 .9
-4 .7
-1 .9
-1 0 .8
-11.1
-9.1
-2 .2
-3 .0
0
-4 .3
-5 .8
3.8
-3 .0
-4 .2
0
-4 .7
-5 .8
.6
-1 .2
-2 .3
1.6
0
-1 .2
6.0
- .8
-1 .4
.5
-2.1
-2 .4
-.1
.8
- .3
3.4
5.4
5.2
6.6
Government consumption expenditures and gross
investment.......................................................................
2.4
2.5
2.6
2.7
2.4
1.8
1.4
2.8
4.1
2.6
2.6
1.0
1.2
1.7
1.9
3.2
3.6
F e d e ra l.....................................................................................................
National defense .............................................................................
Nondefense ......................................................................................
State and local .....................................................................................
3.0
3.5
1.7
2.0
2.6
2.0
4.1
2.5
2.7
2.5
3.2
2.6
2.8
2.5
3.4
2.7
2.8
3.1
2.1
2.2
1.7
1.4
2.2
1.9
1.0
1.0
1.2
1.7
2.5
2.4
2.8
2.9
3.2
3.2
3.2
4.5
2.1
2.2
1.9
2.9
2.7
2.5
3.2
2.5
1.2
1.8
.1
.9
.7
.6
.9
1.5
.5
.6
.5
2.4
1.0
1.2
.7
2.4
5.4
5.4
5.6
2.0
2.2
1.9
2.8
4.3
2.3
2.3
2.4
2.3
2.3
2.2
2.2
2.3
2.1
2.1
2.1
2.1
2.1
2.1
2.1
2.1
1.9
1.8
1.8
1.9
1.7
1.4
1.4
1.7
1.2
.6
.7
1.1
1.5
1.6
1.6
1.4
2.2
2.5
2.5
2.2
2.4
2.0
2.0
2.4
1.5
1.4
1.4
1.5
1.1
0
0
1.0
.8
.5
.5
.8
1.5
1.1
1.1
1.4
1.2
1.3
1.3
1.1
1.6
1.3
1.3
1.6
1.8
2.3
2.4
1.8
2.3
2.3
2.3
2.3
2.2
2.3
2.1
2.1
2.1
2.0
2.1
2.1
1.9
1.8
1.9
1.7
1.4
1.7
1.1
.6
1.1
1.4
1.6
1.4
2.2
2.5
2.2
2.4
2.0
2.4
1.5
1.4
1.5
1.0
0
1.0
.7
.3
.7
1.5
1.2
1.5
1.4
1.5
1.4
1.6
1.4
1.7
1.4
2.0
1.4
Net exports of goods and services ....................................
Addenda:
Final sales of domestic product .....................................................
Gross domestic purchases ...............................................................
Final sales to domestic purchasers...............................................
Gross national product (GNP) .........................................................
Implicit price deflators:
G D P .....................................................................................................
Gross domestic purch ases..........................................................
G N P .....................................................................................................
Seasonally adjusted at annual rates
IV
III
I
III
II
2002
2001
2000
1999
I
IV
Gross domestic product (GDP) ..........................
Personal consumption expenditures...................................
1.3
2.2
1.9
2.4
3.4
3.5
2.0
2.0
1.9
1.9
Durable g o o d s .......................................................................................
Nondurable g o o d s ...............................................................................
S erv ic e s ..................................................................................................
-1 .5
4.0
2.2
-2.1
3.5
2.9
-1 .8
5.2
3.9
- .5
3.7
1.7
-2 .5
3.4
2.1
II
IV
III
II
I
2003
III
I
IV
II
1.8
1.8
3.2
3.2
3.2
2.5
1.6
.5
1.6
.4
1.1
.7
1.5
2.9
1.5
2.0
1.7
1.7
2.3
2.8
1.1
.5
-1 .0
1.4
2.6
-1 .3
1.3
5.1
-3.1
3.7
3.2
-2 .8
-.9
1.8
-2 .2
-4 .3
3.3
-3 .5
-.1
2.0
-2 .9
5.7
2.8
-3 .0
1.4
3.4
-3 .0
1.0
3.1
-4 .4
5.1
3.2
-3 .9
-2.1
2.7
Gross private domestic investment....................................
-.6
.6
2.0
1.2
1.9
.8
.3
1.3
2.3
0
-.7
-.7
-1.0
1.6
1.3
Fixed inve s tm e n t..................................................................................
Nonresidential ..................................................................................
Structures......................................................................................
Equipment and software .........................................................
Residential.........................................................................................
- .5
-2 .0
2.7
-3 .4
3.4
.5
- .4
3.4
-1 .7
3.2
2.3
.6
4.8
- .8
7.1
1.2
.3
3.6
- .8
3.9
1.9
1.4
4.5
.4
3.2
.9
0
5.0
-1 .7
3.4
.1
-1 .8
6.5
-4 .7
5.3
1.6
.2
6.9
-2.1
5.1
2.4
.6
6.3
-1 .6
7.0
0
-1 .2
1.2
-2.1
2.9
- .8
-1 .3
- .9
-1 .4
.3
- .7
-1 .5
.5
-2.1
1.1
-.7
-1 .5
.3
-2.1
.9
1.7
.4
1.1
.2
4.5
1.9
- .3
3.8
-1 .6
6.4
0
-1 .2
1.1
-1 .8
2.2
Exports .....................................................................................................
G o o d s .................................................................................................
S ervice s ..............................................................................................
Im p o rts .....................................................................................................
G o o d s .................................................................................................
S ervices..............................................................................................
.8
.7
1.1
5.9
6.2
4.2
1.9
2.2
1.2
5.4
6.3
1.1
2.7
1.3
6.2
5.9
6.8
1.3
2.1
1.6
3.5
.7
1.2
-2 .0
.9
.3
2.5
4.2
4.5
2.5
.4
.4
.6
.7
.8
.3
.1
-.1
.6
-2 .8
-3 .7
2.1
-1 .2
-1 .6
-.3
-6 .0
-6 .6
-3 .0
-2.1
-2 .6
-1 .0
-5 .3
-6 .6
1.4
-3 .6
-3 .8
-3 .0
-9 .8
-11.1
-2 .9
-1 .2
-1 .4
- .9
-1 .6
-2.1
.7
2.9
2.1
4.6
10.5
10.7
9.3
3.3
3.3
3.2
3.7
2.7
8.6
.6
.6
.6
.8
.5
2.0
3.6
3.5
3.8
11.7
11.8
11.3
.8
1.7
-1 .3
-4.1
-6 .8
10.4
Government consumption expenditures and gross
investment.......................................................................
3.5
3.9
6.6
1.7
4.5
2.7
2.7
2.2
2.0
1.4
3.6
3.3
2.2
1.8
7.3
.1
F e d e ra l.....................................................................................................
National d e fe n s e .............................................................................
N o n defense.......................................................................................
State and lo c a l.....................................................................................
2.2
1.8
3.1
4.2
2.7
2.1
3.9
4.5
7.2
8.2
5.4
6.3
-1.1
- .2
-2 .6
3.2
5.0
3.6
7.5
4.2
1.6
.9
2.7
3.2
2.0
3.6
- .7
3.0
1.6
1.6
1.8
2.5
2.4
2.4
2.3
1.8
1.7
.8
3.6
1.3
5.9
5.2
7.3
2.4
2.3
2.3
2.1
3.8
1.2
1.8
.2
2.7
-.5
- .6
- .4
3.0
7.7
8.0
7.2
7.1
1.4
1.2
1.6
- .7
1.3
2.0
2.0
1.3
1.9
2.3
2.3
1.9
3.4
3.8
3.8
3.3
2.0
1.8
1.8
2.0
1.9
2.3
2.3
1.9
1.8
1.8
1.8
1.8
3.1
2.6
2.6
3.2
3.2
2.3
2.3
3.1
1.6
1.0
1.0
1.6
1.6
.5
.5
1.6
1.1
1.0
.9
1.1
1.4
2.4
2.4
1.5
1.5
1.6
1.6
1.5
1.8
1.7
1.7
1.7
2.4
3.4
3.5
2.3
1.1
.4
.4
1.1
1.4
2.0
1.4
1.7
2.2
1.7
3.6
4.1
3.6
1.7
1.6
1.7
2.1
2.5
2.1
1.6
1.6
1.6
3.1
2.6
3.1
3.2
2.3
3.2
1.6
1.0
1.6
1.9
.8
1.9
.7
.6
.7
1.9
2.9
2.0
1.0
1.2
1.0
1.8
1.8
1.8
2.3
3.4
2.3
1.1
.4
1.1
Addenda:
Final sales of domestic product .....................................................
Gross domestic purchases ...............................................................
Final sales to domestic purchasers................................................
Gross national product (GNP) .........................................................
Implicit price deflators:
G D P .....................................................................................................
Gross domestic p u rchases..........................................................
G N P .....................................................................................................
See “Explanatory Note” at the end of the text.
0
28
Initial Results of the Com prehensive N IP A Revision
December 2003
Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent]
Seasonally adjusted at annual rates
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1998
I
II
1999
III
IV
I
II
2.3
2.3
2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.5
1.0
0.8
1.4
1.2
1.5
2.4
2.4
2.1
2.2
1.9
1.9
1.2
1.4
2.1
2.4
1.1
1.1
1.0
1.4
1.1
1.8
1.5
Personal consum ption expenditures .............
Previously published ...........................................
Durable g o o d s .......................................................
Previously pub lish ed ......................................
Nondurable g o o d s ...............................................
Previously published ......................................
S e rv ic e s ..................................................................
Previously published ......................................
2.9
2.3
2.1
2.1
2.2
1.7
.9
1.7
2.5
2.0
1.4
.3
.7
1.3
1.5
1.0
2.6
3.1
.6
.9
1.5
1.5
4.1
4.3
2.4
1.0
.8
1.0
1.0
3.3
3.5
2.0
2.0
1.5
.7
.7
2.9
2.8
2.3
.6
.5
1.1
1.1
3.0
3.3
2.1
-1.1
-1 .0
2.1
2.1
2.9
2.8
1.9
-2 .2
-2 .3
1.4
1.3
2.7
3.1
1.1
-2 .7
-2 .4
0
0
2.2
2.3
1.6
-2 .4
-2 .5
2.5
2.3
2.2
2.2
2.5
-1 .6
-1 .7
4.0
3.8
2.7
2.8
2.0
-1 .9
-1 .9
1.5
1.5
3.2
3.1
1.4
-2 .9
-2 .8
.5
.4
2.7
2.7
.6
-2 .9
-1 .6
-1 .9
-1 .4
2.1
2.1
1.0
-2 .7
-2.1
- .2
- .7
1.9
2.5
1.4
-2 .8
-2 .7
1.9
1.5
2.0
2.1
1.4
-2 .7
-2 .6
1.0
1.3
2.7
2.3
1.2
-3 .0
-3 .3
1.5
1.8
1.7
1.9
2.3
-1 .8
-1 .9
5.3
4.6
2.3
2.0
Gross private dom estic in v e s tm e n t...............
Previously published ...........................................
Fixed investment ..................................................
Previously published ......................................
N onresidentiai...................................................
Previously published.................................
S tructures.....................................................
Previously published ...........................
Equipment and software .........................
Previously published ...........................
R esidential.........................................................
Previously published.................................
Change in private inventories..........................
-.4
1.2
1.3
1.1
-.4
-.4
-1.1
-.1
1.0
1.1
0
-2.4
-1.2
-.5
-.2
.7
-.1
-.1
- .3
-.1
- .8
- .5
0
0
-1 .2
- .7
1.2
1.2
1.4
1.2
1.5
.1
.5
3.0
3.4
-1 .0
- .5
4.0
4.0
1.4
1.4
1.5
.5
.7
3.6
3.6
- .6
-.2
3.5
3.6
1.2
1.2
1.2
.2
.4
4.3
4.2
-1 .2
- .8
3.6
3.6
- .3
- .3
-.1
-1 .2
- .9
2.6
2.7
-2 .4
-2.1
2.1
2.1
- .2
- .2
-.1
-1 .3
-1 .0
3.9
4.2
-3 .0
-2 .7
2.5
2.7
-1 .0
- .9
- .9
-2 .2
-2.1
4.6
3.3
-4 .5
-3 .9
2.7
2.8
- .2
0
- .2
-1 .3
-1 .5
3.0
1.8
-2 .8
-2 .5
3.8
3.8
1.0
1.1
1.1
-.1
.1
3.9
4.0
-1 .3
-1 .2
4.4
4.4
1.2
1.1
1.2
- .2
.2
5.5
5.0
-2 .2
-1 .5
4.6
4.1
- .5
.1
- .4
- .9
-1 .4
1.4
- .7
- 1 .7
-1 .6
2.4
2.1
-2 .5
-2.1
-2.1
-3 .2
-3 .2
6.0
3.1
-6 .3
-5 .3
1.2
1.5
-1.1
-1.1
-1 .2
-2 .4
-2 .5
4.5
2.9
-4 .8
-4 .3
2.8
3.0
- .6
- .3
- .6
-1 .8
-2 .0
3.3
1.3
-3 .5
-3.1
4.0
3.7
- .3
-.1
- .3
-1 .5
-1 .6
3.2
1.8
-3 .2
-2 .7
3.8
3.5
.2
.8
.3
- .4
-1 .0
2.7
1.3
-1 .4
-1 .7
4.0
4.1
-.1
0
0
-1 .6
-1 .5
2.4
1.8
-2 .9
-2 .5
4.4
4.5
- .4
- .3
-1 .6
-1 .5
2.5
2.7
.1
.2
- .5
- .4
2.7
2.7
0
0
- .6
- .5
1.4
1.3
- .9
- .9
-1 .2
-1 .2
.7
.2
1.1
1.1
1.1
1.1
1.3
1.3
.9
1.0
.8
.8
1.7
1.8
.....2.3
2.4
2.4
2.4
2.1
2.4
2.7
2.7
2.7
2.7
2.8
3.0
-1 .3
-1 .3
-2 .6
- 2 .6
1.9
2.0
-1 .8
-1 .8
-2 .5
- 2 .5
2.1
1.7
-1 .7
-1 .5
-2 .7
-2 .7
1.0
1.4
-3 .6
-3 .6
-4 .2
^ .1
- .4
- .6
- 2 .3
-2 .2
-3 .2
-3.1
-.1
0
- 5 .4
-5 .4
-6 .0
-6 .0
-2 .2
-2 .3
- .6
- .8
-1 .4
-1 .3
1.3
.4
.6
.1
.1
.2
3.2
- .4
1.7
1.4
1.1
1.2
3.1
2.1
4.2
4.5
4.8
4.8
1.4
3.3
- .4
- .8
- .7
- .7
.4
-1 .0
-2 .5
-2 .9
-3 .0
-2 .9
.2
-2 .9
- .4
- .2
- .7
- .5
.3
.3
-1 .0
.3
-1 .7
-1 .7
2.5
11.8
-3 .9
-3 .9
-4 .7
-4 .7
-1 .9
-1 .9
-1 0 .8
-1 0 .6
-11.1
-1 1 .0
-9.1
-8 .6
-2 .2
-2 .0
-3 .0
-3 .0
0
.5
-4 .3
-4 .2
-5 .8
-5 .7
3.8
3.3
-3 .0
-3 .0
-4.2
-4 .2
0
0
-4 .7
-4 .7
-5 .8
-5 .7
.6
.1
-1 .2
-1 .4
-2 .3
-2 .3
1.6
.8
0
-.2
-1 .2
-1.1
6.0
4.5
- .8
-1 .3
-1 .4
-1 .4
.5
-1 .0
-2.1
-3 .8
-2 .4
-2 .5
-.1
-1 0 .0
....... ^8
.4
- .3
- .3
3.4
2.1
5.4
4.9
5.2
5.2
6.6
3.7
G ross dom estic product ( G D P ) ....
Previously published......................
Net exports of goods and services ...............
E xpo rts.....................................................................
Previously published ......................................
G o o d s .................................................................
Previously published.................................
S e rvice s ..............................................................
Previously published.................................
Im p o rts .....................................................................
Previously published ......................................
G o o d s .................................................................
Previously published.................................
S e rvice s ..............................................................
Previously published.................................
1.8
G overnm ent consum ption expenditures and gross
in v e s tm e n t............................................................................
Previously p u blished......................................................
F e d e ra l....................................................................................
Previously published .....................................................
National d e fe n s e .............................................................
Previously published.................................................
Nondefense ......................................................................
Previously published.................................................
State and local .....................................................................
Previously published ......................................................
2.4
2.5
2.6
2.7
2.4
1.8
1.4
2.8
4.1
2.6
2.6
1.0
1.2
1.7
1.9
3.2
3.6
2.4
3.0
3.0
3.5
3.5
1.7
1.9
2.0
1.8
2.6
2.6
2.6
2.0
1.9
4.1
4.4
2.5
2.6
2.6
2.7
2.5
2.5
2.2
3.2
3.2
2.6
2.6
2.9
2.8
2.9
2.5
2.5
3.4
3.5
2.7
2.9
2.5
2.8
2.9
3.1
3.2
2.1
2.2
2.2
2.3
2.2
1.7
1.6
1.4
1.4
2.2
2.1
1.9
2.6
1.5
1.0
1.0
1.0
.8
1.2
1.3
1.7
1.7
2.7
2.5
2.4
2.4
2.2
2.8
2.8
2.9
2.9
3.9
3.2
3.0
3.2
3.0
3.2
3.1
4.5
4.3
2.4
2.1
1.7
2.2
1.6
1.9
1.9
2.9
2.7
1.7
2.7
2.7
2.5
2.4
3.2
3.4
2.5
1.1
.8
1.2
.6
1.8
.9
.1
0
.9
1.0
1.2
.7
1.1
.6
.2
.9
2.8
1.5
1.3
1.8
.5
1.4
.6
1.5
.5
1.1
2.4
2.0
1.7
1.0
1.4
1.2
.9
.7
2.5
2.4
1.9
3.3
5.4
4.7
5.4
4.7
5.6
4.7
2.0
2.5
3.6
2.2
1.8
1.9
1.5
2.8
2.5
4.3
4.5
Addenda:
Final sales of domestic product .....................................
Previously published .....................................................
Gross domestic purchases ..............................................
Previously published ......................................................
Final sales to domestic purchasers...............................
Previously published.................................................
Gross national product (GNP) ........................................
Previously pu b lish ed ......................................................
2.3
2.4
2.3
2.5
2.4
2.5
2.3
2.4
2.3
2.4
2.2
2.3
2.2
2.3
2.3
2.4
2.1
2.1
2.1
2.0
2.1
2.1
2.1
2.1
2.1
2.2
2.1
2.2
2.1
2.2
2.1
2.2
1.9
2.0
1.8
1.8
1.8
1.9
1.9
1.9
1.7
2.0
1.4
1.6
1.4
1.7
1.7
1.9
1.2
1.3
.6
.8
.7
.8
1.1
1.2
1.5
1.5
1.6
1.5
1.6
1.5
1.4
1.4
2.2
2.1
2.5
2.5
2.5
2.5
2.2
2.1
2.4
2.4
2.0
1.9
2.0
1.9
2.4
2.4
1.5
1.1
1.4
1.2
1.4
1.2
1.5
1.1
1.1
1.2
0
.1
0
.2
1.0
1.1
.8
1.0
.5
.7
.5
.7
.8
1.0
1.5
1.4
1.1
1.1
1.1
1.1
1.4
1.4
1.2
1.1
1.3
1.2
1.3
1.2
1.1
1.1
1.6
1.8
1.3
1.4
1.3
1.4
1.6
1.8
1.8
1.6
2.3
2.1
2.4
2.1
1.8
1.5
Im plicit price deflators:
G D P ....................................................................................
Previously published.................................................
Gross domestic p u rch ases..........................................
Previously published.................................................
G N P ....................................................................................
Previously published.................................................
2.3
2.4
2.3
2.5
2.3
2.4
2.3
2.4
2.2
2.3
2.3
2.4
2.1
2.1
2.1
2.0
2.1
2.1
2.0
2.2
2.1
2.2
2.1
2.2
1.9
1.9
1.8
1.8
1.9
1.9
1.7
1.9
1.4
1.6
1.7
1.9
1.1
1.2
.6
.8
1.1
1.2
1.4
1.4
1.6
1.5
1.4
1.4
2.2
2.1
2.5
2.5
2.2
2.1
2.4
2.4
2.0
1.9
2.4
2.4
1.5
1.1
1.4
1.2
1.5
1.1
1.0
1.1
0
.1
1.0
1.1
.7
1.0
.3
.7
.7
1.0
1.5
1.4
1.2
1.1
1.5
1.4
1.4
1.1
1.5
1.2
1.4
1.1
1.6
1.8
1.4
1.4
1.7
1.8
1.4
1.5
2.0
2.1
1.4
1.5
See ‘‘Explanatory Note” at the end of the text.
December 2003
29
S u rv e y o f C u r r e n t Business
Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period—Continued
[Percent]
Seasonally adjusted at annual rates
1999
2001
2000
IV
III
I
II
III
IV
I
2003
2002
III
II
IV
II
I
III
I
IV
II
Gross domestic product (GDP) ..........................
1.3
1.9
3.4
2.0
1.9
1.8
3.2
3.2
1.6
1.6
1.1
1.5
1.5
1.7
2.3
1.1
Previously published......................................................
1.2
1.7
3.1
2.3
1.6
2.1
3.7
2.5
2.2
- .5
1.3
1.2
1.0
1.8
2.4
1.0
Personal consumption expenditures...................................
2.2
2.4
3.5
2.0
1.9
1.8
3.2
2.5
.5
.4
.7
2.9
2.0
1.7
2.8
.5
Previously published ...........................................................................
Durable g o o d s ......................................................................................
Previously published......................................................................
Nondurable g o o d s ...............................................................................
Previously published......................................................................
S erv ic e s ..................................................................................................
Previously published......................................................................
2.2
-1 .5
-1 .7
4.0
3.4
2.2
2.3
2.4
-2.1
-2 .0
3.5
3.7
2.9
2.7
3.4
-1 .8
-2 .0
5.2
5.3
3.9
3.6
2.3
-.5
-.8
3.7
3.0
1.7
2.5
2.1
-2 .5
-2 .2
3.4
2.8
2.1
2.6
2.2
-1 .0
-1 .2
1.4
1.8
2.6
3.2
3.3
-1 .3
-1 .2
1.3
1.8
5.1
5.1
1.8
-3.1
-3 .4
3.7
2.9
3.2
2.3
-.1
-2 .8
-2 .7
-.9
-1 .4
1.8
1.1
.8
-2 .2
-1 .5
-4 .3
-3 .5
3.3
3.5
1.1
-3 .5
-4 .2
-.1
.2
2.0
2.7
2.7
-2 .9
-2 .9
5.7
4.6
2.8
3.0
1.7
-3 .0
-1 .9
1.4
.6
3.4
3.0
1.8
-3 .0
-2 .2
1.0
1.2
3.1
3.0
2.7
-4 .4
-3 .7
5.1
4.6
3.2
3.1
.8
-3 .9
-3 .8
-2.1
-1 .9
2.7
3.1
Gross private domestic investment....................................
-.6
.6
2.0
1.2
1.9
.8
.3
1.3
2.3
0
-.7
-.7
-1.0
1.6
1.3
Previously published ..........................................................................
Fixed investm ent..................................................................................
Previously published......................................................................
Nonresidential .................................................................................
Previously published.................................................................
S tructures.....................................................................................
Previously pub lish ed ...........................................................
Equipment and software .........................................................
Previously published ...........................................................
R esidential........................................................................................
Previously published.................................................................
Change in private inventories..........................................................
-.5
-.5
- .4
-2 .0
-1 .6
2.7
2.2
-3 .4
-2 .8
3.4
3.3
.5
.5
.5
- .4
- .5
3.4
3.2
-1 .7
-1 .6
3.2
3.2
2.1
2.3
2.3
.6
.7
4.8
5.3
-.8
- .7
7.1
7.0
1.2
1.2
1.3
.3
.4
3.6
4.0
- .8
-.8
3.9
3.9
1.7
1.9
1.8
1.4
1.3
4.5
4.6
.4
.2
3.2
3.1
1.2
.9
1.3
0
.5
5.0
5.3
-1 .7
-1.1
3.4
3.7
2.0
.1
1.7
-1 .8
.4
6.5
10.5
-4 .7
-2 .9
5.3
5.6
1.1
1.6
1.2
.2
.1
6.9
4.2
-2.1
-1 .4
5.1
4.5
- .4
2.4
- .2
.6
-1.1
6.3
-.3
-1 .6
-1 .5
7.0
2.5
- .2
0
-.1
-1 .2
-1 .6
1.2
-1 .6
-2.1
-1 .6
2.9
3.7
-1 .5
-.8
-1 .5
-1 .3
-2 .0
-.9
-3 .6
-1 .4
-1 .5
.3
0
-.4
- .7
-.2
-1 .5
-1 .4
.5
.7
-2.1
-2.1
1.1
2.6
-1.1
-.7
- .9
-1 .5
-1 .3
.3
.4
-2.1
-1 .9
.9
0
1.7
1.7
1.8
.4
.4
1.1
2.3
.2
- .2
4.5
5.0
1.3
1.9
1.9
-.3
- .4
3.8
4.1
-1 .6
-1 .8
6.4
7.4
-.8
0
-.9
-1 .2
-1 .5
1.1
-.4
-1 .8
-1 .8
2.2
.4
E xpo rts.......................
Previously published
G o o d s ...................
Previously published
S ervice s ................
Previously published
Im p o rts ......................
Previously published
G o o d s ...................
Previously published
S ervice s .............................................................................................
Previously published.................................................................
.8
.7
.7
.7
1.1
.8
5.9
5.8
6.2
6.3
4.2
3.7
1.9
1.7
2.2
2.2
1.2
.5
5.4
5.5
6.3
6.3
1.1
1.7
2.7
2.0
1.3
1.3
6.2
3.9
5.9
6.6
6.8
6.8
1.3
5.9
2.1
2.0
1.6
1.6
3.5
3.0
.7
1.1
1.2
1.2
-2 .0
.7
.9
.8
.3
.4
2.5
2.0
4.2
4.6
4.5
4.5
2.5
4.8
.4
.1
.4
.4
.6
- .4
.7
.9
.8
.8
.3
1.1
.1
- .8
-.1
- .2
.6
-2 .3
-2 .8
-2 .5
-3 .7
-3 .7
2.1
3.8
-1 .2
-1 .7
-1 .6
-1 .5
- .3
-2.1
-6 .0
-5 .9
-6 .6
-6 .4
-3 .0
-3 .2
-2.1
-1 .9
-2 .6
-2 .4
-1 .0
- .6
-5 .3
-1 7 .0
-6 .6
-6 .6
1.4
-5 7 .7
-3 .6
-3 .8
-3 .8
-3 .7
-3 .0
-4 .2
-9 .8
4.7
-11.1
-11.1
-2 .9
167.5
-1 .2
- .8
-1 .4
-1.1
- .9
0
-1 .6
-1 .6
-2.1
-2.1
.7
1.1
2.9
3.0
2.1
2.3
4.6
4.6
10.5
11.1
10.7
10.9
9.3
12.2
3.3
3.5
3.3
3.4
3.2
3.7
3.7
4.4
2.7
2.7
8.6
13.6
.6
.9
.6
.9
.6
.8
.8
.9
.5
.9
2.0
.9
3.6
3.9
3.5
3.4
3.8
4.9
11.7
11.7
11.8
12.0
11.3
10.7
.8
.8
1.7
1.6
-1 .3
- .9
-4.1
-3 .9
-6 .8
-6 .7
10.4
11.2
Government consumption expenditures and gross
investment.......................................................................
3.5
3.9
6.6
1.7
4.5
2.7
2.7
2.2
2.0
1.4
3.6
3.3
2.2
1.8
7.3
.1
Previously published......................................................................
F e d e ra l....................................................................................................
Previously published......................................................................
National d e fe n s e .............................................................................
Previously published.................................................................
N o n d e fe n se ......................................................................................
Previously published.................................................................
State and lo c a l.....................................................................................
Previously published......................................................................
3.2
2.2
2.1
1.8
2.0
3.1
2.3
4.2
3.7
3.1
2.7
1.6
2.1
1.9
3.9
.9
4.5
3.9
6.4
7.2
8.1
8.2
7.5
5.4
9.3
6.3
5.5
3.0
-1.1
.7
-.2
.7
-2 .6
.6
3.2
4.2
2.9
5.0
1.6
3.6
2.0
7.5
.9
4.2
3.6
2.7
1.6
.1
.9
.6
2.7
- .7
3.2
4.0
4.2
2.0
4.6
3.6
4.0
-.7
5.6
3.0
4.1
1.8
1.6
1.5
1.6
1.1
1.8
2.2
2.5
1.9
- .3
2.4
.5
2.4
.6
2.3
.4
1.8
- .8
- .3
1.7
- .4
.8
-1.1
3.6
.7
1.3
- .3
3.6
5.9
8.4
5.2
7.3
7.3
10.4
2.4
1.1
2.8
2.3
2.3
2.3
2.0
2.1
2.9
3.8
3.1
1.4
1.2
1.3
1.8
1.5
.2
1.0
2.7
1.5
1.6
- .5
.3
- .6
1.2
- .4
-1 .2
3.0
2.2
7.9
7.7
9.8
8.0
9.3
7.2
10.9
7.1
6.9
- .4
1.4
.9
1.2
.8
1.6
1.0
- .7
-1.1
1.3
1.3
2.0
1.9
2.0
1.9
1.3
1.2
1.9
1.7
2.3
2.2
2.3
2.2
1.9
1.7
3.4
3.1
3.8
3.7
3.8
3.7
3.3
3.1
2.0
2.4
1.8
2.2
1.8
2.2
2.0
2.3
1.9
1.7
2.3
2.2
2.3
2.2
1.9
1.6
1.8
2.1
1.8
2.1
1.8
2.1
1.8
2.1
3.1
3.6
2.6
3.3
2.6
3.2
3.2
3.7
3.2
2.5
2.3
1.7
2.3
1.7
3.1
2.5
1.6
2.2
1.0
- .2
1.0
-.1
1.6
2.2
1.6
-.5
.5
.4
.5
.5
1.6
- .5
1.1
1.3
1.0
1.2
.9
1.1
1.1
1.3
1.4
1.2
2.4
2.3
2.4
2.3
1.5
1.2
1.5
1.1
1.6
1.2
1.6
1.3
1.5
1.0
1.8
1.8
1.7
1.8
1.7
1.8
1.7
1.8
2.4
2.5
3.4
3.4
3.5
3.5
2.3
2.4
1.1
1.0
.4
.4
.4
.3
1.1
1.0
1.4
1.2
2.0
1.9
1.4
1.2
1.7
1.7
2.2
2.2
1.7
1.7
3.6
3.1
4.1
3.7
3.6
3.1
1.7
2.3
1.6
2.2
1.7
2.3
2.1
1.6
2.5
2.2
2.1
1.7
1.6
2.1
1.6
2.2
1.6
2.1
3.1
3.7
2.6
3.2
3.1
3.7
3.2
2.5
2.3
1.7
3.2
2.5
1.6
2.2
1.0
-.1
1.6
2.2
.7
1.3
.6
1.2
.7
1.4
1.9
1.2
2.9
2.3
2.0
1.2
1.0
1.0
1.2
1.2
1.0
1.0
1.8
1.8
1.8
1.7
1.8
1.8
2.3
2.4
3.4
3.4
2.3
2.4
1.1
1.0
.4
.4
1.1
1.0
0
Net exports of goods and services ....................................
Addenda:
Final sales of domestic product .....................................................
Previously published......................................................................
Gross domestic purchases
Previously published ....
Final sales to domestic purchasers...............................................
Previously published
Gross national product (GNP)
Previously published ....
Implicit price deflators:
G D P ....................................................................................................
Previously published.................................................................
Gross domestic purchases..........................................................
Previously published.................................................................
G N P ....................................................................................................
Previously published.................................................................
See “Explanatory Note” at the end of the text.
I
1.9
- .5
.8
.4
1.9
- 5
30
Initial Results of the Com prehensive N IP A Revision
December 2003
T a b le 5 . R e a l G r o s s D o m e s tic P r o d u c t, Q u a n tity In d e x e s
[Index numbers, 2000=100]
1992
1993
1994
1995
1997
1996
2000
2001
2002
Gross domestic product ...........................................
Personal consumption expenditures ........................................
74.734
73.224
76.731
75.672
79.816
78.504
81.814
80.623
84.842
83.382
88.658
86.533
1998
92.359
90.896
1999
96.469
95.537
100.000
100.000
100.506
102.452
102.710
105.951
Durable goods ..............................................................................................
Nondurable goods ......................................................................................
Services ..........................................................................................................
52.470
77.553
76.379
56.577
79.619
78.540
61.321
82.369
80.854
64.011
84.152
82.973
69.025
86.300
85.420
74.935
88.605
88.270
83.432
92.154
92.011
93.192
96.374
95.652
100.000
100.000
100.000
104.144
101.852
102.382
110.868
104.949
105.420
Gross private domestic investment ..........................................
51.223
55.795
63.358
65.340
71.123
79.961
87.821
94.647
100.000
91.650
90.580
Private fixed investm ent............................................................................
Nonresidential..........................................................................................
S tructures............................................................................................
Equipment and so ftw are.................................................................
R esidential................................................................................................
Change in private inventories .................................................................
52.312
47.179
73.423
40.387
68.825
56.788
51.287
72.891
45.428
74.446
62.079
55.999
74.180
50.846
81.621
66.090
61.885
78.903
56.930
79.005
72.018
67.661
83.354
62.981
85.331
78.657
75.820
89.432
71.641
86.947
86.657
84.232
94.019
81.137
93.597
93.884
91.980
93.619
91.437
99.254
100.000
100.000
100.000
100.000
100.000
96.826
95.517
97.465
94.825
100.351
93.258
88.683
79.492
92.144
105.228
Exports of goods and services ................................................
Imports of goods and services ................................................
Government consumption expenditures and gross investment
57.439
43.748
90.342
59.291
47.576
89.513
64.447
53.256
89.525
70.982
57.539
90.015
76.930
62.544
90.896
86.082
71.037
92.588
88.164
79.299
94.354
91.969
88.391
97.987
100.000
100.000
100.000
94.773
97.377
102.750
92.512
100.609
106.697
F e d e ra l............................................................................................................
State and local ............................................................................................
111.713
79.318
107.056
80.459
103.050
82.543
100.254
84.728
99.091
86.668
98.066
89.770
96.970
93.014
99.122
97.409
100.000
100.000
103.746
102.248
111.958
104.047
75.110
71.975
72.318
74.796
77.069
74.312
74.620
76.793
79.687
77.589
77.452
79.792
82.068
79.424
79.653
81.878
85.103
82.438
82.674
84.876
88.485
86.379
86.198
88.652
92.184
90.939
90.762
92.216
96.348
95.795
95.674
96.437
100.000
100.000
100.000
100.000
101.441
100.672
101.575
100.462
103.242
103.482
103.998
102.527
Addenda:
Final sales of domestic p rod uct..............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers.......................................................
Gross national p ro d u ct..............................................................................
Seasonally adjusted
1998
I
II
1999
III
IV
II
I
2000
IV
III
I
III
II
IV
Gross domestic product............................................
Personal consumption expenditures.........................................
91.028
88.982
91.630
90.395
92.685
91.487
94.093
92.721
94.892
93.648
95.677
95.108
96.794
96.103
98.514
97.291
98.764
98.841
100.315
99.465
100.200
100.424
100.721
101.270
Durable goods ..............................................................................................
Nondurable goods .......................................................................................
Services ..........................................................................................................
78.327
90.664
90.663
81.947
91.780
91.680
84.228
92.426
92.701
89.226
93.747
92.998
88.891
94.967
94.083
93.085
95.925
95.155
95.066
96.223
96.269
95.725
98.383
97.103
101.097
98.458
98.530
98.609
99.835
99.474
100.056
100.398
100.521
100.238
101.309
101.475
Gross private domestic investment ..........................................
87.345
85.955
87.919
90.065
92.577
92.646
94.923
98.442
96.691
103.060
100.411
99.838
Private fixed investment ............................................................................
N onresidential..........................................................................................
S tructures............................................................................................
Equipment and s o ftw are.................................................................
R esidential................................................................................................
Change in private inventories .................................................................
83.530
81.295
91.556
78.055
89.902
86.035
83.804
95.138
80.236
92.391
87.262
84.605
94.345
81.522
94.907
89.800
87.224
95.037
84.736
97.186
91.189
88.792
93.238
87.352
98.024
93.426
91.499
93.915
90.702
98.869
95.212
93.697
93.179
93.848
99.452
95.707
93.931
94.144
93.846
100.672
98.339
97.126
95.744
97.587
101.689
100.600
100.526
99.785
100.778
100.786
100.443
101.066
102.088
100.723
98.718
100.619
101.282
102.383
100.912
98.807
Exports of goods and services ................................................
Imports of goods and services.................................................
Government consumption expenditures and gross investment
88.243
76.644
92.305
87.296
78.747
94.177
86.925
79.746
95.029
90.191
82.061
95.906
89.406
84.174
96.550
90.419
87.170
97.136
92.807
90.210
98.343
95.243
92.011
99.920
96.770
95.643
99.169
99.608
99.371
100.517
102.163
102.700
99.995
101.458
102.286
100.318
F e d e ra l............................................................................................................
State and lo c a l..............................................................................................
95.359
90.741
97.770
92.333
96.938
94.053
97.814
94.929
97.248
96.195
97.670
96.865
99.642
97.679
101.926
98.896
98.169
99.679
102.139
99.696
99.970
100.007
99.722
100.618
90.376
89.258
88.619
90.966
91.683
90.252
90.295
91.541
92.602
91.456
91.370
92.454
94.075
92.791
92.766
93.905
94.664
93.950
93.724
94.834
95.832
95.024
95.169
95.670
96.855
96.276
96.333
96.721
98.041
97.930
97.471
98.524
99.061
98.529
98.813
98.712
99.876
100.255
99.832
100.298
100.204
100.350
100.355
100.121
100.859
100.866
101.000
100.870
Addenda:
Final sales of domestic p ro d u ct..............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers .......................................................
Gross national p ro d u ct..............................................................................
Seasonally adjusted
2001
I
II
2002
III
IV
I
II
2003
III
IV
I
II
Gross domestic product ...........................................
Personal consumption expenditures ........................................
100.664
101.400
100.503
101.971
100.180
102.446
100.679
103.989
101.843
105.043
102.324
105.715
103.172
106.229
103.502
106.819
104.008
107.489
104.801
108.378
Durable goods ..............................................................................................
Nondurable goods .......................................................................................
Services ..........................
100.669
101.400
101.547
103.039
101.124
102.150
103.219
101.857
102.558
109.648
103.029
103.273
110.076
104.556
104.236
110.202
104.652
105.298
111.557
104.703
105.869
111.638
105.885
106.276
111.779
107.358
106.664
116.420
107.685
107.115
Gross private domestic investment..........................................
96.933
92.686
90.646
86.337
88.634
89.645
92.090
91.953
91.135
92.186
Private fixed investment
Nonresidential ...,
S tructures.............
Equipment and software
R esidential................................................................................................
Change in private inventories .................................................................
99.932
100.125
100.843
99.885
99.451
97.560
96.535
99.406
95.506
100.354
96.258
94.453
99.958
92.437
101.120
93.554
90.955
89.654
91.470
100.480
92.969
89.314
83.728
91.420
102.596
93.106
88.641
80.523
91.693
104.805
93.238
88.399
77.412
92.536
105.884
93.718
88.378
76.304
92.927
107.629
93.968
88.248
75.523
93.047
108.828
95.378
89.751
76.244
94.851
110.021
Exports of goods and services ................................................
Imports of goods and services .................................................
Government consumption expenditures and gross investment
100.304
100.659
101.742
96.774
98.434
103.185
92.188
95.673
102.119
89.829
94.741
103.955
90.802
96.674
105.138
92.721
100.567
106.168
93.709
101.587
106.814
92.818
103.610
108.666
92.353
101.810
108.563
92.097
104.059
110.527
F e d e ra l............................................................................................................
State and local .............................................................................................
101.878
101.672
103.549
103.000
103.539
101.404
106.019
102.916
108.175
103.610
110.907
103.779
111.986
104.207
116.764
104.593
116.713
104.463
123.025
104.248
101.199
100.699
101.214
100.536
101.381
100.604
101.451
100.382
101.193
100.391
101.370
99.905
101.992
100.996
102.266
101.024
102.660
102.286
103.076
101.668
102.990
103.079
103.725
102.004
103.442
103.938
104.201
102.959
103.877
104.625
104.992
103.476
104.569
104.915
105.459
103.873
105.420
106.016
106.619
104.711
Addenda:
Final sales of domestic prod uct..............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers......................................................
Gross national p ro d u ct..............................................................................
See “Explanatory Note” at the end of the text.
December 2003
31
S urv ey of C u rrent B usiness
T a b l e 6 . P r i c e In d e x e s f o r G r o s s D o m e s t i c P r o d u c t
[Index numbers, 2000=100]
2000
2001
2002
95.415
96.475
97.868
100.000
102.376
103.949
95.124
95.978
97.575
100.000
102.039
103.429
109.507
92.567
90.844
107.068
93.835
93.305
104.152
93.821
95.319
101.626
96.173
97.393
100.000
100.000
100.000
98.086
101.530
103.168
95.208
102.075
105.946
100.941
100.520
100.157
99.035
98.972
100.000
101.070
101.119
100.292
106.239
83.879
115.224
85.769
100.028
105.011
86.045
112.451
87.610
99.785
103.696
89.381
109.120
89.843
98.861
101.421
93.474
104.259
92.239
98.888
100.057
96.257
101.366
95.780
100.000
100.000
100.000
100.000
100.000
101.087
99.770
105.518
97.786
104.628
101.155
98.859
106.974
96.121
107.105
102.033
104.376
102.988
101.232
98.905
98.313
100.000
99.628
99.273
103.634
106.412
104.529
100.816
95.353
95.960
100.000
97.537
96.519
83.789
86.002
88.358
90.491
92.139
93.469
96.079
100.000
102.587
105.207
84.788
83.294
87.061
85.472
89.503
87.778
91.982
89.709
93.533
91.414
94.511
92.934
96.884
95.667
100.000
100.000
102.065
102.853
104.858
105.382
86.237
86.828
86.667
86.391
88.226
88.730
88.570
88.393
90.108
90.583
90.431
90.269
91.965
92.483
92.338
92.123
93.736
94.145
94.027
93.869
95.320
95.440
95.348
95.421
96.428
96.060
96.012
96.477
97.847
97.556
97.533
97.869
100.000
100.000
100.000
100.000
102.381
101.974
101.978
102.372
103.955
103.374
103.379
103.936
86.385
86.228
86.811
86.658
86.375
88.381
88.225
88.719
88.570
88.382
90.259
90.108
90.577
90.430
90.262
92.106
91.964
92.475
92.337
92.114
93.852
93.735
94.139
94.026
93.863
95.414
95.320
95.439
95.349
95.420
96.472
96.428
96.057
96.012
96.475
97.868
97.847
97.556
97.534
97.869
100.000
100.000
100.000
100.000
100.000
102.373
102.381
101.971
101.978
102.368
103.945
103.955
103.370
103.379
103.932
1992
1994
1993
1995
1997
1996
Gross domestic product ...........................................
86.402
88.390
90.265
92.115
93.859
Personal consumption expenditures ........................................
85.824
87.804
89.654
91.577
93.547
Durable goods ..............................................................................................
Nondurable goods ......................................................................................
Services .........................................................................................................
106.756
88.105
80.684
107.840
88.973
83.345
109.978
89.605
85.748
110.672
90.629
88.320
Gross private domestic investment ..........................................
97.395
98.521
99.813
Private fixed investment
Nonresidential ....
S tructures......
Equipment and software
R esidential................................................................................................
Change in private inventories .................................................................
96.670
105.411
75.330
118.444
76.836
97.805
105.487
77.602
117.243
79.941
99.133
106.008
80.388
116.572
82.754
Exports of goods and services ................................................
100.892
100.898
Imports of goods and services ................................................
103.552
102.671
Government consumption expenditures and gross investment
81.719
82.602
81.300
F e d e ra l............................................................................................................
State and local ............................................................................................
1999
1998
Addenda:
Final sales of domestic pro d u ct.............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers......................................................
Gross national p ro d u ct..............................................................................
Implicit price deflators:
Gross domestic pro d u ct.......................................................................
Final sales of domestic product ........................................................
Gross domestic purchases .................................................................
Final sales to domestic purchasers..................................................
Gross national prod uct.........................................................................
Seasonally adjusted
1999
1998
I
II
III
IV
I
II
2000
III
IV
I
II
III
IV
Gross domestic product............................................
96.096
96.284
96.620
96.901
97.274
97.701
98.022
98.475
99.292
99.780
100.241
100.687
Personal consumption expenditures.........................................
95.610
95.771
96.088
96.443
96.687
97.319
97.855
98.438
99.296
99.777
100.239
100.687
Durable goods .............................................................................................
Nondurable goods ......................................................................................
Services .........................................................................................................
105.245
93.578
94.598
104.524
93.521
95.040
103.773
93.973
95.503
103.067
94.213
96.133
102.292
94.566
96.535
101.833
95.801
97.094
101.455
96.751
97.620
100.923
97.575
98.322
100.471
98.816
99.276
100.337
99.717
99.685
99.715
100.562
100.194
99.477
100.905
100.845
Gross private domestic investment..........................................
99.328
99.035
98.915
98.863
99.036
99.003
98.855
98.993
99.496
99.788
100.253
100.463
Private fixed investment ............................................................................
Nonresidential..........................................................................................
S tru ctu res............................................................................................
Equipment and s o ftw are.................................................................
Residential ................................................................................................
Change in private inventories .................................................................
99.105
102.220
92.138
105.898
91.102
98.834
101.591
93.157
104.615
91.723
98.769
101.133
93.926
103.676
92.635
98.736
100.739
94.674
102.845
93.499
98.922
100.632
95.302
102.476
94.415
98.925
100.235
95.880
101.732
95.442
98.790
99.737
96.513
100.844
96.253
98.916
99.625
97.331
100.413
97.010
99.481
99.772
98.482
100.212
98.683
99.788
99.841
99.366
100.005
99.635
100.252
100.191
100.455
100.102
100.418
100.479
100.195
101.697
99.681
101.263
Exports of goods and services ................................................
99.768
99.225
98.461
98.165
97.956
98.145
98.345
98.807
99.461
99.989
100.223
100.327
Imports of goods and services.................................................
96.720
92.953
95.664
93.231
94.515
93.628
94.513
94.066
94.023
94.803
95.268
95.639
96.634
96.475
97.914
97.397
99.321
98.970
99.487
99.395
100.506
100.486
100.686
101.149
94.266
92.274
94.431
92.612
94.555
93.154
94.794
93.697
96.055
94.162
96.583
95.157
97.120
96.146
97.777
97.205
99.489
98.707
99.223
99.483
100.449
100.504
100.838
101.306
96.037
95.773
95.713
96.099
96.232
95.881
95.828
96.288
96.579
96.141
96.099
96.623
96.865
96.444
96.407
96.899
97.244
96.761
96.728
97.276
97.679
97.317
97.294
97.702
98.005
97.790
97.772
98.022
98.459
98.356
98.339
98.476
99.288
99.275
99.271
99.287
99.779
99.714
99.714
99.775
100.241
100.283
100.283
100.245
100.691
100.727
100.732
100.693
96.089
96.033
95.767
95.709
96.091
96.249
96.227
95.847
95.823
96.254
96.600
96.575
96.123
96.094
96.604
96.934
96.861
96.474
96.401
96.932
97.328
97.238
96.811
96.720
97.330
97.674
97.673
97.287
97.285
97.675
98.013
97.999
97.779
97.763
98.014
98.432
98.453
98.311
98.330
98.433
99.317
99.284
99.297
99.265
99.311
99.745
99.776
99.680
99.709
99.741
100.259
100.238
100.299
100.280
100.262
100.666
100.689
100.707
100.729
100.672
Government consumption expenditures and gross investment
Federal ............................................................................................................
State and lo c a l.............................................................................................
Addenda:
Final sales of domestic pro d u ct.............................................................
Gross domestic purchases.......................................................................
Final sales to domestic purchasers.......................................................
Gross national p ro d u ct..............................................................................
Implicit price deflators:
Gross domestic p ro d u ct.......................................................................
Final sales of domestic product ........................................................
Gross domestic purchases .................................................................
Final sales to domestic purchasers..................................................
Gross national p ro d u ct..........................................................................
See "Explanatoiy Note” at the end of the text.
32
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b l e 6 . P r i c e I n d e x e s f o r G r o s s D o m e s t i c P r o d u c t — C o n t in u e d
[Index numbers, 2000=100]
Seasonally adjusted
2002
2001
I
II
III
IV
I
II
2003
III
IV
I
II
Gross domestic product ...........................................................
101.478
102.273
102.676
103.078
103.364
103.738
104.123
104.571
105.163
105.440
Personal consumption expenditures ........................................................
101.475
102.115
102.231
102.334
102.507
103.245
103.761
104.203
104.927
105.065
Durable g o o d s ...................................................................................................................
Nondurable g o o d s ............................................................................................................
Services ...............................................................................................................................
99.163
101.220
102.114
98.379
102.152
102.925
97.678
101.933
103.388
97.124
100.815
104.243
96.268
100.780
104.754
95.574
102.194
105.485
94.855
102.538
106.371
94.136
102.789
107.174
93.074
104.079
108.028
92.147
103.529
108.758
Gross private domestic investment..........................................................
100.542
100.865
101.433
101.441
101.266
101.097
100.852
101.259
101.586
101.589
Private fixed investm ent.................................................................................................
Nonresidential...............................................................................................................
S tructures..................................................................................................................
Equipment and software .....................................................................................
R esidential.....................................................................................................................
Change in private inventories.......................................................................................
100.492
99.731
103.322
98.499
102.587
100.885
99.790
105.068
97.973
103.868
101.486
99.933
106.686
97.591
105.652
101.484
99.626
106.997
97.079
106.407
101.274
99.300
106.759
96.746
106.478
101.096
98.925
106.888
96.228
106.762
100.908
98.554
106.975
95.730
106.998
101.341
98.658
107.274
95.781
108.184
101.808
98.579
108.268
95.404
109.881
101.796
98.293
108.559
94.961
110.485
101.044
Exports of goods and services .................................................................
100.344
100.043
99.513
98.610
98.309
99.007
99.812
99.964
100.842
Imports of goods and services .................................................................
99.967
98.439
97.106
94.637
94.249
96.631
97.503
97.694
100.435
99.381
Government consumption expenditures and gross investment...............
101.822
102.385
102.887
103.253
104.169
105.013
105.590
106.055
107.951
107.966
F e d e ra l.................................................................................................................................
State and local ..................................................................................................................
101.343
102.068
101.756
102.707
102.359
103.156
102.803
103.481
104.292
104.091
104.876
105.071
105.199
105.785
105.066
106.580
107.032
108.435
107.399
108.246
101.473
101.381
101.375
101.482
102.279
101.958
101.963
102.268
102.687
102.211
102.222
102.669
103.086
102.346
102.353
103.068
103.365
102.592
102.594
103.353
103.737
103.213
103.212
103.727
104.132
103.625
103.633
104.108
104.585
104.065
104.077
104.556
105.198
104.934
104.968
105.156
105.474
105.031
105.062
105.438
101.443
101.471
101.348
101.374
101.447
102.248
102.277
101.934
101.961
102.243
102.660
102.686
102.197
102.221
102.653
103.139
103.084
102.404
102.352
103.129
103.315
103.363
102.545
102.591
103.304
103.814
103.735
103.284
103.208
103.804
104.084
104.130
103.585
103.629
104.069
104.556
104.583
104.048
104.072
104.541
105.146
105.196
104.915
104.964
105.138
105.427
105.471
105.017
105.058
105.425
Addenda:
Final sales of domestic prod uct...................................................................................
Gross domestic purchases ...........................................................................................
Final sales to domestic purchasers............................................................................
Gross national p ro d u ct...................................................................................................
Implicit price deflators:
Gross domestic p rod uct............................................................................................
Final sales of domestic product .............................................................................
Gross domestic purchases ......................................................................................
Final sales to domestic purchasers ......................................................................
Gross national product .............................................................................................
See “Explanatory Note” at the end of the text.
December 2003
33
S urv ey of C u rren t B usiness
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
Gross domestic product (GDP) .................................................
2.5
2.3
6.1
4.4
5.8
6.4
6.5
2.5
4.8
3.1
0.2
3.4
5.3
5.8
Personal consumption expenditures.........................................................
2.8
2.1
5.0
4.1
6.0
6.3
5.7
3.0
5.7
3.7
2.3
3.8
6.1
4.9
Durable g o o d s ....................................................................................................................
Nondurable g o o d s .............................................................................................................
S ervice s ................................................................................................................................
2.0
1.5
4.5
-3 .8
1.8
4.2
11.7
3.1
5.0
9.7
2.1
4.6
9.3
4.9
6.1
12.7
5.3
5.3
8.4
5.5
5.0
1.6
1.6
4.9
11.0
4.6
5.2
3.5
2.7
4.8
-3 .2
2.4
4.0
10.0
1.8
3.9
12.7
4.4
5.7
10.3
3.3
4.7
Gross private domestic investment...........................................................
0
.9
5.7
7.9
4.2
-7.1
-.7
12.7
6.7
8.2
14.0
8.8
-4.6
5.8
5.8
-6.6
11.4
11.8
11.7
-.3
-.6
1.4
-1 .9
.3
9.0
8.7
4.5
11.6
9.6
7.7
5.6
1.1
8.4
11.8
9.7
11.9
10.4
12.8
5.8
10.2
17.4
15.9
18.3
-2 .9
5.7
12.5
6.8
16.0
-8 .9
-1 .8
-1 .4
-2 .5
- .7
-3.1
7.0
4.5
1.5
6.2
13.6
6.2
7.6
5.4
8.8
3.0
-2.1
-.5
.3
-1 .0
-6 .0
7.6
0
-1 .6
1.0
27.4
12.0
9.2
3.1
12.9
17.8
9.1
14.6
8.2
18.3
- .6
17.4
23.4
1.6
1.3
-1 .6
7.8
.5
.5
.6
-.7
-.1
-1 .7
5.1
4.4
6.9
11.3
14.8
4.7
7.1
7.9
5.1
2.7
4.1
-.1
11.8
13.7
6.0
5.3
6.6
2.6
2.8
.5
10.2
10.6
14.2
2.9
6.9
6.9
6.9
14.9
15.8
12.7
2.3
.5
7.9
7.3
5.3
12.2
7.9
7.9
7.7
14.9
20.7
1.8
4.8
5.2
3.7
5.7
5.5
6.3
10.7
11.4
8.9
4.3
3.9
5.2
1.7
-.4
7.7
5.3
8.4
-2 .8
7.5
10.7
-.6
11.3
13.6
4.2
18.9
23.0
7.1
4.6
7.1
-3 .4
Fixed investment ...
Nonresidential ...
Structures .....
Equipment and software
Residential .....................................................................................................................
Net exports of goods and services.........................................................
Exports .................................................................................................................................
G o o d s ...............................................................................................................................
Services ..........................................................................................................................
Im ports..................................................................................................................................
G o o d s ...............................................................................................................................
Services ..........................................................................................................................
Government consumption expenditures and gross investment...............
.2
5.0
6.2
2.6
2.2
3.0
8.8
7.7
3.1
-.2
-2.4
-2.2
-.7
-.4
Federal .................................................................................................................................
National d e fe n s e ...........................................................................................................
N ondefense....................................................................................................................
State and lo c a l...................................................................................................................
-2 .7
-1 .6
-7 .9
4.4
4.2
4.4
3.0
6.2
8.5
6.1
20.7
3.1
.1
-2 .4
10.7
6.0
-1 .3
-4 .0
8.7
6.8
0
-2.1
6.8
6.7
11.0
14.3
1.0
6.3
9.9
13.1
- .9
5.0
.8
1.6
-2 .3
5.9
-3 .4
-4 .9
2.7
3.4
-7 .4
-9.1
-1 .0
2.8
-7 .7
-1 1 .3
4.7
3.1
^4.1
-7 .8
7.0
2.2
-4 .2
-5 .5
- .6
2.8
2.6
1.8
1.9
2.5
2.6
2.4
2.3
2.4
2.4
3.4
5.5
6.3
5.8
6.1
4.9
4.5
4.2
4.3
4.4
3.7
6.0
5.5
5.7
5.8
7.3
5.8
6.8
6.2
6.4
6.1
6.0
6.9
6.4
6.4
5.3
3.1
2.7
3.3
2.5
4.4
5.0
5.1
5.3
4.8
4.5
3.1
3.1
3.2
3.0
3.1
.9
- .2
.6
.2
4.2
2.8
3.6
3.0
3.4
4.5
5.3
5.5
5.5
5.3
4.8
5.3
4.9
4.5
6.0
6.8
Gross domestic purchases........................................................................................
1.4
1.1
1.3
1.2
1.6
1.7
2.8
2.9
4.2
4.9
5.4
5.1
4.5
5.8
GDP price in d e x ...........................................................................................................
GDP excluding food and energy ............................................................................
Personal consumption exp end itures......................................................................
1.4
1.1
1.4
1.1
1.5
1.8
2.8
3.1
4.3
5.0
5.3
5.0
4.3
5.6
1.6
1.0
1.2
1.2
1.4
1.5
2.5
2.5
3.9
4.6
4.7
4.3
3.5
5.4
Addenda:
Final sales of domestic p ro d u c t...................................................................................
Gross domestic purc h a s e s ............................................................................................
Final sales to domestic purchasers ............................................................................
Gross national product ....................................................................................................
Real disposable personal income ...............................................................................
Price indexes:
1974
1975
1976
1977
1978
1979
1980
1982
1981
1983
1984
1985
1986
1987
Gross domestic product (GDP) .................................................
-0.5
-0.2
5.3
4.6
5.6
3.2
-0.2
2.5
-1.9
4.5
7.2
4.1
3.5
3.4
Personal consumption expenditures.........................................................
-.8
2.3
5.5
4.2
4.4
2.4
-.3
1.4
1.4
5.7
5.3
5.2
4.1
3.3
Durable g o o d s ....................................................................................................................
Nondurable g o o d s .............................................................................................................
S ervices................................................................................................................................
-6 .9
-2 .0
2.3
0
1.5
3.7
12.8
4.9
4.1
9.3
2.4
4.3
5.3
3.7
4.7
-.3
2.7
3.1
-7 .8
- .2
1.8
1.2
1.2
1.7
-.1
1.0
2.1
14.6
3.3
5.5
14.6
4.0
4.1
10.1
2.7
5.6
9.7
3.6
2.9
1.7
2.4
4.3
Gross private domestic investment...........................................................
-7.4
-17.7
20.2
15.1
12.1
3.2
-11.0
9.2
-14.0
9.3
29.5
-.9
-.7
3.1
Fixed investm ent...............................................................................................................
Nonresidential ...............................................................................................................
Structures ..................................................................................................................
Equipment and s o ftw a re ......................................................................................
Residential .....................................................................................................................
-6 .2
.8
-2.1
2.6
-2 0 .6
-1 0 .7
-9 .9
-1 0 .5
-9 .5
-1 3 .0
9.9
4.9
2.4
6.2
23.6
14.4
11.3
4.1
15.1
21.5
12.1
15.0
14.4
15.2
6.3
5.6
10.1
12.7
8.7
- 3 .7
-6 .5
-.3
5.8
-3 .6
-2 1 .2
2.2
5.7
8.0
4.3
-8 .0
-7 .0
-3 .8
-1 .7
-5 .2
-1 8 .2
7.3
-1 .3
-1 0 .8
5.4
41.4
16.9
17.7
14.0
19.8
14.8
5.3
6.6
7.1
6.4
1.6
1.2
-2 .9
-1 1 .0
1.9
12.3
.6
-.1
-2 .9
1.4
2.0
7.9
7.9
7.8
-2 .3
-2 .8
-.1
-.6
-2 .3
6.1
-11.1
-1 2 .6
-4 .3
4.4
4.7
3.0
19.5
22.6
6.9
2.4
1.3
6.5
10.9
12.2
5.0
10.5
11.2
8.4
8.7
9.0
7.1
9.9
11.8
3.1
1.7
1.7
1.4
10.8
11.9
6.2
-6 .6
-7 .4
-2 .2
1.2
-1.1
10.6
2.6
2.1
5.8
-7 .6
-9 .0
-2 .8
-1 .3
-2 .5
5.3
-2 .6
-2 .9
-1 .7
12.6
13.6
8.1
8.2
7.9
8.9
24.3
24.2
25.1
3.0
3.7
1.2
6.5
6.3
7.6
7.7
5.1
14.6
8.6
10.2
1.2
10.8
11.1
10.1
5.9
4.6
11.7
Net exports of goods and services...........................................................
Exports .................................................................................................................................
G o o d s ...............................................................................................................................
Services ..........................................................................................................................
Im ports..................................................................................................................................
G o o d s ...............................................................................................................................
Services ..........................................................................................................................
Government consumption expenditures and gross investment ...............
2.5
2.3
.4
1.1
2.9
1.9
2.0
.9
1.8
3.7
3.3
7.0
6.1
2.5
Federal .................................................................................................................................
National d e fe n s e ...........................................................................................................
N ondefense....................................................................................................................
State and lo c a l...................................................................................................................
.9
- .8
5.2
3.8
.3
-.9
3.4
3.7
0
- .4
.9
.7
2.1
1.2
4.3
.4
2.5
.9
6.2
3.3
2.4
3.1
1.1
1.5
4.7
4.4
5.6
-.1
4.8
6.3
1.3
-2 .0
3.9
7.6
-4 .8
.1
6.6
7.2
5.2
1.2
3.1
4.9
-1 .9
3.6
7.8
8.5
5.9
6.2
5.7
6.4
3.5
6.4
3.6
4.7
.3
1.5
-.2
-1 .3
-1 .0
-.4
-.7
1.1
-1.1
.2
-.4
2.3
3.9
6.5
5.0
5.4
3.9
4.4
5.3
5.1
4.7
3.5
5.5
5.5
5.4
5.5
4.7
3.6
2.5
2.9
3.5
2.5
.7
-1 .9
-1 .0
-.2
1.2
1.3
2.7
1.5
2.3
2.7
- .6
-1 .3
0
-1 .9
2.1
4.2
5.8
5.5
4.4
3.3
5.2
8.7
6.7
7.1
7.6
5.3
4.4
5.6
3.8
3.4
3.8
3.7
4.0
3.2
3.1
3.0
3.1
2.7
3.3
1.7
10.2
9.3
5.8
6.8
7.1
8.8
10.5
9.1
5.7
9.0
9.5
5.8
6.4
7.0
8.3
9.1
9.4
6.1
3.5
3.7
3.9
3.5
3.6
3.8
2.9
3.0
3.0
10.3
8.3
5.5
6.5
7.0
8.8
10.7
8.9
5.5
4.3
3.8
3.3
2.3
2.2
2.2
2.6
2.4
3.1
3.1
2.7
2.8
3.5
Addenda:
Final sales of domestic p ro d u c t...................................................................................
Gross domestic purc h a s e s ............................................................................................
Final sales to domestic purchasers ............................................................................
Gross national product ....................................................................................................
Real disposable personal income ...............................................................................
Price indexes:
Gross domestic purchases........................................................................................
Gross domestic purchases excluding food and e n e rg y ..................................
GDP price in d e x ...........................................................................................................
GDP excluding food and e n e rg y ............................................................................
Personal consumption expenditures......................................................................
34
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b l e 7 . R e a l G r o s s D o m e s t i c P r o d u c t : P e r c e n t C h a n g e F r o m P r e c e d i n g Y e a r — C o n t in u e d
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Gross domestic product (GDP) ....................................
4.1
3.5
1.9
-0.2
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.5
2.2
Personal consumption expenditures............................................
4.1
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
3.4
Durable g o o d s ..................................................................................................
Nondurable g o o d s ...........................................................................................
S e rv ic e s ..............................................................................................................
6.0
3.3
4.0
2.2
2.8
3.0
- .3
1.6
2.9
-5 .6
- .2
1.7
5.9
2.0
3.5
7.8
2.7
2.8
8.4
3.5
2.9
4.4
2.2
2.6
7.8
2.6
2.9
8.6
2.7
3.3
11.3
4.0
4.2
11.7
4.6
4.0
7.3
3.8
4.5
4.1
1.9
2.4
6.5
3.0
3.0
Gross private domestic investment.............................................
2.4
4.0
-3.4
-8.1
8.1
8.9
13.6
3.1
8.9
12.4
9.8
7.8
5.7
-8.4
-1.2
Fixed investm ent..............................................................................................
Nonresidential ..............................................................................................
Structures ................................................................................................
Equipment and software .....................................................................
Residential ....................................................................................................
Change in private inventories......................................................................
3.3
5.2
.6
7.5
- 1 .0
3.0
5.6
2.0
7.3
-3 .0
-2.1
.5
1.5
0
-8 .6
-6 .5
-5 .4
-11.1
-2 .6
-9 .6
5.9
3.2
-6 .0
7.3
13.8
8.6
8.7
-.7
12.5
8.2
9.3
9.2
1.8
11.9
9.6
6.5
10.5
6.4
12.0
-3 .2
9.0
9.3
5.6
10.6
8.0
9.2
12.1
7.3
13.8
1.9
10.2
11.1
5.1
13.3
7.6
8.3
9.2
-.4
12.7
6.0
6.5
8.7
6.8
9.4
.8
-3 .2
-4 .5
-2 .5
-5 .2
.4
-3 .7
-7 .2
-1 8 .4
-2 .8
4.9
16.0
18.8
9.0
3.9
4.0
3.4
11.5
11.9
10.3
4.4
4.3
4.9
9.0
8.4
10.5
3.6
3.0
6.5
6.6
6.9
6.0
- .6
-.1
-2 .6
6.9
7.5
5.5
7.0
9.3
-2 .6
3.2
3.3
3.2
8.8
10.1
2.9
8.7
9.7
6.3
11.9
13.3
5.7
10.1
11.7
6.3
8.0
9.0
3.3
8.4
8.8
7.2
8.7
9.3
5.5
11.9
14.3
5.9
13.6
14.4
9.4
2.4
2.2
2.9
11.6
11.7
11.4
4.3
3.8
5.6
11.5
12.4
6.9
8.7
11.2
2.9
13.1
13.5
11.1
-5 .2
-6.1
-3.1
-2 .6
-3 .2
.4
-2 .4
-4 .0
1.4
3.3
3.7
1.4
Government consumption expenditures and gross investment ...
1.3
2.6
3.2
1.1
.5
-.9
0
.5
1.0
1.9
1.9
3.9
2.1
2.8
3.8
Federal ...............................................................................................................
National d e fe n s e .........................................................................................
N o n defense..................................................................................................
State and lo c a l.................................................................................................
-1 .6
-.5
-5.1
3.7
1.5
- .5
8.3
3.4
2.0
0
8.3
4.1
- .2
-1.1
2.4
2.1
-1 .7
-5 .0
6.9
2.2
-4 .2
-5 .6
- .7
1.4
-3 .7
-4 .9
-1 .2
2.6
-2 .7
-3 .8
- .4
2.6
-1 .2
-1 .4
- .7
2.3
-1 .0
-2 .8
2.6
3.6
-1.1
-2.1
.7
3.6
2.2
1.9
2.8
4.7
.9
-.5
3.5
2.7
3.7
3.9
3.5
2.2
7.9
8.9
6.2
1.8
4.3
3.2
3.4
4.2
4.3
3.4
3.0
2.8
3.5
2.8
2.1
1.4
1.6
2.0
1.9
.1
- .8
- .6
- .3
.5
3.0
3.3
3.1
3.3
3.4
2.6
3.2
3.2
2.7
1.0
3.4
4.4
3.8
3.9
2.7
3.0
2.4
2.8
2.6
2.8
3.7
3.8
3.8
3.7
3.0
4.0
4.8
4.3
4.4
3.5
4.2
5.3
5.3
4.0
5.8
4.5
5.3
5.4
4.6
3.0
3.8
4.4
4.5
3.7
4.8
1.4
.7
1.6
.5
1.8
1.8
2.8
2.4
2.1
3.8
3.4
3.5
3.4
3.4
4.0
3.8
3.7
3.8
3.6
4.4
4.1
4.0
3.9
3.7
4.6
3.3
3.3
3.5
3.6
3.6
2.3
2.5
2.3
2.5
2.9
2.2
2.3
2.3
2.4
2.3
2.1
2.1
2.1
2.2
2.1
2.1
2.1
2.0
2.1
2.1
1.8
1.7
1.9
1.7
2.2
1.4
1.3
1.7
1.7
1.7
.6
1.0
1.1
1.2
.9
1.6
1.4
1.4
1.5
1.7
2.5
1.9
2.2
2.0
2.5 i
2.0
1.9
2.4
2.1
2.0
1.4
1.7
1.5
1.8
1.4
Net exports of goods and services.............................................
Exports ................................................................................................................
G o o d s .............................................................................................................
Services ........................................................................................................
Im ports.................................................................................................................
G o o d s .............................................................................................................
Services ........................................................................................................
Addenda:
Final sales of domestic p ro d u c t.................................................................
Gross domestic purchases ...........................................................................
Final sales to domestic purchasers ..........................................................
Gross national prod uct...................................................................................
Real disposable personal income .............................................................
Price indexes:
Gross domestic purchases......................................................................
Gross domestic purchases excluding food and e n e rg y .................
G DP price index .........................................................................................
GDP excluding food and energy ..........................................................
Personal consumption expenditures....................................................
December 2003
35
S u rv e y o f C u r r e n t B usiness
T a b le 7 A . G r o s s D o m e s tic P r o d u c t: L e v e ls , P e r c e n t C h a n g e f r o m P r e c e d in g Y e a r , a n d R e v is io n t o P e r c e n t C h a n g e
Billions of dollars
Year
Personal
con
Gross
domestic sumption
product expendi
tures
Gross
private
domestic
invest
ment
Exports
of goods
and
services
Revision to percent change from preceding year2
Percent change from preceding year
Imports
of goods
and
services
Govern
ment1
Personal
con
Gross
domestic sumption
product expendi
tures
Gross
private
domestic
invest
ment
Exports
of goods
and
services
Imports
of goods
and
services
Govern
ment1
Personal
Gross
Gross
con
private
domestic sumption domestic
product expendi
invest
tures
ment
Exports
of goods
and
services
Imports
of goods
and
services
Govern
ment1
1959 .....
506.6
317.6
78.5
22.7
22.3
110.0
8.4
7.2
21.8
10.5
11.5
3.8
0.0
-0.1
0.0
9.5
0.0
-1 .8
1960
1961
1962
1963
1964
.....
.....
.....
.....
.....
526.4
544.7
585.6
617.7
663.6
331.7
342.1
363.3
382.7
411.4
78.9
78.2
88.1
93.8
102.1
27.0
27.6
29.1
31.1
35.0
22.8
22.7
25.0
26.1
28.1
111.6
119.5
130.1
136.4
143.2
3.9
3.5
7.5
5.5
7.4
4.4
3.1
6.2
5.3
7.5
0.5
-0 .9
12.8
6.4
8.9
19.0
2.1
5.3
6.9
12.7
2.3
-0 .7
10.0
4.7
7.5
1.4
7.1
8.9
4.8
5.0
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-3 .3
-1 .0
0.0
-0 .5
-1 .4
0.0
0.0
0.0
0.0
0.0
0.2
0.3
0.1
0.0
0.2
1965
1966
1967
1968
1969
.....
.....
.....
.....
.....
719.1
787.8
832.6
910.0
984.6
443.8
480.9
507.8
558.0
605.2
118.2
131.3
128.6
141.2
156.4
37.1
40.9
43.5
47.9
51.9
31.5
37.1
39.9
46.6
50.5
151.5
171.8
192.7
209.4
221.5
8.4
9.5
5.7
9.3
8.2
7.9
8.4
5.6
9.9
8.5
15.9
11.0
-2.1
9.8
10.8
6.1
10.2
6.2
10.2
8.4
12.2
17.5
7.7
16.6
8.5
5.8
13.4
12.2
8.7
5.8
0.0
-0.1
0.0
0.0
0.1
0.0
0.0
0.0
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.7
0.2
0.0
0.7
-0 .4
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
0.2
-0 .2
0.3
1970
1971
1972
1973
1974
.....
.....
.....
.....
.....
1,038.5
1,127.1
1,238.3
1,382.7
1,500.0
648.5
701.9
770.6
852.4
933.4
152.4
178.2
207.6
244.5
249.4
59.7
63.0
70.8
95.3
126.7
55.8
62.3
74.2
91.2
127.5
233.8
246.5
263.5
281.7
317.9
5.5
8.5
9.9
11.7
8.5
7.1
8.2
9.8
10.6
9.5
-2 .6
16.9
16.5
17.8
2.0
15.0
5.4
12.5
34.5
32.9
10.4
11.8
19.0
22.8
39.8
5.5
5.4
6.9
6.9
12.9
0.0
-0.1
0.0
0.0
0.2
-0.1
0.0
0.1
0.0
0.1
0.0
0.0
0.0
0.0
0.0
-0 .6
1.3
0.9
-4.1
-2 .6
0.0
0.0
0.0
0.0
0.0
-0.1
-0 .5
-0 .7
0.3
0.9
1975
1976
1977
1978
1979
.....
.....
.....
.....
.....
1,638.3
1,825.3
2,030.9
2,294.7
2,563.3
1,034.4
1,151.9
1,278.6
1,428.5
1,592.2
230.2
292.0
361.3
438.0
492.9
138.7
149.5
159.4
186.9
230.1
122.7
151.1
182.4
212.3
252.7
357.7
383.0
414.1
453.6
500.8
9.2
11.4
11.3
13.0
11.7
10.8
11.4
11.0
11.7
11.5
-7 .7
26.8
23.8
21.2
12.5
9.5
7.8
6.6
17.3
23.1
-3 .7
23.2
20.7
16.3
19.0
12.5
7.1
8.1
9.5
10.4
0.3
-0.1
-0.1
0.0
-0.1
0.3
-0 .2
-0 .2
-0 .2
-0.1
0.0
0.0
0.0
0.5
0.0
-0.1
-1 .4
-0.1
0.1
0.2
0.0
0.0
0.0
0.0
0.0
0.5
0.6
0.1
-0 .2
-0.1
1980
1981
1982
1983
1984
.....
.....
.....
.....
.....
2,789.5
3,128.4
3,255.0
3,536.7
3,933.2
1,757.1
1,941.1
2,077.3
2,290.6
2,503.3
479.3
572.4
517.2
564.3
735.6
280.8
305.2
283.2
277.0
302.4
293.8
317.8
303.2
328.6
405.1
566.2
627.5
680.5
733.5
797.0
8.8
12.2
4.0
8.7
11.2
10.4
10.5
7.0
10.3
9.3
-2 .8
19.4
-9 .6
9.1
30.4
22.0
8.7
-7 .2
-2 .2
9.2
16.3
8.1
-4 .6
8.4
23.3
13.1
10.8
8.4
7.8
8.7
-0.1
0.2
-0.1
0.2
-0.1
0.0
0.2
0.0
0.3
0.0
-0 .2
-0.1
0.0
-0 .2
0.0
0.0
0.2
-0 .5
-0 .2
-0 .2
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
0.0
0.3
-0.1
1985
1986
1987
1988
1989
.....
.....
.....
.....
.....
4,220.3
4,462.8
4,739.5
5,103.8
5,484.4
2,720.3
2,899.7
3,100.2
3,353.6
3,598.5
736.2
746.5
785.0
821.6
874.9
302.0
320.5
363.9
444.1
503.3
417.2
453.3
509.1
554.5
591.5
879.0
949.3
999.5
1,039.0
1,099.1
7.3
5.7
6.2
7.7
7.5
8.7
6.6
6.9
8.2
7.3
0.1
1.4
5.1
4.7
6.5
-0.1
6.1
13.5
22.0
13.3
3.0
8.6
12.3
8.9
6.7
10.3
8.0
5.3
4.0
5.8
0.2
0.0
-0 .3
0.0
0.0
0.1
-0.1
-0 .4
0.1
0.1
0.0
-0.1
0.5
- 0 .4
0.2
-0.1
0.4
-0 .6
-0 .2
-0 .6
0.0
0.2
0.0
0.0
0.1
0.6
0.7
-0 .6
0.1
-0 .3
1990
1991
1992
1993
1994
.....
.....
.....
.....
.....
5,803.1
5,995.9
6,337.7
6,657.4
7,072.2
3,839.9
3,986.1
4,235.3
4,477.9
4,743.3
861.0
802.9
864.8
953.4
1,097.1
552.4
596.8
635.3
655.8
720.9
630.3
624.3
668.6
720.9
814.5
1,180.2
1,234.4
1,271.0
1,291.2
1,325.5
5.8
3.3
5.7
5.0
6.2
6.7
3.8
6.3
5.7
5.9
-1 .6
-6 .7
7.7
10.2
15.1
9.7
8.1
6.4
3.2
9.9
6.6
-1 .0
7.1
7.8
13.0
7.4
4.6
3.0
1.6
2.7
0.1
0.1
0.1
-0.1
0.0
0.2
0.2
0.3
-0.1
0.0
-0 .3
0.4
-0 .6
0.0
0.2
0.2
0.1
0.6
-0.1
-0 .3
0.0
0.0
0.3
-0 .3
0.0
0.0
0.0
0.2
- 0 .2
0.0
1995
1996
1997
1998
1999
.....
.....
.....
.....
.....
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
812.2
868.6
955.3
955.9
991.2
903.6
964.8
1,056.9
1,115.9
1,251.7
1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
4.6
5.7
6.2
5.3
6.0
4.9
5.6
5.5
6.0
6.9
4.3
8.4
12.1
8.6
7.7
12.7
6.9
10.0
0.1
3.7
10.9
6.8
9.5
5.6
12.2
3.3
3.4
3.7
3.4
6.7
-0 .3
0.1
-0 .3
-0 .3
0.4
-0 .5
0.2
-0.1
0.1
0.2
0.1
-0 .3
0.2
-2.1
1.3
-0 .2
0.1
-0 .6
0.3
1.2
-0 .3
0.1
-0.1
-0 .2
1.2
0.0
-0 .2
-0 .9
0.0
0.0
2000 .....
2001 .....
2002 .....
9,817.0
10,100.8
10,480.8
6,739.4
7,045.4
7,385.3
1,735.5
1,607.2
1,589.2
1,096.3
1,035.1
1,006.8
1,475.8
1,401.7
1,433.1
1,721.6
1,814.7
1,932.5
5.9
2.9
3.8
7.3
4.5
4.8
6.8
-7 .4
-1.1
10.6
-5 .6
-2 .7
17.9
-5 .0
2.2
6.2
5.4
6.5
0.0
0.3
0.2
0.3
0.0
0.3
-0 .4
2.3
- 1 .6
-0 .7
0.5
- 0 .8
-0 .4
0.7
-1 .8
-0 .5
- 0 .7
0.3
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
36
Initial Results of the Com prehensive N IP A Revision
December 2003
T a b le 7 B . R e a l G r o s s D o m e s tic P r o d u c t: L e v e ls , P e r c e n t C h a n g e f r o m P r e c e d in g Y e a r , a n d R e v is io n t o P e r c e n t C h a n g e
Billions of chained (2000) dollars
Year
Gross
domes
tic
product
Personal
con
sump
tion
expendi
tures
Gross
private
domes
tic
invest
ment
Percent change from preceding year
Exports
of
goods
and
services
Imports
of
goods
and
services
Govern
ment1
Residual
Gross
domes
tic
product
Personal
con
sump
tion
expendi
tures
Gross
private
domes
tic
invest
ment
Exports
of
goods
and
services
Imports
of
goods
and
services
Revision to percent change from preceding year2
Govern
ment1
Gross
domes
tic
product
Personal
con
sump
tion
expendi
tures
Gross
private
domes
tic
invest
ment
Exports
of
goods
and
services
Imports
of
goods
and
services
Govern
ment1
1959 ....
2,441.3
1,554.6
266.7
77.2
101.9
714.3
-6 9 .6
7.1
5.6
20.3
10.3
10.5
3.4
-0.1
0.0
-0 .2
9.4
0.0
-2 .2
1960
1961
1962
1963
1964
....
....
....
....
....
2,501.8
2,560.0
2,715.2
2,834.0
2,998.6
1,597.4
1,630.3
1,711.1
1,781.6
1,888.4
266.6
264.9
298.4
318.5
344.7
90.6
91.1
95.7
102.5
114.6
103.3
102.6
114.3
117.3
123.6
715.4
751.3
797.6
818.1
836.1
-6 4 .9
-7 5 .0
-7 3 .3
-6 9 .4
-6 1 .6
2.5
2.3
6.1
4.4
5.8
2.8
2.1
5.0
4.1
6.0
0.0
-0 .7
12.7
6.7
8.2
17.4
0.5
5.1
7.1
11.8
1.3
-0 .7
11.3
2.7
5.3
0.2
5.0
6.2
2.6
2.2
0.0
0.0
0.1
0.1
0.0
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-3 .4
-1 .2
-0 .3
-0 .4
-1 .5
0.0
0.0
0.0
0.0
0.0
0.2
0.2
0.2
0.2
0.2
1965
1966
1967
1968
1969
....
....
....
....
....
3,191.1
3,399.1
3,484.6
3,652.7
3,765.4
2,007.7
2,121.8
2,185.0
2,310.5
2,396.4
393.1
427.7
408.1
431.9
457.1
117.8
126.0
128.9
139.0
145.7
136.7
157.1
168.5
193.6
204.6
861.3
937.1
1,008.9
1,040.5
1,038.0
-52.1
-5 6 .4
-7 7 .8
-7 5 .6
-6 7 .2
6.4
6.5
2.5
4.8
3.1
6.3
5.7
3.0
5.7
3.7
14.0
8.8
-4 .6
5.8
5.8
2.8
6.9
2.3
7.9
4.8
10.6
14.9
7.3
14.9
5.7
3.0
8.8
7.7
3.1
-0 .2
0.0
-0.1
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.2
0.1
0.6
-0 .6
0.0
0.0
0.0
0.0
0.0
-0.1
-0 .2
0.2
-0.1
0.2
1970
1971
1972
1973
1974
....
....
....
....
....
3,771.9
3,898.6
4,105.0
4,341.5
4,319.6
2,451.9
2,545.5
2,701.3
2,833.8
2,812.3
427.1
475.7
532.1
594.4
550.6
161.4
164.1
176.5
209.7
226.3
213.4
224.7
250.0
261.6
255.7
1,012.9
990.8
983.5
980.0
1,004.7
-6 8 .0
-5 2 .8
-3 8 .4
-1 4 .8
-1 8 .6
0.2
3.4
5.3
5.8
-0 .5
2.3
3.8
6.1
4.9
-0 .8
-6 .6
11.4
11.8
11.7
-7 .4
10.7
1.7
7.5
18.9
7.9
4.3
5.3
11.3
4.6
-2 .3
-2 .4
-2 .2
- 0 .7
-0 .4
2.5
0.0
0.1
-0.1
0.0
0.1
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
1.0
-0 .6
-3 .0
-1 .6
0.0
0.0
0.1
0.0
0.0
-0.1
-0 .3
-0 .8
0.3
0.7
1975
1976
1977
1978
1979
....
....
....
....
....
4,311.2
4,540.9
4,750.5
5,015.0
5,173.4
2,876.9
3,035.5
3,164.1
3,303.1
3,383.4
453.1
544.7
627.0
702.6
725.0
224.9
234.7
240.3
265.7
292.0
227.3
271.7
301.4
327.6
333.0
1,027.4
1,031.9
1,043.3
1,074.0
1,094.1
-4 3 .8
-3 4 .2
-2 2 .8
-2 .8
11.9
-0 .2
5.3
4.6
5.6
3.2
2.3
5.5
4.2
4.4
2.4
-1 7 .7
20.2
15.1
12.1
3.2
-0 .6
4.4
2.4
10.5
9.9
-11.1
19.5
10.9
8.7
1.7
2.3
0.4
1.1
2.9
1.9
0.2
-0 .3
0.0
0.1
0.0
0.1
-0 .3
-0.1
0.0
-0.1
0.0
0.0
0.0
0.6
0.1
0.1
-1 .5
-0.1
0.0
0.3
0.0
-0.1
0.0
0.0
0.0
0.4
0.3
0.1
-0 .2
0.0
1980
1981
1982
1983
1984
....
....
....
....
....
5,161.7
5,291.7
5,189.3
5,423.8
5,813.6
3,374.1
3,422.2
3,470.3
3,668.6
3,863.3
645.3
704.9
606.0
662.5
857.7
323.5
327.4
302.4
294.6
318.7
310.9
319.1
315.0
354.8
441.1
1,115.4
1,125.6
1,145.4
1,187.3
1,227.0
14.3
30.7
-1 9 .8
-3 4 .4
-1 2 .0
-0 .2
2.5
-1 .9
4.5
7.2
-0 .3
1.4
1.4
5.7
5.3
-1 1 .0
9.2
-1 4 .0
9.3
29.5
10.8
1.2
-7 .6
-2 .6
8.2
-6 .6
2.6
-1 .3
12.6
24.3
2.0
0.9
1.8
3.7
3.3
0.0
0.0
0.1
0.2
-0.1
0.0
0.1
0.2
0.2
-0.1
-0.1
0.0
0.0
-0 .2
0.2
0.1
0.1
-0 .5
-0 .2
-0 .2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.4
-0 .2
1985
1986
1987
1988
1989
....
....
....
....
....
6,053.7
6,263.6
6,475.1
6,742.7
6,981.4
4,064.0
4,228.9
4,369.8
4,546.9
4,675.0
849.7
843.9
870.0
890.5
926.2
328.3
353.7
391.8
454.6
506.8
469.8
510.0
540.2
561.4
586.0
1,312.5
1,392.5
1,426.7
1,445.1
1,482.5
-3 1 .0
-4 5 .4
-4 3 .0
-3 3 .0
-23.1
4.1
3.5
3.4
4.1
3.5
5.2
4.1
3.3
4.1
2.8
-0 .9
-0 .7
3.1
2.4
4.0
3.0
7.7
10.8
16.0
11.5
6.5
8.6
5.9
3.9
4.4
7.0
6.1
2.5
1.3
2.6
0.3
0.1
0.0
-0.1
0.0
0.2
-0.1
0.0
0.1
0.1
0.0
0.0
0.6
- 0 .3
0.3
0.3
0.3
-0 .4
-0.1
-0 .3
0.0
0.2
-0 .2
0.1
0.5
0.5
0.7
-0 .5
0.1
-0 .2
1990
1991
1992
1993
1994
....
....
....
....
....
7,112.5
7,100.5
7,336.6
7,532.7
7,835.5
4,770.3
4,778.4
4,934.8
5,099.8
5,290.7
895.1
822.2
889.0
968.3
1,099.6
552.5
589.1
629.7
650.0
706.5
607.1
603.7
645.6
702.1
785.9
1,530.0
1,547.2
1,555.3
1,541.1
1,541.3
-2 8 .3
-3 2 .7
-2 6 .6
-2 4 .4
-1 6 .7
1.9
- 0 .2
3.3
2.7
4.0
2.0
0.2
3.3
3.3
3.7
-3 .4
-8.1
8.1
8.9
13.6
9.0
6.6
6.9
3.2
8.7
3.6
- 0 .6
7.0
8.8
11.9
3.2
1.1
0.5
-0 .9
0.0
0.1
0.3
0.3
0.0
0.0
0.2
0.4
0.4
-0.1
-0.1
-0 .3
0.5
-0 .4
0.2
0.4
0.3
0.1
0.7
-0.1
-0 .2
-0 .2
-0.1
0.4
-0 .3
-0.1
-0.1
-0.1
0.0
-0.1
-0.1
1995
1996
1997
1998
1999
....
....
....
....
....
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
778.2
843.4
943.7
966.5
1,008.2
849.1
923.0
1,048.3
1,170.3
1,304.4
1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
-1 4 .6
-10.1
-5 .4
-3 .6
-1 .6
2.5
3.7
4.5
4.2
4.5
2.7
3.4
3.8
5.0
5.1
3.1
8.9
12.4
9.8
7.8
10.1
8.4
11.9
2.4
4.3
8.0
8.7
13.6
11.6
11.5
0.5
1.0
1.9
1.9
3.9
-0 .2
0.1
0.1
-0.1
0.4
-0 .3
0.2
0.2
0.2
0.2
0.1
-0.1
0.3
-2 .0
1.2
-0 .2
0.2
-0 .4
0.3
0.9
-0 .2
0.1
-0.1
-0 .2
0.6
0.0
-0.1
-0 .5
0.0
0.0
2000 ....
2001 ....
2002 ....
9,817.0
9,866.6
10,083.0
6,739.4
6,904.6
7,140.4
1,735.5
1,590.6
1,572.0
1,096.3
1,039.0
1,014.2
1,475.8
1,437.1
1,484.7
1,721.6
1,768.9
1,836.9
0.0
0.6
4.2
3.7
0.5
2.2
4.7
2.5
3.4
5.7
-8 .4
-1 .2
8.7
-5 .2
-2 .4
13.1
-2 .6
3.3
2.1
2.8
3.8
-0.1
0.2
-0 .2
0.3
0.0
0.3
-0 .5
2.3
-2 .2
-1 .0
0.2
-0 .8
-0.1
0.3
-0 .4
-0 .6
-0 .9
-0 .6
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
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 impor
tance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions
to percent changes in real GDP, use table 2.
See “Explanatory Note” at the end of the text.
December 2003
37
S u rv e y o f C u r r e n t B usiness
T a b l e 7 C . C h a i n - T y p e P r i c e In d e x e s f o r G r o s s D o m e s t i c P r o d u c t , P e r c e n t C h a n g e f r o m P r e c e d i n g Y e a r , a n d R e v i s i o n t o P e r c e n t C h a n g e
Chain-type price indexes, 2000=100
Gross
domestic
product
Personal
con
sumption
expendi
tures
Gross
private
domestic
invest
ment
Exports
of goods
and
services
1959 ....
20.754
20.432
29.474
1960
1961
1962
1963
1964
....
....
....
....
....
21.044
21.281
21.572
21.801
22.134
20.767
20.985
21.232
21.479
21.786
29.619
29.538
29.558
29.467
29.634
1965
1966
1967
1968
1969
....
....
....
....
....
22.538
23.180
23.897
24.916
26.153
22.103
22.662
23.237
24.151
25.255
1970
1971
1972
1973
1974
....
....
....
....
....
27.538
28.916
30.171
31.854
34.721
1975
1976
1977
1978
1979
....
....
....
....
....
1980
1981
1982
1983
1984
Revision to percent change from preceding year2
Percent change from preceding year
Gross
domestic
pur
chases
Per
sonal Gross
con private
sump
do
tion
mestic
ex
invest
pendi ment
tures
Ex
ports
of
goods
and
serv
ices
0.0
0.1
0.1
0.0
0.4
0.1
-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.1
0.3
0.0
0.1
0.1
0.0
0.0
0.0
0.0
0.1
0.1
-0.1
-0 .2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
0.0
0.1
0.0
0.0
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
0.1
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
-0 .2
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-0 .5
0.3
1.5
-0 .6
-0 .5
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.2
-0.1
0.1
0.0
-0.1
0.0
0.0
0.0
9.3
5.8
6.8
7.1
8.8
0.1
0.1
0.0
-0.1
0.0
0.1
0.1
-0.1
-0.1
-0.1
0.0
-0 .1
0.0
0.0
0.0
-0.1
0.1
0.1
0.0
-0.1
0.0
0.0
0.0
0.0
0.0
0.1
0.2
-0.1
-0.1
0.0
0.1
0.1
0.0
-0.1
0.0
10.9
9.8
6.6
4.0
5.1
10.5
9.1
5.7
3.5
3.5
-0.1
0.1
-0.1
0.0
0.1
-0.1
0.1
-0 .2
0.0
0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
0.1
0.0
-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
-0.1
0.0
-0.1
-0.1
0.0
-0.1
0.0
0.0
-3 .3
0.1
6.1
4.8
2.2
3.1
1.8
2.8
2.6
3.1
2.9
2.3
3.1
3.4
3.8
-0 .2
0.0
-0 .3
0.0
0.0
-0 .2
0.0
-0 .3
0.1
0.0
-0.1
0.0
0.0
-0.1
-0.1
-0 .4
0.0
-0.1
-0.1
-0 .2
0.0
0.1
0.2
-0.1
-0 .3
0.1
0.0
0.0
-0.1
-0 .2
0.0
0.0
-0 .2
0.0
0.0
0.7
1.3
-0 .4
0.0
1.1
2.9
-0 .4
0.1
-0 .9
0.9
4.0
3.4
2.4
2.5
2.6
4.1
3.3
2.3
2.2
2.1
0.0
-0.1
-0.1
-0.1
0.0
0.0
-0 .2
-0 .2
-0.1
0.1
-0.1
-0.1
-0 .3
-0 .2
-0.1
0.0
-0.1
-0.1
0.0
0.0
0.3
0.1
-0.1
0.0
-0.1
0.0
0.0
0.0
-0.1
0.0
0.0
-0.1
-0 .2
-0.1
0.1
1.1
-0 .4
-0 .4
-1.1
-0.1
2.3
-1 .3
-1 .7
-2 .3
-0 .6
2.7
-1 .8
-3 .6
-5 .4
0.6
2.7
2.4
1.8
1.4
2.8
2.1
1.8
1.4
0.6
1.6
-0 .2
0.0
-0 .2
-0.1
0.0
-0 .2
0.1
-0 .2
-0 .2
0.1
-0.1
-0.1
-0 .2
-0.1
0.1
-0.1
0.0
-0 .2
-0.1
0.2
0.0
0.0
0.0
0.0
0.5
-0 .2
-0.1
-0 .4
-0.1
0.1
-0.1
0.0
-0 .2
-0 .2
0.1
1.0
1.1
0.0
1.7
- 0 .4
-0 .4
4.2
-2 .5
-1 .0
4.1
2.6
2.6
2.5
2.0
1.4
0.1
0.0
0.4
0.0
0.0
0.0
0.0
-0.1
0.5
0.3
0.4
-0 .2
-0 .3
0.4
-1 .3
0.2
0.2
0.9
0.0
0.1
0.2
Per
Ex
sonal Gross
Gross
ports
con private
do
of
sump
do
mestic
goods
tion
mestic
prod
and
invest
ex
uct
serv
pendi ment
ices
tures
Im
ports
of
goods
and
serv
ices
Gross Gross
do
Gov domes
mestic
ern
tic
ment1
pur
prod
uct
chases
Imports
of goods
and
services
Govern
ment1
29.433
21.901
15.404
20.365
1.2
1.6
0.9
0.2
0.9
0.4
1.2
0.1
29.846
30.300
30.375
30.307
30.556
22.110
22.110
21.849
22.273
22.743
15.597
15.909
16.314
16.669
17.132
20.646
20.865
21.139
21.385
21.725
1.4
1.1
1.4
1.1
1.5
1.6
1.0
1.2
1.2
1.4
0.5
-0 .3
0.1
-0 .3
0.6
1.4
1.5
0.2
-0 .2
0.8
1.0
0.0
-1 .2
1.9
2.1
1.3
2.0
2.5
2.2
2.8
1.4
1.1
1.3
1.2
1.6
0.0
0.0
0.0
0.0
0.0
30.107
30.726
31.538
32.714
34.264
31.529
32.481
33.725
34.461
35.627
23.059
23.596
23.688
24.048
24.675
17.588
18.330
19.099
20.128
21.341
22.102
22.724
23.389
24.380
25.580
1.8
2.8
3.1
4.3
5.0
1.5
2.5
2.5
3.9
4.6
1.6
2.1
2.6
3.7
4.7
3.2
3.0
3.8
2.2
3.4
1.4
2.3
0.4
1.5
2.6
2.7
4.2
4.2
5.4
6.0
1.7
2.8
2.9
4.2
4.9
-0.1
0.0
0.0
0.0
0.1
26.448
27.574
28.528
30.081
33.191
35.713
37.493
39.062
41.172
45.263
36.993
38.358
40.146
45.425
55.965
26.135
27.739
29.682
34.841
49.847
23.079
24.875
26.788
28.743
31.646
26.964
28.351
29.619
31.343
34.546
5.3
5.0
4.3
5.6
9.0
4.7
4.3
3.5
5.4
10.3
4.2
5.0
4.2
5.4
9.9
3.8
3.7
4.7
13.1
23.2
5.9
6.1
7.0
17.4
43.1
8.1
7.8
7.7
7.3
10.1
5.4
5.1
4.5
5.8
10.2
38.007
40.202
42.758
45.762
49.553
35.955
37.948
40.410
43.248
47.059
50.847
53.654
57.677
62.381
68.027
61.682
63.707
66.302
70.342
78.808
53.997
55.622
60.523
64.798
75.879
34.824
37.118
39.694
42.235
45.775
37.761
39.938
42.634
45.663
49.669
9.5
5.8
6.4
7.0
8.3
8.3
5.5
6.5
7.0
8.8
12.3
5.5
7.5
8.2
9.1
10.2
3.3
4.1
6.1
12.0
8.3
3.0
8.8
7.1
17.1
10.0
6.6
6.9
6.4
8.4
....
....
....
....
....
54.062
59.128
62.738
65.214
67.664
52.078
56.720
59.859
62.436
64.795
74.424
81.278
85.455
85.237
85.845
86.801
93.217
93.645
94.015
94.887
94.513
99.594
96.235
92.629
91.829
50.761
55.752
59.414
61.778
64.955
54.876
59.896
63.296
65.515
67.822
9.1
9.4
6.1
3.9
3.8
10.7
8.9
5.5
4.3
3.8
9.4
9.2
5.1
-0 .3
0.7
10.1
7.4
0.5
0.4
0.9
24.6
5.4
-3 .4
-3 .7
-0 .9
1985
1986
1987
1988
1989
....
....
....
....
....
69.724
71.269
73.204
75.706
78.569
66.936
68.569
70.947
73.755
76.972
86.720
88.599
90.289
92.354
94.559
91.983
90.639
92.874
97.687
99.310
88.813
88.871
94.251
98.774
100.944
66.970
68.175
70.056
71.899
74.139
69.760
71.338
73.527
76.043
78.934
3.0
2.2
2.7
3.4
3.8
3.3
2.4
3.5
4.0
4.4
1.0
2.2
1.9
2.3
2.4
-3.1
-1 .5
2.5
5.2
1.7
1990
1991
1992
1993
1994
....
....
....
....
....
81.614
84.457
86.402
88.390
90.265
80.498
83.419
85.824
87.804
89.654
96.379
97.749
97.395
98.521
99.813
99.982
101.313
100.892
100.898
102.033
103.826
103.420
103.552
102.671
103.634
77.139
79.787
81.719
83.789
86.002
82.144
84.836
86.828
88.730
90.583
3.9
3.5
2.3
2.3
2.1
4.6
3.6
2.9
2.3
2.1
1.9
1.4
-0 .4
1.2
1.3
1995
1996
1997
1998
1999
....
....
....
....
....
92.115
93.859
95.415
96.475
97.868
91.577
93.547
95.124
95.978
97.575
100.941
100.520
100.157
99.035
98.972
104.376
102.988
101.232
98.905
98.313
106.412
104.529
100.816
95.353
95.960
88.358
90.491
92.139
93.469
96.079
92.483
94.145
95.440
96.060
97.556
2.0
1.9
1.7
1.1
1.4
2.1
2.2
1.7
0.9
1.7
2000 ....
2001 ....
2002 ....
100.000
102.376
103.949
100.000
102.039
103.429
100.000
101.070
101.119
100.000
99.628
99.273
100.000
97.537
96.519
100.000
102.587
105.207
100.000
101.974
103.374
2.2
2.4
1.5
2.5
2.0
1.4
Year
1. G o v e rn m e n t c o n su m p tio n e xp e n d itu re s a n d g r o s s investm ent.
2. R e v is e d p erc e nt c h a n g e l e s s the p re v io u sly p u b lish e d p erc e nt c h a n g e .
Table 9 follows; table 8 was unavailable at press time.
Im
ports
of
goods
and
serv
ices
Gross
Gov domes
ern
tic
pur
ment1
chases
38
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b le 9 . R e la tio n o f G r o s s D o m e s tic P r o d u c t, G r o s s N a tio n a l P r o d u c t, a n d N a tio n a l In c o m e
[Billions of dollars]
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Gross domestic product...........................................................
6,337.7
6,657.4
7,072.2
7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,100.8
10,480.8
Plus: Income receipts from the rest of the w o rld ..................................
Less: Income payments to the rest of the world ..................................
152.7
123.0
156.2
124.3
186.4
160.2
233.9
198.1
248.7
213.7
286.7
253.7
287.1
265.8
320.8
287.0
382.7
343.7
319.0
283.8
299.1
277.6
Equals: Gross national product................................................
6,367.4
6,689.3
7,098.4
7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,135.9
10,502.3
Less: Consumption of fixed c a p ita l............................................................
Less: Statistical discrepancy ........................................................................
751.9
102.7
776.4
139.5
833.7
142.5
878.4
101.2
918.1
93.7
974.4
70.7
1,030.2
-1 4 .6
1,101.3
-3 5 .7
1,187.8
-12 7 .2
1,266.9
-1 1 2 .2
1,288.6
-7 7 .2
Equals: National income...........................................................
5,512.8
5,773.4
6,122.3
6,453.9
6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,981.2
9,290.8
Compensation of em ployees....................................................................
Wage and salary a cc ru als ...................................................................
Supplements to wages and s a la rie s ................................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ....................................................................
Rental income of persons with capital consumption adjustment
Corporate profits with inventory valuation and capital
consumption adjustments ....................................................................
Net interest and miscellaneous paym ents...........................................
Taxes on production and imports less subsidies..............................
Business current transfer payments ......................................................
Current surplus of government enterprises........................................
3,635.4
2,964.5
670.9
3,801.4
3,089.2
712.2
3,997.2
3,249.8
747.5
4,193.3
3,435.7
757.7
4,390.5
3,623.2
767.3
4,661.7
3,874.7
787.0
5,019.4
4,182.7
836.7
5,357.1
4,471.4
885.7
5,782.7
4,829.2
953.4
5,940.4
4,942.9
997.6
6,019.1
4,974.6
1,044.5
427.6
78.0
453.8
95.6
473.3
119.7
492.1
122.1
543.2
131.5
576.0
128.8
627.8
137.5
678.3
147.3
728.4
150.3
770.6
163.1
797.7
173.0
479.3
388.5
453.9
42.4
7.6
541.9
365.7
467.0
40.7
7.2
600.3
366.4
513.5
43.3
8.6
696.7
367.1
524.2
46.9
11.4
786.2
376.2
546.8
53.1
12.7
868.5
415.6
579.1
49.9
12.6
801.6
487.1
604.4
64.7
10.3
851.3
495.4
629.8
67.4
10.1
817.9
559.0
664.6
87.1
5.3
770.4
568.4
674.5
92.5
1.2
904.2
582.4
721.8
89.8
2.8
6,235.0
6,517.9
6,929.7
7,296.5
7,723.2
8,233.7
8,761.6
9,304.1
9,944.1
10,213.0
10,558.0
Addendum:
Gross domestic in c o m e .............................................................................
Seasonally adjusted at annual rates
1998
I
1999
II
III
IV
I
II
2000
III
IV
I
II
III
IV
Gross domestic product...........................................................
8,586.7
8,657.9
8,789.5
8,953.8
9,066.6
9,174.1
9,313.5
9,519.5
9,629.4
9,822.8
9,862.1
9,953.6
Plus: Income receipts from the rest of the w o rld ..................................
Less: Income payments to the rest of the world ..................................
290.4
262.0
293.6
267.2
282.4
269.2
282.1
264.7
294.6
264.0
310.4
274.6
329.9
300.0
348.4
309.6
362.9
330.4
386.0
349.2
379.7
348.1
402.1
347.2
Equals: Gross national product................................................
8,615.1
8,684.3
8,802.7
8,971.2
9,097.2
9,209.9
9,343.4
9,558.3
9,661.9
9,859.6
9,893.6
10,008.4
Less: Consumption of fixed capital ............................................................
Less: Statistical discrepancy.........................................................................
1,008.2
33.5
1,021.6
-2 4 .8
1,037.3
-5 7 .7
1,053.6
-9 .7
1,069.5
-4 6 .5
1,087.0
-3 8 .4
1,120.3
-3 1 .6
1,128.3
-2 6 .4
1,153.1
-1 7 1 .7
1,177.0
-6 7 .8
1,199.9
-1 6 4 .6
1,221.3
-1 0 4 .6
Equals: National income...........................................................
7,573.3
7,687.5
7,823.1
7,927.3
8,074.2
8,161.3
8,254.7
8,456.4
8,680.5
8,750.4
8,858.3
8,891.7
Compensation of em p lo yees....................................................................
Wage and salary accruals ..................................................................
Supplements to wages and salaries ...............................................
Proprietors’ income with inventory valuation and capital
consumption adjustm ents.....................................................................
Rental income of persons with capital consumption adjustment
Corporate profits with inventory valuation and capital
consumption adjustm ents.....................................................................
Net interest and miscellaneous p aym ents...........................................
Taxes on production and imports less subsidies..............................
Business current transfer payments .....................................................
Current surplus of government enterprises ........................................
4,893.4
4,075.7
817.6
4,976.9
4,146.4
830.5
5,061.5
4,218.3
843.2
5,145.7
4,290.4
855.3
5,248.0
4,380.9
867.0
5,302.5
4,425.4
877.1
5,376.3
4,486.1
890.2
5,501.7
4,593.2
908.5
5,694.1
4,760.0
934.1
5,727.2
4,783.2
944.0
5,837.4
4,874.9
962.5
5,871.9
4,898.8
973.1
606.2
131.0
619.2
135.7
632.6
141.6
653.3
141.6
664.3
145.2
672.0
147.6
680.6
144.5
696.1
152.1
709.3
153.8
726.5
148.5
735.6
148.2
742.1
150.5
811.9
464.7
595.6
59.8
10.7
794.0
488.5
601.6
60.8
10.8
807.1
498.8
607.7
63.3
10.6
793.5
496.2
612.8
75.1
9.2
844.2
480.6
616.6
64.2
11.2
849.3
490.6
623.5
65.4
10.5
842.3
498.8
634.0
68.1
10.0
869.3
511.5
645.3
71.8
8.6
832.6
548.3
653.2
81.3
7.9
833.0
560.6
662.6
85.0
7.1
811.8
564.3
667.9
88.9
4.2
794.3
563.0
674.6
93.1
2.2
8,553.2
8,682.7
8,847.2
8,963.5
9,113.0
9,212.5
9,345.1
9,545.9
9,801.1
9,890.6
10,026.6
10,058.2
Addendum:
Gross domestic in c o m e .............................................................................
Seasonally adjusted at annual rates
2001
I
II
2002
III
IV
I
II
2003
III
IV
I
II
Gross domestic product...........................................................
10,024.8
10,088.2
10,096.2
10,193.9
10,329.3
10,428.3
10,542.0
10,623.7
10,735.8
10,846.7
Plus: Income receipts from the rest of the w o rld ..................................
Less: Income payments to the rest of the world ..................................
355.8
328.5
331.8
304.5
304.9
293.3
283.3
208.9
284.4
262.4
299.0
291.4
308.3
289.9
304.8
266.9
296.8
269.0
299.5
266.2
Equals: Gross national product ...............................................
10,052.1
10,115.5
10,107.8
10,268.3
10,351.3
10,435.9
10,560.5
10,661.6
10,763.7
10,880.0
Less: Consumption of fixed c a p ita l.............................................................
Less: Statistical discrepancy ........................................................................
1,230.4
-1 2 0 .6
1,257.0
-8 7 .7
1,317.3
-104.1
1,263.1
-1 3 6 .5
1,271.6
-1 1 0 .7
1,286.8
-1 3 2 .0
1,295.8
-5 0 .3
1,300.4
-1 5 .7
1,305.7
23.2
1,303.4
-8 .3
Equals: National income...........................................................
8,942.2
8,946.2
8,894.7
9,141.8
9,190.5
9,281.1
9,314.9
9,376.9
9,434.8
9,584.9
Compensation of em ployees....................................................................
Wage and salary acc ru als ..................................................................
Supplements to wages and s a la rie s ...............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ....................................................................
Rental income of persons with capital consumption adjustment
Corporate profits with inventory valuation and capital
consumption adjustments ....................................................................
Net interest and miscellaneous payments .........................................
Taxes on production and imports less subsidies..............................
Business current transfer payments .....................................................
Current surplus of government enterprises........................................
5,935.6
4,951.9
983.7
5,936.0
4,945.0
991.0
5,940.8
4,938.8
1,002.1
5,949.3
4,935.8
1,013.5
5,972.4
4,945.1
1,027.3
6,014.8
4,973.1
1,041.7
6,031.1
4,980.9
1,050.2
6,058.0
4,999.1
1,058.8
6,115.8
5,034.6
1,081.2
6,164.8
5,070.8
1,093.9
761.3
153.0
766.4
155.6
769.2
171.1
785.7
172.6
779.3
175.9
796.2
184.4
803.2
172.7
812.2
159.0
813.5
163.2
838.8
153.4
755.8
563.9
672.6
97.0
3.0
748.6
566.7
668.9
102.4
1.6
713.6
568.0
660.3
71.1
.6
863.6
575.2
696.2
99.5
-.3
880.1
581.2
705.7
94.7
1.2
901.9
572.8
719.7
90.6
.6
899.8
585.7
729.1
87.8
5.4
934.9
589.7
732.8
86.2
4.1
927.1
589.3
729.4
90.1
6.3
1,022.8
581.7
725.2
92.5
5.8
10,145.3
10,175.9
10,200.3
10,330.4
10,440.0
10,560.2
10,592.3
10,639.4
10,712.7
10,855.0
Addendum:
Gross domestic in co m e.............................................................................
December 2003
39
S u r v ey of C u rrent B usiness
T a b l e 1 0 . P e r s o n a l I n c o m e a n d It s D i s p o s i t i o n
[Billions of dollars]
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Personal income1 .....................................................................
5,362.0
5,558.5
5,842.5
6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,713.1
8,910.3
Compensation of employees, received ................................................
W age and salary disbursem ents......................................................
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 a s s e ts .....................................................
Personal interest income ....................................................................
Personal dividend in c o m e ...................................................................
Personal current transfer receipts..........................................................
Less: Contributions for government social in surance.....................
3,651.2
2,980.3
670.9
3,794.9
3,082.7
712.2
3,979.6
3,232.1
747.5
4,177.0
3,419.3
757.7
4,386.9
3,619.6
767.3
4,664.6
3,877.6
787.0
5,020.1
4,183.4
836.7
5,352.0
4,466.3
885.7
5,782.7
4,829.2
953.4
5,940.4
4,942.9
997.6
6,019.1
4,974.6
1,044.5
427.6
34.5
393.0
78.0
910.9
723.4
187.4
749.4
473.3
33.9
439.4
119.7
950.8
716.8
234.0
827.3
508.2
690.7
492.1
22.7
469.5
122.1
1,016.4
763.2
253.2
877.4
576.0
34.2
541.8
128.8
1,181.7
848.7
333.0
951.2
627.8
29.4
598.4
137.5
1,283.2
933.2
349.9
978.6
624.2
1,027.0
678.3
28.6
649.7
147.3
1,264.2
928.6
335.6
1,022.1
661.4
728.4
22.7
705.7
150.3
1,387.0
1,011.0
376.1
1,084.0
702.7
1,235.7
770.6
25.0
745.6
163.1
1,374.9
1,003.7
371.2
1,192.6
728.5
1,243.7
797.7
14.3
783.4
173.0
1,378.5
982.4
396.2
1,292.2
532.8
744.1
543.2
37.3
505.9
131.5
1,089.2
793.0
296.2
925.0
555.2
832.1
Less: Personal current ta x e s ........................................................................
455.0
610.6
453.8
31.2
422.6
95.6
901.8
699.6
202.2
790.1
477.7
646.6
587.2
926.3
1,107.5
2002
750.3
1,053.1
Equals: Disposable personal income .......................................
4,751.4
4,911.9
5,151.8
5,408.2
5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,469.4
7,857.2
Less: Personal outlays ...................................................................................
4,385.4
4,627.9
4,902.4
5,157.3
5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,342.2
7,674.0
Equals: Personal saving...........................................................
366.0
284.0
249.5
250.9
228.4
218.3
276.8
158.6
168.5
127.2
183.2
Personal saving as a percentage of disposable personal income
7.7
5.8
4.8
4.6
4.0
3.6
4.3
2.4
2.3
1.7
2.3
5,536.3
5,594.2
5,746.4
5,905.7
6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,320.2
7,596.7
Addendum:
Disposable personal income, billions of chained (2000) dollars 2
Seasonally adjusted at annual rates
1998
1
2000
1999
II
III
I
IV
II
III
I
IV
II
IV
III
Personal income1 .....................................................................
7,247.1
7,376.0
7,485.8
7,583.0
7,658.4
7,728.8
7,823.7
7,998.8
8,266.2
8,372.3
8,514.4
8,565.8
Compensation of employees, received .................................................
Wage and salary disbursements ......................................................
Supplements to wages and salaries ...............................................
Proprietors’ income with inventory valuation and capital
consumption adjustm ents.....................................................................
F a rm ............................................................................................................
Nonfarm .....................................................................................................
Rental income of persons with capital consumption adjustment
Personal income receipts on a s s e ts .....................................................
Personal interest income .....................................................................
Personal dividend in c o m e ...................................................................
Personal current transfer receip ts..........................................................
4,894.1
4,076.5
817.6
4,977.6
4,147.1
830.5
5,062.2
4,219.0
843.2
5,146.4
4,291.1
855.3
5,242.8
4,375.8
867.0
5,297.3
4,420.2
877.1
5,371.2
4,481.0
890.2
5,496.5
4,588.0
908.5
5,694.1
4,760.0
934.1
5,727.2
4,783.2
944.0
5,837.4
4,874.9
962.5
5,871.9
4,898.8
973.1
606.2
29.6
576.6
131.0
1,257.6
909.1
348.5
969.7
619.2
27.7
591.5
135.7
1,287.6
937.0
350.6
975.8
611.5
991.2
619.9
1,018.3
653.3
32.8
620.4
141.6
1,288.8
938.3
350.5
989.8
636.8
1,061.0
664.3
34.9
629.4
145.2
1,249.4
911.2
338.2
1,009.5
652.8
1,071.7
672.0
29.3
642.7
147.6
1,255.4
923.7
331.6
1,013.3
656.8
1,090.2
680.6
25.6
655.1
144.5
1,262.3
930.0
332.4
1,027.4
Less: Contributions for government social insurance .....................
Less: Personal current ta x e s ........................................................................
632.6
27.4
605.1
141.6
1,298.8
948.6
350.2
979.1
628.5
1,037.7
662.4
1,115.5
696.1
24.6
671.5
152.1
1,289.7
949.6
340.1
1,038.1
673.8
1,152.5
709.3
23.2
686.1
153.8
1,349.9
991.5
358.4
1,054.6
695.5
1,207.0
726.5
23.8
702.7
148.5
1,385.6
1,010.2
375.4
1,080.8
696.3
1,231.1
735.6
23.0
712.6
148.2
1,406.2
1,021.4
384.7
1,094.8
707.7
742.1
20.7
721.4
150.5
1,406.5
1,020.8
385.7
1,106.0
711.2
1,248.0
1,256.6
Equals: Disposable personal income........................................
6,255.9
6,357.7
6,448.1
6,522.1
6,586.7
6,638.6
6,708.2
6,846.2
7,059.2
7,141.2
7,266.4
7,309.3
Less: Personal outlays....................................................................................
5,964.2
6,072.3
6,167.6
6,272.5
6,346.3
6,489.5
6,593.2
6,716.6
6,888.0
6,970.0
7,076.3
7,168.1
Equals: Personal saving ...........................................................
291.7
285.4
280.5
249.6
240.4
149.1
115.0
129.7
171.2
171.3
190.1
141.2
Personal saving as a percentage of disposable personal income
4.7
4.5
4.3
3.8
3.6
2.2
1.7
1.9
2.4
2.4
2.6
1.9
6,543.4
6,638.6
6,710.9
6,763.0
6,812.9
6,822.1
6,856.0
6,955.6
7,109.7
7,157.5
7,249.3
7,259.6
Addendum:
Disposable personal income, billions of chained (2000) dollars 2
Seasonally adjusted at annual rates
1
II
2003
2002
2001
I
II
I
II
III
IV
III
IV
Personal income1 .....................................................................
8,663.5
8,690.2
8,727.4
8,771.2
8,803.6
8,912.2
8,944.0
8,981.3
9,048.7
9,145.9
Compensation of employees, received ...............................................
W age and salary disbursem ents......................................................
Supplements to wages and salaries ...............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ...................................................................
Farm ..........................................................................................................
N o n fa rm ....................................................................................................
Rental income of persons with capital consumption adjustment
Personal income receipts on assets ....................................................
Personal interest in c o m e .....................................................................
Personal dividend in co m e...................................................................
Personal current transfer receipts .........................................................
5,935.6
4,951.9
983.7
5,936.0
4,945.0
991.0
5,940.8
4,938.8
1,002.1
5,949.3
4,935.8
1,013.5
5,972.4
4,945.1
1,027.3
6,014.8
4,973.1
1,041.7
6,031.1
4,980.9
1,050.2
6,058.0
4,999.1
1,058.8
6,114.4
5,033.2
1,081.2
6,166.2
5,072.2
1,093.9
761.3
24.9
736.5
153.0
1,391.8
1,013.7
378.1
1,148.0
766.4
24.8
741.5
155.6
1,378.1
1,008.5
369.6
1,181.9
785.7
26.8
758.9
172.6
1,362.3
991.7
370.6
1,232.3
726.3
1,302.1
727.6
1,308.7
796.2
15.2
780.9
184.4
1,375.4
984.0
391.4
1,291.1
749.6
1,043.7
803.2
13.5
789.7
172.7
1,387.5
985.3
402.2
1,301.6
752.1
812.2
16.3
795.9
159.0
1,392.0
981.2
410.8
1,315.6
755.5
1,053.0
1,045.6
813.5
13.0
800.5
163.2
1,388.6
970.6
418.0
1,337.6
768.7
1,009.4
838.8
20.0
818.8
153.4
1,390.2
964.9
425.3
1,369.7
Less: Contributions for government social in su ran ce.....................
Less: Personal current taxes .......................................................................
769.2
23.5
745.7
171.1
1,367.4
1,000.7
366.7
1,208.0
729.2
1,120.9
731.1
1,243.0
779.3
12.1
767.2
175.9
1,359.3
979.1
380.2
1,260.5
743.7
1,069.9
772.3
1,000.2
Equals: Disposable personal income .......................................
7,361.3
7,381.6
7,606.4
7,528.1
7,733.7
7,868.6
7,891.0
7,935.6
8,039.2
8,145.8
Less: Personal outlays ...................................................................................
7,219.7
7,302.3
7,395.7
7,451.0
7,538.1
7,646.8
7,722.0
7,789.2
7,888.3
7,956.7
Equals: Personal saving...........................................................
141.7
79.3
210.7
77.1
195.6
221.7
169.0
146.4
151.0
189.0
Personal saving as a percentage of disposable personal income
1.9
1.1
2.8
1.0
2.5
2.8
2.1
1.8
1.9
2.3
7,254.6
7,228.8
7,440.6
7,356.6
7,544.8
7,621.5
7,605.2
7,615.8
7,662.0
7,753.5
Addendum:
Disposable personal income, billions of chained (2000) dollars2
1. P e rs o n a l in co m e is a ls o e qu al to national in co m e le s s corporate profits with inventory valuation a n d capital
c o nsum ptio n ad justm ents, t a x e s o n p roduction a n d im ports le s s su b sid ie s, contributions for go ve rn m e nt so cial insurance, net interest a n d m is c e lla n e o u s p aym e n ts, b u s in e s s current transfer paym e n ts, current su rp lu s of g o ve rn m e nt
enterprises, a n d w a g e a c cru a ls l e s s d isb u rse m e n ts, p lu s p erso na l in co m e receipts on a s s e t s a n d p e rso na l current
transfer receipts,
2. E q u a ls d is p o s a b le p e rso na l in com e deflated b y the implicit price deflator for p erso na l co nsum ptio n expenditures,
40
Initial Results of the Com prehensive N IP A Revision
December 2003
T a b l e 1 1 A . C o r p o r a t e P r o f it s
[Billions of dollars]
1992
1993
1994
1995
1997
1996
1998
1999
2000
2002
2001
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
479.3
541.9
600.3
696.7
786.2
868.5
801.6
851.3
817.9
770.4
904.2
Less: Taxes on corporate income ..............................................................
148.7
171.0
193.7
218.7
231.7
246.1
248.3
258.6
265.2
201.1
195.0
Equals: Profits after tax with inventory valuation and capital
consumption adjustments.....................................................
330.6
370.9
406.5
478.0
554.5
622.4
553.3
592.6
552.7
569.3
709.1
187.9
202.8
234.7
254.2
297.6
334.5
351.6
337.4
377.9
373.2
398.3
142.7
168.1
171.8
223.8
256.9
287.9
201.7
255.3
174.8
196.0
310.8
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments.................................................
551.4
589.4
628.4
710.7
770.5
841.6
790.6
887.2
864.8
937.3
1,058.2
Undistributed profits with inventory valuation and capital
consumption adjustments ...............................................................
Consumption of fixed capital ..............................................................
Less: Inventory valuation adjustment ...................................................
142.7
408.7
-2 .8
168.1
421.3
-4 .0
171.8
456.6
-12 .4
223.8
486.9
-1 8 .3
256.9
513.6
3.1
287.9
553.6
14.1
201.7
589.0
20.2
255.3
632.0
1.0
174.8
690.0
-14.1
196.0
741.3
9.1
310.8
747.3
-2 .2
554.2
593.4
640.8
729.0
767.5
827.4
770.4
886.3
878.9
928.2
1,060.4
Net dividen ds................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ....................................................................
Equals: Net cash flow...........................................................
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 adjustm ent............................................................
461.1
517.1
577.1
674.3
733.0
798.2
718.3
775.9
773.4
696.8
745.0
312.4
-2 .8
21.1
346.1
-4 .0
28.8
383.3
-12 .4
35.7
455.6
-1 8 .3
40.7
501.4
3.1
50.1
552.1
14.1
56.2
470.0
20.2
63.1
517.2
1.0
74.5
508.2
-14.1
58.6
495.6
9.1
64.5
549.9
-2 .2
161.5
Seasonally adjusted at annual rates
1998
I
II
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
811.9
Less: Taxes on corporate in c o m e ...............................................................
249.1
Equals: Profits after tax with inventory valuation and capital
consumption adjustments .....................................................
Net dividen ds................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustm ents.....................................................................
1999
III
IV
794.0
807.1
246.4
252.9
562.9
547.6
350.1
352.3
2000
I
II
III
IV
I
793.5
844.2
849.3
842.3
869.3
244.9
251.0
256.5
260.2
266.8
554.2
548.6
593.2
592.9
582.1
351.9
352.2
339.9
333.4
334.2
II
III
IV
832.6
833.0
811.8
794.3
280.8
272.5
260.3
247.1
602.5
551.8
560.5
551.5
547.2
342.0
360.3
377.3
386.6
387.6
212.7
195.3
202.3
196.3
253.2
259.4
247.9
260.5
191.6
183.2
164.9
159.6
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments.................................................
788.2
778.8
795.7
799.9
866.2
882.9
889.2
910.6
858.5
866.2
863.0
871.6
Undistributed profits with inventory valuation and capital
consumption adjustments ...............................................................
Consumption of fixed capital ..............................................................
Less: Inventory valuation adjustm ent....................................................
212.7
575.4
24.0
195.3
583.5
15.1
202.3
593.4
21.5
196.3
603.5
20.2
253.2
613.0
20.9
259.4
623.5
6.6
247.9
641.3
-8 .5
260.5
650.1
-1 5 .3
191.6
666.9
-2 8 .6
183.2
683.0
-1 1 .3
164.9
698.2
-6 .3
159.6
712.0
-10.1
764.2
763.7
774.2
779.7
845.3
876.3
897.8
925.8
887.1
877.5
869.3
881.7
727.9
717.4
722.0
705.7
750.3
766.5
775.3
811.4
795.4
784.8
762.6
750.8
478.9
24.0
60.0
471.0
15.1
61.4
469.2
21.5
63.5
460.8
20.2
67.6
499.3
20.9
72.9
510.0
6.6
76.2
515.1
-8 .5
75.5
544.5
-1 5 .3
73.2
514.6
-2 8 .6
65.8
512.2
-1 1 .3
59.6
502.3
-6 .3
55.5
503.7
-10.1
53.6
Equals: Net cash flow...........................................................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Profits after tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Inventory valuation adjustm ent................................................................
Capital consumption adjustment .............................................................
Seasonally adjusted at annual rates
2001
I
II
2002
III
IV
I
II
2003
III
IV
I
II
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
755.8
748.6
713.6
863.6
880.1
901.9
899.8
934.9
927.1
1,022.8
Less: Taxes on corporate income ..............................................................
219.1
217.2
198.2
170.1
181.6
197.1
198.6
202.9
213.9
211.4
Equals: Profits after tax with inventory valuation and capital
consumption adjustments.....................................................
536.7
531.4
515.5
693.5
698.6
704.8
701.2
732.0
713.2
811.3
380.0
371.5
368.7
372.6
382.3
393.5
404.3
413.1
420.3
427.5
156.6
159.9
146.8
320.9
316.3
311.3
296.9
318.9
292.9
383.8
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ................................................
873.9
888.3
931.9
1,055.3
1,053.8
1,059.0
1,049.0
1,070.8
1,043.3
1,129.4
Undistributed profits with inventory valuation and capital
consumption adjustm ents...............................................................
Consumption of fixed capital ..............................................................
Less: Inventory valuation adjustment ...................................................
156.6
717.3
-4 .9
159.9
728.4
-1 .6
146.8
785.1
14.3
320.9
734.3
28.7
316.3
737.5
12.1
311.3
747.7
.9
296.9
752.1
-11.1
318.9
751.9
-1 0 .8
292.9
750.4
-28.1
383.8
745.6
1.2
878.7
889.9
917.5
1,026.6
1,041.7
1,058.1
1,060.2
1,081.7
1,071.4
1,128.2
735.5
733.0
671.5
647.0
690.6
738.0
756.3
795.0
809.0
792.5
516.4
-4 .9
25.1
515.8
-1 .6
17.2
473.3
14.3
27.8
477.0
28.7
187.9
509.0
12.1
177.4
540.9
.9
163.0
557.7
-11.1
154.7
592.1
-10 .8
150.7
595.0
-28.1
146.3
581.0
1.2
229.2
Net dividen ds................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ....................................................................
Equals: Net cash flow ..........................................................
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 adjustm ent............................................................
December 2003
41
S u rv e y o f C u r r e n t B usiness
T a b l e 1 1 B . C o r p o r a t e P r o f it s : P e r c e n t C h a n g e F r o m P r e c e d i n g P e r io d
1992
1994
1993
1995
1997
1996
1998
2000
1999
2002
2001
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
6.2
13.1
10.8
16.1
12.8
10.5
-7.7
6.2
-3.9
-5.8
17.4
Less: Taxes on corporate income .............................................................
7.3
15.0
13.3
12.9
5.9
6.2
.9
4.2
2.5
-24.1
-3 .0
Equals: Profits after tax with inventory valuation and capital
consumption adjustments.....................................................
Net dividen ds................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ...................................................................
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments.................................................
Undistributed profits with inventory valuation and capital
consumption adjustm ents..............................................................
Consumption of fixed capital .............................................................
Less: Inventory valuation adjustment ...................................................
Equals: Net cash flow...........................................................
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 adjustm ent............................................................
5.8
12.2
9.6
17.6
16.0
12.2
-11.1
7.1
-6.7
3.0
24.6
4.0
7.9
15.7
8.3
17.1
12.4
5.1
-4.1
12.0
-1 .3
6.7
8.2
17.8
2.2
30.3
14.8
12.1
-3 0 .0
26.6
-3 1 .5
12.2
58.6
4.5
6.9
6.6
13.1
8.4
9.2
-6.1
12.2
-2.5
8.4
12.9
8.2
3.3
17.8
3.1
2.2
8.4
30.3
6.6
14.8
5.5
12.1
7.8
-3 0 .0
6.4
26.6
7.3
-3 1 .5
9.2
12.2
7.4
58.6
.8
6.0
7.1
8.0
13.8
5.3
7.8
-6.9
15.0
-.8
5.6
14.2
9.0
12.2
11.6
16.9
8.7
8.9
-1 0 .0
8.0
- .3
-9 .9
6.9
9.8
10.8
10.8
18.9
10.0
10.1
-1 4 .9
10.1
-1 .7
-2 .5
11.0
-9 .5
36.9
23.7
14.1
23.0
12.3
12.4
17.9
-2 1 .3
10.1
150.3
III
IV
Quarterly rates
1999
1998
I
II
III
IV
II
I
2000
III
IV
I
II
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
-7.9
-2.2
1.7
-1.7
6.4
0.6
-0.8
3.2
-4.2
0
-2.6
-2.2
Less: Taxes on corporate in co m e...............................................................
-1 .3
-1.1
2.6
-3.1
2.5
2.2
1.5
2.5
5.2
-2 .9
-4 .5
-5.1
Equals: Profits after tax with inventory valuation and capital
consumption adjustments.....................................................
-10.6
-2.7
1.2
-1.0
8.1
-.1
-1.8
3.5
-8.4
1.6
-1.6
-.8
.9
.6
.1
-3 .5
-1 .9
.2
2.3
5.4
4.7
2.5
.3
-4 .4
5.1
-2 6 .5
-4 .3
-1 0 .0
-3 .2
-.1
Net dividen ds................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustm ents....................................................................
-2 4 .7
-8 .2
3.6
-3 .0
29.0
2.4
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments.................................................
-7.5
-1.2
2.2
.5
8.3
1.9
.7
2.4
-5.7
.9
-.4
1.0
-2 4 .7
1.0
-8 .2
1.4
3.6
1.7
-3 .0
1.7
29.0
1.6
2.4
1.7
-4 .4
2.9
5.1
1.4
-2 6 .5
2.6
-4 .3
2.4
-1 0 .0
2.2
-3 .2
2.0
-9.2
-.1
1.4
.7
8.4
3.7
2.5
3.1
-4.2
-1.1
-.9
1.4
-1 0 .4
-1 .4
.6
-2 .3
6.3
2.2
1.1
4.6
-2 .0
-1 .3
-2 .8
-1 .5
-1 4 .6
-1 .6
- .4
-1 .8
8.4
2.1
1.0
5.7
-5 .5
- .5
-1 .9
.3
2.7
2.4
3.4
6.5
7.8
4.5
-.9
-3.1
-io.i
-9 .4
-6 .9
-3 .3
Undistributed profits with inventory valuation and capital
consumption adjustm ents...............................................................
Consumption of fixed capital .............................................................
Less: Inventory valuation adjustm ent....................................................
Equals: Net cash flow...........................................................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Profits after tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Inventory valuation adjustm ent................................................................
Capital consumption adjustm ent............................................................
Quarterly rates
2001
I
-4.8
Less: Taxes on corporate income .............................................................
-1 1 .3
Equals: Profits after tax with inventory valuation and capital
consumption adjustments.....................................................
III
II
Corporate profits with inventory valuation and capital
consumption adjustments.....................................................
2002
IV
II
I
2003
III
IV
II
I
-0.9
-.9
-4.7
21.0
1.9
2.5
-0.2
3.9
-0.8
10.3
-8 .8
-1 4 .2
6.8
8.6
.8
2.2
5.5
-1 .2
13.8
-1.9
-1.0
-3.0
34.5
.7
.9
-.5
4.4
-2.6
Net dividends................................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ...................................................................
-2 .0
-2 .2
-.8
1.1
2.6
2.9
2.7
2.2
1.8
1.7
-1 .9
2.1
-8 .2
118.6
-1 .5
-1 .6
-4.6
7.4
-8 .2
31.0
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ................................................
.3
1.6
4.9
13.2
-.1
.5
-.9
2.1
-2.6
8.3
Undistributed profits with inventory valuation and capital
consumption adjustm ents...............................................................
Consumption of fixed capital ..............................................................
-1 .9
.7
2.1
1.6
-8 .2
7.8
118.6
-6 .5
-1 .5
.4
-1 .6
1.4
-4 .6
.6
7.4
0
-8 .2
-.2
31.0
-.6
-.3
1.3
3.1
11.9
1.5
1.6
.2
2.0
-1.0
5.3
-2 .0
-.3
-8 .4
-3 .6
6.7
6.9
2.5
5.1
1.8
-2 .0
2.5
-.1
-8 .2
.8
6.7
6.3
3.1
6.2
.5
-2 .4
-53.1
-3 1 .5
61.8
575.0
-5 .6
-8.1
-5.1
-2 .6
-2 .9
56.7
Equals: Net cash flow ..........................................................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Profits after tax (without inventory valuation and capital
consumption adjustments) ..................................................................
Capital consumption adjustm ent............................................................
42
Initial Results of the C om prehensive N IP A Revision
December 2003
T a b l e 1 2 A . C o r p o r a t e P r o f it s b y In d u s t r y
[Billions of dollars]
Seasonally adjusted at annual rates
1998
1999
2000
2001
2002
2001
I
II
2002
III
IV
I
2003
II
III
IV
I
II
Corporate profits with inventory valuation and capital
consumption adjustments........................................
Domestic industries..............................................................
801.6
698.7
851.3
729.8
817.9
672.2
770.4
608.9
904.2
750.8
755.8
606.5
748.6
595.8
713.6
569.6
863.6
663.8
880.1
728.8
901.9
757.8
899.8
748.7
934.9
767.9
927.1 1,022.8
778.4 874.3
F in ancial...................................................................................................
Nonfinancial ............................................................................................
154.5
544.1
183.5
546.3
184.7
487.5
213.3
395.6
259.1
491.7
210.2
396.2
201.2
394.6
194.1
375.5
247.7
416.1
271.7
457.2
263.5
494.3
252.5
496.1
248.6
519.3
268.4
510.0
Rest of the world..................................................................
103.0
121.5
145.7
161.5
153.4
149.3
152.8
144.1
199.7
151.3
144.1
151.1
166.9
148.7
148.5
Receipts from the rest of the world ...............................................
Less: Payments to the rest of the w o rld .......................................
147.0
44.0
176.8
55.3
202.5
56.8
178.6
17.1
202.4
49.1
185.5
36.2
180.1
27.3
174.3
30.2
174.4
-2 5 .3
183.9
32.6
198.9
54.8
213.0
61.8
214.0
47.0
215.4
66.6
220.8
72.3
Corporate profits with inventory valuation adjustment
Domestic industries..............................................................
738.5
635.5
776.8
655.3
759.3
613.6
705.9
544.4
742.7
589.4
730.7
581.3
731.4
578.6
685.8
541.7
675.7
476.0
702.7
551.4
738.9
594.8
745.1
594.0
784.2
617.2
780.9
632.1
793.6
645.1
F in ancial....................................................................................................
Federal Reserve banks .................................................................
Other fin a n c ia l...................................................................................
165.4
25.2
140.2
194.3
26.3
168.0
200.2
30.8
169.4
225.6
28.3
197.3
255.1
22.9
232.2
228.3
31.3
197.0
219.9
29.2
190.6
211.1
27.4
183.7
243.2
25.2
218.0
267.5
23.8
243.8
260.6
23.9
236.7
249.0
22.6
226.4
243.4
21.2
222.1
261.8
21.2
240.7
260.6
20.5
240.1
Nonfinancial ............................................................................................
U tilitie s .................................................................................................
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 g o o d s ............................................................
470.1
32.7
157.0
83.4
16.7
15.6
3.9
6.1
6.4
34.6
461.1
33.1
150.6
72.3
16.5
12.4
-6 .5
6.3
7.3
36.4
413.4
24.4
144.3
60.0
15.5
8.2
4.0
5.6
-1 .0
27.7
318.8
24.1
54.0
-24 .9
9.7
3.2
-4 9 .4
2.0
-7 .2
16.7
334.3
22.0
73.3
8.8
9.7
1.5
-1 8 .4
1.7
-1 .0
15.3
353.0
26.0
86.8
13.9
11.4
9.6
-1 9 .3
3.0
-5 .8
15.0
358.8
27.1
79.3
-4 .4
10.5
5.8
-3 8 .3
2.7
-8 .2
22.9
330.6
25.0
50.1
-3 7 .6
9.9
-5 .2
-6 0 .9
2.2
-4 .0
20.4
232.7
18.4
-.2
-7 1 .7
6.9
2.5
-7 9 .0
.3
-1 0 .9
8.5
283.8
18.5
42.0
-1 6 .4
8.8
2.0
-40.1
3.1
- 5 .7
15.5
334.2
25.3
69.2
5.8
9.3
2.6
-2 3 .6
1.5
2.3
13.7
345.0
21.5
87.2
20.4
8.4
2.6
-8 .7
1.6
1.1
15.3
373.9
22.8
95.1
25.2
12.1
-1 .3
-1 .2
.7
-1 .7
16.6
370.3
28.1
87.1
17.1
8.9
-2 .8
-5 .6
.7
7.3
8.6
384.5
21.1
80.3
13.9
12.1
-2 .7
-1 .8
- .9
-1 .9
9.1
Nondurable goods ......................................................................
Food and beverage and tobacco p rod ucts...................
Petroleum and coal products.............................................
Chemical products.................................................................
Other nondurable goods .....................................................
73.6
21.8
4.9
25.1
21.8
78.3
30.7
1.8
23.0
22.7
84.3
25.4
26.9
14.2
17.8
78.9
27.5
29.9
13.8
7.7
64.6
32.8
6.4
17.5
7.9
72.8
23.0
34.1
5.8
9.8
83.7
27.6
33.4
14.6
8.1
87.7
28.5
32.5
16.7
10.0
71.4
31.0
19.6
18.1
2.7
58.3
31.4
4.1
16.2
6.6
63.3
32.9
5.1
16.6
8.7
66.8
34.4
7.7
17.7
7.0
69.9
32.4
8.7
19.4
9.4
70.0
32.4
20.2
18.9
-1 .5
66.4
30.6
20.6
15.8
-.5
Wholesale trade ...............................................................................
Retail tr a d e .........................................................................................
Transportation and warehousing .................................................
Inform ation..........................................................................................
Other nonfinancial............................................................................
53.2
66.4
21.0
20.1
119.8
55.5
65.2
16.1
10.5
130.1
59.7
59.6
14.9
-1 7 .6
128.2
51.6
71.1
-.1
-27 .2
145.3
49.1
76.7
-2 .3
-2 0 .2
135.5
46.1
64.2
3.8
-2 3 .0
149.2
47.7
66.8
3.2
-2 1 .5
156.2
54.1
74.3
.9
-2 6 .3
152.4
58.5
79.1
-8 .3
-3 8 .0
123.3
48.8
75.8
-3 .0
-2 5 .9
127.5
53.9
79.7
-5 .2
-22.1
133.5
45.7
77.5
-3 .5
-20.1
136.7
47.9
73.9
2.4
-1 2 .6
144.4
39.8
72.9
5.6
-1 1 .4
148.1
42.6
85.0
12.9
-8 .0
150.7
Rest of the world..................................................................
103.0
121.5
145.7
161.5
153.4
149.3
152.8
144.1
199.7
151.3
144.1
151.1
166.9
148.7
148.5
279.6
594.7
T a b l e 1 2 B . C o r p o r a t e P r o f i t s b y In d u s t r y : C h a n g e F r o m P r e c e d i n g P e r io d
[Billions of dollars]
2001
1999
2000
2001
2002
2003
2002
II
III
IV
I
II
IV
III
I
II
Corporate profits with inventory valuation and capital
consumption adjustments ........................................
Domestic industries..............................................................
49.7
31.1
-33.4
-57.6
-47.5
-63.3
133.8
141.9
-7.2
-10.7
-35.0
-26.2
150.0
94.2
16.5
65.0
21.8
29.0
-2.1
-9.1
35.1
19.2
-7.8
10.5
95.7
95.9
Fin an cial....................................................................................................
Nonfinancial ............................................................................................
29.0
2.2
1.2
-5 8 .8
28.6
-9 1 .9
45.8
96.1
-9 .0
-1 .6
-7.1
-19.1
53.6
40.6
24.0
41.1
-8 .2
37.1
-1 1 .0
1.8
-3 .9
23.2
19.8
-9 .3
11.2
84.7
Rest of the world..................................................................
18.5
24.2
15.8
-8.1
3.5
-8.7
55.6
-48.4
-7.2
7.0
15.8
-18.2
-.2
Receipts from the rest of the w o rld .................................................
Less: Payments to the rest of the w o rld .......................................
29.8
11.3
25.7
1.5
-2 3 .9
-3 9 .7
23.8
32.0
-5 .4
-8 .9
-5 .8
2.9
.1
-5 5 .5
9.5
57.9
15.0
22.2
14.1
7.0
1.0
-1 4 .8
1.4
19.6
5.4
5.7
Corporate profits with inventory valuation adjustment
Domestic industries..............................................................
38.3
19.8
-17.5
-41.7
-53.4
-69.2
36.8
45.0
.7
-2.7
-45.6
-36.9
-10.1
-65.7
27.0
75.4
36.2
43.4
6.2
-.8
39.1
23.2
Fin an cial....................................................................................................
Federal Reserve b a n k s ..................................................................
Other financial ...................................................................................
12.7
13.0
28.9
1.1
27.8
5.9
4.5
1.4
25.4
-2 .5
27.9
-3.3
14.9
29.5
-5 .4
34.9
-8 .4
-2.1
-6 .4
-8 .8
-1 .8
-6 .9
32.1
-2 .2
34.3
24.3
- 1 .4
25.8
-6 .9
.1
-7.1
-1 1 .6
-1 .3
-1 0 .3
-5 .6
-1 .4
-4 .3
18.4
0
18.6
-1 .2
-.7
-.6
Nonfinancial ............................................................................................
U tilitie s .................................................................................................
Manufacturing ....................................................................................
Durable goods .............................................................................
Fabricated metal products ..................................................
Machinery .................................................................................
Computer and electronic products....................................
Electrical equipment, appliances, and components ....
Motor vehicles, bodies and trailers, and p a rts .............
Other durable goods ............................................................
-9 .0
.4
-6 .4
-11.1
-.2
-3 .2
-1 0 .4
.2
.9
1.8
-4 7 .7
-8 .7
-6 .3
-1 2 .3
-1 .0
-4 .2
10.5
-.7
-8 .3
-8 .7
-9 4 .6
-.3
-9 0 .3
-8 4 .9
-5 .8
-5 .0
-5 3 .4
-3 .6
-6 .2
-1 1 .0
15.5
-2.1
19.3
33.7
0
-1 .7
31.0
-.3
6.2
-1 .4
5.8
1.1
-7 .5
-1 8 .3
-.9
-3 .8
-1 9 .0
-.3
-2 .4
7.9
-2 8 .2
-2.1
-2 9 .2
-3 3 .2
-.6
-11 .0
-2 2 .6
-.5
4.2
-2 .5
-9 7 .9
-6 .6
-5 0 .3
-34.1
-3 .0
7.7
-18.1
-1 .9
-6 .9
-1 1 .9
51.1
.1
42.2
55.3
1.9
- .5
38.9
2.8
5.2
7.0
50.4
6.8
27.2
22.2
.5
.6
16.5
-1 .6
8.0
-1 .8
10.8
-3 .8
18.0
14.6
- .9
0
14.9
.1
-1 .2
1.6
28.9
1.3
7.9
4.8
3.7
-3 .9
7.5
- .9
-2 .8
1.3
-3 .6
5.3
-8 .0
-8.1
-3 .2
-1 .5
-4 .4
0
9.0
-8 .0
14?
-7 .0
-6 .8
-3 ?
3.2
.1
3.8
-1 .6
-9 ?
.5
Nondurable goods ......................................................................
Food and beverage and tobacco products ...................
Petroleum and coal prod ucts.............................................
Chemical prod ucts.................................................................
Other nondurable goods .....................................................
4.7
8.9
-3.1
-2.1
.9
6.0
-5 .3
25.1
-8 .8
-4 .9
-5 .4
2.1
3.0
-.4
-10.1
-1 4 .3
5.3
-2 3 .5
3.7
.2
10.9
4.6
-.7
8.8
-1 .7
4.0
.9
-.9
2.1
1.9
-1 6 .3
2.5
-1 2 .9
1.4
-7 .3
-13.1
.4
-1 5 .5
-1 .9
3.9
5.0
1.5
1.0
.4
2.1
3.5
1.5
2.6
1.1
-1 .7
3.1
-2 .0
1.0
1.7
2.4
.1
0
11.5
-.5
-1 0 .9
-3 .6
-1 .8
.4
-3.1
1.0
Wholesale trade ...............................................................................
Retail tr a d e .........................................................................................
Transportation and warehousing .................................................
Inform ation..........................................................................................
Other nonfinancial ............................................................................
2.3
-1 .2
-4 .9
-9 .6
10.3
4.2
-5 .6
-1 .2
-28.1
-1 .9
-8.1
11.5
-1 5 .0
-9 .6
17.1
-2 .5
5.6
-2 .2
7.0
-9 .8
1.6
2.6
- .6
1.5
7.0
6.4
7.5
-2 .3
-4 .8
-3 .8
4.4
4.8
-9 .2
-11 .7
-29.1
-9 .7
-3 .3
5.3
12.1
4.2
5.1
3.9
-2 .2
3.8
6.0
-8 .2
-2 .2
1.7
2.0
3.2
2.2
-3 .6
5.9
7.5
7.7
-8.1
-1 .0
3.2
1.2
3.7
? fi
1?1
7.3
3.4
2.6
Rest of the world..................................................................
18.5
24.2
15.8
-8.1
3.5
-8.7
55.6
-48.4
-7.2
7.0
15.8
-18.2
-.2
Note . Estimates in this table are based on the 1997 North American Industry Classification System.
43
December 2003
T h e E ffe c ts o f R e v is io n s to S e a s o n a l F a c to rs o n
R e v is io n s to S e a s o n a lly A d ju s te d E s tim a te s
T h e C a s e o f E x p o r ts a n d Im p o r ts
B y
D e n n i s
J. F i x l e r , B r u c e
T. G r i m m , a n d A n n e
M
UCH o f BEA’s source data contains monthly or
quarterly patterns that approximately recur
each year. In order to determine what is new or dis
tinctive about economic activity in a particular month
or quarter, seasonal adjustments are used to remove
the effects o f these recurring patterns. Previous BEA
studies o f revisions to seasonal adjustment factors
found that the revisions are relatively large sources of
the revisions to gross domestic product (GDP) and its
com ponents.1
This article focuses on the effects of the revisions to
the seasonal adjustment factors and the revisions to
seasonally unadjusted estimates.2 In particular, it looks
at the exports and imports recorded in BEA’s interna
tional transaction accounts— where the use o f prelimi
nary source data results in large revisions to the early
estimates— and it examines the relative importance o f
revisions to the underlying seasonally unadjusted data
relative to the effects o f revisions to seasonal factors.
Seasonal adjustment is a statistical procedure that is
used to distinguish seasonal fluctuations from changes
in trend growth. It is used, for example to look at the
fourth-quarter jump in sales that occurs every year
around Christmas and to determine if the increase in
any given year is more than the normal Christmas
increase and thereby indicative o f a strengthening in
the economy.
The concept o f a “normal” increase is a relative one
and can only be judged by reference to some average
over recent periods. A string o f stronger-than-normal
1. Young (1996) reported that “the average absolute revision in quarterly
changes in the seasonal factors in the period 1983 to 1988 ... is about one
half the size of the total revision (seasonally adjusted) from the current esti
mates to the latest available estimate of GDP.” Fixler and Grimm (2002)
found that mean absolute revisions in seasonal factors in 1 9 87-97 were
roughly the same sizes as the corresponding revisions to seasonally adjusted
estimates of GDP and seven major components, including exports and im
ports of goods and services; the revisions examined were from the first
annual revision vintage estimates to the third annual revision vintage
national income and product accounts (NIPAs).
2. Seasonally unadjusted estimates are also described by BEA as “not sea
sonally adjusted.”
A nne E. Lee was an intern in the Joint Program on
Survey M ethodology a t BEA in the sum m er o f 2002.
E.
L e e
Christmas sales will therefore change the average used
to judge what is normal and the associated seasonal
adjustment factors. As a result, one can observe large
revisions to seasonally adjusted estimates as they are
updated each year to reflect changing seasonal pat
terns, even if there are no substantial changes in the
underlying seasonally unadjusted estimates.
For most components o f exports and imports, sea
sonal factors are calculated by a process that is centered
on the year being seasonally adjusted. As a result, the
ultimate estimates o f seasonal factors depend on both
the patterns o f the seasonal fluctuations in past years
and on the patterns o f seasonal fluctuations in future
years when the early vintage seasonally adjusted esti
mates are prepared. Seasonal factors for year y will ulti
mately depend on both the seasonal patterns in years
y -n to y and the seasonal patterns in years y + 1 to y+n.
Because future seasonal patterns are unknown— and
unforecastable— when the early vintage estimates are
prepared, large revisions to seasonal factors that result
from the incorporation o f data for later years are un
avoidable. Finally, the revisions to seasonal factors are
not errors, and they can occur with the passage o f
time, even if no revisions to seasonally unadjusted esti
mates for a given year— or for preceding years— are
made; for example, as seasonal patterns evolve over
time, estimates o f seasonal factors for year y will
change from their initial values.
The principal findings o f this article include
• Mean (average) revisions to seasonal adjustment
factors for exports and imports o f goods and ser
vices are o f the opposite sign of the revisions to sea
sonally unadjusted estimates, and they tend to be
offsetting.
• Mean absolute revisions to seasonal factors are the
principal determinants o f the mean absolute revi
sions to the seasonally adjusted estimates o f exports
and imports o f goods and services.
• Mean absolute revisions to seasonal factors for
exports and imports o f goods and services can be
considerably larger than the revisions to the season
ally unadjusted estimates.
44
Effects of Revisions to Seasonal Factors
The revisions to seasonally unadjusted estimates re
flect the incorporation o f somewhat different types o f
data than the revisions to seasonal factors. The revi
sions to seasonally unadjusted estimates reflect the in
corporation o f source data that become available after
the earlier vintage estimates for a given period are pre
pared, and they may use new types o f source data. In
addition, the revisions may incorporate changes in
definitions, classifications, and statistical m ethodology
that adapt the econom ic accounts to changing eco
nom ic conditions. At more detailed levels, large revi
sions to seasonally unadjusted estimates may reflect
the limitations o f the earlier available source data.
These types o f revisions are all due to improvements in
the econom ic accounts and do not indicate difficulties
such as biases or other unreliability. The revisions to
seasonal factors may also reflect revisions to the sea
sonally unadjusted estimates; in this case, revisions to
the seasonal factors tend to offset the revisions to sea
sonally unadjusted estimates and thus hold down the
sizes o f revisions to seasonally adjusted estimates.
The revisions to seasonally adjusted estimates are
driven by the interactions between the two types o f re
visions— the revisions to the seasonally unadjusted es
timates and the revisions to the seasonal factors. If the
seasonal factors are unchanged, the revisions to the
seasonally adjusted estimates would be entirely due to
the revisions to the seasonally unadjusted estimates.
Conversely, if the seasonally unadjusted estimates are
unchanged, the revisions to the seasonally adjusted es
timates would be entirely due to revisions to the sea
sonal factors. When both the seasonal factors and the
seasonally unadjusted estimates are revised, the mean
absolute revisions for the seasonally adjusted estimates
may be smaller than the mean absolute revisions for ei
ther type o f revision, may be in between the sizes o f the
two types, or may be larger than those for either type.
The extent to which the revisions to the two types of
estimates offset each other or reinforce each other de
pends on the complex way in which they interact over
time.
The revisions to the seasonally adjusted estimates
may be disaggregated into revisions to seasonally un
adjusted estimates, revisions to seasonal factors, and
the interaction term between revisions to the two. In
this study, the interaction term is included in the revi
sions to seasonal factors; that is, the effects of the revi
sions to the seasonal factors are measured as
Revisions to seasonal factors = revisions to seasonally
adjusted estimates less revisions to seasonally unadjusted
estimates.
December 2003
This treatment o f the interaction term is arbitrary,
but it may be justified on the grounds that without
revisions to seasonal factors, the interaction term
would be zero. Separate calculations using selected
components o f exports and imports— not shown
here— suggest that the interaction term is generally
small relative to the effects o f revisions to the seasonal
factors alone.3
The measures o f imports and exports examined in
this article are from the international transactions
accounts (ITAs), which are published quarterly by
BEA. The estimates are published both on a seasonally
adjusted basis and on a seasonally unadjusted basis.
They differ somewhat from those published in the
NIPAs because of differences in geographical coverage,
in the treatment o f international flows o f gold, and in
the definitional treatment o f a few components and
because o f statistical differences due to differences in
the timing o f the revisions in the ITAs and the NIPAs.4
Preparing the Estimates of Exports and
Imports of Goods and Services
Timing of the estimates
In the ITAs, two vintages o f estimates for a quarter are
prepared— the “preliminary” estimates and the “re
vised” estimates. The preliminary estimates o f the
ITAs, including those o f exports and imports o f goods
and services, are released in the 3rd m onth after the
end o f each quarter. The revised estimates are released
3 months later when the preliminary estimates for the
next quarter are released. Each June, revised annual es
timates are released along with the revised estimates
for the fourth quarter o f the previous year and prelim
inary estimates for the first quarter o f the current year.
The revised annual estimates incorporate new and re
vised source data, updated seasonal factors, and the
changes in definitions and in estimating procedures
that are part o f a continuing process to adapt the ITAs
to changing econom ic circumstances and to improve
the quality o f the estimates. The estimates are revised
back as far as is needed to incorporate all o f the various
types o f revisions; for example, as part o f the revision
3. For example, the revision (in percent change at annual rate) to the esti
mate of seasonally adjusted exports of services for the first quarter of 2001
from the revised vintage to the latest estimate is -5 .9 9 percentage points,
reflecting revisions o f -4 .3 3 percentage points for the seasonally unadjusted
estimate and o f -1 .6 6 percentage points for the effects of the seasonal factor
as calculated here. An alternative calculation using the revision to the sea
sonal adjustment factor times the value of the revised estimate indicates
that its direct effect is -1 .2 7 percentage points, and the interaction term
accounts for the rem aining-0 .3 9 percentage point.
4. The two sets of estimates are reconciled on an annual basis in NIPA
table 4.5 (this table is now table 4.3 in the 2003 comprehensive revision of
the NIPAs). Footnotes to that table provide additional descriptions of dif
ferences in the two sets of accounts. The ITAs are also referred to as the
“balance-of-payments accounts.”
December 2003
Su r v ey of C urrent B usiness
released in June 2002, some portions o f the ITAs for
1995-2001 were revised, and other portions were re
vised for shorter periods; the exports and imports of
goods for 1995-2001 were revised, and the exports and
imports o f services for 1999-2001 were revised.
The data underlying the ITAs come from four major
sources: Census Bureau tabulations o f merchandise
trade flows, BEA surveys, Treasury Department tabula
tions o f reports on international capital movements,
and reports by U.S. Government agencies to BEA.5 The
data are also obtained from a variety o f other public
and private sources. The Census Bureau tabulates data
from administrative documents that exporters and
importers are required to file with the U.S. Customs
Service; in addition, it provides data that are used as
quantity indicators by BEA to estimate freight and port
expenditures that are part o f “other” transportation
services. Data from BEA’s surveys are used to estimate
receipts and payments o f income on direct investment,
“other” services receipts and payments, and private
remittances and other transfers. The Treasury Depart
ment tabulations are primarily used to estimate finan
cial flows that are not part o f goods and services flows.
The reports from other U.S. Government agencies
engaged in international transactions are required
under Office o f Management and Budget Statistical
Policy Directive Number 19, and the data from these
reports are used to estimate foreign military sales and
direct defense expenditures, receipts and payments for
various services, and some other financial flows. The
variety o f other sources provide data that is primarily
related to “other” services, reconciliation items, and
the preparation o f real flows.
Seasonal adjustments
Most exports and imports o f goods and services in the
ITAs are seasonally adjusted. The exceptions for mea
sures in this study are noted below.
BEA and the Census Bureau work together to sea
sonally adjust the estimates o f exports and imports of
goods at the five-digit-end-use-commodity category
level, which is the most detailed level o f end-use classi
fication available. BEA adjusts the estimates o f most
components services for seasonality at the most de
tailed level available by type o f service; the exports and
imports o f royalties and license fees and the exports
and imports o f “other” services are adjusted at the ag
gregate levels.
Two seasonal adjustment strategies are com monly
used by various government agencies. Regular seasonal
adjustments use seasonal factors that are based on sea-
45
sonal factors for prior years, and for adjusting the esti
mates for the current year, the seasonal adjustments
use either the seasonal factors for the previous year or
an average o f the seasonal factors for the 2 previous
years. Concurrent seasonal adjustments are redone
each period (quarter or m onth), using all the estimates
up to and including the current period to calculate the
seasonal factor for the current period. Ultimately, the
seasonal factors for a given year use data for a number
o f years before and after the year for which the seasonal
factors are being estimated.
Seasonal patterns change gradually.6 Thus, rather
complex methods have been developed to deal with
these changes and other complicating factors. At
present, the most widely used seasonal adjustment
method is the X -12 ARIMA program developed at the
Census Bureau.7 This method uses a statistical analysis
to calculate how the seasonal pattern o f a time series
has changed recently and how it might be expected to
change further over the coming year. Thus, in contrast
to the revisions to seasonally unadjusted estimates,
which are revised in response to changes in the mea
sures for each quarter, revisions to seasonal factors
result from changes in measures for quarters over a
number o f years.
BEA’s seasonal adjustment m ethodology typically
projects seasonal factors for the current year that are
based on data for prior years and using the X -12
ARIMA program. To adjust the estimates for the cur
rent year, BEA estimates the seasonal factors each
spring, incorporating the m ost recent seasonally unad
justed data for the period that extends to the end o f the
previous year.
Seasonal factors continue to be revised as additional
data become available. Ultimately, seasonal factors for
each year are calculated from seasonally unadjusted
data for a period that is centered on that year, and sea
sonally unadjusted estimates for a number o f preced
ing years and subsequent years are used to calculate the
seasonal factors; the number o f years depends on the
strategy followed by the agency doing the seasonal ad
justment. In addition to the revisions to the seasonal
factors generated by this process, the seasonal factors
for the exports and imports at the levels examined in
this article may also change because o f changes in the
relative weights o f more detailed components if these
components have different seasonal patterns. Finally,
the seasonally adjusted estimates for each year are ad-
6. As seasonal factors change, their effects sum to 100 percent for each
year for which the estimates are being seasonally adjusted.
7. In addition to X -1 2 ARIMA, similar programs— such as X - l 1 and X 11 ARIMA— are sometimes used. They all are designed to take into account
5. For a more extensive discussion of the data sources, see U.S. Bureau of special factors that affect seasonal patterns, such as the number of business
days in a period or the date of Easter.
Economic Analysis (1990).
Effects of Revisions to S easonal Factors
46
justed to match the annual totals for the seasonally un
adjusted estimates.
Estimates and their sources
The estimates used in this article are from two ITA ta
bles: “Table 1. U.S. International Transactions” and
“Table 2. U.S. Trade in Goods.”8 In addition to the
measures examined in this study, these tables contain
more detailed estimates. The latest estimates are avail
able on BEA’s Web site at <www.bea.gov>.
This article examines the revisions to the quarterly
estimates o f exports, and imports o f goods and services
for the period 1990-2000. The revisions to the esti
mates o f exports and imports o f goods and their six
major com ponents are also examined for 1990-2000.
The revisions to exports and imports o f services and
their seven major components are examined for 19922000. The beginning years were chosen because the lat
est estimates for earlier years have not been subject to
the same sets o f revisions as the estimates for later
years.9 However, the latest estimates for years in the
sample periods do not always incorporate the same
source data or methodologies. The ending year, 2000,
was chosen to balance the desirability o f large sample
sizes against the likelihood o f further revisions to the
seasonal factors.
Revisions to Seasonal Factors and to
Seasonally Adjusted and Seasonally
Unadjusted Estimates
The revisions evaluated in this study are the revisions
from the preliminary and revised current quarterly es
timates to the latest estimates. In order to avoid the
distortions associated with the increasing size o f ex
ports and imports over time, the estimates are ex
pressed in percent changes at annual rates, and the
revisions are measured in percentage points. The use
o f annual rates means that the estimates are about four
times larger than the changes at quarterly rates.
The examination o f the revisions uses two summary
statistics— mean revision and mean absolute revision.
In addition, mean absolute changes for the latest sea
sonally adjusted estimates are shown in order to allow
the reader to compare the summary statistics with
these average changes. The mean revision is the aver
age o f the revisions:
MR = E (L ~ E)
n
where E is the percentage change in the earlier quar
terly estimate, L is the percentage change in the later
8. Ten other ITA tables provide additional information.
9. The latest estimates in this study are those available in M arch 2003.
December 2003
estimate— typically the latest estimate— and n is the
number o f quarters in the sample period for which the
summary statistic is calculated.
Because revisions can be positive or negative and
thus may offset each other, it is useful to also look at
the mean absolute revision (that is, the mean revision
without regard to sign). The mean absolute revision is
the average of the absolute values of the revisions:
M
A
R
=
m
^ \
n
Exports and imports of goods and services
Mean revisions and mean absolute revisions for ex
ports and imports o f both goods and services for
1990-2000 are shown in table 1. In addition, in the last
column o f the table, mean absolute changes in the lat
est estimates o f the seasonally adjusted flows are shown
so that the sizes o f the average revisions can be com
pared with the sizes o f the average changes. The mean
revisions for all three types o f estimates— seasonally
adjusted, seasonally unadjusted, and (the effects of)
seasonal factors for both vintages— are small in com
parison with the mean absolute changes in the latest
seasonally adjusted estimates. All the mean revisions
for the seasonally unadjusted estimates o f both exports
and imports are positive, but all the mean revisions
due to seasonal factors are negative. Thus, the two
types o f revisions tend to offset each other. The net ef
fect o f the revisions to the two types o f estimates is that
the mean revisions for the seasonally adjusted esti
mates are positive for exports and negative for im
ports. (The mean revisions for the seasonally
unadjusted estimates and those for the seasonal factors
are additive in deriving mean revisions to the season
ally adjusted estimates.)
The mean absolute revisions for the seasonally
adjusted estimates o f both exports and imports are
larger than the mean absolute revisions for either the
T a b le 1 . R e v i s io n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in E x p o r t s a n d Im p o r t s
o f G o o d s a n d S e r v ic e s , 1 9 9 0 -2 0 0 0
[Percentage points at annual rates]
Mean revision
Mean absolute revision
Preliminary
Mean
absolute
change1
Preliminary
Revised
Exports of goods and services
Seasonally adjusted............
Seasonally unadjusted
Seasonal factors...................
0.38
0.81
-0.44
0.26
0.38
-0.12
3.47
1.94
3.42
3.23
1.57
3.07
8.96
Imports of goods and services
Seasonally adjusted............
Seasonally unadjusted.......
Seasonal factors..................
-0.08
0.10
-0.17
-0.17
0.02
-0.19
2.39
1.75
2.00
2.22
1.57
1.88
10.22
1. Mean of the absolute values of changes from quarter to quarter.
Revised
Latest
December 2003
47
S u rv ey o f C u rren t B usiness
seasonally unadjusted estimates or the seasonal factors.
The mean absolute revisions for the seasonal factors
are larger than those for the seasonally unadjusted esti
mates. Thus, the revisions to the seasonally unadjusted
estimates augment the revisions to seasonal factors in
determining the revisions to the seasonally adjusted
estimates.10
The mean absolute revisions for the revised season
ally adjusted estimates o f exports and imports are both
about 0.2 percentage point smaller than those for the
preliminary estimates; this result suggests that the re
vised estimates are more accurate. In addition, the
mean absolute revisions for both the revised seasonally
unadjusted estimates and the revised seasonal factors
are also smaller than the preliminary estimates.
Exports and imports of goods
The mean revisions and mean absolute revisions for
exports and imports o f goods for 1990-2000 are
shown in table 2. The results are broadly similar to
those shown in table 1. The mean revisions are small in
comparison with the mean absolute changes; the mean
absolute revisions for seasonally adjusted estimates are
larger than those for either the seasonally unadjusted
estimates or the seasonal factors, and the mean abso
lute revisions for the revised estimates are smaller than
those for the preliminary estimates. However, the
mean revisions for the seasonal factors are nearly as
large as the mean revisions for the seasonally adjusted
estimates o f exports o f goods and larger than the mean
revisions for the seasonally adjusted estimates o f im
ports o f goods. Similarly, the mean absolute revisions
for the seasonal factors are about four times as large as
those for the seasonally unadjusted estimates. Thus,
10.
In contrast, Fixler and Grimm (2002, 19) found that the revisions to
seasonal factors were found to offset the effects of the revisions to seasonally
unadjusted estimates of GDP and most of its major components, and the
mean absolute revisions to the seasonally adjusted estimates were smaller
than those to either the seasonally unadjusted estimates or the seasonal fac
tors for all GDP components except imports.
the revisions to seasonal factors contribute heavily to
revisions to the seasonally adjusted estimates.
The revisions for exports o f goods disaggregated
into five components and a residual “not elsewhere
classified” are shown in table 3.11 The mean revisions
are generally small and negative and are primarily due
to the revisions to the seasonal factors. An exception is
a positive mean revision for the revised estimates of
exports o f automotive vehicles, engines, and parts; for
these estimates, a positive mean revision for the sea
sonally unadjusted estimates more than offsets the
negative mean revision for seasonal factors. Like the
revisions to total exports o f goods, the mean absolute
revisions for the seasonally adjusted estimates o f the
exports o f the five components are larger than those
for either the seasonally unadjusted estimates or the
seasonal factors, which augment each other. The mean
absolute revisions for the seasonal factors are also
much larger than those for the seasonally unadjusted
estimates.
The revisions for imports o f goods disaggregated
into the same five components as for exports are
shown in table 4. The mean revisions— which again
are small— are negative for most o f the seasonally ad
justed estimates and for all o f the seasonal factors, and
11. The “not elsewhere classified” grouping is a catchall that is small, and
its components have changed over time. As a result, it is not included in the
discussion of either exports or imports of goods.
T a b le 3 . R e v i s i o n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in E x p o r t s o f G o o d s b y M a jo r
C o m p o n e n t, 1 9 9 0 -2 0 0 0
[Percentage points at annual rates]
Mean revision
Preliminary
Foods, feeds, and beverages
Seasonally adjusted...................
Seasonally unadjusted..............
Industrial supplies and materials
Seasonally adjusted..................
Seasonally unadjusted..............
T a b le 2 . R e v i s i o n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in E x p o r t s a n d I m p o r t s o f G o o d s ,
1 9 9 0 -2 0 0 0
[Percentage points at annual rates]
Mean revision
Preliminary
Revised
Mean absolute revision
Preliminary
Revised
Mean
absolute
change’
-0.57
-0.03
-0.54
-0.23
-0.03
-0.20
5.03
1.17
4.64
4.58
1.01
4.23
9.63
Imports of goods
Seasonally adjusted..........
Seasonally unadjusted......
Seasonal factors................
-0.16
0.03
-0.19
-0.28
0.09
-0.36
2.41
0.90
2.30
2.28
0.67
2.18
10.96
Automotive vehicles, engines,
and parts
Seasonally adjusted..................
Seasonally unadjusted..............
Latest
Exports of goods
Seasonally adjusted..........
Seasonally unadjusted......
Seasonal factors................
1. Mean of the absolute values of changes from quarter to quarter.
Capital goods, except automotive
Seasonally adjusted..................
Seasonally unadjusted..............
Consumer goods
Seasonally adjusted...................
Seasonally unadjusted..............
Not elsewhere classified
Seasonally adjusted...................
Seasonally unadjusted..............
Seasonal factors.........................
Mean absolute revision
Revised
Preliminary
Revised
Mean
absolute
change
Latest
-2.45
-0.18
-2.27
-1.73
0.4
-2.14
13.39
2.42
13.03
12.66
2.27
12.53
18.12
-0.83
-0.41
-0.42
-0.14
0.09
-0.24
3.2
1.52
2.97
2.87
1.06
2.59
13.49
-0.82
-0.08
-0.74
-0.11
0.06
-0.18
9.28
1.51
8.61
8.53
1.05
7.89
12.53
-0.94
-0.13
-0.81
0.37
1.17
-0.8
11.3
5.2
10.51
10.6
4.09
9.34
16.79
-0.8
-0.22
-0.58
-0.36
0.13
-0.49
7.86
1.75
7.2
7.49
1.51
7.08
10.15
1.32
3.56
-2.24
-7.59
-5.95
-1.64
26.16
26.55
5.13
23.29
23.99
5.19
19.96
Effects of Revisions to S easonal Factors
48
they are positive for most o f the seasonally unadjusted
estimates. The mean absolute revisions for the season
ally adjusted estimates are larger than those for all of
the seasonally unadjusted estimates and larger than
those for the seasonal factors for three o f the five com
ponents. The mean absolute revisions for the seasonal
factors are substantially larger than those for the sea
sonally unadjusted estimates for four components, but
for industrial supplies and materials, the revisions for
the seasonal factors are about the same size as those for
the unadjusted estimates.
For both the exports and imports o f goods, the
mean absolute revisions for the revised estimates o f all
the components and for all three types o f estimates are
smaller than the revisions for the preliminary esti
mates. This result suggests that the revised estimates
are more accurate. In addition, the finding that the
mean absolute revisions for the seasonal factors are
considerably larger than those for the seasonally unad
justed estimates— and typically nearly as large as those
for the seasonally adjusted estimates— indicates that
the incorporation o f additional years o f data in deter
m ining the seasonal factors plays a major role in the re
visions to the seasonally adjusted estimates.
Exports and imports of services
The revisions for exports and imports o f services for
1992-2000 are shown in table 5. The mean revisions
for the seasonally adjusted estimates are positive, but
T a b le 4 . R e v i s i o n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in i m p o r t s o f G o o d s b y M a j o r
C o m p o n e n t, 1 9 9 0 -2 0 0 0
[Percentage points at annual rates]
Mean revision
Preliminary
Foods, feeds, and beverages
Seasonally adjusted....................
Seasonally unadjusted...............
Mean absolute revision
Revised
Preliminary
Revised
Mean
absolute
change
Latest
-0.29
0.05
-0.35
-0.43
0.04
-0.47
5.12
0.71
5.4
5.08
0.55
5.41
10.75
0.17
0.35
-0.18
0.24
0.54
-0.3
2.92
2.51
2.36
2.71
2.03
2.3
21.26
Capital goods, except automotive
Seasonally adjusted....................
Seasonally unadjusted...............
Seasonal factors..........................
-0.46
-0.37
-0.09
-0.24
0.54
-0.3
2.74
1.07
2.41
2.63
0.78
2.47
12.48
Automotive vehicles, engines,
and parts
Seasonally adjusted....................
Seasonally unadjusted...............
Seasonal factors..........................
-0.90
-0.46
-0.44
-0.24
-0.18
-0.06
7.76
2.26
7.71
7.64
1.53
7.18
14.58
Industrial supplies and materials
Seasonally adjusted....................
Seasonally unadjusted...............
Consumer goods
Seasonally adjusted....................
Seasonally unadjusted...............
Not elsewhere classified
Seasonally adjusted....................
Seasonally unadjusted...............
Seasonal factors..........................
December 2003
small relative to the mean absolute changes; however
they are larger than those for the exports and imports
o f goods (table 2). These positive mean revisions are
primarily due to upward revisions to the seasonally
unadjusted estimates.
The mean absolute revisions for the seasonally ad
justed estimates are smaller than those for the season
ally unadjusted estimates but are larger than those for
the seasonal factors. Thus, in contrast to the seasonally
adjusted estimates exports and imports o f goods, the
revisions for the seasonal factors partly offset those for
the unadjusted estimates. The mean absolute revisions
for the seasonally adjusted estimates o f the exports of
services are roughly the same size as those for exports
o f goods, but those for the imports o f services are
about twice the size o f those for the imports o f goods.
The mean absolute revisions for seasonally unadjusted
estimates o f exports and imports o f services are both
much larger than those o f exports and imports o f
goods.
The revisions to exports o f services disaggregated
into seven components are shown in table 6. Two o f
the components— transfers under U.S. military agency
sales contracts and miscellaneous U.S. Government
services— are judged to not have seasonal patterns and
are not seasonally adjusted. Both the mean revisions
and the mean absolute revisions for these components
are large in comparison with those for all exports o f
services, but the components are quite small relative to
all the exports o f services and are not further dis
cussed.
The mean revisions for most estimates o f the other
five components are small relative to the mean abso
lute changes. The mean revision for the preliminary
estimates o f royalties and license fees, however, is more
than half the size o f the mean absolute change. The
mean absolute revisions for the seasonally adjusted es
timates are nearly as large as the mean absolute
changes, and the mean absolute revision for the pre
liminary estimates for passenger fares is slightly larger.
T a b le 5 . R e v i s i o n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in E x p o r t s a n d I m p o r t s o f S e r v i c e s ,
1 9 9 2 -2 0 0 0
[Percentage points at annual rates]
Mean revision
Preliminary
0.01
0.38
-0.37
-0.03
0.24
-0.27
5.77
1.08
5.82
5.5
0.95
5.74
11.27
-2.08
-0.18
-1.90
-2.96
-0.88
-2.08
15.99
3.62
15.12
15.88
2.48
15.33
17.44
Mean absolute revision
Revised
Preliminary
Revised
Mean
absolute
change
Latest
Exports
Seasonally adjusted.........
Seasonally unadjusted....
Seasonal factors...............
1.75
1.75
0.00
1.11
0.68
0.43
4.39
4.87
2.14
4.22
4.94
2.07
6.71
Imports
Seasonally adjusted.........
Seasonally unadjusted....
Seasonal factors...............
0.69
1.21
-0.52
0.70
0.54
0.16
4.89
6.38
3.98
4.61
6.38
3.80
7.76
December 2003
49
S u rv ey of C u rren t B usiness
For m ost o f the components, the mean absolute revi
sions for the seasonally adjusted estimates are smaller
than those for the seasonally unadjusted estimates and
larger than those for the seasonal factors; thus, the re
visions to the seasonal factors partly offset the revi
sions to the seasonally unadjusted estimates. However,
the two vintages o f estimates o f royalties and license
fees have mean absolute revisions for the seasonally
adjusted estimates that are slightly larger than those for
the other two types.
The revisions for imports o f services disaggregated
into seven components are shown in table 7. Like ex
ports o f services, two components— direct defense ex
penditures and miscellaneous U.S. Government
services— are not seasonally adjusted. The mean revi
sions for the two components are similar in size to
those for all the imports o f services, but the mean ab
solute revisions are considerably larger. These com po
nents are small relative to all the imports o f services,
and they are not further discussed. The mean revisions
for the other five components are small relative to the
corresponding mean absolute changes.
A closer examination o f two components— travel
and passenger fares— illustrates one o f the complex
ways that the revisions to seasonally unadjusted esti
mates interact with the revisions to seasonal factors.
The mean revisions for seasonally unadjusted esti
mates o f travel have large negative values, while the
mean revisions for the seasonal factors for travel have
large positive revisions, illustrating an offsetting rela-
tionship. Yet, while the seasonally unadjusted passen
ger fares have large positive values, it is only the mean
revision for the seasonal factors for the preliminary es
timates o f passenger fares that has an opposite sign.
The mean revision for the revised estimates o f the sea
sonal factors for passenger fares is positive, and it adds
to the positive mean revision for the seasonally unad
justed estimates.
The mean absolute revisions for the seasonally ad
justed estimates o f four components are roughly as
large as the mean absolute changes. For m ost com po
nents, the mean absolute revisions for the seasonally
adjusted estimates are smaller than those for the sea
sonally unadjusted estimates and larger than those for
the seasonal factors; like the exports o f services, the re
visions to the seasonal factors party offset the revisions
to the seasonally unadjusted estimates. However, the
mean absolute revisions for the seasonally adjusted es
timates for the two vintages o f estimates o f “other
transportation” and for the revised estimates o f royal
ties and license fees are slightly larger than those for
the unadjusted estimates.
As with goods, the mean absolute revisions for the
revised estimates o f both exports and imports o f ser
vices and their components are all smaller than those
for the preliminary estimates. This result also may be
interpreted as the increase in accuracy. In addition, the
mean absolute revisions for the seasonally unadjusted
services components are all larger than those for the
seasonal factors, in contrast to those for the goods
components.
T a b le 6 . R e v i s io n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in E x p o r t s o f S e r v i c e s b y M a jo r
T a b le 7 . R e v i s i o n s F r o m P r e l i m i n a r y a n d R e v i s e d E s t i m a t e s t o L a t e s t
E s t i m a t e s o f Q u a r t e r l y C h a n g e s in I m p o r t s o f S e r v i c e s b y M a j o r
C o m p o n e n t, 1 9 9 2 -2 0 0 0
C o m p o n e n t, 1 9 9 2 -2 0 0 0
[Percentage points at annual rates]
[Percentage points at annual rates]
Mean revision
Transfers under U.S. military
agency sales contracts............
Mean absolute revision
Preliminary
Revised
Preliminary
7.95
8.74
31.49
Revised
Mean
absolute
change
Preliminary
28.49
Mean absolute revision
Mean
absolute
change
Latest
39.30
Travel..............................................
Seasonally adjusted.................
Seasonally unadjusted............
Seasonal factors......................
1.90
1.33
0.57
2.07
0.12
1.95
8.66
11.83
8.10
8.35
11.46
8.28
Passenger fares............................
Seasonally adjusted................
Seasonally unadjusted............
Seasonal factors......................
-0.97
-0.32
-0.65
0.73
-1.18
1.92
11.55
14.86
9.33
8.76
12.09
7.81
Other transportation.....................
Seasonally adjusted................
Seasonally unadjusted............
Seasonal factors......................
-1.71
-1.61
-0.09
-1.14
-0.71
-0.43
5.22
8.05
4.56
4.10
6.52
3.76
9.04
Royalties and license fees...........
Seasonally adjusted................
Seasonally unadjusted............
Seasonal factors......................
5.82
3.68
2.14
2.88
2.17
0.71
10.56
9.95
7.21
8.43
7.28
5.86
10.96
Other private services.................
Seasonally adjusted.................
Seasonally unadjusted............
Seasonal factors......................
2.58
2.34
0.24
0.23
-0.11
0.34
6.78
7.37
3.20
5.51
5.31
2.72
8.24
U.S. Government miscellaneous
services.....................................
47.44
29.47
106.05
95.24
159.54
Mean revision
10.63
Revised
Preliminary
Revised
Latest
Direct defense expenditures....
-1.05
0.10
12.52
9.36
14.46
Travel
Seasonally adjusted..............
Seasonally unadjusted..........
Seasonal factors....................
-0.71
-2.17
1.46
0.06
-1.73
1.79
7.93
15.61
13.80
7.60
16.02
14.57
7.62
Passenger fares.........................
Seasonally adjusted..............
Seasonally unadjusted..........
Seasonal factors...................
1.99
3.40
-1.41
5.07
3.83
1.23
11.27
15.87
10.96
9.02
14.02
10.73
10.90
Other transportation...................
Seasonally adjusted..............
Seasonally unadjusted..........
Seasonal factors....................
0.45
0.66
-0.22
-0.39
-0.07
-0.32
4.79
4.71
3.86
4.40
3.32
3.77
10.31
Royalties and license fees.........
Seasonally adjusted..............
Seasonally unadjusted..........
Seasonal factors....................
14.08
14.83
-0.74
9.94
9.08
0.85
27.52
29.28
11.47
25.80
25.23
9.21
40.26
Other private services...............
Seasonally adjusted..............
Seasonally unadjusted..........
Seasonal factors....................
-7.04
-12.19
5.15
1.89
2.57
-0.68
21.15
27.13
9.81
11.19
11.70
3.53
19.69
U.S. Government miscellaneous
services...................................
0.45
-0.77
15.35
12.83
22.39
Effects of Revisions to Seasonal Factors
50
The meaning of the sizes of revisions
Each year, BEA revises its estimates to incorporate sta
tistical and methodological changes and changes in
definitions and classifications. BEA implements these
improvements as part o f a continuing effort to address
gaps in coverage, to refine estimation techniques, and
to conform more closely with international classifica
tion guidelines.12
The effect o f improvements increases the sizes o f re
visions. As explained by Young (1996),
An improvement in the current estimates results in a
permanent decrease in revision size. Improvement in
both the current and latest available estimates results in
little change. Improvement that is introduced...into the
(then) latest available estimates as is often the case, re
sults in an increase in revision size for a period of years
until the improvement is also reflected in the current es
timates.
Thus, the ongoing process o f introducing improve
ments into the estimates o f exports and imports o f ser
vices is likely to be a major source o f revision to the
seasonally unadjusted estimates. As a result, the rela
tively large mean absolute revisions for services reflect
the improvements to the estimates. An example o f the
effects o f improvements in the services flows may be
seen by comparing the mean revisions for the season
ally unadjusted estimates o f exports o f services in table
5 with the mean revisions for the seasonally unad
justed estimates o f exports o f goods in table 2; the
mean revisions for services are much larger (and o f the
opposite sign) than the mean revisions for goods.
Conclusions
In general, the effects o f the revisions to seasonal fac
tors on mean absolute revisions for the seasonally ad
justed estimates o f exports and imports generally do
not simply add to the effects o f the revisions to the sea
sonally unadjusted estimates. The revisions to the sea
sonally unadjusted estimates result from revisions to
the estimates for a quarter, whereas revisions to the
seasonal factors result from revisions to the seasonally
unadjusted estimates for many quarters that are spread
over a number o f years. Revisions, however, may also
result from improvements to the estimating process.
As a result, large revisions do not necessarily indicate
poor reliability, and small revisions do not necessarily
indicate good reliability.
12. The improvements are described in an article about revisions to the
international transactions accounts that is published each July in the S u rv e y
o f C u r r e n t Business. For a summary of the many improvements to BEA’s
data on international services, see W hichard and Borga (2002, 5 4 -5 6 ).
December 2003
The mean absolute revisions for seasonally adjusted
estimates o f the exports and imports o f all goods and
services and o f goods alone are larger than those for ei
ther the seasonally unadjusted estimates or the sea
sonal factors. The mean absolute revisions for the
seasonal factors are typically larger than those for the
seasonally unadjusted estimates and are nearly as large
as those for the seasonally adjusted estimates. A review
o f the revisions to the com ponents o f exports and im
ports o f goods reinforces this finding. The revisions to
seasonal factors are the principal determinants o f the
revisions to the seasonally adjusted estimates and are
about half as large as those to the seasonally adjusted
estimates o f exports and two-thirds as large as those to
imports.
The mean absolute revisions for seasonally adjusted
estimates o f both exports and imports o f services are
generally larger than those for seasonal factors but are
smaller than those for seasonally unadjusted estimates.
The effects o f the revisions to seasonal factors are
nearly as large as the revisions to seasonally adjusted
estimates o f exports and imports o f goods and services.
The mean revisions o f the two types o f revisions are o f
the opposite sign, and the revisions tend to offset one
another.
Revisions to seasonal factors thus play a mixed role.
They play a major role in revisions to exports and im
ports o f goods, and they augment the effects o f revi
sions to the seasonally unadjusted estimates. The
revisions play a somewhat smaller role in revisions to
exports and imports o f services, and they tend to offset
the effects o f revisions to the seasonally unadjusted es
timates.
References
Fixler, Dennis J., and Bruce T. Grimm. 2002. “Reliabil
ity o f GDP and Related NIPA Estimates.” Survey of
Current Business 82 (January): 9-27.
U. S. Bureau o f Economic Analysis (BEA). 1990. The
Balance o f Paym ents o f the United States: Concepts ,
D ata Sources, and E stim ating Procedures. Washington,
DC: BEA; <www.bea.gov/bea/Articles/Internat/BPA/
Meth/bopmp.pdf>.
Whichard, Obie G., and Maria Borga. 2002. “Se
lected Issues in the Measurement o f U.S. International
Services.” Survey of Current Business 82 (June): 3 6 -5 6 .
Young, Allan H. 1996. “Reliability and Accuracy o f
Quarterly GDP Estimates: A Review.” In The N ew Sys
tem o f Economic Accounts , edited by John W. Kendrick,
423-49. Norwell, MA: Kluwer Academic Publishers.
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December 2003
T h e R e lia b ility o f t h e S ta te P e r s o n a l I n c o m e E s tim a te s
B y
R o b e r t L. B r o w n , B r u c e
T. G r i m m , a n d
M a r i a n
T
HE estimates o f state personal income and its
components measure and track the levels and the
types o f incomes that are received by the people who
live and work in each state. The estimates provide a
framework for the analysis o f each state’s economy,
and the reliability o f the estimates is critical to the
quality o f such analyses and to their usefulness as bases
for decisionmaking.
“Reliability” refers to the magnitudes o f the revi
sions to the estimates or to the changes from the first
estimates to the latest estimates, so reliability is defined
as the ability o f the successive vintages o f the estimates
o f state personal income to present a consistent picture
o f a state’s economy; reliable estimates consistently
show the direction and the change in a state’s eco
nom ic growth.1 The most recent estimates that have
been revised to incorporate the increasingly compre
hensive and improved data are used as the standards
for reliability because they are presumed to be the best
estimates.
The preliminary estimates o f personal income for
states
• Successfully indicated the direction o f change in
state personal income 95 percent o f the time,
• Successfully indicated whether state personal in
come was accelerating or decelerating 77 percent o f
the time, and
• Successfully indicated whether state personal in
come growth was near its trend rate 86 percent of
the time.
The estimates are revised largely in order to incorpo1.
This definition differs from that used in statistics to analyze survey
results and quality control. Reliability also differs from accuracy, which
refers to total measurement error and is never observed in the state personal
income estimates. In particular, the latest estimates contain errors that
result from causes, such as data gaps and nonsampling errors, that are not
quantifiable.
For a previous study of the revisions for 19 8 0 -8 7 , see Robert L. Brown
and James R Stehle, “Evaluation of the State Personal Income Estimates,”
S u rv e y o f C u r r e n t Business 70 (December 1990): 2 0 -2 9 .
M a tth ew A. von Kerczek, James M . Zavrel, and Scott
A. Killian also contributed to the preparation o f this a rti
cle. Scott Killian was an intern in the Joint Program on
Survey M ethodology a t BEA in the sum m er o f 2003.
B.
S a c k s
rate new or more complete source data, to reflect
changes to conceptual definitions and classifications
that adapt the econom ic accounts to a changing econ
omy, to use the improvements in statistical techniques,
and to update the seasonal factors that are used to sea
sonally adjust the estimates, not in order to correct er
rors in the preliminary estimates.2 Seasonal factors are
revised largely to incorporate additional years o f data
that were not available— or forecastable— when the
earlier estimates were prepared.3 Thus, most revisions
are primarily due to improvements that were im possi
ble to make when the earlier estimates were prepared.
This study provides information that will be useful
for readers to determine the suitability o f the estimates
released at different stages o f the estimating process.
The successive releases o f revised estimates are referred
to as “vintages.” The first, or preliminary, quarterly es
timates o f state personal income, the second quarterly
estimates, and the first, or preliminary, annual esti
mates are featured. The estimates that are used as the
standard-of-accuracy estimates are the latest estimates
that were released in April 2003.
In this article, the quarterly estimates for the second
quarter o f 1991 through the fourth quarter o f 2001 are
analyzed. This period covers one complete business cy
cle: The second quarter o f 1991 is the first quarter o f
positive growth in real GDP after a cyclical trough, and
the fourth quarter o f 2001 is the first quarter o f posi
tive growth in real GDP after a cyclical downturn that
started in the first quarter o f 2001. The annual esti
mates for 1991-2001 are analyzed, and because this pe
riod ends in 2001, all o f the revisions include at least
two annual-vintage revisions.
This study presents an overview o f the source data
and the methods that are used to prepare the estimates
o f state personal income. It then examines the princi
pal measures o f revisions that are used to evaluate
the reliability o f the estimates and presents some
2. The revisions also reflect the use of the national totals and the annual
state estimates as controls. See also the box “Meaning o f Revisions” in Den
nis J. Fixler and Bruce T. Grimm, “Reliability of GDP and Related NIPA
Estimates,” S u rv e y 82 (January 2002): 9 -2 7 .
3. See also Dennis J. Fixler, Bruce T. Grimm, and Anne E. Lee, “The
Effects of Revisions to Seasonal Factors on Revisions to Seasonally Adjusted
Estimates: The Case of Exports and Imports,” S u rv e y 83 (December 2003):
4 3 -5 0 .
December 2003
S u rv ey of C u rren t B usiness
additional measures o f revisions— including measures
o f the revisions to the preliminary annual estimates. In
conclusion, this study outlines some recent develop
ments that affect the revisions to the estimates.
Overview of the Sources and Methods
The quarterly and annual estimates o f state personal
income are revised to incorporate source data that are
more complete, more detailed, or otherwise more ap
propriate than the data that were previously available.
These source data are incorporated at specific stages in
the estimating process, and successive estimates are re
leased according to a schedule.
The quarterly state estimates are tied to the annual
state estimates, which incorporate more detailed and
more reliable source data than the quarterly estimates.
The quarterly estimates o f all the components o f state
personal income are based on the growth rates o f quar
terly state source data that are controlled to the annual
state estimates o f the components. In addition, the
quarterly state estimates are controlled to personal in
come in the national income and product accounts
(NIPAs).4
Revision schedule for the state estimates
The preliminary quarterly estimates o f state personal
income are released 4 months after the close o f the
quarter. The second quarterly estimates are released 3
months later. In October and again in the following
April, the quarterly estimates for the preceding 3 years
are revised to reflect revisions to the annual estimates.
The preliminary annual estimates o f state personal
income for the previous year, which are based on the
current quarterly estimates, are released in April, 4
months after the end o f the year. Revised annual esti
mates, which are developed independently and are
prepared in greater com ponent detail than the quar
terly estimates, are released in September. For several
succeeding years, the annual estimates are revised
again in April and in September when additional data
become available.
Sources of the revisions
Personal income is the income that is received by per
sons from participation in production. It is calculated
4. The state quarterly estimates of wages and salaries are controlled to—
that is, they are made to add to— the NIPA estimates of wages and salaries
after adjusting for coverage differences, such as the exclusion of wages and
salaries of U.S. citizens stationed abroad. See the box “Personal Income in
the NIPAs and State Personal Income” in “State Personal Income: Revised
Estimates for 1999-2001,” S u rv e y (October 2002).
In addition, the detailed methodology that is used to prepare the annual
and quarterly state personal income estimates is available on BEA’s Web site
at <www.bea.gov> and in State Personal Income 1929-97.
53
as the sum o f wage and salary disbursements, other la
bor income, proprietors’ income with inventory valua
tion and capital consumption adjustments, rental
income o f persons with capital consumption adjust
ment, personal dividend income, personal interest in
come, and transfer payments to persons, less personal
contributions for social insurance. A summary o f the
major sources o f state data for the preliminary quar
terly estimates, the second quarterly estimates, and the
detailed annual state estimates o f personal income are
presented in table 1. The sources and methods used to
produce wage and salary disbursements, farm propri
etors’ income, the components that are based on wage
and salary estimates, and the components that are
based on trends are discussed, and the sources o f the
revisions are described.
Wage and salary disbursem ents. The preliminary
national and state estimates are based on a sample o f
employment and, where available, on average weekly
earnings from the Current Employment Statistics
(CES) program o f the Bureau o f Labor Statistics
(BLS).5 The information from this survey is subject to
sampling errors. In addition, the state source data only
has earnings information for manufacturing. The na
tional data includes earnings information for all pri
vate industries, but the national and state data are only
for production and nonsupervisory workers, and the
earnings do not include lum p-sum payments, such as
exercised stock options or bonus payments. These gaps
in the coverage o f the earnings data have becom e more
significant as the number o f production workers rela
tive to nonproduction workers has declined and as
wage payments based on profit-sharing programs have
become more com m on in all industries, including
manufacturing.6 The preliminary quarterly estimates
o f wages and salaries are subject to more revision than
the second estimates because o f the use o f less compre
hensive source data.
The second state estimates o f most o f wages and sal
aries are based on tabulations o f wages and salaries
from the Covered Employment and Wage (CEW) pro
gram o f the BLS that account for 95 percent o f total
5. The CES survey collects monthly data on employment, on average
weekly hours, and on average hourly earnings on Form BLS 790; this sur
vey, which is collected for the pay periods that include the 12th of the
month, is conducted in cooperation with the state employment security
agencies. The monthly data are from a sample of more than 390,000 nonag
ricultural establishments and are benchmarked annually to the Covered
Employment and Wage employment data.
Information from a variety of other sources— for example, the Depart
ment of Agriculture for farm workers and the Department of Defense for
military personnel— is also used. These sources account for about 5 percent
of wages and salaries.
6. Nationally, the employment and earnings of production workers from
the CES survey account for approximately 55 percent of the NIPA private
wage and salary estimate.
54
The Reliability of the State Personal Income Estimates
wages.7 The state estimates are based on a nearly
7. Quarterly CEW data, or ES -202 reports, on wages and salaries are tab
ulations from state employment security agencies of employers’ reports of
their unemployment insurance (U I) contributions that are required from
all employers covered by state UI laws and by the unemployment com pen
sation program for Federal employees. The reported wages and salaries,
which are released 5 months after the end of the quarter, include lump-sum
payments, but they are not separately identifiable.
December 2003
complete census o f wages, but they are still subject to
revisions because of updates to the quarterly data, the
revisions to seasonal factors, the incorporation o f ad
ditional source data in the quarterly national and an
nual state control totals, and the changes to the
classifications o f wages and salaries or the statistical
methods used to produce the estimates. For example,
T a b le 1 . S o u r c e s a n d M e t h o d s f o r t h e Q u a r t e r l y a n d A n n u a l E s t i m a t e s o f S t a t e P e r s o n a l In c o m e
Components of personal income
Wage and salary disbursements by industry:2
Farms.................................................................
Extrapolators for preliminary quarterly estimates
Extrapolators for second quarterly estimates and
interpolators for revised quarterly estimates1
Trend extrapolation!
Trend extrapolation3
Forestry, fishing, related activities and other.
Trend extrapolation
Mining.................................................................
Monthly employment from the Current
Employment Statistics (CES) survey4
CES monthly employment
CES monthly employment
Quarterly wages and salaries from the Bureau of
Labor Statistics (BLS) Covered Employment
and Wages (CEW)
Quarterly CEW
Construction......................................................
Utilities................................................................
Manufacturing:
Nondurable goods........................................
Durable goods..............................................
Wholesale trade...............................................
Retail trade........................................................
Transportation and warehousing, excluding
railroads.........................................................
Railroads...........................................................
CES
CES
CES
CES
monthly employment
monthly employment
monthly employment
monthly employment
Latest annual estimates
U.S. Department of Agriculture (USDA) estimates
of farm labor expenses
Annual Wages and Salaries from CEW and USDA
estimates of farm labor expenses
Annual CEW wages and salaries
Quarterly CEW
Quarterly CEW
Annual CEW wages and salaries
Annual CEW wages and salaries
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Annual CEW
Annual CEW
Annual CEW
Annual CEW
wages and salaries
wages and salaries
wages and salaries
wages and salaries
Quarterly CEW
DOT and RRB data
Annual CEW wages and salaries
Annual state payrolls from the RRB
Information........................................................
Finance and insurance....................................
Real estate and rental and leasing.................
Professional and technical services..............
Management of companies and enterprises.
Administrative and waste services................
Educational services........................................
CES monthly employment
Quarterly national payrolls from the Department of
Transportation (DOT) and the state employment
from the Railroad Retirement Board (RRB)
CES monthly employment
CES monthly employment
CES monthly employment
CES monthly employment
CES monthly employment
CES monthly employment
CES monthly employment
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Health care and social assistance..................
Arts, entertainment, and recreation...............
Accommodation and food services...............
Other services..................................................
CES
CES
CES
CES
Quarterly CEW
Quarterly CEW
Quarterly CEW
Quarterly CEW
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries, data from
County Business Patterns (CBP), and Census
Bureau population data5
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries
Annual CEW wages and salaries, data from CBP,
and Census Bureau population data5
Annual CEW wages and salaries
Federal civilian..................................................
Federal military:
Active duty.....................................................
monthly employment
monthly employment
monthly employment
monthly employment
CES monthly employment
CES monthly employment data
Number of personnel and average pay by service
from the Department of Defense (DOD) and
payroll data from the Coast Guard
Trend extrapolation
CES monthly employment
Estimates of wages and salaries by industry6
DOD number of personnel and average pay and
Coast Guard payroll data
DOD and Coast Guard data
Trend extrapolation
Quarterly CEW
Estimates of wages and salaries by industry6
DOD payroll outlay data
Annual CEW wages and salaries
Estimates of wages and salaries by industry;
supplemented by data from A.M. Best
Company, the Social Security Administration
(SSA), and other agencies6
USDA estimates of farm cash receipts and trend
extrapolation
USDA estimates of farm cash receipts and trend
extrapolation
USDA annual estimates of farm gross income and
expenses
Estimates of construction wages and salaries7
Estimates of construction wages and salaries7
Trend extrapolation
Trend extrapolation
Trend extrapolation
Trend extrapolation
Trend Extrapolation
Trend extrapolation
Trend extrapolation
Trend extrapolation
Internal Revenue Service (IRS) gross receipts and
net profits of proprietorships and partnerships
and CBP number of small establishments
IRS and CBP data
IRS, Census Bureau, and SSA data
IRS, Census Bureau, and SSA data
IRS and Census Bureau data
UI benefits from the Employment and Training
Administration (ETA)
Trend extrapolation
ETA UI benefits
ETA UI benefits
Trend extrapolation
Personal contributions for social insurance.
Sum of the estimates of wages and salaries for all
industries6
Sum of the estimates of wages and salaries for all
industries6
Addendum: Residence adjustment8...........
Estimates of wages and salaries and other labor
income (OLI) by industry less personal
contributions
Estimates of wages and salaries and OLI by
industry less personal contributions
Data from SSA, Health Care Financing
Administration (HCFA), Census Bureau,
Department of Veterans Affairs (DVA), and other
agencies
Estimates of wages and salaries for the
contributions by most employees; SSA, HCFA,
Census Bureau, and DVA data for contributions
by others
Estimates of wages and salaries by industry and
Census Bureau and IRS data
Reserves.......................................................
State and local government............................
Other labor income2 ............................................
Proprietors’ income:2
Farm proprietors’ income.........................
Nonfarm proprietors’ income:
Construction...........................................
All other industries................................
Personal dividend income............................
Personal interest income...............................
Rental income of persons............................
Transfer payments:
Unemployment insurance (UI) benefits...
All other.......................................................
1. The data used for the extrapolation of the second quarterly estimates are also used to interpolate the
revised annual estimates to quarters in the preparation of the revised quarterly estimates
2. The quarterly estimates of wages and salaries, other labor income, and proprietors’ income are prepared
at the sector level of the North American Industrial Classification System and the annual state estimates are
prepared at the subsector level.
3. The trend extrapolation is based on the relationship between the annual state estimates and the annual
NIPA estimates.
4. The CES is a monthly survey conducted by the state employment security agencies; the CES program is
coordinated by BLS, and the data are published in Employment and Earnings.
5. County Business Patterns is published annually by the Census Bureau. This series was not used for the
annual state estimates of proprietors' income released in May 2000, because more current data were available
from the IRS.
6. The use of the estimates of wages and salaries in the estimation of quarterly and annual other labor
income and personal contributions for social insurance by employees incorporates the state relative changes
and distributions of the source data used for wages and salaries into the estimates for the other components,
for which more direct source data are unavailable.
7. For the quarterly estimates of proprietors' income in the construction industry, the quarterly relative
changes in the estimates of wages and salaries are used instead of the annual trends in proprietors’ income
because the annual trend does not capture well the rapid and irregular fluctuations in the activity of this
industry.
8. The residence adjustment is not a component of personal income.
December 2003
S u rv ey of C u rren t B usiness
until July 2002, the second quarterly state estimates
were controlled to the same NIPA estimates o f wages
and salaries as the preliminary quarterly estimates, and
the second quarterly state estimates were based on data
that were more complete than the data for the pub
lished national control total; as a result, the second
quarterly state estimates were subject to further revi
sion when the national total incorporated the CEW
data.8
As noted above, the second estimates o f wages and
salaries are also subject to revision due to revisions to
the seasonal factors produced by BEA. The quarterly
CEW wage and salary data are adjusted to remove sea
sonal patterns by using the Census X - l 1 ARIMA sea
sonal adjustment program. The seasonal patterns are
usually stable, but they sometimes change rapidly, and
these changes lead to substantial revisions to the sea
sonal factors when they are updated to reflect the data
for the latest year. In addition, large revisions to the
seasonal factors have resulted from lum p-sum pay
ments, such as exercised stock options that are in
cluded in wages and salaries, because o f the
unpredictable timing o f the exercise o f the options.
Farm proprietors’ incom e. The largest sources of
revisions to the estimates o f farm proprietors’ income
are due to the lack o f quarterly data for farm produc
tion expenses and for the change in inventories and to
the change in the statistical method used to prepare
quarterly estimates o f government subsidy payments
to farmers.
The quarterly state estimates o f farm proprietors’
income are prepared in two parts: Government subsidy
payments to farmers and farm proprietors’ income ex
cluding subsidies.
The annual state estimates o f all components o f
farm proprietors’ income are based on source data
from the U.S. Department o f Agriculture (USDA). The
quarterly state estimates for government subsidy pay
ments to farmers are based on annual trends. The
quarterly estimates o f farm proprietors’ income ex
cluding subsidies are based on the growth rates o f
USDA data on cash receipts from the sale o f farm
products that are controlled to quarterly national and
annual state control totals.
Farm proprietors’ income excluding government
subsidies is a highly volatile estimate. Quarterly state
data are available for income, but no quarterly data are
available for production expenses and for the change
in inventories. The annual estimates are affected by the
8. In July 2002, the estimating procedure for the NIPA quarterly estimates
of private wages and salaries was changed to incorporate the quarterly CEW
wage data 6 months after the close of the reference quarter. For a discussion
of this change and its effect on the revisions to the estimates of wages and
salaries, see the section on recent developments.
55
very large swings in the value o f change in inventories
due to the impact o f highly volatile natural and eco
nom ic conditions on levels o f crop production at the
state level.
In addition, before the comprehensive NIPA revi
sion that was released in October 1999, the statistical
m ethod for producing quarterly national and state es
timates o f government subsidies to farmers was based
on USDA administrative data on subsidy payments to
farmers. Therefore, the preliminary and second quar
terly state estimates that were produced before June
2000, when the comprehensive state revision was re
leased, do not follow the current method o f basing the
quarters on the trends o f the annual estimates. The
preliminary and second quarterly state estimates for
farm subsidies for the quarters up through the second
quarter o f 1999 will have large revisions to the latest es
timates, which are produced by a different m ethodol
ogyCom ponents based on wages and salaries. The es
timates o f wages and salaries are used to produce the
quarterly estimates o f other labor income, construc
tion proprietors’ income, personal contributions for
social insurance, and the residence adjustment. Be
cause these quarterly estimates are based on wages and
salaries, the revisions to the estimates reflect the revi
sions to the quarterly estimates o f wages and salaries
and to the incorporation o f annual source data.
The annual estimates for these components are
based on annual source data from a variety o f agencies.
For the preliminary quarterly estimates, the second
quarterly estimates, and the subsequently revised quar
terly estimates, the state estimates o f wages and salaries
are used as the indicators for the residence adjustment
and for the three components that are closely related to
wages and salaries. For personal contributions, total
wages and salaries are used as the quarterly indicator;
for construction proprietors’ income, construction
wages and salaries are used; for the residence adjust
ment and for other labor income, wages and salaries by
industry are used.
Com ponents based on annual trends. Quarterly
state data that can be used as indicators for the follow
ing com ponents o f personal income are unavailable:
Dividends, interest, and rent; transfer payments ex
cluding unemployment insurance benefits; farm
wages; pay of military reserves; and nonfarm propri
etors’ income excluding construction proprietors’ in
come. These components account for about 39 percent
o f personal income for the Nation. The annual esti
mates are based on annual source data from a variety
o f agencies. The quarterly state estimates are based on
the changes in the trend in the state shares o f the na
tional total; the trend is determined from annual state
T h e Reliability of the S tate Personal Incom e Estim ates
56
and national estimates. These estimates are mostly
subject to revision from the incorporation o f annual
national and state source data.
Dividends, interest, and rent account for about 19
percent o f national personal income; about two-thirds
o f this com ponent is interest payments. Because the
largest capital markets are national, fluctuations in the
rates o f return generally are determined more by na
tional econom ic conditions than by local econom ic
conditions. Moreover, residents o f a state may not in
vest their savings locally. Thus, the state shares o f na
tional dividends, interest, and rent are unlikely to
change sharply from quarter to quarter in response to
local econom ic conditions.9
Transfer payments excluding unemployment insur
ance benefits account for about 13 percent o f national
personal income. More than 50 percent o f these trans
fers are social security benefits, other Federal retire
ment-related transfers, and Medicare payments, and
the state shares do not vary much from quarter to
quarter. Public assistance payments (for example, sup
plemental security income, temporary assistance for
needy families, Medicaid, and food stamps) are more
sensitive to local econom ic conditions, so the extrapo
lations o f the quarterly estimates o f these payments are
subject to greater errors than the extrapolations o f re
tirement-related transfer payments.
Farm wages account for 0.2 percent o f national per
sonal income, pay o f military reserves accounts for 0.1
percent, and nonfarm proprietors’ income excluding
construction accounts for about 7 percent. Almost half
o f nonfarm proprietors’ income consists o f profes
sional and other services, which are likely to have rea
sonably stable trends in the state shares o f national
nonfarm proprietors’ income; however, proprietors are
also important in a number o f industries— such as
mining, forestry and fisheries, and real estate— that
can be quite volatile and that can vary substantially
from state to state.
Measures of Revisions
Some straightforward measures o f reliability can be
developed by enumerating how frequently the revi
sions o f state personal income estimates meet various
criteria. Table 2 presents counts o f how often the pre
liminary and second quarterly estimates o f personal
income for the Nation, for the various regions, and for
the states meet reliability criteria. (For ease o f exposi
tion, the District o f Columbia is treated as if it were a
state.)
December 2003
From the second quarter o f 1991 through the fourth
quarter o f 2001, the preliminary estimates o f state per
sonal income correctly indicated the direction o f
change 98 percent o f the time for the Nation, from 93
to 100 percent o f the time for the regions, and from 70
to 98 percent o f the time for the states. The median
share o f correct indications for the states is 95 per
cent.10 The second quarterly income estimates are
about as reliable in indicating the direction o f change.
The median share for the states is 93 percent.
The two vintages o f quarterly estimates correctly in
dicated the acceleration or deceleration o f personal in
come from the previous quarter somewhat more than
three-fourths o f the time. The preliminary estimates
correctly indicated the acceleration or deceleration a
median share o f 77 percent o f the time, and the second
estimates did so 81 percent o f the time. For the two
vintages, the shares o f correct indications for the vari
ous states range from 67 to 93 percent.
The quarterly estimates correctly indicated whether
state personal incomes were increasing at rates near the
national trend rate o f 1.3 percent per quarter in the pe
riod (near-trend is defined as being within one stan
dard deviation, or 0.83 percentage point, o f this trend
rate).11 As measured by median shares, the preliminary
quarterly estimates correctly indicated increases near
the trend 76 percent o f the time, and the second quar
terly estimates did so 82 percent o f the time. The shares
o f correct indications for the various states ranged
from 56 to 96 percent o f the time.
The principal measures o f reliability featured in this
article include mean revisions and mean absolute revi
sions. The mean revision is calculated as the average o f
the revisions:
MR = Z(L - E ) / n y
where E is the percent change in the earlier quarterly
(or annual) estimate, L is the percentage change in the
later estimate— usually the latest estimate— and n is
the number o f observations in the sample period over
which the mean is calculated. Percent changes in quar
terly estimates are at quarterly rates, corresponding to
the convention generally used for the published esti
mates.
Because revisions can be positive or negative and
10. The median share is emphasized because of the difficulty of com par
ing the results for all the states, whose economies are different in size and
whose volatility varies considerably. The use of medians also reduces the
risk that outliers— particularly low outliers— would distort summaries that
cover the 50 states and the District of Columbia.
11. Not all of the preliminary and second quarterly estimates were within
one standard deviation from the national trend. Out of 43 quarters, the
9.
However, quarterly state estimates of rent can be greatly affected by number in the range for individual states varies from 8 to 41, with medians
disasters, such as hurricanes. Rent, as defined by BEA, includes the expense
of 36 for the preliminary estimates and 29 for the second estimates. Because
of destroyed residential properties in excess of insurance coverage. Special,
of the generally small number of observations above, or below, the range
state-specific adjustments are estimated for each of these disasters and
for many states, the success rates for the estimates in the high and low
included in the appropriate quarter.
ranges are not evaluated.
December 2003
57
S u r v ey o f C u rren t B usiness
thus may be offsetting, it is useful to look at the mean
absolute revisions (that is, the mean revisions without
regard to sign). The mean absolute revision is the aver
age o f the absolute values o f the revisions:
MAR = Z \L -E \/n .
The mean absolute revisions for quarterly personal
income, nonfarm personal income, and wages and sal
aries for the Nation, for the regions, and for the states
are presented in table 3. The revisions are from the
preliminary quarterly estimates to the latest estimates
and from the second quarterly estimates to the latest
estimates.
The mean absolute revision for the preliminary esti
mates o f personal income for the United States is
smaller than the mean absolute revisions for any state
or region because the revisions among the states (and
regions) tend to be offsetting. Similarly, the mean ab
solute revisions for the regions are generally smaller
than the mean absolute revisions for the states in the
regions; only nine states have smaller mean absolute
revisions than mean absolute revisions for their re
gions. The unweighted average o f the mean absolute
revisions for the preliminary state estimates is 0.71
percentage point.
The mean absolute revisions for the preliminary
T a b le 2 . R e l i a b i l i t y o f Q u a r t e r l y E s t i m a t e s o f S t a t e P e r s o n a l I n c o m e , 1 9 9 1 :1 1 —2 0 0 1 : 1 V
Percent with correct indication
Acceleration or deceleration
from the previous quarter
Direction of change
Preliminary
Second
Preliminary
Number of preliminary
estimates near trend
Near trend
Preliminary
Second
Second
Preliminary
Second
United States..............................
NewEngland...............................
98
93
98
93
79
77
74
79
38
30
91
95
95
93
88
95
74
84
84
72
79
79
84
83
91
93
86
93
98
95
74
74
74
72
77
81
80
76
40
37
Connecticut.......................................
Maine.................................................
Massachusetts..................................
New Hampshire.................................
Rhode Island.....................................
Vermont..............................................
80
74
73
69
84
67
89
83
76
77
84
74
35
38
37
35
37
36
27
30
25
22
25
23
Mideast.......................................
95
95
79
91
77
79
39
34
Delaware............................................
District of Columbia..........................
Maryland............................................
New Jersey.......................................
New York............................................
Pennsylvania.....................................
84
77
98
95
88
98
91
77
98
95
95
98
84
74
77
79
77
79
74
77
77
88
81
84
72
62
90
66
58
89
70
70
89
68
66
89
25
34
40
38
38
38
20
30
36
31
29
38
Great Lakes.................................
100
77
82
36
93
98
91
98
93
70
74
79
74
86
74
81
86
79
84
83
38
93
95
98
98
95
100
79
Illinois.................................................
Indiana...............................................
Michigan.............................................
O hio...................................................
Wisconsin...........................................
78
72
71
77
86
80
79
70
82
85
36
36
28
39
36
35
33
20
39
34
Plains.........................................
93
91
79
79
28
26
79
93
98
98
77
81
70
86
88
98
98
79
79
77
77
81
67
74
81
72
77
79
79
77
84
77
79
72
75
77
Iowa....................................................
Kansas...
Minnesota
Missouri..
Nebraska
North Dakota
South Dakota
82
75
77
83
80
56
60
86
74
78
88
95
63
60
17
24
30
35
15
16
15
21
23
27
34
20
8
15
98
98
84
81
89
87
37
38
95
93
98
98
98
93
93
95
95
95
91
98
95
91
98
100
100
86
95
98
95
98
95
95
86
84
72
79
81
77
77
86
72
79
79
74
79
91
81
93
79
81
81
84
84
86
77
72
89
96
88
74
86
88
86
73
79
77
76
86
92
93
85
84
88
93
94
85
79
82
79
92
38
25
34
31
36
34
37
33
38
39
41
37
36
28
34
32
33
29
35
26
33
33
33
36
Southwest..................................
95
95
88
86
73
90
40
30
Arizona...............................................
New Mexico........................................
Oklahoma...........................................
Texas..................................................
98
95
93
93
93
98
88
93
86
72
81
79
84
88
86
84
67
82
81
68
77
83
82
90
36
38
36
40
26
30
28
29
Rocky Mountain..........................
95
95
79
81
74
76
34
29
Colorado.............................................
Idaho..................................................
Montana.............................................
U tah...................................................
Wyoming............................................
88
88
77
95
91
93
93
77
100
91
79
77
77
84
72
81
86
77
88
84
60
67
75
77
76
67
77
79
79
84
35
27
20
31
33
27
26
19
29
32
Far West.....................................
98
100
74
84
77
88
39
32
Alaska................................................
California............................................
Hawaii................................................
Nevada...............................................
Oregon...............................................
Washington........................................
98
95
86
98
95
93
84
93
81
100
98
91
72
79
91
81
74
67
79
81
88
74
79
79
67
79
64
63
84
56
78
93
83
68
90
75
36
38
36
24
37
34
23
29
24
22
29
20
Southeast..
Alabama.
Arkansas
Florida....
Georgia..............................................
Kentucky.............................................
Louisiana............................................
Mississippi..........................................
North Carolina...................................
South Carolina..................................
Tennessee..........................................
Virginia...............................................
West Virginia.....................................
58
T h e Reliability of the S tate Personal Incom e Estim ates
estimates o f state personal income are less than 1 per
centage point for all but six states in which farm in
come is important— Iowa, Idaho, Montana, Nebraska,
North Dakota, and South Dakota; removing farm in
come yields mean absolute revisions that are substan
tially less than 1 percentage point for these states.
Removing farm income also substantially lowers the
mean absolute revision for Kansas, but it has little ef
fect on the mean absolute revisions for the other states.
As noted earlier, the measurement o f quarterly farm
income is especially problematic due to a lack o f cur
rent, detailed source data on farm expenses and due to
the volatility o f the change in farm inventories. The
T a b le 3 . M e a n A b s o l u t e R e v i s i o n s , L a t e s t E s t i m a t e s L e s s P r e l i m i n a r y a n d
S e c o n d E s t i m a t e s , 1 9 9 1 M I- 2 0 0 1 : 1 V
[Percentage points]
Personal income
Preliminary
Second
Nonfarm
personal income
Preliminary
Second
Wages and salaries
Preliminary
Second
United States.....................
New England.....................
0.35
0.58
0.33
0.55
0.37
0.59
0.35
0.55
0.53
0.85
0.48
0.78
Connecticut.....................
Maine................................
Massachusetts...............
New Hampshire..............
Rhode Island...................
Vermont...........................
0.68
0.55
0.69
0.78
0.48
0.64
0.73
0.48
0.58
0.64
0.52
0.62
0.68
0.57
0.70
0.78
0.49
0.65
0.73
0.49
0.59
0.64
0.52
0.58
0.90
0.76
1.10
1.23
0.86
1.05
0.97
0.70
0.83
1.01
0.93
0.90
Mideast..............................
0.56
0.50
0.55
0.50
0.83
0.77
Delaware.........................
District of Columbia........
Maryland..........................
New Jersey......................
New York.........................
Pennsylvania...................
0.84
0.85
0.37
0.69
0.83
0.39
0.84
0.82
0.42
0.63
0.68
0.43
0.84
0.85
0.37
0.69
0.83
0.38
0.82
0.82
0.42
0.64
0.68
0.42
1.43
1.15
0.49
0.95
1.41
0.59
1.20
1.14
0.62
0.85
1.18
0.60
Great Lakes......................
0.45
0.48
0.41
0.45
0.63
0.69
Illinois...............................
Indiana..............................
Michigan..........................
Ohio..................................
Wisconsin........................
0.59
0.61
0.62
0.51
0.44
0.62
0.50
0.72
0.41
0.49
0.55
0.55
0.60
0.50
0.44
0.55
0.43
0.69
0.39
0.48
0.70
0.83
1.01
0.81
0.61
0.67
0.63
1.18
0.60
0.76
Plains.................................
0.74
0.78
0.38
0.36
0.50
0.50
Iowa..................................
Kansas............................
Minnesota........................
Missouri............................
Nebraska.........................
North Dakota...................
South Dakota...................
1.27
0.85
0.64
0.47
1.38
3.24
1.64
1.30
0.92
0.65
0.47
1.35
3.52
1.63
0.43
0.58
0.53
0.43
0.45
0.46
0.43
0.40
0.44
0.47
0.40
0.40
0.50
0.43
0.74
0.78
0.70
0.63
0.72
0.70
0.70
0.60
0.54
0.65
0.56
0.58
0.76
0.75
Southeast..........................
0.36
0.31
0.37
0.35
0.50
0.44
Alabama..........................
Arkansas .........................
Florida..............................
Georgia.............................
Kentucky..........................
Louisiana.........................
Mississippi.......................
North Carolina................
South Carolina................
Tennessee.......................
Virginia............................
West Virginia...................
0.37
0.76
0.58
0.55
0.41
0.54
0.48
0.50
0.40
0.55
0.51
0.49
0.40
0.72
0.57
0.40
0.52
0.52
0.47
0.53
0.40
0.51
0.42
0.39
0.39
0.40
0.58
0.57
0.43
0.54
0.39
0.45
0.43
0.57
0.53
0.49
0.39
0.38
0.58
0.48
0.47
0.47
0.40
0.44
0.42
0.50
0.42
0.39
0.65
0.69
0.75
0.73
0.63
0.79
0.70
0.60
0.72
0.86
0.82
0.77
0.58
0.55
0.70
0.52
0.59
0.69
0.64
0.68
0.58
0.69
0.64
0.65
Southwest........................
0.47
0.39
0.51
0.42
0.65
0.53
Arizona.............................
New Mexico.....................
Oklahoma........................
Texas ................................
0.59
0.53
0.50
0.55
0.56
0.52
0.54
0.44
0.61
0.50
0.45
0.60
0.53
0.54
0.47
0.47
0.96
0.74
0.66
0.75
0.80
0.89
0.66
0.57
Rocky Mountain...............
0.62
0.52
0.55
0.39
0.82
0.55
Colorado..........................
Idaho................................
Montana..........................
Utah..................................
Wyoming..........................
0.79
1.00
1.48
0.53
0.73
0.55
0.77
1.44
0.46
0.52
0.81
0.63
0.63
0.54
0.66
0.49
0.43
0.50
0.44
0.47
1.18
1.05
1.04
0.79
0.85
0.69
0.59
0.79
0.63
0.63
Far West.............................
0.44
0.36
0.45
0.39
0.76
0.55
Alaska...............................
California.........................
Hawaii...............................
Nevada.............................
Oregon.............................
Washington......................
0.61
0.53
0.51
0.61
0.38
0.88
0.60
0.40
0.51
0.54
0.41
0.48
0.61
0.54
0.50
0.61
0.38
0.90
0.60
0.43
0.51
0.54
0.40
0.45
0.93
0.88
0.69
0.80
0.71
1.52
0.82
0.67
0.71
0.60
0.63
0.74
December 2003
farm sector relies heavily on the manipulation o f com
modity inventories to mitigate the effects o f wide
swings in prices and production that occur with little
discernable pattern or predictability. Therefore, the in
corporation o f state data on the value o f inventory
change in the detailed annual estimates often results in
substantial revisions to personal income in states with
relatively large agricultural economies.
The mean absolute revisions for the second esti
mates o f personal income are slightly smaller than the
mean absolute revisions for the preliminary estimates
for the Nation, for 6 o f the 8 regions, and for 31 states.
An unweighted average o f the reductions for the states
is 0.04 percentage point, and the differences range
from a reduction o f 0.40 percentage point to an in
crease o f 0.28 percentage point.
The mean absolute revisions for both the prelimi
nary estimates and the second estimates o f wages and
salaries are larger than those for the estimates o f non
farm personal income for all states and o f personal in
come for most states. The unweighted average o f the
mean absolute revisions for the state estimates o f
wages and salaries is 0.85 percentage point for the pre
liminary estimates and 0.73 percentage point for the
second estimates. The mean absolute revisions for the
second estimates are smaller than those for the prelim
inary estimates for 6 regions and 39 states.
The mean revisions from the preliminary estimates
to the latest estimates and the second estimates to the
latest estimates of personal income, nonfarm personal
income, and wages and salaries are shown in table 4.
The mean revisions for the Nation and for the regions
are small and generally positive. The positive revisions
are consistent with the comprehensive revisions o f na
tional measures o f econom ic activity, which have
tended to raise both the levels and the rates o f growth
o f income, because definitions were changed to adapt
the econom ic accounts to a changing economy. The
signs for the mean revisions for the states are more
mixed; the revisions from the preliminary estimates to
the latest estimates o f personal income are negative for
18 states, and the revisions from the second estimates
to the latest estimates are negative for 24 states. In gen
eral, the revisions for the second estimates are smaller
than those for the preliminary estimates. The largest
mean revisions were to the preliminary estimates for
m ost of the New England states, Arizona, and Colo
rado; these revisions reflect large positive revisions to
wages and salaries.
When the assumption o f a normal distribution for
the revisions cannot be rejected statistically, the statis
tical significance o f the mean revisions can be tested.
Using this criterion, the statistical significance o f
the mean revisions for the preliminary estimates o f
December 2003
59
S u rv ey o f C u rren t B usiness
personal income for 32 states can be tested. The mean
revisions are significant at a P-value o f less than .05 for
three states— Arizona, Colorado, and Mississippi—
about double what would be expected by chance. Simi
larly, the statistical significance o f the mean revisions
for the preliminary estimates o f nonfarm income for
27 states can be tested, and the revisions are significant
for three states— Colorado, Vermont, and Wyoming.
The mean revisions for wages and salaries for 33 states
can be tested, and the revisions are significant for three
states— Arizona, Colorado, and Alaska.
For these three state measures, the hypothesis that
the mean revisions were zero is rejected somewhat less
than twice as often as would be expected by chance.
Excluding the rejections for Colorado, the number o f
rejections is about what would be expected by chance.
About three-fifths o f the mean revisions for the second
estimates o f the three income measures were also
tested, and none o f the mean revisions are statistically
significantly different from zero.
The mean revisions and the mean absolute revi
sions from the preliminary estimates to the second es
timates for the three income measures are shown in
table 5. The mean absolute revisions for the states and
regions are typically nearly as large as those from these
vintages o f quarterly estimates to the latest estimates.
The unweighted numerical average o f mean absolute
T a b le 5 . M e a s u r e s o f R e v i s i o n s in Q u a r t e r l y P e r c e n t C h a n g e s in S t a t e
P e r s o n a l In c o m e , S e c o n d E s tim a te s L e s s P r im a r y E s tim a te s ,
T a b le 4 . M e a n R e v i s i o n s , L a t e s t E s t i m a t e s L e s s P r e l i m i n a r y a n d
1 9 9 1 :ll—2 0 0 1 :IV
S e c o n d E s t i m a t e s , 1 9 9 1 :ll—2 0 0 1 : IV
[Percentage points]
[Percentage points]
Mean revision
Mean absolute revision
Personal income
Preliminary
United States....................
New England.....................
Connecticut......................
Maine.........
Massachusetts................
New Hampshire...............
Rhode Island....................
Vermont....
Mideast
Delaware...
District of Columbia.........
Maryland...
New Jersey
New York
Pennsylvania....................
Great Lakes..
Illinois........
Indiana.....
Michigan....
Ohio............
Wisconsin..
Plains..................................
Iowa...................................
Kansas..............................
Minnesota.........................
Missouri.............................
Nebraska..........................
North Dakota....................
South Dakota....................
Southeast..........................
Alabama...........................
Arkansas..........................
Florida
Georgia
Kentucky...........................
Louisiana..........................
Mississippi........................
North Carolina..................
South Carolina..................
Tennessee
Virginia..............................
West Virginia....................
Southwest
Arizona
New Mexico......................
Oklahoma.........................
Texas
Rocky Mountain................
Colorado...........................
Idaho.................................
Montana...........................
Utah
Wyoming...........................
Far West............................
Alaska................................
California..........................
Hawaii................................
Nevada..............................
Oregon..............................
Washington.......................
0.08
0.20
0.22
-0.05
0.22
0.37
0.08
0.23
0.04
-0.01
-0.05
0.13
0.18
-0.01
-0.02
0.03
0.09
0.08
-0.03
-0.06
0.12
0.07
0.01
-0.01
0.15
0.05
0.05
-0.07
0.18
0.06
0.06
0.08
-0.06
0.19
-0.01
-0.02
0.19
0.13
0.09
0.11
0.11
-0.11
0.18
0.29
-0.08
-0.01
0.20
0.29
0.51
0.08
-0.05
0.03
0.17
0.05
-0.19
0.04
-0.18
0.22
0.00
0.18
Second
0.02
0.01
0.02
-0.08
0.02
0.03
0.01
-0.03
0.01
-0.07
-0.16
0.01
0.09
0.00
-0.03
0.02
0.03
0.01
0.12
-0.06
0.03
-0.01
-0.14
0.01
0.03
0.05
-0.18
-0.05
-0.08
0.01
-0.03
-0.03
0.01
0.07
-0.07
-0.03
0.04
0.03
0.05
0.00
0.02
-0.03
0.08
0.07
-0.08
0.15
0.08
0.06
0.16
-0.02
-0.01
-0.10
-0.03
0.00
-0.06
0.01
-0.05
0.19
-0.09
-0.05
Nonfarm
personal income
Preliminary
0.08
0.20
0.22
-0.04
0.22
0.38
0.08
0.23
0.04
0.00
-0.05
0.13
0.18
0.00
-0.02
0.03
0.10
0.10
-0.02
-0.06
0.12
0.06
-0.04
-0.03
0.14
0.05
0.16
-0.09
0.10
0.06
0.05
0.04
-0.04
0.20
0.00
-0.01
0.16
0.15
0.08
0.12
0.12
-0.11
0.18
0.31
-0.08
-0.02
0.20
0.31
0.52
0.15
0.05
0.04
0.24
0.06
-0.19
0.05
-0.16
0.22
0.03
0.21
Second
0.03
0.02
0.03
-0.06
0.03
0.03
0.02
-0.02
0.01
-0.04
-0.16
0.01
0.09
0.01
-0.03
0.04
0.05
0.03
0.13
-0.06
0.05
0.01
-0.09
-0.02
0.03
0.04
0.06
-0.08
-0.05
0.03
-0.02
0.03
0.03
0.07
-0.04
0.01
0.05
0.10
0.05
0.02
0.04
-0.03
0.09
0.10
-0.06
0.14
0.09
0.08
0.16
0.07
0.01
-0.09
0.08
0.01
-0.06
0.02
-0.04
0.20
-0.05
-0.02
Wages and salaries
Preliminary
0.09
0.34
0.34
-0.04
0.37
0.63
0.18
0.28
0.12
-0.01
0.33
0.15
0.19
0.11
0.04
0.02
0.09
0.07
-0.09
-0.03
0.10
0.03
-0.04
-0.04
0.10
0.02
0.08
-0.04
0.17
0.03
0.07
0.06
-0.13
0.13
-0.02
-0.04
0.19
0.13
0.04
0.10
0.08
-0.23
0.17
0.38
-0.12
-0.13
0.20
0.33
0.58
0.07
0.03
0.00
0.25
0.07
-0.35
0.05
-0.18
0.09
0.07
0.32
Personal
income
Second
0.02
0.02
-0.02
-0.04
0.05
0.04
0.08
-0.10
0.06
-0.04
0.06
-0.05
0.03
0.12
0.03
0.04
0.03
-0.02
0.17
-0.02
0.01
-0.04
-0.11
-0.02
-0.05
0.00
-0.04
-0.01
-0.06
0.00
-0.03
0.03
0.04
-0.05
-0.06
-0.01
0.01
0.06
0.00
-0.05
-0.04
-0.01
0.04
0.03
-0.07
0.16
0.03
-0.04
0.02
-0.07
-0.03
-0.17
-0.04
-0.01
-0.13
0.01
0.02
0.06
-0.06
-0.07
United States....................
New England....................
Connecticut......................
Maine................................
Massachusetts................
New Hampshire..............
Rhode Island..................
Vermont...........................
Mideast
Delaware
District of Columbia........
Maryland..........................
New Jersey......................
New York
Pennsylvania....................
Great Lakes
Illinois................................
Indiana.............................
Michigan..........................
Ohio
Wisconsin........................
Plains.
Iowa
Kansas
Minnesota........................
Missouri
Nebraska.........................
North Dakota...................
South Dakota...................
Southeast.........................
Alabama..........................
Arkansas..........................
Florida
Georgia
Kentucky..........................
Louisiana.........................
Mississippi.......................
North Carolina................
South Carolina................
Tennessee .......................
Virginia
West Virginia....................
Southwest
Arizona
New Mexico.....................
Oklahoma........................
Texas
Rocky Mountain...............
Colorado..........................
Idaho
Montana
Utah
Wyoming..........................
Far West.............................
Alaska...............................
California.........................
Hawaii...............................
Nevada.............................
Oregon..............................
Washington......................
0.10
0.57
0.67
0.62
0.71
0.78
0.63
0.77
0.37
0.99
0.54
0.33
0.47
0.60
0.34
0.29
0.36
0.45
0.72
0.37
0.41
0.24
0.50
0.40
0.55
0.31
0.56
0.91
0.65
0.23
0.38
0.47
0.46
0.37
0.39
0.57
0.47
0.44
0.49
0.57
0.43
0.46
0.34
0.59
0.59
0.44
0.42
0.41
0.57
0.53
0.65
0.52
0.64
0.35
0.65
0.45
0.57
0.66
0.43
0.83
Nonfarm
personal
income
0.09
0.57
0.66
0.63
0.71
0.78
0.63
0.76
0.37
0.99
0.54
0.33
0.47
0.60
0.34
0.29
0.35
0.45
0.72
0.37
0.40
0.20
0.38
0.37
0.53
0.30
0.42
0.62
0.45
0.22
0.37
0.37
0.45
0.39
0.39
0.58
0.45
0.41
0.49
0.57
0.44
0.46
0.33
0.58
0.59
0.42
0.42
0.39
0.56
0.54
0.53
0.52
0.64
0.36
0.65
0.46
0.56
0.66
0.44
0.83
Wages
and
salaries
0.14
0.95
1.18
1.13
1.17
1.34
1.14
1.37
0.64
1.79
1.09
0.66
0.84
1.09
0.61
0.47
0.55
0.69
1.14
0.62
0.64
0.36
0.69
0.65
0.83
0.57
0.64
1.03
0.86
0.38
0.63
0.71
0.85
0.60
0.69
0.99
0.83
0.62
0.80
0.93
0.70
0.92
0.52
0.95
0.96
0.76
0.66
0.66
0.93
0.96
1.02
0.76
1.11
0.62
1.05
0.79
0.93
1.06
0.76
1.40
Personal
income
Nonfarm
personal
income
0.06
0.19
0.20
0.03
0.19
0.34
0.07
0.26
0.03
0.07
0.10
0.12
0.09
-0.01
0.01
0.01
0.06
0.07
-0.14
0.00
0.09
0.08
0.15
-0.03
0.12
0.00
0.23
-0.01
0.26
0.05
0.09
0.11
-0.07
0.12
0.07
0.00
0.15
0.10
0.05
0.10
0.09
-0.08
0.10
0.22
0.00
-0.16
0.12
0.23
0.36
0.10
-0.04
0.13
0.20
0.05
-0.13
0.03
-0.13
0.03
0.09
0.23
0.05
0.19
0.19
0.03
0.19
0.34
0.07
0.25
0.03
0.04
0.10
0.12
0.09
-0.01
0.01
0.00
0.05
0.07
-0.15
0.00
0.07
0.05
0.05
-0.01
0.10
0.01
0.09
-0.02
0.14
0.03
0.07
0.01
-0.07
0.12
0.04
-0.01
0.11
0.06
0.04
0.10
0.08
-0.08
0.09
0.22
-0.02
-0.16
0.11
0.24
0.36
0.08
0.04
0.12
0.17
0.05
-0.13
0.03
-0.13
0.02
0.08
0.23
Wages
and
salaries
0.07
0.31
0.36
0.01
0.31
0.59
0.10
0.38
0.06
0.03
0.27
0.20
0.16
0.00
0.01
-0.02
0.07
0.09
-0.26
-0.01
0.09
0.07
0.07
-0.03
0.15
0.02
0.12
-0.03
0.23
0.03
0.10
0.03
-0.17
0.18
0.05
-0.03
0.18
0.07
0.04
0.15
0.12
-0.21
0.14
0.34
-0.05
-0.29
0.17
0.37
0.56
0.14
0.06
0.17
0.29
0.08
-0.23
0.05
-0.20
0.03
0.14
0.39
The Reliability of the S tate Personal Incom e Estim ates
60
revisions between the preliminary and second esti
mates o f personal income for the states is 0.54 percent
age point, or roughly 0.15 percentage point smaller
than those from the two vintages o f estimates to the
latest estimates.
The mean revisions are generally positive and are as
large as those from the preliminary estimates to the lat
est estimates for the states. The largest revisions are for
the New England states, Arizona, Colorado, and
Alaska. The large revisions may be attributed to the re
placement o f the CES state employment data with the
CEW tabulations o f wages and salaries.
December 2003
Additional Measures of Revisions
Range of revisions
The mean range o f nine-tenths o f the revisions to the
state estimates from the preliminary estimates to the
latest estimates is 2.9 percentage points, and it extends
from -1 .4 percentage points to 1.5 percentage points
(chart 1). O f the seven states in which the spread be
tween the lower bound and the upper bound is more
than 3.5 percentage points, four states are in the Plains
region, two are in the Rocky Mountain region, and one
is in the Far West. Removing farm income lowers the
Chart 1. Range of Revisions to Personal Income: Two-Thirds and Nine-Tenths of Revisions, Latest
Estimates Less Preliminary Estimates, 1991 :ll—
2001 :IV______________________________
U n ite d S ta te s
I N in e-ten th s of revisions
Tw o-thirds of revisions
N e w E ngland
Co n n e ctic u t
M a in e
M a s sa ch u se tts
N e w H a m p sh ire
R h o d e Island
V erm ont
M id e a s t
D e la w a re
District of C o lu m b ia
M a ry la n d
N e w J ers ey
N e w York
P en nsy lvania
G re a t L a kes
Illinois
In d ian a
M ichigan
O h io
W isconsin
Plains
Iow a
K a n s as
M in n e so ta
M issouri
N e b ra s k a
N orth D ak o ta
S outh D a ko ta
S o u th e as t
A la b a m a
A rk a n s a s
Florida
G e o rg ia
K entucky
L o uisiana
Mississippi
N orth C a ro lin a
S outh C aro lin a
T e n n e ss e e
V irg inia
W e s t V irg inia
S o u th w e st
A rizon a
N e w M exico
O k la h o m a
Texas
R ocky M o unta in
C olorado
Idaho
M o n ta n a
U ta h
W y o m in g
Far W est
A la sk a
C a lifornia
H aw aii
N evada
O regon
W as hing ton
-5
-2
-1
0
Percentage points
U.S. Bureau of Economic Analysis
1
December 2003
61
S u rv ey of C urrent B usiness
mean range to 2.3 percentage points, from -1.1 per
centage points to 1.2 percentage points, and no states
register a range as large as 3.5 percentage points (chart
2 ).
The ranges of revisions to wages and salaries are
generally larger than the ranges o f revisions to personal
income (chart 3). The mean range o f nine-tenths o f
the revisions to the state estimates from the prelimi
nary estimates to the latest estimates is 3.4 percentage
points, and it extends from -1 .6 percentage points to
1.8 percentage points. Only eight states have larger
ranges for personal income than for wages and salaries,
and none has larger ranges for nonfarm personal in
come than for wages and salaries. In all, 18 states have
ranges for wages and salaries greater than 3.5 percent
age points, but only 2— Montana and Washing
ton— have ranges greater than 3.5 percentage points
for both personal income and wages and salaries.
The effects o f the revisions to farm income on the
revisions to personal income may be examined indi
rectly by comparing the revisions to nonfarm personal
income with those to total personal income. For the
Nation, the quarter-by-quarter revisions to the two
personal income measures differ modestly, and the
Chart 2. Range of Revisions to Nonfarm Personal Income: Two-Thirds and Nine-Tenths of Revisions,
Latest Estimates Less Preliminary Estimates, 1991 :ll—
2001 :IV___________________________
U n ited State s
I N in e-ten th s of revisions
l Tw o-thirds of revisions
N e w E ngland
C onn ecticut
M a in e
M a ss a ch u s etts
N e w H a m p s h ire
R h o d e Island
V erm o n t
M id e as t
D e la w a re
District of C o lu m b ia
M a ryla n d
N e w Je rse y
N e w York
P en nsy lvania
G re a t L a kes
Illinois
In d ia n a
M ichigan
O h io
W isconsin
Plains
Iow a
Kans a s
M in n e so ta
Missouri
N e b ra s k a
N orth D a ko ta
South D a k o ta
S o u th e as t
A la b a m a
Arka n s as
Florida
G e o rg ia
Kentucky
L o uisiana
M ississippi
N orth C aro lin a
S outh C a rolina
T e n n e ss ee
Virg inia
W e s t V irginia
S outhw e st
A rizo n a
N e w M e xico
O k la h o m a
Texas
R ocky M o untain
C olorado
Idaho
M o n ta n a
Utah
W y om ing
Far W est
A la sk a
C alifornia
Haw aii
Nevada
O regon
W ashing ton
-5
U.S. Bureau of Economic Analysis
0
Percentage points
The Reliability of the S tate Personal Incom e Estim ates
62
largest differences occur in 1992-94 (panel 1 o f chart
4). The correlation between the two sets o f revisions to
the two income measures is 0.9669. However, the dif
ferences between the revisions to the two measures
vary widely by region and by state. For the New En
gland region, the differences between the two measures
are the smallest o f those for any region; the lines indi
cating the revisions to the measures are almost identi
cal, and their correlation is 0.9997 (panel 2). In
contrast, the revisions to the measures for the Plains
region are the largest o f any region; there is little corre
December 2003
spondence between the two revisions measures, and
their correlation is just 0.2745 (panel 3).
A major factor in determining the effects o f the revi
sions to farm income on personal income is the rela
tive size o f the share o f farm income in personal
income. The share o f farm income in U.S. personal av
erages 1.04 percent in 1991-2001. The share for the
New England region averages 0.26 percent, but the
share in the Plains region averages 3.10 percent. Differ
ences in the types o f agricultural output that are im
portant in the regions also help to explain the
Chart 3. Range of Revisions to Wages and Salaries: Two-Thirds and Nine-Tenths of Revisions, Latest
Estimates Less Preliminary Estimates, 1991 :ll—
2001 :IV
U nite d S ta te s
I N in e -te n th s of revisions
6Tw o-thirds of revisions
N e w En g la n d
C o n n e c ticu t
M a in e
M a s sa c h u se tts
N e w H a m p sh ire
R h o d e Island
V erm ont
M id e a s t
D e la w a re
D istrict of C o lu m b ia
M a ry la n d
N e w J e rs e y
N e w York
P en n sy lv a n ia
G re a t L ak es
Illinois
In d ian a
M ichigan
O h io
W isconsin
Plains
Iow a
K a n s as
M in n es o ta
M issouri
N e b ra s k a
N orth D a k o ta
S outh D a ko ta
S o u th e a st
A la b a m a
A rka n s as
F lorida
G eo rg ia
K entucky
L o uisiana
M ississippi
N orth C a ro lin a
S outh C aro lin a
Tennessee
V irg inia
W e s t V irg inia
Southw e st
A rizon a
N e w M e x ic o
O k la h o m a
T e xas
R ocky M o unta in
C o lora do
Idaho
M o n ta n a
U ta h
W yom ing
Fa r W e s t
A la sk a
C a lifornia
H aw aii
Nevada
O regon
W a shing ton
-5
-4
-1
Percentage points
U.S. Bureau of Economic Analysis
December 2003
S urv ey of C urrent B usiness
differences in revisions to the two income measures
because different products have different price and
quantity volatilities. Based on the values o f marketings,
the most important agricultural products in New En
gland include greenhouse products, dairy products
and eggs, fruit, and sweet corn. In contrast, in the
Plains states, the most important products include cat
tle, grains and oil seeds, and hogs; stocks o f these largescale-of-production commodities are more likely to be
moved in and out o f farm inventories rather than
taken to market, which creates the type o f estimation
problems described earlier in this article.
Chart 4. Revisions to Personal Income and
Nonfarm Personal Income
Percent
1991
92
93
94
U.S. Bureau of Economic Analysis
95
96
97
98
99
2000
01
63
Revisions by the quarters of the year
It is interesting to examine the mean absolute revisions
o f personal income separately for the four quarters of
years. The mean absolute revisions— from the prelimi
nary estimates to the latest estimates for the three in
come measures— are disaggregated into the revisions
for the first quarters, those for the second quarters,
those for the third quarters, and those for the fourth
quarters in table 6. For the Nation and for most states
and regions, the first-quarter mean absolute revisions
for all three measures are larger than those for the
other three quarters. This difference may be the result
of the use o f source data for the preliminary estimates
that do not include lump-sum payments, which can be
deferred or accelerated at the end of the calendar year
to take advantage o f changes in Federal income tax
laws. In addition, the first quarter is typically when
changes in unemployment insurance tax laws become
effective, and changes in coverage o f employees and in
the definition o f wages would first appear in the CEW
wage reports for the first quarter.
The mean absolute revisions for personal income
for the first quarters are larger than 1.00 percentage
point for 20 states; these states are in all o f the regions
except the Southeast. In contrast, the revisions for only
six states are larger than 1.00 percentage point when all
the revisions for the quarters are grouped (see table 3),
and these states are all in the Plains region or in the
Rocky Mountain region. The mean absolute revisions
are larger than 1.00 percentage point for only four
states for the second quarters, for only three states for
the third quarter, and for only eight states for the
fourth quarter.
The mean absolute revisions for the first-quarter es
timates of wages and salaries are generally larger than
the revisions for the estimates o f personal income; for
27 states, the mean absolute revisions are larger than
For additional analyses of the revisions to the esti
mates of state personal income, see the more detailed
paper that is available on BEA’s Web site at
<www.bea.gov>, in the “Working Papers” portion of
the “Papers and Presentations” section. The addi
tional analyses indicate that revisions tend to move
the state estimates toward longer run trends for each
state. They indicate a weaker tendency to revise
toward national total estimates. They also indicate
that states with larger populations tend to have
smaller revisions and that states where farm income is
relatively important tend to have larger revisions.
64
T h e Reliability of the State Personal Incom e Estim ates
1.00 percentage point. The mean absolute revisions for
estimates o f wages and salaries are larger than 1.00 per
centage point in other quarters; for 12 states for the
second quarters, for 6 states for the third quarters, and
for 7 states for the fourth quarters.
The mean absolute revisions for nonfarm personal
income are larger than 1.00 percentage point only in
the first two quarters; for 11 states in the first quarters
and for 1 state in the second quarters. In all o f these
states except Wyoming, the mean absolute revisions
for wages and salaries are more than 1.00 percentage
point for the same quarters. As a result o f the introduc
tion o f farm-related income, the number o f states with
mean absolute revisions for personal income greater
December 2003
than 1.00 percentage point in the four quarters in
creased by 23 states— 9 states in the first quarters, 3
states each in the second and third quarters, and 8
states in the fourth quarters.
The sizes o f mean absolute revisions for personal in
come for the four quarters can also be evaluated by
tabulating the number o f states that have the largest
mean absolute revisions in the first quarter, the num
ber that have the second largest revisions, and the third
and fourth largest revisions. For 42 states, the largest
revisions to personal income are in the first quarters
and 9 o f the second largest, but none o f the third or
fourth largest. Conversely, none o f the states have the
largest revisions in the third quarters.
T a b le 6 . M e a n A b s o l u t e R e v i s i o n s , L a t e s t E s t i m a t e s L e s s P r e l i m i n a r y E s t i m a t e s , b y Q u a r t e r s f o r 1 9 9 1 : ll—2 0 0 1 :1V
[Percentage points]
Personal income
II
I
III
Nonfarm personal income
IV
I
II
Wages and salaries
IV
III
I
II
IV
III
United States..............................
NewEngland...............................
0.69
1.09
0.31
0.55
0.21
0.40
0.23
0.33
0.70
1.10
Connecticut........................................
M aine.................................................
Massachusetts..................................
New Hampshire.................................
Rhode Island.....................................
Vermont..............................................
0.31
0.56
0.23
0.40
0.55
0.53
0.68
0.77
0.40
0.73
0.39
0.50
0.53
0.64
0.40
0.39
0.42
0.35
0.39
0.63
0.40
0.59
1.43
0.89
1.23
1.11
0.75
0.90
0.28
0.33
0.85
1.43
0.58
0.72
0.24
0.67
1.43
0.85
1.23
1.11
0.75
0.88
0.47
0.62
0.56
0.55
0.68
0.76
0.41
0.72
0.38
0.50
0.53
0.63
0.41
0.40
0.43
0.35
0.39
0.64
0.41
0.58
1.57
0.94
1.83
1.37
1.10
1.45
0.84
0.67
1.04
1.28
0.96
1.08
0.56
0.75
0.88
1.10
0.61
0.80
0.70
0.70
0.69
1.17
0.79
0.92
Mideast.......................................
1.07
0.52
0.24
0.44
1.04
0.52
0.24
0.44
1.13
1.51
0.59
1.26
1.51
0.82
0.66
0.59
0.34
0.51
0.72
0.29
1.17
1.51
0.57
1.26
1.49
0.78
0.76
0.85
0.66
0.31
0.67
0.75
0.28
0.74
0.70
0.25
0.36
0.40
0.20
1.50
0.34
Delaware............................................
District of Columbia..........................
Maryland............................................
New Jersey.........................................
New York............................................
Pennsylvania.....................................
0.81
0.66
0.32
0.67
0.76
0.29
0.77
0.70
0.26
0.36
0.40
0.20
0.62
0.59
0.34
0.51
0.72
0.28
0.79
1.85
1.23
0.52
1.54
2.41
1.00
1.76
1.14
0.43
0.82
1.25
0.55
1.00
1.23
0.41
0.64
0.67
0.31
1.16
0.99
0.62
0.85
1.38
0.53
Great Lakes.................................
0.67
0.54
0.33
0.57
0.47
1.02
0.76
0.70
0.74
0.78
0.28
0.24
Illinois.................................................
Indiana..
Michigan
Ohio
Wisconsin
0.58
0.57
0.83
0.58
0.45
0.73
0.55
0.42
0.82
0.55
0.41
0.38
0.50
0.35
0.30
0.19
0.42
0.61
0.58
0.50
0.39
0.83
0.32
0.45
0.57
0.59
0.44
0.32
0.87
0.69
0.67
0.66
0.79
0.38
0.36
0.55
0.35
0.31
0.23
0.66
1.20
0.92
1.30
0.91
1.05
0.63
0.80
1.30
1.04
0.64
0.43
0.71
0.60
0.47
0.16
0.57
0.88
0.88
0.85
0.63
0.96
0.67
0.32
0.74
0.73
0.88
0.70
0.61
0.78
0.72
0.26
0.31
0.35
0.59
0.57
0.30
0.45
0.32
0.36
0.34
0.38
0.40
0.31
0.31
0.41
0.38
0.32
0.62
0.31
0.42
0.47
0.35
0.29
0.70
0.47
0.26
0.57
0.96
0.68
1.16
0.78
0.80
1.02
0.95
0.67
0.78
0.66
0.55
0.77
0.53
0.61
0.56
0.49
0.44
0.52
0.49
0.64
0.50
0.80
1.15
0.60
0.69
0.81
0.62
0.76
0.36
0.81
0.25
0.44
0.83
0.41
0.34
0.58
0.39
0.38
0.28
0.47
0.31
0.54
1.02
0.72
0.98
0.99
0.73
0.48
0.89
0.80
1.21
1.40
1.26
0.77
0.49
Plains
0.93
0.52
0.55
Iowa....
Kansas..
Minnesota
Missouri.,
Nebraska
North Dakota.....................................
South Dakota....................................
1.58
0.87
1.09
0.87
1.42
5.24
1.80
1.41
0.60
0.55
0.34
1.05
1.01
0.84
0.82
0.66
0.45
0.38
1.17
2.08
1.35
1.31
1.27
0.50
0.31
1.88
4.80
2.57
Southeast...................................
0.54
0.24
0.57
0.72
0.64
0.78
0.68
0.58
0.50
0.62
0.60
0.93
0.81
0.53
0.29
0.38
0.58
0.30
0.27
Alabama
Arkansas
Florida...
Georgia.
Kentucky
Louisiana
Mississippi..........................................
North Carolina...................................
South Carolina..................................
Tennessee..........................................
Virginia...............................................
West Virginia.....................................
0.45
0.55
0.28
0.56
0.40
0.63
0.45
0.47
0.44
0.61
0.54
0.45
0.22
0.61
0.56
0.45
0.32
0.40
0.42
0.46
0.30
0.30
0.43
0.43
0.26
1.18
0.83
0.42
0.28
0.57
0.57
0.44
0.29
0.39
0.31
0.55
0.66
0.54
0.67
0.85
0.65
0.47
0.60
0.64
0.69
0.95
0.85
0.52
0.43
0.36
0.27
0.54
0.35
0.63
0.32
0.41
0.45
0.61
0.55
0.46
0.22
0.27
0.58
0.49
0.40
0.46
0.28
0.38
0.32
0.31
0.44
0.43
Southwest...................................
0.91
0.37
0.33
0.30
0.93
0.37
0.34
0.44
0.46
0.30
0.36
0.51
0.48
0.33
0.36
0.40
0.58
0.36
0.73
0.98
0.95
0.69
0.99
0.45
0.33
0.28
0.50
0.96
0.50
0.40
0.59
0.38
0.51
0.42
0.43
0.40
0.51
0.34
0.42
0.53
1.55
1.15
0.80
0.92
0.83
0.64
0.44
0.73
0.76
0.51
0.69
0.50
0.77
0.69
0.74
0.86
0.48
Arizona...............................................
New Mexico........................................
Oklahoma...........................................
Texas...................................................
0.97
1.13
0.72
0.95
Rocky Mountain...........................
1.15
0.44
Colorado
Idaho
Montana
Utah
Wyoming
1.17
1.92
2.41
1.01
1.35
0.79
0.46
0.52
0.50
0.56
Far West... .
0.67
0.85
0.76
0.72
0.68
0.73
1.13
Alaska................................................
California............................................
Hawaii.................................................
Nevada...............................................
Oregon...............................................
Washington........................................
0.79
0.80
0.59
0.66
0.53
1.04
0.61
0.51
0.66
0.85
0.87
0.81
0.25
0.38
0.39
0.67
0.64
0.64
0.78
0.53
0.54
0.50
0.51
0.58
0.67
0.48
0.44
0.85
0.80
0.64
0.61
0.84
0.77
0.58
0.54
0.71
0.61
0.84
0.44
0.79
0.52
0.72
0.62
0.97
0.36
0.60
0.47
0.43
1.25
0.71
0.70
0.52
1.10
2.10
0.29
0.47
1.00
1.13
0.84
0.95
1.06
0.83
0.48
0.54
0.51
0.50
0.73
0.45
0.72
0.37
0.61
0.70
0.51
0.44
0.37
0.49
0.65
1.45
1.69
1.28
1.30
0.98
1.17
0.82
0.76
0.71
0.77
1.11
0.79
1.28
0.55
0.90
1.01
0.95
0.88
0.64
0.76
0.34
0.39
0.37
0.69
0.34
0.38
0.41
0.65
0.41
0.47
0.64
0.25
1.02
0.55
0.51
0.47
0.59
0.25
0.78
0.39
0.46
0.39
0.55
0.33
0.62
0.85
0.81
0.71
0.66
0.65
1.12
0.65
0.42
0.47
0.65
0.27
1.08
0.55
0.50
0.45
0.59
0.28
0.75
1.06
0.66
0.50
0.40
0.47
0.40
0.56
0.34
0.68
0.85
0.93
1.27
0.77
0.60
0.88
1.89
1.24
0.70
0.66
0.65
0.67
1.75
0.83
0.65
0.66
0.90
0.47
1.34
0.71
0.93
0.68
1.05
0.85
1.13
December 2003
S u rv ey o f C u rren t B usiness
Revisions to preliminary annual estimates
Many applications o f the state personal income esti
mates are based on the annual-frequency estimates.
The preliminary annual estimates are derived as sums
o f the quarterly estimates. The mean absolute revisions
from the preliminary annual estimates to the latest an
nual estimates for 1991-2001 are shown in table 7. In
order to make these revisions statistics comparable
with those for the quarterly estimates (tables 3 and 4),
the mean absolute revisions are expressed in terms o f
percentage points at quarterly rates, so they are about a
T a b le 7 . M e a n A b s o l u t e R e v i s i o n s a n d M e a n R e v i s i o n s t o A n n u a l
C h a n g e s in S t a t e I n c o m e M e a s u r e s , L a t e s t E s t i m a t e s L e s s
P r e lim in a r y E s tim a te s , 1 9 9 1 -2 0 0 1
[Percentage points at quarterly rates]
Mean revisions
Mean absolute revisions
United States....................
New England.....................
Connecticut......................
Maine................................
Massachusetts................
New Hampshire...............
Rhode Island....................
Vermont............................
Personal
income
Nonfarm
personal
income
0.31
0.29
0.32
0.29
0.20
0.25
0.45
0.44
0.38
0.53
0.56
0.33
0.33
0.20
0.28
0.23
0.16
0.24
0.45
0.45
0.38
0.53
0.56
0.27
Wages
and
salaries
Personal
income
Nonfarm
personal
income
Wages
and
salaries
-0.11
-0.06
-0.11
-0.06
-0.05
-0.05
-0.10
-0.01
-0.06
0.00
-0.15
-0.03
-0.10
0.00
-0.06
0.00
-0.15
-0.03
-0.06
-0.02
-0.07
-0.01
-0.03
0.00
Mideast...............................
0.39
0.40
0.37
-0.10
-0.10
-0.07
Delaware..........................
District of Columbia.........
Maryland..........................
New Jersey......................
New York..........................
Pennsylvania....................
0.67
0.81
0.28
0.42
0.50
0.35
0.68
0.81
0.29
0.42
0.50
0.36
0.27
0.32
0.20
0.32
0.58
0.20
-0.20
-0.21
-0.11
0.05
-0.13
-0.13
-0.22
-0.21
-0.11
0.05
-0.13
-0.14
-0.10
-0.13
-0.04
-0.07
-0.09
-0.04
Great Lakes.......................
0.37
0.39
0.20
-0.09
-0.10
-0.06
Illinois................................
Indiana..............................
Michigan...........................
O hio..................................
Wisconsin.........................
0.45
0.39
0.38
0.45
0.42
0.47
0.42
0.40
0.46
0.42
0.21
0.19
0.22
0.20
0.24
-0.03
-0.11
-0.08
-0.17
-0.07
-0.04
-0.12
-0.09
-0.17
-0.09
-0.06
-0.04
-0.06
-0.08
-0.04
Plains..................................
0.35
0.39
0.19
-0.06
-0.09
-0.06
Iowa...................................
Kansas.............................
Minnesota........................
Missouri.............................
Nebraska..........................
North Dakota....................
South Dakota...................
0.37
0.33
0.53
0.34
0.41
0.54
0.75
0.44
0.36
0.53
0.36
0.42
0.44
0.58
0.26
0.18
0.27
0.14
0.19
0.17
0.19
-0.02
-0.03
-0.15
-0.02
-0.09
-0.05
-0.04
-0.07
-0.04
-0.17
-0.03
-0.09
-0.13
-0.15
-0.07
-0.03
-0.08
-0.04
-0.07
-0.04
-0.06
Southeast..........................
0.30
0.31
0.17
-0.13
-0.13
-0.05
Alabama...........................
Arkansas..........................
Florida...............................
Georgia............................
Kentucky...........................
Louisiana..........................
Mississippi........................
North Carolina..................
South Carolina................
Tennessee........................
Virginia..............................
West Virginia....................
0.38
0.40
0.34
0.34
0.26
0.41
0.28
0.34
0.36
0.41
0.31
0.48
0.42
0.42
0.35
0.35
0.26
0.44
0.31
0.37
0.36
0.41
0.32
0.48
0.16
0.23
0.25
0.19
0.18
0.16
0.12
0.21
0.16
0.22
0.17
0.14
-0.16
-0.07
-0.13
-0.11
-0.11
-0.09
-0.08
-0.19
-0.14
-0.15
-0.10
-0.13
-0.16
-0.08
-0.13
-0.11
-0.12
-0.11
-0.11
-0.18
-0.14
-0.17
-0.10
-0.13
-0.06
-0.03
-0.07
-0.04
-0.09
-0.03
-0.05
-0.04
-0.04
-0.09
-0.06
-0.05
Southwest.........................
0.32
0.29
0.18
-0.11
-0.12
-0.04
Arizona..............................
New Mexico......................
Oklahoma.........................
Texas.................................
0.46
0.43
0.48
0.36
0.45
0.43
0.45
0.33
0.18
0.21
0.25
0.19
-0.11
-0.14
-0.10
-0.10
-0.10
-0.13
-0.12
-0.12
-0.04
-0.03
-0.10
-0.03
Rocky Mountain...............
0.35
0.33
0.13
-0.10
-0.11
-0.05
Colorado...........................
Idaho.................................
Montana...........................
Utah..................................
Wyoming..........................
0.33
0.54
0.63
0.41
0.62
0.35
0.42
0.50
0.43
0.54
0.17
0.12
0.15
0.20
0.14
-0.08
-0.11
-0.02
-0.18
-0.18
-0.09
-0.11
-0.05
-0.19
-0.19
-0.05
-0.04
-0.06
-0.06
-0.02
Far West............................
0.38
0.39
0.22
-0.24
-0.24
-0.15
Alaska ...............................
California..........................
Hawaii...............................
Nevada..............................
Oregon..............................
Washington......................
0.57
0.35
0.60
0.83
0.42
0.36
0.57
0.35
0.60
0.83
0.43
0.35
0.19
0.16
0.30
0.31
0.16
0.22
-0.13
-0.13
-0.21
-0.19
-0.15
-0.13
-0.13
-0.13
-0.21
-0.19
-0.17
-0.15
-0.05
-0.04
-0.04
-0.01
-0.05
-0.05
65
fourth o f the size that they would be if they were ex
pressed at annual rates.12
The mean absolute revision for the preliminary esti
mates o f annual personal income for the Nation is 0.31
percentage point, slightly smaller than the revision for
the preliminary quarterly estimate o f 0.35 percentage
point and the revision for the second quarterly esti
mate o f 0.33 percentage point. The mean absolute revi
sions for the preliminary annual estimates are smaller
than the quarterly revisions for almost all o f the re
gions: An unweighted average o f these revisions for the
regions is 0.34 percentage point, compared with values
o f 0.53 percentage point for the preliminary quarterly
estimates and 0.49 percentage point for the second
quarterly estimates. The mean absolute revisions for
the preliminary annual estimates for the individual
states are also generally smaller than the revisions for
the preliminary quarterly estimates; only those for Ala
bama, Hawaii, Nevada, and Oregon are larger.
Similarly, the mean absolute revisions for the pre
liminary annual estimates o f nonfarm personal in
come o f only 8 states are larger than the corresponding
preliminary quarterly estimates, and those o f 13 states
are larger than the corresponding second quarterly es
timates. Also, the mean absolute revisions for the an
nual estimates o f wages and salaries are smaller than
those for personal income; the reverse is true for the
quarterly estimates.
In contrast, the mean absolute revisions for the pre
liminary annual estimates o f wages and salaries for all
o f the states are much smaller than those for the two
vintages o f quarterly estimates. The median for the re
visions for the annual estimates for the states is 0.20
percentage point, the median for the preliminary quar
terly estimates is 0.79 percentage point, and the m e
dian for the second quarterly estimates is 0.67
percentage point.
The mean absolute revisions for the preliminary an
nual estimates are smaller than those for the quarterly
estimates for three main reasons. First, CEW wage and
salary data for the Nation and for the states are incor
porated into the preliminary annual estimates for most
o f the period. Second, state-level annual data on farm
proprietors’ income are incorporated into the prelimi
nary annual estimates. Third, annual estimates are not
affected by seasonal adjustments, which are subject to
large revisions.
The differences o f mean revisions for the prelimi
nary annual estimates and those for the quarterly
12.
The formula for converting a percent change at annual rate, C, to a
percentage change at quarterly rate is (( (l+ (C /1 0 0 ))1/4)- l)* 1 0 0 . With this
formula, a positive C will yield a quarterly value slightly less than a fourth
its size, and a negative C will yield a quarterly value slightly more than a
fourth its size.
The Reliability of the State Personal Income Estimates
66
estimates are much smaller, reflecting the means’ small
sizes. The mean revisions for the annual estimates of
total personal income, nonfarm personal income, and
wages and salaries are negative for all states.
R ecen t D evelop m ents
The seasonal adjustment procedure for quarterly state
estimates of wages and salaries has been improved in
the past decade by implementing several new proce
dures. Adjustments have been made to the quarterly
estimates for 1992-94, which were affected by tax legis
lation, and for the quarters with irregular pay patterns
that contain more or fewer than 13 Fridays. The Cen
sus X—11 ARIMA program is run twice a year when
BEA prepares historical revisions of quarterly state
personal income. These revisions incorporate the latest
available quarterly CEW wage data. As a result, the
projected seasonal factors used for the second quar
terly estimates have produced a smoother series, and
the extrapolation for the most current quarter pro
duces better estimates.
Since July 2002, the NIPA quarterly wage and salary
estimates have been revised 6 months after the end of
each quarter to incorporate the most recent CEW data.
Now, the second quarterly state estimates of wages and
salaries, which incorporate the state CEW data, are
controlled to the revised NIPA national estimates,
which also incorporate CEW data. In the future, the
revisions to the second quarterly state estimates should
be smaller because of this change in the national es
timating methodology to match the state methodol
ogyIn July 2003, BEA presented for the first time esti
mates of quarterly state personal income on the basis
of the North American Industry Classification System
(NAICS). The estimates at the NAICS-based sector
level provide greater industry detail than the divisionlevel basis of the Standard Industrial Classification
(SIC) system. Personal income, nonfarm personal in
December 2003
come, and total wages and salaries are the same under
both the SIC and NAICS, but the conversion of the es
timates of quarterly state personal income by industry
to NAICS will affect the revisions of state personal in
come for several reasons. The NAICS classification sys
tem substantially differs from the SIC industry
classification system, so accurate time-series editing of
the source data will be difficult until enough observa
tions are available. In addition, establishments in new
sectors, such as the management of companies and en
terprises, may be subject to more reclassifications by
the source data agencies than establishments in such
little changed sectors as construction. Finally, until
enough quarters of data become available, seasonal
factors for the estimates of wages and salaries will be
significantly revised.
The revisions to the quarterly estimates of state per
sonal income continue to be affected by lump-sum
payments. Exercised stock options may have dimin
ished as a compensation tool after the collapse of the
information-technology-related sector, but they are
still used by many companies. The lack of data for
these and other lump-sum payments to employees in
the preliminary estimate will continue to cause larger
revisions to the preliminary estimates of wages and sal
aries than to the second estimates, which have these
payments included in the source data.
The incorporation of comprehensive revisions will
continue to affect the ability to effectively study some
revisions of the estimates of state personal income.
Both definitional changes and statistical changes that
are incorporated into the comprehensive 2003 NIPA
revision may change the quarterly growth rates in esti
mates of state personal income that will be released in
April 2004. The latest estimates may therefore differ
significantly from the preliminary estimates and the
second estimates because of the different methodolo
gies or definitions used when the estimates are pre
pared.
G e t th e d e ta i l s fir s t!
I s s u e s o f th e S U R V E Y a r e a v a ila b le o n th e I n te r n e t a t
w w w .b e a .
M o n th ly f e a t u r e s
• T h e B u s in e s s S itu a tio n — d i s c u s s e s th e la te s t e s tim a te s of
G D P , c o r p o r a t e p ro fits, a n d g o v e r n m e n t s e c t o r r e c e i p t s
a n d e x p e n d itu re s
• B E A C u r r e n t a n d H isto ric a l D a ta — p r e s e n t s
s e le c te d n a tio n a l, in te rn a tio n a l, a n d re g io n a l
e s t i m a t e s in t a b l e s a n d c h a r t s
_______________________
NOVEMBER
Q u a rte rly fe a tu re s
Survey of Current Business
• U .S . I n te r n a t i o n a l T r a n s a c t i o n s
• P erso n al In co m e by S ta te a n d
R e g io n
A nnual fe a tu re s
• G D P by In d u stry
• U .S . I n te r n a ti o n a l S e r v i c e s
• U .S . I n te r n a ti o n a l I n v e s t m e n t P o s itio n
In This Issue
Chained-Dollar Indexes: Issues, Uses, and Upcoming Changes
U.S. Business Investment by Industry for 1997
U.S.-Canadian Current-Account Reconciliation
Operations of U.S. Multinational Companies in 2001
State Personal Income, Second Qu-arter 2003
• G r o s s S ta te P ro d u c t b y In d u stry
• Local A re a P e rso n a l In co m e
BUREAUOFECONOMICANALYSIS
ECONOMICSANDSTATISTICSADMINISTRATION
U.S. DEPARTMENTOFCOMMERCE
S p e c ia l fe a tu re s
• P r e v ie w o f t h e 2 0 0 3 C o m p r e h e n s i v e N IP A R e v i s i o n
• B e n c h m a rk In p u t-O u tp u t A c c o u n ts
December 2003
68
S u b je c t
V o l u m e
8 3
G u id e
( 2 0 0 3 ) Ja n u a r y - D
e c e m b e r
This guide lists the major items that were published in the S u r v e y o f C u r
r e n t B u s i n e s s in the January-December 2003 issues. It gives the month of
the issue and the beginning page number, and it includes selected boxes
that are cited by title and page number.
G eneral
International Accounts {February, 7}
Regional Accounts {March, 25}
Schedule of BEA News Releases in 2004 {September,
150 and December, 71}
N ational
Federal budget estimates
For Fiscal Year 2004 {March, 14}
Inventories, sales, and inventory-sales ratios for
manufacturing and trade
Third Quarter 2002 {January, 7}
Fourth Quarter 2002 {April, 10}
First Quarter 2003 {July, 8}
Second Quarter 2003 {October, 7}
National income and product accounts (NIPAs)
Business Situation
Advance Estimates
Fourth Quarter 2002 {February, 1}
First Quarter 2003 {May, 1}
Second Quarter 2003 {August, 1}
Third Quarter 2003 {November, 1}
Preliminary Estimates
Fourth Quarter 2002 {March, 1}
First Quarter 2003 {June, 1}
Second Quarter 2003 {September, 1}
Final Estimates
Third Quarter 2002 {January, 1}
Fourth Quarter 2002 {April, 1}
First Quarter 2003 {July, 1}
Jobs and Growth Tax Relief Reconciliation Act
of 2003 [box, 7]
Second Quarter 2003 {October, 1}
Chained-Dollar Indexes
Issues, Tips on Their Use, and Upcoming Changes
{November, 8}
Changes in Measuring the Services of Commercial
Banks {September, 33}
Effect on GPD by Industry and on Gross State
Product [box, 40]
Changes in Measuring the Services of Property-Casualty Insurance {October, 10}
Comprehensive Revision
Initial Results for 1929 Through Second Quarter
2003 {December, 1}
Preview of the 2003 Comprehensive Revision
Changes in Definitions and Classifications {June,
17}
New and Redesigned Tables {August, 7}
Guide to the Reorganization of the NIPA Tables
[box, 15]
Statistical Changes {September, 17}
Income and Outlays of Households and of Nonprofit
Institutions Serving Households {April, 13}
Receipts and Expenditures of State Governments and
of Local Governments, 1959-2001 {June, 36}
Preparing the Estimates [box, 36]
Revised NIPA Estimates for 1997: Effects of Incorpo
rating the 1997 Benchmark 1 -0 Accounts and Pro
posed Definitional and Statistical Changes
{January, 10}
NIPA Revision Cycle [box, 10]
In d u stry
Business Investment by Industry in the U.S. Economy
for 1997 {November, 18}
Gross Domestic Product by Industry for 2002 {May, 7}
Information Technology and Productivity
The Case of the Financial Sector {August, 32}
Intern atio nal
Direct investment positions: Country and industry
detail
For 2002 {July, 22}
New Industry Classifications [box, 26]
Foreign direct investment in the United States
Detail for Historical-Cost Position and Related Capi
tal and Income Flows, 2002 {September, 46}
New Investment in 2002 {June, 55}
Operations of U.S. Affiliates of Foreign Companies
December 2003
Survey
of
C
urrent
In 2001 {August, 38}
U.S. direct investment abroad
Detail for Historical-Cost Position and Related Capi
tal and Income Flows, 2002 {September, 96}
Operations of U.S. Multinational Companies in 2001
{November, 85}
U.S. international investment position
B u s in e s s
69
First Quarter 2003 {July, 49}
Second Quarter 2003 {October, 28}
Reconciliation of the U.S.-Canadian Current
Account, 2001 and 2002 {November, 72}
The Effects of Revisions to Seasonal Factors on Revi
sions to Seasonally Adjusted Estimates: The Case of
Exports and Imports {December, 43}
Yearend 2002 {July, 12}
U.S. international services
Cross-Border Trade in 2002 and Sales Through Affili
ates in 2001 {October, 58}
Ongoing Efforts to Improve the Estimates of Inter
national Services [box, 62]
Types of Cross-Border Services [box, 72-73]
U.S. international transactions
Annual Estimates
For 2002 {April, 23}
Annual Revision of the Accounts [box, 20]
For 1992-2002 {July, 32}
How BEA Aligns and Augments Source Data From
the U.S. Treasury Department for Inclusion in the
International Transactions Accounts {July, 46}
An Ownership-Based Framework of the U.S. Current
Account, 1989-2001 {January, 17}
Quarterly Estimates
Third Quarter 2002 {January, 21}
Fourth Quarter {April, 18}
R egional
Gross state product by industry
Estimates for 1999-2001 {June, 63}
Local area personal income
Estimates for 1999-2001 {May, 42}
Alternative Measures of County Employment and
Wages [box, 45]
New Industry Classifications [box, 46]
State personal income
And Per Capita Personal Income, 2002 {May, 16}
Note on the Estimates [box, 18]
Annual Estimates for 2002 {August, 65}
Quarterly Estimates
Third Quarter 2002 {February, 29}
First Quarter 2003 {August, 58}
Second Quarter 2003 {November, 106}
The Reliability of the State Personal Income Esti
mates {December, 52}
E c o n o m is ts , a c c o u n t a n t s , a n d in fo rm a tio n te c h n o lo g y s p e c i a l i s t s , t h e
B u r e a u of E c o n o m ic A n aly sis (BEA) h a s a ro le fo r you.
C o m e w o rk fo r a t o p - n o t c h F e d e r a l s t a t i s t i c a l a g e n c y :
* A r e c e n t F e d e r a l e m p lo y e e s u rv e y n a m e d BEA a s a n
“e m p lo y e r o f c h o i c e ,” r a n k in g u s a m o n g t h e t o p five a g e n c i e s
• A r e c e n t G o v e rn m e n t-w id e a s s e s s m e n t o f p r o g r a m e f f e c t iv e n e s s
r a n k e d BEA in t h e t o p 1 p e r c e n t o f t h e p r o g r a m s a s s e s s e d
BEA’s w o rk m a k e s a d if fe re n c e . It is a w orld l e a d e r in p r o d u c in g vital
e c o n o m i c s t a t i s t i c s t h a t in f lu e n c e d e c i s i o n s by g o v e r n m e n t o ffic ia ls,
b u s in e s s le a d e rs, a n d h o u se h o ld s.
G ro s s d o m e s t i c p r o d u c t (GDP)
P e r s o n a l in c o m e , s p e n d in g , a n d s a v in g
In d u s try in p u t a n d o u t p u t
I n te r n a tio n a l t r a n s a c t i o n s
a n d in v e s tm e n t
S t a t e a n d lo cal a r e a p e r s o n a l in c o m e
BEA h a s i m m e d i a t e o p e n i n g s fo r
b o th e n try -le v e l a n d a d v a n c e d p o s itio n s .
For m o r e in fo rm a tio n , visit o u r W e b s ite .
www.bea.gov
71
December 2003
S chedule of B EA N ew s R eleases in 2004
January
F ebruary
M arch
U .S . I n te r n a tio n a l T rad e in G o o d s a n d S e r v ic e s , N o v e m b e r 2 0 0 3 * .....................................Jan. 14
8 :3 0 a .m .
S ta te P e r so n a l I n c o m e , 3 rd q u a r te r 2 0 0 3 ............................................................................................Jan. 2 7
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 4 t h q u a r te r 2 0 0 3 ( a d v a n c e ) ............................................................... Jan. 3 0
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s , D e c e m b e r 2 0 0 3 ...............................................................................F eb.
8 :3 0 a .m .
2
U .S . In te r n a tio n a l T rad e in G o o d s a n d S e r v ic e s , D e c e m b e r 2 0 0 3 * .....................................F eb. 13
8 :3 0 a .m .
G r o s s D o m e s t ic P r o d u c t, 4 t h q u a r te r 2 0 0 3 ( p r e l i m i n a r y ) ....................................................... F eb. 2 7
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s , J a n u a ry 2 0 0 4 ....................................................................................M ar.
1
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rade in G o o d s a n d S e r v ic e s , J a n u a ry 2 0 0 4 * .......................................... M ar. 10
8 :3 0 a .m .
U .S . I n te r n a tio n a l T r a n sa c tio n s, 4 t h q u a r te r 2 0 0 3 ......................................................................... M ar. 12
8 :3 0 a .m .
T o u r ism S a te llite A c c o u n ts , 4 th q u a r te r 2 0 0 3 ................................................................................. M ar. 15
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 4 th q u a r te r 2 0 0 3 (fin a l) a n d
A p ril
M ay
C o r p o r a te P r o fits, 4 th q u a r te r 2 0 0 3 ................................................................................................. M ar. 2 5
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s, F e b r u a r y 2 0 0 4 ................................................................................. M ar. 2 6
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, F e b r u a r y 2 0 0 4 * ....................................... A p r il 14
8 :3 0 a .m .
S ta te P e r so n a l I n c o m e , 4 t h q u a r te r 2 0 0 3 , S ta te P er C a p ita P e r so n a l
I n c o m e , 2 0 0 3 , a n d R e v is io n , 1 9 6 9 - 2 0 0 2 ...................................................................................... A p r il 2 7
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 1st q u a r te r 2 0 0 4 ( a d v a n c e ) ..................................................................A p r il 2 9
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s, M a r c h 2 0 0 4 .......................................................................................A p r il 3 0
8 :3 0 a .m .
U .S . In te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, M a r c h 2 0 0 4 * .............................................. M a y 12
8 :3 0 a .m .
L o c a l A r e a P e r so n a l I n c o m e , 1 9 6 9 - 2 0 0 2 ............................................................................................M a y 2 5
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 1st q u a r te r 2 0 0 4 (p r e lim in a r y ) a n d
June
C o r p o r a te P r o fits, 1st q u a r te r 2 0 0 4 ( p r e l i m i n a r y ) ..................................................................M a y 2 7
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s, A p r il 2 0 0 4 ......................................................................................... M a y 2 8
8 :3 0 a .m .
F o r e ig n In v e s to r s’ S p e n d in g to A c q u ir e o r E sta b lish U .S . B u s in e s s e s , 2 0 0 3 ....................J u n e
1
8 :3 0 a .m .
T o u r is m S a te llite A c c o u n ts , 1st q u a r te r 2 0 0 4 ....................................................................................Ju n e 10
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, A p r il 2 0 0 4 * ..................................................Ju n e 11
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t b y In d u str y , 2 0 0 3 ...................................................................................... Ju n e 17
8 :3 0 a .m .
U .S . In te r n a tio n a l T r a n sa c tio n s, 1st q u a r te r 2 0 0 4 ......................................................................... Ju n e 18
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 1st q u a r te r 2 0 0 4 (fin a l) a n d
J u ly
C o r p o r a te P r o fits, 1st q u a r te r 2 0 0 4 ( r e v i s e d ) ............................................................................ J u n e 2 5
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s, M a y 2 0 0 4 ............................................................................................J u n e 2 8
8 :3 0 a .m .
S ta te P e r so n a l I n c o m e , 1st q u a r te r 2 0 0 4 .............................................................................................. Ju n e 2 9
8 :3 0 a .m .
In te r n a tio n a l In v e s tm e n t P o s it io n o f th e U n ite d S ta tes, 2 0 0 3 ............................................... Ju n e 3 0
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rad e in G o o d s a n d S e r v ic e s, M a y 2 0 0 4 * ..................................................July 13
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 2 n d q u a rte r 2 0 0 4 ( a d v a n c e ) ............................................................... July 3 0
A u g u st
P e r so n a l I n c o m e a n d O u tla y s, J u n e 2 0 0 4 .............................................................................................A u g .
8 :3 0 a .m .
3
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rad e in G o o d s a n d S e r v ic e s, J u n e 2 0 0 4 * ..................................................A u g . 13
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 2 n d q u a r te r 2 0 0 4 (p r e lim in a r y ) a n d
C o r p o r a te P r o fits, 2 n d q u a r te r 2 0 0 4 ( p r e lim in a r y ) ................................................................. A u g . 2 7
S e p te m b e r
O cto b er
8 :3 0 a .m .
T o u r ism S a te llite A c c o u n ts , 2 n d q u a r te r 2 0 0 4 ................................................................................. S e p t. 8
U .S . I n te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, July 2 0 0 4 * .................................................... S e p t. 10
8 :3 0 a .m .
8 :3 0 a .m .
U .S . I n te r n a tio n a l T r a n sa c tio n s, 2 n d q u a r te r 2 0 0 4 .......................................................................S e p t. 14
8 :3 0 a .m .
S ta te P e r so n a l I n c o m e , 2 n d q u a r te r 2 0 0 4 ............................................................................................S ep t. 2 8
G r o ss D o m e s t ic P r o d u c t, 2 n d q u a r te r 2 0 0 4 (fin a l) a n d
8 :3 0 a .m .
C o r p o r a te P r o fits, 2 n d q u a r te r 2 0 0 4 ( r e v is e d ) ............................................................................S e p t. 2 9
P e r so n a l I n c o m e a n d O u tla y s, A u g u st 2 0 0 4 ...................................................................................... S ep t. 3 0
8 :3 0 a .m .
8 :3 0 a .m .
U .S . I n te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, A u g u st 2 0 0 4 * .............................................O c t. 14
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 3 rd q u a r te r 2 0 0 4 ( a d v a n c e ) ...............................................................O c t. 2 9
N ovem ber
8 :3 0 a .m .
P e r so n a l I n c o m e a n d O u tla y s, July 2 0 0 4 .............................................................................................. A u g . 3 0
P e r so n a l I n c o m e a n d O u tla y s, S e p te m b e r 2 0 0 4 ...............................................................................N o v .
1
U .S . In te r n a tio n a l T rade in G o o d s a n d S e r v ic e s, S e p te m b e r 2 0 0 4 * ...................................... N o v . 10
8 :3 0 a .m .
8 :3 0 a .m .
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 3 rd q u a r te r 2 0 0 4 (p r e lim in a r y ) a n d
C o r p o r a te P r o fits, 3 r d q u a r te r 2 0 0 4 ( p r e lim in a r y ) ..................................................................N o v . 3 0
D ecem ber
P e r so n a l I n c o m e a n d O u tla y s, O c to b e r 2 0 0 4 ..................................................................................... D e c .
1
8 :3 0 a .m .
8 :3 0 a .m .
U .S . In te r n a tio n a l T rad e in G o o d s a n d S e r v ic e s, O c to b e r 2 0 0 4 * ........................................... D e c . 14
8 :3 0 a .m .
G r o ss S ta te P r o d u c t b y In d u s tr y , 1 9 7 7 - 2 0 0 2 .................................................................................... D e c . 15
8 :3 0 a .m .
U .S . I n t e r n a t io n a l T r a n s a c tio n s , 3 rd q u a r te r 2 0 0 4 ......................................................................... D e c . 16
8 :3 0 a .m .
T o u r is m S a te llite A c c o u n ts , 3 rd q u a r te r 2 0 0 4 ................................................................................. D e c . 2 0
8 :3 0 a .m .
S ta te P e r so n a l I n c o m e , 3 r d q u a r te r 2 0 0 4 ............................................................................................D e c . 21
8 :3 0 a .m .
G r o ss D o m e s t ic P r o d u c t, 3 r d q u a r te r 2 0 0 4 (fin a l) a n d
C o r p o r a te P r o fits, 3 rd q u a r te r 2 0 0 4 ( r e v i s e d ) ............................................................................D e c . 2 2
P e r so n a l I n c o m e a n d O u tla y s, N o v e m b e r 2 0 0 4 ................................................................................D e c . 2 3
* Joint release by Bureau of the Census and the Bureau of Economic Analysis.
8 :3 0 a .m .
8 :3 0 a .m .
UnitedStatesPostal Service
Statement of Ownership, Management, and Circulation
1. Publication Title
13. Publcation Title
2. Pubtcatkm Number
Survey of Current Business
3 3 7
4. Issue Frequency
.
3. Filing Date
7 9 0
5. Number of Issues Published Annually
Monthly
7. Complete Mailing Address of Known Office of PubBcation (Notprinter) (Street, city, county, state, and ZIP+4)
U.S. Bureau of Economic Analysis, Department of Commerce
1441 L Street, N.W., Washington, DC 20230
15.
Dec. 10,2003
6. Annual Subscription Price
Domestic: $63.00
Foreign: $88.20
Contact Person
M. Gretchen Gibson
Telephone
202-606-9685
8. Complete Mating Address of Headquarters or General Business Office of Publisher (Notprinter)
U.S. Bureau of Economic Analysis, Department of Commerce
1441 L Street, N.W., Washington, DC 20230
9. Full Names and Complete MaWngAddresses of Publisher, Editor, and Managing Editor (Oo not leave blank)
PMtsher (Name and complete maSIng address)
J. Steven Landefeld, Director, U.S. Bureau of Economic Analysis
1441 L Street, N.W., Washington, DC 20230
Editor (Name and complete mailing address)
a.
November 2003
Avenge No. Copies Each Issue
During Prseedng 12 Months
Extant and Nature of Circulation
Total Number of Copies (Net press run)
Paid/Requested Outside-County Mail Subscriptions Stated on
(1) Form 3541. (Include advertiser's proofandexchange copies)
Paid In-County Subscriptions Stated on Fomi 3541
b. Paid and/or (2) (Indude advertiser^ proofand exchange copies)
Requested
Circulation (3) Sales Through Dealers and Carriers, Street Vendors,
Counter Sales, and Other Non-USPS Paid Distribution
c- Total Paid and/or Requested Circulation
[Sum of 15b. (1), (2),(3),and (4)]
d-fmo
'
Outside-County as Stated on Form 3541
Distribution (1)
by Mail
(Samples, (2) In-County as Stated on Form 3541
compliment
aryand
other free) (3) Other Classes Mailed Through the USPS
Managing Editor (Name and complete mating address)
^ Total Distribution (Sum of 15c. and 151)
h.
10. Owner (Do not leave blank. If the publication Is owned by a corporation, give the name and address ofthe corporation Immediately followed by the
names and addresses ofall stockholders awning or holding 1percent or more ofthe totalamount ofstock. If not owned by a corporation, give the
names end addreeees at the Individual owners. If owned by a partnership orother unincorporated firm, give Its name and address as wet as those of
each individual owner. If the publication is published by a nonprofitorganization, give Its name and address.)
Complete Mailng Addreea
N/A
i Percent Paid and/or Requested Circulation
(15c. divided by 15g. times 100)
16 PuMcaflon of Statement of Ownership
IS Pubtcatlon required. Will be printed In the POCembCT 2003
17. Signature and Title of Editor, Publisher, Business Manager, or (
M. Grstchen Gibson, Acting Editor-in-Chief.
5,149
3,124
2,880
NA
NA
635
NA
3,515
3,679
NA
NA
NA
NA
NA
NA
1,000
1,000
^
1,000
1,000
^
4,679
4,515
608
634
^»
5,287
5,149
Copies not Distributed
I- Total (Sum of 15g. and h.)
5,287
NA
^
r
(Carriers or other means)
Total Free Distribution (Sum of 15d. and 15a.)
No. Copies of Single issue
Published Nearest to Filing Date
555
(4) Other Classes Mated Through the USPS
6 Free Distribution OutBide the Mall
M. Gretchen Gibson
1441 L Street, N.W., Washington, DC 20230
Ful Name
14. Issue Date for Circulation Data Below
S u rv e y Qf C u rre n t B u s in e s s
78%
79%
tame of Ihla publication
□ Publication not required.
Date
Dec. 10, 2003
I certify #iat all information furnished on this form Is (rue and complete. I uriseratand that anyone who furnishes false or misleading intormaSon on this form
or who omits material or information requested on the form may be subject to criminal sanctions (Including fines and imprisonment) and/or civil sanctions
flndudng dvil tenaWes).
In s t r u c t io n s t o P u b lis h e r s
11. Known Bondholders, Mortgagees, and Other Security Holders Owning or
HoMngl Percent or More of Total Amount of Bonds, Mortgages,or
Ofter Securities If none, checkbox
,........................» n None
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The purpose, function, and nonprofit status of Ihis organization and tie exempt status for federal income tax purposes:
□ Has Not Changed During Preceding 12 Months
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PS Fomi 3528, October 1999
(See tnstrudtons on Reverse)
1.
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for your records.
2.
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whom the trustee is acting. Also include the names and addresses of individuals who are stockholders who own or hold 1 percent
or more of the total amount of bonds, mortgages, or other securities of the publishing corporation. In item 11, If none, check the
box. Use blank sheets If more space is required.
3.
Be sure to furnish all circulation Information called for in item 15. Free circulation must be shown in items 15d, e, and f.
4.
item 15h., Copies not Distributed, must include (1) newsstand copies originally stated on Form 3541, and returned to the publishe
(2) estimated returns from news agents, and (3), copies for office use, leftovers, spoiled, and all other copies not distributed.
5.
If the publication had Periodicals authorization as a general or requester publication, ftis Statement of Ownership, Management,
and Circulation must be published; it must be printed In any issue in October or, if the publication is not published during October,
the first issue printed after October.
6.
7.
in item 16, indicate the date of the issue in which this Statement of Ownership will be published.
Item 17 must be signed.
FaHura to fib e r publish a statement o f ownership may bad to suspension o f Periodical* authorization.
PS Form 3928, October 1999 (Reverse)
D-1
December 2003
BEA Current and Historical Data
National, International, and Regional Data
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA) and
a brief selection of collateral statistics prepared by other Government agencies and private organizations. Series that origi
nate in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided
through the courtesy of the compilers and are subject to their copyrights.
BEA’s economic statistics are available on BEAs Web site at <www.bea.gov>. The site contains data, articles, news releases,
and other information from BEA’s national, industry, international, and regional programs.
The tables present annual [A], quarterly [Q], and monthly [M] data
National Data
A. Selected NIPA tables [A, Q] *
B. Other NIPA and NIPA-related tables *
C. Historical measures *
D. Domestic perspectives [A, Q, M]................................D-2
E. Charts
Selected NIPA series *
Other indicators of the domestic economy............... D-4
Regional Data
J. State and regional tables
J.l Personal income [Q]............................................. D-19
J.2 Personal income and per capita
personal income [A]..........................................D-20
J.3 Disposable personal income and per capita
disposable personal income [A]...................... D-21
J.4 Gross state product [A].........................................D-22
K. Local area table
K.l Personal income and per capita personal income
by metropolitan area [A]..................................D-23
L. Charts
Selected regional estimates.........................................D-2 5
International Data
E Transactions tables
El U.S. international transactions in goods
and services [A, M ].............................................D-6
E2 U.S. international transactions [A, Q ]................ D-7
E3 U.S. international transactions by area [Q]........ D-8
E4 Private services transactions [A ]....................... D -11
G. Investment tables [A]
G.l U.S. international investment position............ D-12
G.2 USDIA: Selected items ......................................D-13
G.3 Selected financial and operating data of foreign
affiliates of U.S. companies...............................D-14
G.4 FDIUS: Selected items........................................D-15
G.5 Selected financial and operating data of U.S.
affiliates of foreign companies..........................D-16
H. International perspectives [A, Q, M] ..................... D-17
I. Charts
The United States in the international economy..... D-18
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions................................................ D-2 7
Reconciliation tables [A, Q].......................................D-28
B: Suggested reading....................................................... D-29
* As a result of the release of the comprehensive revi
sion of the NIPAs, sections A, B, C , and the NIPA
charts in section E are not included in this issue. The
December 10, 2003, news release of the initial results
of the revision is reprinted in this issue (see page 1).
The estimates for 1929 forward are available on BEA’s
Web site at <www.bea.gov>, and they will be pub
lished in the January 2004 S urvey of C urrent B usiness .
D-2
December 2003
D. Domestic Perspectives
This table presents data collected from other government agencies and private organizations, as noted.
Quarterly data are shown in the middle month of the quarter.
Table D.1. Domestic Perspectives
2002
2001
2003
2002
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Consumer and producer prices (monthly data seasonally adjusted)1
Consumer price index for all urban consumers,
1982-84=100:
All items........................................................
Commodities.............................................
Services....................................................
All items less food and energy.....................
Food..........................................................
Energy.......................................................
Producer price index, 1982=100:
Finished goods.............................................
Consumer goods......................................
Capital equipment.....................................
Less food and energy...............................
Intermediate materials..................................
Less food and energy...............................
Crude materials............................................
Less energy..............................................
177.1
150.7
203.4
186.1
173.1
129.3
179.9
149.7
209.8
190.5
176.2
121.7
181.2
150.4
211.8
191.6
176.6
126.2
181.4
150.3
212.3
191.8
177.0
125.6
181.6
150.0
212.9
192.1
177.3
125.1
182.2
150.5
213.6
192.3
177.0
130.1
183.3
152.2
214.1
192.5
178.2
137.8
183.9
152.8
214.9
192.5
178.5
144.2
183.3
151.3
215.1
192.5
178.3
137.5
183.3
150.2
216.1
193.0
178.9
133.3
183.6
150.5
216.4
193.0
179.7
134.4
183.9
150.7
216.9
193.4
179.8
135.0
184.5
151.5
217.3
193.6
180.4
138.7
185.0
152.1
217.8
193.7
180.8
142.9
185.0
151.2
218.5
194.1
181.8
137.3
140.7
141.5
139.7
150.0
129.7
136.4
121.0
130.7
138.9
139.4
139.1
150.2
127.8
135.8
108.1
135.7
140.1
141.0
139.3
150.7
129.8
136.7
112.6
139.6
139.7
140.5
139.1
150.5
129.7
136.8
116.8
141.5
139.3
140.1
138.8
149.6
129.6
136.7
119.1
141.8
141.2
142.5
139.2
150.1
131.2
137.2
128.2
143.6
142.8
144.8
139.0
149.9
133.8
138.2
134.9
148.5
144.8
147.2
139.8
150.9
136.6
138.7
152.4
148.1
142.4
144.2
139.0
149.9
133.4
138.4
128.3
146.4
141.8
143.4
139.1
150.1
132.5
138.4
130.1
145.4
142.5
144.4
139.1
150.0
133.2
138.4
135.8
145.3
142.8
144.5
139.7
150.3
133.3
138.3
132.1
145.6
143.4
145.3
139.8
150.5
134.0
138.5
130.3
151.0
143.8
145.8
139.7
150.5
133.8
138.7
134.7
154.5
144.9
147.2
140.5
151.3
134.3
139.1
138.2
159.3
Money, interest rates, and stock prices
Money stock (monthly and quarterly data
seasonally adjusted):2
Percent change:
M1.............................................................
M2.............................................................
Ratio:
Gross domestic product to M1.................
Personal income to M 2.............................
Interest rates (percent, not seasonally adjusted):2
Prime rate charged by banks.......................
3-month Treasury bills, secondary market....
3-Year U.S. Treasury bonds.........................
10-Year U.S. Treasury bonds.......................
Federal funds rate.........................................
New home mortgages...................................
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43=10...............
0.96
0.67
-0.03
0.70
0 68
0.26
021
0 50
1 68
0 91
029
0 21
0 03
0.40
1 69
1.50
1 10
0.81
0 46
0.84
0 60
0.70
0 17
-0.35
-0 09
-0.49
8.867
1.664
8.769
1.589
1.566
8.787
1.559
1.562
1.556
8.705
1.546
1.546
1.543
8.601
1.526
1.520
1.512
8617
1.506
1.516
1.529
6.92
3.39
4.08
5.02
3.89
6.97
4.68
1.60
3.10
4.61
1.67
6.54
4.75
1.58
2.25
3.94
1.75
6.11
4.35
1.23
2.32
4.05
1.34
6.07
4.25
1.19
2.23
4.03
1.24
6.05
4.25
1.17
2.18
4.05
1.24
5.92
4.25
1.17
2.05
3.90
1.26
5.84
4.25
1.13
1.98
3.81
1.25
5.75
4.25
1.13
2.06
3.96
1.26
5.81
4.25
1.07
1.75
3.57
1.26
5.48
4.22
0.92
1.51
3.33
1.22
5.23
4.00
0.90
1.93
3.98
1.01
5.63
4.00
0.95
2.44
4.45
1.03
6.26
4.00
0.94
2.23
4.27
1.01
6.15
4.00
0.92
2.26
4.29
1.01
5.95
1,194.18
993.94
854.63
909.93
899.18
895.84
837.62
846.62
890.03
935.96
988.00
992.54
989.53
1,019.44
1,038.73
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted)1
Civilian labor force.................................................
Labor force participation rates (percent):
Total..............................................................
Males, age 20 and over...........................
Females, age 20 and over.......................
Both sexes, age 16-19.............................
Civilian employment..............................................
Ratio, civilian employment to working-age
population (percent)..........................................
Employees on nonagricultural payrolls.................
Hours of production workers:
Average weekly hours, total private sector....
Average weekly hours, manufacturing.........
Average weekly overtime hours,
manufacturing...........................................
Number of persons unemployed...........................
Unemployment rates (percent):
Total..............................................................
Males, age 20 and over............................
Females, age 20 and over.......................
Both sexes, age 16-19.............................
15 weeks and over........................................
Average weeks unemployed.................................
Median weeks unemployed...................................
Productivity and costs, nonfarm business sector,
1992=100:
Indexes:
Output per hour of all persons.................
Unit labor costs.........................................
Hourly compensation................................
Percent change from preceding period,
annual rate:
Output per hour.........................................
Unit labor costs.........................................
Real hourly compensation.......................
S ee footnotes at end of table.
143,734
144,863
145,393
145,180
145,150
66.8
76.5
60.6
49.6
136,933
66.6
76.3
60.5
47.4
136,485
66.6
76.3
60.6
47.2
136,988
66.4
76.0
60.5
47.0
136,542
66.4
75.9
60.6
46.3
136,439
63.7
62.7
62.7
130,408
22,435
107,973
62.5
130,409
22,409
108,000
34.0
40.3
33.9
40.5
33.8
40.3
4.0
6,801
4.2
8,378
4.7
4.2
4.1
14.7
1.2
13.1
6.8
5.8
5.3
5.1
16.5
2.0
16.6
9.1
118.3
116.5
137.8
124.7
113.6
141.7
126.0
113.3
142.8
126.7
113.4
143.7
128.9
112.5
145.0
131.8
1108
146.1
1.9
1.7
0.8
5.4
-2.4
1.2
1.7
-0.1
-0.4
2.1
0.4
-1.2
7.0
-3 2
3.0
94
-5 8
0.7
145,857
145,793
146,473
146,485
147,096
146,540
146,530
146,545
146,793
66.3
75.8
60.7
46.0
137,536
66.3
76.0
60.5
45.5
137,408
66.2
75.9
60.6
44.1
137,348
66.4
76.1
60.7
45.0
137,687
66.4
76.0
60.7
45.1
137,487
66.6
76.1
61.0
45.1
137,738
66.2
75.9
60.7
44.3
137,478
66.2
75.7
60.6
44.3
137,625
66.1
76.0
60.3
43.9
137,573
66.1
75.8
60.5
43.5
138,014
62.4
130,198
22,323
107,875
62.5
130,356
22,288
108,068
62.4
130,235
22,191
108,044
62.3
130,084
22,159
107,925
62.4
130 062
22 119
107,943
62.3
129 986
22 098
107,888
62.3
129 903
22 061
107,842
62.1
129 846
22 001
107,845
62.1
129 881
21 982
107,899
62.0
129980
21 978
108,002
62.2
130 117
21 970
108,147
33.8
40.4
33.8
40.5
33.8
40.4
33.7
40.4
33.8
40.4
33.7
40.1
33.7
40.2
33.7
40.3
33.6
40.1
33.7
40.2
33.7
40.5
33.8
40.6
4.2
8,405
4.3
8,637
4.3
8,711
4.4
8,302
4.3
8,450
4.1
8,445
4.0
8,786
4.1
8,998
4.0
9,358
4.1
9,062
4.1
8,905
4.2
8,973
4.3
8,779
5.8
5.4
5.2
15.1
2.1
17.6
9.6
5.9
5.6
5.0
16.8
2.2
17.9
9.4
6.0
5.6
5.2
16.4
2.3
18.4
9.6
5.7
5.4
4.7
16.8
2.2
18.4
9.8
5.8
5.3
5.0
17.1
2.2
18.6
9.4
5.8
5.3
5.0
17.7
2.1
18.0
9.6
6.0
5.6
5.1
18.0
2.2
19.6
10.2
6.1
5.9
5.1
18.5
2.2
19.2
10.1
6.4
6.1
5.2
19.3
2.4
19.8
12.3
6.2
5.9
5.2
18.4
2.5
19.3
10.0
6.1
5.8
5.2
16.6
2.4
19.0
9.6
6.1
5.7
5.3
17.5
2.4
19.7
10.1
6.0
5.6
5.2
17.1
2.4
19.1
10.3
145,838
December 2003
S urvey
of
C
urrent
D-3
B u s in e s s
Table D.1. Domestic Perspectives—Continued
2002
2001
2003
2002
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Construction (monthly data seasonally adjusted at annual rates) ‘
New construction put in place (billions
of dollars)...........................................
Private construction.....................
Residential buildings.................
Other.........................................
Public construction........................
Housing starts (thousands of units):
Total...............................................
1-unit structures............................
New 1-family houses sold (thousands
of units)..............................................
852.6
652.5
388.3
264.2
200.1
860.9
650.5
421.5
229.0
210.4
861.9
651.1
429.9
221.2
210.8
870.0
656.4
434.4
222.0
213.6
872.1
658.2
441.5
216.8
213.8
883.2
667.6
450.0
217.6
215.6
876.5
665.1
448.5
216.5
211.4
875.2
668.8
447.1
221.6
206.5
871.9
662.8
443.9
218.9
209.1
871.9
660.9
444.9
216.1
210.9
878.8
661.5
444.4
217.1
217.2
892.6
674.3
457.1
217.2
218.3
901.4
681.2
466.8
214.4
220.2
913.5
691.5
473.6
217.9
222.0
922.0
697.4
484.1
213.3
224.7
1,603
1,273
1,705
1,359
1,653
1,366
1,760
1,403
1,815
1,462
1,828
1,509
1,640
1,312
1,742
1,393
1,627
1,357
1,745
1,389
1,844
1,499
1,890
1,533
1,831
1,490
1,905
1,530
1,960
1,617
908
973
1,005
1,022
1,052
1,009
935
1,008
1,004
1,081
1,200
1,145
1,167
1,145
1,105
Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted) ‘
Inventories:
Total manufacturing and trade,
Manufacturing....................
Retail trade.........................
Merchant wholesalers........
Sales:
Total manufacturing and trade
Manufacturing....................
Retail trade.........................
Merchant wholesalers.......
Inventory-sales ratio:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers.......
9,832,480 9,888,161
3,970,499 3,891,753
3,153,315 3,245,407
2,708,666 2,751,001
1,160,224
443,545
430,960
285,719
1,163,611
442,499
434,693
286,419
1,169,352
444,188
436,317
288,847
1,172,045
444,220
439,120
288,705
1,179,647
446,088
443,879
289,680
1,183,281
445,180
447,163
290,938
1,183,557
445,207
448,258
290,092
1,179,925
444.049
446,914
288,962
1,180,343
442,666
448,758
288,919
1,178,142
440,767
448,314
289,061
1,173,573
439,632
445,224
288,717
1,177,216
437,768
449,671
289,777
834,135
329,349
272,321
232,465
835,360
326,527
273,570
235,263
834,194
323,362
277,100
233,732
844,999
329,665
278,356
236,978
837,850
325,591
274,066
238,193
851,680
330,764
280,369
240,547
836,843
322,608
279,601
234,634
838,547
323,920
280,578
234.049
849,696
328,643
283,318
237,735
863,732
337,248
287,565
238,919
861,312
331,676
290,121
239,515
866,265
336,164
289,362
240,739
1.39
1.35
1.58
1.23
1.39
1.36
1.59
1.22
1.40
1.37
1.57
1.24
1.39
1.35
1.58
1.22
1.41
1.37
1.62
1.22
1.39
1.35
1.59
1.21
1.41
1.38
1.60
1.24
1.41
1.37
1.59
1.23
1.39
1.35
1.58
1.22
1.36
1.31
1.56
1.21
1.36
1.33
1.53
1.21
1.36
1.30
1.55
1.20
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted) ‘
Industrial production indexes,
1997=100:
Total.......................................
Final products..................
Consumer goods...........
Business equipment.....
Intermediate products......
Materials..........................
Capacity utilization rates (percent):
Total industry.........................
Manufacturing......................
111.5
109.1
105.9
117.6
109.8
114.6
110.9
107.6
106.8
109.5
108.6
115.1
111.0
107.5
106.7
108.8
109.3
115.3
111.2
107.5
106.6
109.6
108.7
115.9
110.6
106.9
105.6
109.2
108.4
115.3
111.2
107.7
106.6
109.8
109.2
115.5
111.6
108.2
107.0
110.6
109.5
115.8
110.8
107.6
106.3
110.0
108.8
114.7
110.1
106.5
105.3
108.7
108.1
114.5
110.0
106.7
105.5
108.6
108.1
114.1
110.0
106.5
105.0
109.0
107.8
114.4
110.8
107.1
105.8
109.3
108.7
115.4
111.0
107.3
105.9
110.0
109.0
115.5
111.5
107.8
106.2
110.8
108.8
116.5
111.8
107.4
105.8
110.2
109.9
116.9
77.4
75.4
75.6
73.9
75.4
73.7
75.4
73.6
74.9
73.1
75.2
73.6
75.4
73.5
74.8
73.3
74.2
72.7
74.1
72.6
74.0
72.7
74.5
73.0
74.6
73.0
74.9
73.5
75.0
73.5
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates):
All sectors, by instrument:
Total...........................................
Open market paper..............
U.S. government securities...
Municipal securities..............
Corporate and foreign bonds
Bank loans, n.e.c.................
Other loans and advances....
Mortgages............................
Consumer credit...................
Sources:
1. Bureau of Labor Statistics
2. Federal Reserve Board
3. Standard and Poor’s, Inc.
1,998.7
-164.4
623.8
122.9
633.3
-76.2
32.9
700.4
126.0
2,304.3
-98.2
811.5
160.8
515.2
-80.6
36.7
879.6
79.2
2,642.7
-53.3
814.9
216.1
768.6
-126.1
-20.9
1,050.6
-7.1
2,264.4
96.3
531.9
90.3
581.7
-102.0
90.1
883.2
93.0
3.347.2
-107.5
1,348.6
189.4
713.7
-74.3
66.7
1.144.3
66.2
4. Bureau of the Census
n.e.c. Not elsewhere classified
In the November 2003 issue, the industrial production indexes for annual 2002, for final products,
and for intermediate products (formerly industrial supplies) were incorrect. BEA regrets the error.
N o te .
December 2003
D-4
E. C harts
OTHER INDICATORS OF THE DOMESTIC ECONOMY
P ercent
Percent
JarKJI^Jh/Nov
July Mar
I I I
I I
I I
I I
I I
I I
I I
I
79
81 8 3 8 5
8 7 8 9 91
93
I I
95
I I
97
I I I
I I
9 9 2001 0 3
Index
Jan Jly Jly Nov
July Mar
13 0
INDUSTRIAL PRODUCTION INDEX, 1997=100
July Mar
Mar Nov
I I I I I I I I I I I I I I I I I I I I I I I'"I I
79
81 8 3
Percent
Jan Jly Jly Nov
90
85
87
89
91
93
95
97
99
July Mar
2001 0 3
Mar Nov
8 5 -
8 0 -
7 5 -
7 0 60 —
— mm.
I I I
I I I
79
81 8 3
50
Hours
I I I
I
85
87
I I
89
I I I
I I
I I
I I I I
I I
91
9 3 9 5 9 7 9 9 20 01 0 3
July Mar
Jan Jly Jly Nov
65
I I
79
I I
81
I I I I
83 85
I I
87
H ours
Mar Nov
I I
89
I I
91
I I
93
I I I I I I
95 97 99
July Mar
| AVERAGE WEEKLY HOURS, MANUFACTURING
I I
I
2001 0 3
Mar Nov
MANUFACTURING
5 -
3 38 -
37
l" " l
| , |
79
81
( " " y y " |" „ y
83
U.S. Bureau of Economic Analysis
85
i - | < .....| "
87
89
| -p
91
|
|
93
|
95
|
|
97
i
i
99
i
i
i
2001
i
i i i i i i i i i i i i i i i i m i n ..I H I
03
79
81
83
85
87
89
91
93
95
97
99
20 01 0 3
December 2003
Su r v ey
of
Curr
ent
D-5
B u s in e s s
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
Jan Jly Jly Nov
Percent
Jan Jly Jly Nov
Mar Nov
July Mar
Mar Nov
July Mar
INTEREST RATES
UNEMPLOYMENT RATE
10-Year Treasury Bonds
15 Weeks +
3-Month Treasury Bills
P ercent
Jan Jly Jly Nov
Mar Nov
July Mar
MONEY SUPPLY
(PERCENT CHANGE)
M illions
Jan Jly Jly Nov
HOUSII
79
81
R A * , GDPTOM1
Thou sands
Mar Nov
SALES OF NEW ONE-FAMILY HOUSES
85
U.S. Bureau of Economic Analysis
Mar Nov
July Mar
9 5
Mar Nov
July Mar
STARTS
83
R atio
87
89
91
93
95
97
99
2001 0 3
79
81
83
85
87
89
91
93
95
97
99
2001 03
D-6
December 2003
International Data
F. Transactions Tables
Table F.l contains estimates of U.S. international trade in goods and services that were released on December 12, 2003,
including “revised” estimates for September 2003 and “preliminary” estimates for October 2003. The sources for the
other tables in this section are as noted.
Table F.1. U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
2002
2001
Exports of goods and services...............
Goods.....................................................
Foods, feeds, and beverages.............
Industrial supplies and materials.......
Capital goods, except automotive......
Automotive vehicles, parts, and
engines............................................
Consumer goods (nonfood), except
automotive.......................................
Other goods........................................
Adjustments1......................................
Services.................................................
Travel...................................................
Passenger fares..................................
Other transportation............................
Royalties and license fees..................
Other private services........................
Transfers under U.S. military agency
sales contracts................................
U.S. Government miscellaneous
services...........................................
Imports of goods and services...............
Goods.....................................................
Foods, feeds, and beverages.............
Industrial supplies and materials.......
Capital goods, except automotive......
Automotive vehicles, parts, and
engines............................................
Consumer goods (nonfood), except
automotive.......................................
Other goods........................................
Adjustments1......................................
Services.................................................
Travel...................................................
Passenger fares..................................
Other transportation............................
Royalties and license fees..................
Other private services.........................
Direct defense expenditures..............
U.S. Government miscellaneous
services...........................................
Memoranda:
Balance on goods...................................
Balance on services................................
Balance on goods and services.............
2003
2002
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
Aug.
Sept. '
Oct. ”
974,107
681,874
49,616
156,837
290,496
82,294
57,807
4,064
13,306
24,809
82,159
57,301
3,888
13,234
24,511
82,917
57,765
4,309
13,549
24,369
81,075
55,774
4,355
13,625
22,461
82,055
57,143
4,355
14,095
22,966
82,688
57,907
4,358
13,995
24,138
82,634
58,296
4,333
14,432
23,656
81,100
57,230
4,294
14,230
23,027
82,258
57,761
4,248
14,279
23,313
84,127
59,256
4,427
14,483
24,156
85,549
60,353
4,571
14,839
24,754
83,281
57,678
4,313
14,038
23,936
85,717
59,705
4,520
14,088
24,710
87,959
61,362
4,745
14,710
25,562
75,435
78,942
6,689
6,653
6,497
6,483
6,642
6,651
6,661
6,640
6,755
6,552
6,811
6,114
6,746
6,928
88,331
34,110
-10,388
288,868
71,893
17,926
28,442
41,098
116,139
84,359
32,854
-11,229
292,233
66,547
17,046
29,166
44,142
122,594
7,070
2,725
-856
24,487
5,429
1,374
2,412
3,790
10,213
7,149
2,854
-989
24,858
5,855
1,421
2,474
3,698
10,300
7,185
2,783
-927
25,152
6,059
1,420
2,575
3,707
10,383
6,973
2,784
-907
25,301
6,091
1,414
2,633
3,752
10,339
7,323
2,508
-747
24,912
5,632
1,301
2,612
3,847
10,472
6,994
2,629
-857
24,781
5,508
1,272
2,581
3,882
10,542
7,303
2,882
-973
24,338
4,949
1,163
2,644
3,901
10,696
7,171
2,894
-1,026
23,870
4,474
1,066
2,632
3,950
10,697
7,177
2,877
-888
24,497
4,949
1,161
2,586
3,983
10,755
7,688
2,835
-885
24,871
5,120
1,229
2,635
4,011
10,774
7,546
2,687
-855
25,196
5,329
1,321
2,602
4,029
10,810
7,451
2,742
-916
25,603
5,510
1,355
2,582
4,052
10,876
7,720
2,696
-774
26,012
5,730
1,383
2,605
4,074
10,969
7,542
2,668
-792
26,597
5,903
1,473
2,671
4,100
11,175
12,539
11,943
1,203
1,042
941
1,006
980
929
918
984
996
1,034
1,038
1,160
1,183
1,207
831
1,365,399
1,145,927
46,641
273,870
297,993
795
1,392,145
1,164,746
49,687
267,681
283,323
66
118,957
99,745
4,152
23,504
23,783
68
117,314
97,949
4,094
24,528
22,342
67
121,545
101,911
4,395
23,836
24,393
66
68
123,406 122,089
103,220 102,001
4,503
4,534
24,262 25,030
24,694 24,463
67
121,304
101,560
4,417
25,983
23,230
67
125,613
105,803
4,630
28,421
23,222
67
123,098
103,589
4,671
26,101
24,070
67
124,058
104,415
4,612
25,608
24,472
68
124,512
104,331
4,462
25,929
24,413
67
126,016
105,385
4,586
26,768
24,465
68
122,885
102,398
4,536
26,808
24,047
68
127,058
106,279
4,786
26,951
25,302
68
129,732
108,798
4,781
26,809
25,463
189,782
203,743
17,658
17,074
17,591
17,682
16,974
16,831
17,337
16,877
17,791
18,232
17,969
15,574
17,405
18,421
284,293
48,421
4,928
219,472
60,200
22,633
38,682
16,713
63,387
14,975
307,854
49,078
3,380
227,399
58,044
19,969
38,527
19,258
69,436
19,245
26,198
4,137
313
19,212
4,941
1,580
3,204
1,669
5,885
1,692
25,508
4,080
322
19,365
4,823
1,889
3,242
1,539
5,927
1,701
27,460
3,950
286
19,634
4,979
1,698
3,456
1,520
6,009
1,729
27,694
4,158
228
20,186
5,223
1,805
3,573
1,533
6,047
1,763
26,929
3,877
195
20,088
5,012
1,727
3,594
1,553
6,132
1,822
26,896
3,997
207
19,744
4,745
1,657
3,484
1,565
6,174
1,870
28,010
3,934
249
19,810
4,411
1,576
3,795
1,580
6,218
1,982
27,683
3,922
266
19,509
4,081
1,502
3,841
1,557
6,255
2,023
27,712
3,870
350
19,643
4,268
1,540
3,657
1,563
6,317
2,049
26,673
4,154
468
20,181
4,546
1,678
3,751
1,577
6,330
2,049
27,288
4,105
203
20,631
4,739
1,795
3,882
1,610
6,380
1,975
27,174
3,794
466
20,487
4,829
1,793
3,636
1,625
6,390
1,963
27,562
3,965
307
20,779
4,896
1,747
3,764
1,639
6,519
1,962
29,031
4,022
272
20,934
4,937
1,777
3,799
1,643
6,555
1,973
241
244
243
242
248
249
248
250
249
250
250
251
252
250
1,007,580
718,712
49,407
160,104
321,714
2,882
2,920
-427,215
69,396
-357,819
-482,872
64,834
-418,038
-41,938 -40,647 -44,147 -47,447 -44,859 -43,654 -47,507 -46,359 -46,654 -45,076 -45,032 -44,721 -46,574 -47,436
5,275
5,493
4,824
5,518
5,115
5,037
4,528
4,361
4,854
4,690
4,565
5,116
5,233
5,663
-36,663 -35,154 -38,629 -42,332 -40,035 -38,617 -42,979 -41,998 -41,800 -40,386 -40,467 -39,605 -41,341 -41,773
p Preliminary.
' Revised.
1. Reflects adjustments necessary to bring the Census Bureau’s component data in line with the concepts and definitions used to prepare BEA’s international and national accounts.
2. Contains goods that cannot be separately identified.
Source: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census.
December 2003
Su r v e y
Curr
of
B
ent
D-7
u s in e s s
Table F.2. U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
(Credits +; debits - ) 1
Current account
Exports of goods and services and income receipts.........................................
Exports of goods and services.............................................................................
Goods, balance of payments basis2................................................................
Services3..........................................................................................................
Transfers under U.S. military agency sales contracts4...............................
Travel.............................................................................................................
Passenger fares............................................................................................
Other transportation......................................................................................
Royalties and license fees5.........................................................................
Other private services5................................................................................
U.S. Government miscellaneous services....................................................
Income receipts.....................................................................................................
Income receipts on U.S.-owned assets abroad................................................
Direct investment receipts............................................................................
Other private receipts....................................................................................
U.S. Government receipts............................................................................
Compensation of employees............................................................................
Imports of goods and services and income payments.....................................
Imports of goods and services.............................................................................
Goods, balance of payments basis2................................................................
Services3..........................................................................................................
Direct defense expenditures.........................................................................
Travel.............................................................................................................
Passenger fares............................................................................................
Other transportation......................................................................................
Royalties and license fees5.........................................................................
Other private services5................................................................................
U.S. Government miscellaneous services....................................................
Income payments..................................................................................................
Income payments on foreign-owned assets in the United States....................
Direct investment payments.........................................................................
Other private payments................................................................................
U.S. Government payments.........................................................................
Compensation of employees............................................................................
35 Unilateral current transfers, net............................................................................
U.S. Government grants4......................................................................................
36
37
U.S. Government pensions and other transfers...................................................
38
Private remittances and other transfers6.............................................................
Capital and financial account
Capital account
39 Capital account transactions, net.........................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................
41
U.S. official reserve assets, net.............................................................................
4?
Gold7................................................................................................................
43
Special drawing rights.........................................
44
Reserve position in the International Monetary Fund......................................
45
Foreign currencies...............................................
U.S. Government assets, other than official reserve assets, net.........................
46
47
U.S. credits and other long-term assets...........................................................
Repayments on U.S. credits and other long-term assets8...............................
48
49
U.S. foreign currency holdings and U.S. short-term assets, net......................
U.S. private assets, net...........................................
50
Direct investment.................................................
51
52
Foreign securities..............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States, net...................................................
56
57
U.S. Government securities..............................................................................
U.S. Treasury securities9.............................................................................
58
Other10.........................................................................................................
59
Other U.S. Government liabilities ” ..................................................................
60
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
61
62
Other foreign official assets12..........................................................................
Other foreign assets in the United States, net......................................................
63
Direct investment...............................................................................................
64
65
U.S. Treasury securities....................................................................................
U.S. securities other than U.S. Treasury securities..........................................
66
67
U.S. currency.....................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
69
70 Statistical discrepancy (sum of above items with sign reversed)....................
Of which: Seasonal adjustment discrepancy.......................................................
70a
Memoranda:
71 Balance on goods (lines 3 and 20)...........................................................................
72 Balance on services (lines 4 and 21).......................................................................
73 Balance on goods and services (lines 2 and 19).....................................................
74 Balance on income (lines 12 and 29).......................................................................
75 Unilateral current transfers, net (line 35)..................................................................
76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13...........
2002
1,229,649
974,107
681,874
292,233
11,943
66,547
17,046
29,166
44,142
122,594
795
255,542
252,379
142,933
106,143
3,303
3,163
-1,651,657
-1,392,145
-1,164,746
-227,399
-19,245
-58,044
-19,969
-38,527
-19,258
-69,436
-2,920
-259,512
-251,108
-49,458
-127,735
-73,915
-8,404
-58,853
-17,097
-5,125
-36,631
2002
2003
II
III
IV
lr
Ilf
I
II
III
IV
I'
II?
294,947
233,613
163,785
69,828
2,785
14,479
3,872
6,784
10,139
31,574
195
61,334
60,523
32,674
26,950
899
811
-373,437
-312,227
-260,732
-51,495
-4,394
-12,430
-4,422
-8,420
-4,607
-16,481
-741
-61,210
-59,211
-8,074
-32,512
-18,625
-1,999
310,189
245,704
175,002
70,702
2,751
16,732
4,281
7,104
11,012
28,623
199
64,485
63,705
35,538
27,560
607
780
-418,753
-349,628
-291,870
-57,758
-4,668
-15,806
-5,475
-9,577
-4,765
-16,742
-725
-69,125
-67,085
-14,303
-33,773
-19,009
-2,040
312,767
245,866
169,014
76,852
3,418
18,829
4,831
7,646
11,168
30,760
200
66,901
66,116
37,986
27,225
905
785
-431,963
-363,766
-303,073
-60,693
-4,990
-16,930
-5,430
-10,138
-4,941
-17,539
-725
-68,197
-66,107
-15,637
-31,802
-18,668
-2,090
311,746
248,924
174,073
74,851
2,989
16,507
4,062
7,632
11,823
31,637
201
62,822
62,035
36,735
24,408
892
787
-427,504
-366,524
-309,071
-57,453
-5,193
-12,878
-4,642
-10,392
-4,945
-18,674
-729
-60,980
-58,705
-11,444
-29,648
-17,613
-2,275
307,576
243,942
171,180
72,762
2,827
14,286
3,444
7,488
11,297
33,218
202
63,634
62,827
38,124
23,700
1,003
807
-416,512
-354,003
-298,174
-55,829
-5,674
-12,196
-4,479
-10,303
-4,564
-17,868
-745
-62,509
-60,428
-15,332
-28,245
-16,851
-2,081
313,376
249,875
177,678
72,197
3,023
15,546
3,768
7,941
11,485
30,232
202
63,501
62,687
39,720
22,321
646
814
-434,240
-372,140
-311,024
-61,116
-6,000
-14,395
-5,512
-11,226
-4,679
-18,555
-749
-62,100
-60,075
-17,170
-26,638
-16,267
-2,025
297,074
236,442
165,298
71,144
2,785
16,295
4,224
7,102
10,373
30,170
195
60,632
59,821
32,058
26,950
813
811
-387,864
-326,499
-271,331
-55,168
-4,394
-14,453
-4,874
-8,891
-4,728
-17,087
-741
-61,365
-59,271
-8,134
-32,512
-18,625
-2,094
307,616
243,696
171,421
72,275
2,751
16,030
4,279
7,075
11,221
30,720
199
63,920
63,140
34,874
27,560
706
780
-416,962
-348,584
-292,707
-55,877
-4,668
-14,252
-4,874
-9,580
-4,902
-16,876
-725
-68,378
-66,246
-13,464
-33,773
-19,009
-2,132
313,939
247,815
174,315
73,500
3,418
16,217
4,288
7,307
11,389
30,681
200
66,124
65,339
37,264
27,225
850
785
-422,666
-354,795
-297,627
-57,168
-4,990
-14,314
-4,829
-9,787
-5,036
-17,487
-725
-67,871
-65,820
-15,350
-31,802
-18,668
-2,051
311,015
246,151
170,840
75,311
2,989
18,005
4,255
7,682
11,157
31,022
201
64,864
64,077
38,735
24,408
934
787
-424,165
-362,267
-303,081
-59,186
-5,193
-15,025
-5,392
-10,271
-4,592
-17,984
-729
-61,898
-59,771
-12,510
-29,648
-17,613
-2,127
310,278
247,377
173,346
74,031
2,827
16,089
3,736
7,837
11,630
31,710
202
62,901
62,094
37,508
23,700
886
807
-431,716
-369,006
-309,364
-59,642
-5,674
-14,168
-4,960
-10,873
-4,698
-18,524
-745
-62,710
-60,527
-15,431
-28,245
-16,851
-2,183
311,002
247,991
174,034
73,957
3,023
14,902
3,768
7,910
11,643
32,509
202
63,011
62,197
39,131
22,321
745
814
-432,731
-371,399
-312,013
-59,386
-6,000
-13,014
-4,920
-11,182
-4,835
-18,686
-749
-61,332
-59,213
-16,308
-26,638
-16,267
-2,119
-16,450 -12,834 -13,772 -15,797 -17,575 -16,697 -15,938 -13,481
-6,397 -3,287 -3,075 -4,338 -5,813 -5,620 -6,397 -3,287
-1,330 -1,005
-923 -1,867 -1,037 -1,208 -1,271
-1,279
-8,723 -8,542 -9,774 -9,592 -10,725 -9,869 -8,270 -8,915
-277
-286
-37,698 -130,751
390 -1,843
-475
-109
-2,632
652
-574
-153
-32
133
-5,611
-853
5,684
994
-105
-8
-175,272 -38,221
-137,836 -41,554
15,801
5,367
-31,880 -1,886
-21,357
-148
706,983 146,075
94,860
6,106
73,521
6,257
43,144 -1,039
30,377
7,296
137
-597
17,594
-280
3,608
726
612,123 139,969
39,633
9,869
96,217
11,789
291,492
74,461
21,513
4,525
72,142
46,771
91,126 -7,446
-45,852 -13,160
-107
-1,607
-129
42
-565
566
41
-128,950
-37,643
-5,843
-16,210
-69,254
224,088
47,552
21,706
15,138
6,568
365
24,575
906
176,536
2,390
14,218
104,187
7,183
24,610
23,948
28,347
-364
-358
-388
-325
of
C u rrent B usiness .
-277
-286
26,896 -37,432 -103,903 -109,412 -35,227 -128,567
83
-1,416
-812
-170
390 -1,843
-132
-127
-1,136
-541
-148
-144
-27
-180
-1,375 -2,818
1,452
2,672
-104
-34
28,339 -36,440
-34,439 -24,200
21,641
-5,364
-11,862 -1,922
52,999 -4,954
142,129 194,691
8,992 32,210
12,300 33,258
1,415 27,630
10,885
5,628
464
-95
-4,607 -2,094
1,141
835
133,137 162,481
14,850
12,524
57,505
12,705
45,880 66,964
2,556
7,249
-8,102
8,863
20,448 54,176
-35,693 -25,346
897
-644
-170
-70
-2,578
2,472
36
-103,916
-36,977
-27,146
-11,998
-27,795
241,859
40,978
31,768
22,288
9,480
-437
8,321
1,326
200,881
34,241
14,568
55,574
4,927
74,848
16,723
-11,057
-102
-107
-109
652 -1,607
86
-154
-129
-153
42
-323
133
-565
-928
-853
674
994
566
41
-69
-8
-108,919 -35,750 -126,766
-34,767 -39,083 -35,459
9,240
5,367 -5,843
-22,789 -1,886 -16,210
-60,603
-148 -69,254
257,612 146,813 221,242
57,580
6,106 47,552
36,522
6,257 21,706
33,232 -1,039
15,138
6,568
3,290
7,296
-32
-597
365
24,575
20,385
-280
705
906
726
200,032 140,707 173,690
14,476 10,607
-456
14,218
61,139
11,789
86,525 74,461 104,187
1,458
4,525
7,183
24,610
3,189 46,771
33,245 -7,446 23,948
30,438
-10,314 -4,581
8,579
2,091
-482,872 -96,947 -116,868 -134,059 -134,998 -126,994 -133,346
64,834
12,944
16,933
11,081
18,333
16,158
17,398
-418,038 -78,614 -103,924 —117.90C —117.60C -110,061 -122,265
1,842
1,125
1,401
-3,970
124 -4,640
-1,296
-58,853 -16,450 -12,834 -13,772 -15,797 -17,575 -16,697
-480,861 -94,940 -121,398 -132,968 -131,555 -126,511 -137,561
p Preliminary.
' Revised.
See footnotes on page D -1 1.
Source: Table 1 in “U.S. International Transactions, Second Q ua rte r 2 0 0 3 ” in the O ctober 2 0 0 3 issue of the S urvey
2003
I
-1,285
-178,985
-3,681
Seasonally adjusted
2002
-106,033
15,976
-90,057
-733
-15,938
-106,728
-121,286
16,398
-104,888
-4,458
-13,481
-122,827
-13,997 -15,436 -17,269 -16,942
-3,075 -4,338 -5,813 -5,620
-1,282 -1,292 -1,320 -1,335
-9,640 -9,806 -10,136 -9,987
-364
-358
-388
-325
29,712 -44,902 -101,331 -106,665
-312
83
-170
-1,416
-132
-1,136
-148
-27
-1,375
1,452
-104
31,155
-31,623
21,641
-11,862
52,999
141,478
8,992
12,300
1,415
10,885
464
-4,607
835
132,486
14,199
57,505
45,880
2,556
-8,102
20,448
-48,102
-12,409
-127
-541
-144
-180
-2,818
2,672
-34
-43,910
-31,670
-5,364
-1,922
-4,954
197,448
32,210
33,258
27,630
5,628
-95
-2,094
1,141
165,238
15,281
12,705
66,964
7,249
8,863
54,176
-23,602
1,744
897
-644
-170
-70
-2,578
2,472
36
-101,344
-34,405
-27,146
-11,998
-27,795
242,004
40,978
31,768
22,288
9,480
-437
8,321
1,326
201,026
34,386
14,568
55,574
4,927
74,848
16,723
-1,578
9,478
-102
86
-154
-323
-928
674
-69
-106,172
-32,020
9,240
-22,789
-60,603
255,273
57,580
36,522
33,232
3,290
-32
20,385
705
197,693
12,137
61,139
86,525
1,458
3,189
33,245
-9,612
702
-123,312
16,332
-106,980
-1,747
-13,997
-122,724
-132,241
16,125
-116,116
2,966
-15,436
-128,586
-136,018
14,389
-121,629
191
-17,269
-138,707
-137,979
14,571
-123,408
1,679
-16,942
-138,671
D-8
International Data
December 2003
Table F.3. U.S. International Transactions, by Area
[Millions of dollars]
Western Europe
Line
(Credits +; debits - ) 1
2002
IV
European Union14
2003
\r
2002
II'’
IV
Current account
1 Exports of goods and services and income receipts.........................................
97,315
95,287
98,050
86,964
2
Exports of goods and services..............................................................................
67,424
69,110
68,710
62,482
3
Goods, balance of payments basis2................................................................
39,433
40,240
40,923
36,151
4
Services3.........................................................................................................
29,677
27,184
27,787
26,331
5
Transfers under U.S. military agency sales contracts4...............................
891
748
826
597
6
Travel.............................................................................................................
5,521
4,331
4,538
5,084
7
Passenger fares............................................................................................
1,586
1,207
1,408
1,534
Other transportation......................................................................................
8
2,500
2,495
2,720
2,240
9
Royalties and license fees5 .........................................................................
5,790
5,449
5,452
5,166
10
Other private services5...............................................................................
13,354
12,919
12,807
11,679
11
U.S. Government miscellaneous services....................................................
35
35
36
31
12
Income receipts.....................................................................................................
24,482
28,205
27,863
29,340
13
Income receipts on U.S.-owned assets abroad................................................
28,128
27,786
29,260
24,417
14
Direct investment receipts.............................................................................
15,732
15,900
18,251
13,246
Other
private
receipts....................................................................................
10,744
15
12,148
11,466
10,932
1fi
U.S. Government receipts.............................................................................
248
420
265
239
17
Compensation of employees.............................................................................
77
77
80
65
18 Imports of goods and services and income payments...................................... -120,531 -117,305 -125,113 -109,517
19
Imports of goods and services.............................................................................. -91,086 -85,912 -94,227 -82,692
20
Goods, balance of payments basis2................................................................
-66,594 -62,223 -66,886 -61,153
21
Services3.........................................................................................................
-24,492 -23,689 -27,341
-21,539
22
Direct defense expenditures.........................................................................
-2,331
-2,602
-2,566
-1,990
23
Travel.............................................................................................................
-3,954
-3,482
-5,352
-3,679
24
Passenger fares............................................................................................
-2,024
-1,993
-2,835
-1,894
Other transportation......................................................................................
25
-3,680
-3,863
-4,370
-3,120
26
Royalties and license fees5
-2,771
-2,309
-2,227
-2,469
27
Other private services5.....
-9,426
-9,187
-9,422
-8,366
28
U.S. Government miscellaneous services....................................................
-306
-289
-291
-263
29
Income payments......................
-29,445 -31,393 -30,886 -26,825
30
Income payments on foreign-owned assets in the United States..................... -29,345 -31,293 -30,797 -26,742
31
Direct investment payments
-6,878 -10,340 -11,038
-6,378
32
-17,695 -16,441 -15,502 -16,083
Other private payments.....
33
U.S. Government payments
-4,772
-4,257
-4,281
-4,512
34
Compensation of employees..
-100
-69
-100
-83
35 Unilateral current transfers, net..
15
-206
38
225
3fi
U.S. Government grants4..........
-142
-264
-211
-7
37
U.S. Government pensions and other transfers...................................................
-377
-438
^00
-340
595
649
572
38
Private remittances and other transfers6 ............................................................
435
Capital and financial account
Capital account
39 Capital account transactions, net.........................................................................
-136
-81
-62
-80
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................
3,482 -69,228 -62,825
24,747
41
-144
-154
-170
-86
4?
Gold7................................................................................................................
43
Special drawing rights.......................................................................................
44
Reserve position in the International Monetary Fund......................................
45
Foreign currencies.............................................................................................
-144
-170
-154
-86
4fi
U.S. Government assets, other than official reserve assets, net.........................
177
34
-7
72
47
U.S. credits and other long-term assets...........................................................
-7
-404
-188
48
Repayments on U.S. credits and other long-term assets8 .............................
214
414
165
106
49
U.S. foreign currency holdings and U.S. short-term assets, net......................
24
-30
16
-34
50
U.S. private assets, net.........................................................................................
3,449 -69,092 -62,664
24,761
51
Direct investment
-13,278 -17,683 -21,156 -11,093
52
Foreign securities
7,549
-2,750 -19,045
-2,192
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
16,415 -24,501
15,693
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
3,062
-7,863 -49,057
22,353
55 Foreign owned assets in the United States, net (increase/financial inflow (+)) 106,277 112,053
53,547
69,972
(18)
56
Foreign official assets in the United States, net...................................................
9,645
179
-6,546
57
U.S. Government securities..............................................................................
(17)
(17)
C7)
H
(18)
58
U.S. Treasury securities9.............................................................................
r)
n
H
59
Other10.........................................................................................................
n
n
n
n
60
Other U.S. Government liabilities11.................................................................
-191
-186
182
^0
(18)
61
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
(17)
(17)
H
62
Other foreign official assets12..........................................................................
n
07)
(,7)
(18)
(18)
63
Other foreign assets in the United States, net......................................................
96,632 111,874
60,093
64
Direct investment...............................................................................................
3,757
31,559
6,046
3,633
65
U.S. Treasury securities....................................................................................
(18)
C7)
n
(,7)
6b
U.S. securities other than U.S. Treasury securities..........................................
39,371
35,907
39,445
47,175
fi/
U.S. currency.....................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns........................................................................................................
13,468
62,037
10,336
69
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
(,7)
(,7)
(17) 1819,914
70 Statistical discrepancy (sum of above items with sign reversed)....................
-86,422 -20,520
36,383 -72,329
Memoranda:
71 Balance on goods (lines 3 and 20)............................................................................ -27,161 -21,983 -25,963 -25,002
12 Balance on services (lines 4 and 21).......................................................................
5,185
3,495
446
4,792
/3 Balance on goods and services (lines 2 and 19).....................................................
-21,976 -18,488 -25,517 -20,210
/4 Balance on income (lines 12 and 29).......................................................................
-1,240
-3,530
-1,546
-2,343
75 Unilateral current transfers, net (line 35)..................................................................
15
-206
38
225
-22,224 -27,025 -22,328
76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 75 )13...........
-23,201
See footnotes on page D - 1 1.
United Kingdom
2003
I'
2002
II p
85,579
87,264
61,050
61,915
36,934
37,179
24,116
24,736
612
696
4,171
3,955
1,165
1,316
2,218
2,372
4,790
4,813
11,345
11,336
31
32
24,529
25,349
24,464
25,281
13,774
15,278
10,460
9,828
230
175
65
68
-105,717 -111,825
-78,153 -85,005
-61,271
-57,391
-20,762 -23,734
-2,185
-2,221
-3,251
-4,908
-2,617
-1,866
-3,241
-3,583
-1,839
-1,969
-8,134
-8,189
-246
-247
-27,564 -26,820
-27,481
-26,743
-8,391
-8,746
-15,057 -14,216
-4,033
-3,781
-83
-77
82
251
-7
-5
-338
-349
427
605
IV
European Union (6)15
2003
I'
2002
IIP
2003
IV
lf
IIp
47,035
34,001
22,800
11,201
292
1,490
528
1,166
2,390
5,314
21
13,034
12,999
8,501
4,329
169
35
-53,233
-44,738
-34,155
-10,583
-1,810
-1,455
-726
-1,610
-1,249
-3,535
-198
-8,495
-8,440
-3,539
-3,767
-1,134
-55
-97
47,658
34,405
23,176
11,229
231
1,674
649
1,257
2,214
5,183
21
13,253
13,216
9,053
4,010
153
37
-57,676
-48,750
-36,482
-12,268
-1,846
-2,528
-1,094
-1,795
-1,351
-3,455
-199
-8,926
-8,874
-4,306
-3,512
-1,056
-52
-46
24,879
16,384
7,777
8,607
68
2,305
756
519
1,103
3,852
4
8,495
8,474
3,150
5,240
84
21
-34,605
-17,553
-10,498
-7,055
-169
-1,450
-743
-724
-374
-3,574
-21
-17,052
-17,032
-3,639
-11,115
-2,278
-20
148
23,326
16,083
8,457
7,626
119
1,779
572
512
938
3,702
4
7,243
7,222
2,541
4,681
23,880
16,311
8,423
7,888
76
1,776
597
574
1,016
3,845
4
7,569
7,547
3,097
4,450
21
-34,120
-16,911
-10,114
-6,797
-200
-1,214
-701
-750
-395
-3,519
-18
-17,209
-17,189
-4,721
-10,280
-2,188
-20
225
22
-33,470
-17,843
-10,458
-7,385
-200
-1,319
-956
-789
-398
-3,705
-18
-15,627
-15,609
-3,793
-9,741
-2,075
-18
288
46,514
34,440
22,533
11,907
228
1,920
678
1,223
2,571
5,265
22
12,074
12,039
7,542
4,353
144
35
-56,307
-48,229
-37,030
-11,199
-1,703
-1,676
-759
-1,603
-1,605
-3,641
-212
-8,078
-8,023
-2,771
-3,998
-1,254
-55
85
-59
207
-60
285
-57
345
-186
271
-183
86
-198
152
-60
-59
-10
-8
-8
-11
-11
-10
-72,372
-120
-57,969
-104
21,525
-56,822
-42,166
590
-16,849
-10,441
-120
238
-104
79
-6
-26
31
207
31
-72,490
-17,123
-17,769
-24,008
-13,590
126,889
69
10
-57,944
-17,698
7,028
-6
-42,160
-3,923
2,227
-26
616
-6,730
1,540
-3,159
8,965
21,253
31
-16,880
-7,107
-5,671
1 147
-5,249
9,627
-47,274
45,261
58
66
-8
21,467
-1,093
-3,063
17,352
8,271
41,592
-56,822
-7,518
-13,009
-25,236
-11,059
110,122
-40,464
6,609
n
(18 )
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
n
-23
(18)
31
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-83
(,8)
(«)
37
n
(18)
-169
n
(18)
(18)
(18)
-4,252
26,630
H
(18)
(IB )
(18)
n
(18 )
(IB )
(18)
(18)
-21
-83
44
(1S)
(IB )
(18)
(18)
(18 )
(18)
(1S)
(18)
(18)
(IB )
(18)
(18)
(18)
19,538
n
34,651
4,073
411
3,747
1,866
(18)
(18)
(18)
(16)
37,324
5,291
(18)
26,659
26,954
9,019
7,420
3,314
62,145
18-2,586
-34,401
18 3,081
37,077
6 700
18 2,911
-53,529
55 166
18 850 18—24,455
-42,723
44,867
1 712
1810,132
-12,124
3 768
,8-5,225
13,528
18 21,406
-6,115
-20,457
3,354
-17,103
-3,035
82
-20,056
-24,092
1,002
-23,090
-1,471
251'
-24,310
-2,721
1,552
-1,169
-8,557
148
-9,578
-1,657
829
-828
-9,966
225
-10,569
-14,497
708
-13,789
3,996
85
-9,708
-11,355
618
-10,737
4,539
-97
-6,295
-13,306
-1,039
-14,345
4,327
-46
-10,064
24,169
(18)
43,330
(18)
(18)
(18)
-10,441
-9,292
3,103
4,879
(18)
-2,035
503
-1,532
-8,058
288
-9,302
December 2003
Su r v e y
of
C
urrent
D-9
B u s in e s s
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
Line
(Credits +; debits - ) 1
2002
IV
Current account
1 Exports of goods and services and income receipts.........................................
2
Exports of goods and services.............................................................................
Goods, balance of payments basis2................................................................
3
4
Services3.........................................................................................................
Transfers under U.S. military agency sales contracts4...............................
5
Travel.............................................................................................................
6
7
Passenger fares............................................................................................
8
Other transportation.....................................................................................
Royalties and license fees5 .........................................................................
9
10
Other private services5...............................................................................
11
U.S. Government miscellaneous services....................................................
12
Income receipts.....................................................................................................
Income receipts on U.S.-owned assets abroad................................................
13
14
Direct investment receipts............................................................................
15
Other private receipts...................................................................................
16
17
Compensation of employees............................................................................
18 Imports of goods and services and income payments......................................
Imports of goods and services.............................................................................
19
20
Goods, balance of payments basis2................................................................
Services3.........................................................................................................
21
22
Direct defense expenditures.........................................................................
Travel.............................................................................................................
23
24
Passenger fares............................................................................................
25
Other transportation......................................................................................
Royalties and license fees5 .........................................................................
26
27
Other private services5...............................................................................
28
U.S. Government miscellaneous services....................................................
29
Income payments..................................................................................................
Income payments on foreign-owned assets in the United States....................
30
31
Direct investment payments
32
Other private payments....
33
U.S. Government payments
34
Compensation of employees.
35 Unilateral current transfers, net.
36
37
U.S. Government pensions and other transfers...................................................
38
Private remittances and other transfers6 ............................................................
Capital and financial account
Capital account
39 Capital account transactions, net.........................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................
41
U.S. official reserve assets, net............................................................................
42
43
44
Reserve position in the International Monetary Fund......................................
45
Foreign currencies............................................................................................
46
U.S. credits and other long-term assets...........................................................
47
48
49
50
U.S. private assets, net.........................................................................................
51
Direct investment...............................................................................................
52
Foreign securities..............................................................................................
53
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States, net...................................................
56
57
U.S. Government securities.............................................................................
U.S. Treasury securities9.............................................................................
58
Other10.........................................................................................................
59
Other U.S. Government liabilities11.................................................................
60
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
61
62
Other foreign official assets12..........................................................................
Other foreign assets in the United States, net......................................................
63
64
Direct investment...............................................................................................
65
U.S. Treasury securities....................................................................................
U.S. securities other than U.S. Treasury securities..........................................
66
67
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
68
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Statistical discrepancy (sum of above items with sign reversed)....................
Memoranda:
71 Balance on goods (lines 3 and 20)............................................................................
72 Balance on services (lines 4 and 21).......................................................................
73 Balance on goods and services (lines 2 and 19).....................................................
74 Balance on income (lines 12 and 29).......................................................................
75 Unilateral current transfers, net (line 35)..................................................................
76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13...........
S ee footnotes on page D -1 1.
2002
2003
IIP
I'
Latin America and Other
Western Hemisphere
Canada
Eastern Europe
2003
I'
IV
3,140
2,763
1,627
1,136
108
282
14
65
115
541
11
377
363
190
138
35
14
-6,144
-5,187
-4,578
-609
-49
-195
-76
-51
-22
-202
-14
-957
-938
-391
-166
-381
-19
-1,062
-417
-15
-630
3,286
2,725
1,511
1,214
105
255
15
59
106
666
8
561
547
290
131
126
14
-5,900
-5,016
-4,485
-531
-38
-179
-66
-36
-18
-179
-15
-884
-865
-395
-122
-348
-19
-1,037
-349
-15
-673
3,292
2,697
1,603
1,094
92
310
12
58
116
498
8
595
581
400
121
60
14
-6,267
-5,387
-4,442
-945
-38
-482
-154
-47
-16
-193
-15
-880
-865
^1 1
-135
-319
-15
-1,087
-429
-11
-647
-49
-55
-10
2002
IIP
Japan
2002
2003
IV
I'
Ilf
56,612
47,163
35,022
12,141
114
3,597
955
842
891
5,698
44
9,449
9,396
4,262
5,067
67
53
-73,131
-61,836
-51,404
-10,432
-83
-4,572
-706
-927
-329
-3,681
-134
-11,295
-9,672
-805
-6,605
-2,262
-1,623
-6,335
-501
-186
-5,648
57,905
48,722
36,071
12,651
102
4,234
1,012
917
906
5,436
44
9,183
9,129
4,051
5,024
54
54
-75,934
-65,042
-54,199
-10,843
-90
-4,566
-848
-959
-343
-3,902
-135
-10,892
-9,236
-732
-6,261
-2,243
-1,656
-6,549
-668
-196
-5,685
2003
I'
IIP
18
-46,549
-37,463
-32,519
-4,944
-376
-730
-263
-1,140
-1,224
-1,181
-30
-9,086
-9,062
-3,008
-1,587
-4,467
-24
172
22,738
19,600
12,179
7,421
151
1,913
534
753
1,592
2,452
26
3,138
3,120
1,679
1,440
1
18
-40,039
-33,756
-28,953
-4,803
-391
-588
-241
-1,130
-1,392
-1,012
-49
-6,283
-6,259
-515
-1,468
-4,276
-24
141
23,193
20,150
12,888
7,262
120
1,781
602
789
1,626
2,318
26
3,043
3,025
1,692
1,332
1
18
-40,783
-34,021
-29,246
-4,775
-400
-613
-232
-1,110
-1,322
-1,049
-49
-6,762
-6,745
-1,168
-1,317
-4,260
-17
162
-33
205
-34
175
-26
188
IV
51,907
46,834
40,843
5,991
13
1,323
405
710
803
2,715
22
5,073
5,052
3,243
1,809
52,766
47,662
41,177
6,485
44
1,803
483
665
809
2,660
21
5,104
5,081
3,295
1,786
56,109
51,088
44,810
6,278
57
1,725
389
658
837
2,591
21
5,021
4,997
3,386
1,611
21
-59,055
-57,936
-53,646
-4,290
-28
-1,108
-119
-903
-232
-1,856
-44
-1,119
-1,039
70
-886
-223
-80
-127
23
-61,875
-60,312
-56,339
-3,973
-19
-962
-87
-865
-198
-1,797
-45
-1,563
-1,479
-366
-919
-194
-84
-145
24
-63,552
-61,400
-56,879
-4,521
-18
-1,356
-107
-921
-207
-1,867
-45
-2,152
-2,069
-1,020
-873
-176
-83
-125
-135
8
-136
-9
-151
26
60,981
51,769
38,341
13,428
90
4,628
1,165
852
927
5,723
43
9,212
9,161
3,920
5,133
108
51
-73,146
-63,887
-53,510
-10,377
-104
-4,443
-697
-844
-345
-3,816
-128
-9,259
-7,437
1,486
-6,621
-2,302
-1,822
-6,189
-469
-248
-5,472
-51
38
28
24
2
-57
-6
5
6
6
315
67
5,006
-400
7,800
-37,817
-18,193
-41,824
-13,901
-12,088
-7,375
63
-8
71
58
-12
70
-41
-78
37
2
108
-664
429
7,800
-5,164
2,166
(18)
-619
n
-1,157
n
(18)
27
(18)
(18)
(18)
4,058
(18)
8,882
-6
-13,895
-772
-6,613
-1,424
-3,086
6,101
(18)
(18)
(18)
n
-189
(18)
(18)
(18)
4,222
(18)
13,756
8
-12,096
-893
-1,102
-340
-9,761
24,922
(18)
(18)
(18)
n
-176
(18)
n
(18)
-1,995
(18)
5,379
2
-7,377
-248
-260
343
8,288
(18)
(18)
n
(18)
98
(18)
(18)
(18)
-194
n
-1,468
94
-68
164
-2
-41,918
306
-3,293
-14,347
-24,584
99,615
(18)
n
(18)
(18)
25
(18)
(18)
(18)
1,814
(18)
37,358
8
257
549
135
-126
-301
4,332
(18)
(18)
(18)
n
12
(18)
(18)
(18)
-1,152
(18)
-1,254
173
-68
248
-7
-18,366
-7,307
-12,693
13,130
-11,496
62,743
(18)
(18)
(18)
(18)
-5
(18)
(18)
(18)
960
(,8)
-1,709
-6
-73
-214
851
2
-712
1,157
('8)
(18)
-21
-172
141
10
-37,796
-608
739
-16,335
-21,592
39,886
(18)
(18)
16
18 2,903
2,968
-110
18 6,836
-941
-2,951
527
-2,424
-580
-1,062
-4,066
-2,974
683
-2,291
-323
-1,037
-3,651
n
n
14
n
(18)
22,486
19,877
12,177
7,700
202
2,161
615
776
1,620
2,304
22
2,609
2,591
1,228
1,363
n
n
-2,290
101
n
-1,981
-400
-2,807
4,195
-529
-1,259
10,168
-1,262
n
C7)
<17)
-12
(17)
(17)
11,430
325
(17)
2,566
18 9,852
-4,242
-175
n
3,528
4,666
(17)
-542
C7)
-11,886
-1,699
18 28,618
16,283
5,890
,8 57,607
-21,639
8,856
18 51,562
-33,207
-1,914
18-9,774
31,686
-39
18 21,753
4,320
18 37,434
-19,838
-2,839
149
-2,690
-285
-1,087
-4,062
-12,803
1,701
-11,102
3,954
-127
-7,275
-15,162
2,512
-12,650
3,541
-145
-9,254
-12,069
1,757
-10,312
2,869
-125
-7,568
-15,169
3,051
-12,118
-47
-6,189
-18,354
-16,382
1,709
-14,673
-1,846
-6,335
-22,854
-18,128
1,808
-16,320
-1,709
-6,549
-24,578
-20,342
2,756
-17,586
-6,477
172
-23,891
-16,774
2,618
-14,156
-3,145
141
-17,160
-16,358
2,487
-13,871
-3,719
162
-17,428
5,006
1,484
-766
1,362
2,926
-1,297
993
(17)
n
n
11
10,798
11,630
122
n
n
<17)
-22
(17)
(17)
11,508
1,971
(,7)
4,119
-6,869
44,635
n
(18)
(18,
(18)
20
(18)
(18)
(18)
1,436
(18)
5,745
D-10
International Data
December 2003
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
Australia
Line
(Credits +; debits - ) 1
2002
Other countries in Asia and Africa
2002
2003
IV
lr
Ilf
IV
2003
\'
International organizations and
unallocated18
2002
IIP
IV
2003
lf
IIP
Current account
1 Exports of goods and services and income receipts........................................
2
Exports of goods and services..................................................................................................
3
Goods, balance of payments basis2....................................................................................
4
Services3..............................................................................................................................
5
Transfers under U.S. military agency sales contracts4....................................................
fi
Travel..................................................................................................................................
7
Passenger fares................................................................................................................
8
Other transportation..........................................................................................................
9
Royalties and license fees5 .............................................................................................
10
Other private services5....................................................................................................
11
U.S. Government miscellaneous services.........................................................................
12
Income receipts..........................................................................................................................
13
Income receipts on U.S.-owned assets abroad....................................................................
14
Direct investment receipts.................................................................................................
15
Other private receipts
16
U.S. Government receipts
17
Compensation of employees
18 Imports of goods and services and income payments......................................
19
Imports of goods and services..................................................................................................
?0
Goods, balance of payments basis2....................................................................................
21
Services3..............................................................................................................................
??
Direct defense expenditures
?3
Travel.........................
?4
Passenger fares.......
25
Other transportation..
26
Royalties and license fees5
27
Other private services5
?a
U.S. Government miscellaneous services.........................................................................
29
Income payments.......................................................................................................................
30
Income payments on foreign-owned assets in the United States.........................................
31
Direct investment payments..............................................................................................
32
Other private payments
33
U.S. Government payments
Compensation of employees
34
35 Unilateral current transfers, net
36
U.S. Government grants4.........................................................................................................
37
U.S. Government pensions and other transfers.......................................................................
38
Private remittances and other transfers6.................................................................................
5,880
4,709
3,331
1,378
48
370
67
80
217
593
3
1,171
1,165
733
432
5,283
4,075
2,766
1,309
57
317
66
73
207
587
2
1,208
1,201
768
433
5,841
4,576
3,154
1,422
43
352
79
89
245
612
2
1,265
1,258
850
408
-14
-50
61,206
52,306
38,321
13,985
1,637
????
210
2,475
1,718
5,658
65
8,900
8,799
7,059
1,366
374
101
-114,618
-107,727
-96,584
-11,143
-2,273
-2,202
-1,299
-3,228
-63
-1,881
-197
-6,891
-6,664
72
-1,724
-5,012
-227
-6,492
-3,227
-133
-3,132
62,650
53,738
38,285
15,453
1,608
2,070
184
2,421
1,636
7,468
66
8,912
8,809
7,264
1,273
272
103
-110,888
-104,119
-93,355
-10,764
-2,551
-2,146
-1,210
-2,858
-60
-1,736
-203
-6,769
-6,542
-29
-1,696
-4,817
-227
-8,388
-4 552
-134
-3,702
60,192
52,345
38 229
14,116
1,783
2 606
266
2,508
1,688
5,200
65
7,847
7,745
6,408
1,174
163
102
-117,610
-108,685
-97 778
-10,907
-2,826
-1,832
-1,149
-3,003
-56
-1,837
-204
-8,925
-8,763
-2,575
-1,608
-4,580
-162
-7,415
-4 106
-136
-3,173
6
-3,038
-2,455
-1,640
-815
-32
-246
-164
-45
-29
-289
-10
-583
-580
-302
-162
-116
-3
-55
7
-2,856
-2,212
-1,415
-797
-26
-267
-176
-52
-15
-252
-9
-644
-640
-372
-159
-109
-4
-64
7
-2,826
-2,332
-1,594
-738
-26
-194
-187
-44
-18
-260
-9
-494
-491
-226
-152
-113
-3
-64
-13
-42
-13
-51
-6
-6
-6
-212
-223
-212
-2,279
1,051
-4,911
14,547
-197
13,226
8,831
1,556
8,954
1,555
8,794
1,587
1,556
1,555
1,587
174
633
749
180
607
768
202
615
770
7,275
6,776
4,630
2,019
127
499
-4,423
-783
7,399
6,887
4,666
2,104
117
512
-4,518
-840
7,207
6,692
4,682
1,907
103
515
-2,155
-1,046
-783
-840
-1,046
-501
-259
-23
-572
-243
-24
-1
-772
-248
-25
1
-3,640
-3,640
-2,493
-807
-340
-3,678
-3,678
-2,510
-835
-333
-1,109
-1,109
-2,059
-83
-852
-1,124
-1,541
-147
-142
-1,252
-1,657
-206
-274
-1,177
-6,460
-668
-5,163
253
-13,570
-16
-127
-541
897
-644
-102
86
-261
-261
-263
-263
-261
-261
-5,531
-4,630
244
-2
-1,143
14,473
-5,153
-4,666
16
-503
6,120
168
-13,293
-4,682
-86
-8442
-83
1,914
25
168
25
-790
-319
Capital and financial account
Capital account
39 Capital account transactions, net..............................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-)).............................
41
U.S. official reserve assets, net.................................................................................................
4?
Gold7....................................................................................................................................
43
Special drawing rights...........................................................................................................
44
Reserve position in the International Monetary Fund..........................................................
45
Foreign currencies.................................................................................................................
46
U.S. Government assets, other than official reserve assets, net..............................................
47
U.S. credits and other long-term assets................................................................................
48
Repayments on U.S. credits and other long-term assets8 .................................................
49
U.S. foreign currency holdings and U.S. short-term assets, net...........................................
50
U.S. private assets, net.............................................................................................................
51
Direct investment...................................................................................................................
52
Foreign securities..................................................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns....................
54
U.S. claims reported by U.S. banks, not included elsewhere...............................................
55 Foreign owned assets in the United States, net (increase/financial inflow (+))............
56
Foreign official assets in the United States, net.......................................................................
57
U.S. Government securities..................................................................................................
5fl
U.S. Treasury securities9.................................................................................................
59
Other10..............................................................................................................................
60
Other U.S. Government liabilities11...................................................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere............................................
fi?
Other foreign official assets12..............................................................................................
63
Other foreign assets in the United States, net....... ...................................................................
64
Direct investment...................................................................................................................
65
U.S. Treasury securities........................................................................................................
66
U.S. securities other than U.S. Treasury securities..............................................................
6/
U.S. currency..........................................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.................
69
U.S. liabilities reported by U.S. banks, not included elsewhere............................................
70 Statistical discrepancy (sum of above items with sign reversed)...........................
-4,911
-601
-1,907
H
(18)
6
(18)
(18)
(18)
-520
(18)
495
1,051
-1,276
369
1,499
459
-3,365
(!8)
(18)
(18)
(18)
-9
(18)
(18)
-2,403
11,514
(18)
()8)
(18)
(18)
11
(18)
(18)
-132
-2,370
2,246
-8
14,679
-5,299
4,805
366
14,807
26,074
(18)
(18)
(18)
(18)
227
H
(18)
H
1,104
(18)
-2,708
(1S)
671
n
776
(.8)
-968
n
7,188
(18i
-229
(18)
(18)
(18)
930
(18)
6,235
270
181,769
-2,522
715
18-2,467
-43
1810,056
-9,548
-1,103
18 20,730
19,495
1,691
563
2,254
588
-55
2,787
1,351
512
1,863
564
-64
2,363
1,560
684
2,244
771
-64
2,951
-58,263
2,842
-55,421
2,009
-6,492
-59,904
-2,279
-883
126
-2,306
784
2,020
H
(18)
-80
-1 831
1,740
11
-117
-2,894
979
-1,131
2,929
24,886
(18)
(18)
(18)
-110
-333
308
-85
13,336
-2,558
4,642
11,252
26,469
(18)
V/
(18)
(18)
(18)
-149
(18)
(16)
(18)
233
(18)
977
5,952
2,510
(18)
-110
4 927
1,689
1816,261
32,160
14,473
2,493
(18)
336
7,249
18 25,408
25,350
18 4,395
-10,362
18-1,375
-3,852
1,889
2,499
(18)
-353
1 458
-5,667
183,952
6,674
-55 070
4,689
-50,381
2,143
-8,388
-56,626
-59 549
3,209
-56,340
-1,078
-7,415
-64,833
773
773
3,635
-2,059
2,349
715
715
3,721
-1,541
2,895
541
541
6,098
-1,657
4,982
Memoranda:
71
72
73
74
75
76
Balance on goods (lines 3 and 20)................................................................................................
Balance on services (lines 4 and 21)............................................................................................
Balance on goods and services (lines 2 and 19).........................................................................
Balance on income (lines 12 and 29)............................................................................................
Unilateral current transfers, net (line 35).......................................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13...............................
f Preliminary.
' Revised.
See footnotes on page D-11.
Source: Table 11 in “U.S. International Transactions, Second Quarter 2003” in the October 2003 issue of the S u r v e y
o f C u r r e n t B u s in e s s .
December 2003
Su r v e y
of
Cur
rent
B
D-11
u s in e s s
Table F.4. Private Services Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2002
2002
I
1 Exports of private services......................................................
2
Travel (table F.2, line 6)............................................................
3
Passenger fares (table F.2, line 7 )...........................................
Other transportation (table F.2, line 8).....................................
4
5
Freight........................
6
Port services..............
7
Royalties and license fees (table F.2, line 9)...........................
8
Affiliated...............................................................................
U.S. parents’ receipts
9
U.S. affiliates’ receipts
10
11
Unaffiliated.................
12
Industrial processes1......................................................
Other2.............................................................................
13
14
Other private services (table F.2, line 10)................................
Affiliated services................................................................
15
16
U.S. parents’ receipts......................................................
17
U.S. affiliates’ receipts.....................................................
18
Unaffiliated services............................................................
Education........................................................................
19
Financial services...........................................................
20
Insurance services..........................................................
21
22
Telecommunications........................................................
Business, professional, and technical services..............
23
24
Other unaffiliated services3............................................
25 Imports of private services......................................................
26
Travel (table F.2, line 23)..........................................................
Passenger fares (table F.2, line 24).........................................
27
Other transportation (table F.2, line 25)...................................
28
Freight.................................................................................
29
Port services.......................................................................
30
Royalties and license fees (table F.2, line 26).........................
31
32
Affiliated..............................................................................
U.S. parents’ payments...................................................
33
34
U.S. affiliates’ payments..................................................
35
Unaffiliated................
36
Industrial processes1
Other2...................
37
38
Other private services (table F.2, line 27)................................
Affiliated services................................................................
39
40
U.S. parents’ payments
41
U.S. affiliates’ payments
42
Unaffiliated services...
Education..............
43
44
Financial services..
Insurance services..........................................................
45
Telecommunications........................................................
46
47
Business, professional, and technical services..............
Other unaffiliated services3............................................
48
Supplemental detail on insurance transactions:
49 Premiums received......................................................................
For insurance services4 (line 21)............................................
50
For loss settlement5 ...............................................................
51
52 Actual losses paid5.....................................................................
53 Premiums paid............................................................................
54
For insurance services4 (line 45)............................................
For loss settlement5 ...............................................................
55
56 Actual losses recovered5............................................................
Memoranda:
57 Balance on goods (table F.2, line 71)..........................................
58 Balance on private services (line 1 minus line 25).....................
59 Balance on goods and private services (lines 57 and 58)..........
2003
II
III
IV
I'
2002
IIP
I
II
2003
III
IV
\r
Ilf
279,495
66,547
17,046
29,166
12,330
16,836
44,142
32,218
29,066
3,152
11,924
3,900
8,024
122,594
43,500
25,194
18,306
79,094
12,759
15,859
2,839
4,137
28,799
14,700
205,234
58,044
19,969
38,527
25,973
12,554
19,258
15,132
2,958
12,174
4,126
1,935
2,192
69,436
32,367
17,529
14,838
37,069
2,466
3,665
15,348
4,180
10,732
679
66,848
14,479
3,872
6,784
2,879
3,905
10,139
7,200
6,881
319
2,939
981
1,958
31,574
9,465
5,793
3,672
22,109
5,095
4,083
663
1,092
7,599
3,578
46,360
12,430
4,422
8,420
5,594
2,826
4,607
3,242
598
2,644
1,365
474
891
16,481
7,616
3,749
3,867
8,865
471
975
3,533
1,112
2,613
161
67,752
16,732
4,281
7,104
2,926
4,178
11,012
8,050
7,236
814
2,962
974
1,988
28,623
10,389
6,167
4,222
18,234
1,584
4,126
701
1,045
7,146
3,632
52,365
15,806
5,475
9,577
6,428
3,149
4,765
3,691
718
2,973
1,074
480
594
16,742
7,496
4,181
3,315
9,246
615
999
3,756
1,050
2,658
169
73,234
18,829
4,831
7,646
3,134
4,512
11,168
8,173
7,199
974
2,995
972
2,023
30,760
10,988
6,207
4,781
19,772
3,471
3,842
735
1,009
6,993
3,723
54,978
16,930
5,430
10,138
6,806
3,332
4,941
4,106
843
3,263
835
487
349
17,539
8,053
4,607
3,446
9,486
807
834
3,948
1,023
2,702
173
71,661
16,507
4,062
7,632
3,391
4,241
11,823
8,795
7,750
1,045
3,028
973
2,055
31,637
12,658
7,027
5,631
18,979
2,610
3,808
740
992
7,062
3,767
51,531
12,878
4,642
10,392
7,145
3,247
4,945
4,093
799
3,294
852
494
358
18,674
9,202
4,992
4,210
9,472
573
857
4,111
996
2,759
176
69,733
14,286
3,444
7,488
3,273
4,215
11,297
8,237
7,285
952
3,060
976
2,084
33,218
11,260
6,582
4,678
21,958
5,607
3,825
742
987
7,081
3,717
49,410
12,196
4,479
10,303
6,962
3,341
4,564
3,699
630
3,069
865
504
362
17,868
8,192
4,329
3,863
9,676
510
939
4,250
966
2,830
180
68,972
15,546
3,768
7,941
3,656
4,285
11,485
8,393
7,827
566
3,092
981
2,110
30,232
11,717
7,051
4,666
18,515
1,730
3,977
740
976
7,319
3,773
54,367
14,395
5,512
11,226
7,994
3,232
4,679
3,802
630
3,172
877
513
365
18,555
8,529
4,805
3,724
10,026
667
925
4,374
961
2,916
183
68,164
16,295
4,224
7,102
2,934
4,168
10,373
7,434
7,066
368
2,939
981
1,958
30,170
9,992
6,035
3,957
20,178
3,082
4,083
663
1,092
7,599
3,660
50,033
14,453
4,874
8,891
5,924
2,967
4,728
3,363
598
2,765
1,365
474
891
17,087
8,094
4,062
4,032
8,993
597
975
3,533
1,112
2,613
161
69,325
16,030
4,279
7,075
2,918
4,157
11,221
8,259
7,313
946
2,962
974
1,988
30,720
10,897
6,262
4,635
19,823
3,150
4,126
701
1,045
7,146
3,655
50,484
14,252
4,874
9,580
6,456
3,124
4,902
3,828
718
3,110
1,074
480
594
16,876
7,631
4,287
3,344
9,245
612
999
3,756
1,050
2,658
169
69,882
16,217
4,288
7,307
3,140
4,167
11,389
8,394
7,357
1,037
2,995
972
2,023
30,681
11,195
6,380
4,815
19,486
3,253
3,842
735
1,009
6,993
3,654
51,453
14,314
4,829
9,787
6,579
3,208
5,036
4,201
843
3,358
835
487
349
17,487
8,183
4,657
3,526
9,304
624
834
3,948
1,023
2,702
173
72,121
18,005
4,255
7,682
3,338
4,344
11,157
8,129
7,329
800
3,028
973
2,055
31,022
11,415
6,517
4,898
19,607
3,274
3,808
740
992
7,062
3,731
53,264
15,025
5,392
10,271
7,016
3,255
4,592
3,740
799
2,941
852
494
358
17,984
8,457
4,522
3,935
9,527
627
857
4,111
996
2,759
176
71,002
16,089
3,736
7,837
3,337
4,500
11,630
8,570
7,487
1,083
3,060
976
2,084
31,710
11,906
6,852
5,054
19,804
3,364
3,825
742
987
7,081
3,805
53,223
14,168
4,960
10,873
7,360
3,513
4,698
3,833
630
3,203
865
504
362
18,524
8,720
4,705
4,015
9,804
639
939
4,250
966
2,830
180
70,732
14,902
3,768
7,910
3,645
4,265
11,643
8,551
7,895
656
3,092
981
2,110
32,509
12,233
7,154
5,079
20,276
3,468
3,977
740
976
7,319
3,797
52,637
13,014
4,920
11,182
7,985
3,197
4,835
3,958
630
3,328
877
513
365
18,686
8,674
4,915
3,759
10,012
653
925
4,374
961
2,916
183
11,937
2,839
9,098
8,619
47,156
15,348
31,808
30,914
2,649
663
1,986
2,199
11,416
3,533
7,882
7,123
2,916
701
2,215
2,158
11,663
3,756
7,907
7,658
3,124
735
2,389
2,131
11,902
3,948
7,954
8,003
3,248
740
2,508
2,131
12,175
4,111
8,064
8,130
3,265
742
2,523
2,176
12,472
4,250
8,222
8,026
3,277
740
2,537
2,236
12,826
4,374
8,452
7,704
2,649
663
1,986
2,199
11,416
3,533
7,882
7,123
2,916
701
2,215
2,158
11,663
3,756
7,907
7,658
3,124
735
2,389
2,131
11,902
3,948
7,954
8,003
3,248
740
2,508
2,131
12,175
4,111
8,064
8,130
3,265
742
2,523
2,176
12,472
4,250
8,222
8,026
3,277
740
2,537
2,236
12,826
4,374
8,452
7,704
-482,872
74,261
-408,611
-96,947 -116,868 -134,059 -134,998 -126,994 -133,346 -106,033 -121,286 -123,312 -132,241 -136,018 -137,979
18,857
18,095
18,131
18,841
18,429
17,779
20,488
15,387
18,256
20,130
20,323
14,605
-87,902 -102,445 -104,883 -113,384 -118,239 -119,884
-76,459 -101,481 -115,803 -114,868 -106,671 -118,741
" Preliminary.
' Revised.
1. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents, trade secrets, and
other proprietary rights, that are used in connection with the production of goods.
2. Includes royalties, license fees, and other fees associated with the use of copyrights, trademarks, franchises, rights to broadcast
live events, software licensing fees, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organiza
tions in the United States and film and television tape rentals. Payments (imports) include mainly expenditures of U.S. residents
temporarily working abroad and film and television tape rentals.
4. Includes charges for auxiliary insurance services.
5 . Beginning in 1 9 9 2 , the net result of (line 51 - line 5 2 ) - (line 5 5 - line 5 6 ) is recorded in "private remittances and other transfers"
(table F.2, line 3 8 ).
Source: Table 3 in “U.S. International Transactions, Second Q uarter 2 0 0 3 ” in the October 2 0 0 3 issue of the S u rv e y o f C u r r e n t B u s i
ness.
Footnotes to Tables F.2. and F.3.
Footnotes to Tables F.2 and F.3:
1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account
transactions receipts; financial inflows— increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned assets (U.S.
claims).
D ebits,-: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital accounts transac
tions payments; financial outflows— decrease in foreign-owned assets (U.S. liabilities) or increase in U.S.-ow ned assets (U.S. claims).
2 . Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, excludes imports
of goods under direct defense expenditures identified in Census import documents, and reflects various other adjustments (for valua
tion, coverage, and timing) of Census statistics to balance of payments basis; see table 2 in ‘ U.S. International Transactions, Second
Q uarter 2 0 0 3 " in the October 2 0 0 3 issue of the S u rv e y o f C u r r e n t B usiness.
3 . Includes som e goods: Mainly military equipment in line 5 ; m ajor equipment, other materials, supplies, and petroleum products
purchased abroad by U.S. military agencies in line 2 2 ; and fuels purchased by airline and steamship operators in lines 8 and 2 5 .
4. Includes transfers of goods and services under U.S. military grant programs.
5 . Beginning in 1 9 8 2 , these lines are presented on a gross basis. Th e definition of exports is revised to exclude U.S. parents'
payments to foreign affiliates and to include U.S. affiliates’ receipts from foreign parents. Th e definition of imports is revised to include
U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates’ receipts from foreign parents.
6. Beginning in 1 9 8 2 , the ‘other transfers’ component includes taxes paid by U.S. private residents to foreign governments and
taxes paid by private nonresidents to the U.S. Government.
7. At the present time, all U.S. Treasury-owned gold is held in the United States.
8. Includes sales of foreign obligations to foreigners.
9 . Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes.
10. Consists of U.S. Treasury and Export-lmport Bank obligations, not included elsewhere, and of debt securities of U.S. Govern
ment corporations and agencies.
11. Includes, primarily, U.S. Governm ent liabilities associated with military agency sales contracts and other transactions arranged
with or through foreign official agencies; see table 4 in “U.S. International Transactions, Second Q uarter 2 0 0 3 ” in the October 2 0 0 3
issue of the S urv ey .
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
1 3 . Conceptually, line 7 6 is equal to “net foreign investm enf in the national income and product accounts (NIPAs). However, the
foreign transactions account in the NIRAs (a) includes adjustments to the international transactions accounts for the treatm ent of gold,
(b) includes adjustments for the different geographical treatm ent of transactions with U .S . territories and Puerto Rico, and (c) includes
services furnished without payment by financial pension plans except life insurance carriers and private noninsured pension plans. A
reconciliation of the balance on goods and services from the international accounts and the NIFA net exports appears in reconciliation
table 2 in appendix A in this issue of the S u rv e y . A reconciliation of the other foreign transactions in the two sets of accounts appears in
table 4 .5 of the full set of NIPA tables.
Additional footnotes to Table F.3:
14. T he “European Union" includes the “European Union (6),’ United Kingdom, Denm ark, Ireland, Greece, Spain, and Portugal.
Beginning with the first quarter of 1 9 9 5 , the ‘ European Union” also includes Austria, Finland, and Sweden.
15 . The “European Union (6 )” includes Belgium, France, G erm any (includes the form er Germ an Democratic Republic (East
Germ any) beginning in the fourth quarter of 1 9 9 0 ), Italy, Luxembourg, Netherlands, European Atomic Energy Community, European
Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estim ated direct investment in foreign affiliates engaged in international
shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes taxes withheld; current-cost
adjustments associated with U.S. and foreign direct investment; before 1 9 9 6 , small transactions in business services that are not
reported by country; and net U.S. currency flows, for which geographic source data are not available.
1 7 . Details are not shown separately; see totals in lines 5 6 and 6 3 .
1 8 . Details not shown separately are included in line 6 9 .
D-12
December 2003
G. Investment Tables
Table G.1. International Investment Position of the United States at Yearend, 2001 and 2002
[Millions of dollars]
Changes in position in 2001 (decrease (-))
Attributable to:
Valuation adjustments
Line
Type of investment
Position,
2001 r
Financial
flows
Position,
2002 f
Total
Price
changes
Exchange
rate
changes1
Other
changes2
(a)
(b)
(c)
(d)
(a+b+c+d)
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)..
With direct investment positions at market value (line 4 less line 25).
-1,979,906
-2,314,271
-527,998
-527,998
-83,284
-42,105
147,129
230,053
56,848
49,166
-407,305
-290,884
-2,387,211
-2,605,155
U.S.-owned assets abroad:
With direct investment positions at current cost (lines 5+10+15)....
With direct investment positions at market value (lines 5+10+16)...
6,187,410
6,891,251
178.985
178.985
-365,107
-847,812
182,335
264,680
5,568
-13,542
1,781
-417,689
6,189,191
6,473,562
129,961
72,328
10,783
17,869
28,981
3,681
18,492
3 18,492
6,482
-14
4-14
475
2,632
574
28,641
18,478
1,383
4,110
4,670
158,602
90,806
12,166
21,979
33,651
U.S. Government assets, other than official reserve assets...........
U.S. credits and other long-term assets 5 ...................................
Repayable in dollars................................................................
Other 6......................................................................................
U.S. foreign currency holdings and U.S. short-term assets........
85,654
83,132
82,854
278
2,522
32
-73
-69
-4
105
32
-73
-69
-4
105
85,686
83,059
82,785
274
2,627
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23)...
With direct investment at market value (lines 18+19+22+23)..
5,971,795
6,675,636
175.272
175.272
-383,599
-866,304
175,853
258,198
5,582
-13,528
-26,892
-446,362
5,944,903
6,229,274
1,598,072
2,301,913
2,114,734
502,061
1,612,673
835,780
1,423,209
137.836
137.836
-15,801
-33,478
17,677
31,880
21,357
-5,215
-487,920
-378,384
21,274
-399,658
25,577
107,922
126,427
11,927
114,500
13,301
10,548
-4,418
-23,528
153,780
-265,690
-267,758
-277
-267,481
55,181
31,905
1,751,852
2,036,223
1,846,976
501,784
1,345,192
890,961
1,455,114
8,167,316
9,205,522
706.983
706.983
-281,823
-805,707
35,206
34,627
-51,280
-62,708
409,086
-126,805
8,576,402
9,078,717
Foreign official assets in the United States....................................
U.S. Government securities........................................................
U.S. Treasury securities...
Other................................
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere..
Other foreign official assets........................................................
1,027,194
798,844
650,703
148,141
17,007
123,425
87,918
94,860
73,521
43,144
30,377
137
17,594
3,608
10,476
25,640
16,761
8,879
-15,164
105,336
99,161
59,905
39,256
137
17,594
-11,556
1,132,530
898,005
710,608
187,397
17,144
141,019
76,362
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42+43)...
With direct investment at market value (lines 36+37+38+41+42+43).
7,140,122
8,178,328
612.123
612.123
-292,299
-816,183
35,206
34,627
-51,280
-62,708
303,750
-232,141
7,443,872
7,946,187
,514,374
,552,580
389,000
,855,705
,391,616
464,089
275,569
799,120
,306,354
39.633
39.633
96,217
291,492
236,309
55,183
21,513
72,142
91,126
-6,060
-529,944
18,413
-304,652
43,801
-348,453
579
-44,098
-55,526
-9,946
-545,837
114,630
5,410
298,680
-293,270
21,513
71,139
101,004
1,504,428
2,006,743
503,630
2,861,115
1,690,296
1,170,819
297,082
870,259
1,407,358
U.S. official reserve assets..............................................
Gold.............................................................................
Special drawing rights.................................................
Reserve position in the International Monetary Fund..
Foreign currencies.......................................................
Direct investment abroad:
At current cost..........................................................................
At market value.......................................................................
Foreign securities........................................................................
Bonds.......................................................................................
Corporate stocks............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
U.S. claims reported by U.S. banks, not included elsewhere...........................
Foreign-owned assets in the United States:
With direct investment at current cost (lines 26+33)..
With direct investment at market value (lines 26+34).
Direct investment in the United States:
At current cost..................................................................................................
At market value................................................................................................
U.S. Treasury securities........................................................................................
U.S. securities other than U.S. Treasury securities.............................................
Corporate and other bonds..............................................................................
Corporate stocks..............................................................................................
U.S. currency........................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
v Preliminary.
r Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange
rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other statistical adjust
ments to the value of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins;
also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in
international transactions financial flows.
908
1,478
4,096
10,000
18.570
18.570
6,179
9,878
-7,182
5. Also includes paid-in capital subscriptions to international financial institutions and resources provided to foreigners
under foreign assistance programs requiring repayment over several years. Excludes World War I debts that are not being
serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third
country’s currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or
through foreign official agencies.
Source: Table 1 in "The International Investment Position of the United States at Yearend 2002”in the July 2003 issue of
the S u r v e y o f C u r r e n t B u s in e s s .
December 2003
Su r v e y
of
Cu
D-13
B u s in e s s
rrent
Table G.2. U.S. Direct Investment Abroad: Selected Items, by Country of Foreign Affiliate
and by Industry of Foreign Affiliate, 1999-2002
[Millions of dollars]
Direct investment position
on a historical-cost basis
All countries, all industries...............................................
Capital outflows (inflows (-))
1999
2000
2001
2002
1,215,960
1,316,247
1,383,225
1,520,965
Income
1999
2000
2001
2002
1999
2000
2001
2002
209,392
142,627
103,767
119,742
114,348
133,692
107,060
123,889
By country of foreign affiliate
Canada......................................................................................
119,590
132,472
141,789
152,522
22,824
16,899
15,510
12,893
13,529
16,181
11,881
11,098
Europe.......................................................................................
Of which:
France..............................................................................
Germany..........................................................................
Ireland..............................................................................
Netherlands......................................................................
Switzerland.......................................................................
United Kingdom................................................................
627,754
687,320
716,901
796,913
109,484
77,976
44,720
66,761
58,289
65,574
51,133
59,487
43,120
53,399
25,157
121,315
40,532
216,638
42,628
55,508
35,903
115,429
55,377
230,762
40,839
65,800
35,712
126,076
60,675
238,773
43,978
64,739
41,636
145,474
70,051
255,391
2,111
5,658
4,741
13,320
6,929
47,265
1,967
3,811
9,823
961
8,687
28,317
-118
11,046
196
12,828
4,029
15,720
2,132
-4654
4,870
18,325
7,673
18,871
1,781
5,086
4,167
13,646
6,686
13,629
2,370
4,736
5,773
13,402
5,027
19,099
1,722
3,879
4,375
12,096
4,974
9,665
1,884
2,991
4,652
14,401
7,861
11,250
Latin America and Other Western Hemisphere.......................
Of which:
Bermuda...........................................................................
Brazil................................................................................
Mexico..............................................................................
United Kingdom Islands, Caribbean.................................
253,928
266,576
282,328
272,363
44,658
23,212
26,152
8,610
19,686
19,796
18,860
16,809
50,847
37,184
37,151
29,762
60,114
36,717
39,352
33,451
66,144
35,523
56,554
30,242
68,856
31,715
58,074
29,252
6,871
5,672
8,164
11,264
9,363
3,350
4,203
989
6,704
769
15,305
-20
4,655
1,180
4,350
2,466
6,446
1,621
4,431
1,606
6,137
1,294
4,251
2,813
4,758
766
4,532
3,132
Africa.........................................................................................
13,118
11,891
13,411
15,066
596
716
1,120
861
1,803
2,010
1,537
1,938
Middle East...............................................................................
10,950
10,863
12,351
14,154
1,000
1,375
1,585
1,837
1,334
2,272
1,375
1,864
Asia and Pacific........................................................................
Of which:
Australia............................................................................
Hong Kong.......................................................................
Japan................................................................................
Singapore.........................................................................
190,621
207,125
216,445
269,947
30,831
22,449
14,680
28,779
19,707
27,861
22,274
32,694
35,386
22,759
55,120
20,665
34,838
27,447
57,091
24,133
32,574
32,089
58,233
26,749
36,337
35,764
65,676
61,361
4,868
4,447
10,602
3,863
890
4,922
4,295
3,688
-396
4,407
2,322
3,820
3,726
2,035
4,482
11,407
2,397
3,170
4,146
2,604
3,415
5,163
5,988
4,045
1,702
4,785
4,767
2,600
2,596
4,962
6,807
10,060
Mining.......................................................................................
72,526
72,111
78,319
80,976
9,298
2,174
12,823
9,011
8,451
13,164
10,011
10,165
Utilities.......................................................................................
22,472
21,964
23,214
20,932
1,296
2,466
2,436
-3301
1,503
1,610
1,574
1,552
Manufacturing...........................................................................
Of which:
Food.................................................................................
Chemicals.........................................................................
Primary and fabricated metals.........................................
Machinery..........................................................................
Computers and electronic products.................................
Electrical equipment, appliances, and components........
Transportation equipment.................................................
327,282
343,899
365,924
392,553
39,672
43,002
29,899
29,510
35,637
42,230
32,234
31,279
23,268
81,727
21,569
21,501
46,783
8,212
43,322
23,497
75,807
21,644
22,229
59,909
10,005
49,887
24,681
93,779
22,699
21,292
65,559
10,118
44,210
28,240
99,371
24,359
22,025
69,208
10,166
48,378
1,111
9,007
2,068
2,785
9,631
1,136
4,482
2,014
3,812
1,233
2,659
17,303
2,100
7,814
2,274
8,270
1,251
-845
8,659
1,115
2,809
3,893
10,116
1,814
161
922
100
3,238
3,020
9,026
1,552
2,048
6,430
998
4,770
2,681
11,552
1,536
2,257
8,860
1,079
4,107
2,626
10,313
1,379
1,261
5,868
478
1,921
3,440
12,065
973
1,412
3,764
397
1,477
13,229
4,238
181
3,627
-719
By industry of foreign affiliate
Wholesale trade.......................................................................
86,313
93,936
102,322
114,895
11,029
11,938
9,096
7,182
12,414
14,198
13,002
Information...............................................................................
50,062
52,345
50,492
53,841
14,180
16,531
3,519
1,533
752
-964
-3491
237
Depository institutions (banking)..............................................
40,879
40,152
52,681
52,935
903
-1274
9,715
-1185
968
2,191
2,662
2,270
14,005
Finance (except depository institutions) and insurance...........
198,749
217,086
225,556
244,480
27,833
21,659
5,807
25,775
13,097
15,210
8,430
Professional, scientific, and technical services........................
29,968
32,868
34,704
38,307
7,238
5,441
3,442
2,448
2,985
3,548
2,084
2,968
Other industries........................................................................
387,709
441,886
450,013
522,047
97,944
40,690
27,030
48,769
38,542
42,504
40,555
48,184
N o t e . In this table, unlike in the international transactions accounts, income and capital outflows are shown without a
current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment
position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in “U.S. Direct Investment Abroad: Detail for Historical-Cost Position and
Related Capital and Income Flows, 2002” in the September 2003 issue of the S u r v e y o f C u r r e n t B u s in e s s .
D-14
International Data
December 2003
Table G.3. Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2001
All nonbank affiliates
Majority-owned nonbank foreign affiliates (MOFAs)
Millions of dollars
All countries, all industries.................
By country
Canada................................................................
Europe.................................................................
Of which:
France .........................................................
Germany.....................................................
Netherlands.................................................
United Kingdom...........................................
Latin America and Other Western Hemisphere
Of which:
Brazil...........................................................
Mexico.........................................................
Africa....................................................................
Middle East..........................................................
Asia and Pacific...................................................
Of which:
Australia.......................................................
Japan...........................................................
By industry
Mining..................................................................
Utilities.................................................................
Manufacturing......................................................
Of which:
Food............................................................
Chemicals....................................................
Primary and fabricated metals...................
Machinery....................................................
Computers and electronic products............
Electrical equipment, appliances, and
components.............................................
Transportation equipment............................
Wholesale trade..................................................
Information..........................................................
Finance (except depository institutions) and
insurance.........................................................
Professional, scientific, and technical services....
Other industries...................................................
Millions of dollars
U.S.
imports of
goods
shipped by
affiliates
Thousands
of
employees
583,444
198,547
197,436
8,1934
97,126
71,527
317,983
63,501
47,906
71,871
37,928
1,044.2
3,749.4
121,962
199,178
112,599
415,338
306,912
3,899
8,309
22,397
8,451
29,120
34,367
57,710
20,362
103,143
64,315
4,079
7,352
8,807
11,746
2,845
5,067
2,425
8,637
43,363
48,126
540.5
601.0
175.8
1,204.8
1,585.7
94,336
98,261
51,299
24,964
768,522
59,760
107,293
33,597
18,213
515,743
-1,360
4,409
2,900
1,938
28,879
14,547
19,891
12,271
7,354
109,995
3,523
33,595
707
854
42,216
1,666
41,177
4,066
810
34,636
348.0
801.8
139.1
60.2
1,614.8
316.9
494.6
101,371
263,034
58,563
157,228
2,407
6,437
18,427
37,376
4,662
13,222
1,080
2,231
265.3
235.1
167.8
114.8
5,074.3
234,459
138,199
1,024,761
92,043
75,222
1,148,329
15,430
1,512
50,941
55,188
11,203
300,819
1,315
4
129,108
9,766
154
166,801
147.9
77.9
4,308.8
425.6
631.0
255.6
403.3
747.3
60,970
274,113
52,309
55,781
153,848
83,807
205,790
39,778
60,244
203,268
3,676
17,643
1,485
1,981
9,391
18,668
57,617
11,908
16,725
36,038
4,209
17,266
3,249
7,362
28,671
3,017
13,771
3,836
7,308
44,573
376.9
567.3
235.0
339.6
719.6
264.4
1,047.1
831.7
700.8
23,977
160,937
378,528
123,481
27,480
252,092
663,352
76,457
753
1,812
16,562
-14,928
6,945
44,606
92,713
19,388
2,658
51,766
60,711
677
4,151
73,646
18,736
223.4
893.0
783.1
339.2
343.9
437.8
2,104.5
1,955,630
120,741
1,249,998
198,581
81,794
184,778
19,282
5,395
82,186
23,511
30,926
49,695
9
1,529
5,195
U.S.
imports of
goods
shipped by
affiliates
Thousands
of
employees
192,147
205,030
211,761
367,216
1,459,546
17,401
103,812
65,303
48,873
190,604
320,810
423,488
1,432,135
884,540
134,870
240,718
141,185
428,171
371,684
3,770
9,042
23,810
8,059
33,697
126,088
128,203
67,280
55,581
925,513
73,180
132,068
42,145
34,815
654,203
111,608
345,333
Total
assets
Sales
9,775.6
5,225,797
2,520,556
176,380
77,041
38,400
1,156.3
4,168.5
464,038
3,170,144
334,124
1,311,967
16,417
4,606
7,436
9,029
(D)
44,834
2,966
5,086
2,571
8,648
50,769
578.3
652.6
230.1
1,279.9
2,005.1
166,117
268,999
398,356
1,391,209
746,829
-1,769
6,087
3,541
2,641
31,055
3,615
34,635
786
922
44,312
1,810
42,782
(D)
(D)
40,560
406.4
1,016.7
241.0
93.1
2,111.7
69,448
241,072
2,632
7,247
4,726
14,585
1,082
7,899
256,604
188,456
1,202,034
103,016
97,564
1,329,898
18,128
3,115
55,120
1,478
5
133,591
10,614
67,572
309,369
58,613
69,322
160,111
93,164
230,312
45,790
75,101
207,822
4,030
18,425
1,766
2,188
9,237
4,487
18,067
3,407
7,751
28,919
27,264
207,235
396,093
295,805
31,000
306,862
698,852
165,558
829
2,251
17,716
-13,582
2,756
53,746
62,016
4,751
83,741
(D)
(D)
2,028,161
124,005
1,345,067
211,006
86,417
237,298
19,853
5,547
86,250
9
(D)
0
899
5,592
(D)
Sales
5,836,225
2,929,609
509,564
3,393,748
Net
income
(D)
180,050
3,084
14,338
3,916
8,121
44,884
18,869
D Suppressed to avoid disclosure of data of individual companies.
N o te : The data in this table are from “ U .S . Multinational Companies: Operations in 2001 ” in the November 2003 issue of the S u r v e y
U.S.
exports of
goods
shipped to
affiliates
U.S.
exports of
goods
shipped to
affiliates
Total
assets
o f C u r r e n t B u s in e s s .
Net
income
Gross
product
(D)
0
(D)
995
320.2
409.4
1,806.9
December 2003
Su r v e y
of
Curr
ent
B
D-15
u s in e s s
Table G.4. Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent
and by Industry of U.S. Affiliate, 1999-2002
[Millions of dollars]
Direct investment position
on a historical-cost basis
All countries, all industries.............................................................
Income
Capital inflows (outflows (-))
1999
2000
2001
2002
1999
955,726
1,256,867
1,355,114
1,347,994
283,376
2001
2002
2000
2001
2002
1999
2000
314,007
143,980
30,032
46,385
47,921
8,899
38,821
By country of foreign parent
Canada ...................................................................................................
90,559
114,309
102,127
92,041
26,367
27,258
12,957
-3,577
2,215
849
-5,817
-1,233
Europe....................................................................................................
Of which:
France.............................................................................................
Germany.........................................................................................
Luxembourg...................................................................................
Netherlands....................................................................................
Switzerland....................................................................................
United Kingdom.............................................................................
639,923
887,014
1,005,606
1,006,530
223,406
251,041
127,859
25,956
36,753
38,766
17,454
32,348
89,945
112,126
35,644
125,010
52,973
153,797
125,740
122,412
58,930
138,894
64,719
277,613
148,282
164,017
34,111
157,596
118,447
269,321
170,619
137,036
34,349
154,753
113,232
283,317
29,834
23,478
6,887
41,689
2,503
108,566
51,001
14,054
30,864
33,517
12,124
82,652
12,146
37,939
-21,654
25,193
52,580
4,891
16,097
-4,607
-1,327
-4,989
1,907
14,851
2,954
6,123
2,241
7,299
2,844
11,899
3,633
2,140
4,711
8,776
2,782
13,347
5,477
-8,155
2,675
3,739
1,089
10,368
5,052
-2,906
1,220
5,652
5,137
12,309
Latin America and Other Western Hemisphere....................................
Of which:
Bermuda.........................................................................................
Mexico.............................................................................................
Panama...........................................................................................
United Kingdom Islands, Caribbean..............................................
40,771
53,691
54,082
52,291
16,929
12,741
3,435
-1,190
2,397
2,382
-3,567
-458
14,798
1,999
5,275
11,573
18,336
7,462
3,819
15,191
4,611
7,336
4,391
26,200
977
7,857
5,668
25,502
10,338
1,273
-226
4,137
2,965
5,062
-1,087
3,800
-8,734
-320
303
13,069
-3,012
1,281
1,824
-1,419
41
175
752
1,527
-204
-142
647
1,627
-5,076
-716
499
1,264
-2,928
-369
844
720
Africa.......................................................................................................
1,361
2,700
2,397
2,344
423
666
-374
28
-66
31
-198
36
Middle East.............................................................................................
4,362
6,506
6,145
6,766
376
2,389
-334
560
156
241
220
-89
Asia and Pacific......................................................................................
Of which:
Australia..........................................................................................
Japan .............................................................................................
Singapore.......................................................................................
178,749
192,647
184,757
188,023
15,876
19,912
438
8,253
4,931
5,651
808
8,218
15,616
153,815
1,365
18,775
159,690
5,087
22,289
150,008
3,490
24,470
152,032
2,902
4,193
11,555
-560
4,935
7,820
5,911
5,675
-4,005
-1,467
4,258
4,970
-530
643
4,006
101
356
5,182
-123
1,488
-110
-164
749
7,323
-75
Manufacturing........................................................................................
Of which:
Food................................................................................................
Chemicals......................................................................................
Primary and fabricated metals.......................................................
Machinery......................................................................................
Computers and electronic products...............................................
Electrical equipment, appliances, and components......................
Transportation equipment..............................................................
406,415
480,561
484,042
470,893
82,382
105,119
36,855
4,445
28,855
24,744
5,288
21,706
15,015
96,614
18,831
30,462
62,566
13,413
52,809
18,073
120,413
24,184
32,283
92,782
43,109
55,750
15,240
123,748
19,217
32,924
58,053
61,103
60,881
15,113
112,602
18,482
35,502
54,040
53,834
61,570
-1,637
7,435
2,881
17,878
29,481
4,206
7,153
2,281
25,466
8,199
2,175
33,073
13,333
1,653
-2,735
9,236
-3,219
1,553
-1,282
17,878
9,719
1,427
-10,519
1,038
1,150
-2,598
376
5,814
1,246
6,236
886
886
634
585
6,946
1,076
4,572
1,121
1,003
2,395
2,033
4,284
528
3,413
-287
582
-4,965
22
1,772
-71
7,326
114
-131
-1,543
4,454
4,204
Wholesale trade......................................................................................
106,745
173,991
177,396
188,819
16,458
52,501
6,962
10,815
6,066
13,569
9,347
13,067
Retail trade.............................................................................................
22,387
26,703
28,323
28,341
3,335
4,111
5,183
548
1,152
1,519
674
2,008
Information.............................................................................................
78,035
146,856
199,809
185,408
81,894
25,207
47,436
8,074
-22
-3,996
-12,000
-4,354
2,431
By industry of U.S. affiliate
Depository institutions (banking)............................................................
61,972
64,236
71,628
80,726
19,471
5,775
7,329
4,132
2,974
3,590
2,715
Finance (except depository institutions) and insurance.........................
132,203
167,007
174,109
162,853
35,185
50,990
18,659
-7,887
3,185
3,782
-433
305
Real estate and rental and leasing........................................................
47,816
49,985
49,828
50,769
5,948
3,473
-2,645
1,781
1,211
2,382
1,562
1,866
Professional, scientific, and technical services......................................
11,682
30,492
41,659
40,245
5,826
34,136
9,952
1,414
-66
-166
-20
5
Other industries......................................................................................
88,473
117,037
128,320
139,939
32,876
32,695
14,250
6,710
3,029
2,496
1,766
1,787
N o t e . In this table, unlike in the international transactions accounts, income and capital inflows are shown without a
current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in “Foreign Direct Investment in the United States: Detail for Historical-Cost Position and Related Capital and Income Flows, 2002” in the September 2003 issue of the S u r v e y o f C u r r e n t
B u s in e s s .
D-16
International Data
December 2003
Table G.5. Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies by Country
of Ultimate Beneficial Owner and by Industry of Affiliate, 2001
All nonbank affiliates
Majority-owned nonbank affiliates
Millions of dollars
All countries, all industries........
Millions of dollars
Total
assets
Sales
5,466,000
2,354,136
-42,902
Net income
Gross
product
486,553
Millions of dollars
Thousands
of
employees
U.S.
exports
of goods
shipped by
affiliates
U.S.
imports
of goods
shipped to
affiliates
6,371.9
163,641
369,488
Millions of dollars
Total
assets
Sales
4,732,536
2,085,727
-48,608
Net income
Gross
product
428,109
Thousands
of
employees
U.S.
exports
of goods
shipped by
affiliates
U.S.
imports
of goods
shipped to
affiliates
5,671.5
149,323
352,861
By country
Canada...............................................
385,328
156,413
-18,848
34,648
562.2
9,497
16,596
367,143
146,772
-18,694
30,843
509.4
9,143
16,170
Europe................................................
Of which:
France........................................
Germany....................................
Netherlands................................
Sweden......................................
Switzerland.................................
United Kingdom..........................
3,732,776
1,389,403
-18,654
308,241
4,251.0
86,263
145,454
3,523,089
1,249,018
-20,864
275,753
3,894.9
78,431
139,964
534,536
687,828
620,025
65,477
818,244
841,184
188,096
313,897
244,594
41,001
127,686
353,895
-5,085
-12,786
1,964
-852
-4,425
4,474
39,975
50,180
44,685
10,494
36,080
100,338
578.6
734.8
571.9
248.8
546.8
1,120.7
16,011
30,173
6,717
3,866
7,216
15,985
19,154
55,981
16,496
4,171
8,461
26,366
490,219
671,073
598,268
64,968
793,647
755,051
168,649
302,392
(D)
40,263
115,143
319,860
-3,309
-12,734
(D)
-813
-4,435
2,372
37,376
46,985
40,309
10,133
30,374
87,941
505.5
699.4
558.3
241.4
452.4
1,037.7
10,464
29,665
(D)
3,846
7,110
15,394
(D)
55,687
(D)
4,141
8,298
26,046
250,890
138,681
-7,725
33,724
456.3
10,587
18,547
237,244
118,571
-7,848
29,631
355.8
10,357
15,735
149,960
29,957
1,750
57,834
29,809
1,194
-7,353
-825
-9
14,079
6,303
510
225.4
143.8
6.6
6,293
(D)
127
1,937
3,409
64
(D)
21,173
1,637
(D)
16,291
1,134
(D)
-670
-15
14,008
3,270
492
223.8
50.1
6.5
6,284
(D)
127
1,932
2,774
64
44,411
11,815
(D)
25,635
(D)
794
2,002
6,445
34.8
7.7
(D)
343
1,555
(D)
43,927
(D)
9,596
(D)
-322
(D)
1,910
(D)
33.3
H
(D)
(D)
1,555
(D)
Latin America and Other Western
Hemisphere....................................
Of which:
Bermuda.....................................
Mexico........................................
Panama......................................
United Kingdom Islands,
Caribbean...............................
Venezuela...................................
Africa..................................................
8,145
5,559
22
1,126
11.0
639
254
(D)
(D)
(D)
(D)
J
(D)
249
Middle East.........................................
25,621
32,251
928
8,819
48.2
846
7,801
23,557
30,805
969
8,298
39.8
842
7,744
Asia and Pacific..................................
Of which:
Australia......................................
Japan..........................................
656,210
576,886
-5,424
87,368
965.1
54,017
179,590
555,586
518,444
-3,576
76,499
829.7
48,205
171,845
68,610
536,435
31,243
481,598
-3,601
99
8,251
71,663
80.4
786.8
1,715
43,725
1,328
153,342
60,231
449,523
25,526
437,268
-3,414
1,576
7,171
62,983
66.4
683.6
(D)
40,728
782
149,817
United States......................................
407,029
54,944
6,798
12,627
78.1
1,792
1,245
(D)
(D)
(D)
(D)
K
(D)
1,153
Manufacturing.....................................
Of which:
Food...........................................
Chemicals...................................
Primary and fabricated metals...
Machinery...................................
Computers and electronic
products..................................
Electrical equipment, appliances,
and components....................
Transportation equipment..........
1,151,660
952,003
-22,025
225,483
2,569.8
99,394
144,995
1,066,060
829,797
-22,524
204,508
2,355.7
88,818
131,019
59,196
263,557
61,158
95,222
49,269
174,681
63,091
72,510
-74
-630
83
-1,592
11,362
44,412
17,014
21,325
153.0
385.2
211.7
309.9
2,364
16,935
5,588
8,572
3,953
20,704
8,525
8,773
57,730
244,245
52,230
93,528
46,268
160,158
54,127
71,023
-136
-1,138
-19
-595
10,762
40,640
15,167
21,275
143.2
354.4
196.5
303.5
2,242
15,872
4,483
8,357
3,879
20,404
7,667
8,464
111,804
98,870
-19,162
21,566
256.6
17,421
24,184
98,829
85,648
-18,673
18,455
224.9
12,478
17,040
118,087
206,515
49,658
198,389
-1,509
-2,472
12,777
32,166
198.8
389.2
6,080
29,788
3,056
50,651
117,844
199,646
49,279
187,749
-1,527
-2,658
12,689
29,685
197.7
361.7
5,958
(D)
3,001
(D)
By industry1
Wholesale trade.................................
411,476
653,230
8,227
85,241
596.6
58,099
213,468
403,192
631,713
7,769
81,839
563.8
54,537
211,182
Retail trade.........................................
83,705
137,142
-989
30,131
776.5
1,443
5,114
63,854
115,413
-605
25,311
630.8
1,422
4,824
Information.........................................
Of which:
Publishing industries.................
Broadcasting and
telecommunications...............
334,134
98,779
-19,709
18,372
307.4
(D)
242
245,267
71,410
-19,886
8,444
235.0
(D)
(D)
59,148
28,976
-4,059
7,698
101.9
467
(D)
44,867
25,397
-3,228
6,321
86.8
455
140
(D)
2
(D)
(D)
(D)
(D)
(D)
(D)
2
178,253
45,443
-12,434
4,263
94.2
Finance (except plepository
institutions) and insurance.............
2,922,634
253,305
-4,705
33,264
336.5
(*)
4
2,475,361
207,910
-10,954
24,139
278.7
(*)
4
Real estate and rental and leasing....
118,683
24,197
2,395
11,255
44.6
(D)
455
106,962
21,240
2,040
9,652
35.8
(D)
455
Professional, scientific, and technical
services..........................................
60,319
45,396
-3,395
15,178
202.4
405
313
52,073
41,891
-2,432
14,500
180.8
(D)
(D)
Other industries..................................
383,390
190,084
-2,701
67,628
1,538.1
3,370
4,897
319,767
166,352
-2,017
59,716
1,390.9
3,255
4,846
D Suppressed to avoid disclosure of data of individual companies.
N o te s . The data in this table are from BEA’s annual survey of the operations of U.S. affiliates of foreign companies; see
* Less than $500,000.
“U.S. Affiliates of Foreign Companies: Operations in 2001,” in the August 2003 issue of the S u r v e y o f C u r r e n t B u s in e s s .
1. The industry classification system used to classify the data for U.S. affiliates is based on the North American Industry
Size ranges are given in employment cells that are suppressed. The size ranges are: A—1 to 499; F—500 to 999; G—
Classification System. Prior to 1997, the affiliate data were classified using an industry classification system based on the
1,000 to 2,499; H—2,500 to 4,999; 1—5,000 to 9,999; J—10,000 to 24,999; K—25,000 to 49,999; L—50,000 to 99,999;
Standard Industrial Classification system.
M—100,000 or more.
D-17
December 2003
H. Intern atio nal P erspectives
The quarterly data in this table are shown in the middle month of the quarter.
Table H.1. International Perspectives
2002
Sept.
Oct.
2003
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Unemployment rate (percent)
8.6
9.3
10.1
8.7
9.3
10.3
4.4
5.1
5.3
4.5
5.1
5.5
2.8
5.3
7.6
2.7
5.8
8.6
9.2
10.0
8.9
4.4
5.1
5.3
4.2
2.8
5.2
7.5
2.6
5.9
3.1
5.0
7.5
2.1
6.0
3.5
5.0
7.4
2.7
5.7
3.31
3.25
3.29
3.11
3.31
3.77
1.20
4.81
1.90
2.83
7.82
1.63
3.26
3.17
3.24
3.01
3.26
3.69
0.95
4.91
1.91
2.81
8.23
1.58
3.12
3.02
3.11
2.94
3.12
3.83
0.65
4.91
1.73
2.73
7.83
1.23
2.94
2.86
2.93
2.69
2.94
3.84
0.67
4.90
1.52
2.67
7.27
1.19
2.83
2.79
2.81
2.60
2.83
3.75
0.66
4.70
1.37
2.81
8.69
1.17
4.52
4.46
4.40
4.62
4.50
4.45
1.17
3.31
6.16
3.23
4.92
3.87
4.62
4.63
4.50
4.76
4.58
4.59
1.03
3.04
6.11
2.99
5.16
3.94
4.59
4.66
4.50
4.74
4.55
4.64
0.96
2.97
5.80
2.82
5.18
4.05
4.41
4.43
4.30
4.55
4.36
4.62
0.89
2.55
5.77
2.48
4.88
4.03
4.27
4.27
4.20
4.38
4.19
4.44
0.75
2.44
5.43
1.96
5.02
4.05
Euro area................................
France.................................
Germany.............................
8.5
9.1
9.9
8.5
9.1
9.9
Netherlands.......................
United Kingdom.....................
Japan......................................
4.3
5.3
5.4
4.3
5.1
5.5
South Korea...........................
2.6
5.3
7.7
3.1
5.7
Canada...................................
Mexico.....................................
United States.........................
8.7
9.4
10.5
8.9
4.9
5.1
5.2
4.5
3.7
5.2
7.4
2.7
5.8
8.8
9.4
10.6
8.8
9.5
10.7
5.1
5.1
5.4
5.4
5.0
5.4
3.6
5.1
7.3
2.8
5.8
3.3
4.9
7.5
2.9
6.0
8.8
9.5
10.6
8.7
5.5
5.0
5.4
4.5
3.2
5.0
7.8
2.7
6.1
8.8
9.7
10.5
8.8
9.7
10.5
5.5
5.0
5.1
5.5
5.0
5.2
3.4
5.2
7.8
3.5
6.2
8.8
9.6
10.6
8.7
5.4
5.0
5.1
5.9
3.3
5.2
8.0
4.0
6.1
2.15
2.07
2.13
1.98
2.15
3.47
0.52
4.28
1.09
3.13
5.37
0.92
2.13
2.07
2.11
1.98
2.13
3.33
0.63
4.15
0.85
2.81
5.27
0.90
2.14
2.09
2.12
2.07
2.14
3.49
0.78
3.90
0.85
2.70
5.11
0.95
2.15
2.08
2.13
2.08
2.15
3.56
0.72
3.83
0.89
2.60
5.20
0.94
2.14
2.08
2.13
2.08
2.14
3.72
3.75
3.60
3.82
3.72
4.39
0.71
2.28
4.46
1.42
4.37
3.33
4.06
4.05
4.00
4.13
4.04
4.65
0.96
3.07
4.95
1.81
4.78
3.98
4.20
4.24
4.10
4.29
4.18
4.68
1.41
3.72
5.26
2.24
4.96
4.45
4.23
4.24
4.20
4.31
4.21
4.76
1.42
3.54
4.77
2.77
4.64
4.27
4.31
4.34
4.20
4.38
4.27
4.34
50.08
46.22
58.42
46.51
64.50
60.45
79.71
98.73
72.64
77.24
120.19
70.15
53.88
51.89
61.28
50.06
67.59
62.46
84.26
110.74
78.25
80.90
123.92
74.08
1.12
1.13
1.62
1.59
114.80
118.66
1.75
1.75
1,178.60 1,165.40
34.32
34.00
1.36
1.40
10.92
10.78
119.03
120.43
1.17
1.68
109.50
1.73
1,169.34
33.88
1.32
11.18
116.66
8.8
9.5
10.6
8.8
9.6
10.6
5.4
5.0
5.3
5.3
5.0
5.3
3.3
5.1
7.8
3.3
6.4
3.2 ............
5.1
8.0
7.6
3.9
3.6
6.1
6.0
Short-term interest rate (percent per year)
Euro area................................
France.................................
Germany.............................
Italy.....................................
Netherlands........................
Singapore................................
South Korea...........................
Taiwan.....................................
Canada...................................
Mexico.....................................
United States.........................
2.69
2.67
2.67
2.43
2.69
3.46
0.62
4.54
1.21
2.86
8.86
1.17
2.53
2.44
2.51
2.34
2.53
3.48
0.63
4.76
1.19
3.14
9.12
1.13
2.54
2.46
2.52
2.36
2.53
3.44
0.55
4.62
1.16
3.24
8.00
1.13
2.41
2.32
2.39
2.20
2.40
3.41
0.55
4.39
1.11
3.20
5.75
1.07
0.73
3.93
0.88
2.65
5.38
0.92
Long-term interest rate (percent per year)
Euro area................................
France.................................
Germany.............................
Italy.....................................
Netherlands.......................
United Kingdom.....................
Singapore................................
South Korea...........................
Taiwan.....................................
Canada...................................
United States.........................
4.06
4.07
4.00
4.16
3.97
4.39
0.78
2.24
5.15
1.90
4.93
3.90
4.13
4.17
4.00
4.19
4.01
4.54
0.73
2.05
5.20
1.93
5.13
3.81
4.23
4.25
4.20
4.31
4.23
4.67
0.61
2.10
5.03
1.91
4.90
3.96
3.92
3.97
3.80
4.04
3.91
4.46
0.53
1.89
4.68
1.49
4.50
3.57
3.95
4.87
2.78
4.85
4.29
Real GDP (percent change from same quarter a year earlier)
0.2
-0.4
-0.7
0.4
-1.2
2.0
3.2
-3.8
1.9
1.1
1.6
0.2
2.5
0.7
0.7
0.4
0.7
-0.2
1.8
2.9
1.6
3.7
5.3
2.7
2.3
2.0
Euro area..........
France...........
Germany.......
Italy...............
Netherlands...
United Kingdom.
Japan ................
Singapore..........
South Korea......
Taiwan...............
Canada.............
Mexico...............
United States....
0.3
0.2
-0.2
0.5
2.3
1.9
2.5
1.7
2.3
3.7
1.4
0.4
3.3
Stock market prices (index number)
France.....................................
Germany.................................
Italy.........................................
Netherlands............................
United Kingdom.....................
Japan......................................
Singapore................................
South Korea...........................
Taiwan.....................................
Canada ...................................
Mexico.....................................
United States.........................
44.37
39.30
50.96
44.93
58.67
55.51
66.10
91.49
54.26
64.33
88.02
57.43
50.32
44.75
55.50
51.98
63.69
51.11
71.53
93.26
59.28
65.04
91.70
62.39
53.14
47.12
60.29
54.88
65.73
54.51
68.02
102.59
60.15
68.39
94.60
65.95
48.94
41.05
55.36
48.93
62.12
50.75
65.55
88.82
57.64
68.85
94.14
61.97
46.93
39.00
53.20
44.71
56.24
49.33
63.13
83.77
64.92
68.38
91.49
60.27
43.99
36.15
54.19
40.36
57.63
49.47
62.27
81.45
57.38
68.23
91.07
59.25
41.83
34.40
50.93
37.68
56.96
47.16
61.97
75.82
55.94
66.02
90.87
59.74
47.18
41.76
56.12
42.85
61.89
46.33
62.63
84.83
53.70
68.55
100.03
64.58
47.79
42.33
58.57
42.54
63.82
49.83
65.94
89.65
58.98
71.40
102.93
67.87
49.26
45.71
58.13
44.20
63.55
53.73
70.77
94.82
63.07
72.68
108.40
68.64
51.28
49.50
59.16
48.13
65.53
56.57
76.20
100.99
68.85
75.54
113.01
69.75
52.89
49.46
59.59
49.94
65.60
61.19
78.17
107.50
73.15
78.24
116.64
71.00
Exchange rate1
Euro area (E).........
United Kingdom (f).
Japan (Y )...............
Singapore (S$)......
South Korea (W )....
Taiwan (NT$).........
Canada (Can$).....
Mexico (Ps)...........
United States ($)....
0.98
0.98
1.00
1.02
1.57
1.56
1.56
1.59
123.91
121.61
121.08
121.89
1.77
1.77
1.78
1.75
1,211.61 1,240.19 1,210.20 1,206.61
34.57
34.95
34.67
34.80
1.57
1.58
1.58
1.56
10.07
10.20
10.09
10.23
126.67
126.38
127.69
125.70
1.08
1.08
1.06
1.62
1.58
1.61
118.81
119.34
118.69
1.74
1.75
1.76
1,176.45 1,190.37 1,237.20
34.72
34.57
34.73
1.54
1.51
1.48
10.62
10.95
10.91
124.12
123.56
124.21
1. Figures for the euro area and for the United Kingdom are in U.S. dollars per euro and per pound
sterling, respectively. The rate for the United States is a weighted average of the nominal foreign
exchange value of the U.S. dollar against the currencies of a broad index group of major U.S. trading
partners from a base of January=100. For other countries, figures are in currency units per U.S. dollar.
Sources: Exchange rates are from the Board of Governors of the Federal Reserve System. Indexes
FRASER
of stock market prices are calculated from data taken from finance oriented web sites and are rebased
Digitized for
1.09
1.16
1.57
1.62
117.37
119.90
1.74
1.78
1,231.10 1,201.23
34.82
34.70
1.46
1.38
10.59
10.25
118.54
122.54
1.14
1.17
1.66
1.62
118.33
118.70
1.74
1.76
1,194.14 1,181.16
34.63
34.40
1.35
1.38
10.46
10.50
117.93
119.11
to 2000=100 to facilitate comparisons. Other series are drawn from the web sites of the statistical
agencies of the countries shown.
N o te . In 2002, the countries in this table accounted for 62 percent of the value of U.S. imports of
goods and 70 percent of the value of U.S. exports of goods. The euro area consists of Austria,
Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and
Spain.
D -1 8
December 2003
I. C harts
THE U.S. IN THE INTERNATIONAL ECONOMY
Billion $
Billion $
Billion $
Billion $
Billion $
Billion $
U.S. Bureau of Economic Analysis
D-19
December 2003
R egional Data
J. State and Regional Tables
The tables in this section include the m ost recent estimates o f state personal incom e and gross state product. The
sources o f these estimates are noted.
The quarterly and annual estimates o f state personal incom e and the estimates o f gross state product are
available on C D -R O M . For inform ation on state personal incom e, e-m ail reis.remd@bea.gov; write to the
Regional Econom ic Inform ation System, B E -5 5 , Bureau o f Econom ic Analysis, U.S. D epartm ent o f Comm erce,
W ashington, D C 20230; or call 2 0 2 -6 0 6 -5 3 6 0 . For inform ation on gross state product, e-m ail gspread@bea.gov;
write to the Regional Econom ic Analysis Division, B E -6 1 , Bureau o f Econom ic Analysis, U.S. D epartm ent o f
Com m erce, W ashington, D C 20230; or call 2 0 2 -6 0 6 -5 3 4 0 .
Table J.1. Personal Income by State and Region
[Millions of dollars, seasonally adjusted at annual rates]
1999
2000
2002
2001
Percent
change'
2003
Area name
III
IV
I
II
III
IV
United States.... 7,801,469 7,953,561 8,203,951 8,340,516 8,481,243 8,569,774
463,492
492,587
499,629
517,235
472,228
510,551
New England............
133,597
Connecticut...........
131,512
137,801
140,406
142,688
144,758
32,757
33,121
33,529
31,316
31,228
32,059
Maine.....................
238,462
245,457
248,107
218,631
223,830
235,826
Massachusetts......
37,407
41,521
38,300
40,481
40,773
42,285
New Hampshire.....
29,334
30,977
31,396
Rhode Island.........
28,935
30,101
30,489
15,690
15,939
16,318
16,743
16,788
17,160
Vermont.................
Mideast..................... 1,465,040 1,478,613 1,533,630 1,567,335 1,589,291 1,621,161
24,672
25,209
Delaware...............
22,795
23,229
23,706
24,231
22,938
23,434
District of Columbia
20,828
21,181
22,333
22,689
170,617
182,368
185,696
Maryland...............
168,178
176,498
179,203
316,979
321,275
327,824
New Jersey............
288,208
295,035
306,809
New York...............
619,371
669,618
685,055
621,989
647,339
661,036
343,042
349,180
356,945
363,197
368,419
373,942
Pennsylvania.........
Great Lakes.............. 1,253,889 1,276,384 1,312,492 1,325,439 1,339,837 1,347,657
410,567
Illinois....................
373,875
381,355
392,581
398,686
405,376
157,602
162,336
164,309
166,165
165,361
Indiana...................
154,431
276,777
292,004
293,583
294,304
Michigan................
280,785
291,251
304,584
321,035
322,078
309,656
316,931
318,569
Ohio.......................
144,222
149,392
153,677
Wisconsin..............
146,985
151,869
155,348
525,456
534,339
546,218
553,792
557,165
Plains........................
513,281
78,421
78,715
Iowa.......................
73,326
74,855
76,108
77,676
69,928
72,199
71,753
73,639
75,309
74,825
Kansas..................
Minnesota..............
147,261
150,723
154,381
158,125
160,570
163,070
143,982
155,682
146,660
150,470
153,761
156,483
Missouri.................
46,741
46,642
47,414
48,252
Nebraska...............
45,499
48,088
15,307
16,097
14,756
15,726
16,153
16,111
North Dakota.........
18,529
18,971
19,260
19,505
19,569
19,709
South Dakota.........
Southeast................. 1,721,818 1,753,053 1,798,309 1,828,832 1,854,115 1,874,225
100,724
105,257
105,904
Alabama................
102,191
103,738
107,041
Arkansas...............
56,053
57,013
57,854
58,562
59,672
59,633
426,687
444,157
452,177
465,884
431,669
459,035
Florida...................
213,907
218,724
226,268
229,859
233,463
236,058
Georgia..................
96,542
97,668
98,868
99,780
Kentucky................
91,411
93,383
99,022
100,586
101,827
103,306
104,252
105,135
Louisiana...............
Mississippi.............
57,129
57,916
58,563
59,561
60,068
60,195
200,989
206,935
212,844
216,603
219,838
221,626
North Carolina.......
95,124
97,267
98,213
99,036
South Carolina.......
91,509
93,051
147,282
152,187
Tennessee.............
141,801
144,055
149,179
151,095
204,973
209,459
215,466
220,039
224,073
227,532
Virginia..................
38,070
38,644
39,354
39,634
40,118
37,611
West Virginia.........
795,211
819,754
857,947
Southwest................
777,451
833,799
849,525
121,062
123,358
129,117
129,404
131,811
133,853
Arizona..................
37,832
38,396
38,764
39,945
40,467
New Mexico...........
39,593
79,144
80,479
82,367
83,896
84,982
Oklahoma..............
77,540
541,017
554,313
571,394
582,434
593,873
598,645
Texas.....................
259,527
238,957
246,228
252,336
265,102
268,181
Rocky Mountain.......
128,454
133,367
136,641
Colorado................
141,846
146,085
147,601
28,980
29,778
30,544
31,075
31,333
31,754
Idaho.....................
20,249
20,967
Montana................
19,239
19,925
20,593
21,166
49,292
52,319
52,885
Utah.......................
49,960
51,426
53,442
13,477
13,832
Wyoming................
12,991
13,199
13,693
14,219
Far West................... 1,367,542 1,406,387 1,460,503 1,479,739 1,519,030 1,526,203
17,537
17,974
18,489
18,694
18,942
19,099
Alaska....................
California...............
997,381 1,026,338 1,069,569 1,085,862 1,122,375 1,124,911
34,504
32,934
33,113
33,642
34,291
35,099
Hawaii....................
55,377
56,986
58,401
59,989
60,602
61,604
Nevada..................
89,317
91,234
93,634
95,150
96,589
96,659
Oregon ..................
Washington............
180,741
174,996
186,768
185,753
186,018
188,832
I
II
III
IV
I
II
III
IV
I
II
8,651,750
523,494
146,423
34,234
250,661
42,913
31,817
17,447
1,631,068
25,256
23,144
188,357
326,632
691,345
376,335
1,358,650
413,332
168,181
295,843
324,581
156,713
562,952
79,391
76,291
164,055
157,920
49,123
16,304
19,868
1,895,842
108,598
60,661
470,309
238,069
100,459
107,373
61,420
223,903
100,603
152,906
230,869
40,671
871,240
135,545
41,451
85,713
608,532
270,900
148,921
32,064
21,523
54,120
14,271
1,537,604
19,332
1,133,205
35,467
62,527
98,003
189,070
8,669,238
521,469
145,899
34,394
248,883
42,752
31,919
17,622
1,628,112
25,609
23,324
189,786
327,969
683,685
377,739
1,360,352
411,904
168,290
296,181
326,608
157,369
565,546
79,654
76,556
164,632
158,745
49,476
16,398
20,086
1,909,663
109,319
61,067
475,131
239,184
100,953
108,618
61,739
224,212
100,513
153,934
233,930
41,063
871,512
136,991
41,979
86,339
606,204
271,833
148,426
32,365
21,740
54,787
14,516
1,540,750
19,673
1,130,001
35,462
63,415
97,966
194,232
8,697,083
520,807
145,327
34,585
248,235
42,729
32,245
17,685
1,632,447
25,850
23,276
190,747
329,812
682,727
380,035
1,367,434
414,358
169,060
297,092
328,330
158,594
569,173
80,152
77,327
165,126
159,866
49,887
16,533
20,282
1,918,954
109,808
61,559
478,106
240,715
101,830
110,287
62,092
224,210
101,332
154,928
232,735
41,353
877,630
138,663
42,630
86,925
609,412
272,434
148,132
32,515
22,015
55,027
14,744
1,538,203
19,793
1,128,191
35,805
63,839
98,167
192,407
8,691,889
519,362
144,542
34,753
247,332
42,722
32,261
17,752
1,631,164
25,780
23,305
191,170
330,559
681,059
379,292
1,364,979
412,582
168,955
296,806
327,985
158,651
569,280
80,093
77,138
165,325
159,843
50,084
16,452
20,347
1,921,712
109,825
61,927
478,882
241,046
101,649
110,991
62,437
224,050
101,158
154,751
233,388
41,608
878,046
138,125
42,982
87,221
609,717
271,806
147,475
32,507
21,799
55,122
14,904
1,535,539
19,842
1,128,075
35,766
63,020
97,967
190,868
8,772,204
524,249
147,269
35,481
247,765
43,055
32,779
17,900
1,644,672
25,929
24,204
194,304
337,578
676,590
386,067
1,373,198
415,157
171,072
295,932
330,130
160,906
576,036
81,814
77,875
167,189
161,919
50,408
16,787
20,043
1,944,902
111,057
62,408
485,611
243,028
103,365
112,155
63,376
227,740
102,912
156,391
234,661
42,198
882,369
140,528
43,677
86,961
611,202
273,963
147,880
33,294
22,270
55,522
14,996
1,552,816
20,091
1,138,401
36,757
64,384
98,842
194,342
8,881,691
531,524
148,249
35,858
252,257
43,865
33,202
18,093
1,662,445
26,090
24,677
196,862
338,845
686,279
389,692
1,396,144
420,863
173,169
304,930
334,343
162,839
580,552
82,375
77,967
169,755
162,979
50,774
16,608
20,095
1,968,792
112,093
63,291
493,048
245,628
104,583
113,505
63,990
228,855
104,156
158,810
238,366
42,467
892,577
142,215
44,098
87,622
618,643
275,997
149,421
33,221
22,490
55,771
15,095
1,573,659
20,273
1,152,672
37,244
65,121
100,211
198,138
8,927,635
532,245
148,840
36,141
251,714
43,847
33,467
18,238
1,668,240
26,175
24,768
198,005
341,099
685,909
392,285
1,402,919
420,922
174,777
306,682
336,601
163,937
585,711
82,803
78,418
171,656
164,041
51,397
16,931
20,466
1,979,094
113,036
63,686
495,859
246,123
105,556
113,982
64,523
229,994
104,718
159,256
239,670
42,689
896,253
143,274
44,438
88,168
620,373
277,739
149,961
33,695
22,862
55,952
15,271
1,585,435
20,607
1,160,385
37,570
65,891
100,896
200,086
8,982,839
533,241
148,486
36,483
252,127
44,047
33,659
18,439
1,674,725
26,143
25,393
199,454
342,035
687,503
394,198
1,409,904
422,491
176,538
307,437
338,255
165,182
589,532
83,577
79,028
171,969
165,471
51,767
17,059
20,660
1,995,385
114,183
64,464
501,588
248,050
106,548
115,257
65,077
230,836
105,420
160,411
240,605
42,944
902,617
144,881
45,193
88,522
624,021
279,810
150,665
34,129
22,979
56,568
15,469
1,597,627
20,898
1,169,530
38,016
66,889
101,974
200,319
9,053,499
537,534
150,562
37,040
252,613
44,381
34,391
18,547
1,683,917
26,870
25,012
200,370
345,441
687,045
399,180
1,415,750
423,805
177,028
307,471
340,755
166,691
596,940
84,767
80,167
172,584
166,696
53,312
17,783
21,632
2,021,336
116,050
65,067
505,471
253,428
107,340
116,001
66,531
234,567
107,166
162,260
244,050
43,406
907,344
145,953
45,461
89,177
626,753
281,091
151,128
34,545
23,127
56,692
15,598
1,609,586
20,912
1,177,337
38,720
67,979
102,133
202,505
9,129,313
539,718
151,432
37,358
253,436
44,519
34,239
18,734
1,700,245
27,146
25,271
201,941
348,914
694,226
402,747
1,423,915
425,211
178,136
309,740
342,762
168,066
602,634
85,778
80,589
174,027
168,254
54,011
18,016
21,959
2,039,369
116,736
65,674
511,032
255,829
107,929
116,821
67,132
237,292
107,759
163,441
246,116
43,608
917,036
147,364
46,056
89,907
633,709
283,849
152,390
34,922
23,499
57,241
15,797
1,622,547
21,120
1,184,478
39,111
68,751
102,903
206,184
1. Percent change was calculated from unrounded data.
N o te . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from the
estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from
2003:12003:11
0.8
0.4
0.6
0.9
0.3
0.3
-0.4
1.0
1.0
1.0
1.0
0.8
1.0
1.0
0.9
0.6
0.3
0.6
0.7
0.6
0.8
1.0
1.2
0.5
0.8
0.9
1.3
1.3
1.5
0.9
0.6
0.9
1.1
0.9
0.5
0.7
0.9
1.2
0.6
0.7
0.8
0.5
1.1
1.0
1.3
0.8
1.1
1.0
0.8
1.1
1.6
1.0
1.3
0.8
1.0
0.6
1.0
1.1
0.8
1.8
the NIPA estimate because, by definition, it omits the earnings of Federal civilian and military personnel stationed abroad and
of U.S. residents employed abroad temporarily by private U.S. firms,
Source: Table 1 in “State Personal Income: Second Quarter 2003” in the November 2003 issue of the S u r v e v o f C u r r e n t
B u s in e s s .
Regional Data
D-20
December 2003
Table J.2. Annual Personal Income and Per Capita Personal Income for States and Regions
Personal income
Area name
United States............
New England.....................
Connecticut....................
Maine...............................
Massachusetts...............
New Hampshire..............
Rhode Island..................
Vermont..........................
Mideast...............................
Delaware........................
District of Columbia........
Maryland........................
New Jersey.....................
New York........................
Pennsylvania...................
Great Lakes........................
Illinois..............................
Indiana.............................
Michigan..........................
Ohio.................................
Wisconsin.......................
Plains..................................
Iowa.................................
Kansas............................
Minnesota.......................
Missouri...........................
Nebraska........................
North Dakota..................
South Dakota..................
Southeast..........................
Alabama..........................
Arkansas........................
Florida.............................
Georgia............................
Kentucky..........................
Louisiana........................
Mississippi.......................
North Carolina................
South Carolina................
Tennessee.......................
Virginia............................
West Virginia..................
Southwest..........................
Arizona...........................
New Mexico....................
Oklahoma.......................
Texas...............................
Rocky Mountain................
Colorado.........................
Idaho...............................
Montana.........................
Utah.................................
Wyoming.........................
Far W est.............................
Alaska..............................
California.........................
Hawaii..............................
Nevada............................
Oregon...........................
Washington.....................
Per capita personal income1
Millions of dollars
1997
1998
1999
6,928,545
408,231
116,421
27,773
191,596
32,397
26,293
13,752
1,315,810
20,145
19,135
148,826
260,705
553,543
313,457
1,138,557
340,594
139,459
250,216
279,367
128,920
462,173
67,938
63,728
129,020
131,144
40,724
13,332
16,288
1,532,165
91,284
51,055
377,673
183,757
82,927
92,286
51,598
179,691
81,045
125,457
180,190
35,202
677,462
103,702
34,860
69,951
468,950
206,847
108,765
25,226
17,726
43,696
11,433
1,187,299
16,488
861,557
31,218
47,258
80,575
150,203
7,418,497
437,134
124,880
29,469
205,176
35,198
27,673
14,738
1,400,562
21,879
20,255
158,501
278,788
590,406
330,733
1,206,886
362,081
149,318
264,520
293,208
137,759
493,714
71,280
67,896
140,031
138,987
43,313
14,709
17,497
1,639,428
96,481
53,784
405,146
200,104
88,148
97,458
55,072
192,577
86,672
134,241
193,007
36,738
736,392
112,895
36,857
74,677
511,964
223,322
118,413
27,066
18,942
46,772
12,129
1,281,057
17,138
931,564
31,841
52,017
85,305
163,192
7,779,521
459,782
130,579
30,680
217,066
37,121
28,762
15,575
1,458,307
22,716
20,785
167,360
288,796
616,292
342,357
1,252,336
373,813
154,405
276,187
304,342
143,589
512,453
72,908
69,997
147,151
143,814
45,293
14,848
18,442
1,718,850
100,422
55,919
425,157
213,508
91,218
99,052
56,799
202,455
91,075
141,046
204,727
37,472
775,029
120,264
37,725
77,512
539,527
238,547
128,386
28,901
19,405
48,923
12,931
1,364,218
17,600
995,326
32,626
55,439
89,080
174,148
2000
8,398,871
505,001
141,413
32,867
241,963
41,265
30,741
16,752
1,577,854
24,455
22,849
180,941
318,222
665,762
365,626
1,331,356
401,803
164,543
292,786
319,653
152,572
547,878
77,730
73,882
159,037
154,099
47,599
16,022
19,511
1,838,870
105,485
58,930
455,313
231,412
98,215
103,630
59,597
217,727
97,410
149,936
221,778
39,438
840,256
131,046
39,692
82,931
586,587
261,286
143,043
31,177
20,744
52,518
13,805
1,496,369
18,806
1,100,679
34,384
60,149
95,508
186,843
2001
8,677,490
521,283
145,548
34,491
248,778
42,779
32,061
17,627
1,630,698
25,624
23,262
190,015
328,743
684,704
378,350
1,362,854
413,044
168,622
296,480
326,876
157,832
566,738
79,822
76,828
164,784
159,093
49,642
16,422
20,146
1,911,543
109,388
61,304
475,607
239,754
101,223
109,317
61,922
224,094
100,902
154,130
232,730
41,174
874,607
137,331
42,260
86,550
608,466
271,743
148,239
32,363
21,769
54,764
14,609
1,538,024
19,660
1,129,868
35,625
63,200
98,026
191,645
2002
8,891,093
530,315
148,211
35,991
250,966
43,703
33,276
18,167
1,662,520
26,084
24,760
197,156
339,889
684,070
390,560
1,395,541
419,858
173,889
303,745
334,832
163,216
582,958
82,642
78,322
170,142
163,603
51,086
16,846
20,316
1,972,043
112,592
63,463
494,027
245,707
105,013
113,725
64,242
229,356
104,302
158,717
238,325
42,575
893,454
142,725
44,352
87,818
618,560
276,877
149,481
33,585
22,650
55,953
15,208
1,577,384
20,467
1,155,247
37,397
65,571
100,481
198,221
1. Per capita personal income was computed using midyear population estimates of the Bureau of the Census.
2 Percent chanae was calculated from unrounded data
,.
, , .
,
. '
. . . ^ .u
... . ,
...
.
N o te . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from
the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage,
Percent
change2
2.5
1.7
1.8
4.3
0.9
2.2
3.8
3.1
2.0
1.8
6.4
3.8
3.4
-0.1
3.2
2.4
1.6
3.1
2.5
2.4
3.4
2.9
3.5
1.9
3.3
2.8
2.9
2.6
0.8
3.2
2.9
3.5
3.9
2.5
3.7
4.0
3.7
2.3
3.4
3.0
2.4
3.4
2.2
3.9
4.9
1.5
1.7
1.9
0.8
3.8
4.0
2.2
4.1
2.6
4.1
2.2
5.0
3.8
2.5
3.4
Dollars
1997
25,412
29,924
34,759
22,134
30,773
27,238
25,643
23,026
28,868
26,807
33,704
28,857
31,720
29,670
25,635
25,589
27,950
23,418
25,509
24,772
24,481
24,517
23,499
24,182
27,086
23,926
24,148
20,520
21,885
22,986
20,899
19,628
24,869
23,911
20,979
20,874
18,580
23,468
20,998
22,814
26,385
19,351
22,868
21,892
19,641
20,739
23,756
23,651
27,067
20,534
19,920
20,613
23,360
26,353
26,898
26,521
25,765
26,789
24,385
26,469
1998
26,893
31,829
37,108
23,404
32,714
29,187
26,837
24,547
30,565
28,662
35,836
30,455
33,640
31,478
27,008
26,983
29,505
24,891
26,860
25,921
26,004
26,001
24,555
25,519
29,092
25,171
25,541
22,716
23,453
24,242
21,904
20,479
26,161
25,447
22,118
21,948
19,635
24,661
22,115
24,101
27,968
20,234
24,352
23,118
20,551
21,930
25,398
25,041
28,764
21,612
21,225
21,594
24,714
27,972
27,645
28,240
26,201
28,069
25,446
28,285
1999
27,880
33,227
38,560
24,218
34,360
30,377
27,645
25,757
31,630
29,312
36,452
31,851
34,547
32,638
27,916
27,849
30,246
25,543
27,906
26,849
26,926
26,787
24,989
26,134
30,194
25,857
26,569
23,046
24,576
25,067
22,668
21,087
26,978
26,536
22,702
22,205
20,082
25,468
22,914
25,014
29,246
20,682
25,141
23,939
20,865
22,551
26,244
26,230
30,380
22,656
21,621
22,203
26,294
29,335
28,170
29,712
26,957
28,655
26,247
29,807
2000
29,760
36,195
41,446
25,732
38,034
33,266
29,257
27,465
34,013
31,092
39,970
34,060
37,734
35,041
29,759
29,437
32,297
27,010
29,408
28,130
28,389
28,430
26,540
27,439
32,231
27,493
27,781
24,990
25,815
26,456
23,694
22,000
28,366
28,103
24,258
23,185
20,920
26,939
24,209
26,290
31,210
21,821
26,761
25,361
21,788
24,007
27,992
28,194
33,060
23,987
22,961
23,410
27,941
31,694
29,960
32,363
28,354
29,794
27,836
31,605
2001
30,413
37,096
42,377
26,853
38,864
33,969
30,256
28,756
34,952
32,166
40,539
35,279
38,625
35,878
30,752
29,986
32,990
27,522
29,629
28,699
29,196
29,257
27,225
28,432
33,059
28,221
28,861
25,798
26,566
27,169
24,477
22,750
29,048
28,523
24,878
24,454
21,653
27,308
24,840
26,808
32,338
22,862
27,350
25,878
23,081
24,945
28,472
28,819
33,455
24,506
24,044
24,033
29,587
32,025
31,027
32,655
29,034
30,128
28,222
31,976
2002
30,832
37,494
42,829
27,804
39,044
34,276
31,107
29,464
35,434
32,307
43,371
36,121
39,567
35,708
31,663
30,555
33,320
28,233
30,222
29,317
29,996
29,942
28,141
28,838
33,895
28,841
29,544
26,567
26,694
27,683
25,096
23,417
29,559
28,703
25,657
25,370
22,370
27,566
25,395
27,378
32,676
23,628
27,419
26,157
23,908
25,136
28,401
28,926
33,170
25,042
24,906
24,157
30,494
32,344
31,792
32,898
30,040
30,169
28,533
32,661
Rankin
U.S.
1
33
3
6
16
24
13
4
2
5
15
8
31
18
25
21
32
27
7
26
23
37
36
43
49
22
28
39
41
50
34
40
35
11
48
38
47
42
30
9
44
45
46
17
14
10
20
19
29
12
in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it
differs from the NIPA estimate because, by definition, it omits the earnings of Federal civilian and military personnel
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms.
Source: Table 1 in “Personal Income by State: First Quarter 2003 and Revised 2002” in the August 2003 issue of the
S u r v e y o f C u r r e n t B u s in e s s .
December 2003
Su rvey
of
C
urrent
B
D-21
u s in e s s
Table J.3. Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions
Per capita disposable personal income1
Disposable personal income
Area name
Millions of dollars
1997
New England.....................
Connecticut....................
Maine...............................
Massachusetts...............
New Hampshire..............
Rhode Island...................
Vermont...........................
Mideast...............................
Delaware.........................
District of Columbia........
Maryland........................
New Jersey.....................
New York........................
Pennsylvania..................
Great Lakes.......................
Illinois..............................
Indiana.............................
Michigan.........................
Ohio.................................
Wisconsin.......................
Plains..................................
Iowa.................................
Kansas............................
Minnesota.......................
Missouri..........................
Nebraska........................
North Dakota..................
South Dakota..................
Southeast..........................
Alabama.........................
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi.......................
North Carolina................
South Carolina................
Tennessee......................
Virginia............................
West Virginia..................
Arizona...........................
New Mexico....................
Oklahoma.......................
Texas...............................
Colorado.........................
Idaho..............................
Montana.........................
Utah.................................
Wyoming.........................
Alaska..............................
California........................
Hawaii.............................
Nevada...........................
Oregon...........................
Washington.....................
5,960,749
342,605
95,724
24,200
159,674
28,200
22,851
11,955
1,114,511
16,987
16,120
125,597
220,964
464,468
270,375
975,464
291,507
119,826
214,500
239,900
109,732
399,625
59,294
55,113
109,183
114,001
35,531
11,853
14,650
1,336,061
80,342
45,063
329,682
158,350
71,915
81,431
46,245
155,311
70,880
111,632
154,028
31,182
596,546
90,217
30,758
61,222
414,349
178,194
92,927
22,044
15,621
37,715
9,886
1,017,744
14,497
735,173
27,371
41,126
68,539
131,039
1998
6,349,151
364,015
101,699
25,480
169,596
30,578
23,898
12,764
1,178,249
18,470
16,921
133,060
234,080
491,784
283,933
1,029,255
307,987
128,475
225,186
250,838
116,768
425,703
62,181
58,652
118,006
120,352
37,620
13,143
15,748
1,423,978
84,855
47,302
351,912
171,711
76,215
86,139
49,256
165,760
75,481
119,346
163,510
32,491
645,743
97,615
32,496
65,310
450,321
191,724
100,489
23,639
16,670
40,460
10,466
1,090,483
15,003
789,557
27,846
44,903
72,660
140,515
1999
6,621,490
379,850
105,647
26,439
177,512
31,985
24,800
13,467
1,218,066
19,169
17,080
140,240
240,074
508,124
293,380
1,066,709
316,698
132,864
235,134
260,394
121,619
442,180
63,446
60,312
124,969
124,434
39,267
13,247
16,506
1,489,666
88,267
49,179
368,621
182,801
78,682
87,749
50,744
173,925
79,283
125,546
171,743
33,128
679,260
103,783
33,169
67,783
474,525
203,763
108,384
25,119
17,023
42,113
11,123
1,141,995
15,430
827,718
28,431
47,692
75,394
147,329
2000
7,113,634
410,995
113,079
28,184
193,936
35,151
26,249
14,397
1,313,155
20,624
18,715
150,839
263,055
547,203
312,719
1,135,687
340,103
142,187
250,086
273,184
130,127
471,590
67,875
63,535
133,951
133,323
41,133
14,297
17,476
1,591,256
92,749
51,684
392,530
197,747
84,974
91,613
53,307
186,877
85,040
133,732
186,170
34,834
732,944
113,010
34,702
72,358
512,874
221,953
120,009
26,884
18,150
45,154
11,757
1,236,055
16,444
898,615
29,862
51,533
80,343
159,258
2001
7,386,598
429,722
117,445
29,700
202,977
36,797
27,568
15,235
1,363,967
21,737
19,085
159,164
274,376
565,168
324,435
1,165,051
350,333
146,053
253,620
279,754
135,291
488,749
69,689
66,162
139,411
137,821
43,021
14,623
18,021
1,657,731
96,291
53,882
411,117
205,629
87,582
96,752
55,538
193,094
88,247
137,460
195,722
36,416
765,749
119,024
37,079
75,646
533,999
232,166
125,325
28,078
19,096
47,182
12,484
1,283,464
17,189
934,447
31,046
54,304
83,130
163,348
1. Per capita disposable personal income was computed using midyear population estimates of the Bureau of the
Census.
2. Percent change was calculated from unrounded data.
N o te . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from
the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage,
2002
7,778,520
453,483
124,516
31,718
213,268
38,615
29,293
16,072
1,432,002
22,624
21,059
169,147
293,008
583,205
342,959
1,222,381
366,070
153,875
266,749
292,386
143,300
513,542
73,662
68,965
147,061
144,944
45,195
15,249
18,466
1,749,719
100,962
56,831
438,003
215,896
92,703
102,500
58,607
201,761
93,249
144,299
206,667
38,241
800,718
126,808
39,751
78,176
555,983
242,485
129,666
29,941
20,236
49,310
13,332
1,364,190
18,271
993,302
33,258
57,893
87,270
174,196
Percent
change2
5.3
5.5
6.0
6.8
5.1
4.9
6.3
5.5
5.0
4.1
10.3
6.3
6.8
3.2
5.7
4.9
4.5
5.4
5.2
4.5
5.9
5.1
5.7
4.2
5.5
5.2
5.1
4.3
2.5
5.5
4.9
5.5
6.5
5.0
5.8
5.9
5.5
4.5
5.7
5.0
5.6
5.0
4.6
6.5
7.2
3.3
4.1
4.4
3.5
6.6
6.0
4.5
6.8
6.3
6.3
6.3
7.1
6.6
5.0
6.6
Dollars
1997
1998
1999
21,863
25,114
28,580
19,286
25,646
23,709
22,286
20,018
24,452
22,605
28,393
24,353
26,885
24,896
22,111
21,924
23,922
20,121
21,868
21,273
20,837
21,199
20,509
20,913
22,921
20,799
21,069
18,244
19,684
20,044
18,394
17,325
21,709
20,605
18,194
18,419
16,653
20,284
18,364
20,300
22,554
17,141
20,137
19,045
17,330
18,151
20,990
20,375
23,126
17,944
17,554
17,792
20,199
22,590
23,650
22,630
22,590
23,313
20,742
23,092
23,016
26,505
30,219
20,236
27,041
25,356
23,176
21,258
25,714
24,196
29,937
25,566
28,245
26,220
23,186
23,011
25,097
21,417
22,866
22,175
22,041
22,420
21,421
22,045
24,516
21,796
22,184
20,297
21,109
21,056
19,265
18,011
22,724
21,836
19,124
19,399
17,561
21,226
19,259
21,426
23,694
17,895
21,354
19,989
18,119
19,179
22,340
21,498
24,410
18,876
18,679
18,680
21,324
23,811
24,201
23,935
22,914
24,230
21,674
24,354
23,730
27,450
31,198
20,871
28,099
26,174
23,836
22,272
26,419
24,734
29,953
26,690
28,718
26,909
23,922
23,721
25,625
21,979
23,758
22,972
22,806
23,113
21,746
22,518
25,643
22,372
23,033
20,561
21,996
21,725
19,924
18,545
23,390
22,720
19,582
19,671
17,941
21,879
19,947
22,265
24,534
18,285
22,034
20,658
18,345
19,721
23,082
22,405
25,647
19,691
18,967
19,112
22,619
24,556
24,697
24,709
23,491
24,651
22,214
25,217
2000
25,206
29,458
33,142
22,065
30,485
28,337
24,983
23,603
28,307
26,222
32,739
28,393
31,192
28,801
25,453
25,111
27,338
23,340
25,119
24,040
24,213
24,472
23,175
23,596
27,147
23,786
24,007
22,299
23,124
22,894
20,833
19,295
24,455
24,015
20,987
20,496
18,712
23,122
21,135
23,448
26,199
19,274
23,343
21,871
19,048
20,947
24,475
23,950
27,736
20,684
20,090
20,127
23,796
26,181
26,197
26,422
24,625
25,526
23,416
26,939
2001
25,889
30,580
34,195
23,122
31,709
29,218
26,016
24,853
29,235
27,288
33,260
29,551
32,237
29,614
26,370
25,634
27,981
23,839
25,346
24,562
25,026
25,231
23,769
24,485
27,969
24,448
25,012
22,973
23,764
23,562
21,547
19,996
25,109
24,463
21,525
21,643
19,421
23,531
21,724
23,909
27,196
20,220
23,946
22,428
20,252
21,803
24,987
24,621
28,284
21,262
21,092
20,706
25,283
26,725
27,128
27,007
25,302
25,887
23,933
27,255
2002
26,974
32,062
35,982
24,503
33,179
30,285
27,384
26,066
30,521
28,021
36,888
30,990
34,109
30,443
27,804
26,764
29,052
24,983
26,541
25,600
26,336
26,377
25,083
25,393
29,297
25,552
26,137
24,048
24,263
24,562
22,504
20,970
26,207
25,221
22,650
22,866
20,408
24,250
22,704
24,891
28,336
21,223
24,573
23,240
21,429
22,376
25,527
25,333
28,773
22,325
22,251
21,289
26,734
27,973
28,381
28,286
26,716
26,636
24,782
28,703
Rank in
U.S.
1
34
3
6
16
24
14
4
2
5
15
8
31
20
25
21
30
28
7
26
23
37
35
42
49
22
29
41
39
50
36
40
32
12
48
38
46
43
27
9
44
45
47
17
11
13
18
19
33
10
in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it
differs from the NIPA estimate because, by definition, it omits the earnings of Federal civilian and military personnel
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms.
Source: Table 2 in “Personal Income by State: First Quarter 2003 and Revised 2002” in the August 2003 issue of the
Survey of Current Business.
Regional Data
D -2 2
D ecem ber 2003
Table J.4. Gross State Product (GSP) by Industry for States and Regions, 2001
[Millions of dollars]
State and region
Rank of
total GSP
Total GSP
Agriculture,
forestry, and
fishing
Mining
Construction
Manufacturing
Transportation
and public
utilities
Wholesale
trade
Retail trade
Finance,
insurance, and
real estate
Services
Government
10,137,190
594,686
166,165
37,449
287,802
47,183
36,939
19,149
140,650
4,563
1,152
725
1,683
365
234
403
139,040
320
129
5
99
37
14
36
480,013
26,205
5,898
1,723
13,512
2,282
1,922
868
1,422,990
78,655
24,277
5,239
34,427
7,610
4,105
2,998
819,464
34,833
9,754
2,518
16,093
2,818
2,285
1,365
680,683
37,940
10,004
2,198
19,443
3,359
1,830
1,107
931,756
50,290
12,887
4,481
22,767
4,923
3,312
1,920
2,076,987
158,783
51,458
7,194
73,880
11,792
10,934
3,526
146,039
35,654
7,970
79,902
10,179
7,951
4,382
1,219,022
57,057
14,951
5,396
25,995
3,818
4,352
2,544
15
8
2
6
1,900,223
40,509
64,459
195,007
365,388
826,488
408,373
12,092
387
25
1,798
2,060
3,729
4,093
3,922
2
22
157
299
657
2,785
75,070
1,598
578
11,319
15,749
27,372
18,453
208,027
5,235
762
13,963
42,068
77,701
68,297
146,418
1,902
3,095
14,192
32,957
59,282
34,989
120,175
1,576
705
11,766
33,782
46,992
25,354
143,945
2,674
1,759
16,972
28,999
56,468
37,072
522,373
17,476
10,569
42,025
90,097
282,888
79,318
449,316
6,229
24 269
48,534
83,497
190,202
96,584
218,886
3,429
22 675
34,280
35,878
81,197
41,427
Great Lakes.......................
Illinois..............................
Indiana.............................
Michigan..........................
Ohio.................................
Wisconsin........................
5
16
9
7
20
1,536,991
475,541
189,919
320,470
373,708
177,354
16,840
4,303
2,458
2,993
3,506
3,579
4,494
1,050
668
915
1,573
288
74,687
23,556
9,971
16,012
16,537
8,611
315,515
68,339
51,647
73,937
79,603
41,988
114,262
40,445
14,376
20,774
26,198
12,468
109,332
37,136
11,636
22,659
26,507
11,394
141,787
39,031
17,544
31,350
37,261
16,601
278,109
105,089
27,224
50,256
66,439
29,102
315,053
108,099
34,306
66,417
73,297
32,935
166,913
48,493
20,089
35,157
42,786
20,387
Plains..................................
Iowa.................................
Kansas............................
Minnesota.......................
Missouri...........................
Nebraska.........................
North Dakota..................
South Dakota..................
30
31
17
19
36
50
46
647,904
90,942
87,196
188,050
181,493
56,967
19,005
24,251
16,965
3,454
2,392
3,166
2,506
2,772
1,004
1,671
3,598
203
1,266
753
459
129
658
129
32,174
3,951
4,051
9,982
9,619
2,712
896
963
104,786
19,112
14,053
29,801
30,442
6,994
1,641
2,744
60,046
7,631
11,145
13,468
17,777
6,340
1,932
1,755
49,068
6,256
6,535
15,353
13,287
4,340
1,607
1,690
61,956
8,218
8,545
18,358
17,536
4,962
1,870
2,467
109,367
14,594
11,669
36,348
29,653
8,981
2,771
5,353
130,377
16,210
15,533
40,589
38,646
11,536
3,662
4,201
79,567
11,313
12,007
20,234
21,568
8,201
2,965
3,280
Southeast...........................
Alabama..........................
Arkansas .........................
Florida.............................
Georgia
Kentucky..........................
Louisiana.........................
Mississippi.......................
North Carolina................
South Carolina................
Tennessee......................
Virginia............................
West Virginia..................
25
34
4
10
26
24
35
12
28
18
13
40
2,205,625
121,490
67,913
491,488
299,874
120,266
148,697
67,125
275,615
115,204
182,515
273,070
42,368
33,751
2,427
2,263
7,753
4,188
2,498
1,308
1,879
5,218
1,506
1,926
2,444
343
40,281
1,483
496
730
1,126
2,235
28,114
740
511
162
516
1,154
3,013
111,379
5,929
3,368
26,974
15,307
5,635
6,482
3,098
14,101
6,825
8,173
13,338
2,149
320,110
21,626
13,136
29,038
43,489
30,297
17,416
12,041
58,923
23,124
34,166
31,607
5,249
191,168
10,338
7,216
39,353
33,414
9,905
12,909
6,360
18,829
10,256
15,420
22,577
4,589
149,546
7,883
4,581
37,353
26,675
7,461
7,877
3,875
16,766
7,035
13,177
14,576
2,289
221,091
12,507
8,109
56,063
28,405
11,369
12,547
7,327
25,113
12,236
20,314
22,758
4,343
379,132
18,015
8,354
108,534
48,978
14,152
19,613
8,244
52,309
16,571
27,533
51,815
5,016
457,688
21,991
11,514
125,903
61,114
20,081
25,014
12,046
47,977
19,583
39,657
64,526
8,281
301,478
19,292
8,876
59,787
37,179
16,633
17,418
11,514
35,868
17,906
21,634
48,275
7,096
Southwest..........................
Arizona............................
New Mexico....................
Oklahoma.......................
Texas ...............................
23
37
29
3
1,073,842
160,687
55,426
93,855
763,874
15,417
2,605
1,270
1,967
9,575
59,682
1,183
5,224
5,386
47,890
53,897
9,701
2,418
3,933
37,846
136,041
21,707
7,545
13,034
93,754
107,138
11,172
4,137
8,820
83,010
75,997
10,570
2,225
5,596
57,606
106,552
17,582
5,023
9,831
74,117
168,990
31,387
7,434
11,934
118,235
218,620
34,490
10,145
17,576
156,410
131,507
20,291
10,006
15,779
85,431
Rocky Mountain................
Colorado..........................
Idaho...............................
Montana.........................
Utah.................................
Wyoming..........................
21
44
47
33
48
324,139
173,772
36,905
22,635
70,409
20,418
7,126
2,738
2,143
860
874
511
10,174
3,068
156
838
1,323
4,789
21,175
11,827
2,585
1,313
4,357
1,094
32,718
14,991
6,570
1,535
8,079
1,542
32,922
19,317
2,919
2,503
5,595
2,588
19,500
10,714
2,312
1,405
4,243
826
31,582
16,909
3,877
2,303
6,989
1,503
56,021
31,816
4,515
3,200
14,135
2,355
70,205
41,860
6,635
4,804
14,498
2,410
42,716
20,532
5,195
3,874
10,315
2,800
Far West.............................
Alaska..............................
California........................
Hawaii..............................
Nevada............................
Oregon............................
Washington.....................
45
1
39
32
27
14
1,853,781
28,581
1,359,265
43,710
79,220
120,055
222,950
33,896
497
24,435
504
629
3,075
4,757
16,568
5,590
8,623
33
1,761
156
405
85,426
1,384
57,712
1,891
7,523
5,893
11,024
227,140
1,056
163,841
1,173
3,070
30,613
27,387
132,676
4,560
92,421
4,085
5,750
7,750
18,111
119,123
842
89,384
1,632
3,635
8,428
15,202
174,553
1,920
127,073
4,915
8,502
10,059
22,086
404,211
3,197
317,481
10,057
14,860
17,583
41,034
439,287
3,962
326,119
10,019
25,210
21,848
52,128
??0 (**>9
5,572
152,176
9,400
8,282
14,652
30,817
United States............
New England.....................
Connecticut.....................
Maine...............................
Massachusetts...............
New Hampshire..............
Rhode Island...................
Vermont..........................
22
42
11
38
43
49
Mideast...............................
Delaware........................
41
Maryland........................
New Jersey.....................
New York........................
Pennsylvania..................
N o te . Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical
discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military personnel
stationed abroad and government consumption of fixed capital for military structures located abroad and for military equip-
ment, except office equipment. Also, GSP and GDP have different revision schedules,
Source: This table reflects the GSP estimates for 2001 that were released on May 22, 2003. Detailed estimates are
available on BEAs Web site at <www.bea.gov> under State and local area data,
D-23
December 2003
K. Local Area Table
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001
Personal income
Area name
United States3.................
Metropolitan portion.......................
Nonmetropolitan portion................
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI........
Cincinnati-Hamilton, OH-KY-IN.............
Cleveland-Akron, OH...........................
Dallas-Fort Worth, TX
Denver-Boulder-Greeley, CO................
Detroit-Ann Arbor-Flint, Ml...................
Houston-Galveston-Brazoria, TX.........
Los Angeles-Riverside-Orange County,
CA..................................................
Miami-Fort Lauderdale, FL...................
Milwaukee-Racine, Wl.........................
New York-No. New Jersey-Long Island,
NY-NJ-CT-PA...................................
Philadelphia-Wilmington-Atlantic City,
PA-NJ-DE-MD.................................
Portland-Salem, OR-WA......................
Sacramento-Yolo, CA..........................
San Francisco-Oakland-San Jose, CA...
Seattle-Tacoma-Bremerton, WA...........
Washington-Baltimore, DC-MD-VA-WV.
Metropolitan Statistical Areas4
Abilene, TX.........................................
Akron, OH*.........................................
Albany, GA..........................................
Albany-Schenectady-Troy, NY..............
Albuquerque, NM................................
Alexandria, LA.....................................
Allentown-Bethlehem-Easton, PA.........
Altoona, PA.
Amarillo, TX........................................
Anchorage, AK....................................
Ann Arbor, Ml*.....................................
Anniston, AL
Appleton-Oshkosh-Neenah, Wl............
Asheville, NC
Athens, GA.
Atlanta, GA.
Atlantic-Cape May, NJ*.........................
Auburn-Opelika, AL.............................
Augusta-Aiken, GA-SC.........................
Austin-San Marcos, TX.......................
Bakersfield, CA
Baltimore, MD*....................................
Bangor, ME (NECMA)..........................
Barnstable-Yarmouth, MA (NECMA).....
Baton Rouge, LA.................................
Beaumont-Port Arthur, TX....................
Bellingham, WA...................................
Benton Harbor, Ml..
......
Bergen-Passaic, NJ*
......
Billings, MT...........
......
Biloxi-Gulfport-Pascagouia, MS...........
Binghamton, NY.................................
Birmingham, AL..................................
Bismarck, ND....................................
Bloomington, IN..................................
Bloomington-Normal, IL......................
Boise City, ID......................................
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)............
Boulder-Longmont, CO*.....................
Brazoria, TX*......................................
Bremerton, WA*.................................
Brownsville-Harlingen-San Benito, TX..
Bryan-College Station, TX...................
Buffalo-Niagara Falls, NY....................
Burlington, VT (NECMA)....................
Canton-Massillon, OH........................
Casper, WY..........
Cedar Rapids, IA....
Champaign-Urbana, IL.......................
Charleston-North Charleston, SC.......
Charleston, WV..................................
Charlotte-Gastonia-Rock Hill, NC-SC ...
Charlottesville. VA..............................
Chattanooga TN GA
Cheyenne, WY...................................
Chicago, IL’
Chico-Paradise, CA............................
Cincinnati, OH-KY-IN*........................
Clarksville-HopkinsviIle, TN-KY...........
Cleveland-Lorain-Elyria, OH*..............
Colorado Springs, CO........................
Columbia, MO....................................
Columbia, SC
Columbus, GA-AL..............................
Columbus, OH...................................
Corpus Christi, TX..............................
See footnotes at the end of the table.
Percent
change2
Millions of dollars
1999
2000
Per capita personal income1
2001
7,779,521 8,398,871 8,677,490
6,633,219 7,185,218 7,428,050
1,146,302 1,213,653 1,249,440
20002001
Rank
in
U.S.
Dollars
1999
2000
2001
Personal income
Area name
2001
3.3 27,880 29,760 30,413
3.4 29,616 31,680 32,336
2.9 20,818 21,901 22,472
Corvallis, OR........................................
Cumberland, MD-WV............................
Dallas, TX*...........................................
298,061
57,342
86,292
159,254
85,768
169,736
143,594
321,557
60,627
90,686
175,700
96,583
180,724
157,975
331,277
62,758
92,446
180,072
100,284
182,894
167,954
3.0
3.5
1.9
2.5
3.8
1.2
6.3
35,751
31,419
31,368
33,247
37,607
33,314
34,916
Danville, VA..........................................
Davenport-Moline-Rock Island, IA-IL......
Dayton-Springfield, OH.........................
Daytona Beach, FL...............................
Decatur, AL
Decatur, IL
Denver, CO*.........................................
Des Moines, IA......................................
450,650
100,297
51,745
484,858
107,399
54,859
508,187
112,446
56,513
4.8 27,842 29,488 30,360
4.7 26,289 27,576 28,325
3.0 30,716 32,436 33,308
Dothan, AL...........................................
Dover, DE.............................................
3.0 36,943 40,046 40,949
32,771
29,124
29,293
31,106
33,878
31,182
31,218
35,028
30,559
30,773
33,412
37,158
33,067
33,632
774,091
846,883
872,675
194,331
64,163
49,898
283,381
121,336
264,060
209,100
69,645
54,257
333,236
129,721
287,952
216,243
71,520
57,143
326,824
132,586
302,650
3.4
2.7
5.3
-1.9
2.2
5.1
31,526
28,638
28,235
40,605
34,428
35,119
33,750
30,619
29,996
47,180
36,386
37,684
34,750
30,822
30,571
45,778
36,669
38,915
3,001
19,258
2,646
24,982
17,295
2,885
17,521
2,999
5,052
8,674
18,277
2,376
9,604
5,760
3,405
126,446
10,367
2,023
10,819
36,852
12,815
78,303
3,229
7,348
14,488
8,752
3,699
4,041
53,208
3,202
8,064
3,184
20,362
2,776
26,732
18,436
3,070
18,796
3,146
5,344
9,200
20,022
2,392
10,290
6,114
3,613
139,019
11,135
2,161
11,489
40,712
13,637
83,987
3,461
7,881
15,246
9,115
3,950
4,219
58,913
3,450
8,502
3,051
20,905
2,852
27,956
19,531
3,297
19,520
3,173
5,367
9,755
20,125
2,452
10,746
6,256
3,755
144,477
11,273
2,210
11,876
41,673
14,236
87,832
3,651
8,159
15,836
9,307
4,192
4,185
60,735
3,635
8,685
-4.2
2.7
2.7
4.6
5.9
7.4
3.8
0.8
0.4
6.0
0.5
2.5
4.4
2.3
3.9
3.9
1.2
2.3
3.4
2.4
4.4
4.6
5.5
3.5
3.9
2.1
6.1
-0.8
3.1
5.4
2.2
23,757
27,784
21,951
28,583
24,489
22,877
27,579
23,110
23,407
33,447
32,072
20,675
27,030
25,747
22,527
31,534
29,404
17,918
22,805
30,560
19,553
30,824
22,287
33,557
24,221
22,730
22,474
24,941
38,885
24,869
22,336
25,179
29,258
22,975
30,503
25,794
24,282
29,421
24,382
24,468
35,307
34,403
21,486
28,626
26,970
23,452
33,507
31,328
18,714
24,033
32,185
20,543
32,837
23,889
35,303
25,228
23,689
23,567
25,942
42,799
26,628
23,304
24,304
29,953
23,275
31,789
27,030
26,053
30,317
24,682
24,365
36,949
33,965
22,035
29,579
27,378
24,085
33,769
31,511
18,923
24,721
31,511
21,021
34,039
25,097
36,135
26,032
24,296
24,564
25,826
43,856
27,891
23,679
246
91
277
62
159
181
86
234
243
22
38
295
97
148
252
41
66
312
233
66
306
36
221
28
183
247
239
189
4
137
266
5,987
25,654
2,276
2,763
4,206
11,424
6,344
27,170
2,460
2,979
4,511
12,776
6,463
28,450
2,618
3,062
4,679
13,153
1.9
4.7
6.4
2.8
3.7
3.0
23,686
27,969
24,155
22,964
28,200
27,135
25,167
29,437
25,944
24,684
29,897
29,294
25,669
30,620
27,461
25,302
30,761
29,109
211,837
10,384
5,582
5,699
4,665
2,882
30,386
5,579
10,160
1,967
5,738
4,296
12,671
6,728
43,384
4,634
11,947
2,191
275,684
4,258
48,424
4,319
67,035
13,880
3,453
14,108
6,478
44,563
8,478
237,575
11,850
6,185
6,162
5,038
3,122
31,895
6,035
10,635
2,216
6,147
4,656
13,594
7,104
46,785
5,013
12,694
2,333
297,811
4,535
51,222
4,673
70,324
15,266
3,721
15,083
6,872
47,519
8,995
244,142
12,223
6,409
6,388
5,283
3,233
32,454
6,360
10,830
2,224
6,278
4,863
14,177
7,442
48,815
5,123
12,738
2,469
306,730
4,701
53,075
4,802
71,541
15,682
3,850
15,567
7,136
49,093
9,221
2.8
3.1
3.6
3.7
4.9
3.6
1.8
5.4
1.8
0.3
2.1
4.4
4.3
4.8
4.3
2.2
0.3
5.8
3.0
3.6
3.6
2.8
1.7
2.7
3.4
3.2
3.8
3.3
2.5
35,178
36,319
23,494
24,844
14,125
19,190
25,902
28,315
24,964
29,680
30,211
24,048
23,199
26,638
29,481
29,450
25,823
27,052
33,569
21,155
29,561
21,079
29,757
27,267
25,752
26,555
23,654
29,228
22,208
39,125
40,447
25,426
26,497
14,954
20,429
27,284
30,250
26,133
33,301
31,977
25,874
24,694
28,256
30,993
31,269
27,254
28,547
35,907
22,255
31,040
22,510
31,241
29,388
27,396
28,021
24,992
30,737
23,628
39,873
40,840
25,695
27,427
15,334
21,028
27,852
31,591
26,620
33,274
32,391
26,808
25,543
29,847
31,526
31,657
27,213
30,074
36,624
22,818
31,967
23,017
31,807
29,280
28,020
28,578
25,909
31,343
24,280
Percent
change2
Millions of dollars
1999
2000
2001
2,191
2,317
2,403
2,014
2,114
2,201
113,010 125,424 126,926
2,194
9,264
26,119
10,763
3,403
3,058
71,496
13,766
2,319
9,791
27,251
11,533
3,540
3,194
80,516
14,545
Per capita personal income1
2,335
9,988
27,811
12,040
3,695
3,222
83,704
15,318
140,791 149,689 151,753
3,072
3,228
3,330
2,877
3,084
3,047
20002001
Rank
in
U.S.
Dollars
2001
2001
3.7 27,995 29,650
4.1 19,656 20,756
1.2 32,774 35,383
30,709
21,694
34,697
78
302
33
21,074
27,283
28,677
23,273
24,236
27,901
37,924
31,777
21,280
27,879
29,340
23,827
25,233
28,417
38,513
32,991
304
138
103
264
215
123
17
47
1.4 31,716 33,665
3.1 22,360 23,386
1.2 22,906 23,974
34,035
24,030
23,940
37
254
260
3.9 24,465 25,825
0.7
2.0
2.1
4.4
4.4
0.9
4.0
5.3
1999
19,894
25,753
27,402
22,114
23,432
26,563
34,515
30,550
2000
Dubuque, IA.........................................
2,176
2,305
2,394
26,889
163
5,984
8,029
3,600
11,874
4,614
2,150
1,321
6,618
7,849
7,817
4,533
7,151
6,813
2,558
10,667
2,954
2,903
6,657
45,084
11,477
9,064
4,304
4,344
13,234
46,244
18,282
2,121
5,121
6,411
16,197
2,756
2,249
2,264
2,699
28,993
1,908
3,888
6,431
6,389
8,702
3,837
12,546
4,852
2,298
1,378
6,975
8,292
8,288
4,811
7,587
7,356
2,771
11,013
3,091
3,103
7,512
48,383
12,523
9,608
4,632
4,531
14,022
50,277
19,332
2,211
5,423
6,839
17,240
2,934
2,416
2,388
2,922
30,747
2,013
4,217
6,834
6,571
9,196
3,872
13,230
4,833
2,325
1,421
7,156
8,420
8,650
4,992
7,777
7,936
2,884
11,016
3,140
3,251
7,849
51,370
13,563
10,033
4,839
4,768
14,070
53,146
20,219
2,253
5,635
7,088
17,825
2,986
2,459
2,444
3,007
31,462
2,072
4,357
7,005
2.8
5.7
0.9
5.4
-0.4
1.2
3.1
2.6
1.5
4.4
3.8
2.5
7.9
4.1
0.0
1.6
4.8
4.5
6.2
8.3
4.4
4.5
5.2
0.3
5.7
4.6
1.9
3.9
3.6
3.4
1.7
1.8
2.3
2.9
2.3
2.9
3.3
2.5
24,615
28,925
24,426
17,581
25,544
23,549
22,704
23,527
24,392
26,445
26,216
23,710
22,464
21,086
24,556
20,759
23,107
26,966
28,281
26,568
28,653
21,029
25,698
26,558
27,663
20,061
20,397
23,727
25,758
25,685
22,211
19,871
23,125
23,509
26,909
23,669
22,301
28,605
26,202
30,987
25,817
18,398
26,436
25,246
23,896
24,847
25,641
27,970
27,538
25,054
23,461
22,577
25,204
21,615
24,666
29,700
29,629
28,215
29,965
22,270
26,505
27,867
29,337
20,878
21,400
24,841
27,272
27,282
23,599
21,319
24,562
25,019
28,145
25,106
23,016
30,052
26,873
32,349
25,899
19,186
26,050
25,638
24,780
25,495
25,963
29,185
28,372
25,729
24,585
23,311
25,105
22,037
25,742
30,198
30,702
29,540
30,601
23,048
27,674
27,819
30,230
21,463
21,865
25,572
27,786
28,094
23,952
21,738
25,351
25,366
28,471
26,016
22,469
30,535
166
53
188
311
182
202
230
206
185
106
124
198
237
275
219
294
197
89
79
99
83
280
142
140
88
303
298
203
141
130
258
301
212
210
121
184
290
85
201
81
144
213
77
109
Duluth-Superior, MN-WI........................
Dutchess County, NY*...........................
Eau Claire, Wl.......................................
El Paso, TX..........................................
Elkhart-Goshen, IN...............................
Elmira, NY............................................
Enid, OK...............................................
Erie, PA................................................
Eugene-Springfield, OR.........................
Evansville-Henderson, IN-KY.................
Fargo-Moorhead, ND-MN.......................
Fayetteville, NC.....................................
Fayetteville-Springdale-Rogers, AR........
Flagstaff, AZ-UT....................................
Flint, Ml*.
Florence, AL
Florence, SC........................................
Fort Collins-Loveland, CO......................
Fort Lauderdale, FL*.............................
Fort Myers-Cape Coral, FL....................
Fort Pierce-Port St. Lucie, FL.................
Fort Smith, AR-OK................................
Fort Walton Beach, FL..........................
Fort Wayne, IN......................................
Fort Worth-Arlington, TX*.......................
Fresno, CA...........................................
Gadsden, AL........................................
Gainesville, FL
Galveston-Texas City, TX*......................
Gary, IN*.
Glens Falls, NY.....................................
Goldsboro, NC
Grand Forks, ND-MN............................
Grand Junction, CO..............................
Grand Rapids-Muskegon-Holland, Ml.....
Great Falls, MT......................................
Greeley, CO*........................................
Green Bay, Wl.......................................
Greensboro-Winston-Salem-High Point,
NC....................................................
Greenville, NC.......................................
Greenville-Spartanburg-Anderson, SC....
Hagerstown, MD*..................................
Hamilton-Middletown, OH*.....................
Harrisburg-Lebanon-Carlisle, PA............
33,981
2,940
23,013
3,035
8,917
17,748
36,054
3,291
24,655
3,257
9,404
18,649
36,626
3,362
25,239
3,375
9,682
19,476
1.6
2.2
2.4
3.6
3.0
4.4
27,452
22,179
24,159
23,139
26,961
28,256
28,707
24,526
25,534
24,655
28,184
29,611
28,774
24,854
25,818
25,404
28,718
30,829
115
225
191
209
116
76
16
13
200
147
317
305
139
64
171
43
52
168
204
94
65
63
155
90
25
287
59
282
61
105
133
120
186
69
248
Hartford, CT (NECMA)..........................
Hattiesburg, MS....................................
Hickory-Morganton-Lenoir, NC...............
Honolulu, HI..........................................
Houma, LA...........................................
Houston, TX*........................................
Huntington-Ashland, WV-KY-OH............
Huntsville, AL........................................
Indianapolis, IN.....................................
Iowa City, IA
Jackson, Ml..........................................
Jackson, MS
Jackson, TN..........................................
Jacksonville, FL.....................................
Jacksonville, NC....................................
Jamestown, NY
Janesville-Beloit, Wl..............................
Jersey City, NJ*.....................................
Johnson City-Kingsport-Bristol, TN-VA....
Johnstown, PA.......................................
Jonesboro, AR.......................................
Joplin, MO........
Kalamazoo-Battle Creek, Ml..................
Kankakee,IL*....
Kansas City, MO-KS
Kenosha, Wl*....
Killeen-Temple, TX
Knoxville, TN.....
Kokomo, IN............................................
39,199 42,490 43,836
2,282
2,412
2,533
8,159
8,648
8,675
25,385 26,644 27,511
3,955
4,220
4,600
131,601 144,951 154,457
6,319
6,626
6,841
8,837
9,987
9,549
46,760 50,256 52,244
3,094
3,343
3,524
3,902
3,705
3,909
11,091 11,746 12,210
2,526
2,697
2,683
29,903 32,189 33,416
3,300
3,448
3,559
2,855
2,990
3,038
3,783
3,936
3,976
15,674 17,130 17,552
10,233 10,894 11,282
5,029
5,212
5,344
1,841
1,811
1,715
3,341
3,535
3,654
11,314 11,815 11,912
2,357
2,512
2,580
52,969 57,032 58,978
3,994
4,143
3,823
6,785
7,163
7,406
17,138 18,356 19,035
2,920
2,847
2,778
3.2
5.0
0.3
3.3
9.0
6.6
3.2
4.6
4.0
5.4
-0.2
3.9
-0.5
3.8
3.2
1.6
1.0
2.5
3.6
2.5
1.6
3.4
0.8
2.7
3.4
3.7
3.4
3.7
-2.5
34,345
20,628
24,141
28,882
20,328
31,995
20,002
26,023
29,427
28,172
23,588
25,360
23,740
27,475
22,056
20,383
24,961
25,950
21,409
21,489
21,165
21,438
25,051
22,731
30,063
25,774
22,019
25,147
27,419
36,915
21,517
25,205
30,420
21,697
34,487
21,021
27,800
31,155
30,018
24,628
26,583
25,076
29,161
22,952
21,419
25,802
28,100
22,676
22,441
21,952
22,413
26,063
24,184
32,000
26,609
22,797
26,636
28,762
37,819
22,351
24,988
31,115
23,540
35,872
21,793
28,684
31,960
31,203
24,415
27,428
24,674
29,625
23,945
21,897
25,908
28,584
23,473
23,141
22,147
23,019
26,207
24,749
32,693
27,217
23,415
27,330
28,038
19
291
224
72
268
29
299
118
60
71
241
146
235
96
259
297
187
119
271
279
293
281
178
232
49
154
272
152
132
D-24
Regional Data
December 2003
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001—Continued
Persona income
Area name
La Crosse, WI-MN...........................
Lafayette, LA....................................
Lafayette, IN....................................
Lake Charles, LA.............................
Lakeland-Winter Haven, FL..............
Lancaster, RA..................................
Lansing-East Lansing, Ml.................
Laredo, TX.......................................
Las Cruces, NM...............................
Las Vegas, NV-AZ...........................
Lawrence, KS..................................
Lawton, OK......................................
Lewiston-Auburn, ME (NECMA)........
Lexington, KY..................................
Lima, OH.........................................
Lincoln, NE......................................
Little Rock-North Little Rock, AR.......
Longview-Marshall, TX.....................
Los Angeles-Long Beach, CA*.........
Louisville, KY-IN...............................
Lubbock, TX....................................
Lynchburg, VA.................................
Per capita personal income1
Percent
change2
Millions of dollars
1999
2000
2001
3,166
8,131
4,179
4,016
10,600
12,415
11,508
2,690
2,887
40,406
2,116
2,348
2,418
12,808
3,721
6,852
15,270
4,769
264,408
29,253
5,601
4,890
3,356
8,641
4,476
4,118
11,275
13,387
12,116
2,924
2,991
43,969
2,293
2,466
2,559
13,743
3,877
7,358
16,189
5,074
282,700
31,202
6,041
5,202
3,525
9,247
4,642
4,383
11,800
13,699
12,287
3,125
3,173
46,155
2,441
2,561
2,680
14,002
3,929
7,833
17,028
5,346
296,233
32,298
6,090
5,315
20002001
5.0
7.0
3.7
6.4
4.7
2.3
1.4
6.9
6.1
5.0
6.4
3.9
4.7
1.9
1.3
6.5
5.2
5.4
4.8
3.5
0.8
2.2
Personal income
Rank
in
U.S.
Dollars
1999
2000
2001
2001
25,121
21,167
23,034
21,895
22,173
26,534
25,740
14,232
16,602
26,882
21,268
20,233
23,389
27,023
24,027
27,689
26,378
22,829
28,017
28,677
23,261
22,884
26,420
22,395
24,416
22,436
23,224
28,382
27,023
15,011
17,090
27,777
22,892
21,520
24,637
28,585
24,983
29,289
27,663
24,305
29,605
30,357
24,872
24,174
27,626
23,881
25,141
23,935
23,991
28,863
27,253
15,508
17,984
27,916
24,129
22,672
25,752
28,849
25,353
30,872
28,845
25,439
30,611
31,251
24,788
24,665
143
262
218
261
256
110
153
316
314
136
251
289
196
111
211
75
112
208
82
70
229
236
Area name
Per capita personal income1
Percent
change2
Millions of dollars
1999
2000
2001
11,199
4,288
29,131
70,928
6,482
3,870
30,339
9,387
3,097
45,588
10,350
3,822
2,306
77,424
8,037
11,096
32,685
2,374
39,188
84,585
85,910
76,443
12,216
4,639
31,331
76,681
6,899
4,181
31,715
9,838
3,512
49,579
10,854
.4,095
2,473
82,714
8,388
11,802
35,039
2,519
42,152
92,986
101,736
93,928
13,018
4,967
32,619
80,842
7,138
4,447
32,846
9,889
3,613
52,350
10,792
4,221
2,536
85,596
8,595
12,230
36,295
2,592
43,742
97,241
100,048
87,479
20002001
Rank
in
U.S.
Dollars
1999
2000
2001
2001
33,648
22,685
29,513
22,238
27,529
31,571
27,675
25,483
21,604
28,457
25,663
23,098
22,628
29,838
23,366
28,001
24,748
22,846
24,920
30,322
49,788
45,733
35,781
24,074
31,348
23,382
29,250
33,488
28,863
26,429
24,546
30,249
26,927
24,361
24,106
31,729
24,080
29,270
26,176
24,230
26,355
32,910
58,702
55,677
36,988
25,259
32,268
23,840
30,249
35,110
29,870
26,335
25,164
30,906
26,749
24,802
24,799
32,666
24,402
29,901
26,780
25,104
26,887
33,883
57,714
51,579
21
214
55
263
87
32
93
176
217
74
170
227
228
50
242
92
169
220
165
39
1
2
Macon, GA......................................
7,798
8,289
8,556
3.2
24,309
25,644
26,265
177
Madison, W l....................................
Mansfield, OH..................................
McAllen-Edinburg-Mission, TX.........
Medford-Ashland, OR.......................
Melbourne-Titusville-Palm Bay, FL....
Memphis, TN-AR-MS.......................
Merced, CA.....................................
Miami, FL*.......................................
Middlesex-Somerset-Hunterdon, NJ*.
Milwaukee-Waukesha. Wl*...............
Minneapolis-St. Paul. MN-WI...........
Missoula, MT,
Mobile, AL....
Modesto, CA..
Monmouth-Ocean. NJ".....................
Monroe, LA....
Montgomery, AL
Muncie, IN....
Myrtle Beach, SC............................
Naples, FL.......................................
Nashville, TN...................................
Nassau-Suffblk, NY*........................
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*..............
New London-Norwich, CT (NECMA)..
New Orleans, LA.............................
New York, NY*.................................
Newark, NJ*....................................
Newburgh, NY-RA*...........................
Norfolk-Virginia Beach-Newport
News, VA-NC...............................
Oakland, CA*...................................
Ocala, FL.........................................
Odessa-Midland, TX........................
Oklahoma City, OK..........................
Olympia, WA*
Omaha, NE-IA.................................
Orange County, CA*........................
Orlando, FL...
Owensboro, KY
Panama City, FL..............................
Parkersburg-Marietta, WV-OH..........
Pensacola, FL
Peoria-Pekin, IL...............................
Philadelphia, RA-NJ*
Phoenix-Mesa, AZ
Pine Bluff, AR
Pittsburgh, PA
Pittsfield, MA |NECMA)
Pocatello, ID..
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*...........
Providence-Warwick-Pawtucket, Rl
(NECMA).....................................
Provo-Orem, UT..............................
Pueblo, CO......................................
Punta Gorda, FL..............................
Racine, Wl*.....................................
Raleigh-Durham-Chapel Hill, NC......
Rapid City, SD.................................
Reading, PA.....................................
Redding, CA....................................
13,746
3,911
7,066
4,285
11,522
32,011
3,717
55,213
45,573
46,584
101,664
2,174
11,729
9,582
36,488
3,226
8,236
2,798
4,333
9,693
36,409
104,726
14,929
4,100
7,601
4,574
12,567
33,607
3,867
59,016
50,577
49,423
110,764
2,373
12,372
10,253
40,335
3,409
8,698
2,977
4,693
10,365
39,065
113,140
15,753
4,193
8,170
4,688
13,079
35,084
4,033
61,077
51,677
50,907
115,330
2,498
12,765
10,568
41,934
3,541
8,994
3,031
4,847
10,940
40,554
115,641
5.5
2.3
7.5
2.5
4.1
4.4
4.3
3.5
2.2
3.0
4.1
5.3
3.2
3.1
4.0
3.9
3.4
1.8
3.3
5.6
3.8
2.2
32,477
22,172
12,712
23,906
24,405
28,431
17,977
24,860
39,400
31,134
34,671
22,935
21,846
21,846
32,730
21,918
24,870
23,559
22,590
39,548
29,973
38,264
34,848
23,340
13,238
25,152
26,300
29,513
18,268
26,093
43,051
32,898
37,152
24,696
22,847
22,791
35,668
23,151
26,078
25,088
23,694
40,772
31,599
40,978
36,201
23,989
13,788
25,505
26,888
30,559
18,461
26,594
43,292
33,780
38,131
25,818
23,400
22,677
36,543
24,171
26,830
25,493
24,021
41,269
32,338
41,559
27
257
318
205
164
84
313
173
6
40
18
191
273
288
26
249
167
207
255
11
54
10
Reno, NV.........................................
Richland-Kennewick-Pasco, WA.......
Richmond-Petersburg, VA.................
Riverside-San Bernardino, CA*.........
Roanoke, VA....................................
Rochester, MN.................................
Rochester, NY..................................
Rockford, IL......................................
Rocky Mount, NC.............................
Sacramento, CA*.............................
Saginaw-Bay City-Midland, Ml..........
St. Cloud, MN...................................
St. Joseph, MO................................
St. Louis, MO-IL
Salem, OR*
Salinas, CA
Salt Lake City-Ogden, UT.................
San Angelo, TX
San Antonio, TX
San Diego, CA
San Francisco, CA*..........................
San Jose, CA*..................................
San Luis Obispo-Atascadero-Paso
Robles, CA...................................
Santa Barbara-Santa Maria-Lompoc,
CA...............................................
Santa Cruz-Watsonville, CA*............
Santa Fe, NM...................................
Santa Rosa, CA*..............................
Sarasota-Bradenton, FL....................
Savannah, GA..................................
Scranton-Wilkes-Barre-Hazleton, PA..
Seattle-Bellevue-Everett, WA*..........
Sharon, PA.......................................
Sheboygan, Wl.................................
Sherman-Denison, TX......................
Shreveport-Bossier City, LA..............
Sioux City, IA-NE..............................
Sioux Falls, SD
South Bend, IN
Spokane, WA
Springfield, IL
Springfield, MO................................
Springfield, Ma (NECMA).................
State College, PA.............................
Steubenville-Weirton, OH-WV..........
Stockton-Lodi, CA............................
74,560
7,969
33,672
337,749
75,429
9,654
80,841
8,492
35,278
368,463
84,027
10,370
83,358
8,635
37,431
379,472
87,193
10,875
3.1
1.7
6.1
3.0
3.8
4.9
43,925
30,939
25,159
36,529
37,314
25,292
47,286
32,723
26,385
39,501
41,291
26,609
48,453
33,112
28,048
40,450
42,550
27,343
3
45
131
14
7
150
Sumter, SC.......................................
Syracuse, NY...................................
Tacoma, WA*....................................
Tallahassee, FL................................
Tampa-St. Petersburg-Clearwater, FL.
Terre Haute, IN.................................
2,044
18,396
17,306
6,953
64,205
3,252
2,150
19,390
18,554
7,304
69,119
3,433
2,191
19,810
19,124
7,507
71,843
3,482
1.9
2.2
3.1
2.8
3.9
1.4
19,500
25,119
24,985
24,743
27,101
21,755
20,519
26,474
26,354
25,621
28,748
23,033
21,009
27,021
26,601
26,127
29,379
23,493
307
160
172
179
102
270
38,799
84,550
5,540
5,984
25,953
5,284
21,652
93,187
41,313
2,088
3,391
3,423
9,090
9,365
162,176
83,347
1,601
68,830
3,822
1,518
8,016
56,125
41,376
96,400
5,889
6,470
28,152
5,715
23,174
101,280
44,684
2,237
3,575
3,564
9,720
9,829
174,534
91,777
1,663
72,987
4,113
1,593
8,521
61,258
43,516
98,073
6,077
6,619
29,564
6,016
24,151
106,284
46,064
2,300
3,678
3,617
10,101
10,083
180,280
96,047
1,708
76,679
4,205
1,651
9,092
62,926
5.2
1.7
3.2
2.3
5.0
5.3
4.2
4.9
3.1
2.8
2.9
1.5
3.9
2.6
3.3
4.7
2.7
5.1
2.2
3.6
6.7
2.7
24,905
35,764
21,727
24,927
24,117
25,790
30,416
33,093
25,692
22,860
22,886
22,578
22,169
26,909
31,896
26,223
19,023
29,092
28,264
20,098
30,373
29,594
26,288
40,086
22,624
27,389
25,928
27,426
32,234
35,446
26,974
24,424
24,115
23,593
23,549
28,309
34,186
27,991
19,745
30,966
30,511
21,081
32,036
31,801
27,452
39,963
22,910
27,920
26,970
28,266
33,249
36,647
27,003
25,095
24,575
24,055
24,140
29,139
35,192
28,337
20,387
32,626
31,363
21,780
34,041
31,971
14b
15
284
134
162
127
44
24
161
222
238
253
250
108
31
125
308
51
68
300
35
58
Texarkana, TX-Texarkana, AR..........
Toledo, OH.......................................
Topeka, KS..
Trenton, NJ*
Tucson, AZ..
Tulsa, OK....
Tuscaloosa, AL
Tyler, TX.....
Utica-Rome, NY...............................
Vallejo-Fairfield-Napa, CA*................
Ventura, CA*....................................
Victoria, TX......................................
Vineland-Millville-Bridgeton, NJ*........
Visalia-Tulare-Porterville, CA............
Waco, TX.........................................
Washington, DC-MD-VA-WV*...........
Waterloo-Cedar Falls, IA...................
Wausau, Wl......................................
West Palm Beach-Boca Raton, FL.....
Wheeling, WV-OH............................
Wichita, KS......................................
Wichita Falls, TX..............................
2,680
16,611
4,491
13,000
19,129
22,044
3,788
4,541
6,819
13,823
22,128
2,069
3,165
6,917
4,663
182,722
2,964
3,252
44,869
3,365
14,626
3,347
2,852
17,203
4,783
14,386
20,412
23,738
3,984
4,898
7,151
15,281
24,197
2,217
3,320
7,209
4,888
200,708
3,169
3,457
47,656
3,513
15,258
3,533
2,887
17,385
4,973
15,041
21,384
24,903
4,145
5,131
7,306
15,626
24,828
2,300
3,468
7,549
5,029
211,443
3,300
3,573
50,676
3,597
16,161
3,584
1.2
1.1
4.0
4.5
4.8
4.9
4.0
4.7
2.2
2.3
2.6
3.7
4.5
4.7
2.9
5.3
4.1
3.4
6.3
2.4
5.9
1.5
20,698
26,862
26,499
37,311
23,077
27,604
23,037
26,288
22,741
27,069
29,768
24,638
21,633
18,965
22,044
37,693
23,193
25,936
40,172
21,819
26,887
23,786
21,983
27,825
28,127
40,911
24,048
29,486
24,134
27,920
23,863
29,280
31,974
26,391
22,675
19,539
22,837
40,536
24,770
27,455
41,945
22,984
27,940
25,175
22,150
28,098
29,144
42,317
24,767
30,650
25,041
28,824
24,452
29,289
32,232
27,158
23,616
20,166
23,302
41,754
25,826
28,274
43,626
23,783
29,386
25,716
292
128
107
8
231
80
223
114
240
104
56
157
267
309
276
9
189
126
5
265
101
199
26,040
6,469
3,009
3,393
5,161
35,568
2,217
9,892
3,754
27,809
7,063
3,194
3,608
5,436
39,128
2,359
10,563
4,029
29,051
7,339
3,308
3,753
5,606
40,772
2,446
10,898
4,211
4.5
3.9
3.6
4.0
3.1
4.2
3.7
3.2
4.5
27,251
17,887
21,464
24,195
27,398
30,613
25,185
26,668
23,176
28,817
19,046
22,517
25,361
28,762
32,681
26,577
28,208
24,595
29,824
19,271
22,954
25,800
29,550
32,998
27,181
28,835
25,175
95
310
283
193
98
46
156
113
216
Wilmington-Newark, DE-MD*............
Wilmington, NC................................
'fokima, WA......................................
Yolo, CA*.........................................
York, PA...........................................
Youngstown-Warren, OH...................
Yuba City, CA...................................
Yuma, AZ.........................................
2,599
18,624
5,684
4,606
4,311
9,753
13,951
2,953
2,510
2,764
20,111
6,136
4,934
4,678
10,445
14,364
3,088
2,543
2,903
21,221
6,479
5,109
4,793
10,553
14,378
3,114
2,762
5.0
5.5
5.6
3.6
2.5
1.0
0.1
0.8
8.6
21,621
32,073
24,696
20,786
26,084
25,741
23,354
21,383
16,124
23,047
34,179
26,175
22,145
27,547
27,290
24,177
22,130
15,819
24,344
35,638
27,081
22,872
27,332
27,365
24,322
21,983
16,839
244
30
158
286
151
149
245
296
315
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for 20002001 reflect county population estimates available as of April 2003.
2. Percent change calculated from unrounded data.
3. The personal income level shown for the United States is derived as the sum of the county estimates. It differs from the
estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from
6.6
7.1
4.1
5.4
3.5
6.4
3.6
0.5
2.9
5.6
-0.6
3.1
2.6
3.5
2.5
3.6
3.6
2.9
3.8
4.6
-1.7
-6.9
6,191
6,772
7,011
3.5
25,429
27,341
27,917
135
12,071
8,362
4,347
14,293
19,928
7,581
14,983
93,047
2,615
3,032
2,415
8,994
2,964
5,036
6,949
10,012
5,665
7,590
15,685
3,234
2,772
12,223
13,179
9,687
4,646
16,204
21,512
8,069
15,863
99,291
2,786
3,212
2,607
9,416
3,084
5,403
7,321
10,877
6,032
8,149
16,838
3,423
2,924
13,192
13,541
9,426
4,910
16,173
22,545
8,418
16,399
101,059
2,821
3,314
2,633
9,748
3,192
5,694
7,486
11,044
6,277
8,519
17,473
3,618
2,985
13,753
2.7
-2.7
5.7
-0.2
4.8
4.3
3.4
1.8
1.2
3.2
1.0
3.5
3.5
5.4
2.3
1.5
4.1
4.5
3.8
5.7
2.1
4.3
30,414
32,966
29,680
31,522
34,247
25,998
23,878
38,811
21,657
27,052
22,117
22,989
23,921
29,874
26,228
24,100
28,135
23,600
25,834
23,897
20,800
22,127
32,961
37,866
31,365
35,193
36,292
27,509
25,436
41,025
23,180
28,486
23,482
24,000
24,842
31,129
27,534
25,977
29,929
24,933
27,649
25,175
22,207
23,212
33,739
36,865
32,920
34,671
37,212
28,422
26,439
41,229
23,512
29,409
23,366
24,812
25,768
32,154
28,098
26,107
31,037
25,756
28,705
26,396
22,876
23,155
42
23
48
34
20
122
174
12
269
100
274
226
194
57
128
180
73
195
117
175
285
278
the NIFft estimate because, by definition, it omits the earnings of Federal civilian and military personnel stationed abroad and
of U.S. residents employed abroad temporarily by private U.S. firms.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA’s designated by *), and New
England County Metropolitan Areas (NECMA’s). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT NECMA is
presented as a PMSA (part of the New York CMSA).
Source: Table 1 in “Local Area Personal Income, 1999-2001” in the May 2003 issue of the Survey of Current Business.
D-25
December 2003
L. C harts
SELECTED REGIONAL ESTIMATES
S H A R E S O F U .S . P E R S O N A L IN C O M E B Y R E G IO N
1969
2002
N e w England
6 .4 %
N e w England
6 .0 %
Plains
7 .5 %
S outheast
1 7 .3 %
S outhw est
7 .0 %
R ocky M ountain
2 .2 %
Southw est
10 .1 %
R ockV M ountain
3 .1 %
S H A R E S O F U .S. G R O S S STATE P R O D U C T B Y R E G IO N
1977
2 0 0 1
N ew E ngland
5 .2 %
N e w England
5 .9 %
Southeast
19 .6 %
R ocky M ountain
2 .8 %
Rocky M ountain
3 .2 %
A V E R A G E A N N U A L G R O W T H R A TE O F P E R S O N A L IN C O M E , 1 9 9 2 -2 0 0 2
STA TES W IT H F A S T E S T G R O W T H
U S5 | V% a 9 8
STA TE S W IT H S L O W E S T G R O W T H
U Sg
N ev ad a
A rizon a
C olorado
U tah
G eo rg ia
Texas
Idaho
N ew H am psh ire
Florida
North C arolina
1
2
3
4
5
P ercent
U.S. Bureau of Economic Analysis
6
7
8
9
Regional Data
D-26
SELECTED REGIONAL ESTIMATES
U.S. Bureau of Economic Analysis
December 2003
D-27
December 2003
Appendix A
A dditio nal Inform ation A b o u t th e NIPA E stim ates
S tatistical C onven tions
Changes in current-dollar GDP measure changes in the
market value of goods and services produced in the econ
omy in a particular period. For many purposes, it is nec
essary to decompose these changes into quantity and
price components. To compute the quantity indexes,
changes in the quantities of individual goods and services
are weighted by their prices. (Quantity changes for GDP
are often referred to as changes in “real GDP”) For the
price indexes, changes in the prices for individual goods
and services are weighted by quantities produced. (In
practice, the current-dollar value and price indexes for
most GDP components are determined largely using data
from Federal Government surveys, and the real values of
these components are calculated by deflation at the most
detailed level for which all the required data are avail
able.)
The annual changes in quantities and prices are calcu
lated using a Fisher formula that incorporates weights
from 2 adjacent years. For example, the annual percent
change in real GDP in 1997-98 uses prices for 1997 and
1998 as weights, and the 1997-98 annual percent change
in the GDP price index uses quantities for 1997 and 1998
as weights. Because the Fisher formula allows for the
effects of changes in relative prices and in the composi
tion of output over time, the resulting quantity or price
changes are not affected by the substitution bias that is
associated with changes in quantities and prices calcu
lated using a fixed-weighted formula.1 These annual
changes are “chained” (multiplied) together to form time
series of quantity and price; the percent changes that are
calculated from these time series are not affected by the
choice of reference period.
The quarterly changes in quantities and prices are cal
culated with weights from two adjacent quarters. As part
of an annual or comprehensive revision, the quarterly
indexes through the most recent complete year are
adjusted to ensure that the average of the quarterly
indexes conforms to the corresponding annual index.
In addition, BEA prepares measures of real GDP and
its components in a dollar-denominated form, desig
nated “chained (1996) dollar estimates.” These estimates
are computed by multiplying the 1996 current-dollar
value of GDP, or of a GDP component, by the corre
sponding quantity index number. For example, if a current-dollar GDP component equaled $100 in 1996 and if
real output for this component increased by 10 percent in
1997, then the “chained (1996) dollar” value of this com
1. In addition, because the changes in quantities and prices calculated using these
weights are symmetric, the product o f a quantity index and the corresponding price
index is generally equal to the current-dollar index.
ponent in 1997 would be $110 ($100x 1.10). Note that
percentage changes in the chained (1996) dollar estimates
and the percentage changes calculated from the quantity
indexes are identical, except for small differences due to
rounding.
Because of the formula used for calculating real GDP,
the chained (1996) dollar estimates for detailed GDP
components do not add to the chained-dollar value of
GDP or to any intermediate aggregates. A “residual” line
is shown as the difference between GDP and the sum of
the most detailed components shown in each table. The
residual generally is small close to the base period but
tends to become larger as one moves further from it.
Accurate measures of component contributions to the
percentage changes in real GDP and its major compo
nents are shown in NIPA tables 8.2-8.6.
BEA also publishes the “implicit price deflator” (IPD),
which is calculated as the ratio of current-dollar value to
the corresponding chained-dollar value, multiplied by
100; the values of the IPD and of the corresponding
“chain-type” price index are very close.
For quarters and months, the estimates are presented
at annual rates, which show the value that would be regis
tered if the rate of activity measured for a quarter or a
month were maintained for a full year. Annual rates are
used so that time periods of different lengths— for exam
ple, quarters and years— may be compared easily. These
annual rates are determined simply by multiplying the
estimated rate of activity by 4 (for quarterly data) or by
12 (for monthly data).
Percent changes in the estimates are also expressed at
annual rates. Calculating these changes requires a variant
of the compound interest formula:
where r is the percent change at an annual rate; xt is the
level of activity in the later period; x0 is the level of activ
ity in the earlier period; m is the periodicity of the data
(for example, 1 for annual data, 4 for quarterly, or 12 for
monthly); and n is the number of periods between the
earlier and later periods (that is, t - o).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes from
the time series the average impact of variations that nor
mally occur at about the same time and in about the same
magnitude each year— for example, weather, holidays,
and tax payment dates. After seasonal adjustment, cycli
cal and other short-term changes in the economy stand
out more clearly.
D-28
December 2003
A p p e n d ix A
Reconciliation Tables
Table 1. Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
2002
2001
2002
II
III
2003
I
IV
II
III
BEA-derived compensation per hour of all persons in the nonfarm business sector (less
housing)1.................................................................................................................................
3.7
2.8
3.9
2.0
1.6
2.6
3.6
3.2
Less: Contribution of supplements to wages and salaries per hour............................................
0.3
0.6
0.8
0.8
0.9
0.4
0.3
0.0
Plus:. Contribution of wages and salaries per hour of persons in housing and in nonprofit
institutions..................................................................................................................................
-0.1
-0.1
0.3
0.4
0.4
0.2
-0.5
0.1
Less: Contribution of wages and salaries per hour of persons in government enterprises,
unpaid family workers, and self-employed................................................................................
0.5
0.0
0.3
-0.2
0.1
0.0
0.0
0.1
Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector........................................................................................................................
3.4
2.1
3.2
1.1
1.1
2.1
3.2
3.1
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
-0.1
0.0
0.2
-0.4
0.2
-0.2
0.4
0.0
Less: Other differences2..............................................................................................................
-0.3
-0.9
0.4
-2.6
-2.7
-0.9
0.8
0.5
Equals: BLS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls........................................................................................................
3.8
2.9
2.6
4.0
3.6
3.2
2.0
2.6
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector3...........................
3.6
2.8
3.9
2.0
1.6
2.6
3.6
3.1
1. Includes BLS data on compensation and hours of nonfarm proprietors and hours worked of unpaid
family workers.
2. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates also include
differences in BEA and BLS benchmark procedures; quarterly estimates also include differences in seasonal
adjustment procedures.
3. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates include
compensation and hours of tenant-occupied housing.
BLS Bureau of Labor Statistics,
Table 2. Relation of Net Exports of Goods and Services and Net Receipts of Income in the NIPAs
to Balance on Goods and Services and Income in the ITAs
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2001
2002
2002
I
II
2003
III
IV
I
II
Exports of goods and services and income receipts, ITAs........................................................
1
1,284.9
1,229.6
1,188.3
1,230.5
1,255.8
1,244.1
1,241.1
1,244.0
Less: Gold, ITAs.................................................................................................................................
Statistical differences1...................................................................................................................
Other items.....................................................................................................................................
2
3
4
4.9
3.1
0.9
3.4
14.8
0.8
2.6
22.2
0.9
3.5
13.3
1.0
3.6
8.7
0.8
3.8
15.1
0.7
3.8
8.0
0.8
5.6
7.2
0.9
Plus: Adjustment for grossing of parent/affiliate interest payments..................................................
Adjustment for U.S. territories and Puerto Rico............................................................................
Services furnished without payment by financial intermediaries except life insurance carriers...
5
6
7
6.0
50.7
18.3
5.0
57.3
20.1
4.3
56.6
18.6
5.1
56.6
19.8
4.8
57.7
20.6
5.7
58.2
21.3
5.0
58.0
21.5
5.0
57.0
21.5
Equals: Exports of goods and services and income receipts, NIPAs.......................................
8
1,351.1
1,292.9
1,242.2
1,294.1
1,325.9
1,309.6
1,313.1
1,313.9
Imports of goods and services and income payments, ITAs.....................................................
9
1,632.1
1,651.7
1,551.5
1,667.8
1,690.7
1,696.7
1,726.9
1,730.9
Less: Gold, ITAs.................................................................................................................................
Statistical differences1...................................................................................................................
Other items.....................................................................................................................................
10
11
12
4.3
6.2
0.0
2.9
-17.7
0.0
2.0
-1.2
0.0
3.5
-16.9
0.0
3.0
-19.0
0.0
2.9
-33.5
0.0
2.4
-13.9
0.0
4.1
-13.6
0.0
Plus: Gold, NIPAs...............................................................................................................................
Adjustment for grossing of parent/affiliate interest payments.......................................................
Adjustment for U.S. territories and Puerto Rico............................................................................
Imputed interest paid to rest of world............................................................................................
13
14
15
16
-3.4
6.0
35.6
18.3
-3.3
5.0
38.0
20.1
-3.3
4.3
30.1
18.6
-3.6
5.1
37.2
19.8
-3.5
4.8
41.1
20.6
-2.9
5.7
43.4
21.3
-3.4
5.0
31.9
21.5
-3.7
5.0
40.2
21.5
Equals: Imports of goods and services and income payments, NIPAs....................................
17
1,678.0
1,726.1
1,600.4
1,739.8
1,769.7
1,794.7
1,810.6
1,822.1
Balance on goods and services and income ITAs (1-9).............................................................
18
-347.2
-422.1
-363.2
-437.3
-434.9
-452.6
-485.8
-486.9
Less: Gold (2-10+13).........................................................................................................................
Statistical differences (3-11)1.......................................................................................................
Other items (4-12).........................................................................................................................
19
20
21
-2.8
-3.1
0.9
-2.8
32.5
0.8
-2.7
23.4
0.9
-3.6
30.2
1.0
-2.9
27.7
0.8
-2.0
48.6
0.7
15.1
21.9
0.8
16.5
20.8
0.9
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)...........................................................
22
15.1
19.3
26.5
19.4
16.6
14.8
26.1
16.8
Equals: Net exports of goods and services and net receipts of income, NIPAs (8-17)
23
-326.9
-433.2
-358.2
-445.7
-443.8
-485.1
-497.5
-508.2
1. Consists of statistical revisions in the NIRAs that have not yet been incorporated into the ITAs (2003:ll)
and statistical revisions in the ITAs that have not yet been incorporated into the NIPAs (2001 :l-2003:ll).
ITAs International transactions accounts
NIPAs National income and product accounts
December 2003
D-29
Appendix B
S uggested R eading
The Bureau o f Econom ic Analysis (BEA) has published a
wealth o f inform ation about the methodologies that are
used to prepare its national, industry, international, and
regional accounts. In addition, most o f this inform ation
is available on BEA’s Web site at <www.bea.gov>. Look
under “M ethodologies”; for articles from the S u r vey of
C u r r e n t B u sin e s s , look under “Publications.”
National accounts
The national accounts encompass the detailed estimates
in the national income and product accounts (including
gross domestic product) and the estimates o f wealth and
related estimates.
National income and product accounts (NIPAs). This
series o f papers documents the conceptual framework o f
the NIPAs and the methodologies that have been used to
prepare the estimates.
An Introduction to National Economic Accounting
( 1 9 8 5 ) [also i n the M arch 1 9 8 5 S urvey ]
Corporate Profits: Profits Before Tax, Profits Tax Liabil
ity, and Dividends (2002)
Government Transactions ( 1 9 8 8 )
Personal Consumption Expenditures (1990)
The methodologies described in these papers have
been updated and improved, typically as part o f the com
prehensive and annual revisions o f the NIPAs. For more
inform ation, see the following.
National Income and Product Accounts o f the United
States, 1929-97 (2001) provides the definitions o f the m a
jo r NIPA aggregates and com ponents, discusses the m ea
sures o f real output and prices, explains how production
is classified and how the NIPAs are presented, describes
the statistical conventions that are used, and lists the
principal source data and methods that are used to pre
pare the estimates o f gross domestic product (G D P).
[Go to <www.bea.gov/bea/an/nipaguid.htm>.]
The following S urvey articles describe the com prehen
sive revision o f the NIPAs.
“Preview o f the Revised NIPA Estimates for 1997: Ef
fects o f Incorporating the 1997 Benchm ark 1 -0 Accounts
and Proposed D efinitional and Statistical Changes” (Jan
uary 2003)
“Preview o f the 2003 Comprehensive Revision o f the
National Incom e and Product Accounts: Changes in D ef
initions and Classifications” (June 2003)
“Preview o f the 2003 Comprehensive Revision o f the
National Incom e and Product Accounts: New and Rede
signed Tables” (August 2003)
“Preview o f the 2003 Comprehensive Revision o f the
National Incom e and Product Accounts: Statistical
Changes” (September 2003)
In addition, see the following articles.
“Updated Summ ary NIPA M ethodologies” (O ctober
2002) briefly describes the principal source data and
methods used to prepare the current-dollar and real esti
mates o f GDP.
“Annual Revision o f the National Incom e and Product
Accounts” (August 2002).
“BEA’s Chain Indexes, Tim e Series, and Measures o f
Long-Term Econom ic Growth” (May 1997) describes the
conceptual basis for the chain-type measures o f real out
put and prices that are used in the NIPAs.
“Reliability o f GDP and Related NIPA Estim ates” (Jan
uary 2002) evaluates the principal NIPA estimates by ex
amining the record o f revisions to them.
Fixed assets and consumer durable goods. Fixed
Assets and Consumer Durable Goods in the United States,
1 9 2 5 -9 7 (2003) discusses the concepts and statistical con
siderations that underlie the estimates and their deriva
tion.
“Fixed Assets and Consumer Durable Goods for
1 9 2 5 -9 8 ” (April 2000) describes the definitional and sta
tistical improvements that were incorporated in the com
prehensive revision o f the estimates.
Industry accounts
The industry accounts consist o f the estimates o f gross
domestic product by industry, the input-output
accounts, and two satellite accounts.
Mission Statement and Strategic Plan
The mission statem ent o f the Bureau o f Econom ic
Analysis and the latest update to its strategic plan for
improving the accuracy, reliability, and relevance o f
the national, industry, regional, and international
a c c o u n ts are a v a ila b le on B E A ’s W eb s ite at
<www.bea.gov>; look under “About BEA.”
D-30
A p p e n d ix B
Gross product by industry. “Improved Estimates of
Gross Product by Industry for 1947-98” (June 2000) de
scribes the most recent comprehensive revision of these
estimates.
“Gross Domestic Product by Industry for 1999-2001”
(November 2002) describes the most recent annual revi
sion of the these estimates.
Input-output accounts. “Benchmark Input-Output
Accounts for the U.S. Economy, 1997” (December 2002)
presents the 1997 accounts and describes the improve
ments that were incorporated.
Satellite accounts. These accounts extend the analyti
cal capacity of the input-output accounts by focusing on
a particular aspect of economic activity.
“U.S. Transportation Satellite Accounts”
For 1992 (April 1998)
For 1996 (May 2000)
“U.S. Travel and Tourism Satellite Accounts”
For 1992 (July 1998)
For 1996 and 1997 (July 2000)
International accounts
The international accounts encompass the international
transactions accounts, direct investment, and interna
tional transactions in services.
International transactions accounts (ITAs). The
Balance o f Payments o f the United States: Concepts, Data
Sources, and Estimating Procedures (1990) describes the
methodologies used to prepare the estimates in the ITAs
and the international investment position of the United
States. These methodologies are usually updated and
improved as part of the annual revisions of the ITAs.
The annual revisions of the ITAs are described in a
series of articles, the latest of which was published in the
July 2003 Survey.
Direct investment. International Direct Investment:
Studies by the Bureau o f Economic Analysis (1999) is a col
lection of previously published articles on U.S. direct in
vestment abroad and foreign direct investment in the
United States. It also includes the following information.
The “Methodology for U.S. Direct Investment
Abroad,” which is also available in US. Direct
Investment Abroad: 1994 Benchmark Survey, Final
Results (1998)
“A Guide to BEA Statistics on U.S. Multinational
Companies,” which is also available in the March
1995 Survey
“A Guide to BEA Statistics on Foreign Direct
Investment in the United States,” which is also
available in the February 1990 Survey
December 2003
In addition, the updated methodology for foreign
direct investment in the United States is available in For
eign Direct Investment in the United States: Final Results
From the 1997Benchmark Survey (2001).
International services. U.S. International Transac
tions in Private Services: A Guide to the Surveys Conducted
by the Bureau o f Economic Analysis (1998) describes 11
surveys. It includes classifications, definitions, release
schedules, the methods used to prepare the estimates, and
samples of the survey forms.
“Selected Issues in the Measurement of U.S. Interna
tional Services” (June 2002) describes key issues in defin
ing and measuring insurance, wholesale and retail trade,
finance, construction, and utilities services and explores
possible actions to address these issues.
Regional accounts
The regional accounts include estimates of personal
income and gross state product.
Personal income. Estimates of personal income are
prepared for States and for local areas.
“Comprehensive Revision of State Personal Income
for 1969-99” (June 2000) summarizes the changes in the
methodology that is used to prepare the estimates. The
detailed methodology is available on the CD-ROM State
Personal Income, 1929-2000.
“State Personal Income: Revised Estimates for 19992001” (October 2002) presents the most recent annual re
vision of these estimates.
“The Reliability of the State Personal Income Esti
mates” (December 2003) evaluates the estimates of state
personal income and of selected components by examin
ing the revisions of these estimates.
“Comprehensive Revision of Local Area Personal In
come for 1969-98” (July 2000) summarizes the changes
in the methodology that is used to prepare the estimates
for counties and metropolitan areas. The detailed meth
odology is available on the CD-ROM Regional Economic
Information System, 1969-2001.
“Local Area Personal Income, 1999-2001” (May 2003)
presents the most recent annual revision of these esti
mates.
Gross state product. “Comprehensive Revision of
Gross State Product by Industry, 1977-94” (June 1997)
summarizes the sources and the methods that are used to
prepare the estimates. “Gross State Product by Industry,
1977-98” (October 2000) describes the most recent com
prehensive revision of these estimates.
“Gross State Product by Industry, 1999-2001” (June
2003) presents the most recent annual revision of these
estimates.
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