Full text of Survey of Current Business : February 2007
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In This Issue . . .
Alternative Measures of Personal Saving
Integrated Macroeconomic Accounts fo r the United States
A History o f the U.S. National Income and Product Statistics
S BEA
BUREAU OF ECONOMIC ANALYSIS
U.S. DEPARTMENT OF COMMERCE
ECONOMICS AND STATISTICS ADMINISTRATION
U.S. D ep artm ent of C om m erce
Carlos M. Gutierrez, Secretary
E conom ics and S tatistics A d m inistration
Cynthia A. Glassman, Under Secretary for Economic Affairs
B ureau of E conom ic A nalysis
J. Steven Landefeld, Director and Acting Chief Economist
Rosemary D. Marcuss, Deputy Director
Dennis J. Fixler, Chief Statistician
Ralph Kozlow, Associate Director for International Economics
Vacant, Chief Information Officer
Brent R. Moulton, Associate Director for National Economic Accounts
Sumiye Okubo, Associate Director for Industry Accounts
Vacant, Associate Director for Regional Economics
B EA A d viso ry C om m ittee
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national,
regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising
from innovative and advancing technologies, and it provides recommendations from the perspective of business economists, academi
cians, researchers, and experts in government and international affairs.
Dale W. Jorgenson, Chair, Harvard University
Alan J. Auerbach, University of California, Berkeley
Richard B. Berner, Morgan Stanley
Michael J. Boskin, Stanford University
Barry P. Bosworth, The Brookings Institution
Susan M. Collins, Georgetown University
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University of Maryland
Edward E. Learner, University of California, Los Angeles
Therese J. McGuire, Northwestern University
William D. Nordhaus, Yale University
Joel L. Prakken, Chairman, Macroeconomic Advisers, LLC
James Kim, Editor-in-Chief
M. Gretchen Gibson, Managing Editor
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Cindy M. Staudt, Editor
Robert E. Wehausen, Production Editor
Danielle M. Wittenberg, Editor
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ness required by law of the Department.
Survey of C urrent B usiness
F ebru ary 2007
1
Volum e 87 • N u m b er 2
G D P and th e Econom y: A dvance E stim ates fo r th e Fourth Q u arter of 2006 and
fo r 2006
Real GDP increased 3.4 percent after increasing 2.0 percent, reflecting a downturn in imports and
accelerations in consumer spending for nondurable goods, in exports, and in Federal, state, and
local government spending. In 2006, real GDP increased 3.4 percent after increasing 3.2 percent.
6 Real GDP for 2006
7
A lte rn a tiv e M easures o f Personal Saving
In 2005, NIPA annual personal saving, at -0.4 percent of disposable personal income, was negative
for the first time since 1933. Like the NIPA measure, four alternative measures show that personal
saving has fallen in the last two decades, but their levels differ from the NIPA measure.
14
Integrated M acro eco n o m ic A cco u n ts fo r th e U nited States
BEA and the Federal Reserve Board have developed integrated accounts that relate U.S. economic
activity to changes in net worth for the major sectors of the U.S. economy.
32
U.S. N ational Inco m e and Product Statistics: Born of th e G reat D ep ressio n and
W orld W ar II
The initial national income and product accounts were created in the wake of two crises: The Great
Depression and World War II. The story of the early accounts illustrates the scholarly debates that
gave way to the compromises required to produce these accounts when they were most needed.
w w w .bea.gov
February 2007
D -1
B EA C urren t and H istorical Data
#/#
D ire c to r’s M essage
iv
Taking A cco u n t
B E A ’s W eb S ite and C on tacts (inside back co ver)
S ched ule of U pcom ing N ew s R eleases (back cover)
Looking A head . . .
R&D by U.S. M ultinational C om panies. Preliminary results o f the R&D activities o f
these companies from the benchmark survey o f U.S. direct investment abroad will be
published in the March S u r v e y .
Internal M arkets o f M ultinational Firm s. A Research Spotlight exploring the use
and growing significance o f internal market operations will be featured in the March
Su r v e y .
February 2007
///'
Director’s Message_______________
The Bureau o f Economic Analysis has been producing economic
statistics for more than 70 years, providing essential data for gen
erations o f economists and policymakers. In this month’s S u r v e y
o f C u r r e n t B u s i n e s s , we are pleased to provide a look at the early
history o f the national income and product accounts (NIPAs),
showing how the first measures o f national income and product
evolved from two crises, the Great Depression and World War II.
Another article this month presents an integrated view o f
BEA’s saving and investment measures and the Federal Reserve
Board’s flow o f funds financial accounts. A joint project to inte
grate these accounts has been underway for several years and
should be useful to analysts seeking a more detailed statistical
view o f nonfinancial economic activity and financial activity.
BEA continues to look for ways to better integrate our data with
data from other statistical agencies.
A related article explores the personal saving rate. In 2005, the
NIPA measure o f the personal saving rate turned negative for the
first time since 1933, sparking concern am ong policymakers and
others. The article explores various alternative measures o f per
sonal saving, each o f which sheds light on issues such as whether
Americans are saving enough for retirement and how the Nation
finances its investment needs.
As always, the m ost recent estimates o f gross domestic product
are available in a user-friendly format in “GDP and the Econ
omy.”
iv
February 2007
T a k in g A c c o u n t...
Study Explores Hedonic
Indexes for Real Estate
In keeping with BEA’s long
standing use o f quality-based
price indexes for real estate, BEA
economist Leonard Loebach has
explored the creation and use o f
quality-based price indexes for
various apartment and nonresi
dential buildings. In a working
paper, he concluded that the
approach shows much promise
for statistical agencies and
should be further studied.
Using a national set o f data
about various characteristics o f
structures, such as square foot
age and number o f stories,
Loebach generated and analyzed
both annual and quarterly price
indexes for eight types o f struc
tures, including apartments,
shopping centers, warehouses,
and office buildings among
others, for 1995-2004.
Loebach’s analysis found that
hedonic price measures do not
increase faster than those in
dexes currently used in the na
tional income and product
accounts (NIPAs), and many he
donic price measures increase
0.5-2 percent per year less than
those currently used.
Loebach’s
working
paper
builds upon his previous work,
which explored the use o f con
tract data to construct price in
dexes. The updated working
paper takes into account several
relatively recent national eco
nomic
accounting
develop
ments, notably the adoption o f
chain-type quantity indexes as
the featured measure for real ex
penditures in the NIPAs.
Loebach’s study also sug
gested a few areas where further
research would be beneficial,
such as issues related to the vola
tility o f quarterly real estate price
indexes.
The working paper is avail
able on the BEA Web site at
< www.bea.gov> by clicking on
“ Papers and Working Papers.”
BEA’s Landefeld Moderates
Panel on Health Accounts
In January, BEA organized two
sessions at the annual Allied So
cial Sciences Association meet
ings in Chicago. The sessions
brought together academic ex
perts and BEA researchers to dis
cuss issues related to the
development of national health
accounts. Among the academic
participants were Joseph Newhouse (Harvard University),
who chairs a National Acade
mies panel on national health
accounts, and Dr. Allison Rosen
(University o f Michigan), who is
working with David Cutler
(Harvard University) to develop
a prototype set o f health ac
counts. Other participants in
cluded key researchers in the
area o f health economics: Ernst
Berndt (M assachusetts Institute
o f Technology), David Meltzer
(University o f Chicago), and
Jack Triplett (Brookings Institu
tion).
During the sessions, BEA
staff also presented their re
search on related issues. Michael
Christian reported findings from
his study that used data on treat
ment outcomes to measure the
quality-adjusted output o f hos
pitals. Two papers, one by Ana
Aizcorbe and Nicole Nestoriak
and another by Alan White and
Jaison Abel (from Analysis
Group, working under contract
for BEA), focused on the use o f
treatment episodes constructed
from health claims data as a
means o f m easuring the cost o f
health care. BEA intends to pu b
lish selected papers from these
sessions in a future issue o f the
S u r v e y o f C u r r e n t B u s in e s s .
More Subscribers to BEA’s
E-mail Alert Service
BEA’s e-mail alert service, which
provides notifications about
BEA releases, had more than
14,000 subscribers at the end o f
2006, compared with just over
8,300 in 2005. People interested
in receiving alerts can subscribe
at < www.bea.gov>; they can un
subscribe online at any time.
1
February 2007
GDP and the Economy
Advance Estimates for the Fourth Quarter of 2006 and
for 2006
I N the fourth quarter o f 2006, U.S. economic growth
accelerated and inflation decelerated, according to
the “advance” estimates o f the national income and
product accounts.1 For the year 2006, real gross do
mestic product (GDP) accelerated slightly and infla
tion decelerated (see “Real GDP for 2006” ).
In the fourth quarter, real GDP increased 3.5 per
cent, following a 2.0-percent increase in the third quar
ter (chart 1 and table l) .2 The step-up primarily
reflected a downturn in imports (which are subtracted
in the calculation o f GDP) and accelerations in con
sumer spending for nondurable goods, in exports, in
Federal Government spending, and in state and local
government spending.3 In contrast, inventory invest
ment and investment in equipment and software
turned down; nonresidential structures decelerated.
• Prices o f goods and services purchased by U.S. resi
dents decelerated, increasing 0.1 percent after
increasing 2.2 percent. Energy prices turned down
sharply and food prices slowed.
• Real disposable personal income (DPI) increased
5.4 percent, compared with a 4.1-percent increase in
the third quarter. The acceleration reflected a down
turn in the implicit price deflator used to adjust
current-dollar DPI, which decelerated.
• The personal saving rate, personal saving as a per
centage o f current-dollar DPI, was -1.0 percent in
the fourth quarter; in the third quarter, it was -1.2
percent.
1. Each GDP estimate for a quarter (advance, preliminary, and final)
incorporates increasingly comprehensive and improved source data. More
information can be found at <www.bea.gov/bea/about/infoqual.htm> and
at < www.bea.gov/bea/faq/national/gdp_accuracy.htm>. Quarterly esti
mates are expressed at seasonally adjusted annual rates, which show the
value of an activity if the quarterly rate were maintained for a year.
2.“Real” estimates are in chained (2000) dollars, and price indexes are
chain-type measures.
3. In this article, “consumer spending” refers to the NIPA series “personal
consumption expenditures,” “inventory investment” refers to “change in
private inventories,” “Federal Government spending” refers to “Federal
Government consumption expenditures and gross investment,” and “state
and local government spending” refers to “state and local government con
sumption expenditures and gross investment.”
Chart 1. GDP, Prices, Disposable Personal Income (DPI)
Real GDP: Percent change from the preceding quarter
2003
2004
N o n re s id e n tia l fix e d in v e s tm e n t
R e sid e n tia l fixed in ve stm e n t
In v e n to ry inve s tm e n t
E x p o rts
Im p o rts
________ G o v e rn m e n t sp e n d in g
-2
0
-1
1
2
Percentage points at an annual rate
Prices: Percent change from the preceding quarter
P ric e s o f g ro s s d o m e s tic p u rc h a s e s
2003
2004
2005
2006
DPI: Percent change from the preceding quarter
-4
- l-
-6
2003
2006
C o n s u m e r s p e n d in g
-2
Christopher Swann prepared this article.
2005
Contributions to the increase in real GDP in 2006:1V
U.S. Bureau of Economic Analysis
I___ L
2004
r
J___ L
2005
J ___ I___ L
2006
GDP and the Economy
2
February 2007
Real G D P O verview
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Share of
currentdollar
GDP
(percent)
Change from
preceding period
(percent)
2006
Contribution to percent
change in real GDP
(percentage points)
2006
2006
2005 2006
IV
2005
III
IV
2.0
3.5
Gross dom estic p ro d u c t1....
100.0
3.2
Personal consum ption
expenditures...............................
69.9
3.5
3.2
2.8
Durable goods..............................
Nondurable goods.......................
Services.......................................
8.0
20.3
41.6
5.5
4.5
2.6
5.1
3.8
2.5
6.4
1.5
2.8
16.2
15.9
5.4
Fixed investment.........................
7.5
4.6
3.0
Nonresidential..........................
10.6
6.8
Structures.............................
Equipment and software.....
3.2
7.4
1.1
8.9
Residential...............................
5.3
8.6
Gross private dom estic
investm ent..................................
3.4
2006
III
IV
3.2
3.4
4.4
2.44
6.0
6.9
2.9
0.45
0.90
1.09
-0.8 -11.0
-1.2 -7.3
0.87
1.17
0.75 -0.13 -1.92
0.49 -0.19 -1.21
7.4
10.0
-0.4
0.67
0.75
1.01 - 0 .0 5 '
9.1
6.7
15.7
7.7
2.8
-1.8
0.03
0.64
0.26
0.49
0.46 0.09
0.55 -0.13
-4.2 -18.7 -19.2
3.5
2.25
1.96
3 .0 5 '
0.41
0.78
1.05
0.50
0.32
1.14
0.47
1.38
1.20
0.26
0.06 -0.71
Net exports o f goods and
s e rv ic e s ........................................
-5.2
Exports..........................................
11.3
6.8
8.9
6.8
10.0
0.68
0.93
0.73
1 .0 8 '
Goods.......................................
Services...................................
8.0
3.3
7.5
5.1
10.5
5.2
9.4
0.8
8.8
13.0
0.52
0.16
0.76
0.17
0.71
0.03
0.68
0.40
-3.2 -0.94 -0.95 -0.93
0.56
-0.26 -0.02 -0.19
1.64
Imports.........................................
16.5
6.1
5.8
5.6
Goods.......................................
Services...................................
Government consumption
expenditures and gross
investm ent..................................
13.8
2.7
6.7
2.8
5.9
5.3
7.1
-2.6
19.1
0.9
2.1
1.7
3.7
0.17
0.40
0.32
0.70
Federal..........................................
6.9
1.5
2.0
1.3
4.5
0.11
0.14
0.09
0.31
National defense.....................
Nondefense..............................
4.7
2.2
1.7
1.1
1.9
2.2
-1.2
6.5
11.9
-9.3
0.08
0.03
0.09 -0.06
0.53
0.05 0.15 -0.22
State and local.............................
12.1
0.5
2.1
1.9
3.3
0.06
0.26
-5.0 -0.87 -0.81 -1.00
0.73
6.7 -0.07 -0.14 0.07 -0.17
0.23
0.39
1. The estimates of GDP under the contribution columns are also percent changes.
Percent changes are from NIPA table 1.1.1, contributions are from NIPA table 1.1.2, and shares
are from NIPA table 1.1.10.
N o te .
[Seasonally adjusted at annual rates]
Change from
preceding period
(percent)
2006
2006
Gross dom estic p roduct1 ...............
Exports picked up, increasing 10.0 percent after a 6.8percent increase and primarily reflecting an accelera
tion in exports of services. Services accelerated, prima
rily reflecting an upturn in travel.
Imports turned down sharply. The decrease was the
largest since the first quarter of 2003. The downturn in
goods imports reflected downturns in nonpetroleum
industrial supplies and materials, in petroleum and
products, and in nonautomotive capital goods. Im
ports of services turned up, primarily reflecting an up
turn in travel by U.S. citizens abroad.
Federal Government spending accelerated, reflecting
an upturn in defense spending that was moderated by
a downturn in nondefense spending.
2006
2005 2006
ill
Inventory investment turned down and subtracted
0.71 percentage point from real GDP growth.
Contribution to percent
change in real GDP
(percentage points)
2005 2006
IV
Residential investment decreased for the fifth consecu
tive quarter, reflecting a decrease in single-family
structures. The 19.2-percent decrease subtracted 1.16
percentage points from real GDP growth.
State and local government spending accelerated, pri
marily reflecting an upturn in spending for structures.
Table 2. Real Gross Domestic Product (GDP) by Type of Product
Share of
currentdollar
GDP
(percent)
Nonresidential fixed investment turned down. A
downturn in equipment and software primarily re
flected a downturn in transportation equipment and a
deceleration in information processing equipment
and software. Industrial equipment and “other”
equipment also contributed to the downturn.
0.50 -0.26 -1.20 -1.16
......... -0.30
Change in private inventories.....
2.0
Consumer spending accelerated, contributing 3.05
percentage points to real GDP growth. Nondurablegoods spending accelerated.
IV
III
IV
100.0
3.2
3.4
2.0
3.5
3.2
3.4
2.0
3.5
Final sales of domestic product
99.7
3.5
3.1
1.9
4.2
3.52
3.12
1.90
4.19 -
Change in private inventories
G oods..............................................
Services...........................................
Structures.........................................
0.3
31.4
58.0
10.6
4.6
2.3
4.6
6.4
2.3
0.6
3.8
2.8
-7.4
7.9
-0.30
1.43
3.5 1.31
-8.6 0.49
0.26
1.97
27.4 -3 1 7
0.20 -0.05
Real final sales of domestic product, real GDP less in
ventory investment, increased 4.2 percent after in
creasing 1.9 percent.
0.06 -0.71
1.17 2.42
1.35 1.63 2.01
0.06 -0.84 -0.96
Motor vehicle output turned down and subtracted
1.17 percentage points from real growth after contrib
uting 0.76 percentage point in the third quarter.
0.76 -1 .1 /
Final sales of computers accelerated, contributing 0.25
percentage point to real GDP growth after contribut
ing 0.07 percentage point in the third quarter.
Addenda:
2.9
5.9
-1 7
97.1
3.1
3.6
1.2
4.8
3.03
3.44
1.20
4.64
Final sales of computers....................
0.7
24.5
17.1
11.7
46.7
0.16
0.11
0.07
0.25-
GDP excluding final sales of
computers.......................................
99.4
3.1
3.3
1.9
3.2
3.07
3.28
1.89
3.23
Motor vehicle output...........................
GDP excluding motor vehicle output
1. The estimates of GDP under the contribution columns are also percent changes.
Note. Percent changes are from NIFA table 1.2.1, contributions are from NIPA table 1.2.2, and shares
are calculated from NIPA table 1.2.5.
February 2007
Survey
of
C u r r e n t B u s in e s s
3
Prices
Table 3. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index numbers (2000=100)]
Contribution to percent
change in gross
domestic purchases prices
(percentage points)
Change from
preceding period
(percent)
2006
2005
2005
III
Gross dom estic purchases1................
3.5
2006
2006
3.1
IV
2.2
0.1
3.5
3.1
-0.8
1.92
1.83
Personal consum ption expenditures........
2.9
2.8
2.4
Durable goods..............................................
Nondurable goods.......................................
Services.......................................................
-0.7
3.6
3.2
-1.4
-1.1
2.3
3.0
3.1
3.4
2006
III
IV
2.2
0 .1 '
1.55 -0 .5 3 -
-2.8 -0.06 -0.11 -0.08 -0.22
-8.0 0.70 0.59 0.46 -1.61
3.4 1.28 1.35 1.18 1.30
Gross private dom estic investm ent...........
3.4
3.2
0.6
3.0
0.53
0.51
0.10
0.46
Fixed investment.........................................
3.5
3.3
0.5
2.9
0.53
0.51
0.08
0.43
2.2
0.25
0.28
0.09
0 .2 2 '
Nonresidential.........................................
2.6
2.8
0.9
Structures.............................................
Equipment and software.....................
Residential................................................
Change in private inventories.....................
11.3
-0.4
b.1
11.4
-0.3
4.U
5.3
-0.9
-0.1
5.1 0.27 0.29 0.15
1.0 -0.03 -0.02 -0.06
4 .1 0.28 U.23 -0.01
0.00 0.00 0.02
0.15
0.07
0.21
0.03
Government consum ption expenditures
and gross investm ent...............................
5.6
4.3
2.8
0.8
1.01
0.77
0.51
Federal.........................................................
National defense......................................
Nondefense.............................................
State and local............................................
4.8
5.1
4.1
6.2
3.4
3.4
3.5
4.8
2.0
2.3
1.4
3.4
-0.1
-0.5
0.7
1.2
0.32
0.23
0.09
0.69
0.23
0.15
0.08
0.54
0.13 -0.01
0.10 -0.02
0.03 0.02
0.38 0.14
3.0
Addenda:
Gross domestic purchases:
Food.............................................................
2.2
2.3
Energy goods and services........................
19.1
11.6
0.14
2.3
0.20
0.22
0.28
0.6 -34.5
0.79
0.54
0.03 -2.08
2.2
2.46
2.34
1.85
Excluding food and energy.........................
2.8
2.7
Personal consumption expenditures (PCE):
Food.............................................................
Energy goods and services........................
2.2
17.1
2.3
11.5
Excluding food and energy.........................
2.1
2.2
2.2
2.1
“Market-based” P C E ...................................
2.7
2.6
2.2
-1.6
2.3
0.22
1.93
2.9
1.8
3.7 -36.7
Excluding food and energy.....................
1.7
1.9
1.9
1.7
Gross domestic product..................................
3.0
2.9
1.9
1.5
1. The estimates under the contribution columns are also percent changes.
Most percent changes are from NIPA table 1.6.7; percent changes for PCE for food and energy
goods and services and for PCE excluding food and energy are calculated from index numbers in NIPA
table 2.3.4. Contributions are from NIPA table 1.6.8.
N o te .
Inflation, as measured by the price index for gross do
mestic purchases, was 0.1 percent, compared with 2.2
percent in the third quarter. It was the slowest rate of
inflation since the first quarter of 1998. Energy prices
turned down sharply, decreasing 34.5 percent after in
creasing 0.6 percent. Food prices decelerated. Exclud
ing food and energy prices, inflation was 2.3 percent.
Consumer prices, as measured by the PCE price index,
turned down, decreasing 0.8 percent after increasing
2.4 percent. The decrease reflected a sharp downturn
in energy prices and a deceleration in food prices.
Prices of nonresidential fixed investment accelerated;
prices for transportation equipment turned up.
Prices of residential fixed investment increased 4.1
percent.
Prices paid by government slowed. Prices paid by the
Federal Government turned down, and prices paid by
state and local governments decelerated.
Consumer prices excluding food and energy, a mea
sure of the “core” rate of inflation, increased 2.1 per
cent, following a 2.2-percent increase.
The “market-based” PCE price index decreased 1.6
percent after increasing 2.2 percent. Excluding food
and energy, the index increased 1.7 percent after in
creasing 1.9 percent.
The GDP price index increased 1.5 percent after in
creasing 1.9 percent. The larger increase in the GDP
price index than in the gross domestic purchases price
index primarily reflected a decrease in import prices,
which decreased 8.5 percent after increasing 5.4 per
cent. Export prices decreased 0.3 percent after increas
ing 4.5 percent.
Note on Prices
The gross domestic purchases price index measures the
prices paid by U.S. residents for all goods and services. It is
derived from the prices of personal consumption expendi
tures (PCE), gross private domestic investment, and gov
ernment consumption expenditures and gross investment.
It differs from the GDP price index because it excludes
price changes of exported goods and services and includes
price changes of imported goods and services (which are
counted as part of consumption or investment).
The GDP price index measures the prices paid for the
goods and services produced in the United States. It is
derived from the prices of PCE, gross private domestic
investment, net exports of goods and services, and govern
ment consumption expenditures and gross investment. It
differs from the gross domestic purchases price index
because it excludes price changes of imported goods and
services and includes price changes of exported goods and
services.
Differences between the two price indexes reflect the
changes in the prices of imports relative to the changes in
the prices of exports. For example, quarter-to-quarter
changes in the price index for gross domestic purchases are
generally greater than changes in the GDP price index if
increases in import prices exceed increases in export prices
or if decreases in import prices are smaller than decreases
in export prices.
GDP and the Economy
4
February 2007
Personal Incom e
Table 4. Personal Income and Its Disposition
[Billions of dollars; quarterly estimates are seasonally adjusted at annual rates]
Change from
preceding period
Level
2006
2006
2005
10,897.4 11,096.3
Personal in co m e .
2006
Compensation of employees, received.......
7.493.1
7,628.4
Wage and salary disbursements..............
Private industries...................................
Goods-producing industries..............
Manufacturing................................
Services-producing industries.........
Trade, transportation, and utilities.
Other services-producing industrie
Government............................................
Supplements to wages and salaries.......
Proprietors’ income with IVA and CCAdj.....
Farm............................................................
Nonfarm .....................................................
6.037.7
5.023.7
1.181.4
737.9
3.842.4
997.8
2.844.5
1,013.9
1,455.4
1.014.8
991.9
6,145.3
5.114.1
1.193.0
740.0
3.921.2
1.013.9
2.907.3
1,031.2
1.483.1
1,024.0
28.3
995.8
Rental income of persons with C C Adj.........
Personal income receipts on assets............
76.5
1.657.6
79.4
1.696.9
Personal interest income...........................
1.018.1
1.028.2
Personal dividend incom e........................
639.6
668.8
Personal current transfer receipts................
1,602.1
1.629.4
22.8
2006
507.8 658.2
157.2
131.8
Compensation increased $110.3 billion, compared
with an increase of $92.6 billion. The acceleration in
wages and salaries was spread across private indus
tries; wages and salaries in government decelerated.
Rental income decelerated, mainly reflecting a decel
eration in space rent and an acceleration in total ex
penses.
Personal interest income turned down, reflecting a
broad decline in interest rates over the quarter.
Less'. Contributions for government social
insurance....................................................
946.6
961.8
54.2
66.0
Less: Personal current taxes.............................
1.362.6
1.390.5
153.3
159.5
Equals: Disposable personal income...............
9.534.8
9.705.8
354.5
498.7
152.1
107.5 \
Less: Personal outlays....................... ..............
Equals: Personal saving...................................
9.626.8
-92.0
9.801.8 563.7 555.9
-96.0 -209.1 -57.2
133.0
19.1
91.8
15.7
Addenda: Special factors in personal incom e
In government wages and salaries:
Federal pay raise.............................................
Federal civilian retroactive pay......................
Reservists’ pay................................................
In supplements to wages and salaries:
Employer contributions for social insurance...
In nonfarm proprietors’ income:
Hurricane-related destruction of uninsured
business property.......................................
In personal current transfer receipts:
Social security retroactive payments.............
Cost-of-living adjustments under Federal
transfer programs.......................................
FEMA disaster assistance benefits...................
In contributions for government social
insurance:
Changes in premium for supplementary
medical insurance.......................................
In personal current taxes:
Federal tax law changes................................
Refunds, settlements, and oth e r...................
Dollar levels are from NIPA tables 2.1 and 2.2B.
IVA Inventory valuation adjustment
N o te .
Personal income, which is only measured in current
dollars, increased $131.8 billion after increasing
$157.2 billion. The deceleration primarily reflected a
downturn in personal interest income and decelera
tions in personal current transfers and in rental in
come. Wages and salaries accelerated.
Personal current transfers decelerated because of a
downturn in state and local government benefits
(mainly Medicaid payments).
Personal current taxes accelerated mainly as a result of
an upturn in state and local taxes.
Current-dollar disposable personal income deceler
ated, reflecting both the deceleration in personal in
come and the acceleration in personal current taxes.
25.2
0.7
4.9
0.0
0.0
-4.1
26.2
CCAdj Capital consumption adjustment
Shart 2. Personal Saving Rate
Saving
Personal saving—disposable personal income less personal
outlays—was -$96.0 billion in the fourth quarter. Saving
from current income may be near zero or negative when
outlays are financed by borrowing (including borrowing
financed through credit cards or home equity loans), by sell
ing investments or other assets, or by using saving from pre
vious periods. See “Alternative Measures of Personal Saving”
in this issue.
S e a s o n a lly a d ju s te d a n n u a l ra te s
m
u
n
i
.
I
i
i
i
l
i
i
2003
2004
U.S. Bureau of Economic Analysis
i
l
i
i
2005
I
.
,
I
............
2006
1
February 2007
S urvey
of
5
C u r r e n t B u s in e s s
Source Data for the Advance Estimates
Table 5. Monthly Advance Estimates of Key NIPA Components Based on Partial Data, 2006:1V
[B illio n s o f d o lla r s , s e a s o n a l l y a d j u s t e d a t a n n u a l r a t e s ]
S e p t.
A ugust
O c t.
N ov.
o
CD
O
2 0 0 6
J u ly
P r iv a te fix e d in v e s tm e n t:
N o n re s id e n tia l s tr u c tu re s :
V a lu e o f n e w
n o n r e s i d e n t i a l c o n s t r u c t i o n p u t i n p l a c e ....................................................................................................
3 0 3 .0
3 1 2 .1
3 1 0 .5
3 1 2 .0
3 1 6 .5
3 1 4 .2
3 0 .6
3 4 .8
3 8 .8
3 4 .4
3 4 .2
3 3 .5
S i n g l e f a m i l y .......................................................................................................................................................................................................................
4 1 1 .3
3 9 8 .7
3 8 8 .7
3 7 4 .0
3 6 2 .5
3 5 6 .0
M u l t i f a m i l y ...............................................................................................................................................................................................................................
5 5 .4
5 5 .6
5 7 .3
5 9 .4
6 0 .1
5 9 .0
7 .5
9 .3
- 4 .4
- 8 .6
4 .6
5 .0
4 9 .8
8 4 .0
3 0 .3
2 4 .0
6 8 .5
7 1 .1
U . S . e x p o r t s o f g o o d s , i n t e r n a t i o n a l - t r a n s a c t i o n s - a c c o u n t s b a s i s .................................................................
1 ,0 2 5 .5
1 ,0 5 6 .3
1 ,0 6 3 .4
1 ,0 6 2 .0
1 ,0 6 9 .1
1 ,0 7 7 .5
E x c l u d i n g g o l d .................................................................................................................................................................................................................
1 ,0 1 7 .8
1 ,0 4 6 .0
1 ,0 5 2 .2
1 ,0 5 2 .7
1 ,0 6 0 .9
1 ,0 6 9 .3
E q u ip m e n t a n d s o ftw a re :
M a n u f a c t u r e r s ’ s h i p m e n t s o f c o m p l e t e a i r c r a f t .........................................................................................................................
R e s id e n tia l s tru c tu re s :
V a lu e o f n e w
r e s i d e n t i a l c o n s t r u c t i o n p u t in p l a c e :
C h a n g e in p r iv a t e in v e n to r ie s :
C h a n g e i n i n v e n t o r i e s f o r n o n d u r a b l e m a n u f a c t u r i n g ..............................................................................................................
C h a n g e in i n v e n t o r i e s f o r m e r c h a n t w h o l e s a l e a n d r e t a i l i n d u s t r i e s o t h e r t h a n
m o to r
v e h i c l e s a n d e q u i p m e n t ............................................................................................................................................................................................
N et e x p o rts : 2
E x p o rts o f g o o d s :
I m p o rts o f g o o d s :
U . S . i m p o r t s o f g o o d s , i n t e r n a t i o n a l - t r a n s a c t i o n s - a c c o u n t s b a s i s .................................................................
1 ,9 0 6 .9
1 ,9 5 4 .7
1 ,9 0 6 .6
1 ,8 4 2 .3
1 ,8 4 5 .5
1 ,8 7 2 .4
E x c l u d i n g g o l d .................................................................................................................................................................................................................
1 ,9 0 0 .9
1 ,9 4 9 .7
1 ,9 0 0 .8
1 ,8 3 6 .9
1 ,8 4 0 .8
1 ,8 6 7 .4 .
N e t e x p o r t s o f g o o d s ............................................................................................................................................................................................................
- 8 8 1 .4
- 8 9 8 .4
- 8 4 3 .2
- 7 8 0 .3
- 7 7 6 .4
- 7 9 4 .9
E x c l u d i n g g o l d .......................................................................................................................................................................................................................
- 8 8 3 .1
- 9 0 3 .8
- 8 4 6 .6
- 7 8 4 .1
- 7 7 9 .8
- 7 9 8 .1
2 5 2 .2
2 5 2 .3
2 5 3 .0
2 5 8 .7
2 5 7 .3
S ta te a n d
lo c a l g o v e rn m e n t s tr u c tu re s :
V a l u e o f n e w c o n s t r u c t i o n p u t i n p l a c e ........................................................................................................................................................
1 . A s s u m p tio n .
2 . N o n m o n e ta ry
p o rts ,
g o ld
is in c lu d e d
in b a l a n c e - o f - p a y m e n t s e x p o r t s a n d
b u t it i s
im -
not used
d ire c tly
in
e s tim a tin g
e x p o rts
and
2 5 5 .9
im p o r ts
in
th e
n a tio n a l in c o m e a n d p r o d u c t a c c o u n ts .
Summary of the Source Data for the Advance Estimates of GDP for the Fourth Quarter of 2006
The advance estimates of many components of GDP are
based on 3 months of source data, but the estimates of
some components are based on only 2 months of data. For
the following items, the number of months for which data
are available is shown in parentheses.
Personal consumption expenditures: Sales of retail stores
(3), unit auto and truck sales (3), and consumers’ shares of
auto and truck sales (2);
Nonresidential fixed investment: Unit auto and truck sales
(3), construction put in place (2), manufacturers’ ship
ments of machinery and equipment other than aircraft (3),
shipments of civilian aircraft (2), and exports and imports
of machinery and equipment (2);
Residential investment: Construction put in place (2), single-family housing starts (3), sales of new homes (3), and
sales of existing houses (3);
Change in private inventories: Trade and nondurablegoods manufacturing inventories (2), durable-goods man
ufacturing inventories (3), and unit auto and truck invento
ries (3);
Net exports of goods and services: Exports and imports of
goods and services (2);
Government consumption expenditures and gross invest
ment: Federal outlays (3), state and local government con
struction put in place (2), and state and local government
employment (3);
Compensation: Employment, average hourly earnings, and
average weekly hours (3);
GDP prices: Consumer price indexes (3), producer price
indexes (3), and values and quantities of petroleum imports
( 2).
Unavailable source data
When source data were unavailable, BEA made various
assumptions for December, including the following:
• An increase in nondurable-goods manufacturing invento
ries,
• An increase in nonmotor vehicle merchant wholesale and
retail inventories,
• Increases in exports and in imports of goods excluding
gold.
Table 5 shows the assumptions for key series; a more
comprehensive list is available on BEA’s Web site at
<www.bea.gov/national/index.htm#supp> .
GDP and the Economy
6
February 2007
Real GDP for 2006
Real GDP increased 3.4 percent in 2006, compared with an
increase of 3.2 percent in 2005 (table 1).
The acceleration in real GDP primarily reflected an
upturn in inventory investment and accelerations in
exports, in nonresidential structures, and in state and local
government spending (chart 1). Residential fixed invest
ment turned down, decreasing in each quarter of 2006.
Businesses increased real inventory investment in 2006 by
$26.8 billion. The accumulation contributed 0.26 percent
age point to real GDP growth; in contrast, declining inven
tory investment in 2005 subtracted 0.30 percentage point
from real GDP growth.
Exports accelerated in 2006, increasing 8.9 percent, fol
lowing an increase of 6.8 percent in 2005. Export growth
exceeded import growth for the second consecutive year
(chart 2). Exports added 0.93 percentage point to real GDP
growth after contributing 0.68 percentage point in 2005.
The acceleration was largely due to accelerations in nonau
tomotive capital goods and in industrial supplies and mate
rials.
Nonresidential structures accelerated sharply, increasing
9.1 percent after a 1.1-percent increase in 2005. The acceler
ation contributed 0.26 percentage point to real GDP
growth after contributing 0.03 percentage point in 2005.
The acceleration was mainly due to upturns in “other”
structures, in commercial and health care structures, and in
power and communication structures.
State and local government spending accelerated,
increasing 2.1 percent after increasing 0.5 percent in 2005.
The step-up contributed 0.26 percentage point to real GDP
growth, compared with a contribution of 0.06 percentage
point in 2005. The higher rate of spending reflected an
acceleration in consumption expenditures and an upturn in
investment in structures.
Residential fixed investment turned down in 2006,
decreasing 4.2 percent after increasing 8.6 percent in 2005.
The downturn, due primarily to a downturn in single-family structures, subtracted 0.26 percentage point from real
GDP growth in 2006. In 2005, residential investment added
0.50 percentage point to real growth.
Inflation, as measured by the price index for gross
domestic purchases, decelerated, increasing 3.1 percent in
2006 after increasing 3.5 percent in 2005. Excluding food
and energy, inflation decelerated slightly, to 2.7 percent
from 2.8 percent.
Real DPI increased 2.7 percent in 2006, following a 1.2percent increase in 2005. The acceleration reflected an
acceleration in current-dollar personal income that
exceeded a step-up in personal current taxes.
Chart 2. Growth in Exports and Imports of Goods
and Services
Percent
14
■ E x p o r ts
I m p o r ts
12
Chart 1. Contributions to the Increase
in Reai GDP in 2006
C onsum er spending
Nonresidential investm ent
Residential investm ent
Inventory investm ent
■ ■ ■ ■ ■ ;
Exports
Imports
Federal governm ent spending
m
State and local governm ent speriding
-1
0
1
1996 97
98
99 2000
Percentage points
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
01
02
03
04
05
06
7
February 2007
Alternative Measures of Personal Saving
B y Marshall B. Reinsdorf
N 2005, annual personal saving in the national in
come and product accounts (NIPAs) was negative
for the first time since 1933, dipping to -0 .4 percent o f
disposable personal income (DPI) (chart 1). This de
velopment, the culmination o f a long slide in the per
sonal saving rate that began in the 1980s, has sparked
much interest in how personal saving is measured and
its relation to broader concepts o f national saving and
changes in personal wealth. Among the reasons for this
interest are concerns about whether families are saving
enough for retirement and for protection against fi
nancial setbacks, whether the Nation has become too
dependent on foreign funding for financing its invest
ment needs, and whether spending levels that exceed
current income can be sustained.
Different questions require different answers, and
the NIPA measure o f personal saving does not provide
the answer to every worthwhile question about the sav
ing behavior o f persons. To provide additional infor
mation on this topic, this article presents updated
estimates o f alternative measures o f personal saving
and related concepts. These measures were introduced
I
Jennifer Mykijewycz assisted with the preparation of this
article.
in 2002 and updated in 2004.1
Personal saving is the portion o f personal income
that is left over after personal current taxes and outlays
for personal consum ption expenditures, nonmortgage
interest payments, and net current transfers to govern
ment and the rest o f the world. It excludes capital gains
because capital gains represent changes in the prices o f
assets that are already owned, not unspent portions o f
income receipts.2 Personal saving represents the contri
bution from persons to national saving, which is the
total am ount that is available to fund investment in
fixed assets, inventories, or foreign assets.
The alternative measures o f personal saving dis
cussed in this article differ from the NIPA measure in
the way that they measure consum ption or disposable
personal income. However, they are still calculated as
the residual that remains after consum ption and re1. See Marshall
Reinsdorf, “Alternative Measures of Personal Saving,”
84 (September 2004): 17-27, and Maria G.
Perozek and Marshall B . Reinsdorf, “Alternative Measures of Personal Sav
ing,” S u r v e y 82 (April 2002): 13-24. These articles explain the advantages
and disadvantages of the various measures in detail. They also provide an
overview of the conceptual framework for measuring saving in the national
accounts.
2. For more information on the treatment of capital gains in national
income accounting, see Marshall B. Reinsdorf, “Saving, Wealth, Invest
ment, and the Current-Account Deficit,” S u r v e y 85 (April 2005): 3.
B.
S u r v e y o f C u r r e n t B u sin e ss
Chart 1. Personal Saving as a Percent of Disposable Personal Income
P e rc e n t
U.S. Bureau of Economic Analysis
8
Alternative Measures of Personal Saving
lated outlays are subtracted from disposable personal
income. Three o f the alternative measures provide ad
ditional detail about the components o f personal sav
ing by changing the definitions o f sector boundaries or
the treatment o f a payment between sectors. These
changes do not imply any increase or decrease in total
national saving, but they do alter the am ounts o f sav
ing attributed to each sector o f the economy. A fourth
alternative expands the definition o f investment, thus
implying a higher level o f national saving.
To provide additional context, this article also dis
cusses broader measures o f saving, such as private sav
ing, national saving, and measures o f personal wealth
that take capital gains into account.
A lte rn a tiv e E stim ates o f Personal Saving
Households and nonprofit institutions serving
households
The NIPAs divide the domestic economy into three
sectors: The business sector, the government sector,
and the personal sector. The personal sector includes
nonprofit institutions serving households (NPISHs),
which account for m ost nonprofit institutions. This
means, for example, that the medical care component
o f personal consum ption expenditures (PCE) includes
the expenses o f nonprofit hospitals for providing m ed
ical care but excludes the sales o f services to the p a
tients o f those hospitals.
The com m on practice o f interpreting the personal
saving rate as a measure o f the saving behavior o f
households is reasonable because households are the
predom inant component o f the personal sector. N one
theless, a m ore precise picture o f household behavior
can be obtained by deconsolidating the personal sector
into a household sector and a nonprofit sector and
then calculating household saving as the am ount o f
disposable household income that is left over after all
household outlays. Household income differs from
personal income because it excludes the rental income,
interest, and dividends received by NPISH s and be
cause it includes transfers from NPISH s received by
households. Household outlays differ from personal
outlays in two ways: (1) They exclude expenditures o f
N PISH s but include the sales o f services to persons by
NPISH s, and (2) they exclude transfers from NPISH s
to government and the rest o f the world but include
transfers from households to N PISH s.3
Until 1995 and again after 2002, the household sav
ing rate was within 0.2 percentage point o f the per
sonal saving rate (chart 2). In between those years, the
3. See NIPA table 2.9 and Charles Ian Mead, Clinton P. McCully, and
Marshall B. Reinsdorf, “Income and Outlays of Households and of Non
profit Institutions Serving Households,” S u r v e y 83 (April 2003): 13-17.
February 2007
household saving rate fell substantially below the per
sonal saving rate. In the late 1990s, transfers and be
quests from households to NPISH s grew rapidly, partly
reflecting large gains in stock prices, while expendi
tures o f NPISH s accelerated gradually. As a result, sav
ing by NPISH s increased, and the household saving
rate fell faster than the personal saving rate. After the
turn o f the millennium, this process was reversed.
Transfers to NPISH s fell or were flat, while the expen
ditures o f N PISH s maintained their upward m om en
tum. Indeed, the personal saving rate would have been
half a percentage point higher in 2003 if the NPISH
saving rate had remained at its value in 2000.
D uring the late 1990s, declines in the personal sav
ing rate were often attributed to the effects o f increases
in personal wealth created by large capital gains. Yet,
when subsequent declines in stock prices reduced per
sonal wealth, the rebound in personal saving was dis
appointingly weak. A detailed look at the components
o f the personal sector reveals that household saving
had a substantial bounce in 2002, remaining above its
former trend line until 2004. In 2005, household sav
ing again turned sharply down; just 0.2 o f the 2.4-percentage-point drop in the household saving rate can be
dism issed as an aberration due to the direct effects o f
Hurricanes Katrina, Rita, and Wilma.
Defined benefit pension plans
Pension plans, which are employer-sponsored retire
ment plans, are classified as defined benefit (DB) or
defined contribution (D C) plans depending on their
benefit formula. In a typical DB plan, pension benefit
Chart 2. Household Saving Rate
1992
94
96
U.S. Bureau of Economic Analysis
98
2000
02
04 05
February 2007
S urvey
of
levels depend on length o f service and som e measure
o f average or final pay. In D C pension plans, funds for
retirement are accumulated from employer and em
ployee contributions, investment income earned on
plan assets, and capital gains on plan assets. H istori
cally, m ost employee retirement plans were DB pen
sion plans, and they are still the predominant type o f
plan for government employees. In the private sector,
however, for the past two decades, newly established
pension plans have almost always been D C plans.
In the NIPAs, both D C and DB pension plans are
included in the personal sector. In the case o f DC
plans, this approach is the only logical one, because the
assets in these plans clearly belong to the plan partici
pants. However, ownership o f the assets held by DB
plans is more ambiguous. The inclusion o f these plans
in the personal sector rather than in the sector o f the
employer who sponsors them can be justified in two
ways: (1) Employers face formidable barriers to access
ing DB plan assets for their own use, and (2) the assets
o f private DB plans by law should approximate the ac
tuarial value o f the pension promises made to the em
ployees. However, even though employers cannot
directly benefit from money in DB plans, they can ben
efit indirectly because growth in DB plan assets relieves
employers o f future obligations to make contributions,
while plan losses have the opposite effect. Employers
therefore bear the investment risk. Employers also have
control over how DB plan assets are invested. Finally,
retirees undoubtedly think o f the benefits they receive
from DB plans as income rather than as liquidations o f
assets that they owned all along. Tests o f risk-bearing,
control, and retiree perceptions can therefore justify an
alternative treatment that treats employers as the own
ers o f the assets in DB plans.
To calculate disposable personal income with DB
pension plans outside the boundary o f the personal
sector, employer and employee contributions to DB
plans, along with interest and dividend income from
DB plan assets, are subtracted from the NIPA measure
o f disposable personal income. Benefits received by
persons from DB plans are then added. The contribu
tions and investment income exceed the plans’ benefit
payments, so the measure o f disposable personal in
come falls after these adjustments. However, the m ea
sure o f personal saving falls less than the measure o f
disposable personal income, because PCE m ust also be
adjusted by removing administrative expenses o f DB
pension plans.4
As is evident from com paring the alternative per
4. In making these calculations, state and local pension plans are all
treated as DB plans because of a lack of separate data on the DB and DC
plan components of their plan totals. These plans, however, are predomi
nately DB plans.
9
C u r r e n t B u s in e s s
sonal saving rate without DB pension plans with the
NIPA personal saving rate in chart 3, the adjustments
to the measures o f personal income and personal con
sum ption together imply that saving by DB pension
plans added about 1.6 percentage points to the NIPA
personal saving rate until 1995. Saving by DB plans
then turned down until 2001, when it added just 0.1
percentage point to the personal saving rate. In 2002
and 2003, increases in contributions resulted in
enough saving by DB plans to bring their contribution
to the NIPA personal saving rate back up to 0.8 per
centage point. After 1995, many sponsors o f private
DB plans were able to reduce their contributions with
out falling short o f targeted plan funding levels be
cause DB plan assets had large capital gains in the late
1990s. Conversely, in 2002 and 2003, funding gaps fol
lowing capital losses in 2000-2002 compelled many
plan sponsors to make large contributions. Even so,
DB plans added only half as much to the NIPA per
sonal saving rate in 2003 as in 1995. The difference be
tween 2003 and 1995 in the DB plans’ saving rate may
be attributed to growth in their benefit expenses and,
since 2000, to a lack o f growth in their dividend and
interest income.
Taxes on realized capital gains
Ironically, realized capital gains can have a negative ef
fect on the NIPA measures o f disposable personal in
come and personal saving. Capital gains are excluded
from NIPA concepts o f income whether they are real
ized or unrealized. However, realized capital gains are
Chart 3. Personal Saving Rate
Without Defined Benefit Pension Plans
1988
90
92
U.S. Bureau of Economic Analysis
94
96
98
2000
02
04 05
10
Alternative Measures of Personal Saving
subject to Federal personal income taxes. Disposable
personal income in the NIPAs is calculated by sub
tracting personal income taxes, including those attrib
utable to capital gains, from personal income.
Capital gains are not taxed separately from ordinary
personal income, and in a set o f accounts that must
cover the entire economy, the need to include capital
gains taxes in government current receipts implies that
they should be left in personal current taxes. Neverthe
less, an alternative treatment o f capital gains taxes that
classifies them as capital transfers to government can
provide a useful perspective on the saving behavior o f
persons. This alternative treatment raises the measures
o f disposable personal income and personal saving be
cause capital transfers from persons to government are
excluded from personal current taxes.5
To disentangle taxes on capital gains from taxes on
ordinary income, an assum ption is needed. The as
sum ption is that the ordinary taxable income is re
ceived first, so that capital gains are the marginal
source o f taxable income. For any income tax return
that reports capital gains, the tax on those gains can
then be estimated as the absolute value o f the change in
the total tax due when capital gains are set equal to
zero.6
The alternative saving rate that treats capital gains
taxes as capital transfers averages almost 1 percentage
point higher than the NIPA measure (chart 4). M ore
over, the steepness o f the decline in the personal saving
rate between the early 1990s and 2005 is slightly re
duced by the new treatment o f capital gains taxes, so
the alternative saving rate remains positive in 2005 at
0.6 percent o f DPI. On the whole, however, the alterna
tive personal saving rate has the same profile as the
NIPA personal saving rate. A significant difference in
slope is visible only from 1996 to 2000, which corre
sponds to the bull market period o f the late 1990s with
a 1-year lag.
like real estate, these goods cannot be resold for at least
as much as the original purchase price, so they are not
a good store o f value or a source o f funding for retire
ment. They do, however, provide services over a num
ber o f years, and consumers reduce their future
expenses when they purchase a durable good because a
repeat purchase o f that same good becomes unneces
sary for the next few years. Therefore, purchases o f du
rable goods may be treated as investment for some
purposes. This treatment raises the measure o f per
sonal saving, because investment expenditures are not
subtracted from disposable personal income in the cal
culation o f personal saving.
One way to implement a treatment o f consumer du
rable goods as investment would be to replicate the
treatment o f owner-occupied housing in the NIPAs.
This treatment would require the estimation o f a rental
value for the use o f the stock o f consumer goods from
which owners’ expenses for depreciation, interest, and
personal property taxes would be subtracted in order
to obtain an im puted profit. This im puted profit
would then be added to the rental income com ponent
o f disposable personal income, resulting in a small rise
in the denominator used to calculate the alternative
personal saving rate. However, a much simpler method
that gives a result that is identical for practical pur
poses is just to add the net investment in consumer du
rable goods to the NIPA measure o f personal saving,
keeping the NIPA measure o f disposable personal
Chart 4. Personal Saving
Rate With Capital Gains Taxes
P e rc e n t
Consumer durable goods as investment
In the NIPAs, purchases by persons o f m otor vehicles
and other consumer durable goods are treated as con
sum ption expenditures rather than as investment. Un
5. In the NIPAs, capital transfers to government consist of gift and estate
taxes.
6. Quarterly estimated taxes on capital gains realized in the fourth quarter
(which include most of the capital gains distributions made by mutual
funds) are not due until the following January, and taxpayers can wait until
they file their tax return to pay the taxes if their capital gains are not large.
Consequently, capital gains taxes are more likely than taxes on ordinary
income to affect spending in the next calendar year. Chart 4 assumes that a
fourth of the taxes on the capital gains realized in any calendar year are paid
in the following calendar year. This raises the alternative saving rate by 0.2
percentage point in 2001 but lowers it by 0.1 percentage point in each of the
2 preceding years.
February 2007
U.S. Bureau of Economic Analysis
February 2007
S urvey
of
C u r r e n t B u s in e s s
income as the denominator o f the rate calculation. Net
investment rather than gross investment is added be
cause if durable goods are recognized as part o f wealth,
the decay in this wealth caused by their wearing out or
obsolescence cannot be ignored.
Net investment in consumer durable goods ranges
from under 1.0 percent o f disposable personal income
in the recession year o f 1991 to around 3.0 percent o f
disposable personal income in 1985-87 and in 19992000 (chart 5). Since 2003, it has been 2.5 percent or
less, so from 1985 to 2005, the cumulative decline in
the personal saving rate with consumer durable goods
is greater than the decline in the NIPA personal saving
rate (a drop o f 10.0 percentage points, com pared with
a drop o f 9.4 percentage points). However, the timing
o f som e o f the decline is shifted to earlier years. Indeed,
in the m ost recent decade, the inclusion o f consumer
durable goods slows the decline in the saving rate
slightly. In 2005, adding consumer durable goods
raises the measured saving rate to nearly 2.0 percent.
B roader M easures of Saving
Low personal saving is a less critical problem if saving
in the other sectors o f the economy is strong because
saving in other sectors can substitute for personal sav
ing for som e purposes. In particular, financing the N a
tion’s investment needs is an im portant role o f
personal saving, but saving by business (which consists
o f undistributed corporate profits) and by government
also provides funds for this purpose. Saving by busi
Chart 5. Personal Saving Rate With
Consumer Durable Goods as Investment
1985
87
89
91
U.S. Bureau of Economic Analysis
93
95
97
99 2001
03
05
11
nesses may also increase the value o f equity assets held
by persons, helping their wealth to grow even if they
are not saving any o f their own income. For this rea
son, crediting the saving done by businesses to the per
sons who own the businesses may be viewed as a
reasonable alternative way to measure personal saving.
The NIPAs, however, already contain a close ap
proximation for this measure, because net private sav
ing in NIPA table 5.1 combines saving by business and
saving by persons.7 Net private saving as a percent o f
national income falls a bit less than personal saving af
ter 2000 because saving by business increased (chart
6). Over the longer run, however, business saving as a
percent o f national income has been relatively stable,
so that the long-run trend line o f net private saving is
roughly parallel to that o f personal saving, with a dif
ference in level o f about 3.0 percentage points.
Net national saving is a comprehensive measure o f
net saving by government, business, and persons. In
1995-2001, net national saving was substantially
higher than personal saving, an exception to the pat
tern that prevailed in 1976-94, when dissaving by
7. To consolidate corporate businesses with resident households and
institutions that own them in a precise way, foreign business ownership by
U.S. residents and U.S. business ownership by foreign residents would have
to be taken into account. Net private saving is a good approximation for
this precise concept because most of the equity of U.S. corporations is
owned by households and nonprofit institutions in the personal sector, and
a subtraction from private saving to account for the portion of the equity of
U.S. businesses owned by nonresidents would be approximately offset by an
addition to account for the equity in foreign businesses owned by U.S. resi
dents.
Alternative Measures of Personal Saving
12
government roughly cancelled out saving by business
so that net national saving was similar to personal sav
ing.
Net saving includes as an expense consumption of
fixed capital, which is an estimate o f the cost o f wear
and tear and obsolescence o f the capital stock. M ea
sures o f gross saving ignore this noncash expense.
Gross national saving has declined slightly less than net
national saving. In 2001-2005, consumption o f fixed
capital ranged from 14.0 to 14.8 percent o f national in
come, com pared with about 13.5 percent in many ear
lier years. Since 2000, large losses due to the attacks o f
September 11, 2001, and to the hurricanes in 2004 and
2005 are one cause o f the slightly higher expense for
consum ption o f fixed capital after 2000. Changes in
the com position o f the capital stock have also contrib
uted to it.
After adjustm ent for the statistical discrepancy, the
excess o f gross domestic investment over gross national
saving equals the Nation’s net borrowing, the am ount
o f foreign saving that the Nation relies on to fund its
investment needs. Dom estic investment has not fol
lowed the same downward trajectory as national sav
ing. As a result, the Nation’s reliance on foreign saving
to fund its investment needs has grown to levels that
are unprecedented during the period for which BEA
has data, 1929 to the present. Whether the current level
o f net borrowing represents an unsustainable im bal
ance has been the topic o f much discussion, and ques
tions have also been raised about the growing exposure
o f U.S. financial markets to foreign changes in invest
ment philosophy or saving behavior.
S ou rces of W ealth A ccum ulation
Growth in personal wealth occurs either when current
income is saved and used to acquire assets or to retire
liabilities or when the prices o f assets that persons al
ready own rise and generate capital gains. Information
on changes in personal wealth is not part o f the NIPAs,
but this information is available in the Federal Reserve
Board’s flow o f funds accounts.
Capital gains and losses are generally a much more
im portant source o f change in personal wealth than
saving out o f current income (chart 7). They are, how
ever, quite volatile. Furthermore, if indirect effects are
considered, capital gains are responsible for a smaller
share o f growth in personal wealth than is suggested by
the proximity o f capital gains in chart 7 to change in
net worth.
The change in the net worth in the personal sector’s
balance sheet generally has three significant com po
nents: A positive effect from net acquisitions o f assets,
a negative effect from growth in liabilities, and an ef
February 2007
fect from capital gains or losses. To analyze the change
in net worth, the effect o f growth in liabilities is con
ventionally offset against the net acquisitions o f assets
because this yields an estimate o f personal investment.
The convention o f subtracting growth in liabilities
from asset acquisitions might lead one to infer that
growth in liabilities has no connection to capital gains,
but this may not be true. In particular, ignoring the
links between capital gains and liability growth can
give an exaggerated impression o f the degree to which
capital gains drive increases in net worth.
Capital gains in general have been found to have
positive effects on consum ption, and som e o f the
funds for this additional consum ption are likely to
come from debt. Moreover, capital gains on real es
tate— which have accounted for most o f the personal
sector’s capital gains since 1999— tend to be coincident
in timing with the growth o f mortgage debt. Among
the reasons for this pattern is that a fall in interest rates
or a liberalization o f credit standards raises both m ort
gage borrowing and demand for houses. Causality can
run in the other direction, too, if decreases in home af
fordability induce buyers to choose larger or longer
loans or if the rising ability o f homeowners to furnish
collateral induces them to do a cash-out refinancing or
open up a home equity line o f credit. In 2003-2005, in
creases in mortgage debt averaged 11.2 percent o f dis
posable personal income. About three-quarters o f this
am ount is linked to capital gains on real estate under
the assum ption that changes in persons’ real estate
Chart 7. Measures of Wealth Accumulation
as a Percent of Disposable Personal Income
P e rce n t
U.S. Bureau of Economic Analysis
February 2007
S urvey
of
13
C u r r e n t B u s in e s s
Conclusion
equity equal 55 percent o f changes in the value o f their
real estate assets.8
Alternative measures o f personal saving neither change
the conclusion that personal saving has fallen dram ati
cally in the past two decades, nor do they imply any de
crease in the record levels o f national borrowing o f
recent years. They do, however, shed light on som e o f
the underlying sources o f influence on trends in per
sonal saving.
8. In 2003-2005, homeowner’s equity averaged 54.7 percent of the value
of their real estate. As the large capital gains of those years pushed up the
value of personal real estate, the change in homeowner’s equity was actually
less than 55 percent of the change in the value of real estate. The assump
tion that 55 percent of the capital gains went into homeowner’s equity may
therefore be too high, implying that an even larger effect on growth of lia
bilities.
Table 1. Alternative Measures of the Personal Saving Rate
[Percent]
1985
1986
1987
1988
1989
1990
1991
1992
H o u s e h o l d s ..............................................................................................
D e f i n e d b e n e f i t p e n s i o n p l a n s e x c l u d e d ................
1993
7 ^
5
1995
1996
1997
1998
1999
20 00
4 7
4 4
3 7
3 0
3 8
1 7
1 fi
1 4
? ?
fi
2001
20 02
1994
20 04
20 05
? 0
1 9
-O S
20 03
5 .6
5 .5
5 .4
5 .7
6 .3
4 .3
3 .2
3 .0
2 .7
2 .5
3 .2
1 .4
1 .6
1 .6
1 .8
1 .3
1 .4
-1 .1
C a p i t a l g a i n s t a x e s i n c l u d e d .................................................
9 .7
9 .4
8 .0
8 .2
8 .0
7 .6
7 .8
8 .2
6 .4
5 .5
5 .4
5 .0
4 .9
5 .6
3 .9
4 .0
2 .8
3 .0
2 .7
2 .8
0 .6
C o n s u m e r d u r a b l e g o o d s a s i n v e s t m e n t ..............
1 1 .9
1 1 .4
9 .8
1 0 .0
9 .4
8 .8
8 .2
8 .8
7 .3
6 .6
6 .4
6 .0
5 .8
6 .8
5 .3
5 .2
4 .4
5 .0
4 .6
4 .4
1 .9
Addenda:
N I P A p e r s o n a l s a v i n g r a t e .................................................
9 .0
8 .2
7 .0
7 .3
7 .1
7 .0
7 .3
7 .7
5 .8
4 .8
4 .6
4 .0
3 .6
4 .3
2 .4
2 .3
1 .8
2 .4
2 .1
2 .0
- 0 .4
C h a n g e i n n e t w o r t h r a t e 1 ...............................................
4 7 .0
4 4 .2
2 9 .6
4 0 .0
4 1 .7
7 .9
3 5 .3
2 0 .2
2 7 .2
1 5 .0
5 0 .1
4 5 .4
6 0 .7
5 3 .0
7 3 .4
- 9 .8
- 1 3 .3
- 2 0 .1
6 3 .2
4 6 .0
4 2 .0
3 .0
2 .7
2 .2
3 .0
3 .9
7 .0
5 .8
6 .7
7 .2
3 .3
2 .0
1 .0
1 .3
1 .6
1997
1998
1999
20 00
2001
20 02
20 03
20 04
20 05
- 0 .3
N P I S H s a v i n g r a t e 2 .................................................................
1. As a percent of disposable personal income.
2. As a percent of income of nonprofit institutions serving households (NPISHs) plus receipts from sales.
NIPAs National income and product accounts
Table 2. National Saving, Investment, and Borrowing
[As a percent of national income]
1987
1988
1989
1990
1991
1992
6 .9
5 .8
6 .0
5 .9
5 .9
6 .2
2 .7
3 .0
3 .5
2 .5
2 .4
2 .5
1 1 .1
9 .5
8 .8
9 .5
8 .5
8 .3
P l u s : N e t g o v e r n m e n t s a v i n g .................................................
- 4 .1
- 4 .4
- 3 .2
- 2 .6
- 2 .3
E q u a l s : N e t n a t i o n a l s a v i n g ......................................................
7 .0
5 .2
5 .6
7 .0
6 .2
1985
1986
P e r s o n a l s a v i n g w i t h a c c r u e d w a g e s ...........................
7 .5
P l u s : U n d i s t r i b u t e d c o r p o r a t e p r o f i t s .............................
3 .6
E q u a l s : N e t p r i v a t e s a v i n g ..........................................................
1993
1994
1995
1996
6 .4
5 .0
4 .4
4 .1
3 .4
3 .0
3 .6
2 .0
1 .9
1 .5
2 .0
2 .0
1 .6
2 .6
2 .9
2 .8
3 .5
3 .8
3 .9
2 .6
3 .1
2 .0
2 .1
3 .2
3 .4
3 .3
3 .3
8 .7
8 .9
7 .9
7 .2
7 .6
7 .1
6 .9
6 .2
5 .1
3 .9
3 .6
5 .2
5 .3
4 .9
3 .0
- 3 .2
- 4 .2
- 5 .4
-4 .7
-3 .3
- 2 .9
- 1 .7
- 0 .2
1 .2
1 .9
2 .7
0 .6
- 3 .1
-4 ,1
- 3 .9
- 2 .9
5 .1
4 .6
3 .6
3 .2
3 .9
4 .7
5 .5
6 .7
7 .3
7 .0
6 .6
4 .2
2 .1
1 .3
1 .0
0 .1
1 3 .4
1 3 .4
1 4 .0
1 3 .9
1 4 .0
1 4 .8
P l u s : C o n s u m p t i o n o f f i x e d c a p i t a l ..................................
1 3 .6
1 3 .6
1 3 .5
1 3 .1
1 3 .3
1 3 .4
1 3 .9
1 3 .6
1 3 .4
1 3 .6
1 3 .6
1 3 .3
1 3 .4
1 3 .5
1 4 .3
E q u a l s : G r o s s s a v i n g ......................................................................
2 0 .6
1 8 .8
1 9 .1
2 0 .1
1 9 .6
1 8 .5
1 8 .4
1 7 .2
1 6 .7
1 7 .5
1 8 .4
1 8 .9
2 0 .0
2 0 .6
2 0 .3
2 0 .1
1 8 .5
1 6 .1
1 5 .1
1 5 .1
1 4 .9
N e t s a v i n g p l u s s t a t i s t i c a l d i s c r e p a n c y ........................
7 .5
6 .4
6 .1
6 .5
7 .0
6 .4
5 .9
5 .4
5 .6
6 .2
6 .3
6 .8
7 .6
7 .1
6 .5
5 .2
3 .2
1 .9
1 .8
1 .7
0 .7
L e s s : N e t d o m e s t i c i n v e s t m e n t .............................................
1 0 .4
1 0 .0
9 .8
9 .0
8 .9
7 .7
5 .7
6 .1
6 .9
7 .9
7 .7
8 .3
9 .2
9 .6
9 .8
9 .7
7 .3
6 .9
7 .1
8 .0
7 .9
L e s s : C a p i t a l a c c o u n t t r a n s a c t i o n s ..................................
0 .0
0 .0
0 .0
0 .0
0 .0
0 .1
0 .1
0 .0
0 .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
E q u a l s : N e t l e n d i n g 1 ........................................................................
- 3 .0
- 3 .6
- 3 .6
- 2 .5
- 1 .8
- 1 .5
0 .2
-0 .7
- 1 .2
- 1 .7
- 1 .4
- 1 .5
-1 .5
-2 .4
- 3 .4
-4 .5
- 4 .1
- 5 .0
- 5 .4
- 6 .4
- 7 .2
1. N et lending is the negative of net borrowing
14
February 2007
Integrated Macroeconomic Accounts
for the United States
By Charlotte Anne Bond, Teran Martin, Susan Hume McIntosh, and Charles Ian Mead
T
HIS article introduces a set o f macroeconomic ac
counts that relate production, income and saving,
capital formation, financial transactions, and asset re
valuations to changes in net worth between balance
sheets for m ajor sectors o f the U.S. economy. These
new accounts should help economists gain a better un
derstanding o f major developments in the U.S. econ
omy by providing a comprehensive picture o f
economic activity within an integrated framework in
which consistent definitions, classifications, and ac
counting conventions are used throughout the presen
tation.
Highlights o f the integrated m acroeconomic ac
counts include the following:
•A m o n g the domestic sectors, households and non
profit institutions, nonfinancial noncorporate busi
nesses, the Federal Government, and state and local
governments have been net borrowers in recent
years, as net fixed investment in these sectors has
exceeded net saving. Net lending to these sectors has
been provided by nonfinancial corporations, finan
cial businesses, and the rest o f the world.
• The net lending position o f the nonfinancial corpo
rate sector in recent years has been quite unusual,
with undistributed corporate profits (net saving)
exceeding net investment by an average o f $43.6 bil
lion each year in 2003-2005. Funds raised in credit
and equity markets were also unusually low as bor
rowing in the form o f loans and debt securities was
mainly offset by retirements o f corporate equities.
• Although the saving rate for households and non
profit institutions has fallen to historically low levels
in recent years, the net worth o f this sector
increased $12.9 trillion in 2003-2005. This increase
was mainly accounted for by a $4.9 trillion increase
in the value o f real estate and a $4.5 trillion rise in
the values o f shares and other equity that were due
to changes in prices.
• In recent years, low personal saving rates have been
associated with large volumes o f mortgage borrow
ing, which averaged $984.4 billion each year in
2003-2005. However, the increase in mortgage debt
o f households and nonprofit institutions was
exceeded by an average annual increase o f $2.2 tril
lion in the value o f real estate, which includes net
investment. Because m ost o f the real estate in this
sector is associated with owner-occupied housing,
net housing wealth, defined as the difference
between owner-occupied housing values and
related mortgage debt, rose substantially.
The full set o f integrated macroeconomic accounts
were developed as part o f an interagency effort to fur
ther harmonize the Bureau o f Economic Analysis na
tional income and product accounts (NIPAs) and the
Federal Reserve Board flow o f funds accounts (FFAs)
and to bring these accounts into closer accordance
with the national accounting guidelines offered by the
international community in the System o f National Ac
counts, 1993 (SN A ).1 Accordingly, the SNA was used as
the organizing framework for the integrated accounts,
1. See Commission of the European Communities, International Mone
tary Fund, Organisation for Economic Co-operation and Development,
United Nations, and the World Bank, System of National Accounts 1993
(Brussels/Luxembourg, New York, Paris, and Washington, DC, 1993).
For a discussion of the history of this project and a prototype of the inte
grated accounts, see Albert M. Teplin, Rochelle Antoniewicz, Susan Hume
McIntosh, Michael G. Palumbo, Genevieve Solomon, Charles Ian Mead,
Karin Moses, and Brent Moulton, “Integrated Macroeconomic Accounts
for the United States: Draft SNA-USA,” in A New Architecture for the U.S.
National Accounts, eds. Dale W. Jorgenson, J. Steven Landefeld, and William
D. Nordhaus (University of Chicago Press, 2006).
Data Availability
The tables in this paper present the integrated
macroeconomic accounts for the six major sectors of
the domestic economy and the rest of the world for
2003-2005. A set of these tables that present data
for 1960-2005 are available on BEA’s public Web site
at < www.bea.gov/national/nipaweb/Ni_FedBeaSna/
Index.asp>. In addition, this Web site includes a table
that presents a current account for the total domestic
economy and a table that presents selected aggregates.
February 2007
Survey
of
C u r r e n t B u s in e s s
but these accounts do not necessarily follow all o f the
guidelines offered by the SNA. Related improvements
in the NIPAs and FFAs will be introduced according to
the standard revision policies for these accounts; the
agencies currently plan to introduce related improve
ments into the integrated accounts during the quar
terly updates that immediately follow their availability.
In the first part o f this article, the main features o f
the SNA that are necessary to understand the overall
structure o f the integrated accounts and related
research initiatives are introduced, and the differences
in these features from those o f the NIPAs and FFAs
are discussed. In the second part, the integrated
m acroeconom ic accounts are introduced, and some o f
their limitations are discussed. In the third part, some
potential uses o f the new accounts are illustrated. In
the fourth part, some ideas to further develop these
accounts are discussed.
Intern atio nal G uidelin es
The SNA is an accounting structure for reporting m ac
roeconomic data that summarize the transactions o f
groups o f institutions (or sectors) and groups o f estab
lishments engaged in production (or industries). It be
gins with a sequence o f accounts that flow into one
another to track the sources o f change in net worth for
each sector. These accounts are then sum m ed across
sectors to obtain accounts for the total economy.
In the SNA, a nation’s institutions are grouped into
five m utually exclusive sectors that are intended to
cover just about all macroeconomic activity— nonfi
nancial corporations, financial corporations, general
government, nonprofit institutions serving house
holds, and households. The SNA also allows for each
sector to be divided into subsectors. For example, in
the general government sector, accounts can be com
piled for central government, state government, local
government, and social security funds.
The sequence o f accounts for each sector begins
with an opening balance sheet, which records the value
o f assets, liabilities, and net worth (chart 1).
The balance sheet is followed by a sequence o f cur
rent accounts. The first o f these shows the contribution
that is m ade by the sector to gross domestic product
both in terms o f the goods and services that are pro
duced and the cost incurred during production. The
remainder o f these shows how net income that is gen
erated from current production and received by the
sector is used to finance consum ption and savings.
The current account is followed by two accumula
tion accounts that separately derive a measure o f the
15
net lending or net borrowing position o f the sector.
The first, a capital account, derives net lending or net
borrowing by subtracting fixed investment from saving
that has been carried forward from the current ac
count. The second, a financial account, derives net
lending or net borrowing by subtracting the net acqui
sition o f financial liabilities from the net acquisition o f
financial assets.
In principle, the value o f net lending or net borrow
ing should be the same in both o f the accounts, be
cause saving that is not spent on purchases o f fixed
assets results in the acquisition o f financial assets and
because borrowing that is used to finance the purchase
o f fixed assets results in the incurrence o f financial lia
bilities. However, when compiling the two related ac
counts, the values for the two measures are almost
never equal because o f differences in source data, tim
ing o f recorded flows, and other statistical differences
between data used to create the measures.
The capital and financial accounts are followed by
two additional accumulation accounts. The first, an
“other changes in volume” account, records changes in
net worth that are unrelated to current production or
asset revaluation, such as changes due to catastrophic
losses or uncompensated seizures o f foreign assets and
statistical breaks due to substantive changes in sector
coverage or details available in key source data. The
second, a revaluation account, records changes in the
values o f assets and liabilities that result from changes
in their price.
The sum o f fixed investment, net lending or net
Chart 1. Sequence of Accounts
16
Integrated Macroeconomic Accounts for the United States
borrowing, and other changes in net worth from the
“other changes in volume” and revaluation accounts
fully explains the total change in net worth for the sec
tor, which in turn provides the next opening balance
sheet position.
Differences between the NIPAs and the SNA
The NIPAs are organized as seven sum m ary accounts,
and data are presented in more than 300 underlying ta
bles that cover m ost o f the transactions envisioned in
the current and capital accounts o f the SNA. Despite
the similarities in coverage, there are some notable dif
ferences between the NIPAs and the main features of
the SNA that have been adopted in the integrated ac
counts.2
Differences in sectors. The sector classification
scheme that is used in the NIPAs is more complicated
than that recommended in the SNA. In the NIPAs, in
stitutions are grouped one way for measuring their
contribution to production, and they are grouped an
other way for m easuring income, outlays, and saving.
In contrast, the SNA recommends the use o f a single
set o f sectors throughout the entire sequence o f ac
counts.
For m easuring the contribution to production, the
NIPAs group institutions into three sectors— business,
households and institutions, and general government.
The business sector consists o f all entities that produce
goods and services for sale at a price intended to at
least cover the costs o f production. This includes in
corporated and unincorporated form s o f business or
ganized for profit, mutual financial institutions,
private uninsured pension funds, cooperatives, non
profit organizations serving business, Federal Reserve
banks, government-sponsored enterprises, and gov
ernment business enterprises.3 The households and in
stitutions sector consists o f households and nonprofit
institutions serving households (NPISHs). The general
government sector includes all government institu
tions (Federal, state, and local) except government
business enterprises, which are included in the busi
ness sector o f the NIPAs.
2. For a more detailed discussion of the differences between the NIPAs
and the SNA, see Charles Ian Mead, Karin E. Moses, and Brent R. Moulton,
“The NIPAs and the System of National Accounts,” Survey o f Current Busi
ness 84 (December 2004): 17-32.
3. Government-sponsored enterprises consist of Federal home loan
banks, Federal National Mortgage Association, Federal Agricultural Mort
gage Corporation, Farm Credit System, the Financing Corporation, and the
Resolution Funding Corporation, and they included the Student Loan Mar
keting Association until the fourth quarter of 2004, when it became priva
tized.
Government business enterprises are government agencies that cover a
substantial portion of their operating costs by selling goods and services to
the public and that maintain their own separate financial records, such as
the U.S. Postal Service, state and local utility companies, and state and local
transit authorities.
February 2007
These sectors differ from those in the SNA primarily
in their treatment o f noncorporate business enter
prises. In the NIPAs, these enterprises are included in
the business sector. In the SNA, unincorporated busi
nesses that primarily cover their operating costs
through sales and that keep a complete set o f financial
records, such as some private partnerships and govern
ment business enterprises, are classified as “quasi-cor
porations” in the nonfinancial or financial
corporations sectors, and other types o f unincorpo
rated enterprises, such as sole proprietorships, are clas
sified in the household sector.
For m easuring income, outlays, and saving, the
NIPAs group institutions into three different sec
tors— corporate, personal, and government. The cor
porate sector consists o f all nonfinancial and financial
business enterprises that m ust file Federal corporate
income tax returns, including mutual financial institu
tions, nonprofit institutions serving business, Federal
Reserve banks, and government-sponsored enter
prises.4 The personal sector includes income that is
earned by, or transferred to, households and NPISHs
and the net income o f enterprises that are owned by
households (proprietors’ income and rental income of
persons). The government sector includes all govern
ment institutions, including government business en
terprises.
Other differences. In the SNA, the current account
for each sector begins by subtracting purchases o f in
termediate goods and services from gross output to ar
rive at value added. BEA provides value-added
information by industry in its industry accounts and
by sector in its detailed NIPA tables, but it does not
provide information on gross output or purchases of
intermediate goods and services for the private sectors
o f the economy. The more familiar presentation of
GDP in the NIPA sum m ary accounts calculates its
value as the sum o f final expenditures— personal con
sumption expenditures, private fixed investment, net
exports o f goods and services, and government expen
ditures and gross investment.
Differences between the FFAs and the SNA
The FFAs are organized as 19 sum m ary accounts, and
data are presented in more than 140 underlying tables,
primarily focusing on financial flows and stocks o f fi
nancial assets and liabilities. The FFAs cover m ost
transactions envisioned in the capital, financial, reval
uation, and “other changes in volume” accounts o f the
SNA, and the FFAs provide complete balance sheets for
4. Although government-sponsored enterprises may have been initially
established by the government, they are treated as financial businesses in
U.S. macroeconomic accounts because they are independently controlled
and issue their own debt.
February 2007
Survey
of
C u r r e n t B u s in e s s
households and nonfinancial business. Despite the
similarities in coverage, there are som e notable differ
ences between the FFAs and the main features o f the
SNA that have been adopted in the integrated accounts
or that relate to future research initiatives.
Differences in sectors. The FFAs divide financial
institutions (commercial banks, insurance com pa
nies, pension funds, and other financial intermediar
ies) into 22 different sectors. The remaining
institutions in the U.S. economy are divided into five
sectors— households and nonprofit organizations,
nonfinancial business, Federal Government, and state
and local governments. The FFAs also include nonfi
nancial business subsectors for nonfarm nonfinancial
corporate business, nonfarm noncorporate business,
and farm business.
The FFA sectors mainly differ from the SNA in the
same way that the NIPA sectors that are used to m ea
sure income, outlays, and saving differ from the SNA.
The financial and nonfinancial corporate sectors o f the
FFAs exclude quasi-corporations (partnerships), the
government sectors include all government business
enterprises, and the households and nonprofit organi
zations sector includes the net financial activity o f all
unincorporated businesses, not just sole proprietor
ships.
One exception relates to the sectoring o f corporate
farms. In the NIPAs, the income and outlays o f corpo
rate farms are included in the corporate sector. In con
trast, corporate farms are included as part o f the FFA
farm subsector.
Other differences. The SNA envisions a complete
balance sheet for each sector o f the economy. However,
the FFAs only publish balance sheets for households
and nonprofit organizations, nonfinancial noncorpo
rate business, and nonfinancial corporate business. For
other types o f institutions, balance sheet information
in the FFAs is limited to financial assets and liabilities,
mainly because o f a lack o f information on the market
value o f real estate and stocks o f nonproduced nonfi
nancial assets, such as land, electromagnetic spectrum,
and offshore drilling rights.
In the SNA, purchases o f consumer durable goods
are treated as final consum ption in the accounts and
are excluded from the balance sheets o f the household
sector. Although such goods provide services over a
period o f three or more years, their purchase is not
treated as fixed investment because consumer durable
goods are primarily used for nonmarket household
production, which is considered outside the scope o f
GDP and the national accounts. In the FFAs, purchases
o f consumer durable goods are treated as investment
because they represent im portant assets o f households
and are an im portant part o f their net worth. Because
17
the FFAs do not measure current production, this
practice does not create any inconsistency within these
accounts.
Another difference between the FFAs and the SNA
mainly relates to changes in the value o f financial and
fixed assets. The SNA recommends differentiating be
tween changes in net worth from revaluations due to
price changes and all “other changes in volum e” not
associated with net investment flows. Currently, the
FFAs are not able to separate “other volume changes”
from revaluations for series that have both, but this is
an issue the Federal Reserve Board staff is working on.
The combination o f these effects on changes in net
worth is shown in separate “reconciliation” tables that
accompany the balance sheets.
A few other differences between the FFAs and the
SNA also relate to changes in the value o f financial and
fixed assets. First, the FFAs record bonds at book value
and equities at market value, whereas the SNA recom
mends that all securities are recorded at market value;
thus, revaluations associated with financial instru
ments other than shares and other equity instruments
are not included in the FFAs, whereas the SNA recom
mends including revaluations o f all financial instru
ments.5 Second, debt writeoffs are not separately
identified as “other changes in volume” as recom
mended in the SNA. Instead, they are reflected in the
changes in the flows in the financial accounts.
A final difference between the data presented in the
FFAs and what is envisioned in the SNA relates to the
concept o f net worth reported for the corporate busi
ness sectors. The FFAs follows typical accounting stan
dards by presenting net worth as the recorded value o f
assets less liabilities, excluding equity capital. In con
trast, the SNA calculates net worth as the market value
o f assets less a broader measure o f liabilities that in
cludes equity capital.
The inclusion o f the market value o f equity in the
FFA measures o f net worth allows users o f these ac
counts to calculate many useful financial ratios. For in
stance, many users compare the FFA measures o f net
worth with those o f debt to assess the long-term sol
vency o f the nonfinancial corporate sector. Som e users
also compare the FFA measures o f net worth with sim
ilar measures that are derived using historical costs for
fixed assets to form expectations about future stock
market returns.6
5. Past efforts by the Federal Reserve Board have found that this exclusion
was unlikely to have much of an impact on net worth. However, this work
predates more recent financial developments.
6. Some argue that such a comparison often does not provide useful
information, particularly in more recent years, because the balance sheets
exclude many types of intangible assets, such as consumer databases and
firm-specific training, that have likely grown in more recent years and that
may be an important determinant of equity market value.
18
Integrated Macroeconomic Accounts for the United States
The exclusion o f the market value o f equity from the
SNA measure o f corporate net worth allows net worth
for the Nation to be computed directly as the sum o f
net worth across the sectors. The SNA measure o f cor
porate sector net worth can be positive or negative, de
pending on the relationship between the market value
o f equity shares outstanding and the recorded value o f
its assets net o f liabilities. By adding this measure to
net worth for the other sectors in the SNA, in princi
ple, net worth for the Nation is based on the recorded
value o f corporate assets rather than on the market
value o f equity shares outstanding.
The New Integrated Accounts
This section introduces the tables that present the inte
grated macroeconom ic account for each sector o f the
U.S. economy. M ost o f the series in these tables are de
rived from data reported in the NIPAs and the FFAs.
For the other series, alternative methods and data are
used to estimate their values. Both BEA and the Fed
eral Reserve Board are confident that the data in these
tables provide inform ation that is analytically useful
and m ore transparently integrated in com parison with
the data in the current NIPA and FFA tables, but they
do not consider the new integrated data to be official
estimates.
The m ain contribution o f these tables is that they
present a complete sequence o f macroeconomic ac
counts that is based on consistent definitions, classifi
cations, and accounting conventions. Although many
o f the terms that appear in these accounts also appear
in the SNA, the definitions o f the terms may vary, so
users o f these tables who are m ore familiar with SNA
accounting standards than NIPA and FFA accounting
standards should consult the documentation on these
two last accounts to ensure that they understand ex
actly what is presented in the measures chosen for their
analyses.7
Users o f these tables should also note that a few o f
the SNA features that were mentioned in the previous
section have not been fully adopted in the integrated
accounts. First, the tables use a consistent set o f sectors
throughout the entire sequence o f accounts, and these
sectors are prim arily based on definitions that are used
in either the NIPAs or the FFAs. Second, each table be
gins by presenting gross value added by sector, but
these values are only shown as the sum o f production
costs because the presentation is limited by the data
7. For details on the NIPAs, see “A Guide to the National Income and
Product Accounts of the United States” and the various methodology
papers that are available at <www.bea.gov>. For details on the FFAs, see
Guide to the Flow o f Funds Accounts (Publications Services, Board of Gover
nors of the Federal Reserve System, 2000); <www.federalreserve.gov/
releases/zl/>.
February 2007
that are currently available in the NIPAs. Third, addi
tional work still needs to be done to more fully develop
the revaluation and “other changes in volum e” ac
counts because the data in the related integrated ac
counts are limited by the data that are currently
available in the FFAs.
It is also worth noting that the sum o f gross value
added across the sectors o f the domestic economy in
these accounts equals the gross domestic income in the
NIPAs rather than gross domestic product because the
related measures for each sector are based solely on in
formation from the income-side o f the NIPAs.
The tables divide domestic institutions into six sec
tors— households and nonprofit institutions serving
households, nonfinancial noncorporate business, non
financial corporate business, financial business, Fed
eral Government, and state and local governments.
The rest o f this section discusses the tables for each o f
the sectors and for the rest o f the world.
Households and nonprofit institutions serving
households
The integrated accounts for households and nonprofit
institutions serving households (NPISHs) cover the
same institutions that are included in the NIPA house
hold and institutions and FFA households and non
profit sectors.
The first portion o f the current account for house
holds and NPISH s shows the sector’s contribution to
the output o f final goods and services in the domestic
economy, which is measured as gross value added (ta
ble 1, line 1). Net value added is equal to gross value
added less the consum ption o f fixed capital, and it
equals compensation paid by households and NPISHs,
taxes on production and im ports less subsidies, and
net operating surplus (lines 3-8).
Because production for this sector includes owneroccupied housing services in addition to dom estic and
nonprofit services, taxes on production and im ports
less subsidies includes property taxes paid less the sub
sidies received by both homeowners and NPISHs. Net
operating surplus also includes the net interest pay
ments and rental income associated with owner-occu
pied housing and fixed assets o f NPISHs.
Net operating surplus is carried forward into the
second portion o f the current account, which derives a
measure o f net national income by adding the income
accrued by households and NPISH s as a consequence
o f their involvement in the process o f production or
their ownership o f assets that may be needed for pro
duction (lines 10-19). This income consists o f net o p
erating surplus, “compensation
o f employees
(received),” and “property income (received)” (lines
February 2007
S urvey
of
C u r r e n t B u s in e s s
10-14). For households and NPISH s, property income
consists o f interest receipts, dividend receipts, and
withdrawals from the income o f quasi-corporations,
which is the sum o f proprietors’ income and the rental
income o f tenant-occupied housing, less interest pay
ments.
Net national income is carried forward into the final
two portions o f the current account. The first portion
derives disposable income by subtracting “current
taxes on income and wealth, etc. (paid),” “social con
tributions (paid),” and net “other current transfers”
from net national income (lines 20-26). The second
portion derives net saving (line 28) by subtracting final
consum ption expenditures (line 27) from disposable
income (line 26).
The information that is covered in the final three
portions o f the current account is similar to that pro
vided in the NIPA personal income and outlays ac
count. However, there are some im portant differences
between the related accounts.
In the NIPAs, owner-occupied housing is essentially
a subsector o f the private enterprise account, where the
related net interest and transfer payments are sub
tracted from value added to obtain the rental income
o f persons for owner-occupants. This measure is then
carried forward (along with the rental income o f per
sons from tenant-occupied housing and other rental
income o f persons) into the personal income and out
lays account as a net source o f income in the derivation
o f personal saving. In the integrated accounts, net op
erating surplus is carried forward into the second por
tion o f the current account for households and
NPISHs. The net interest and transfer payments that
are associated with owner-occupied housing (along
with the net interest associated with the fixed assets o f
NPISH s) are then effectively subtracted by including
the payments and receipts that are associated with
owner-occupied housing in the interest and transfer
measures for the consistently defined sector.
Another difference between the related accounts is
that they present different concepts o f disposable in
come. In particular, disposable personal income in the
NIPAs is calculated before the deduction o f interest
and other current transfer payments, but disposable
income in the integrated accounts is calculated after
the deduction o f such transactions.
A final difference between the accounts is that the
measure o f net saving in the current account (line 28)
can differ slightly from the related measure o f personal
saving in the NIPAs because personal saving is partly
based on a cash-based accounting measure o f wage
and salaries. In the integrated accounts, net saving is
partly based on an accrual-based accounting measure
19
o f wage and salaries (line 5).
Net saving is then carried forward into the capital
account. As in the SNA, this account derives net lend
ing or net borrowing for the sector by subtracting net
capital form ation (fixed investment) (line 32) from net
saving and capital transfers (line 29). For households
and NPISHs, net capital transfers consists o f estate and
gift taxes paid to the government and net m igrants’
transfers received by the rest o f the world, which typi
cally has a negative value. Purchases o f consumer dura
ble goods are also excluded from fixed investment,
which is consistent with their treatment in the NIPAs
and the SNA but not in the FFAs.
The capital account is followed by the financial ac
count from which a measure o f net lending or net b or
rowing for the sector can be derived by subtracting the
net incurrence o f liabilities from the net acquisition of
financial assets. However, such a derivation results in a
value for net lending or net borrowing that differs
from that in the capital account because o f differences
in source data, timing o f recorded flows, and other sta
tistical differences between the accounts.
The SNA offers no guidance on how to treat the dis
crepancy between the two measures o f net lending or
net borrowing. In this table, as in the tables for the
other sectors in the integrated accounts, the measure
from the capital account is carried forward into the fi
nancial account, and the discrepancy between the two
measures is included as the statistical discrepancy in
the “other changes in volume” account (line 83). This
provides consistency between changes in net worth
that are recorded in the accumulation accounts and
levels o f net worth that are recorded on the balance
sheets. By not forcing equality, the discrepancy be
tween these measures also provides a crude measure o f
the effectiveness o f future efforts to better align esti
mates in the accounts.
The differences between the two measures o f net
lending or net borrowing highlight the limitations o f
the accounts for this sector. Although the general
trends o f these two measures are similar, their values
often differ by quite a bit, indicating that there are
many statistical differences embedded in the accounts.
These differences are not surprising because many o f
the flows for this sector in both the FFAs and the
NIPAs are calculated residually, and differences in
source data, timing o f recorded flows, and many statis
tical differences in other sectors affect the estimates in
this account.
In addition to the net lending or net borrowing
discrepancy, the “other changes in volume” account
includes net investment in consumer durable goods
(line 81). As a result, such goods can be recorded on
20
Integrated Macroeconomic Accounts for the United States
the balance sheet for the household sector while con
sistency with the SNA’s exclusion o f the purchases o f
such goods from measures o f fixed investment can still
be maintained.
The revaluation account (the final accumulation ac
count) for the sector records nominal holding gains
and losses for nonfinancial and financial assets (lines
84-94). One notable characteristic o f this account is
that it does not provide separate measures for changes
in the value o f land and structures. Instead, the ac
count provides a single value for all real estate (line
85), because the agencies have not fully researched the
best way to provide separate measures.
The revaluation account is followed by a measure
for the change in net worth for the sector (line 95). As
in the SNA, the value is equal to the sum o f the net
capital formation, net lending or net borrowing,
“other changes in volume,” and nominal holding gains
or losses. The change in household and N PISH net
worth is the same as that published in the FFAs, but the
components differ. The net lending or net borrowing
measure that is used in the calculation o f net worth is
from the capital account rather than from the financial
account. The statistical discrepancy between the capital
account and the financial account enters the calcula
tion o f the change in net worth through the “other
changes in volume” account to bring the measure in
line with what is reported in the FFAs.
The end-of-period stocks in the balance sheet ac
count (lines 96-142) are similar to those published in
the FFAs. The terminology for asset and liability items
is consistent with international terminology, which
should allow for easier com parisons across countries.
In addition, financial instruments are grouped as rec
om m ended by the SNA.
Nonfinancial noncorporate business
The nonfinancial noncorporate business sector prim a
rily consists o f nonfinancial partnerships and sole pro
prietorships, including the noncorporate farms that
are part o f the FFA farm business subsector. However,
it also includes the activities associated with tenant-occupied housing.
Since the accounts for this sector are structured in
the sam e manner as those for the household and
NPISH s sector, only a few noteworthy characteristics
o f the accounts for nonfinancial noncorporate busi
nesses need to be mentioned.
Net operating surplus in this sector (table 2, line 8)
consists o f proprietors’ income, net interest, business
transfer payments associated with nonfinancial part
nerships and sole proprietorships, and rental income
associated with tenant-occupied housing.
February 2007
Income generated in this sector is paid out to house
holds as withdrawals from quasi-corporations (line
14). As a result, by construction, the sector has no net
saving (line 20). However, there is capital formation
for nonfinancial noncorporate businesses, which is fi
nanced by either “borrowing” from the income o f
quasi-corporations that has been distributed to house
holds or borrowing though financial markets.
Capital formation financed by borrowing from the
income o f quasi-corporations is recorded in the finan
cial account as equity in noncorporate business (line
54). Because o f data limitations, the value o f equity in
noncorporate business is residually determined as the
am ount that is necessary to finally bring net borrowing
from the financial account into alignment with net
borrowing from the capital account. As a result, there
is no statistical discrepancy between the borrowing
measures to appear in the “other changes in volum e”
account for this sector.
The difficulties associated with m easuring equity in
noncorporate business have little effect on the m ea
surement o f the change in net worth for the sector
(line 71) because total changes in net worth are mainly
the result o f changes in the prices o f real estate that are
recorded in the revaluation account (line 63).
Nonfinancial corporate business
The nonfinancial corporate business sector consists o f
the same nonfinancial institutions that are classified
into the corporate sector in the NIPAs, and it includes
the corporate farms that are part o f the FFAs farm
business subsector.
In the first portion o f the current account, net oper
ating surplus (table 3, line 8) consists o f corporate
profits, net interest, and business transfer payments
that are associated with the nonfinancial corporations
in the sector.
The remaining portions o f the current account
cover the same type o f information that is presented
for private enterprises in the NIPA sum m ary accounts.
However, there are a few differences that relate to the
heavier use o f SNA terminology and concepts in the
integrated accounts. First, measures o f corporate prof
its are fairly prominent in the NIPAs, but there are no
equivalents in the current account for this sector. Sec
ond, undistributed corporate profits are called net sav
ing in this account (line 24). Third, because there are
no final consum ption expenditures for corporations,
net saving is equal to the SNA concept o f disposable in
come (line 23).
The structure o f the capital account is the same as
that for households and NPISHs, but a few characteris
tics o f the account for this sector are worth noting.
February 2007
Survey
of
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urrent
B u s in e s s
21
First, this capital account lacks the measure o f internal how financial risk is spread across the economy.
Because the measures o f sector net worth in the in
funds (after-tax profits plus depreciation allowances)
that appears in the FFAs and that is used to derive the tegrated accounts are based on the SNA definition, its
sector’s financing gap. This gap, which is measured as value for nonfinancial corporations can be positive or
the difference between capital expenditures and the negative, depending on the market value o f equity and
sum o f U.S. internal funds and inventory valuation ad on the recorded value o f assets and other liabilities.
justm ent, is sometimes used as an indicator o f the cor The values o f net worth for 2003-2005 presented in
porate sector’s need to borrow.8 Net lending or net this paper are positive, but the tables on BEA’s Web site
borrowing (line 33) is almost the same as the financing show that this sector’s net worth for 1995-2001 was
gap, but it includes undistributed profits o f foreign negative; these negative values are consistent with the
subsidiaries, which are excluded from the FFA calcula general finding that the market value o f many firms
greatly exceeded the recorded net value o f share
tion o f U.S. internal funds.
A final noteworthy characteristic about the capital holder’s equity.
account is related to nonproduced nonfinancial assets.
These are claims on resources that are necessary for Financial business
production but that have not been produced, such as The financial business sector consists o f the m onetary
land, the electromagnetic spectrum, and offshore drill authority, depository institutions, insurance and pri
ing rights that are purchased from the government. vate pension funds, and all other financial intermedi
The stocks o f such assets are excluded from the balance aries that are included in the FFA financial sectors. It
sheet account, but the transactions associated with the includes the financial sole proprietorships and part
net acquisition o f such assets are included in the capi nerships that are excluded from the NIPA corporate
tal account (line 31). By including this flow in the sta sector.
In the current account, the measure o f net operating
tistical discrepancy in net lending or net borrowing
(line 79), the accounts maintain consistency between surplus (table 4, line 8) consists o f corporate profits,
the change in net worth (line 95) that is derived from net interest, and business transfer payments o f finan
items in the capital, financial, “other changes in vol cial corporate business and proprietors’ income, net
ume,” and revaluation accounts and the levels o f net interest, and business transfer payments o f unincorpo
worth reported on the balance sheets while still pro rated financial businesses.
The remaining accounts for this sector are mainly
viding inform ation on transfers o f these types o f assets.
Not only is the discrepancy between the net lending structured the same way as those for the nonfinancial
or net borrowing measures affected by the accounting corporate sector. However, in the financial account, in
conventions used for nonproduced nonfinancial as trasector assets and liabilities— such as mortgagesets, but it is also affected by the boundary that effec backed securities issued by agencies and GSE-backed
tively separates nonfinancial institutions from m ortgage pools bought by commercial banks— are in
financial institutions within the accounts. In the cur cluded as both an asset (line 36) and a liability (line
rent account, the measures are largely based on tax re 52). It is worth noting that there are sizable revalua
turn data, and the sectoring o f consolidated returns is tions o f financial assets (line 74) and financial liabili
based on the predominant form o f business. In the fi ties (line 78) in the revaluation account primarily
nancial account, the measures also use survey and reg because o f the sector’s sizable equity holdings.
The net worth for financial business (line 134) is
ulatory data to effectively split financial subsidiaries
from consolidated returns o f parent corporations that calculated from the same factors as those for the
are primarily engaged in nonfinancial activities. As a household sector with one notable exception. Because
result, some o f the financial activities o f corporate sub o f data limitations, the change in net worth (line 85)
sidiaries are included in the current and capital ac excludes revaluations o f real estate, and the level ex
counts for the nonfinancial corporate business sector cludes the market value o f real estate but includes the
replacement cost o f nonresidential structures.
but are excluded from the sector’s financial account.
The lack o f a consistent definition o f nonfinancial
and financial business is a limitation o f the integrated Federal Government and state and local
accounts. To some extent, it impedes an understanding governments
about precisely how real activity in the economy is be The government sectors consist o f the same govern
ing financed. It also limits more precise analyses o f mental units that are included in the FFA government
sectors. As a result, these sectors include the govern
8. Because companies have other financial assets at their disposal, as well
ment business enterprises that are included in the
as discretion over equity issuance and share repurchases, the empirical rela
NIPA government sector, but they exclude government
tionship between the financing gap and corporate borrowing is often weak.
22
Integrated Macroeconomic Accounts for the United States
February 2007
retirement funds, including the Federal retirement
funds that were recently moved into the their own FFA
sector.
In the first portion o f the current accounts, net op
erating surplus (line 7 in tables 5 and 6) consists o f the
current surplus o f the government business enterprises
that are included in each sector.
The remaining portions o f the current accounts
(lines 8-24 in tables 5 and 6) are structured in the same
manner as those for the other sectors o f the domestic
economy in the integrated accounts. As a result, the or
ganization o f these transactions differs from the pre
sentation o f government receipts and expenditures in
the NIPAs. M ost notably, the second portion o f these
accounts do not provide measures o f total receipts and
expenditures as does the NIPA account in the deriva
tion o f its measure o f government saving.
The measure o f net saving in the current accounts
(line 24 in tables 5 and 6) can differ slightly from the
related measure o f net government saving in the NIPAs
because net government saving is partly based on a
m easure o f wage and salary disbursements.9 In the in
tegrated accounts, like in the SNA, government saving
is partly based on a measure o f wage and salary accru
als.
The capital accounts for the government sectors in
clude the net acquisition o f nonproduced nonfinancial
assets because they serve as the counterpart to the pur
chases o f such assets from the nonfinancial corporate
sector (line 31). For the Federal Government sector,
these assets mainly consist o f sales o f electromagnetic
spectrum and offshore drilling rights. For the state and
local government sector, these assets mainly consist o f
sales o f land and access rights. Like in the capital ac
count for the nonfinancial corporate sector, these flows
are included in the net lending or net borrowing dis
crepancy in the “other changes in volume” account to
maintain consistency between the change in net worth
and the balance sheet accounts for the government sec
tors.
The discrepancies between the two net lending or
net borrowing measures for Federal Government tend
to be small, mainly reflecting the generally high quality
o f data available for the Federal Government. How
ever, the small discrepancies also reflect timing adjust
ments that were recently made to the FFAs to improve
their consistency with the NIPAs. In contrast, the dis
crepancies for the state and local government sector
The accounts for the rest o f the world present a mirror
image o f the U.S. international transactions accounts
published by BEA. In the current account, net saving
or the current external balance (table 7, line 8) is calcu
lated by subtracting foreign outlays to U.S. residents
(line 5) from the foreign income received from U.S.
residents (line 1). In the capital account, net capital
transfers (line 10) are added to net saving (line 9) and
acquisition o f nonproduced nonfinancial assets (line
11) is subtracted to arrive at the net lending or net bor
rowing position for the rest o f the world (line 12).
The magnitude o f the net lending or net borrowing
position o f the rest o f the world should equal that o f
the total domestic economy. However, this usually does
not occur in the integrated macroeconomic accounts,
primarily because the accounts rely on information
from the product side o f the NIPAs for their measures
o f capital formation and on information from the in
come side for their measure o f saving. As a result, the
discrepancy between these two sides o f the NIPA do
mestic income and product account explains almost all
o f the differences between the m agnitudes o f the re
lated measures. Eliminating the differences that cannot
be explained by the difference between the income and
product sides o f the NIPAs and that appear in som e of
the later periods is a high priority o f the agencies.
The financial, “other changes in volume,” and
9. Although wages and salaries do not directly appear in the government
current receipts and expenditures accounts of the NIPAs, they are included
as part of the measure of consumption expenditures that is used to derive
the measures of net government saving. The same is true for the measures
of final consumption expenditures that are used to derive government net
saving in the integrated accounts.
10. See Executive Office of the President, Office of Management and Bud
get, “Table 3-1. Government Assets and Liabilities,” in Analytical Perspec
tives of the U.S. Government, Fiscal Year 2007 (Washington, DC: U.S.
Government Printing Office, 2006): 182.
11. Only recently has the Government Accounting Standards Board
begun to require state and local governments to create balance sheets and
determine the value of their assets.
tend to be large mainly because o f source data limita
tions, but it is possible that closer coordination on esti
mation methodologies between the two agencies could
further integrate these accounts.
For both government sectors, the measures o f net
worth (line 117 in table 5 and line 103 in table 6) are
limited because they only include the replacement
costs o f reproducible fixed assets (primarily, nonresi
dential structures and equipment and software). The
Federal Government controls a vast am ount o f land,
natural resources, and spectrum rights that are not ac
counted for in its revaluation and balance sheet ac
counts. The U.S. Office o f M anagement and Budget
provides supplemental inform ation on the real estate
owned by the Federal Government, but these data are
provided for illustrative purposes and have not been
fully vetted for use in the accounts.10 In addition, there
are no estimates o f the same types o f assets for state
and local governments.11
Rest of the world
February 2007
Survey
of
revaluation accounts for the rest o f the world are struc
tured in the same way as the related accounts for the
domestic economy. The information in these accounts
is similar to that in the FFAs; the same types o f finan
cial transactions are netted against one another in
these accounts.
Like the flows that are recorded in the other ac
counts for the rest o f the world, the balance sheet
account for this sector presents a mirror image o f
the international investment position reported in the
international transactions accounts. In particular, net
worth for this sector (line 120) is equal to the accum u
lated value o f foreign-owned financial assets in the
United States less the accumulated value o f U.S. finan
cial assets owned abroad.
Uses of the New Tables
The framework for the integrated macroeconomic ac
counts facilitates many types o f analyses o f U.S. macroeconomic activity, which are more difficult to conduct
with the separate NIPAs and FFAs. This section briefly
mentions a few examples.
Sectoral net lending or net borrowing. The FFAs
provide a good source o f information on financial
flows within the economy. However, neither the FFAs
nor the NIPAs present the net lending or net borrow
ing position o f all the m ajor sectors o f the U.S. econ
om y as is done in the integrated accounts. Coupled
with the asset and liability information that is also pre
sented, the complete set o f net lending or net borrow
ing information in the integrated accounts facilitates
analyses o f how resources are mobilized to finance in
vestment in the sectors o f the economy.
The integrated accounts show that am ong the do
mestic sectors o f the U.S. economy, households and
nonprofit institutions, nonfinancial noncorporate
businesses, the Federal Government, and state and lo
cal governments have been net borrowers in recent
years when investment in these sectors has exceeded
saving. Net lending to these sectors has been provided
by nonfinancial corporations, financial business, and
the rest o f the world.
The integrated accounts also show that in recent
years, the net lending o f nonfinancial corporations has
been quite unusual: Net saving has exceeded net capital
form ation by an average o f $43.6 billion each year in
2003-2005. Funds raised in credit and equity markets
were also unusually low as borrowing in the form o f
loans and debt securities was mainly offset by retire
ments o f corporate equities.
Household saving. Economists have long recog
nized that both current income and wealth may affect
the consum ption and saving decisions o f households.
23
C u r r e n t B u s in e s s
In addition, many o f the recent discussions o f trends in
U.S. economic growth and personal saving have also
appealed to this notion as increases in home equity
may have helped bolster current consum ption expen
ditures. The integrated accounts facilitate analyses o f
the process by which current income and the com posi
tion o f wealth affect consum ption and saving behavior
by presenting the com position o f income and wealth
for households and NPISHs in a single table for a con
sistently defined sector.
The integrated accounts show that the net worth o f
households and NPISH s increased $12.9 trillion in
2003-2005, even as the saving rate for this sector fell to
historically low levels. This increase was mainly ac
counted for by a $4.9 trillion increase in the value o f
real estate and a $4.5 trillion increase in the values o f
shares and other equity that were due to changes in the
prices o f these assets.
The low saving rates for households and nonprofit
institutions were associated with large volumes o f
mortgage borrowing, which averaged $984.4 billion
each year in 2003-2005. However, the increase in
m ortgage debt o f households and nonprofit institu
tions was exceeded by an average annual increase o f
$2.2 trillion in the value o f real estate, which includes
net investment. Because m ost o f the real estate in this
sector is associated with owner-occupied housing, net
housing wealth, defined as the difference between
owner-occupied housing values and related mortgage
debt, rose substantially.12
Future Initiatives
The integrated macroeconomic accounts represent a
substantial effort by both the Bureau o f Economic
Analysis and the Federal Reserve Board, but there are a
number o f areas where future development in the ac
counts may be made. Because conceptual integration
needs to be matched by statistical integration, some
improvements are likely to come from the more gen
eral work o f both agencies to improve the quality o f
their official estimates. Other improvements are likely
to come from the continued joint efforts by the agen
cies to tighten the integration between the NIPAs and
the FFAs.
BEAs strategic plan outlines a number o f research
activities that are expected to result in improvements
in the quality o f the NIPA-based measures. Work is al
ready under way to see whether the times at which
government fixed investment and changes in private
inventories are recorded in the NIPAs can be made
12. Flow of funds table B.100 indicates that usually more than 90 percent
of the value of real estate that is recorded on the balance sheet for house
holds and nonprofit institutions is related to owner-occupied housing.
24
Integrated Macroeconomic Accounts for the United States
more consistent. Research is also being conducted to
see whether the estimates o f government consumption
o f fixed capital can be improved through the use o f an
alternative estimation methodology. BEA is also plan
ning an intensive review o f the consistency between the
NIPA estimates o f interest flows and the FFA estimates
o f interest-bearing assets.
Am ong other prospective projects that may improve
the integration o f these accounts, the Federal Reserve
Board staff is investigating whether changes in the
wide variety o f activities that are currently included in
the measures o f miscellaneous assets for the nonfinan
cial business sector can be more appropriately divided
in the FFAs into flows, revaluations, and “other
changes in volum e” Although this work involves a
considerable am ount o f effort and the development o f
new comprehensive source data, it could lead to a sub
stantial improvement in the accounts, and perhaps it
could help to alleviate the source o f the current dis
crepancies between the measures o f sectoral net lend
ing or net borrowing in the current account and the
financial account.
One particular interest relates to the identification
o f debt writedowns. These accounting items are cur
rently included in the flows for the debt items that are
presented in the FFA financial accounts, but they
would be better accounted for separately as “other
changes in volume.” The separate identification o f debt
writedowns could improve the am ount o f detail that is
provided in the “other changes in volume” account
and may also reduce the discrepancies between the
measures o f the net lending or net borrowing positions
o f corporations in the accounts.
Other interests relate to developing measures that
value bonds at current market prices and to providing
separate information on the revaluation o f residential
February 2007
land and structures. Accordingly, Federal Reserve
Board staff has been conducting research on these two
issues to improve consistency between the FFAs and
the SNA.
The agencies are jointly advancing other efforts to
improve the integration o f the NIPAs and the FFAs.
These efforts include working together to examine the
possible use o f alternative data sources to improve the
NIPA estimates for state and local governments when
more comprehensive data from the Census o f Govern
ments are not available. In addition, the agencies plan
to thoroughly examine the use o f data from the BEA
fixed assets and international transactions accounts in
the FFAs to ensure that the inform ation that is used in
these accounts is consistent with the information used
in the NIPAs. This work is expected to eliminate the
small discrepancies between the net lending or net
borrowing position o f the domestic economy and the
rest o f the world that cannot currently be explained by
the statistical difference between the income and prod
uct sides in the NIPAs.
loint efforts are also being m ade to examine
whether information from corporate financial state
ments can be used to improve the sectoring o f activi
ties associated with financial subsidiaries. It is hoped
that this research would allow for the development o f
estimates for the integrated macroeconomic accounts
that consistently include the activities o f financial sub
sidiaries in the financial sector.
A final topic that the agencies are jointly investigat
ing is whether estimates o f stocks o f nonproduced
nonfinancial assets can be developed for the balance
sheets. Although both agencies would like to develop a
set o f estimates for the wide array o f such assets, there
are a number o f statistical and methodological issues
that cannot immediately be overcome.
Tables 1-7 follow.
February 2007
Survey
of
25
C u r r e n t B u s in e s s
Table 1. Households and Nonprofit Institutions Serving Households
[Billions of dollars]
Line
2003
2004
2005
Current account
Line
2003
2004
2005
1,107.1
864.4
981.7
1
1,269.2
1,356.5
1,419.6
Long term (mortgages)................................................
Insurance technical reserves (unpaid premiums).......
76
Gross value added..............................................................
77
0.9
1.6
1.0
Less: Consumption of fixed capital...................................
2
201.7
235.9
293.5
Other accounts payable (trade debt).............................
78
4.8
2.0
2.0
Equals: Net value added.....................................................
Compensation paid by households and NPISHs...............
Wages and salaries.......................................................
Employers’ social contributions.....................................
Taxes on production and imports less subsidies................
Operating surplus, net.......................................................
3
4
5
6
7
8
1,067.5
503.5
436.8
66.7
128.0
436.0
1,120.6
529.8
458.9
70.9
136.6
454.1
1,126.1 Addendum:
552.4
Net lending or net borrowing, financial account (39-68)....
477.2
Other changes in volume account
75.3
142.3
Total other volume changes..............................................
431.4
79
-97.7
-302.4
-629.6
Net national income/balance of primary incomes, n e t.....
Operating surplus, net.......................................................
Compensation of employees (received).............................
Wages and salaries.......................................................
Employers’ social contributions.....................................
Property income (received)...............................................
Interest..........................................................................
Distributed income of corporations................................
Dividends..................................................................
Withdrawals from income of quasi-corporations1......
Less: Uses of property income (interest paid)....................
9
11)
11
12
13
14
15
1fi
17
18
19
8,427.9
436.0
6,325.4
5,127.7
1,197.7
2,201.1
915.4
1,285.8
422.6
863.2
534.6
8,930.9
454.1
6,650.3
5,377.1
1,273.2
2,385.6
892.1
1,493.5
537.1
956.5
559.1
9,357.9
431.4
7,030.3
5,664.8
1,365.5
2,528.4
946.3
1,582.1
574.4
1,007.7
632.2
80
81
82
83
514.9
205.7
199.8
-109.4
209.6
208.2
12.5
11.1
150.2
210.2
47.6
107.6
Nonfinancial assets.......................................................
Real estate...................................................................
Consumer durable goods
Equipment and software
84
8b
86
8/
1,122.3
1,220.5
-98.4
0.2
1,652.8
1,674.8
-21.7
-0.3
1,986.4
2,025.8
-39.0
-0.3
Net national income/balance of primary incomes, n e t.....
Less: Current taxes on income, wealth, etc. (paid)............
Plus: Social benefits (received).....................................
Less: Social contributions (paid).......................................
Plus: Other current transfers (received)........................
Less: Other current transfers (paid)....................................
20
21
22
?3
?4
25
8,427.9
1,001.1
1,316.7
778.6
34.3
105.7
8,930.9
1,049.8
1,398.4
826.4
28.1
110.4
9.357.9
1,203.1
1.480.9
880.6
45.7
93.3
Financial assets.........
Shares and other equity
Corporate equities.
Mutual fund shares
Equity in noncorporate business..............................
Insurance technical reserves.......................................
88
89
90
91
92
93
3,342.8
1,912.8
1,078.9
424.4
409.5
1,429.9
1,988.4
1,251.5
361.2
276.2
614.1
736.8
1,713.3
1,323.0
232.7
244.8
845.6
390.3
Changes in net worth due to nominal holding gains or
losses..............................................................................
94
4,465.1
3,641.2
3,699.7
Equals: Disposable income, n e t........................................
Less: Final consumption expenditures..............................
26
27
7.893.5
7.703.6
8,370.9
8,211.5
8,707.5
8,742.4
Equals: Net saving..............................................................
28
189.9
159.3
-34.8
95
5,155.1
3,994.4
3,798.8
53,780.0
Revaluation account
Changes in balance sheet account
Change in net worth (32+37+80+94).................................
Balance sheet account (end of period)
Capital account
Net saving and capital transfers........................................
Net saving.........................................................................
Capital transfers received (net).........................................
29
30
31
175.1
189.9
-14.8
143.6
159.3
-15.7
-51.1
-34.8
-16.2
Capital formation, net..........................................................
Gross fixed capital formation, excluding consumer
durables.........................................................................
Residential.....................................................................
Nonresidential (nonprofit organizations).........................
Less: Consumption of fixed capital....................................
32
382.2
435.0
470.9
33
34
35
36
583.9
492.7
91 2
201.7
670.9
574.0
968
235.9
Net lending or net borrowing, capital account (29-32).....
3/
-207.1
-291.4
764.4
663.5
100 9
293.5
-522.0
Net lending or net borrowing, capital account (line 37)....
38
-207.1
-291.4
-522.0
Net acquisition of financial assets....................................
39
920.7
876.2
Currency and deposits...................................................
Currency and transferable deposits................................
Other deposits...............................................................
Foreign deposits........................................................
Time and savings deposits........................................
40
41
4?
43
44
278.5
-58.8
337.3
2.2
335.1
374.8
32.2
342.6
5.4
337.2
580.3
380.9
-10.5
391.4
5.2
386.2
Securities other than shares..........................................
Open market paper.......................................................
U.S. savings bonds........................................................
Treasury securities........................................................
Agency- and GSE-backed securities2...........................
Municipal securities.......................................................
Corporate and foreign bonds.........................................
Loans................................................................................
Short term (security credit)............................................
Long term (mortgages).................................................
45
46
47
48
49
50
b1
52
53
64
110.3
-4.5
8.9
19.8
144.4
29.0
-87.4
74.3
62.7
11.6
193.2
30.2
0.6
64.7
83.0
33.2
-18.5
115.3
103.0
12.4
200.2
28.1
0.7
-113.1
221.3
75.0
-11.8
2.1
-10.9
13.0
Shares and other equ ity.................................................
Corporate equities.........................................................
Mutual fund shares........................................................
Money market fund shares............................................
Equity in noncorporate business....................................
Insurance technical reserves.........................................
Net equity in life insurance and pension funds...............
Net equity in life insurance reserves..........................
Net equity in pension fund reserves...........................
Prepayments of premiums and reserves against claims
Net equity in reserves of property-casualty insurance
companies.............................................................
Net equity in other life insurance company reserves...
Net equity in Uniformed Services Retiree Health Care
Fund......................................................................
55
5fi
57
58
59
148.5
-2.0
240.5
-110.1
20.2
-122.5
-259.1
249.0
-56.4
-56.1
-200.0
-456.3
266.0
53.8
-63.4
60
61
62
63
t>4
309.1
267.1
66.8
200.3
42.0
315.3
274.5
33.1
241.4
40.9
197.1
168.7
16.1
152.6
28.4
65
66
19.5
13.9
21.1
11.4
22.1
9.5
67
8.6
8.4
-3.1
1,209.9
Financial account
Net incurrence of liabilities................................................
Securities other than shares (municipals).....................
68
1,018.4
1,178.6
69
14.1
10.3
16.5
Loans................................................................................
Short term.....................................................................
Consumer credit........................................................
Bank loans n.e.c........................................................
Other loans and advances........................................
Security credit...........................................................
/O
71
72
73
74
75
998.6
134.1
104.0
-2.6
-1.6
34.3
1,164.8
183.1
116.9
-15.7
0.4
81.5
1,190.4
83.4
91.3
23.7
0.0
-31.7
1. Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are
unincorporated enterprises that function as if they were corporations; they primarily cover their operating
costs through sales, and they keep a complete set of financial records.
2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
Other volume changes.....................................................
Less: Statistical discrepancy (37—[39-68])3.....................
Total assets.........................................................................
96
58,967.7
63,975.4
Nonfinancial assets.......................................................
Real estate...................................................................
Consumer durable goods.............................................
Equipment and software..............................................
97
98
99
100
20,238.8 22,523.9
16,675.0 18,759.0
3,380.3
3,566.8
183.4
198.1
25,173.1
21,222.6
3,738.0
212.5
Financial assets.............................................................
101
33,541.1
36,443.8
38,802.3
Currency and deposits..............................................
Currency and transferable deposits..........................
Other deposits..........................................................
Foreign deposits...................................................
102
103
104
105
106
4,330.3
286.8
4,043.5
52.1
3,991.3
4,730.5
319.0
4,411.5
57.5
4,353.9
5,110.9
308.1
4,802.8
62.7
4,740.1
Securities other than shares.....................................
Open market paper..................................................
U.S. savings bonds..................................................
Treasury securities...........
Agency- and GSE-backed securities2......................
Municipal securities..........
Corporate and foreign bonds
107
108
109
110
111
112
113
2,381.7
105.9
203.8
236.8
388.5
707.7
739.0
2,587.7
136.1
204.4
358.3
435.3
740.9
712.6
Loans..................................
Short term (security credit)
Long term (mortgages)...
114
115
116
117
118
119
120
121
122
123
124
125
623.2
475.4
147.9
15,058.0
5,613.1
3,085.4
959.8
5,399.6
11,147.9
10,685.9
1,013.2
9,672.7
738.6
578.3
160.2
16,187.1
5,715.2
3,610.7
903.5
5,957.7
12,200.0
11,697.2
1,060.4
10,636.8
2,853.1
164.2
205.1
342.1
638.8
816.0
687.0
740.7
567.4
173.3
17,310.1
5,491.6
4,121.4
957.3
6,739.9
12,787.4
12,259.3
1,082.6
11,176.7
126
462.0
502.8
528.1
12/
252.0
273.0
295.1
128
199.5
211.0
217.3
129
10.5
18.8
15.7
Total liabilities and net w orth............................................
130
53,780.0
58,967.7
63,975.4
Liabilities.........................................................................
131
9,812.0
11,005.4
12,214.2
Securities other than shares (municipals)................
132
178.3
188.6
205.1
Loans...........................................................................
Short term................................................................
Other loans and advances...................................
Security credit......................................................
Long term (mortgages)............................................
133
134
135
136
137
138
139
9,455.9
2,457.3
2,117.0
38.8
119.0
182.5
6,998.6
10,635.5
2,640.4
2,233.9
23.1
119.4
264.0
7,995.1
11,825.9
2,723.8
2,325.3
46.8
119.4
232.3
9,102.2
Insurance technical reserves (unpaid premiums)....
140
20.9
22.5
22.4
Other accounts payable (trade debt).........................
Net worth.........................................................................
141
142
156.8
43,968.0
158.8
47,962.4
160.8
51,761.2
Shares and other equity...
Corporate equities...........
Mutual fund shares.........
Money market fund shares
Equity in noncorporate business
Insurance technical reserves
Net equity in life insurance and pension funds..........
Net equity in life insurance reserves.....................
Net equity in pension fund reserves......................
Prepayments of premiums and reserves against
claims...................................................................
Net equity in reserves of property-casualty
insurance companies.......................................
Net equity in other life insurance company
reserves...........................................................
Net equity in Uniformed Services Retiree Health
Care Fund........................................................
3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
accounts.
NPISHs Nonprofit institutions serving households
n.e.c. Not elsewhere classified
26
Integrated Macroeconomic Accounts for the United States
February 2007
Table 2. Nonfinancial Noncorporate Business
[Billions of dollars]
Line
2003
2004
2005
Current account
Gross value added..............................................................
1
Less: Consumption of fixed capital...................................
2
150.8
166.8
195.3
Equals: Net value added...........
Compensation of employees (paid)
Wages and salaries.............
Employers’ social contributions
Taxes on production and imports less subsidies................
Operating surplus, net.............
3
4
5
6
7
8
1,530.9
439.8
380.0
59.7
96.2
994.9
1,673.1
469.8
404.8
65.0
109.2
1,094.1
1,767.8
504.9
434.1
70.8
111.5
1,151.5
Net national income/balance of primary incomes, net.....
Operating surplus, net.......................................................
Property income (interest received)..................................
Less: Uses of property income (paid)...............................
Interest..........................................................................
Withdrawals from income of quasi-corporations1..........
Reinvested earnings on foreign direct investment..........
Rents on land and natural resources.............................
9
10
11
12
13
14
15
16
15.7
994.9
14.8
994.0
183.6
810.4
0.0
0.0
13.2
1,094.1
16.3
1,097.1
194.4
902.7
0.1
0.0
6.9
1,151.5
16.1
1,160.7
208.0
952.6
0.1
0.0
Net national income/balance of primary incomes, net.....
Less: Other current transfers (paid)..................................
17
18
15.7
15.7
13.2
13.2
6.9
6.9
Equals: Disposable income, net........................................
19
Equals: Net saving..............................................................
20
1,681.6
0.0
0.0
1,839.9
1,963.1
0.0
0.0
0.0
0.0
Capital account
2003
2004
2005
Other (miscellaneous liabilities)....................................
59
23.3
89.8
49.3
Addendum:
Net lending or net borrowing, financial account (30-47)....
60
-64.2
-70.1
-69.2
61
15.7
-70.2
-69.5
Nonfinancial assets........................................................
Real estate....
Residential.
Nonresidential
Equipment and software
Residential
Nonresidential
Inventories....................................................................
62
63
64
65
bb
b/
68
by
349.5
355.4
284.7
70.6
-7.4
-1.4
-6.0
1.5
468.5
466.0
341.2
124.9
-2.1
-0.4
-1.7
4.5
674.2
684.7
521.5
163.2
-14.2
1.5
-15.7
3.8
Changes in net worth due to nominal holding gains or
losses ..............................................................................
/O
349.5
468.5
674.2
71
365.2
398.2
604.7
7?
9,619.6
Inventories....................................................................
7,837.0
6,028.7
5,430.7
4,021.8
1,408.9
527.2
40.3
486 9
70.8
8,610.7
73
74
75
76
77
78
79
80
6,525.9
5,893.8
4,390.4
1,503.5
554.3
41.9
512 5
77.8
7,229.8
6,563.0
4,902.2
1,660.8
584.3
45.4
538 9
82.6
Financial assets..............................................................
81
1,808.3
502.7
189.7
313.0
2,084.8
580.7
217.8
362.8
2,389.8
82
83
84
Other changes in volume account
Total other volume changes..............................................
Revaluation account
Changes in balance sheet account
Change in net worth (22+28+61+70)..................................
Balance sheet account (end of period)
Capital formation, n e t.........................................................
Gross fixed capital formation.............................................
Nonresidential...............................................................
Residential....................................................................
Less: Consumption of fixed capital....................................
Change in inventories........................................................
Net lending or net borrowing, capital account (21-22)
Line
.
?1
0.0
22
23
24
25
26
27
64.2
213.9
137.9
76.0
150.8
1.1
0.0
70.1
227.2
138.1
89.1
166.8
9.7
0.0
69.2
263.2
160.7
102.5
195.3
1.3
28
-64.2
-70.1
-69.2
Financial account
Nonfinancial assets........................................................
Real estate...................................................................
Residential4..............................................................
Nonresidential5........................................................
Equipment and software...............................................
Residential................................................................
29
30
-64.2
-70.1
-69.2
88.5
276.5
305.0
Currency and deposits...............................................
Currency and transferable deposits...........................
Time and savings deposits........................................
Currency and deposits...................................................
Currency and transferable deposits...............................
Time and savings deposits............................................
31
32
33
48.5
4.7
43.8
78.0
28.1
49.8
85.8
30.7
55.1
Securities other than shares......................................
Treasury securities....................................................
Municipal securities..................................................
85
86
87
47.5
44.9
2.7
55.1
52.0
3.1
63.5
59.9
3.6
Securities other than shares..........................................
Treasury securities........................................................
Municipal securities.......................................................
34
35
36
1.3
2.0
-0.7
7.6
7.1
0.4
8.4
7.9
0.5
Loans...........................................................................
Short term (consumer credit)....................................
Long term (mortgages).............................................
88
89
90
26.0
0.0
26.0
30.2
0.0
30.2
34.7
0.0
34.7
Loans................................................................................
Short term (consumer credit)........................................
Long term (mortgages).................................................
37
38
39
-0.2
0.0
-0.2
4.1
0.0
4.1
4.6
0.0
4.6
Shares and other equity.................................................
Money market mutual fund shares.................................
Equity in government-sponsored enterprises2..............
Insurance technical reserves3.......................................
40
41
42
43
-7.6
-8.2
0.6
8.0
9.0
8.5
0.5
7.2
8.8
9.3
-0.5
8.9
Shares and other equity.............................................
Money market mutual fund shares............................
Equity in government-sponsored enterprises2..........
Insurance technical reserves3...................................
57.4
53.1
4.3
103.6
66.3
61.5
4.8
110.8
75.2
70.9
4.3
119.7
Other accounts receivable..........................................
Trade receivables......................................................
Other (miscellaneous assets)....................................
91
92
93
94
95
96
97
1,071.2
338.6
732.6
1,241.7
392.5
849.2
1,430.2
452.1
978.2
Other accounts receivable.............................................
Trade receivables..........................................................
Other (miscellaneous assets)........................................
44
45
46
38.4
-24.2
62.6
170.6
53.9
116.6
188.5
59.6
128.9
Total liabilities and net worth.............................................
98
7,837.0
8,610.7
9,619.6
Liabilities.........................................................................
Loans...........................................................................
Short term ................................................................
Bank loans n.e.c....................................................
Other loans and advances....................................
Long term (mortgages).............................................
99
100
101
10?
103
104
3,379.0
2,384.3
637.8
481.3
156.5
1,746.5
3,754.5
2,633.5
653.5
494.6
159.0
1,980.0
4,158.6
2,949.6
709.1
545.3
163.9
2,240.4
2.4
992.4
276.2
69.7
646.4
2.5
2.6
Taxes payable..........................................................
Other (miscellaneous liabilities).................................
105
10b
10/
108
109
1,118.5
305.0
77.3
736.2
1,206.5
335.4
85.6
785.5
Net w o rth.........................................................................
110
4,458.0
4,856.2
5,461.0
Net lending or net borrowing (line 28)................................
Net incurrence of liabilities................................................
47
152.7
346.6
374.2
Loans................................................................................
Short term.....................................................................
Bank loans n.e.c........................................................
Other loans and advances
Long term (mortgages)
Shares and other equ ity........
Equity in noncorporate business
Foreign direct investment in the United States...............
48
49
50
51
52
104.1
15.9
10.7
5.2
88.2
250.5
15.7
13.3
2.4
234.8
317.1
55.6
50.7
4.9
261.5
53
54
55
49.6
49.9
-0.2
-30.1
-30.2
0.1
-30.8
-30.9
0.1
Other accounts payable..................................................
Trade payables.........
Taxes payable...........
56
57
58
-1.0
-23.9
-0.4
126.2
28.8
7.5
88.0
30.4
8.3
Nonfinancial noncorporate business includes noncorporate farms that are excluded from the
nonfinancial noncorporate business sector in the flow of funds accounts.
Estimates are based on the North American Industry Classification System.
1. Consists of rental income of tenant-occupied housing and proprietors' income. Quasi-corporations are
unincorporated enterprises that function as if they were corporations; they primarily cover their operating
costs through sales, and they keep a complete set of financial records.
2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
N otes.
Shares and other equity (foreign direct investment
in the United States)..............................................
Other accounts payable.............................................
666.5
248.5
417.9
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
3. Net equity in reserves of property-casualty insurance companies.
4. Farm houses are included in the household sector.
5. Excludes noncorporate farm land,
n.e.c. Not elsewhere classified
February 2007
Survey
of
27
C u r r e n t B u s in e s s
Table 3. Nonfinancial Corporate Business
[Billions of dollars]
Line
2003
2004
Line
2005
Gross value added..............................................................
1
5,558.4
5,932.9
6,369.7
Less: Consumption of fixed capital..................................
2
657.5
686.2
739.7
Equals: Net value added....................................................
Compensation of employees (paid)..................................
Wages and salaries......................................................
Employers’ social contributions....................................
Taxes on production and imports less subsidies...............
Operating surplus, net......................................................
3
4
5
6
/
8
4,900.9
3,703.2
3,019.4
683.8
488.5
709.2
5,246.7
3,873.4
3,158.4
714.9
522.9
850.4
5,630.1
4,099.7
3,335.1
764.6
558.1
972.2
Net national income/balance of primary incomes, n e t....
Operating surplus, net......................................................
Property income (received)
Interest......................
Distributed income of corporations (dividends).............
Reinvested earnings on foreign direct investment.........
Less: Uses of property income (paid)..............................
Interest.........................................................................
Distributed income of corporations (dividends).............
Reinvested earnings on foreign direct investment.........
Rent..............................................................................
9
10
11
12
13
14
1b
16
17
18
19
377.7
709.2
421.7
240.8
55.8
125.1
753.1
379.1
348.5
11.2
14.3
460.1
850.4
473.0
258.2
60.1
154.8
863.4
380.6
427.0
40.5
15.3
560.6
972.2
529.6
283.5
231.1
15.0
941.2
423.5
459.6
41.6
16.6
Net national income/balance of primary incomes, n e t....
Less: Current taxes on income, wealth, etc. (paid).......
Less: Other current transfers (paid)...............................
20
21
22
377.7
167.4
64.4
460.1
224.3
60.0
560.6
302.5
51.4
Equals: Disposable income, n e t.......................................
23
146.0
175.8
206.7
Equals: Net saving.............................................................
24
146.0
175.8
206.7
2003
2004
2005
73
74
75
-54.6
-11.7
9.4
101.8
6.8
421.8
148.2
5.1
212.0
76
68.6
177.3
71.4
77
7R
79
80
203.9
169.8
-20.5
-13.6
450.7
262.5
-148.4
-39.8
584.8
534.4
-17.9
-32.6
Nonfinancial assets.......................................................
Real estate...................................................................
Equipment and software..............................................
Inventories...................................................................
R1
fi?
fi3
R4
307.3
283.7
21.2
2.4
579.3
494.9
54.4
30.0
744.3
679.6
43.4
21.3
Financial assets.............................................................
Mutual fund shares......................................................
Direct investment abroad.............................................
85
86
87
67.5
13.0
54.5
67.7
9.1
58.7
Liabilities........................................................................
Corporate equity..........................................................
Foreign direct investment in the United States.............
8ft
R9
90
35.9
18.9
17.0
2,247.2
2,246.3
1.0
907.0
890.0
17.0
461.2
432.6
28.6
91
-1,904.0
-260.2
350.8
92
-1,554.2
366.2
1,142.3
20,137.5
10,018.8
5,377.0
3,277.2
1,364.6
21,748.9
10,804.5
5,920.9
3,385.8
1,497.8
23,122.2
11,762.6
6,656.9
3,515.2
1,590.5
Financial assets.............................................................
9?
94
95
96
9/
98
10,118.7
10,944.4
11,359.6
Currency and deposits..............................................
Currency and transferable deposits..........................
Time and savings deposits......................................
Foreign deposits......................................................
99
100
101
102
602.4
201.4
362.8
38.1
641.6
167.4
420.5
53.7
670.2
130.3
466.0
73.8
Securities other than shares....................................
Open market paper
Treasury securities.
Agency- and GSE-backed securities ' .....................
Municipal securities
103
104
105
106
107
156.0
75.7
32.8
12.1
35.4
175.3
95.0
33.0
12.2
35.0
190.0
106.8
36.9
13.7
32.6
Loans.......................
Shortterm.............
Security repurchases
Consumer credit
Long term (mortgages)
108
109
110
111
112
116.2
64.5
6.0
58.5
51.8
132.8
64.9
6.4
58.5
67.9
157.6
73.5
14.9
58.6
84.0
Shares and other equity
Money market fund shares......................................
Mutual fund shares..................................................
U.S. direct investment abroad..................................
Equity in government-sponsored enterprises1.........
Investment in finance company subsidiaries............
Insurance technical reserves 2.................................
113
114
11b
116
117
118
119
1?0
1?1
122
2,278.9
291.2
124.8
1,723.9
0.3
138.6
243.4
2,637.2
319.0
139.8
1,998.2
0.4
179.9
263.0
2,716.0
354.8
156.3
2,048.4
0.4
156.1
284.4
6,721.8
1,702.4
5,019.4
7,094.4
1,827.8
5,266.6
7,341.5
1,982.5
5,359.0
123 20,137.5
124 19,940.4
21,748.9
21,185.5
23,122.2
Current account
Taxes payable..............................................................
Miscellaneous liabilities...............................................
Addendum:
Net lending or net borrowing, financial account (35—58)....
Other changes in volume account
Total other volume changes..............................................
Other volume changes.....................................................
Less: Statistical discrepancy (33-[35-58])3.....................
Less: Inventory valuation adjustment...............................
Revaluation account
Changes in net worth due to nominal holding gains or
Changes in balance sheet account
Capital account
Change in net worth (28+33+77+91) 4..............................
Net saving and capital transfers.......................................
Net saving.........................................................................
Capital transfers received (net).........................................
25
26
27
146.1
146.0
0.2
175.8
175.8
0.0
206.7
206.7
0.0
Capital formation, net.........................................................
Gross fixed capital formation (acquisition of produced
nonfinancial assets)......................................................
Less: Consumption of fixed capital...................................
Acquisition of nonproduced nonfinancial assets...............
Inventory change including inventory valuation adjustment
?fi
98.0
146.8
153.1
?9
30
31
32
753.1
657.5
-10.8
13.2
796.5
686.2
-11.0
47.6
883.7
739.7
-10.8
20.0
Net lending or net borrowing, capital account (25-28)
33
48.1
28.9
53.5
Net lending or net borrowing, capital account (line 33)....
34
48.1
28.9
53.5
Net acquisition of financial assets....................................
35
36
3/
38
39
83.4
140.8
51.8
71.5
17.6
786.1
39.2
-34.0
57.7
15.6
395.5
Currency and deposits..................................................
Currency and transferable deposits..............................
Time and savings deposits
Foreign deposits.......
28.6
-37.1
45.6
20.1
Securities other than shares
Open market paper...
Treasury securities....
Agency- and GSE-backed securities 1..........................
Municipal securities...
40
41
42
43
44
10.8
10.9
1.4
-4.8
3.3
19.3
19.3
0.2
0.1
-0.4
14.7
11.7
3.9
1.4
-2.4
Loans...............................................................................
Short term (security repurchases and consumer credit)
Long term (mortgages).................................................
45
46
4/
-14.2
-16.4
2.2
16.6
0.5
16.1
24.7
8.6
16.1
Shares and other equ ity................................................
Money market fund shares...........................................
Mutual fund shares.......................................................
U.S. direct investment abroad......................................
Equity in government-sponsored enterprises 1.............
Investment in finance company subsidiaries.................
Insurance technical reserves2.....................................
48
49
60
b1
52
53
54
109.5
-38.5
11.3
122.9
0.1
13.7
19.0
290.9
27.7
2.0
219.8
0.0
41.3
19.6
-18.0
35.8
7.4
-8.5
0.0
-52.7
21.4
Other accounts receivable.............................................
Trade receivables..........................................................
Other (miscellaneous assets).......................................
55
56
57
-182.7
-17.3
-165.4
400.4
125.4
275.0
324.2
154.7
169.4
Financial account
Net incurrence of liabilities................................................
58
14.8
608.8
324.1
Securities other than shares.........................................
Open market paper......................................................
Municipal securities......................................................
Corporate bonds..........................................................
59
60
61
62
126.7
-35.1
3.5
158.3
99.6
16.8
5.1
77.7
59.4
-7.9
7.4
59.9
Loans...............................................................................
Short term....................................................................
Bank loans n.e.c.......................................................
Other loans and advances.......................................
Long term (mortgages).................................................
Shares and other e qu ity................................................
Corporate equities........................................................
Foreign direct investment in the United States..............
63
64
65
66
67
68
69
70
-36.7
-84.3
—85.9
1.6
47.6
79.9
32.3
14.9
17.4
47.6
221.9
134.5
62.5
72.0
87.4
-18.1
-42.0
23.9
-98.0
-126.6
28.6
-320.5
-363.4
42.9
Insurance technical reserves (contributions payable)
n
-0.2
-3.1
-1.9
Other accounts payable.................................................
72
-56.9
530.4
365.2
N otes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial
corporate business sector in the flow of funds accounts.
Estimates are based on the North American Industry Classification System.
1. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
2. Net equity in reserves of property-casualty insurance companies.
3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
Balance sheet account (end of period)
Nonfinancial assets 5....................................................
Real estate 6................................................................
Equipment and software..............................................
Inventories...................................................................
Other accounts receivable........................................
Trade receivables.....................................................
Other (miscellaneous assets)..................................
Total liabilities and net worth............................................
Liabilities........................................................................
21,416.5
Securities other than shares....................................
Open market paper
Municipal securities.................................................
Corporate bonds
125
126
127
1?R
3,117.6
84.8
164.2
2,868.6
3,217.3
101.6
169.4
2,946.3
3,276.7
93.8
176.7
3,006.2
Loans............
Shortterm..
Bank loans n.e.c...................................................
Other loans ana advances...................................
Long term (mortgages)............................................
129
130
131
13?
133
1,764.4
1,237.6
567.5
670.2
526.7
1,844.3
1,270.0
582.4
687.6
574.3
2,066.2
1,404.4
644.9
759.5
661.7
Shares and other equity............................................
Corporate equity......................................................
Foreign direct investment in the United States.........
134
135
136
11,236.2
10,043.6
1,192.6
12,045.2
10,807.0
1,238.1
12,185.9
10,876.3
1,309.6
Insurance technical reserves (contributions
payable)..................................................................
137
49.8
46.6
44.8
Other accounts payable............................................
Trade payables.........................................................
Taxes payable..........................................................
Miscellaneous liabilities...........................................
Net w o rth ........................................................................
138
i3y
140
141
142
3,772.4
1,405.6
81.2
2,285.6
197.1
4,032.2
1,507.3
88.0
2,436.8
563.3
3,843.1
1,655.5
93.1
2,094.5
1,705.7
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
accounts.
4. Includes changes in the market value of shares and other equity that are excluded from the related
measures for the nonfinancial corporate business sector in the flow of funds accounts.
5. Excludes nonproduced nonfinancial assets.
6. Excludes corporate farm land.
n.e.c. Not elsewhere classified
28
Integrated Macroeconomic Accounts for the United States
February 2007
Table 4. Financial Business
[Billions of dollars]
Line
2003
2004
2005
Current account
Line
2003
2004
2005
Other changes in volume account
Gross value added..............................................................
1
970.5
1,010.9
Less: Consumption of fixed capital..................................
?
Equals: Net value added....................................................
Compensation of employees (paid)..................................
Wages and salaries......................................................
Employers’ social contributions.....................................
Taxes on production and imports less subsidies................
Operating surplus, n e t......................................................
3
4
b
6
7
8
108.3
862.2
472.3
392.8
79.5
46.6
343.4
116.5
894.4
503.5
419.2
84.3
50.6
340.3
Net national income/balance of primary incomes, net.....
Operating surplus, n e t......................................................
Property income (received)
Interest....................
Distributed income of corporations (dividends)..............
Reinvested earnings on foreign direct investment.........
Less: Uses of property income (paid)................................
Interest..........................................................................
Distributed income of corporations................................
Dividends..................................................................
Withdrawals from income of quasi-corporations 1.....
Reinvested earnings on foreign direct investment.........
Rents on land and natural resources.............................
9
10
11
12
13
14
15
16
17
18
19
20
21
254.6
343.4
1,124.8
1,024.4
77.3
23.1
1,213.6
979.9
230.2
177.4
52.8
3.5
0.0
254.5
340.3
1,348.3
1,211.0
106.7
30.6
1,434.1
1,132.3
286.3
232.5
53.8
15.5
0.0
1,053.9 Total other volume changes..............................................
Other volume changes.....................................................
124.2
Less: Statistical discrepancy (31—[33—50 ])3.....................
929.7
538.0
Revaluation account
447.1
Nonfinancial assets........................................................
90.9
Structures.....................................................................
53.3
Equipment and software...............................................
338.5
68
69
/O
-162.0
-102.6
59.5
-261.5
21.7
283.2
44.7
57.9
13.2
71
72
73
63.7
30.5
33.2
153.3
120.2
33.1
Financial assets..............................................................
Corporate equities........................................................
Mutual fund shares.......................................................
U.S. direct investment abroad.......................................
74
75
/b
77
2,311.1
2,008.2
277.0
25.9
1,344.3
1,111.8
191.8
40.8
154.2
124.3
29.9
795.7
711.4
97.3
-13.0
Liabilities.........................................................................
Corporate equity issues...............................................
Mutual fund shares.......................................................
Foreign direct investment in the United States..............
Equity in noncorporate business...................................
Pension fund reserves..................................................
78
79
80
81
82
83
2,894.5
746.3
727.2
12.3
4.3
1,404.5
1,627.6
418.1
483.8
0.0
2.9
722.7
976.1
224.5
352.4
8.8
3.1
387.2
Changes in net worth due to nominal holding gains or
losses..............................................................................
84
-519.7
-130.0
-26.2
85
-502.6
-224.3
166.3
Nonfinancial assets 4.
Structures................
Equipment and software...............................................
86
87
88
89
45,473.0
1,886.7
1,181.9
704.8
49,642.4
2,040.0
1,302.1
737.9
53,694.5
2,194.2
1,426.4
767.8
Financial assets.........
51,500.3
286.2
338.5
1.648.2
1.468.2
177.0
3.1
1,700.4
1,340.6
342.2
287.2
55.0
17.6
0.0
Net national income/balance of primary incomes, net.....
Less: Current taxes on income, wealth, etc. (paid)........
Less: Other current transfers (paid)...............................
22
23
24
254.6
75.9
-0.5
254.5
75.8
11.5
286.2
96.8
41.6
Equals: Disposable income, net.........................................
25
179.1
167.2
147.8
Equals: Net saving..............................................................
26
179.1
167.2
147.8
Capital account
Net saving............................................................................
27
179.1
167.2
147.8
Capital formation, net.........................................................
Gross fixed capital formation (nonresidential)....................
Less: Consumption of fixed capital....................................
28
29
30
-10.1
98.2
108.3
19.5
136.0
116.5
-0.4
123.8
124.2
Net lending or net borrowing, capital account (27-28)....
31
189.3
147.7
Changes in balance sheet account
Change in net worth (28+31 +68+84)..................................
Balance sheet account (end of period)
90
43,586.3
47,602.4
Monetary gold and SDRs............................................
91
13.2
13.2
13.2
Currency and deposits..............................................
92
884.9
933.1
949.1
148.2
Securities other than shares......................................
Agency- and GSE-backed securities 2......................
Municipal securities...................................................
13,532.5
953.5
1,612.2
4,703.2
1,130.8
4,317.8
815.0
14,007.3
985.1
1,532.1
4,629.5
1,221.2
4,783.5
855.9
14,522.8
1.196.6
1,584.0
4,285.3
1.338.6
5,235.4
882.9
Net lending or net borrowing (line 31)...............................
32
189.3
147.7
148.2
Net acquisition of financial assets.....................................
33
2,664.4
2,700.4
3,203.2
Monetary gold and SDRs................................................
34
0.0
0.0
0.0
Nonmarketable government securities......................
93
94
95
96
97
98
99
Currency and deposits...................................................
35
-44.6
42.5
18.7
Securities other than shares..........................................
36
1,010.7
454.8
534.8
Loans...........................................................................
Short term................................................................
Long term (mortgages)............................................
100
101
102
14,322.6
5,381.0
8,941.6
15,900.9
5,697.0
10,204.0
17,797.5
6,167.2
11,630.3
Loans...............................................................................
Shortterm.....................................................................
Long term (mortgages).................................................
3/
38
39
1,089.1
101.5
987.6
1.563.5
315.9
1.247.6
1,896.6
470.2
1,426.3
Shares and other equity..................................................
Corporate equities........................................................
Mutual fund shares.......................................................
Money market mutual fund shares.................................
Equity in government-sponsored enterprises 2.............
U.S. direct investment abroad.......................................
Stock in Federal Reserve banks....................................
Investment in subsidiaries.............................................
40
41
42
43
44
45
46
47
263.5
123.7
42.1
-54.7
2.5
27.0
0.5
122.4
554.7
268.6
48.7
-119.7
2.4
24.3
3.1
327.4
515.6
217.0
-13.0
25.4
2.0
17.5
1.6
265.0
Shares and other equ ity............................................
Corporate equities....................................................
Mutual fund shares...................................................
Money market fund shares........................................
Equity in government-sponsored enterprises 2........
U.S. direct investment abroad...................................
Stock in Federal Reserve banks...............................
Investment in subsidiaries.........................................
Insurance technical reserves.....................................
Other accounts receivable.........................................
103
104
105
106
107
108
109
110
111
12,187.3 14,086.3
8,081.2
9,461.6
1,418.0
1,658.4
649.5
529.8
37.7
40.1
335.9
401.0
8.8
11.9
1,656.1
1,983.5
387.7
397.6
2,258.1
2,264.0
15,397.5
10,390.0
1,742.7
555.2
42.0
405.5
13.5
2,248.5
405.5
2,414.6
Insurance technical reserves........................................
.............................................
48
-17.3
363.2
-38.9
123.8
-10.1
247.7
113
114
45,473.0
49,642.4
Liabilities.........................................................................
Other accounts receivable
46,210.9
53,694.5
54,490.4
Net incurrence of liabilities................................................
50
51
2,534.6
2,835.9
3,068.2
Currency and deposits..............................................
115
6,880.2
50,604.6
7,541.8
426.3
596.6
970.2
Securities other than shares......................................
Agency- and GSE-backed securities 2......................
116
11/
118
119
1?fl
1?1
122
10,311.5
6,083.3
3,147.7
1,080.5
11,072.7
6,201.3
3,735.7
1,135.7
2,995.8
2,893.7
102.1
3,297.9
3,169.5
128.4
11,988.4
6,251.9
4.364.7
1.371.8
3,743.4
3,601.9
141.4
1?3
124
125
1?fi
127
1?8
1?9
130
131
12,398.6 14,049.3
2.016.4
1.879.8
3.495.5
4.021.9
4,654.2
5,436.3
42.3
45.2
382.0
486.4
4.4
4.8
1,794.7
2,163.4
8.8
11.9
15,401.5
2.006.9
4,314.3
6.048.9
46.7
562.1
4.6
2,404.6
13.5
132
11,760.9
12,841.9
13,471.5
133
134
1,863.9
-738.0
1,801.0
-962.2
1,745.8
-795.9
Financial account
Currency and deposits...................................................
49
Securities other than shares.........................................
52
977.0
636.3
746.4
Loans...............................................................................
Shortterm.....................................................................
Long term (mortgages).................................................
53
54
55
357.7
349.4
8.3
302.1
275.9
26.3
445.5
432.4
13.1
Loans...........................................................................
Shares and other equity.................................................
Money market mutual fund shares.................................
Corporate equity issues................................................
Mutual fund shares.......................................................
Equity in government-sponsored enterprises 2.............
Foreign direct investment in the United States..............
Equity in noncorporate business....................................
Investment by parent.....................................................
Stock in Federal Reserve banks....................................
56
57
58
59
60
61
62
b3
64
319.4
-207.5
62.7
288.6
3.2
40.2
-4.5
136.2
0.5
745.9
-136.5
108.3
298.2
2.9
104.5
-3.3
368.7
3.1
734.4
127.0
67.9
260.2
1.5
66.8
-2.8
212.2
1.6
Shares and other equ ity.............................................
Money market fund shares.......................................
Corporate equity issues...........................................
Mutual fund shares...................................................
Equity in government-sponsored enterprises 2......
Foreign direct investment in the United States..........
Equity in noncorporate business...............................
Insurance technical reserves........................................
65
308.4
295.4
220.1
Stock in Federal Reserve banks...............................
Other accounts payable.................................................
66
145.7
109.8
101.5
Insurance technical reserves.....................................
67
129.8
Addendum:
Long term (mortgages).............................................
Other accounts payable..............................................
-135.5
135.0
N otes . Financial business includes depository institutions, insurance companies and pension funds,
monetary authority, and other financial institutions.
Estimates are based on the North American Industry Classification System.
1. Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are
unincorporated enterprises that function as if they were corporations; they primarily cover their operating
costs through sales, and they keep a complete set of financial records.
2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
Commercial paper....................................................
112
8,139.8
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
accounts.
4. Excludes land.
SDRs Special Drawing Rights
February 2007
Survey
of
29
C u r r e n t B u s in e s s
Table 5. Federal Government
[Billions of dollars]
ine
2003
2004
Gross value added.................................................................
1
448.6
478.4
.ine
2005
Current account
498.8
Less: Consumption of fixed capital.....................................
2
90.4
94.1
Equals: Net value added.......................................................
Compensation of employees (paid).....................................
Wages and salaries.........................................................
Employers’ social contributions.......................................
Operating surplus, net.........................................................
3
4
5
6
7
358.2
355.8
236.0
119.8
2.3
384.3
385.5
250.0
135.5
-1.2
Net national income/balance of primary incomes, n e t.......
Operating surplus, net.........................................................
Taxes on production and imports, receivable.......................
Subsidies (paid)...................................................................
Property income (received).................................................
Interest............................................................................
Rents on land and natural resources..............................
Less: Uses of property income (interest paid)......................
8
9
10
11
12
13
14
15
-145.7
2.3
89.7
-47.8
22.9
16.4
6.5
212.9
-149.6
-1.2
94.6
-44.3
22.1
15.5
6.6
220.9
Net national income/balance of primary incomes, n e t.......
Plus: Current taxes on income, wealth, etc. (received)........
Plus: Social benefits (received)...........................................
Less: Social contributions (paid).....................................
Plus: Other current transfers (received)...............................
Less: Other current transfers (paid).................................
16
17
18
19
20
21
-145.7
981.1
758.9
966.5
25.0
362.2
-149.6
1,055.6
802.2
1,018.4
27.7
374.9
Equals: Disposable income, n e t..........................................
Less: Final consumption expenditures................................
22
23
290.6
662.7
342.5
724.5
459.4
768.6
Equals: Net saving................................................................
24
-372.1
-382.0
-309.2
38.0
1.1
40.0
-3.1
64
65
66
70.0
72.6
-2.6
15.8
14.8
1.0
17.5
12.4
5.0
67
-467.1
-431.7
-348.2
68
69
70
-50.2
1.3
51.5
-39.8
-35.9
3.9
9.0
-4.1
-13.1
71
72
73
26.8
24.0
2.8
87.3
61.3
26.0
78.0
74.8
3.2
74
75
76
3.1
-2.7
5.8
1.3
-1.2
2.5
-2.1
2.7
-4.9
77
29.9
88.6
75.9
78
-432.8
-371.7
-266.2
Total assets....................................................................
Nonfinancial assets3................................................
Structures...........................................................
Equipment and software.....................................
79
80
81
82
2,151.8
1,498.9
985.3
513.6
2,207.7
1,593.2
1,042.7
550.5
2,286.4
1,681.0
1,112.3
568.7
Financial assets........................................................
Monetary gold and SDRs.....................................
Currency and deposits.........................................
Official foreign exchange....................................
Net IMF position..................................................
Currency and transferable deposits.....................
Time and savings deposits.................................
Nonofficial foreign currencies..............................
Loans.....................................................................
Shortterm...........................................................
Consumer credit.............................................
Other loans and advances..............................
Long term (mortgages).......................................
Shares and other equity.......................................
Equity in international organizations....................
Equity in government-sponsored enterprises '....
Other accounts receivable...................................
Trade receivables................................................
Taxes receivable.................................................
Other (miscellaneous assets)..............................
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
653.0
12.6
101.8
19.9
22.6
54.1
2.4
2.8
285.6
211.7
94.1
117.7
73.8
40.0
40.0
0.0
213.0
51.3
102.8
58.9
614.6
13.6
68.0
21.4
19.6
21.9
2.4
2.8
288.8
213.4
98.4
115.0
75.4
42.0
42.0
0.0
202.2
61.8
82.9
57.5
605.4
8.2
65.9
18.9
8.1
36.8
1.4
0.6
286.1
208.3
102.1
106.2
77.8
43.2
43.2
0.0
201.9
70.9
74.0
57.1
103
2,151.8
2,207.7
2,286.4
104
5,084.4
5,512.0
5,856.9
105
106
107
108
109
2.2
2.2
2.2
26.0
4,033.1
4,008.2
24.9
26.7
4,395.0
4,370.7
24.3
27.5
4,701.9
4,678.0
23.8
110
111
112
113
865.9
40.5
815.0
10.5
916.3
41.6
855.9
18.8
941.3
42.7
882.9
15.7
114
157.2
171.8
151.4
115
166.2
116
5.8
5.6
117 -2,932.6 -3,304.2
184.0
178.6
5.4
-3,570.5
Changes in net worth due to nominal holding gains or
losses.............................................................................
Changes in balance sheet account
Change in net worth (28+32+68+77)....................
Balance sheet account (end of period)
-412.5
-372.1
-40.4
-420.4
-382.0
-38.4
-351.2
-309.2
-42.0
Net saving and capital transfers..........................................
Net saving............................................................................
Capital transfers received (net)............................................
25
26
27
Capital formation, net............................................................
Gross fixed capital formation (acquisition of produced
nonfinancial assets).........................................................
Less: Consumption of fixed capital......................................
Acquisition of nonproduced nonfinancial assets..................
28
3.1
7.4
10.1
29
30
31
93.7
90.4
-0.2
101.4
94.1
0.0
109.8
99.0
-0.6
Net lending or net borrowing, capital account (lines 25-28)
32
-415.6
-427.8
-361.3
Net lending or net borrowing (line 32).................................
33
-415.6
-427.8
-361.3
Net acquisition of financial assets.......................................
34
33.9
-2.9
15.0
Monetary gold and SDRs..................................................
35
-0.6
0.4
-4.5
Currency and deposits.....................................................
Official foreign exchange
Net IMF position
Currency and transferable deposits.................................
Time and savings deposits..............................................
Nonofficial foreign currencies..........................................
36
37
38
39
40
41
-17.0
0.3
-1.5
9.2
-25.2
0.2
-34.6
0.3
-3.8
-31.0
0.0
0.0
-0.9
0.3
-10.2
12.2
-1.0
-2.2
Loans.................
Short term......
Consumer credit
Other loans and advances..........................................
Long term (mortgages)....................................................
42
43
44
45
46
-2.7
-0.2
1.3
-1.5
-2.5
3.3
1.7
4.3
-2.6
1.6
Shares and other equ ity...................................................
Equity in international organizations...............................
Equity in government-sponsored enterprises 1................
Other accounts receivable................................................
Trade receivables.............................................................
Taxes receivable..............................................................
Other (miscellaneous assets)..........................................
47
48
49
50
51
52
53
1.4
1.4
0.0
52.7
19.1
33.9
-0.2
2.0
2.0
0.0
26.0
10.5
16.9
-1.4
Net incurrence of liabilities...................................................
54
501.0
428.8
Monetary gold and SDRs (SDR certificates)....................
55
0.0
0.0
Currency and deposits (Treasury currency)....................
56
0.6
0.7
Securities other than shares............................................
Treasury securities including savings bonds....................
Federal agency securities...............................................
57
58
59
396.0
398.4
-2.4
361.9
362.5
-0.6
Financial account
-2.7
-5.1
3.8
-8.8
Total liabilities and net worth.......................................
2.4
Liabilities...................................................................
1.3
Monetary gold and SDRs (SDR certificates).......
1.3
0.0
Currency and deposits (Treasury currency)........
21.8
Securities other than shares................................
9.1
Treasury securities including savings bonds........
13.2
Federal agency securities...................................
-0.5
Insurance technical reserves..............................
Insurance reserves.............................................
363.2
Nonmarketable securities held by pension plans..
0.0
Uniformed Services Retiree Health Care Fund....
0.8
Other accounts payable.......................................
Trade payables...................
306.9
Other (miscellaneous liabilities)
307.3
-0.4
Net w o rth .................................
N ote . The Federal government accounts exclude Federal employee retirement funds.
1. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
2. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
2005
50.4
1.1
40.9
8.4
-191.5
Other changes in volume account
-4.9
101.1 Total other volume changes............................................
Other volume changes...................................................
-56.9
Less: Statistical discrepancy (32-[34—54])2..................
22.9
15.9
Revaluation account
7.1
253.8
Nonfinancial assets......................................................
Structures...................................................................
-191.5
Equipment and software.............................................
1,265.1
Financial
assets............................................................
855.3
Currency and checkable deposits...............................
1,081.7
Monetary gold, SDRs, and official foreign exchange....
7.1
Capital account
2004
34.4
1.1
24.7
8.6
99.0
Other accounts payable..............................................
399.8
Trade payables...........................................................
404.7
Other (miscellaneous liabilities).................................
261.1
143.6 Addendum:
Net lending or net borrowing, financial account (34-54)..
-4.9
395.0
2003
60
61
62
63
Insurance technical reserves...............................
Insurance reserves.............................................
Nonmarketable securities held by pension plans..
Uniformed Services Retiree Health Care Fund....
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
accounts.
3. Excludes land and nonproduced nonfinancial assets.
IMF International Monetary Fund
SDRs Special Drawing Rights
30
Integrated Macroeconomic Accounts for the United States
February 2007
Table 6. State and Local Governments
[Billions of dollars]
Line
2003
2004
2005
Current account
_ine
146.1
204.6
Securities other than shares (municipals).................
Short term.................................................................
Other.........................................................................
56
57
58
120.0
10.4
109.6
115.1
-5.9
121.0
170.8
5.7
165.1
Loans (short te rm )......................................................
59
0.3
0.2
0.5
Other accounts payable (trade payables)..................
Addendum:
Net lending or net borrowing, financial account (34-55).
60
29.2
30.8
33.3
61
-70.4
-51.3
-62.1
62
63
64
32.9
-10.8
-43.7
43.1
-10.9
-54.0
14.3
-18.7
-32.9
65
66
67
78.4
79.0
-0.5
493.1
489.6
3.6
463.6
462.0
1.6
68
29.3
12.3
5.5
69
107.7
505.4
469.1
70
171.8
587.5
534.0
71
72
73
74
6,916.8
5,008.6
4,784.0
224.6
7,650.4
5,635.1
5,399.1
236.1
8,389.0
6,225.7
5,979.8
245.9
1.027.2
1,079.7
Less: Consumption of fixed capital..............................
127.8
136.7
153.2
Equals: Net value added...............................................
Compensation of employees (paid)..............................
Wages and salaries.................................................
Employers’ social contributions.................................
Operating surplus, n e t.................................................
855.9
856.5
668.4
188.2
890.5
894.3
691.8
202.5
-3.8
926.5
936.9
716.6
220.3
-10.5
Net national income/balance of primary incomes, net.
Operating surplus, net.................................................
Taxes on production and imports, receivable................
Subsidies (paid)...........................................................
Property income (received)..........................................
Interest.....................................................................
Distributed income of corporations (dividends).........
Rents on land and natural resources........................
Less: Uses of property income (interest paid)..............
702.1
- 0.6
717.5
72.9
62.9
2.2
7.9
87.7
746.7
-3.8
769.4
-0.4
73.3
62.1
2.4
8.7
91.8
Net national income/balance of primary incomes, net.
Plus: Current taxes on income, wealth, etc. (received)..
Plus: Social benefits (received)....................................
Less: Social contributions (paid)...............................
Plus: Other current transfers (received)........................
702.1
261.9
19.8
353.0
422.7
746.7
291.5
24.2
382.9
438.0
791.6
Other changes in volume account
-10.5
821.2 Total other volume changes...........................................
Other volume changes..................................................
-0.4
Less: Statistical discrepancy (32-[34—55])2..................
75.3
63.4
2.4
Revaluation account
9.5
Nonfinancial assets.....................................................
94.2
Structures..................................................................
Equipment and software............................................
791.6
333.2
Shares and other equity.............................................
25.3
402.3 Changes in net worth due to nominal holding gains or
losses...........................................................................
456.1
Equals: Disposable income, net....................................
Less: Final consumption expenditures..........................
1,053.4
1,073.8
1,117.5
1.130.3
1,203.9
1,207.2
Equals: Net saving.........................................................
-20.4
-12.9
-3.3
-
0.1
2005
149.4
983.7
0.6
2004
55
Gross value added.........................................................
-
2003
Net incurrence of liabilities.............................................
Changes in balance sheet account
Change in net worth (28+32+62+69)...............................
Balance sheet account (end of period)
Capital account
Net saving and capital transfers....................................
Net saving....................................................................
Capital transfers received (net).....................................
31.2
-20.4
51.6
Capital formation, net....................................................
Gross fixed capital formation (acquisition of produced
nonfinancial assets).................................................
Less: Consumption of fixed capital...............................
Acquisition of nonproduced nonfinancial assets...........
145.3
144.3
50.6 Total assets......................................................................
-3.3
Nonfinancial assets 3..................................................
Structures..................................................................
53.9
Equipment and software............................................
145.6
Financial assets...........................................................
75
1,908.2
2,015.3
2,163.3
262.2
127.8
10.9
270.0
136.7
11.0
287.3
153.2
11.6
Currency and deposits...........................................
Currency and transferable deposits........................
Time and savings deposits.....................................
76
77
78
191.6
44.9
146.7
193.9
40.3
153.6
231.8
48.8
183.1
Net lending or net borrowing, capital account (25-28)
-114.1
-105.3
-95.0
Net lending or net borrowing (line 3 2)..........................
-114.1
-105.3
-95.0
Net acquisition of financial assets................................
79.1
94.8
142.5
Securities other than shares...................................
Open market paper...............................................
Treasury securities................................................
Agency- and GSE-backed securities 1...................
Municipal securities...............................................
Corporate and foreign bonds.................................
79
80
81
82
83
84
992.7
161.6
364.2
351.2
4.4
111.3
1,050.1
170.4
387.4
370.3
4.6
117.3
1,145.0
177.1
456.2
384.9
4.8
122.0
Currency and deposits..............................................
Currency and transferable deposits..........................
Time and savings deposits.......................................
11.5
3.5
8.0
2.2
38.0
8.5
29.5
Loans........................................................................
Short term (security repurchases).........................
Long term (mortgages).........................................
85
86
87
256.3
123.5
132.9
270.3
130.2
140.1
280.9
135.3
145.6
Securities other than shares....................................
Open market paper..................................................
Treasury securities...................................................
Agency- and GSE-backed securities 1......................
Municipal securities.................................................
Corporate and foreign bonds....................................
49.8
10.3
9.5
22.5
0.3
7.1
57.3
95.0
6.7
Shares and other equ ity.........................................
Money market fund shares.....................................
Corporate equities.................................................
Mutual fund shares................................................
88
89
90
91
173.3
62.7
84.7
25.9
189.9
68.7
92.8
28.4
Loans..........................................................................
Short term (security repurchases)............................
Long term (mortgages)............................................
16.4
7.9
8.5
13.9
6.7
7.2
Other accounts receivable.....................................
Trade receivables..................................................
Taxes receivable....................................................
Other (miscellaneous assets).................................
92
93
94
95
294.2
126.5
68.4
99.3
182.7
66.1
89.3
27.3
318.4
133.4
89.0
96.0
Total liabilities and net w o rth.........................................
96
Shares and other equity............................................
Money market fund shares.......................................
Corporate equities...................................................
Mutual fund shares..................................................
-18.2
4.0
-17.0
-5.2
-2.9
3.4
-4.8
-1.5
Liabilities......................................................................
97
6,916.8
1,987.0
2,133.1
8,389.0
2,337.7
Other accounts receivable........................................
Trade receivables.....................................................
Taxes receivable......................................................
Other (miscellaneous assets)..................................
19.6
8.1
7.8
3.7
24.2
6.9
25.3
Securities other than shares (municipals).............
Short term.............................................................
Other.....................................................................
98
99
100
1,557.9
106.1
1,451.8
1,673.0
100.2
1,572.8
1,843.8
105.9
1,737.9
Loans (short term )..................................................
101
9.7
Other accounts payable (trade payables)..............
Net worth......................................................................
102
103
419.5
4,929.7
9.9
450.3
5,517.3
483.6
6,051.3
39.0
-12.9
51.9
Financial account
-4.6
6.9
8.8
23.2
19.1
0.2
6.0
-
8.0
68.8
14.6
0.2
4.6
10.7
5.1
5.5
1.7
2.6
-0.7
-0.2
-2.7
5.3
42.8
-50.8
The state and local government accounts exclude state and local employee retirement funds.
1.
Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
N ote .
7,650.4
315.6
138.7
126.4
50.6
10.3
2. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
accounts.
3. Excludes land and nonproduced nonfinancial assets.
February 2007
Survey
of
31
C u r r e n t B u s in e s s
Table 7. Rest of the World
[Billions of dollars]
Line
2003
2004
2005
Current account
2003
2004
2005
Revaluation account
Foreign income from the United States...........................
U.S. imports of goods and services..................................
U.S. income payments to rest of world.............................
Current taxes and transfer payments to rest of world........
1
2
J
4
1,889.8
1,540.2
280.0
69.7
2,237.4
1,791.4
363.9
82.1
2,587.9
2,019.8
481.5
86.6
Less: Foreign outlays to the United States.......................
U.S. exports of goods and services..................................
U.S. income receipts from rest of world............................
5
6
/
1,377.6
1,040.8
336.8
1,588.3
1,178.1
410.2
1,816.5
1,303.1
513.3
Equals: Net saving (current external balance).................
8
512.3
649.0
771.4
512.3
649.0
771.4
3.4
2.2
4.3
Financial assets.............................................................
Securities other than shares....................................
Treasury securities...................................................
Agency- and GSE-backed securities1......................
Corporate bonds......................................................
60
399.0
277.8
-26.7
61
62
63
64
-83.8
-47.9
1.9
-37.7
39.0
-56.7
16.2
79.5
-157.0
-96.9
17.8
-77.8
Shares and other equity............................................
Corporate equities...................................................
Foreign direct investment in the United States.........
65
66
67
482.8
469.7
13.1
238.9
222.0
16.9
130.2
92.8
37.4
Liabilities........................................................................
68
777.5
551.4
379.4
Currency and deposits..............................................
Official foreign exchange.........................................
Net IMF position.......................................................
69
/O
71
7.4
5.3
2.1
3.1
2.4
0.8
-6.7
-5.5
-1.2
-0.1
775.7
Securities other than shares (corporate bonds)......
72
140.4
56.8
-43.4
Shares and other equity............................................
Corporate equities...................................................
U.S. direct investment abroad..................................
73
74
/b
629.7
586.8
42.9
491.5
396.2
95.2
429.5
383.9
45.6
Changes in net worth due to nominal holding gains or
losses..............................................................................
76
-378.4
-273.6
-406.1
77
-195.9
120.7
281.5
Capital account
Net saving...........................................................................
Net capital transfers...........................................................
lu
Less: Acquisition of nonproduced nonfinancial assets...
11
0.2
0.0
Net lending or net borrowing, capital account (9+10-11)
12
515.6
651.3
Financial account
Net lending or net borrowing (line 12)..............................
13
515.6
651.3
775.7
of U.S. financial assets............................
14
824.0
1,045.5
Net acquisition
Line
Monetary gold and SDRs...............................................
15
0.6
1,320.6
-0.4
Currency and deposits..................................................
Currency.......................................................................
Transferable deposits....................................................
Time deposits...............................................................
Net interbank items due from U.S. banks.....................
16
1/
18
19
20
10.1
16.6
12.3
-9.1
-9.7
123.6
14.8
27.5
72.9
8.4
80.0
19.0
26.0
41.6
-6.6
Change in net worth (12+57+76).......................................
Total financial assets.........................................................
/8
8,588.8
10,111.9
11,029.4
Securities other than shares.........................................
Open market paper......................................................
Treasury securities.......................................................
Agency- and GSE-backed securities1..........................
Municipal securities......................................................
Corporate bonds..........................................................
517.2
9.2
276.0
3.1
8.0
220.8
766.6
44.8
346.8
109.0
6.5
259.5
787.2
8.6
287.1
157.1
4.0
330.4
Currency and deposits
Currency...........
Transferable deposits
Time deposits ....
Net interbank items due from U.S. banks.....................
732.3
332.7
65.2
216.0
118.3
812.7
352.2
91.1
257.6
111.8
269.2
270.1
-0.8
211.2
204.9
6.3
108.0
47.4
60.6
Shares and other equ ity................................................
Corporate equities........................................................
Foreign direct investment in the United States..............
30
31
32
97.9
340
64.0
195.0
61 8
133.2
196.4
866
109.8
Securities other than shares....
Open market paper..................
Treasury securities...................
Agency- and GSE-backed securities' ..........................
Municipal securities.................
Corporate bonds......................
79
80
81
82
83
84
85
86
8/
88
89
608.7
317.9
37.6
143.2
110.0
Loans (short term)..........................................................
Security repurchases....................................................
Loans to U.S. corporate business................................
?1
??
?3
?4
?5
26
?7
?a
29
4,044.3
135.8
1,513.5
653.1
19.5
1,722.4
4,849.9
180.6
1,803.5
778.3
26.0
2,061.5
5,480.2
189.2
1,993.8
953.1
30.0
2,314.1
Other accounts receivable.............................................
Trade receivables..........................................................
Other (miscellaneous assets).......................................
33
34
35
1.5
-72.5
-1.1
25.7
-130.5
7.8
-138.3
Loans (short term ).....................
Security repurchases...................................................
Loans to U.S. corporate business.................................
90
91
92
585.2
460.2
125.0
796.4
665.1
131.2
904.4
712.5
191.8
Net incurrence of liabilities................................................
36
288.9
740.4
264.4
Shares and other equity................................................
Corporate equities.......................................................
Foreign direct investment in the United States.............
93
94
9b
3,416.5
1,839.5
1,577.0
3,850.3
2,123.3
1,727.1
4,176.9
2,302.6
1,874.3
Currency and deposits.................................................
Official foreign exchange..............................................
Net IMF position...........................................................
U.S. private deposits....................................................
U.S. government deposits...........................................
37
38
,19
40
41
35.9
0.6
-1.5
36.6
0.2
86.7
0.6
-3.8
89.9
0.0
75.1
0.6
-10.2
86.8
-2.2
Other accounts receivable............................................
Trade receivables.........................................................
Other (miscellaneous assets)......................................
96
97
98
-65.9
45.7
-111.5
-116.9
44.6
-161.5
-344.7
52.4
-397.1
Total liabilities and net worth............................................
99
8,588.8
10,111.9
11,029.4
Securities other than shares.........................................
Commercial paper.......................................................
Bonds..........................................................................
4?
43
44
41.6
12.9
28.7
124.6
62.8
61.8
76.4
38.5
38.0
Total liabilities................................................................
100
6,594.1
7,996.6
8,632.6
Loans (short term).........................................................
Acceptance liabilities to banks.....................................
U.S. government loans.................................................
Bank loans n.e.c...........................................................
45
46
47
48
-9.8
00
-2.1
-7.7
-1.1
01
-3.7
2.5
8.2
00
-4.6
12.9
Currency and deposits..............................................
Official foreign exchange.........................................
Net IMF position.......................................................
U.S. private deposits................................................
U.S. government deposits........................................
101
102
103
104
10b
932.8
39.7
22.5
867.8
2.8
1,022.6
42.7
19.5
957.7
2.8
1,090.9
37.8
8.0
1,044.5
0.6
Shares and other equ ity................................................
Corporate equities.......................................................
U.S. government equity in IBRD, etc............................
U.S. direct investment abroad.....................................
49
50
51
52
269.3
118.0
1.4
149.9
330.9
84.8
2.0
244.1
Other accounts payable................................................
Trade payables.............................................................
Other (miscellaneous liabilities)....................................
Addendum:
Net lending, financial account (14-36).............................
53
54
55
-48.0
6.1
-54.1
199.4
3.5
195.9
152.5
142.1
1.3
9.1
-47.8
6.3
-54.1
Securities other than shares....................................
Commercial paper...................................................
Bonds......................................................................
Loans (short term).....................................................
Acceptance liabilities to banks.................................
U.S. government loans............................................
Bank loans n.e.c.......................................................
1,141.5
267.1
874.4
103.0
0.2
42.0
60.9
1,322.9
329.9
993.0
101.9
0.3
38.3
63.3
1,355.9
368.4
987.5
110.1
0.2
33.7
76.2
56
535.0
580.2
781.1
4,179.3
40.0
2,059.9
2,079.4
5,001.6
42.0
2,399.2
2,560.4
5,583.6
43.2
2,453.9
3,086.5
57
58
59
-333.1
-352.5
-19.4
-257.0
-185.9
71.1
-88.1
-93.5
-5.4
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
237.6
47.5
190.0
1,994.6
547.6
51.0
496.6
2,115.3
492.0
57.3
434.7
2,396.8
4.5
Other changes in volume account
Total other volume changes.............................................
Other volume changes....................................................
Less: Statistical discrepancy (12—£14—36])2.....................
1. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corpora
tion, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they
included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
2. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital
account and the same concept derived in the financial account. The discrepancy reflects differences in
source data, timing of recorded flows, and other statistical differences between the capital and financial
Changes in balance sheet account
Financial balance sheet account (end of period)3
U.S. government equity in IBRD, etc.........................
U.S. direct investment abroad..................................
Corporate equities...................................................
Other accounts payable............................................
Trade payables.........................................................
Other (miscellaneous liabilities)................................
Net worth (external account)........................................
accounts.
3. Excludes nonfinancial assets, including nonproduced nonfinancial (
IBRD International Bank for Reconstruction and Development
IMF International Monetary Fund
SDRs Special Drawing Rights
n.e.c. Not elsewhere classified
32
February 2007
U.S. National Income and Product Statistics
Born o f th e G reat D epression and W orld W ar II
By Rosem ary D. Marcuss and Richard E. Kane
HE story o f the first U.S. national income and
product statistics illustrates how scholarly debates
about the definitions o f ideal measures gave way to the
com promises required to produce real-world eco
nomic statistics when the need for such statistics had
become critical. Then, as the workings o f the economy
became better understood— in part, through the use of
statistics— economic theory advanced. And, as im
proved sources o f data on incomes, production, and
sales were provided, the statistics were improved in
turn. The gross domestic product (GDP) statistics of
today continue to exemplify the balance between the
ory, real-world data, and the economic questions o f
the day. The story o f the creation o f the first U.S. na
tional income and product statistics shows how that
process got started.
In 1934, the first in the series o f continuing Depart
ment o f Commerce U.S. national income statistics was
issued to meet the need to describe consistently and in
detail the economic toll taken by the depression that
had begun more than 4 years earlier.1 In keeping with
the “income equals production” identity, national in
come would serve as an indicator o f both U.S. income
and output during the 1930s.2 In 1942, the first in the
series o f U.S. gross national product (GNP) statistics
was issued to meet the need to assess the economic fea
sibility o f President Franklin Roosevelt’s original war
production program , which required national m obili
zation o f an unprecedented scale.3 In 1947, the first
U.S. double-entry national income and product ac
T
1. In 1926, the Federal Trade Commission produced national income sta
tistics for a series of years, but it did not persist in that work. The Economic
Research Division of the Bureau of Foreign and Domestic Commerce, in
the Department of Commerce, produced the 1934 statistics and retained
responsibility for them. The Division was renamed the Office of Business
Economics in 1947 and the Bureau of Economic Analysis in 1971.
2. The proposition that for a country as a whole, goods and services pro
duced must equal incomes earned by its residents is precisely true only for a
closed economy. In the 1930s, when statistical measures were being formu
lated and international flows were relatively small, the identity was retained
by using a measure of production derived from labor and capital supplied
by U.S. residents wherever the production takes place— that is, gross
national product rather than gross domestic product.
3. GNP measures production by labor and property supplied by U.S. resi
dents whether the production takes place in the United States or abroad. In
1991, GDP replaced GNP as the featured measure of U.S. production. GDP
measures production by labor and property located in the U.S. regardless of
who supplies those. The reasons for the change were that the coverage of
GDP is closer to the coverage of other statistics, such as employment and
industrial output, and its use facilitates international comparisons because
it is the production measure emphasized by the United Nations System of
National Accounts.
counts (NIPAs) were issued to meet the need to pro
vide a comprehensive picture o f the workings o f the
economy. The accounts presented a framework for
classifying and recording the economic transactions
am ong m ajor sectors: Households, businesses, govern
ment, and international (termed “rest o f world.” ) To
day, the records o f all developed economies and m ost
developing economies are characterized by like ac
counts. The United States was an early developer o f
those, although not the first.
National income to measure the Great
Depression by
The proposition that, for a country as a whole, goods
and services produced must equal incomes earned is
old. It was explicated by William Petty as early as the
seventeenth century. By the early twentieth century,
U.S. national income was being m easured periodically
by certain individuals and organizations, but the con
cepts were murky, m ethods varied, and the estimates
came long after the fact. It took the crisis o f the Great
Depression to create the dem and for the U.S. Govern
ment to develop a continuing, timely measure o f na
tional income.
In June 1932, Senator Robert LaFollette introduced
a resolution in the Senate stipulating that the Secretary
o f Commerce report statistics on economy-wide in
come in the United States from 1929 to 1931.4 At that
time, the Great Depression had been deepening for
more than 2 years. Fully 24 percent o f U.S. workers
were unemployed, and many o f those employed were
only working part-time or on shortened weeks. Asset
values had plummeted, the banking system was break
ing down, deflation was reversing the gears o f the
economy, and sales were insufficient to keep businesses
going. Farm income, on which one-fourth o f the p o p
ulation depended, had fallen by a half. Neither the
public nor elected officials understood the workings o f
the economy that seemed to be perpetuating the crisis,
nor did they know quantitatively its scale and scope.
The m ost up-to-date
estimates
o f national
income— that is, economy-wide income— were for
1929, a boom year for the m ost part, marred by the
October stock market “crash,” after which the eco
nomic slide had begun.
The m ost prominent national income estimation
4. U.S. Congress, Senate, Resolution 220 ("1932).
February 2007
Survey
of
33
C u r r e n t B u s in e s s
work undertaken during the 1920s was by the National
Bureau o f Economic Research (NBER) and the N a
tional Industrial Conference Board. The NBER esti
mates, produced by Willford King, were the most
comprehensive, although various aspects were contro
versial, such as the inclusion in national income of
household production and the services o f consumer
durables.5 The Conference Board estimates were more
timely, but they consisted o f only aggregate measures
moved forward by extrapolation.
It is not surprising that the Economic Research D i
vision o f the Department o f Commerce’s Bureau of
Foreign and Domestic Commerce (BFDC) was as
signed the task o f producing national income statistics
in 1932. The head o f the office, Frederic Dewhurst, had
testified before Senator LaFollette’s committee about
the meager economy-wide data at hand.6 And the D e
partm ent o f Commerce was already in the data provi
sion business. For more than a decade, it had been
reporting to the public, weekly and monthly, what eco
nomic statistics there were— several thousand market-,
commodity-, and industry-specific totes and indexes.
Taken together, the available data painted a picture of
economic activity but not a broad one. And they m ea
sured production and trade but not income. This jou r
nal, the S u r v e y o f C u r r e n t B u s i n e s s , began publication
5. Household production, referred to as “services of housewives and other
members of the family,” included services such as the preparation of meals,
cleaning, and child care. Consumer durables included goods such as auto
mobiles and home appliances.
6. U.S. Congress, Senate, Committee on Manufactures (1931).
in 1921 for the purpose o f providing those data to the
public.7
Senator LaFollette had Dewhurst in mind for the
job, but Dewhurst left BFDC in 1932, and the D epart
ment fell short on staff. So the NBER was asked to con
tribute manpower and expertise to the project. Simon
Kuznets o f the NBER accepted the responsibility for
producing the first statistics with Robert Martin and
Robert Nathan o f the Commerce Department as col
laborators. Kuznets took charge in January 1933. He
left Commerce a year later when the statistics were re
ported to the Senate.
Kuznets was a seminal theoretician o f economic
growth, an early estimator o f GNP as well as national
income and, for decades, an adviser on national in
come and product statistics. He had joined the NBER
7. Those who published the S u r v e y appreciated the importance of the sta
tistics to the business community. A celebratory note in 100thedition of the
S u r vey , published in December 1929, stated with unfortunate timing:
“While it may be too soon to say that the utilization of business data has
entirely eliminated the business cycle, there is agreement today among busi
ness leaders everywhere that the wider use of facts will mitigate in a large
degree many of the disastrous effects of the one-time recurrent business
cycle.”
Acknowledgments
The authors would like to thank the following for
their contributions: Carol S. Carson, Robert P. Parker,
C. Lowell Harriss, and at BEA: J. Steven Landefeld,
Brent R. Moulton, Dennis J. Fixler, Carol E. Moylan,
Arnold J. Katz, Bruce T. Grimm, and Samantha H.
Schasberger.
Chart 1. Percent Change in Current-Dollar National Income Produced by Industry, 1929-32
All industries
Government
Electric and gas
Communications
Miscellaneous
Services
Finance
Transportation
Trade
Agriculture
Manufacturing
Mining
Construction
-90
-80
-70
-60
-50
-40
Percent
Source: Bureau of Foreign and Domestic Commerce, U.S. Department of Commerce (1934)
-30
-2 0
-10
10
34
U.S. National Income and Product Statistics
in 1929 to continue King’s work on national income
and arrived at the Commerce Department with a plan
for improvements. In 1971, he received the Nobel Me
morial Prize in economics for theoretical and empiri
cal contributions to the measurement of economic
growth.
The report delivering the first statistics to the Senate
in January 1934 fulfilled the request for national in
come broken out by industry of origin and type of in
come.8 It showed that between 1929 and 1932 national
income had dropped by more than 50 percent.9 In
comes in manufacturing had dropped by 70 percent,
and incomes in construction had dropped by more
than 80 percent. Government was the only industry
that had grown over the period. Although the Federal
Government remained relatively small—Federal tax
receipts claimed only 3 percent of GNP in 1932—Fed
eral, state and local governments accounted for 14 per
cent of income (chart 1).
Measured by type of payment, the income of wage
earners had fallen more than those of salaried work
ers—60 percent, compared with just over 40 percent.10
In terms of income shares: The labor share remained
fairly constant, the “entrepreneurial” (business-owner)
share fell, and the property share rose as interest pay
ments held their own while dividends fell by half
(chart 2). The finding that the Great Depression was
less rough on salaried workers than on wage earners,
that “payments to property holders formed a relatively
increasing cost to the economic system as a whole,” 11
and that those who operated their own businesses lost
8. U.S. Congress, Senate ('1934): 10.
9. Figures cited are for national income produced measured in currentdollar terms. Adjusted for the drop in prices, national income produced
had fallen by between 30 and 40 percent.
10. Salaries were distinguished from wages in only selected industries,
mostly industrial ones, that accounted for less than half of national income.
11. U.S. Congress, Senate (1934): 5-6.
February 2007
ground relative to property holders had public opinion
and policy implications at a time when government
work relief programs were being planned and “big
business” was a target for criticism by the Roosevelt
administration.12
Two measures of national income were featured in
the report— national income produced and national in
come paid out. The practice of presenting both per
sisted for most of the 1930s. National income
produced was the broader measure. It comprised the
net value of goods and services produced in the United
States or, in other words, current production. It was
net in the sense that it was measured after deducting
depreciation, the decline in value associated with the
aging of an asset. National income paid out was the in
come from current production actually received by in
dividuals as workers and owners of capital. It consisted
of wages and salaries, income from unincorporated
businesses, dividends, interest, and rental income.13 It
was estimated using available data on industrial pro
duction, business payroll and income tax returns.
A statistic, business savings, was introduced to ap
proximate the financial state of businesses given the
limited amount of information available at the time. It
was defined as the difference between the gross margin
of businesses (the margin between revenues and costs)
12. The importance of the new statistics to the economic debate of that
time, near the bottom of the Great Depression, and the dangers of misinter
pretation were understood by Kuznets, the author of the report. He warned,
“The valuable capacity of the human mind to simplify a complex situation
in a compact characterization becomes dangerous when not controlled in
terms of definitely stated criteria. With quantitative measurements espe
cially, the definiteness of the result suggests, often misleadingly, a precision
and simplicity in the outlines of the object measured. Measurements of
national income are subject to this type of illusion and resulting abuse,
especially since they deal with matters that are the center of conflict of
opposing social groups where the effectiveness of an argument is often con
tingent upon oversimplification.”
13. The term entrepreneurial withdrawals was used to characterize income
from unincorporated businesses— later called proprietors’ income.
Chart 2. Percent Change in Current-Dollar National Income Paid Out by Type of Payment, 1929-32
Total paym ents
Interest
E n trepreneurial w ithdraw als
Salaries, selected industries
D ividends
R ents and royalties
W ages, selected industries
Percent
Source: Bureau of Foreign and Domestic Commerce, U.S. Department of Commerce (1934)
February 2007
S urvey
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35
C u r r e n t B u s in e s s
and income payments to individuals (wages, salaries,
interest, dividends, and other payments). In other
words, it was the income retained by businesses from
current production after purchasing materials, m ain
taining equipment and structures, paying taxes, inter
est, and compensation, and distributing dividends— or
the sum o f undistributed corporate profits and the sav
ings o f unincorporated businesses. For corporate busi
ness savings, tax return data on after-tax profits were
adjusted for capital gains and losses, and dividend
payments were subtracted from the total.14 Tax-based
depreciation was used as a rough approximation o f the
national income concept. For savings o f unincorpo
rated businesses, tax return data were also used, and an
effort was m ade to distinguish business savings from
income withdrawn by the owners.
National income produced was defined as the sum of
national income paid out and business savings. In the
Senate report, it was described conceptually as the
value o f “all commodities produced and all personal
services rendered,. . . added together with their market
values, . . . [minus] the value o f goods, raw materials,
and capital equipment expended in producing this to
tal.” 15 The broader o f the two income statistics, na
tional income produced is conceptually equal to the
economic accounting concept o f net national product,
which is a comprehensive measure o f the income that
is available for either consumption or net investment
and som etim es called sustainable income. Over the
1930s, BFDC raised the prominence o f national in
come produced, eventually featuring it and referring to
it simply as national income.16
Over 1929-32, when national income produced fell
by over 50 percent and national income paid out fell by
40 percent, business savings became negative in 1930,
and they remained negative through 1935 (chart 3).
Businesses drew down financial reserves or borrowed
in order to stay in operation when fixed costs and
wages and salaries exceeded revenues. In terms o f the
new statistics, national income paid out exceeded na
tional income produced. Even though business savings
was only an approximate measure, it was an inform a
tive addition to the picture o f the economy under du
ress.
The statistic ultimately sought for capturing the
economic state o f the nation over time is income ad
justed for changes in the price level, but the business
and tax records used to compile national income sta
tistics were not so adjusted. Like other business ac
counts, they recorded actual market transactions, so a
means o f adjusting those data for price changes was
needed. By 1934, the Bureau o f Labor Statistics was
producing cost-of-living and wholesale price indexes,
but those indexes were not sufficiently comprehensive
to fully adjust the national income statistics to produce
a set o f price-adjusted measures. Nevertheless, because
depiction o f the evolving state o f national income ad
justed for price changes was deemed crucial, the 1934
report offered an approximate price adjustment to the
national income statistics by comparing the currentdollar reduction in incomes to the reduction in the
cost-of-living index. That produced an estimated drop
in price-adjusted national income produced in 192932 o f 30-40 percent.17 Approximate aggregate adjust
ments for changes in the prices at the national income
level continued while the full set o f statistics was re
ported in current dollars.
National income becomes established
During the 1930s, national income became a regular
product o f the Department o f Commerce. Accepted as
the broadest reading on U.S. economic conditions, it
was followed by the public and was used by the
Roosevelt administration and the Congress to plan and
17. U.S. Congress, Senate (1934): 1.
Chart 3. U.S. National Income Produced, National
Income Paid Out, and Business Savings, 1929-35
B illio n s o f c u r r e n t d o lla r s
100
9 0
■
M
Income produced
Income paid out
■
Business savings
8 0
7 0
6 0
5 0
4 0
3 0
20
10
14. Unincorporated businesses were assumed to have net profit ratios
similar to corporations.
15. U.S. Congress, Senate (1934): 1.
16. Bureau of Foreign and Domestic Commerce, U.S. Department of
Commerce (1938) and Nathan (1939).
0
-1 0
1 9 2 9
1 9 3 0
19 31
1 9 3 2
1 9 3 3
1 9 3 4
1 9 3 5
Source: Bureau of Foreign and Domestic Commerce, U.S. Department of Commerce (1936)
36
U.S. National Income and Product Statistics
evaluate fiscal policy. By the time GNP was first pro
vided by Commerce in 1942, national income had be
come the m ost cited U.S. macroeconomic statistic.18
In January 1934, when the national income statistics
were first provided, it was not apparent that the worst
o f the depression was over. The industrial recovery be
gun in the summer o f 1933 had petered out, and coop
eration am ong industrial companies on prices under
the National Industrial Recovery Act had raised the
fear o f inflation. The Roosevelt adm inistration
realized that the new measure provided an authorita
tive means o f describing the dire economic conditions
that its proposed New Deal program s were designed to
address. For example, within two weeks o f the release
o f the report, the Secretary o f Commerce, Daniel C.
Roper, cited the greater than 50-percent drop in na
tional income between 1929 and 1932 in a speech ex
plaining those programs.
In 1935, Robert Nathan began writing a series o f an
nual S u r v ey articles presenting the national income sta
tistics for the preceding year and analyzing them in
detail.19 The next year, the Department o f Commerce
published a statistical compendium, National Income
in the United States, 1929-35, presenting revised and
extended statistics and explaining the concepts.
President Roosevelt was citing national income sta
tistics in speeches as early as 1935— for example, in his
statement o f September 1935 on the state o f the econ
om y and the Federal budget. In April 1938, in his m es
sage to the Congress requesting additional spending
for the new Recovery Program to address problems
caused by the 1937 recession, the President described
economic developments over 1929-1937 in national
income terms. And, he described the goal for the pro
gram in national income terms as well: “We must start
again on a long, steady, upward incline in national in
come.”20 Starting with the annual budget message to
the Congress in January 1939, which presented his fis
cal year 1940 budget, the President cited national in
come statistics as the prim ary measures o f the state o f
the economy. In the 1939 message, he also highlighted
the im portance o f these measures to economic policy
making by showing how different levels o f national in
come would generate different levels o f Federal tax re
ceipts.
Shortly after the annual income statistics had been
18. During the 1930s, work was underway formulating and estimating
national product and expenditure concepts such as consumption, invest
ment, and the government’s contribution to output. For example, Simon
Kuznets, then at NBER, and Clark Warburton, at FDIC, published early
estimates of gross capital formation.
19. Robert Nathan was head of national income measurement from 1935
to 1941. Milton Gilbert took charge when Nathan left to join the National
Defense Advisory Commission and served until 1949.
20. Roosevelt (1938): 12.
February 2007
established, work began on monthly measures that
could track income developments quicker. Those sta
tistics were first published in 1938 in response to the
pressing need for monthly, rather than annual, statis
tics. Incomes had dropped 11 percent from a p o stGreat Depression peak in August 1937 to the recession
trough in March 1938. By the end o f 1938, about half
that loss had been recouped in the recovery. Annual in
come statistics could not track such developments.
When the monthly income statistics were first pro
vided early in 1938, the measure provided was national
income paid out. Almost immediately, it was apparent
that the measure was too narrow to answer the eco
nomic questions o f the day. Information on the pur
chasing power o f families was im portant for assessing
the effects o f income support program s, and a broader
measure would be needed for that. So a few months af
ter the initial release, the measure was expanded to in
clude income other than that arising from current
production. Those sources o f income were rapidly be
coming substantial props to family income. For the
m ost part, they were the products o f New Deal legisla
tion or other program s o f the 1930s aimed at fighting
economic hard times and increasing income security
for the retired. In particular, the new monthly income
measure, referred to as “ income payments to individu
als,” included the unemployment benefits enacted in
the Social Security Act o f 1935— retirement benefits
under the act were first provided in 1940— veterans
bonuses, direct relief payments, and Federal Govern
ment employee pension benefits. It excluded com po
nents o f national income that did not provide current
purchasing power: Employer and employee social se
curity and unemployment insurance contributions
and government employee pension contributions. In
1947, income payments to individuals was renamed
personal income.
The U.S. economy gears up for World War II
Gross national product (GNP) statistics, like the na
tional income statistics 8 years earlier, were launched
by the Department o f Commerce to answer pressing
national policy questions for which analytical tools
were inadequate. In 1942, the questions were, “Can
President Roosevelt’s World War II economic m obili
zation program be met and, if so, at what costs to the
civilian standard o f living and price stability?” As was
the case for national income in 1934, the GNP concept
by 1942 was not new, having been discussed and par
tially formulated during the 1930s. While progress had
been made in developing theoretical and statistical
standards for GNP, it took the policy need to call forth
from the U.S. Government an authoritative, consensus-based statistic.
February 2007
Survey
of
C
u rrent
GNP makes up the other side o f the national in
come equation— the production side to match the in
come-earned side (approximated by national income)
o f what would later be the double-entry books o f the
national economic accounts that would provide a
complete picture o f the economy. The publication of
GNP in 1942 preceded the specification o f those fuller
accounts by 5 years.
In January 1940, 4 months after Germany had in
vaded Poland and Britain had declared war on Ger
many, President Roosevelt in his budget message to the
Congress asked for a modest defense supplemental ap
propriation for fiscal year 1940 and a like increase in
defense spending in fiscal year 1941, “in view o f the
current world situation.”21 In 1940, defense expendi
tures were more than $1 billion, about 14 percent o f
the budget. In his January 1941 budget message,
Roosevelt asked for $25 billion in defense expendi
tures, 62 percent o f the budget, reflecting “a world at
war.”22 In his January 1942 budget message, President
Roosevelt asked for $53 billion for defense, 90 percent
o f the budget, reflecting “a nation at war in a world at
>5 'J'X
war.
The week before that budget message and shortly af
ter the attack on Pearl Harbor, the President had an
nounced the goal o f increasing the share o f national
income spent on war production from the current 17
percent to 50 percent by 1943.24 The speed and scale o f
the mobilization program were beyond experience: “A
national effort o f gigantic magnitude,” according to the
President.25 The U.S. rearmament program , begun in
1940, had boosted income and brought national in
come above the 1929 level for the first time— almost 25
percent above that level. The rise was steep: In Decem
ber 1941, national income was 40 percent above its
level o f less than 2 years earlier. Putting the country on
full war footing was going to boost income even more,
but purchases o f consumer goods and services, which
had boom ed in 1941, would be stymied because pro
duction for civilian purposes would need to be cut
back to make way for the war program . Rationing,
wage and price controls, and other consumptiondam ping regulations were on the table.26
Statistics m easuring the total am ount and the com
position o f goods and services being produced were
requisites for the evaluation o f the risks o f shortages of
civilian goods and services and the bidding up o f
21. Roosevelt (1940).
22. Roosevelt (1941).
23. Roosevelt (1942).
24. Kluckhorn (1941).
25. Roosevelt (1942).
26. For example, gasoline rationing went into effect in the eastern United
States in May 1942.
B u s in e s s
37
prices, but those statistics were not available in the
United States at the beginning o f 1942.27 National in
come sufficed at that time as an informative measure
o f the size o f the economy, but it was not up to the task
o f evaluating production constraints and tradeoffs be
cause it m easured only the income earned in produc
tion and not the greater market value o f the goods and
services produced. Milton Gilbert and George Jaszi o f
BFDC later described the early days o f war-mobilization planning like “bidding on a contract without
knowing . . . the capacity o f your plant or the financial
facilities at the disposal o f your business.” 28
GNP to measure mobilization by
Within 2 months o f the January 1942 budget message,
the Department o f Commerce produced the first GNP
statistics. Those distinguished only am ong m ajor cate
gories o f expenditures, but they succeeded in bringing
the war-production tradeoffs into the picture.
Statistical analyses o f the day tended to provide
overly grim assessments o f the risks o f shortages o f ci
vilian goods and inflation because, am ong other er
rors, they underestimated U.S. productive capacity.
When GNP was first published in March 1942, it was
offered as a new framework for assessing the feasibility
o f the 1943 war program by com paring it with 1941
national output. Two months later, historical GNP sta
tistics for 1929-41 were provided.29 The January 1942
budget message had foreshadowed the new statistical
terms presented in the GNP, m entioning for the first
time in a fiscal policy context “consumer durable
goods” and “industrial plant and equipment” because
the BFDC staff was at the time doubling as a research
arm o f the war agencies, which were formulating the
war program.
Understanding the pressures o f the huge proposed
war expenditure program required consideration o f
competing expenditures in the economy, m ost simply,
expenditures for the war and expenditures for every
thing else. The expenditure components o f GNP pro
vided the material for that comparison. Because GNP
is measured in market prices and therefore includes
27. The development of national income and product statistics benefited
from collaboration among experts in several countries. The United King
dom began providing expenditure estimates in 1941. Australia, Canada,
and Ireland began providing them within a few years. Richard Stone of the
United Kingdom was awarded thel984 Nobel Memorial Prize in economics
for the “epoch-making innovation” of creating the United Kingdom
national income and product accounts while working in the British cabinet
office under John Maynard Keynes.
28. Gilbert and Jaszi (1944). George Jaszi served as Chief of the National
Income Division of BFDC from 1949 to 1959, Assistant Director of the
Office of Business Economics from 1959 to 1963, and the Director of that
office, subsequently renamed the Bureau of Economic Analysis, from 1963
to 1985.
29. Gilbert (1942b) and Gilbert and Bangs (1942).
38
U.S. National Income and Product Statistics
taxes paid and depreciation allowances taken, which
are not included in national income, it exceeded na
tional income in 1941 by 25 percent ($23 bil
lion)— and provided a better approximation o f
aggregate U.S. productive resources. National income
does not include taxes and depreciation because it
values output at costs paid or, put another way, as
the income accruing to individuals in their capacities
o f workers and owners o f capital, sometimes referred
to as “factors o f production.” Taxes and depreciation
are also charges against business revenues that are re
flected in market prices, but they do not accrue to fac
tors o f production.30
The inclusion o f business taxes and depreciation re
sulted in a production measure that was more appro
priate for short-run analysis o f the war program ’s
burden on the economy in part because those flows
were potential sources o f program funding (chart 4).
For example, in wartime, reserves for the replacement
February 2007
o f capital goods might be delayed to free up resources
for other pressing needs.31
GNP is defined as a comprehensive measure o f the
production o f goods and services in the U.S. economy
valued at market prices. In addition to being measured
as the sum o f production components, GNP can be
measured as the sum o f expenditures on goods and
services for final uses (investment in structures and
equipment, and household and government consum p
tion) plus the change in business inventories. The ulti
mate consumers purchase products for consum ption
or investment after all stages o f production o f goods
and services are complete. Put in other economic
terms, GNP is defined as the sum o f value added by all
industries in the economy. D ata available in the United
States have generally provided more comprehensive
measurement o f expenditures than o f industry value
added; therefore, expenditure com position was
adopted from the start for the U.S. GNP statistic.
Because data on expenditures were not fully avail
able in 1942, GNP was estimated at first by adding
business taxes and depreciation to the existing national
30. GNP terminology has changed over time, especially when new mea
sures have been introduced. Beginning in 1942, to distinguish between the
two measures of production, GNP was sometimes referred to as “national
product valued at market prices,” and national income (referred to upon its
introduction in 1934 as “national income produced”) was referred to as
31. Depreciation in GNP, however, does not record the decline in the pro
“national product valued at factor costs.”
ductive capacity of an asset but rather the decline in its value.
Chart 4. National Income and Product Concepts
INCOME
PRODUCT
Gross Domestic Income
Plus: net income payments from rest of the world
Equals: Gross National Income
m
Less: depreciation
► Gross Domestic Product
------------------- ► Gross National Product
Equals: National Income (2003-present)^4-------- ► Net National Product (valued at market prices)
Less: sales taxes, property taxes, and customs duties
Equals: National Income (1 9 4 7 -2 0 0 3 )------------ ► Net National Product (valued at factor costs)
Less: corporate profit taxes
Equals: National Income Produced
Less: business savings
Equals: National Income Paid Out
Less: contributions for social insurance
Plus: transfers to households
Equals: Personal Income (1947-present)
Income Payments to Individuals (1938-1947)
Less: personal taxes
Equals: Disposable Personal Income
Bureau of Economic Analysis, U.S. Department of Commerce
February 2007
S urvey
C
of
urrent
Table A. Gross National Product and National Income, 1941
First Presentation of GNP in 1942
[Billions of dollars]
Relation of Gross National Product to National Income
L in e
1
N a t i o n a l i n c o m e ..................................................................................................................................................................
?
Plus:
3
T o t a l b u s i n e s s t a x e s .....................................................................................................................................
9 4 .7
17
6
D e p r e c i a t i o n a n d d e p l e t i o n c h a r g e s ..........................................................................................
7 .0
4
I n c o m e c r e d i t e d t o o t h e r b u s i n e s s r e s e r v e s .....................................................................
5
C a p i t a l o u t l a y s c h a r g e d t o c u r r e n t e x p e n s e ......................................................................
1.6
1.8
6
7
Less:
Equals:
R e v a l u a t i o n o f b u s i n e s s i n v e n t o r i e s ..........................................................................................
3 .2
G r o s s n a t i o n a l p r o d u c t o r e x p e n d i t u r e ............................................................................
1 1 9 .5
Gross National Product by Use of Product
L in e
1
2
G r o s s n a t i o n a l p r o d u c t ..............................................................................................................................................
Less:
G o v e r n m e n t p u r c h a s e s o f g o o d s a n d s e r v i c e s ..........................................................
3
F e d e r a l G o v e r n m e n t ..............................................................................................................................
4
N a t i o n a l d e f e n s e .................................................................................................................................
7
2 4 .6
1 6 .4
11.2
O t h e r ..................................................................................................................................................................
5
6
1 1 9 .5
5 .2
8.2
S t a t e a n d l o c a l g o v e r n m e n t s .......................................................................................................
Equals:
Less:
G o o d s a n d s e r v i c e s a v a i l a b l e f o r p r i v a t e u s e ..........................................................
9 4 .9
G r o s s p r i v a t e c a p i t a l f o r m a t i o n .......................................................................................................
1 9 .1
9
C o n s t r u c t i o n ....................................................................................................................................................
5 .2
10
11
12
P r o d u c e r s ’ d u r a b l e e q u i p m e n t ...................................................................................................
8 .9
n
N e t c h a n g e i n b u s i n e s s i n v e n t o r i e s .....................................................................................
14
N e t c h a n g e i n m o n e t a r y s t o c k ...................................................................................................
1.1
G o o d s a n d s e r v i c e s s o l d t o c o n s u m e r s ........................................................................
7 5 .8
R
15
N e t e x p o r t o f g o o d s a n d s e r v i c e s ..........................................................................................
N e t e x p o r t o f g o l d a n d s i l v e r ........................................................................................................
Equals:
0 .9
0.6
-
3 .6
16
D u r a b l e g o o d s .........................................................................................................................................
1 0 .3
17
N o n d u r a b l e g o o d s a n d s e r v i c e s .......................................................................................
6 5 .5
National Income by Use of Funds
L in e
1
2
N a t i o n a l i n c o m e ..................................................................................................................................................................
Plus:
Less:
9 4 .7
T r a n s f e r p a y m e n t s f r o m g o v e r n m e n t ........................................................................................
2 .4
C o r p o r a t e s a v i n g s ..........................................................................................................................................
2.6
4
E m p l o y m e n t t a x e s ...........................................................................................................................................
2 .4
5
D i r e c t p e r s o n a l t a x e s ..................................................................................................................................
3 .8
6
F e d e r a l G o v e r n m e n t ..............................................................................................................................
2.1
7
S t a t e a n d l o c a l g o v e r n m e n t s .......................................................................................................
1 .7
3
8
9
10
Equals:
Less:
Equals:
D i s p o s a b l e i n c o m e o f i n d i v i d u a l s ..........................................................................................
8 8 .3
C o n s u m e r e x p e n d i t u r e s f o r g o o d s a n d s e r v i c e s ........................................................
7 5 .8
N e t s a v i n g s o f i n d i v i d u a l s ................................................................................................................
1 2 .5
Gross National Expenditure by Use of Funds
L in e
1
2
1 1 9 .5
T o t a l t a x e s ................................................................................................................................................................
2 3 .8
3
B u s i n e s s t a x e s .............................................................................................................................................
1 7 .6
4
F e d e r a l .............................................................................................................................................................
5
C o r p o r a t e i n c o m e a n d e x c e s s p r o f i t s t a x e s .................................................
10.8
6.6
b
A ll o t h e r F e d e r a l b u s i n e s s t a x e s .................................................................................
4 .2
7
S t a t e a n d l o c a l .......................................................................................................................................
8
9
6.8
S t a t e c o r p o r a t e i n c o m e t a x e s ........................................................................................
0 .3
A ll o t h e r s t a t e a n d l o c a l b u s i n e s s t a x e s ............................................................
6 .5
10
11
12
D i r e c t p e r s o n a l t a x e s ............................................................................................................................
3 .8
F e d e r a l .............................................................................................................................................................
2.1
S t a t e a n d l o c a l .......................................................................................................................................
1 .7
13
E m p l o y m e n t t a x e s ....................................................................................................................................
2 .4
T o t a l g r o s s s a v i n g s .........................................................................................................................................
2 2 .3
14
Less:
15
C o r p o r a t e ...........................................................................................................................................................
16
N e t s a v i n g s ................................................................................................................................................
2.6
17
D e p r e c i a t i o n a n d d e p l e t i o n .....................................................................................................
4 .4
18
O t h e r b u s i n e s s r e s e r v e s ............................................................................................................
1 .3
19
C a p i t a l o u t l a y s c h a r g e d t o c u r r e n t e x p e n s e ........................................................
1 .5
20
21
22
R e v a l u a t i o n o f i n v e n t o r i e s .........................................................................................................
-
1 5 .1
N e t s a v i n g s o f i n d i v i d u a l s .........................................................................................................
1 2 .5
2.6
24
O t h e r b u s i n e s s r e s e r v e s ............................................................................................................
0 .3
25
C a p i t a l o u t l a y s c h a r g e d t o c u r r e n t e x p e n s e ........................................................
26
R e v a l u a t i o n o f i n v e n t o r i e s .........................................................................................................
?8
T r a n s f e r p a y m e n t s o f g o v e r n m e n t ................................................................................................
T o t a l c o n s u m e r e x p e n d i t u r e s .......................................................................................................
Source: “Preliminary Estimates of Gross National Product, 1929-41,” Milton Gilbert and R. B. Bangs,
C u r r e n t Business (May 1942).
Chart 5. Gross National Product, 1940 and 1941,
Compared With War Program Objective for 1943
1 6 0
1 4 0
120
100
2.6
N o n c o r p o r a t e ..................................................................................................................................................
D e p r e c i a t i o n a n d d e p l e t i o n .....................................................................................................
Plus:
Equals:
32. Net exports were included in investment.
33. Gilbert (1942a).
7 .2
23
27
income statistic (table A). Government purchases were
taken from the budget and other government sources.
Investment (“gross private capital formation” ) was es
timated from business records, including tax returns;
and durable goods sold to consumers were estimated
from Census Bureau and other government data.32
Those expenditures were subtracted from GNP, leaving
the combined category o f nondurable goods and ser
vices sold to consumers as the residual. Direct estim a
tion o f all consumption components started in 1947.
Before GNP was made available, projected defense
expenditures were sometimes erroneously subtracted
from projected national income, producing a residual
that was interpreted as the amount o f production left
for nonwar goods and services.33 For example, in early
1942, analysts had subtracted President Roosevelt’s
proposed 1943 defense expenditures o f $56 billion
from projected 1943 national income o f $110 billion,
leaving a residual o f 54 billion. Com parison o f the
1943 residual with the same residual for 1941, $81 bil
lion, indicated that income would have to be cut by a
third if the resources required for the war program
were to be made available. The assessment was overly
grim because national income fell short o f the total
market value o f goods and services produced, o f which
defense spending was a component.
B illio n s o f d o lla r s
G r o s s n a t i o n a l e x p e n d i t u r e ...................................................................................................................................
Less:
39
B u s in e s s
0 .3
-
0.6
1 9 4 0
19 4 1
1 9 4 2
2 .4
7 5 .8
Su rve y o f
1943
(p ro je c tio n )
N ote . The 1943 estimate for national defense is the Roosevelt Administration's objective for the
war program. The other 1943 estimates show the disposition of resources required to meet that
war program. The 1943 estimates are measured in 1941 prices and are fiscal-year estimates. The
1940 and 1941 estimates are calendar-year estimates.
Source: March 1942 S urvey of C urrent B usiness
Bureau of Economic Analysis,
U.S.
Department of Commerce
U.S. National Income and Product Statistics
40
Substitution o f GNP for national income in such an
analysis produced the findings that the effect o f war
m obilization on living standards would be less dire
than had been predicted and that an even larger war
program might be attainable. This was not only true
because GNP was larger in value than national income
(because it was measured at market prices, not factor
costs) but also because the expenditure composition o f
national product showed how the income generated
from national production was being spent. The expen
diture com position o f GNP showed that despite a
potentially large forced reduction in nonwar spending
much o f the decrease would be absorbed by reductions
in private investment and consumer purchases o f du
rable goods, not in consumer purchases o f nondurable
goods and services, that is, purchases o f food, clothing,
and shelter— in other words, basic needs. The analysis
suggested that only a 4-percent price-adjusted reduc
tion in the consum ption o f nondurables and services
below its 1941 level would be required to meet the
President’s war program goals for 1943, while private
investment would have to decline by 80 percent and
the consum ption o f durables by 70 percent (chart
5 ) . 34
Put another way, the GNP analysis showed that eco
nomic growth brought about by increases in employ
ment and productivity spurred by the program and the
34. Real declines measured from end of 1941 through fiscal year 1943.
Chart 6. Possible Sources of Additional Resources
Required To Meet Proposed 1943 War Program
P r o j e c t e d I n c r e a s e in W a r P r o d u c t i o n f o r F i s c a l Y e a r 1 9 4 3
G N P g ro w th
D iv e rs io n fro m p r iv a te
(4 2 % )
in v e s tm e n t
(3 1 % )
D iv e rs io n fro m c o n s u m e r
s p e n d in g o n d u ra b le s
D iv e rs io n fro m
o th e r g o v e rn m e n t
.
,
D iv e rs io n fro m c o n s u m e r s p e n d i n g
% o/ \
o n n o n d u ra b le s a n d s e rv ic e s
(
)
(1 7 % )
(7 % )
N ote. The amount of additional resources required, measured relative to 1941 levels, was estimated
to be $41 billion. The growth in GNP would be achieved through increases in employment, hours,
and productivity.
Source: March 1 9 4 2 Survey o f C u r r e n t Business
Bureau of Economic Analysis, U.S. Department of Commerce
February 2007
diversion o f heavy industry from civilian to war pro
duction could provide more than 90 percent o f the ad
ditional resources needed for the 1943 program
(chart 6).
U.S. public concern about the danger o f inflation
preceded the promulgation o f the war mobilization
program. To address that and related concerns about
the concentration o f economic power, the Roosevelt
administration and the Congress had established a
joint Temporary National Economic Committee in
1938. The committee held hearings on inflation as
early as 1939.35 In 1940, in “ How to Pay for the War”
John Maynard Keynes popularized the concept o f the
“inflationary gap” as an analytical tool for assessing in
flation risk.36 The insight underlying the inflationary
gap is that an excess o f aggregated demand for goods
and services over their supply will lead to inflation.
In the United States, a variety o f estimates o f the in
flationary gap were offered by economists and brought
to the attention o f the war planning boards.37 The anal
ysis usually took the form o f an estimate o f the gap be
tween the future demand for and supply o f consumer
goods and services, measured at a given price level. The
proposition was that the growing incomes earned in
war production, coupled with the shrinking supply of
consumer goods and services that resulted when pro
ductive resources were converted to war-related pro
duction, would lead to excess spending power and
inflation.
Estimates o f the size o f the inflationary gap and
therefore the threat it posed to price stability relied
critically on statistics m easuring income and its dispo
sition am ong taxes, consumption, and saving. The
1942 GNP statistics provided expanded income-side
measures important to those calculations, including
taxes, disposable income, and personal savings (table
A). The use o f those statistics in inflationary gap analy
sis was explained when they were provided.38 Those
35. Established by Joint Resolution of Congress on June 16, 1938, and
abolished April, 1941. It was established in response to concerns stated by
President Roosevelt in April 1938, about the effects on the economy of
monopolies, the price system and industrial pricing policies, and existing
tax and patent laws, anti-trust policies and other government regulations. It
was charged with holding hearings on those subjects and recommending
legislation to the Congress. It sponsored over 40 monographs on those sub
jects.
36. Keynes (1940). In earlier work, published in The General Theory of
Employment, Interest, and Money (New York: Harcourt, Brace and Co.,
1936), Keynes had contributed to the vocabulary of GNP statistics by
emphasizing the importance of looking at the workings of the economy in
terms of flows of income and expenditures.
37. Examples of U.S. inflationary gap analysis are Salant (1942) and
Friedman (1942).
38. Bangs (1942).
February 2007
S urvey
of
41
C u r r e n t B u s in e s s
formulating wartime controls aimed at dampening in
flation pressure through reductions in current income
via voluntary saving and tax increases benefited from
the improved analysis made possible by the new statis
tics.
By 1945, GNP was supplanting national income as
the m ain measure o f the U.S. economy used in the dis
cussion o f fiscal policy. In January 1945, the President’s
budget message to Congress cited GNP for the first
time. It was presented alongside the budget estimates,
in a table, “ The Government’s Budget and the Nation’s
Budget.”39 Earlier budget messages had cited only na
tional income. By 1945, demobilization and the chal
lenge o f sustaining high employment were focuses o f
policy. The Federal Government was purchasing al
m ost one-half o f the GNP, one person in five was in the
military, and most people were employed directly in
war production or providing for civilian needs in the
war economy. The budget message cited the calcula
tion that real consumer expenditures and private in
vestment would have to exceed their 1939 levels by 50
percent in order to fully employ the U.S. work force af
ter the war, yet at the time, those were at the low levels
necessary to accommodate the war. Even though there
was pent-up demand, the post-war recovery in con
sumer spending and private investment would depend
on jobs and confidence in future prosperity. President
39. Roosevelt (1945).
Roosevelt acknowledged in his budget message the im
portant policy-guiding role o f the GNP and other eco
nomic statistics: “Statistical information concerning
business activities and markets, employment and un
employment, incomes, expenditures, and savings is u r
gently needed as a guide for economic policies during
the remainder o f the war and during the reconversion
and post-war period.”40
Investment and government activity better
understood
The provision o f GNP in 1942 moved national product
measurement away from factor income measurement
and brought more uniformity to the treatment of
taxes. The largest component o f the difference between
GNP and national income was business taxes (all taxes
collected from businesses— income taxes, sales taxes,
and other charges). The addition o f business taxes pro
vided a more complete accounting o f the income flows
generated from current production. For World War II
policy analysis, it made sense to track the dramatically
increasing government tax receipts that were helping
finance the war (chart 7).
Personal taxes were included in national income, so
personal and business taxes were put on an even foot
ing in GNP. The focus o f the income and product sta
tistics was moving away from tracking income
40- Roosevelt (1945).
Chart 7. Gross National Product by Use of Product, 1929-46
Billions of current dollars
240
G o v e r n m e n t e x p e n d itu r e s
G r o s s p r iv a te c a p ita l fo rm a tio n
220
200
180
160
140
120
100
80
60
40
20
0
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Statistics from 1947 are shown instead of the original May 1942 estimates to illustrate the large increase in government expenditures through the war years.
By 1947, another component, net foreign investment, was distinguished in the GNP statistics. It was very small during those years and has been omitted
from the chart for ease of reading.
Source: July 1 9 4 7 Survey o f C u r r e n t Business
N ote .
Bureau of Economic Analysis, U.S. Department of Commerce
1943
1944
1945
1946
42
U.S. National Income and Product Statistics
accruing to individuals to measuring the broad range
of
economic
transactions
am ong
economic
sectors— households, business, government, and the
rest o f the world. By including all government pur
chases as part o f national product, the GNP statistics
established the role o f government in the economy as
that o f an ultimate consumer, that is, a purchaser o f
goods and services for final uses. The 1930s national
income statistics treated government as an industry,
providing income to employees. In the World War II
setting, it was more natural to categorize government
as a purchaser for final uses, given its preponderant
role in the economy.
Before the war, during the 1930s, when national in
come and product concepts were being formulated, no
subject was more controversial than the treatment o f
government. The position o f Simon Kuznets, reflected
in the early U.S. national income statistics, was that
business taxes should be excluded from national prod
uct on the grounds that they served as a proxy for the
value o f government services to business. The reason
ing was that business taxes were production expenses
and therefore excluded from the net income originat
ing in the industry o f the business paying the taxes. On
the other hand, taxes paid by individuals served as
proxies for payments for services rendered by the gov
ernment to those individuals and were therefore not
deducted from their incomes. Put in other terms, taxes
paid by individuals were treated as though they repre
sented purchases by them and therefore were classified
as purchases for final uses, which are included in na
tional product. On the other hand, taxes paid by busi
nesses were treated as though they represented
purchases by businesses and therefore treated as inter
mediate purchases, which are excluded from national
product. The provision o f statistics that bore out that
view entails distinguishing between government ser
vices to individuals and those to business, which was
not feasible. For that and other reasons, Milton Gilbert
and others at BFD C ultimately rejected that view, be
ginning with the publication o f GNP in 1942.41
The correct way o f measuring capital formation in
national product— net or gross o f depreciation— was
also debated during the 1930s. In addition to a lack o f
confidence in estimates o f depreciation, the decision
by BFDC to include gross capital form ation in national
product was influenced by the policy uses to which the
GNP would be put, which differed from those to which
national income had been put in the 1930s. National
income had been used to explain and measure the re
41. Gilbert, Jaszi, Denison, and Schwartz (1948).
February 2007
covery from the Great Depression, including the effects
on household incomes o f program s such as the Civil
ian Conservation Corps and unemployment insur
ance. GNP was called on to evaluate World War II
economic mobilization, so a broader measure o f eco
nomic resources that could be diverted to the war ef
fort was needed.
The inclusion o f net capital form ation in U.S. na
tional income during the 1930s followed from the con
cepts and methods o f early research that focused on
national income as a measure o f the change in national
wealth. However, the position that gross capital form a
tion is the proper concept for national product was not
new; estimates o f gross capital formation (investment)
had been compiled by Clark W arburton in 1932 and
Simon Kuznets beginning in 1933.42 The first two vol
umes o f the Conference on Research in Income and
Wealth (1937-38), a program within the NBER that
focuses on national income and product m easure
ment, show broad agreement that gross capital form a
tion is the preferred concept.
1947: The national income and product
accounts complete the picture
The Department o f Commerce had been formulating
more detailed expenditure-side concepts, making pre
liminary estimates using available data and refining in
come-side concepts throughout the war years as
resources allowed. The pace o f that work picked up af
ter the end o f the war, and the first complete set o f in
terrelated and consistent national income and product
statistics was published in 1947. It placed the GNP sta
tistics in the broader context o f the economy as a
whole and provided a more complete picture o f how
the economy works.
Put in economic accounting terms, the national in
come and product statistics were recast in 1947 into a
comprehensive national economic accounting fram e
work. While the framework has been modified since
then, in 1958, 1991, and 2003, the picture o f the eco
nomic relationships am ong households, businesses,
government, and the rest o f the world depicted in the
1947 accounts remains substantially the same.
The 1947 framework and statistical improvements
refined concepts, clarified terminology, and provided
the first full system o f national economic accounting in
the form o f consolidated (later called sum m ary) ac
counts for each m ajor sector o f the economy. The new
accounts presented— in a double-entry, sources-anduses-of-funds format— all the productive activity in
42. Warburton (1934) and Kuznets (1934).
February 2007
Survey
of
C u r r e n t B u s in e s s
the current accounts o f the four sectors. The system in
cluded two other accounts: An economy-wide savings
and investment, or capital, account, and a sum m ary
national income and product account that comprises
all productive activity balanced against the costs o f
43
production. The full complement o f GNP statistics
adopted the title o f that account and became known as
the national income and product accounts (NIPAs)
(table B).
Although the 1947 NIPAs went further than the
Table B. National Income and Product Account, 1939
First Summary Accounts (Published in 1947)
[Millions of dollars]
Account 1. National Income and Product Account
Line
Line
1
2
3
4
b
6
I
B
9
10
11
12
Compensation of employees....................................................................................
Wages and salaries..........................................................................................
13
14
15
16
17
18
Net interest..............................................................................................................
4,212
National income.....................................................................................................
Indirect business tax and nontax liability..................................................................
Business transfer payments.....................................................................................
Statistical discrepancy..............................................................................................
Less: Subsidies minus current surplus of government enterprises...........................
72,532
9,365
451
462
485
19 Charges against net national product..................................................................
20 Capital consumption allowances..............................................................................
82,325
8,101
21 CHARGES AGAINST GROSS NATIONAL PRODUCT...........................................
90,426
Income of unincorporated enterprises and inventory valuation adjustment..............
Rental income of persons.........................................................................................
Corporate profits before tax and inventory valuation adjustment...............................
Corporate profits before tax..............................................................................
Corporate profits tax liability.....................................................................
Corporate profits after tax.........................................................................
Dividends..........................................................................................
Undistributed profits..........................................................................
Inventory valuation adjustment.........................................................................
47,820
45,745
2,075
11,282
3,465
5,753
6,467
1,462
5,005
3,796
1,209
-714
22 Personal consumption expenditures.......................................................................
23 Gross private domestic investment........................................................................
?4
888
25 Government purchases of goods and services......................................................
67,466
9,004
GROSS NATIONAL PRODUCT.............................................................................
90,426
13,068
Account 2. Consolidated Business Income and Product Account
Line
1
2
3
4
5
6
/
8
9
10
11
12
13
14
15
16
1/
18
19
20
21
22
23
24
Line
Compensation of employees....................................................................................
Wages and salaries..........................................................................................
Disbursements..........................................................................................
Excess of accruals over disbursements....................................................
Supplements.....................................................................................................
Employer contributions for social insurance..............................................
Other labor income............
Income of unincorporated enterprises and inventory valuation adjustment..............
Rental income of persons..................
Corporate profits before tax and inventory valuation adjustment..............................
Corporate profits before tax.......
Corporate profits tax liability
Corporate profits after tax...
Dividends...................
Undistributed profits....
Inventory valuation adjustment...
Net interest.......................................
Income originating.................................................................................................
Indirect business tax and nontax liability..................................................................
Business transfer payments.....................................................................................
Statistical discrepancy..............................................................................................
Less: Subsidies minus current surplus of government enterprises...........................
Charges against net product.................................................................................
Capital consumption allowances..............................................................................
25 CHARGES AGAINST BUSINESS GROSS PRODUCT..........................................
38,011
36,250
36,250
0
1,761
1,330
431
11,282
3,465
5,569
6,283
1,462
4,821
3,659
1,162
-714
3,284
26 Consolidated net sales..........................................................................................
27
To consumers.................
To government................
28
29
To business on capital account
30
31 Change in inventories........
78,877
63,816
5,375
8,563
1,123
441
32 BUSINESS GROSS PRODUCT.............................................................................
79,318
61,611
9,365
451
462
485
71,404
7,914
79,318
Account 3. Consolidated Government Receipts and Expenditures Account
Line
Line
1 Purchases of goods and services............................................................................
2
Purchases of direct services:
Compensation of employees.............................................................................
3
4
Wages and salaries......................................................................................
5
Supplements.................................................................................................
6
Employer contributions for social insurance..............................................
7
Other labor income...................................................................................
8
Income originating and net and gross product.............................................
q
10
Net purchases from abroad..................................................................................
11 Transfer payments...................................................................................................
12 Net interest paid.......................................................................................................
13 Subsidies minus current surplus of government enterprises....................................
13,068
14 GOVERNMENT EXPENDITURES...........................................................................
Personal tax and nontax receipts...........................................................................
Corporate profits tax accruals................................................................................
Indirect business tax and nontax accruals..............................................................
Contributions for social insurance
Employee contributions...
Employer contributions....
Business....................
2,440
1,462
9,365
2,136
596
1,540
1,330
7,629
5,375
64
2,512
1,205
485
??
Government....................................................................................................
?3
Households and institutions............................................................................
24 Deficit (+) or surplus (-) on income and product transactions................................
199
11
1,867
17,270
25 GOVERNMENT RECEIPTS AND DEFICIT...........................................................
17,270
7,629
7,343
286
199
87
15
16
17
18
19
20
21
U.S. National Income and Product Statistics
44
February 2007
Account 4. Rest of the World Account
Line
Line
1 Net payments of factor income to the United States................................................
2
Wages and salaries...............................................................................................
Interest.................................................................................................................
3
4
Dividends.............................................................................................................
5
Branch profits.......................................................................................................
6
Income originating and net and gross product................................................
7 Net purchases from the United States......................................................................
8
From business......................................................................................................
9
From government..................................................................................................
10
From persons.......................................................................................................
313
2
127
137
47
313
575
1,123
-64
-484
1? Net disinvestment in the United States..................................................................
888
11 NET CURRENT PAYMENTS TO THE UNITED STATES.........................................
888
13 NET DISINVESTMENT IN THE UNITED STATES................................................
888
Account 5. Personal Income and Expenditure Account
Line
Line
1
2
Purchases of direct services.................................................................................
3
4
5
Supplements paid.........................................................................................
6
7
Other labor income...................................................................................
8
Interest paid.....................................................................................................
9
Income originating in and net product of households and institutions.....
10
11
12
63,816
13
Net purchases from abroad...................................................................................
14 Personal tax and nontax payments
15 Personal saving
67,466
3,166
2,178
2,150
28
11
17
801
2,979
187
3,166
17
18
Disbursements by:
19
?n
?1
Households and institutions...........................................................................
??
?3
Less: Employee contributions for social insurance.............................................
24 Other labor income
25
Business.........................................................................................................
?6
?7
484
2,440
2,701
Rental income of persons......................................................................................
30 Dividends
31 Personal interest income
Government transfer payments
Business transfer payments
36 250
7,343
2,150
2
596
535
431
87
17
11,282
3,465
3,796
5,417
2,512
451
32 PERSONAL INCOME
72,607
?R
72,607
16 PERSONAL OUTLAY AND SAVING
45,159
Account 6. Gross Saving and Investment Account
Line
Line
1 Business purchases on capital account...................................................................
? Change in business inventories................................................................................
3
4
1,867
8,563
441
888
fi Excess of wage accruals over disbursements.......................................................
7 Undistributed corporate profits (domestic).............................................................
8
q
Capital consumption allowance by private business...............................................
Foreign branch profits (net)...................................................................................
Institutional depreciation........................................................................................
Personal saving.....................................................................................................
0
1,162
-714
462
7,914
47
187
2,701
14 GROSS PRIVATE SAVING...................................................................................
11,759
m
11
1?
13
5 GROSS INVESTMENT AND GOVERNMENT DEFICIT.........................................
11,759
These accounts were modified in 1958,1991, and 2003.
Source: “National Income and Product Accounts of the Untied States, 1929-46,” Milton Gilbert, S urvey of C urrent B usiness (July 1947).
N ote.
Documents Cited in This Article
The B E A digital library, launched on June 30, 2006, pre
sents important documents related to the history of the
U.S. national economic accounts. It contains many of the
references cited in this paper, such as the 1934 Senate
report presenting the first Department of Commerce
estimates of national income, the S urvey of C urrent B usi
ness articles providing early estimates of gross national
product during World War II, and the first publication of
the U.S. national income and product accounts in 1947.
Users of the Digital Library can further explore the
early motivations behind key economic measures and the
policy concerns brought about by the Great Depression,
WW II mobilization, and the transition back to a peace
time economy after the war. Currently, the library
includes 89 S urvey articles published from 1934 to 1947,
as well as the first two volumes from the Conference on
Research in Income and Wealth published in 1937 and
1938. Additional materials will be added in the future.
The digital library can be accessed from the BEA home
page < www.bea.gov>.
February 2007
Survey
of
original GNP estimates by providing both more data
and a more complete picture o f the economy, many of
the key characteristics o f the NIPAs were already part
o f the GNP estimates. Both the GNP estimates and the
NIPAs included income and expenditure measures that
could be added up to get the total value o f national
product. Both focused on the com position o f national
product am ong the institutional sectors o f govern
ment, business, and individuals and used a set o f tables
to show the relationships between key economic m ea
sures. The GNP estimates had served as a predecessor
to the NIPA sum m ary accounts: All o f the sources and
uses o f funds found in the sum m ary accounts can be
found in the GNP estimates in related presentations.
Organizing the national income and product statis
tics into the 1947 system o f accounts brought advan
tages. It added clarity to the debates about what
components to include in the valuation o f income and
production. It created a schematic in which different
types o f measures could be used consistently; in a field
where concepts continue to evolve, a consistent set of
measures allows analysts to distinguish between differ
ences resulting from the use o f different concepts and
differences resulting from the use o f different data.43
And the “booking” o f income and expenditure items
in double-entry form provides a means o f cross-check
ing income and expenditure estimates that are derived
from a melange o f sources.
In addition, the 1947 accounts brought statistical
improvements. The m ost im portant o f those was the
direct estimation o f consumptions expenditures. De
spite the scale o f those in the economy— they made up
75 percent o f GNP in 1947— im portant components,
mostly the consum ption o f services, had been esti
mated as residuals since 1942.
In 2003, the sum m ary accounts took their present
form. They were modified on that occasion to conform
more closely to the United Nations System of National
Accounts guidelines for national economic accounts.
The first (overall) sum m ary account is now measured
consistently on a domestic basis, reflecting the present
emphasis in international statistical guidelines on
gross domestic product instead o f gross national prod
uct. An additional sum m ary account has been added
to tie the “gross operating surplus” concept featured in
other countries to the “profits from current produc
tion” concept featured in the United States.44
43. For example, the national income concept in the present NIPAs differs
from that of 1947. It was redefined in 2003 to include all net incomes (that
is, incomes net of depreciation) earned in production rather than only
incomes accruing to factors of production which defined the scope of the
earlier concept. The largest components newly included in national income
are sales taxes, property taxes, and customs duties (“taxes on production
and imports”). The new concept is consistent with United Nations System
of National Accounts guidelines, which do not feature the factor-cost con
cept.
44. Mayerhauser, Smith, and Sullivan (2003).
45
C u r r e n t B u s in e s s
The national income and product accounts have
continued to develop since 1947, and that develop
ment has continued to exemplify the balance between
theory, real-world data, and the economic questions of
the day. Price-adjusted (real) GNP statistics were de
veloped when inflation concerns persisted. Quality-ad
justed price indexes were developed when the growing
use o f computers began the age o f information tech
nology. Changing-weight price- and quantity-indexes
were substituted for fixed-weight indexes when the
technology boom brought plunging prices in that sec
tor in the face o f rising prices in m ost other sectors,
which im parted instability to the statistics. And closer
integration with international trade and finance ac
counts and the national accounts o f other countries
were provided when the need for a global economic
picture became compelling. Those stories are no less
interesting.
R eferences
Bangs, R. B . 1942. “The Changing Relation o f C on
sumer Income and Expenditures.” S u r v e y o f C u r r e n t
B u s in e s s 22 (April): 8-12.
Bureau o f Foreign and Domestic Commerce, U.S.
Department o f Commerce. 1936. National Income in
the United States, 1929-35. Washington, DC: U.S. Gov
ernment Printing Office.
Bureau o f Foreign and Domestic Commerce, U.S.
Department o f Commerce. 1938. National Income in
the United States, 1929-37. Washington, DC: U.S. Gov
ernment Printing Office, November.
Com m ission o f the European Communities, Inter
national M onetary Fund, Organisation for Economic
Co-operation and Development, United Nations, and
the World Bank. 1993 System of National Accounts
1993. (Brussels/Luxembourg, New York, Paris, and
Washington, DC.)
Cone, Frederick M. 1939. “Revised Estimates o f
Monthly Income Payments in the in the United States,
1929-38.” S u r v e y o f C u r r e n t B u s in e s s 18 (September):
15-18; <library.bea.gov/u?/SCB,3059>.
Federal Trade Com m ission. 1926. National Income
and Wealth: Response to Senate Resolution No. 451. 67th
Congress, 4th Session. Senate Docum ent no. 126.
Friedman, Milton. 1942. “ The Inflationary Gap: II
D iscussion o f the Inflationary Gap.” The American Eco
nomic Review 32 (February): 314-320.
Gilbert, Milton. 1942a. “M easuring National In
come as Affected by the War.” Journal of the Ameri
can Statistical Association 37, no. 218 (June): 186-198.
Presented at the 103rd Annual Meeting o f the American
Statistical Association in New York on December 29,
1941.
46
U.S. National Income and Product Statistics
Gilbert, Milton. 1942b. “War Expenditures and N a
tional Production.” Survey o f Current Business 22
(M arch): 9-16; <library.bea.gov/u?/SCB,3130>.
Gilbert, Milton, and R. B. Bangs. 1942. “ Preliminary
Estimates o f Gross National Product, 1929-41.” Survey
o f Current Business (May): 9-13; <library.bea.gov/u?/
SCB,3203>.
Gilbert, Milton, and George Jaszi. 1944. “National
Product and Income Statistics as an Aid in Economic
Problems.” D unns Review (February).
Gilbert, Milton, George Jaszi, Edward F. Dennison,
and Charles F. Schwartz. 1948. “Objectives o f National
Income Measurement: A Reply to Professor Kuznets.
The Review of Economics and Statistics. 30 (August):
179-195.
Keynes, John M. 1940. How to Pay for the War: A
Radical Plan for the Chancellor o f the Exchequer. Lon
don: Macmillan and Co., Limited.
Kluckhorn, Frank L. 1941. “ $50 Billion a Year is Set
By President As Our War Policy.” New York Times. D e
cember 31.
Kuznets, Simon. 1934. “Gross Capital Formations,
1919-33.” Bulletin o f the National Bureau o f Economic
Research 52 (November): 15.
Mayerhauser, Nicole, Shelly Smith and David F. Sul
livan. 2003. “Preview o f the 2003 Comprehensive Revi
sion o f the National Income and Product Accounts:
New and Redesigned Tables.” Survey o f Current Busi
ness (August): 7-31.
Nathan, Robert R. 1939. “National Income in 1938
at 64 Billion Dollars.” S u r v ey o f C u r r e n t B u s in e s s
February 2007
(June): 10-16; <library.bea.gov/u?/SCB,3088>.
Roosevelt, Franklin D. 1938. “Recovery Program
Measure to Congress.” New York Times. April 15, 12.
Roosevelt, Franklin D. 1939. “ Budget Message o f the
President.” New York Times. January 6, 12.
Roosevelt, Franklin D. 1940. “ Budget Message o f the
President.” New York Times. January 5, 12.
Roosevelt, Franklin D. 1941. “Budget Message o f the
President.” New York Times. January 9, 16.
Roosevelt, Franklin D. 1942. “Budget Message o f the
President.” New York Times. January 8, 16.
Roosevelt, Franklin D. 1945. “Budget Message o f the
President.” New York Times. January 10, 16.
Salant, Walter S. 1942. “ The Inflationary Gap I:
Meaning and Significance for Policy M aking” The
American Economic Review 32 (February): 308-314.
U.S. Congress, Senate, Committee on M anufac
tures. 1931. Establishment o f National Economic Coun
cil, Hearings: Before a Subcommittee o f the Committee
on Manufactures. 72nd Congress, 1st Session. Senate
Committee Print 6215.
U.S. Congress. Senate. National Income, 1929-32.
1934. 73rd Congress, 2nd Session. Submitted in re
sponse to Senate Resolution 220, 72nd Congress. Senate
Committee
Print
124;
<library.bea.gov/u?/
NI_reports,539>.
U.S. Congress. Senate. 1932. Resolution 220. 72nd
Congress, 1st Session. June 8.
Warburton, Clark. 1934. “Value o f the Gross N a
tional Product and its Com ponents, 1919-29.” Journal
o f the American Statistical Association 29 (December).
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(72D CONG.) A REPORT ON NATIONAL
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This
1^34 S e n a t e document p r e s e n t e d
th e f i r s t
national
income e s t i m a t e s .
http://library.bea.gov
A Guide to the
NATIONAL
INCOME
PRODUCT
ACCOUNTS
of the United States
T his new ly upd ated g u id e provides info rm ation on th e stru ctu re, definition s,
and p resentation und erlying th e national inco m e and p roduct acco u n ts
(N IPAs), including:
• D efin itio n s of m ajor NIPA ag gregates, such as G D P and personal incom e
• A g u id e to th e seven su m m ary acco u n ts th at sh ow th e co m p o sitio n
of production and the d istribu tion of inco m es earn ed in production
• Info rm ation ab o u t q u an tity and price indexes, co ntributio ns,
and ch ain ed -d o llar m easu res
• C lassificatio n s by type o f product, sector, legal form , and industry
• O v erview of the G D P release schedule
• O rgan izatio n of th e tables
• S tatistical co nventio ns and form ulas used
• B ackground and history
• P rint-friendly PDF form at
http://www.bea.gov/bea/an/nipaguid.pdf
D-1
February 2007
BEA Current and Historical Data
A selection of estimates from the national, industry, international, and regional accounts o f the Bureau of Economic
Analysis (BEA) are presented in this section. BEA’s estimates are not copyrighted and may be reprinted without BEA’s
permission. Citing the S u r v e y o f C u r r e n t B u s i n e s s and BEA as the source is appreciated.
More detailed estimates from BEA’s accounts are available on BEA’s Web site at < www.bea.gov>. These estimates are
available in a variety of formats. In addition, news releases, articles, and other information, including methodologies
and working papers, are available.
The tables present annual [A], quarterly [Q], and monthly [M] data.
N ational Data
A. Selected NIPA tables [A,Q]
1. Domestic product and income...............................D-2
2. Personal income and outlays.................................D-18
3. Government current receipts and expenditures .. D-21
4. Foreign transactions..............................................D-33
5. Saving and investment...........................................D-37
6. Income and employment by industry................. D-42
7. Supplemental tables...............................................D-43
B. NIPA-related table
B.l Personal income and its disposition [A, M ]..... D-46
C. Historical measures [A, Q]
C.l GDP and other major NIPA aggregates............ D-47
D. Charts
Selected NIPA series.................................................. D-51
Industry Data
E. Industry table
E.l Value added by industry [A]...............................D-57
International Data
F. Transactions tables
F.l U.S. international transactions in goods
and services [A, M ]...........................................D-58
F.2 U.S. international transactions [A, Q ]............... D-59
F.3 U.S. international transactions by area [Q]....... D-60
F.4 Private services transactions [A].........................D-63
G. Investment tables [A]
G.l U.S. international investment position............. D-64
G.2 USDIA: Selected items.........................................D-65
G.3 Selected financial and operating data of foreign
affiliates of U.S. companies............................D-66
G.4 FDIUS: Selected items.........................................D-67
G.5 Selected financial and operating data of U.S.
affiliates of foreign companies...................... D-68
H Charts
The United States in the international economy..... D-69
R egional D ata
I. State and regional tables
1.1 Personal income [Q ].............................................D-70
1.2 Personal income and per capita
personal income [A].........................................D-71
1.3 Disposable personal income and per capita
disposable personal income [A ]..................... D-72
1.4 Gross domestic product by state [A]................... D-73
J. Local area table
J. 1 Personal income and per capita personal income
by metropolitan area [A]..................................D-74
K. Charts
Selected regional estimates.........................................D-79
A p p en d ixes
A. Additional information about the NIPA estimates
Statistical conventions................................................ D-81
Reconciliation table [A, Q ]........................................D-82
B. Suggested reading ............................................... D-83
D-2
February 2007
National Data
A. S elected NIPA Tables
The selected set o f NIPA tables presents the m ost recent estimates o f gross dom estic product (GDP) and its com
ponents, which were released on January 31, 2007. These estimates include the “advance” estimates for the fourth
quarter o f 2006.
The selected set presents quarterly estimates that are updated monthly. Annual estimates are presented in most
o f the tables.
The GDP news release is available on BEA’s Web site within minutes after the release. To receive an e-mail noti
fication o f the release, go to < www.bea.gov> and subscribe. The “ Selected NIPA Tables” are available later that day.
1. Domestic Product and Income
Table 1.1.1. Percent Change From Preceding Period in Real
Gross Domestic Product
Table 1.1.2. Contributions to Percent Change in Real
Gross Domestic Product
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Seasonally adjusted at annual rates
2006
I
II
Line
III
2005
IV
1
3.2
3.4
1.8
5.6
2.6
2.0
3.5
Percent change at annual rate:
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services..................................
2
3
4
5
3.5
5.5
4.5
2.6
3.2
5.1
3.8
2.5
0.8
-12.3
3.9
2.0
4.8
19.8
5.9
1.6
2.6
-0.1
1.4
3.7
2.8
6.4
1.5
2.8
4.4
6.0
6.9
2.9
Percentage points at annual
rates:
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
6
7
8
9
10
11
1?
5.4
7.5
6.8
1.1
8.9
8.6
4.6
3.0
7.4
9.1
6.7
-4.2
16.2
2.8
5.2
12.0
2.8
-0.9
7.8
8.2
13.7
8.7
15.6
-0.3
1.0
-1.6
4.4
20.3
-1.4
-11.1
-0.8
-1.2
10.0
15.7
7.7
-18.7
-11.0
-7.3
-0.4
2.8
-1.8
-19.2
Net exports of goods and
services..................................
Exports....................................
Goods.................................
Services..............................
Imports....................................
Goods..................................
Services..............................
1tt
14
15
16
17
18
19
6.8
7.5
5.1
6.1
6.7
2.8
8.9
10.5
5.2
5.8
5.9
5.3
9.6
11.5
5.5
13.2
14.1
8.3
14.0
17.3
6.7
9.1
9.4
7.4
6.2
6.0
6.7
1.4
-0.1
9.9
6.8
9.4
0.8
5.6
7.1
-2.6
10.0
8.8
13.0
-3.2
-5.0
6.7
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
21
22
23
24
0.9
1.5
1.7
1.1
0.5
2.1
2.0
1.9
2.2
2.1
-1.1
-4.6
-9.9
7.1
1.0
4.9
8.8
8.9
8.5
2.7
0.8
-4.5
-2.0
-9.3
4.0
1.7
1.3
-1.2
6.5
1.9
3.7
4.5
11.9
-9.3
3.3
2006
IV
Gross domestic product....
Gross domestic product....
20
2005
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services..................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
Net exports of goods and
services..................................
Exports....................................
Goods.................................
Services...............................
Imports....................................
Goods..................................
Services...............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
2006
I
II
III
IV
1
3.2
3.4
1.8
5.6
2.6
2.0
3.5
2
3
4
5
2.44
0.45
0.90
1.09
2.25
0.41
0.78
1.05
0.53
-1.08
0.79
0.83
3.38
1.50
1.20
0.67
1.81
-0.01
0.30
1.52
1.96
0.50
0.32
1.14
3.05
0.47
1.38
1.20
6
7
8
9
10
11
12
0.87
1.17
0.67
0.03
0.64
0.50
-0.30
0.75
0.49
0.75
0.26
0.49
-0.26
0.26
2.51
0.46
0.52
0.31
0.21
-0.06
2.05
1.31
1.34
1.36
0.25
1.11
-0.02
-0.03
0.17
-0.27
0.45
0.56
-0.10
-0.72
0.44
-0.13
-0.19
1.01
0.46
0.55
-1.20
0.06
-1.92
-1.21
-0.05
0.09
-0.13
-1.16
-0.71
13
14
15
16
17
18
19
-0.26
0.68
0.52
0.16
-0.94
-0.87
-0.07
-0.02
0.93
0.76
0.17
-0.95
-0.81
-0.14
-1.07
0.97
0.80
0.17
-2.04
-1.84
-0.20
-0.04
1.41
1.20
0.21
-1.46
-1.27
-0.19
0.42
0.66
0.45
0.21
-0.24
0.01
-0.25
-0.19
0.73
0.71
0.03
-0.93
-1.00
0.07
1.64
1.08
0.68
0.40
0.56
0.73
-0.17
20
21
22
23
24
0.17
0.11
0.08
0.03
0.06
0.40
0.14
0.09
0.05
0.26
-0.21
-0.33
-0.49
0.16
0.13
0.94
0.61
0.41
0.20
0.33
0.16
-0.32
-0.09
-0.23
0.48
0.32
0.09
-0.06
0.15
0.23
0.70
0.31
0.53
-0.22
0.39
February 2007
Survey
of
D-3
C u r r e n t B u s in e s s
Table 1.1.3. Real Gross Domestic Product, Quantity Indexes
Table 1.1.4. Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2005
2006
2005
2006
IV
I
II
Line
117.373
131.799
118.608
113.945
118.761
137.893
120.313
114.398
119.521
137.868
120.742
115.440
120.355
140.019
121.204
116.234
121.661
142.068
123.246
117.069
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
6 107.537 112.436 111.034
7 109.708 112.993 111.811
8 99.326 106.703 101.308
80.302 87.603 81.174
10 107.180 114.342 109.653
11 136.050 130.337 138.495
1?
113.143
114.033
104.606
82.893
113.704
138.391
113.429
113.570
105.738
86.819
113.313
134.368
113.215
113.240
108.292
90.044
115.434
127.601
109.955
111.128
108.175
90.657
114.916
120.987
Net exports of goods and
services..................................
Exports....................................
Goods.................................
Services..............................
Imports...................................
Goods.................................
Services..............................
14
15
16
17
18
19
115.783
115.535
116.564
129.146
131.236
119.055
117.536
117.228
118.463
129.608
131.218
121.896
119.495
119.898
118.712
131.378
133.503
121.100
122.371
122.446
122.386
130.298
131.801
123.080
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
2
3
4
5
116.349
132.666
116.924
112.925
120.075
139.462
121.376
115.785
g
2005
2006
IV
I
II
III
Gross domestic product....
1 112.744 116.053 114.048 114.967 115.905 116.446 116.893
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services..................................
2 111.493 114.568 112.873 113.445 114.573 115.241 115.012
3 90.198 88.974 89.606 89.385 89.206 88.967 88.340
4 111.530 114.937 113.177 113.484 115.769 116.442 114.051
5 116.529 120.544 118.281 119.194 120.059 120.960 121.961
Gross private domestic
investment.............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
110.284
110.542
103.428
134.647
94.134
126.714
113.804
114.143
106.332
149.938
93.863
131.775
111.853
112.194
104.510
141.476
93.754
129.536
112.860
113.238
105.471
145.684
93.887
130.765
113.717
114.074
106.266
149.432
93.920
131.696
113.895
114.224
106.501
151.372
93.704
131.655
114.743
115.034
107.090
153.262
93.941
132.986
1'1
14
15
16
17
18
19
108.949
107.628
112.115
111.268
109.622
119.933
112.581
111.163
115.952
116.057
114.521
124.069
110.108
108.450
114.080
114.117
112.790
120.913
110.737
109.192
114.430
113.918
112.331
122.242
112.400
110.852
116.098
116.608
115.197
123.890
113.631
112.286
116.815
118.143
116.824
124.876
113.558
112.323
116.463
115.559
113.731
125.269
20
21
22
23
24
121.183
120.726
121.855
118.606
121.463
126.398
124.881
126.006
122.765
127.305
123.444
121.479
122.760
119.059
124.620
124.791
123.721
124.752
121.787
125.434
126.262
124.871
126.006
122.736
127.095
127.150
125.482
126.714
123.154
128.147
127.389
125.449
126.550
123.383
128.544
6
7
8
9
10
11
12
109.105
107.507
113.118
123.007
124.640
115.170
113.731
125.701
130.593
116.896
107.660
118.796
118.777
119.031
130.107
131.940
121.282
116.104
128.183
133.048
119.436
109.972
112.054
111.027
114.693
126.377
128.331
116.954
114.048
126.053
130.002
118.971
107.954
115.423
128.728
132.808
121.411
108.682
115.657
127.262
132.141
118.488
109.762
116.136
127.669
131.740
120.370
110.277
117.198
129.073
135.503
117.474
111.169
Exports....................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
Table 1.1.5. Gross Domestic Product
Table 1.1.6. Real Gross Domestic Product, Chained Dollars
[B illio n s o f d o lla r s ]
[B illio n s o f c h a i n e d ( 2 0 0 0 ) d o l l a r s ]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Line
2006
I
II
III
2006
Gross domestic product....
2
3
4
5
8,742.4
1,033.1
2,539.3
5,170.0
9,270.8
1,071.3
2,716.0
5,483.6
8,927.8
1,019.6
2,613.5
5,294.7
9,079.2
1,064.1
2,658.2
5,356.8
9,228.1
1,061.8
2,721.4
5,444.9
9,346.7
1,075.5
2,747.7
5,523.5
9,429.3
1,083.5
2,736.6
5,609.2
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
6
7
8
9
10
11
12
2,057.4
2,036.2
1,265.7
338.6
927.1
770.4
21.3
2,218.4
2,165.0
1,397.9
411.6
986.2
767.1
53.4
2,154.5
2,105.8
1,304.3
359.7
944.7
801.5
48.6
2,214.8
2,167.7
1,359.2
378.2
981.0
808.5
47.2
2,237.1
2,174.8
1,384.3
406.3
977.9
790.6
62.3
2,235.5
2,171.4
1,420.8
426.9
994.0
750.5
64.2
2,186.0
2,146.0
1,427.1
435.2
992.0
718.8
40.1
13
14
15
16
17
18
19
-716.7
1,303.1
907.5
395.6
2,019.9
1,699.0
320.9
-761.8
1,466.2
1,035.7
430.5
2,228.0
1,878.4
349.6
-775.4
1,352.4
944.3
408.1
2,127.8
1,799.3
328.5
-765.2
1,405.4
989.3
416.0
2,170.6
1,832.6
338.1
-781.8
1,448.1
1,019.1
429.0
2,229.8
1,879.0
350.8
-801.7
1,488.3
1,055.8
432.5
2,290.1
1,938.8
351.3
-698.3
1,523.2
1,078.6
444.6
2,221.5
1,863.4
358.1
Government consumption
expenditures and gross
investment.............................
Federal...................................
National defense..................
Nondefense........................
State and local........................
20
21
22
23
24
2,372.8
878.3
589.3
289.0
1,494.4
2,526.4
926.4
620.8
305.7
1,600.0
2,423.6
886.2
590.9
295.3
1,537.4
2,479.6
921.7
613.5
308.2
1,557.9
2,513.9
919.7
616.5
303.2
1,594.2
2,542.1
927.2
618.1
309.0
1,614.9
2,570.2
937.1
635.0
302.2
1,633.0
Net exports of goods and
services.................................
Exports....................................
Goods.................................
Services...............................
Imports....................................
Goods.................................
Services..............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
Residual......................................
2006
2005
IV
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services..................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services.............................
Imports...................................
Goods.................................
Services.............................
2005
IV
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
Gross domestic product....
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services.................................
IV
Net exports of goods and
18
20
21
22
23
24
2006
IV
III
1 112.546 116.354 113.719 115.274 116.004 116.569 117.568
Gross domestic product. ..
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services..................................
2005
I
II
III
IV
1 11,048.6 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6
2
3
4
5
7,841.2
1,145.3
2,276.8
4,436.6
8,092.3
1,204.0
2,363.5
4,549.0
7,910.2
1,137.9
2,309.6
4,476.7
8,003.8
1,190.5
2,342.8
4,494.5
8,055.0
1,190.3
2,351.1
4,535.4
8,111.2
1,208.8
2,360.1
4,566.6
8,199.2
1,226.5
2,399.9
4,599.4
6
7
8
9
10
11
12
1,866.3
1,842.0
1,223.8
251.5
984.9
608.0
19.6
1,951.3
1,897.1
1,314.7
274.4
1,050.7
582.5
46.4
1,927.0
1,877.3
1,248.2
254.2
1,007.6
618.9
43.5
1,963.6
1,914.6
1,288.8
259.6
1,044.8
618.5
41.2
1,968.5
1,906.8
1,302.8
271.9
1,041.2
600.5
53.7
1,964.8
1,901.3
1,334.2
282.0
1,060.7
570.3
55.4
1,908.2
1,865.8
1,332.8
283.9
1,056.0
540.7
35.3
13
14
15
16
17
18
19
-619.2
1,196.1
843.2
352.9
1,815.3
1,549.9
267.5
-617.7
1,302.3
931.6
371.3
1,920.1
1,640.6
281.7
-636.6
1,228.4
870.8
357.8
1,865.0
1,595.8
271.7
-636.6
1,269.3
906.2
363.6
1,905.9
1,631.9
276.6
-624.2
1,288.5
919.5
369.5
1,912.7
1,631.7
283.2
-628.8
1,310.0
940.4
370.3
1,938.8
1,660.1
281.3
-581.4
1,341.5
960.4
381.8
1,922.9
1,638.9
285.9
20
21
22
23
24
25
1,958.0
727.5
483.6
243.7
1,230.4
-10.5
1,998.8
741.9
492.7
249.0
1,256.8
-27.2
1,963.5
729.6
481.4
248.0
1,233.7
-8.8
1,987.1
745.1
491.8
253.1
1,242.0
-23.7
1,991.2
736.6
489.3
247.0
1,254.4
-20.8
1,999.4
738.9
487.8
250.9
1,260.3
-28.7
2,017.7
747.1
501.8
244.9
1,270.5
-34.7
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is
the difference between the first line and the sum of the most detailed lines.
D-4
National Data
Table 1.1.7. Percent Change From Preceding Period in Prices for
Gross Domestic Product
February 2007
Table 1.1.8. Contributions to Percent Change in the
Gross Domestic Product Price Index
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2005
2006
I
IV
Seasonally adjusted at annual rates
Line
III
II
2005
2006
IV
2005
IV
Gross domestic product ...
1
3.0
2.9
3.3
3.3
3.3
1.9
1.5
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services.................................
2
3
4
5
2.9
-0.7
3.6
3.2
2.8
-1.4
3.1
3.4
2.9
-1.3
0.6
5.0
2.0
-1.0
1.1
3.1
4.0
-0.8
8.3
2.9
2.4
-1.1
2.3
3.0
-0.8
-2.8
-8.0
3.4
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
6
7
8
9
10
11
1?
3.4
3.5
2.6
11.3
-0.4
5.1
3.2
3.3
2.8
11.4
-0.3
4.0
4.3
4.6
3.5
16.8
-1.0
6.3
3.7
3.8
3.7
12.4
0.6
3.8
3.1
3.0
3.0
10.7
0.1
2.9
0.6
0.5
0.9
5.3
-0.9
-0.1
3.0
2.9
2.2
5.1
1.0
4.1
Net exports of goods and
services..................................
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services..............................
1S
14
15
16
17
18
19
3.6
3.1
4.8
6.3
6.5
5.4
3.3
3.3
3.4
4.3
4.5
3.4
2.8
2.3
4.2
4.3
5.1
-0.1
2.3
2.8
1.2
-0.7
-1.6
4.5
6.1
6.2
6.0
9.8
10.6
5.5
4.5
5.3
2.5
5.4
5.8
3.2
-0.3
0.1
-1.2
-8.5
-10.2
1.3
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
20
21
22
23
24
5.6
4.8
5.1
4.1
6.2
4.3
3.4
3.4
3.5
4.8
4.7
0.4
1.0
-0.7
7.3
4.4
7.6
6.7
9.5
2.6
4.8
3.8
4.1
3.2
5.4
2.8
2.0
2.3
1.4
3.4
0.8
-0.1
-0.5
0.7
1.2
Addendum:
Gross national product............
25
3.0
3.2
3.3
3.3
1.9
2006
I
II
III
IV
Percent change at annual rate:
1
3.0
2.9
3.3
3.3
3.3
1.9
1.5
Personal consumption
expenditures..........................
Durable goods........................
Nondurable goods...................
Services...................................
2
3
4
5
2.02
-0.06
0.73
1.35
1.93
-0.11
0.62
1.42
2.04
-0.11
0.12
2.03
1.44
-0.08
0.23
1.29
2.80
-0.06
1.66
1.21
1.64
-0.09
0.48
1.25
-0.56
-0.23
-1.70
1.37
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
6
7
8
9
10
11
12
0.56
0.56
0.26
0.29
-0.03
0.30
0.00
0.54
0.54
0.29
0.31
-0.02
0.25
0.00
0.72
0.75
0.36
0.43
-0.07
0.39
-0.03
0.62
0.62
0.38
0.34
0.04
0.24
-0.01
0.52
0.49
0.32
0.31
0.01
0.18
0.03
0.11
0.09
0.09
0.16
-0.07
-0.01
0.02
0.49
0.46
0.24
0.16
0.08
0.22
0.03
Net exports of goods and
services.................................
Exports....................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services...............................
13
14
15
16
17
18
19
-0.61
0.37
0.22
0.15
-0.98
-0.84
-0.14
-0.35
0.36
0.25
0.11
-0.71
-0.62
-0.09
-0.40
0.30
0.17
0.13
-0.70
-0.70
0.00
0.37
0.25
0.21
0.04
0.12
0.23
-0.11
-0.92
0.65
0.47
0.19
-1.57
-1.43
-0.14
-0.41
0.48
0.40
0.08
-0.89
-0.81
-0.08
1.47
-0.03
0.01
-0.04
1.50
1.53
-0.03
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
20
21
22
23
24
1.06
0.33
0.24
0.09
0.73
0.81
0.24
0.16
0.08
0.57
0.89
0.03
0.05
-0.02
0.86
0.84
0.52
0.31
0.22
0.32
0.90
0.26
0.19
0.07
0.64
0.54
0.14
0.11
0.03
0.40
0.14
-0.01
-0.02
0.02
0.15
Gross domestic product....
Percentage points at annual
rates:
Table 1.1.9. Implicit Price Deflators for Gross Domestic Product
Table 1.1.10. Percentage Shares of Gross Domestic Product
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
2005
Line
Line
Gross domestic product ...
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services.................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
2005
2006
2005
IV
I
II
III
IV
116.034
114.034
114.951
115.887
116.420
116.857
2 111.493
90.198
3
4 111.531
5 116.529
114.564
88.973
114.916
120.544
112.865
89.610
113.158
118.273
113.436
89.389
113.466
119.185
114.564
89.210
115.750
120.051
115.232
88.970
116.423
120.953
115.003
88.343
114.032
121.953
6 110.243 113.688 111.807 112.797 113.644 113.777 114.558
7 110.542 114.118 112.175 113.219 114.056 114.205 115.015
8 103.428 106.328 104.499 105.459 106.255 106.490 107.078
9 134.647 150.037 141.478 145.685 149.434 151.374 153.264
94.134
93.756
93.889
93.922
93.706
93.942
10
93.865
11 126.714 131.697 129.496 130.724 131.654 131.613 132,945
12
Net exports of goods and
Exports....................................
Goods..................................
Services..............................
Imports....................................
Goods..................................
Services..............................
108.950
107.628
112.114
111.269
109.622
119.933
112.585
111.174
115.951
116.038
114.495
124.083
110.091
108.435
114.069
114.090
112.756
120.914
110.720
109.176
114.420
113.890
112.297
122.243
112.383
110.836
116.087
116.581
115.162
123.892
113.614
112.271
116.803
118.116
116.789
124.877
113.540
112.308
116.452
115.531
113.696
125.270
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
20 121.183 126.395 123.437 124.784 126.254 127.143 127.382
21 120.726 124.874 121.472 123.715 124.865 125.475 125.443
22 121.855 126.000 122.753 124.746 125.999 126.707 126.543
23 118.606 122.756 119.056 121.783 122.733 123.151 123.379
24 121.463 127.309 124.615 125.428 127.090 128.142 128.539
Addendum:
Gross national product............
25
112.726
114.025
114.942
115.879
116.414
2006
2006
IV
1 112.737
1S
14
15
16
17
18
19
2005
2006
I
II
III
IV
Gross domestic product....
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services...................................
2
3
4
5
70.2
8.3
20.4
41.5
69.9
8.1
20.5
41.4
70.1
8.0
20.5
41.6
69.8
8.2
20.4
41.2
69.9
8.0
20.6
41.3
70.2
8.1
20.6
41.5
69.9
8.0
20.3
41.6
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
6
7
8
9
10
11
12
16.5
16.3
10.2
2.7
7.4
6.2
0.2
16.7
16.3
10.5
3.1
7.4
5.8
0.4
16.9
16.5
10.2
2.8
7.4
6.3
0.4
17.0
16.7
10.4
2.9
7.5
6.2
0.4
17.0
16.5
10.5
3.1
7.4
6.0
0.5
16.8
16.3
10.7
3.2
7.5
5.6
0.5
16.2
15.9
10.6
3.2
7.4
5.3
0.3
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services..............................
13
14
15
16
17
18
19
-5.8
10.5
7.3
3.2
16.2
13.6
2.6
-5.7
11.1
7.8
3.2
16.8
14.2
2.6
-6.1
10.6
7.4
3.2
16.7
14.1
2.6
-5.9
10.8
7.6
3.2
16.7
14.1
2.6
-5.9
11.0
7.7
3.3
16.9
14.2
2.7
-6.0
11.2
7.9
3.2
17.2
14.6
2.6
-5.2
11.3
8.0
3.3
16.5
13.8
2.7
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
20
21
22
23
24
19.0
7.1
4.7
2.3
12.0
19.1
7.0
4.7
2.3
12.1
19.0
7.0
4.6
2.3
12.1
19.1
7.1
4.7
2.4
12.0
19.0
7.0
4.7
2.3
12.1
19.1
7.0
4.6
2.3
12.1
19.1
6.9
4.7
2.2
12.1
February 2007
Survey
of
D-5
C u r r e n t B u s in e s s
Table 1.2.2. Contributions to Percent Change in Real
Gross Domestic Product by Major Type of Product
Table 1.2.1. Percent Change From Preceding Period in Real
Gross Domestic Product by Major Type of Product
[P e r c e n t]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
IV
Gross domestic product......
Final sales of domestic
product...........................
Change in private
2006
2005
I
II
Line
III
3.4
1.8
5.6
2.6
2.0
3.5
2
3.5
3.1
-0.3
5.6
2.1
1.9
4.2
4.6
5.6
6.4
5.6
3.1
-3.4
12.8
13.1
3.6
2.2
3.8
3.6
7.9
10.5
11
6.1
7.1
6.3
6.3
4.1
-5.4
9.0
16.0
2.3
-0.2
8.9
6.7
-0.5
7.5
3.4
4.4
6.5
5.0
2.3
-1.8
16.1
10.8
4.7
4.1
-0.1
1.2
15.0
13.0
1?
Services 2......................................
13
2.3
2.3
0.8
2.4
2.4
2.8
3.5
Structures.....................................
14
4.6
0.6
3.1
2.9
0.3
-7.4
-3.6
15
5.9
-1.7
-19.1
3.8
-9.4
27.4
-31.7
16
17
3.1
24.5
3.6
17.1
2.6
33.8
5.6
9.5
3.0
6.7
1.2
11.7
4.8
46.7
18
3.1
3.3
1.6
5.6
2.5
1.9
3.2
19
3.1
3.0
2.5
5.1
1.9
1.9
1.6
Addenda:
Motor vehicle output...................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3..........
Gross domestic product
excluding final sales of
computers..............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers..............................
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
2006
2005
IV
3.2
4
5
fi
7
8
q
10
2006
IV
1
:■(
Goods...........................................
Final sales..............................
Change in private inventories
Durable goods............................
Final sales..............................
Change in private inventories 1
Nondurable goods......................
Final sales..............................
Change in private inventories 1
2005
I
II
III
3.2
3.4
1.8
2
3.52
3.12
-0.28
5.61
2.11
1.90
4.19
3
-0.30
0.26
2.05
-0.03
0.44
0.06
-0.71
G oods...........................................
Final sales...............................
Change in private inventories
Durable goods............................
Final sales..............................
Change in private inventories 1
Nondurable goods......................
Final sales...............................
Change in private inventories 1
4
5
6
7
8
9
10
11
12
1.43
1.73
-0.30
0.84
0.96
-0.12
0.58
0.76
-0.18
1.97
1.71
0.26
0.87
0.85
0.02
1.10
0.86
0.25
0.97
-1.08
2.05
0.58
-0.77
1.35
0.39
-0.31
0.70
3.86
3.89
-0.03
1.26
2.11
-0.85
2.60
1.78
0.82
1.12
0.67
0.44
0.31
-0.03
0.34
0.80
0.70
0.10
1.17
1.10
0.06
1.19
0.89
0.30
-0.02
0.21
-0.23
2.42
3.14
-0.71
-0.06
1.00
-1.06
2.48
2.14
0.34
Services 2.....................................
13
1.31
1.35
0.46
1.39
1.40
1.63
2.01
Structures.....................................
14
0.49
0.06
0.33
0.33
0.04
-0.84
-0.96
15
0.20
-0.05
-0.71
0.12
-0.31
0.76
-1.17
16
17
3.03
0.16
3.44
0.11
2.47
0.20
5.46
0.07
2.87
0.04
1.20
0.07
4.64
0.25
18
3.07
3.28
1.56
5.52
2.51
1.89
3.23
Gross domestic product......
Percentage points at annual
rates:
Final sales of domestic
product...........................
Change in private
inventories......................
Addenda:
Motor vehicle output...................
Gross domestic product excluding
motor vehicle output...............
Final sales of computers 3..........
Gross domestic product excluding
final sales of computers..........
1
5.6
2.6
2.0
Table 1.2.4. Price Indexes for Gross Domestic Product
by Major Type of Product
[I n d e x n u m b e r s , 2 0 0 0 = 1 0 0 ]
[I n d e x n u m b e r s , 2 0 0 0 = 1 0 0 ]
Seasonally adjusted
2005
2006
2005
IV
Gross domestic product......
Final sales of domestic
product...........................
Change in private
Seasonally adjusted
2006
I
II
Line
III
2 112.958 116.487 113.883 115.455 116.060 116.609 117.825
Services 2.....................................
Structures....................................
Addenda:
Motor vehicle output...................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3..........
Gross domestic product
excluding final sales of
computers..............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers..............................
2005
Gross domestic product......
Final sales of domestic
product...........................
Change in private
2006
I
II
III
IV
1 112.744 116.053 114.048 114.967 115.905 116.446 116.893
2 112.783 116.106 114.101 115.025 115.961 116.498 116.938
H
112.515 119.745 114.326 117.831 118.877 119.983 122.289
113.689 120.049 114.689 118.277 118.917 119.978 123.023
G oods...........................................
Final sales...............................
Change in private inventories
Durable goods...........................
Final sales...............................
Change in private inventories '
Nondurable goods......................
Final sales...............................
Change in private inventories 1
4
5
fi
7
8
q
10
11
1?
13 112.963 115.577 113.738 114.408 115.094 115.905 116.902
Services 2.....................................
13 117.810 122.154 119.744 120.745 121.811 122.673 123.384
14 111.235 111.896 112.698 113.518 113.612 111.462 108.991
Structures.....................................
14 128.721 136.879 132.758 134.749 136.479 137.374 138.913
111.888 118.954 114.743 117.231 117.887 120.422 120.274
113.219 120.317 114.523 118.845 118.780 120.724 122.918
113.386 120.766 114.342 118.691 120.058 120.019 124.296
114.342 120.113 115.095 118.096 119.302 119.664 123.390
15 118.006 115.999 116.260 117.341 114.487 121.621 110.545
16 112.359 116.354 113.626 115.197 116.043 116.398 117.779
17 190.534 223.116 207.153 211.907 215.393 221.455 243.711
18 112.053 115.746 113.162 114.703 115.421 115.966 116.895
19 113.571 117.034 114.796 116.235 116.787 117.327 117.787
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
2006
IV
H
4
5
fi
!
8
q
10
11
1?
2005
IV
1 112.546 116.354 113.719 115.274 116.004 116.569 117.568
Goods...........................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sales..............................
Change in private inventories 1
Nondurable goods......................
Final sales.............................
Change in private inventories 1
3.5
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
Table 1.2.3. Real Gross Domestic Product by Major Type of Product,
Quantity Indexes
Line
IV
Percent change at annual rate:
Addenda:
Motor vehicle output...................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3..........
Gross domestic product
excluding final sales of
computers..............................
15
100.162 100.556
100.206 100.618
92.214
92.186
91.435
91.424
99.734 100.237 100.768 100.723 100.498
99.811 100.325 100.841 100.781 100.525
91.803
91.789
91.830
91.824
91.650
91.652
91.243
91.223
91.015
90.997
107.452 108.960 107.008 107.963 109.165 109.467 109.245
107.574 109.101 107.181 108.149 109.319 109.610 109.327
97.656
96.934
96.857
97.636
97.564
96.460
96.076
16 113.332 116.801 114.721 115.646 116.624 117.228 117.708
17 41.430 34.771 38.476 37.234 35.362 33.799 32.690
18 113.724 117.223 115.107 116.067 117.060 117.643 118.123
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification
System (NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
D-6
National Data
February 2007
Table 1.2.5. Gross Domestic Product
by Major Type of Product
Table 1.2.6. Real Gross Domestic Product
by Major Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
2006
IV
Gross domestic product
Final sales of domestic
product...........................
Change in private
inventories......................
Seasonally adjusted at annual rates
I
II
Line
III
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
2 12,434.6 13,200.4 12,681.9 12,961.2 13,135.1 13,258.4 13,447.1
Gross domestic product.....
Final sales of domestic
product...........................
Change in private
inventories.....................
Residual.............................
48.6
47.2
62.3
64.2
40.1
3,886.5
3,865.3
21.3
1,742.9
1,725.6
17.3
2,143.6
2,139.7
4.0
4,151.7
4,098.3
53.4
1,837.3
1,818.6
18.6
2,314.5
2,279.7
34.8
3,932.6
3,883.9
48.6
1,779.6
1,738.1
41.6
2,152.9
2,145.9
7.0
4,073.2
4,026.1
47.2
1,818.6
1,804.3
14.3
2,254.6
2,221.7
32.9
4,131.0
4,068.7
62.3
1,825.1
1,800.0
25.1
2,305.9
2,268.7
37.2
4,166.7
4,102.5
64.2
1,856.1
1,820.9
35.2
2,310.6
2,281.7
28.9
4,236.1
4,196.0
40.1
1,849.4
1,849.4
0.0
2,386.7
2,346.6
40.1
Services 2.....................................
13
7,220.4
7,659.9
7,388.9
7,494.5
7,606.0
7,713.8
7,825.2
G oods..........................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sales..............................
Change in private inventories 1
Nondurable goods.....................
Final sales..............................
Change in private inventories 1
Structures.....................................
14
1,348.9
1,442.2
1,409.1
1,440.6
1,460.3
1,442.1
1,425.9
387.3
420.5
410.4
411.8
418.0
408.2
428.0
16 12,035.3 12,843.5 12,318.8 12,590.4 12,789.1 12,894.6 13,099.9
17
85.4
87.0
86.8
87.9
84.0
82.6
87.9
18 12,369.1 13,168.5 12,642.6 12,921.3 13,113.3 13,240.0 13,399.3
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
2006
I
II
III
3
4
19.6
3.8
Services 2....................................
5
6
7
8
9
10
11
12
13
14
3,881.0
3,857.3
19.6
1,890.2
1,871.9
16.4
1,995.6
1,989.0
3.9
6,128.9
46.4
6.3
4,130.4
4,073.1
46.4
2,009.6
1,989.2
17.1
2,125.4
2,089.4
28.8
6,270.7
43.5
4.8
41.2
6.2
53.7
6.4
55.4
6.5
35.3
6.0
3,943.5
3,891.2
43.5
1,938.4
1,893.4
39.2
2,012.4
2,002.1
6.4
4,064.4
4,013.0
41.2
1,980.5
1,964.9
13.4
2,088.9
2,054.3
27.1
4,100.5
4,034.7
53.7
1,991.5
1,963.8
23.1
2,113.0
2,075.3
30.3
4,138.6
4,070.7
55.4
2,034.4
1,995.9
31.9
2,112.3
2,081.6
24.1
6,170.9
6,207.3
6,244.5
6,288.5
4,218.2
4,174.0
35.3
2,031.9
2,032.2
-0.1
2,187.6
2,146.4
33.5
6,342.6
Structures....................................
Residual........................................
15
16
1,047.9
-9.4
1,054.1
-26.9
1,061.7
-9.9
1,069.4
-20.0
1,070.3
-19.2
Addenda:
Motor vehicle output..................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3.........
Gross domestic product
excluding final sales of
computers..............................
1,050.0
-28.5
1,026.8
-39.8
17
430.7
423.4
18 10,620.2 10,997.8 10,739.9 10,888.4 10,968.4 11,001.9 11,132.5
19
209.5
245.3
227.7
233.0
236.8
243.5
267.9
424.3
428.3
417.8
443.9
403.5
20 10,877.0 11,235.5 10,984.7 11,134.3 11,204.0 11,256.9 11,347.0
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. Some components of final sales of computers include computer parts.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following
change in private inventories is the difference between gross domestic product and the sum of final sales of domestic product
and of change in private inventories; the residual line following structures is the difference between gross domestic product
and the sum of the detailed lines of goods, of services, and of structures.
Table 1.3.1. Percent Change From Preceding Period
in Real Gross Value Added by Sector
Table 1.3.3. Real Gross Value Added by Sector,
Quantity Indexes
[Percent]
[Index numbers, 2000=100]
Seasonally adjusted at annual rates
Line
2005
2006
IV
3.4
3.9
3.9
4.6
2.8
4.1
I
II
1
2
3
4
3.2
3.8
3.8
1.0
Households and institutions....
Households.............................
Nonprofit institutions serving
households3.......................
5
6
2.1
3.1
7
0.8
1.2
0.0
0.6
General governm ent4...............
Federal...................................
State and local.........................
8
9
10
0.9
0.6
1.0
0.7
-0.3
1.1
0.9
1.5
0.7
-0.7
-3.5
0.6
Addendum:
Gross housing value added
11
2.7
3.7
2.8
7.1
4.0
1.8
1.8
8.1
2.3
4.1
Line
III
Gross domestic product....
Business 1..................................
Nonfarm 2................................
Farm........................................
1.8
Seasonally adjusted
2006
2005
5.6
6.7
6.7
14.1
2.6
2.7
2.7
3.9
4.4
7.4
3.0
4.0
2005
2006
IV
2005
IV
1
2
3
4
5
6
112.546 116.354
113.706 118.109
113.690 118.087
115.266 120.533
II
III
IV
116.004
116.569
118.281
118.257
120.861
114.631
117.788
117.568
119.479
119.480
119.497
3.5
4.1
4.2
-4.4
1.8
1.3
0.9
Business 1.................................
Nonfarm 2...............................
Farm.......................................
Households and institutions....
Households..............................
Nonprofit institutions serving
households 3........................
0.8
-0.1
1.2
2.4
3.2
2.1
1.7
0.2
2.4
General government4...............
Federal....................................
State and local.........................
110.602 109.805 109.982 110.484 110.842 111.099
8 106.666 107.398 106.982 106.795 107.014 107.659 108.125
9 106.947 106.590 107.121 106.167 106.148 106.997 107.049
10 106.536 107.747 106.915 107.065 107.389 107.944 108.591
2.8
0.9
Addendum:
Gross housing value added.....
11
0.9
0.9
Gross domestic product....
2006
I
2.0
1.9
1.9
-2.0
2.1
2.8
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
IV
2 11,025.2 11,369.7 11,115.5 11,269.0 11,328.0 11,381.6 11,500.3
53.4
15
2005
1 11,048.6 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6
21.3
Addenda:
Motor vehicle output...................
Gross domestic product
excluding motor vehicle output
Final sales of computers 3..........
Gross domestic product
excluding final sales of
computers...............................
2006
IV
3
4
5
6
7
8
9
10
11
12
Goods...........................................
Final sales..............................
Change in private inventories
Durable goods............................
Final sales..............................
Change in private inventories 1
Nondurable goods......................
Final sales..............................
Change in private inventories 1
2005
IV
111.086
112.605
114.183
117.171
113.719 115.274
115.057 116.942
115.044 116.911
116.415 120.316
111.972 113.180
113.798 115.853
117.735
117.700
121.458
114.028
116.985
114.895
118.057
7 109.294
107.857
111.827
108.674
110.563
111.642
112.421
112.682
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
February 2007
Survey
D-7
C u r r e n t B u s in e s s
of
Table 1.3.4. Price Indexes for Gross Value Added by Sector
Table 1.3.5. Gross Value Added by Sector
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted
Line
2005
2006
Gross domestic product....
Business 1..................................
Nonfarm 2................................
Farm.......................................
2006
2005
IV
Seasonally adjusted at annual rates
I
II
Line
III
2005
2006
2005
2006
IV
IV
1 112.744
2 110.324
3 110.268
4 116.270
116.053 114.048 114.967 115.905 116.446 116.893
113.201 111.581 112.325 113.179 113.518 113.781
113.236 111.582 112.379 113.320 113.561 113.685
109.790 111.773 106.945 98.811 109.258 124.146
5 117.960 122.789 119.389 120.628 122.104 123.536 124.888
6 114.495 118.897 115.448 116.397 118.148 119.842 121.200
1
II
III
IV
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
2 9,613.4 10,244.6 9,837.9 10,065.4 10,210.4 10,287.7 10,414.8
3 9,517.5 10,150.7 9,745.0 9,973.6 10,124.8 10,194.0 10,310.4
93.7
104.3
4
95.9
93.9
92.9
91.8
85.6
5 1,419.6 1,518.9 1,448.2 1,479.0 1,508.3 1,534.0 1,554.4
6
793.7
857.7
830.2
869.0
880.9
808.8
850.9
Gross domestic product....
Business 1.................................
Nonfarm 2...............................
Farm.......................................
Households and institutions....
Households.............................
Nonprofit institutions serving
households 3.......................
General government4...............
Federal....................................
State and local.........................
7 122.437 127.825 124.508 126.142 127.233
8 124.718 129.738 126.237 128.170 129.182
9 129.479 134.342 129.782 133.763 134.390
10 122.735 127.822 124.764 125.844 127.015
128.292 129.634
Households and institutions....
Households..............................
Nonprofit institutions serving
households 3........................
7
625.8
661.2
639.4
648.8
657.4
665.0
673.5
130.338 131.263
134.579 134.635
128.572 129.856
General government4...............
Federal....................................
State and local........................
8
9
10
1,422.9
436.7
986.2
1,490.4
451.6
1,038.8
1,444.5
438.4
1,006.0
1,464.0
447.9
1,016.2
1,478.6
449.9
1,028.7
1,500.8
454.1
1,046.7
1,518.0
454.5
1,063.5
Addendum:
Gross housing value added.....
11 114.694 119.137 115.764 116.716 118.361
120.032 121.441
Addendum:
Gross housing value added.....
11
982.6
1,058.3
999.2
1,025.0
1,049.6
1,071.8
1,086.9
1. Equals gross domestic product excluding gross value added of households and institutions and of general govern
ment.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
1. Equals gross domestic product excluding gross value added of households and institutions and of general govern
ment.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars
[B illio n s o f c h a i n e d ( 2 0 0 0 ) d o l l a r s ]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
I
IV
II
III
IV
Gross domestic product...........................................
1
11,048.6
11,422.4
11,163.8
11,316.4
11,388.1
11,443.5
11,541.6
Business 1..........................................................................
Nonfarm 2........................................................................
Farm................................................................................
2
3
4
8,717.5
8,634.9
82.4
9,055.0
8,968.9
86.2
8,821.0
8,737.8
83.3
8,965.6
8,879.6
86.1
9,026.4
8,939.5
86.9
9,068.2
8,981.8
86.4
9,160.1
9,074.7
85.5
Households and institutions............................................
Households.....................................................................
Nonprofit institutions serving households 3......................
5
6
7
1,200.5
693.2
508.3
1,234.0
721.4
514.4
1,210.1
700.6
510.7
1,223.1
713.2
511.5
1,232.3
720.2
513.8
1,238.8
725.2
515.5
1,241.7
726.8
516.7
General government4.......................................................
Federal............................................................................
State and local.................................................................
Residual...............................................................................
8
9
10
11
1,140.9
337.3
803.5
-11.0
1,148.7
336.1
812.7
-17.3
1,144.3
337.8
806.4
-12.8
1,142.3
334.8
807.5
-16.3
1,144.6
334.8
810.0
-17.1
1,151.5
337.4
814.1
-16.9
1,156.5
337.6
819.0
-18.7
Addendum:
Gross housing value added.............................................
12
856.7
888.2
863.2
878.2
886.8
892.9
895.0
1. Equals gross domestic product excluding gross value added of households
and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value
added.
3. Equals compensation of employees of nonprofit institutions, the rental
value of nonresidential fixed assets owned and used by nonprofit institutions
serving households, and rental income of persons for tenant-occupied housing
owned by nonprofit institutions.
4.
Equals compensation of general government employees plus general
government consumption of fixed capital.
N ote . Chained (2000) dollar series are calculated as the product of the chaintype quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar esti
mates are usually not additive. The residual line is the difference between the
first line and the sum of the most detailed lines.
Table 1.4.1. Percent Change From Preceding Period in Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[P e r c e n t]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
I
IV
II
III
IV
Equals: Gross domestic purchases.................................
Less: Change in private inventories.....................................
1
3.2
3.4
5.6
2.6
2.0
3.5
1.8
2
6.2
6.8
8.9
14.0
6.8
10.0
9.6
1.4
3
6.1
5.8
13.2
9.1
5.6
-3.2
4
5.3
1.7
3.3
3.2
2.7
2.0
2.0
5 ............... ............... ................ ............... ................ ............... ................
Equals: Final sales to domestic purchasers....................
6
3.6
3.0
0.7
5.4
1.6
2.0
2.4
Addendum:
Final sales of domestic product.......................................
7
3.5
3.1
-0.3
5.6
2.1
1.9
4.2
Gross domestic product...................................................
Less: Exports of goods and services...................................
Plus: Imports of goods and services....................................
D-8
National Data
February 2007
Table 1.4.3. Real Gross Domestic Product, Real Gross Domestic
Purchases, and Real Final Sales to Domestic Purchasers, Quantity Indexes
Table 1.4.4. Price Indexes for Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
Seasonally adjusted
2006
IV
Line
I
II
III
IV
Gross domestic product...........
Less: Exports of goods and
services..................................
Plus: Imports of goods and
services..................................
1 112.546
116.354 113.719
115.274
116.004
116.569
117.568
2
109.105
118.796
112.054
115.783
117.536
119.495
122.371
3
123.007
130.107
126.377
129.146
129.608
131.378
130.298
Equals: Gross domestic
purchases...............................
Less: Change in private
4 114.351
118.023 115.657 117.161
117.746
118.341
118.843
117.345 117.810
118.390
119.097
117.825
5
Equals: Final sales to domestic
purchasers............................
Addendum:
Final sales of domestic product
6 114.755
7 112.958
118.160 115.825
116.487
113.883
115.455
116.060
116.609
2005
2006
2005
2006
IV
Gross domestic product...........
Less: Exports of goods and
services..................................
Plus: Imports of goods and
services..................................
Equals: Gross domestic
purchases...............................
Less: Change in private
inventories...............................
I
II
III
IV
1 112.744
116.053
114.048 114.967 115.905
116.446 116.893
2
108.949
112.581
110.108 110.737
112.400
113.631
113.558
3
111.268
116.057
114.117
116.608
118.143
115.559
113.918
4 112.981
116.487 114.541
115.313 116.455
117.080
117.100
Equals: Final sales to domestic
purchasers..............................
6 113.021
116.540 114.594
115.371
116.510
117.133
117.144
Addendum:
Final sales of domestic product
7
116.106
115.025
115.961
116.498
116.938
112.783
114.101
Table 1.4.5. Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic
Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Gross domestic product...........
Less: Exports of goods and
services...................................
Plus: Imports of goods and
services...................................
Equals: Gross domestic
purchases...............................
Less: Change in private
inventories...............................
Equals: Final sales to domestic
purchasers.............................
Addendum:
Final sales of domestic product
Line
2006
I
II
III
2005
2006
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
2
1,303.1
1,466.2
1,352.4
1,405.4
1,448.1
1,488.3
1,523.2
3
2,019.9
2,228.0
2,127.8
2,170.6
2,229.8
2,290.1
2,221.5
2005
IV
IV
Gross domestic product...........
Less: Exports of goods and
services..................................
Plus: Imports of goods and
services..................................
2006
I
II
III
IV
1 11,048.6 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6
2
1,196.1
1,302.3
1,228.4
1,269.3
1,288.5
1,310.0
1,341.5
3
1,815.3
1,920.1
1,865.0
1,905.9
1,912.7
1,938.8
1,922.9
40.1
Equals: Gross domestic
purchases..............................
Less: Change in private
inventories..............................
6 13,151.3 13,962.2 13,457.3 13,726.4 13,916.8 14,060.1 14,145.5
Equals: Final sales to domestic
purchasers..............................
6 11,636.1 11,981.4 11,744.6 11,898.7 11,945.9 12,004.7 12,076.4
7 12,434.6 13,200.4 12,681.9 12,961.2 13,135.1 13,258.4 13,447.1
Addendum:
Final sales of domestic product
7 11,025.2 11,369.7 11,115.5 11,269.0 11,328.0 11,381.6 11,500.3
4 13,172.5 14,015.6 13,505.9 13,773.6 13,979.1 14,124.3 14,185.5
5
21.3
53.4
48.6
47.2
62.3
64.2
4 11,659.7 12,034.1 11,792.9 11,946.3 12,005.9 12,066.6 12,117.8
5
19.6
46.4
43.5
41.2
53.7
55.4
35.3
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
February 2007
Survey
of
D-9
C u r r e n t B u s in e s s
Table 1.5.1. Percent Change From Preceding Period in Real
Gross Domestic Product, Expanded Detail
Table 1.5.2. Contributions to Percent Change in Real
Gross Domestic Product, Expanded Detail
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Gross domestic product . ..
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services..................................
Housing..............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other..................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Farm....................................
Nonfarm...............................
Seasonally adjusted at annual rates
2006
I
II
Line
III
2005
IV
1
3.2
3.4
1.8
5.6
2.6
2.0
3.5
3.5
5.5
0.6
3.2
5.1
-1.1
0.8
-12.3
-34.9
4.8
19.8
18.9
2.6
-0.1
-1.2
2.8
6.4
8.6
4.4
6.0
-2.4
5
6
7
8
9
10.0
8.7
4.5
5.4
6.2
12.3
5.6
3.8
4.3
5.4
11.6
6.1
3.9
4.1
10.3
22.8
16.3
5.9
6.7
8.6
3.3
-3.7
1.4
2.0
-3.8
6.7
1.6
1.5
-0.7
5.5
15.1
7.5
6.9
7.3
7.3
10
11
12
13
14
15
16
17
18
19
20
-0.5
4.1
2.6
2.8
2.1
2.6
1.8
0.1
3.6
2.7
2.0
-0.8
4.3
2.5
2.3
-0.5
-2.6
1.1
1.4
3.4
2.1
3.3
-2.3
3.6
2.0
1.7
0.3
2.0
-0.8
-0.2
3.7
1.5
1.7
-1.3
6.4
1.6
2.3
-14.0
-29.7
-0.1
4.0
4.3
3.1
3.2
0.7
3.4
3.7
2.4
8.4
15.8
3.4
1.7
2.6
0.8
6.1
5.0
2.0
2.8
2.6
9.7
21.9
1.6
1.3
2.1
3.0
1.6
3.6
7.5
2.9
3.2
2.3
5.0
0.3
3.9
2.6
3.8
2.7
21
22
23
24
25
5.4
7.5
6.8
1.1
8.9
4.6
3.0
7.4
9.1
6.7
16.2
2.8
5.2
12.0
2.8
7.8
8.2
13.7
8.7
15.6
1.0
-1.6
4.4
20.3
-1.4
-0.8
-1.2
10.0
15.7
7.7
-11.0
-7.3
-0.4
2.8
-1.8
26
8.5
9.0
7.0
21.8
-1.1
10.0
1.8
2/
28
29
30
17.9
5.8
7.2
8.1
17.1
6.7
8.0
6.1
27.1
2.8
3.0
16.2
24.9
12.2
31.6
-3.6
4.7
4.2
-9.0
13.6
22.0
6.0
9.3
0.2
8.0
9.3
-8.5
-3.6
31
32
33
34
12.9
7.0
8.6
0.6
6.6
-4.2
-21.8
6.6
-0.9
27.7
8.5
-0.3
-22.8
7.4
-11.1
13.6
3.8
-18.7
-11.7
-0.5
-19.2
3fi
37
38
39
40
41
42
43
6.8
7.5
5.1
6.1
6.7
2.8
8.9
10.5
5.2
5.8
5.9
5.3
9.6
11.5
5.5
13.2
14.1
8.3
14.0
17.3
6.7
9.1
9.4
7.4
6.2
6.0
6.7
1.4
-0.1
9.9
6.8
9.4
0.8
5.6
7.1
-2.6
10.0
8.8
13.0
-3.2
-5.0
6.7
Government consumption
expenditures and gross
investment..............................
Federal...................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense........................
Consumption expenditures
Gross investment.............
State and local........................
Consumption expenditures
Gross investment.................
44
45
46
47
48
49
50
51
52
53
54
0.9
1.5
1.7
1.2
5.5
1.1
0.1
8.1
0.5
0.9
-0.9
2.1
2.0
1.9
1.1
7.3
2.2
1.9
3.8
2.1
1.8
3.6
-1.1
-4.6
-9.9
-10.8
-3.1
7.1
2.4
43.8
1.0
1.0
1.4
4.9
8.8
8.9
9.1
7.9
8.5
8.1
10.8
2.7
1.7
7.0
0.8
-4.5
-2.0
-4.1
14.1
-9.3
-5.0
-32.9
4.0
2.1
12.5
1.7
1.3
-1.2
-0.9
-3.1
6.5
6.5
6.7
1.9
3.1
-3.1
3.7
4.5
11.9
10.8
19.7
-9.3
-8.2
-16.5
3.3
3.4
2.9
2006
I
III
II
IV
Percent change at annual rate:
1
3.2
3.4
1.8
5.6
2.6
2.0
3.5
2
3
4
2.44
0.45
0.02
2.25
0.41
-0.04
0.53
-1.08
-1.51
3.38
1.50
0.60
1.81
-0.01
-0.04
1.96
0.50
0.28
3.05
0.47
-0.08
5
6
7
8
9
0.29
0.14
0.90
0.51
0.17
0.36
0.09
0.78
0.41
0.14
0.33
0.10
0.79
0.39
0.27
0.65
0.26
1.20
0.64
0.23
0.10
-0.06
0.30
0.19
-0.10
0.20
0.03
0.32
-0.07
0.15
0.43
0.12
1.38
0.69
0.19
10
11
12
13
14
15
16
17
18
19
20
-0.01
0.23
1.09
0.30
0.08
0.04
0.04
0.00
0.43
0.08
0.20
-0.02
0.24
1.05
0.24
-0.02
-0.05
0.03
0.04
0.41
0.06
0.32
-0.06
0.19
0.83
0.18
0.01
0.03
-0.02
0.00
0.44
0.04
0.16
-0.03
0.36
0.67
0.24
-0.58
-0.58
0.00
0.10
0.52
0.09
0.31
0.02
0.19
1.52
0.25
0.31
0.23
0.08
0.04
0.31
0.02
0.58
0.14
0.11
1.14
0.27
0.35
0.32
0.04
0.03
0.25
0.08
0.15
0.09
0.41
1.20
0.33
0.09
0.08
0.01
0.10
0.31
0.11
0.26
21
22
23
24
25
0.87
1.17
0.67
0.03
0.64
0.75
0.49
0.75
0.26
0.49
2.51
0.46
0.52
0.31
0.21
1.31
1.34
1.36
0.25
1.11
0.17
-0.27
0.45
0.56
-0.10
-0.13
-0.19
1.01
0.46
0.55
-1.92
-1.21
-0.05
0.09
-0.13
26
0.30
0.32
0.25
0.74
-0.04
0.35
0.06
27
28
29
30
0.12
0.09
0.10
0.10
0.11
0.10
0.11
0.08
0.16
0.04
0.04
0.19
0.15
0.18
0.40
-0.05
0.03
0.07
-0.14
0.16
0.13
0.09
0.13
0.00
0.05
0.14
-0.13
-0.05
31
32
33
34
35
36
0.15
0.09
0.50
-0.30
-0.06
-0.24
0.01
0.08
-0.26
0.26
0.03
0.24
-0.31
0.08
-0.06
2.05
0.14
1.90
0.31
0.11
-0.02
-0.03
-0.01
-0.02
-0.32
0.09
-0.72
0.44
-0.09
0.54
0.15
0.05
-1.20
0.06
0.02
0.05
-0.15
-0.01
-1.16
-0.71
-0.02
-0.69
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services..............................
37
38
39
40
41
42
43
-0.26
0.68
0.52
0.16
-0.94
-0.87
-0.07
-0.02
0.93
0.76
0.17
-0.95
-0.81
-0.14
-1.07
0.97
0.80
0.17
-2.04
-1.84
-0.20
-0.04
1.41
1.20
0.21
-1.46
-1.27
-0.19
0.42
0.66
0.45
0.21
-0.24
0.01
-0.25
-0.19
0.73
0.71
0.03
-0.93
-1.00
0.07
1.64
1.08
0.68
0.40
0.56
0.73
-0.17
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
44
45
46
47
48
49
50
51
52
53
54
0.17
0.11
0.08
0.05
0.03
0.03
0.00
0.02
0.06
0.08
-0.02
0.40
0.14
0.09
0.05
0.04
0.05
0.04
0.01
0.26
0.18
0.08
-0.21
-0.33
-0.49
-0.47
-0.02
0.16
0.05
0.11
0.13
0.09
0.03
0.94
0.61
0.41
0.37
0.05
0.20
0.16
0.03
0.33
0.17
0.16
0.16
-0.32
-0.09
-0.17
0.08
-0.23
-0.10
-0.12
0.48
0.20
0.28
0.32
0.09
-0.06
-0.04
-0.02
0.15
0.13
0.02
0.23
0.30
-0.08
0.70
0.31
0.53
0.42
0.11
-0.22
-0.17
-0.05
0.39
0.33
0.07
Gross domestic product....
Net exports of goods and
services..................................
Exports....................................
Goods.................................
Services..............................
Imports....................................
Goods.................................
Services..............................
2006
IV
2
3
4
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2005
Percentage points at annual
rates:
Personal consumption
expenditures..........................
Durable goods........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other....................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other....................................
Services..................................
Housing...............................
Household operation............
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software 1................
Other........................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
Farm...................................
Nonfarm..............................
1. Excludes software “embedded,” or bundled, in computers and other equipment.
D-10
National Data
February 2007
Table 1.5.3. Real Gross Domestic Product, Expanded Detail, Quantity Indexes
Table 1.5.4. Price Indexes for Gross Domestic Product, Expanded Detail
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
Gross domestic product . ..
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Nondurable goods...................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Othei
Services
Housing
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
2005
1 112.546
2006
116.354
Seasonally adjusted
2006
2005
Line
IV
I
II
III
IV
113.719
115.274
116.004
116.569
117.568
2 116.349
3 132.666
4 117.173
120.075
139.462
115.902
117.373 118.761
131.799 137.893
110.286 115.158
119.521
137.868
114.799
120.355
140.019
117.179
121.661
142.068
116.471
5 156.790
6 129.696
7 116.924
8 115.191
9 125.195
176.139
136.968
121.376
120.130
131.897
163.472
131.958
118.608
117.349
128.686
172.097
137.039
120.313
119.265
131.367
173.496
135.754
120.742
119.853
130.113
176.324
136.292
121.204
119.631
131.876
182.638
138.787
123.246
121.769
134.233
10
11
12
13
14
15
16
17
18
19
20
104.204
120.838
112.925
111.540
107.145
107.317
107.016
97.652
122.799
116.727
109.540
103.349
126.023
115.785
114.129
106.594
104.573
108.207
99.016
127.024
119.236
113.174
102.679
122.432
113.945
112.394
107.598
107.963
107.320
97.330
124.563
117.445
110.634
102.348
124.356
114.398
113.035
103.628
98.875
107.289
98.298
125.887
118.336
111.521
102.532
125.409
115.440
113.713
105.735
102.566
108.190
98.722
126.690
118.581
113.175
103.795
126.016
116.234
114.436
108.203
107.770
108.629
99.044
127.347
119.448
113.622
104.720
128.312
117.069
115.332
108.811
109.081
108.721
100.001
128.172
120.579
114.377
21
22
23
24
25
107.537
109.708
99.326
80.302
107.180
112.436
112.993
106.703
87.603
114.342
111.034
111.811
101.308
81.174
109.653
113.143
114.033
104.606
82.893
113.704
113.429
113.570
105.738
86.819
113.313
113.215
113.240
108.292
90.044
115.434
109.955
111.128
108.175
90.657
114.916
26
118.169
128.854
121.307
127.437
127.088
130.156
130.733
2/
28
29
30
163.269
117.072
101.880
90.147
191.120
124.948
110.012
95.687
173.913
118.920
103.947
94.468
183.839
122.383
111.339
93.602
185.956
123.658
108.753
96.640
195.437
125.468
111.205
96.691
199.248
128.282
108.751
95.817
31
90.382
32 112.290
33 136.050
34
SS
36
90.918
119.704
130.337
89.030
115.224
138.495
94.635
117.597
138.391
88.698
119.702
134.368
91.571
120.837
127.601
88.770
120.681
120.987
Exports....................................
Goods..................................
Services..............................
Imports....................................
Goods..................................
Services..............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.................
2006
2005
Gross domestic product....
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other....................................
Services...................................
Housing..............................
Household operation............
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software 1................
Other.......................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
I
II
III
IV
115.905
116.446
116.893
1 112.744
116.053
2 111.493
3 90.198
4
98.967
114.568 112.873
88.974
89.606
99.399
98.906
113.445
89.385
99.460
114.573 115.241 115.012
89.206
88.967
88.340
99.532
99.631
98.972
5
76.884
6
97.688
7 111.530
8 112.732
9 91.706
73.453
98.465
114.937
115.326
91.307
75.435
98.005
113.177
113.642
91.101
74.671
97.567
113.484
114.414
90.870
73.894
98.351
115.769
114.905
91.651
73.046
98.950
116.442
115.727
91.342
72.199
98.991
114.051
116.256
91.363
10 151.423
11 107.775
12 116.529
13 116.165
14 115.554
15 129.900
16 107.233
17 112.663
18 118.438
19 115.168
20 116.625
170.928
109.767
120.544
120.328
121.651
141.596
110.005
116.862
121.842
118.637
120.484
163.612
108.619
118.281
117.279
120.579
142.169
108.047
114.970
119.949
116.702
117.959
161.126 182.632
109.301 109.737
119.194 120.059
118.269 119.717
122.403 121.019
145.582 140.799
108.977 109.447
115.411 116.826
120.482 121.332
117.311 118.582
119.116 119.970
185.621
110.041
120.960
121.055
121.383
140.318
110.285
117.675
122.180
119.425
120.711
154.331
109.990
121.961
122.272
121.802
139.685
111.313
117.536
123.375
119.231
122.137
21
22
23
24
25
110.284
110.542
103.428
134.647
94.134
113.804
114.143
106.332
149.938
93.863
111.853 112.860
112.194 113.238
104.510 105.471
141.476 145.684
93.754
93.887
113.717 113.895
114.074 114.224
106.266 106.501
149.432 151.372
93.704
93.920
114.743
115.034
107.090
153.262
93.941
26
82.218
80.537
81.313
80.940
80.737
80.438
80.033
2/
28
29
30
51.407
94.067
90.492
108.064
44.821
94.979
90.565
111,068
48.634
94.009
90.343
108.973
47.125
94.430
90.186
109.659
45.443
95.005
90.523
110.544
43.889
95.354
90.737
111.715
42.826
95.128
90.815
112.355
31
32
33
34
108.882
108.174
126.714
108.342
110.328
131.775
107.933
109.100
129.536
108.867
109.841
130.765
109.257
109.608
131.696
106.894
110.339
131.655
108.353
111.525
132.986
108.949 112.581
107.628 111.163
112.115 115.952
111.268 116.057
109.622 114.521
119.933 124.069
110.108
108.450
114.080
114.117
112.790
120.913
110.737 112.400 113.631
109.192 110.852 112.286
114.430 116.098 116.815
113.918 116.608 118.143
112.331 115.197 116.824
122.242 123.890 124.876
113.558
112.323
116.463
115.559
113.731
125.269
123.444
121.479
122.760
126.061
102.026
119.059
121.810
102.470
124.620
125.365
121.716
124.791
123.721
124.752
128.327
102.438
121.787
124.944
103.035
125.434
126.112
122.799
114.048 114.967
3fi
Net exports of goods and
‘M
38
39
40
41
42
43
109.105
107.507
113.118
123.007
124.640
115.170
118.796
118.777
119.031
130.107
131.940
121.282
44
45
46
47
48
49
50
51
52
53
54
113.731
125.701
130.593
128.551
145.920
116.896
116.593
119.670
107.660
107.655
107.563
116.104 114.048 115.423
128.183 126.053 128.728
133.048 130.002 132.808
130.008 127.544 130.343
156.527 148.703 151.544
119.436 118.971 121.411
118.819 117.362 119.666
124.264 130.801 134.201
109.972 107.954 108.682
109.608 108.074 108.536
111.386 107.335 109.177
112.054
111.027
114.693
126.377
128.331
116.954
115.783
115.535
116.564
129.146
131.236
119.055
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2006
IV
Nonfarm..............................
Net exports of goods and
2005
117.536
117.228
118.463
129.608
131.218
121.896
119.495
119.898
118.712
131.378
133.503
121.100
122.371
122.446
122.386
130.298
131.801
123.080
115.657 116.136 117.198
127.262 127.669 129.073
132.141 131.740 135.503
128.981 128.681 132.030
156.631 155.397 162.536
118.488 120.370 117.474
118.137 120.006 117.469
121.448 123.427 117.981
109.762 110.277 111.169
109.095 109.944 110.856
112.448 111.558 112.363
Exports...................................
Goods.................................
Services..............................
Imports....................................
Goods..................................
Services...............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
‘M
38
39
40
41
42
43
44 121.183
45 120.726
46 121.855
47 125.071
48 101.628
49 118.606
50 121.381
51 101.913
52 121.463
53 122.177
54 118.679
126.398
124.881
126.006
129.634
103.362
122.765
125.991
103.624
127.305
127.973
124.716
1. Excludes software “embedded,” or bundled, in computers and other equipment.
126.262 127.150 127.389
124.871 125.482 125.449
126.006 126.714 126.550
129.681 130.375 130.155
103.109 103.880 104.021
122.736 123.154 123.383
125.958 126.422 126.641
103.623 103.780 104.057
127.095 128.147 128.544
127.916 128.838 129.024
123.893 125.462 126.708
February 2007
Survey
of
D-11
C u r r e n t B u s in e s s
Table 1.5.5. Gross Domestic Product, Expanded Detail
Table 1.5.6. Real Gross Domestic Product, Expanded Detail, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Gross domestic product....
Personal consumption
expenditures.........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services..................................
Housing..............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other..................................
Gross private domestic
investment.............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software' ...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Farm...................................
Nonfarm..............................
Net exports of goods and
services.................................
Exports...................................
Goods.................................
Services.............................
Imports...................................
Goods.................................
Services..............................
Government consumption
expenditures and gross
investment.............................
Federal...................................
Consumption expenditures
Gross investment.............
Nondefense........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
Seasonally adjusted at annual rates
Line
2006
I
II
III
2005
2006
IV
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
2
3
4
8,742.4
1,033.1
448.2
9,270.8
1,071.3
445.3
8,927.8
1,019.6
421.6
9,079.2
1,064.1
442.7
9,228.1
1,061.8
441.7
9,346.7
1,075.5
451.3
9,429.3
1,083.5
445.6
5
6
7
8
9
377.2
207.7
2,539.3
1,201.4
341.8
404.9
221.0
2,716.0
1,281.7
358.6
386.0
212.0
2,613.5
1,233.7
349.1
402.3
219.1
2,658.2
1,262.3
355.4
401.3
218.8
2,721.4
1,274.0
355.1
403.2
221.0
2,747.7
1,280.7
358.7
412.8
225.2
2,736.6
1,309.6
365.2
10
11
12
13
14
1*i
16
17
18
19
20
302.1
694.0
5,170.0
1,304.1
483.0
199.8
283.2
320.4
1,493.4
360.6
1,208.4
338.7
737.1
5,483.6
1,382.2
505.8
212.0
293.8
337.1
1,589.1
379.5
1,289.9
322.1
708.6
5,294.7
1,326.6
506.1
219.9
286.2
325.9
1,534.0
367.7
1,234.4
316.2
724.2
5,356.8
1,345.4
494.8
206.2
288.6
330.4
1,557.2
372.4
1,256.5
359.1
733.3
5,444.9
1,370.1
499.1
206.9
292.2
335.9
1,578.2
377.2
1,284.3
369.4
738.9
5,523.5
1,394.2
512.3
216.6
295.7
339.5
1,597.5
382.7
1,297.3
309.9
752.0
5,609.2
1,419.2
517.0
218.3
298.7
342.4
1,623.6
385.7
1,321.4
21
22
23
24
25
2,057.4
2,036.2
1,265.7
338.6
927.1
2,218.4
2,165.0
1,397.9
411.6
986.2
2,154.5
2,105.8
1,304.3
359.7
944.7
2,214.8
2,167.7
1,359.2
378.2
981.0
2,237.1
2,174.8
1,384.3
406.3
977.9
2,235.5
2,171.4
1,420.8
426.9
994.0
2,186.0
2,146.0
1,427.1
435.2
992.0
26
454.3
485.3
461.3
482.4
479.9
489.6
489.3
2/
28
29
30
85.1
194.0
175.2
155.1
86.9
209.1
189.3
169.2
85.9
196.9
178.4
163.9
88.0
203.6
190.8
163.4
85.9
207.0
187.1
170.1
87.2
210.8
191.7
172.0
86.7
215.0
187.7
171.4
31
32
33
34
35
36
158.3
159.4
770.4
21.3
0.3
21.0
158.4
173.3
767.1
53.4
2.9
50.5
154.6
164.9
801.5
48.6
5.8
42.8
165.7
169.4
808.5
47.2
5.4
41.8
155.9
172.1
790.6
62.3
2.3
59.9
157.5
174.9
750.5
64.2
2.5
61.6
3/
38
39
40
41
42
43
-716.7
1,303.1
907.5
395.6
2,019.9
1,699.0
320.9
-761.8
1,466.2
1,035.7
430.5
2,228.0
1,878.4
349.6
-775.4
1,352.4
944.3
408.1
2,127.8
1,799.3
328.5
-765.2
1,405.4
989.3
416.0
2,170.6
1,832.6
338.1
-781.8
1,448.1
1,019.1
429.0
2,229.8
1,879.0
350.8
44
45
4fi
47
48
49
50
b1
52
53
64
2,372.8
878.3
589.3
516.9
72.4
289.0
251.7
37.4
1,494.4
1,207.2
287.3
2,526.4
926.4
620.8
541.8
79.0
305.7
266.2
39.5
1,600.0
1,287.4
312.6
2,423.6
886.2
590.9
516.9
74.1
295.3
254.2
41.1
1,537.4
1,243.4
294.0
2,479.6
921.7
613.5
537.7
75.8
308.2
265.9
42.4
1,557.9
1,256.2
301.7
2,513.9
919.7
616.5
537.7
78.8
303.2
264.6
38.6
1,594.2
1,280.7
313.5
2005
IV
Gross domestic product....
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Food.....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other....................................
Services..................................
Housing................................
Household operation............
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other....................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
2006
I
II
III
IV
1 11,048.6 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6
2
3
4
7,841.2
1,145.3
452.9
8,092.3
1,204.0
448.0
7,910.2
1,137.9
426.3
8,003.8
1,190.5
445.1
8,055.0
1,190.3
443.7
8,111.2
1,208.8
452.9
8,199.2
1,226.5
450.2
5
6
7
8
9
490.6
212.6
2,276.8
1,065.7
372.7
551.2
224.5
2,363.5
1,111.4
392.7
511.5
216.3
2 309.6
1,085.7
383.1
538.5
224.6
2,342 8
1,103.4
391.1
542.9
222.5
2,351.1
1,108.8
387.4
551.7
223.4
2,360.1
1,106.8
392.6
571.5
227.5
2,399.9
1,126.6
399.6
10
11
12
13
14
15
16
17
18
19
20
199.5
643.9
4,436.6
1,122.6
418.0
153.8
264.1
284.4
1,260.9
313.1
1,036.2
197.9
671.5
4,549.0
1,148.7
415.8
149.9
267.1
288.4
1,304.3
319.9
1,070.6
196.6
652.4
4,476.7
1,131.2
419.8
154 7
264.9
283.5
1,279.0
315.1
1,046.5
196.0
662.6
4,494.5
1,137.6
404.3
141 7
264.8
286.3
1,292.6
317.5
1,054.9
196.3
668.3
4,535.4
1,144.5
412.5
147.0
267.0
287.5
1,300.9
318.1
1,070.6
198.7
671.5
4,566.6
1,151.7
422.1
154 4
268.1
288.5
1,307.6
320.4
1,074.8
200.5
683.7
4,599.4
1,160.8
424.5
156.3
268.3
291.3
1,316.1
323.5
1,081.9
21
22
23
24
25
1,866.3
1,842.0
1,223.8
251.5
984.9
1,951.3
1,897.1
1,314.7
274.4
1,050.7
1,927.0
1,877.3
1,248.2
254.2
1,007.6
1,963.6
1,914.6
1,288.8
259.6
1,044.8
1,968.5
1,906.8
1,302.8
271.9
1,041.2
1,964.8
1,901.3
1,334.2
282.0
1,060.7
1,908.2
1,865.8
1,332.8
283.9
1,056.0
26
552.6
602.5
567.3
595.9
594.3
608.6
611.3
?7
28
29
30
206.2
193.6
143.5
220.1
209.0
152.3
209.5
197.5
150.4
215.6
211.6
149.0
217.8
206.7
153.9
221.0
211.3
153.9
226.0
206.6
152.6
154.7
176.6
718.8
40.1
1.5
38.6
Software 2................
Other........................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
Farm....................................
Nonfarm..............................
31
32
33
34
35
36
145.4
147.3
608.0
19.6
0.2
19.6
146.2
157.1
582.5
46.4
2.7
43.9
143.2
151.2
618.9
43.5
4.8
38.6
152.2
154.3
618.5
41.2
4.3
36.8
142.7
157.1
600.5
53.7
1.9
52.2
147.3
158.6
570.3
55.4
2.5
53.3
142.8
158.3
540.7
35.3
2.1
33.4
-801.7
1,488.3
1,055.8
432.5
2,290.1
1,938.8
351.3
-698.3
1,523.2
1,078.6
444.6
2,221.5
1,863.4
358.1
Net exports of goods and
services.................................
Exports...................................
Goods..................................
Services...............................
Imports....................................
Goods.................................
Services...............................
37
38
39
40
41
42
43
-619.2
1,196.1
843.2
352.9
1,815.3
1,549.9
267.5
-617.7
1,302.3
931.6
371.3
1,920.1
1,640.6
281.7
-636.6
1,228.4
870.8
357.8
1,865.0
1,595.8
271.7
-636.6
1,269.3
906.2
363.6
1,905.9
1,631.9
276.6
-624.2
1,288.5
919.5
369.5
1,912.7
1,631.7
283.2
-628.8
1,310.0
940.4
370.3
1,938.8
1,660.1
281.3
-581.4
1,341.5
960.4
381.8
1,922.9
1,638.9
285.9
2,542.1
927.2
618.1
539.3
78.8
309.0
269.8
39.3
1,614.9
1,300.0
315.0
2,570.2
937.1
635.0
552.4
82.5
302.2
264.5
37.6
1,633.0
1,312.6
320.4
44
45
46
47
48
49
50
51
52
53
54
55
1,958.0
727.5
483 6
413.3
71.2
243.7
207.3
36.7
1,230.4
988.0
242.1
-42.6
1,998.8
741.9
492 7
418.0
76.4
249.0
211.3
38.1
1,256.8
1,006.0
250.7
-86.9
1,963.5
729.6
481 4
410.0
72.6
248.0
208.7
40.1
1,233.7
991.9
241.6
-53.7
1,987.1
745.1
491 8
419.0
74.0
253.1
212.8
41.1
1,242.0
996.1
245.7
-78.7
1,991.2
736.6
489 3
414.7
76.5
247.0
210.1
37.2
1,254.4
1,001.2
253.1
-77.6
1,999.4
738.9
487 8
413.7
75.9
250.9
213.4
37.8
1,260.3
1,009.0
251.1
-88.3
2,017.7
747.1
501 8
424.5
79.3
244.9
208.9
36.2
1,270.5
1,017.4
252.9
-101.3
Government consumption
expenditures and gross
investment..............................
Federal....................................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
Residual......................................
1. Excludes software “embedded,” orbund ed, in computers and ther equipnnent.
1. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes 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; accurate estimates of these contributions are shown in table 1.5.2 and real growth rates are shown in table 1.5.1.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
N ote . The residual line is the difference between the first line and the sum of the most detailed lines.
D-12
National Data
February 2007
Table 1.6.4. Price Indexes for
Gross Domestic Purchases
Table 1.6.7. Percent Change From Preceding Period in Prices for
Gross Domestic Purchases
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
Line
2005
2006
2005
IV
Gross domestic purchases...
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other..................................
Nondurable goods...................
Food...................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other..................................
Services.................................
Housing...............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Nonfarm...............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers 2........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food.......................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product..........
Gross domestic product
excluding final sales of
computers...................
Food................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy .........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
2006
I
II
Line
III
2 111.493 114.568 112.873 113.445 114.573 115.241 115.012
3 90.198 88.974 89.606 89.385 89.206 88.967 88.340
4 98.967 99.399 98.906 99.460 99.532 99.631
98.972
5 76.884 73.453 75.435 74.671
73.894 73.046 72.199
6 97.688 98.465 98.005 97.567 98.351 98.950 98.991
7 111.530 114.937 113.177 113.484 115.769 116.442 114.051
8 112.732 115.326 113.642 114.414 114.905 115.727 116.256
9 91.706 91.307 91.101
90.870 91.651 91.342 91.363
10
11
12
13
14
15
16
17
18
19
20
151.423
107.775
116.529
116.165
115.554
129.900
107.233
112.663
118.438
115.168
116.625
170.928
109.767
120.544
120.328
121.651
141.596
110.005
116.862
121.842
118.637
120.484
163.612
108.619
118.281
117.279
120.579
142.169
108.047
114.970
119.949
116.702
117.959
161.126
109.301
119.194
118.269
122.403
145.582
108.977
115.411
120.482
117.311
119.116
182.632
109.737
120.059
119.717
121.019
140.799
109.447
116.826
121.332
118.582
119.970
185.621
110.041
120.960
121.055
121.383
140.318
110.285
117.675
122.180
119.425
120.711
154.331
109.990
121.961
122.272
121.802
139.685
111.313
117.536
123.375
119.231
122.137
21
22
23
24
25
110.284
110.542
103.428
134.647
94.134
113.804
114.143
106.332
149.938
93.863
111.853
112.194
104.510
141.476
93.754
112.860
113.238
105.471
145.684
93.887
113.717
114.074
106.266
149.432
93.920
113.895
114.224
106.501
151.372
93.704
114.743
115.034
107.090
153.262
93.941
26
82.218
80.537
81.313
80.940
80.737
80.438
80.033
27 51.407 44.821 48.634 47.125 45.443 43.889 42.826
28 94.067 94.979 94.009 94.430 95.005 95.354 95.128
29 90.492 90.565 90.343 90.186 90.523 90.737 90.815
30 108.064 111.068 108.973 109.659 110.544 111.715 112.355
31 108.882 108.342 107.933 108.867 109.257 106.894 108.353
32 108.174 110.328 109.100 109.841 109.608 110.339 111.525
33 126.714 131.775 129.536 130.765 131.696 131.655 132.986
34
'■IS
36
37
38
39
40
41
42
43
44
45
46
47
121.183
120.726
121.855
125.071
101.628
118.606
121.381
101.913
121.463
122.177
118.679
126.398
124.881
126.006
129.634
103.362
122.765
125.991
103.624
127.305
127.973
124.716
123.444
121.479
122.760
126.061
102.026
119.059
121.810
102.470
124.620
125.365
121.716
124.791
123.721
124.752
128.327
102.438
121.787
124.944
103.035
125.434
126.112
122.799
126.262
124.871
126.006
129.681
103.109
122.736
125.958
103.623
127.095
127.916
123.893
127.150
125.482
126.714
130.375
103.880
123.154
126.422
103.780
128.147
128.838
125.462
127.389
125.449
126.550
130.155
104.021
123.383
126.641
104.057
128.544
129.024
126.708
48
44.424
38.253
41.803
40.388
38.697
37.407
36.520
49 114.210 117.969 115.873 116.704 117.922 118.601 118.651
50 112.598 115.173 113.482 114.220 114.697 115.555 116.221
51 144.830 161.582 158.485 157.543 168.404 168.668 151.715
52 111.638 114.685 112.758 113.605 114.420 115.034 115.683
53 112.744 116.053 114.048 114.967 115.905 116.446 116.893
64 113.724 117.223 115.107 116.067 117.060 117.643 118.123
55 112.925 115.508 113.749 114.442 114.970 115.919 116.699
56 126.526 135.492 131.589 135.113 140.609 136.890 129.356
b/ 112.298 115.530 113.545 114.417 115.272 115.890 116.541
58 112.783 116.106 114.101 115.025 115.961 116.498 116.938
59 113.021
116.540 114.594 115.371
2005
2006
IV
1 112.981 116.487 114.541 115.313 116.455 117.080 117.100
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
Seasonally adjusted at annual rates
116.510 117.133 117.144
2005
IV
Gross domestic purchases....
2006
I
II
III
IV
1
3.5
3.1
3.5
2.7
4.0
2.2
0.1
2
3
4
2.9
-0.7
1.8
2.8
-1.4
0.4
2.9
-1.3
1.2
2.0
-1.0
2.3
4.0
-0.8
0.3
2.4
-1.1
0.4
-0.8
-2.8
-2.6
5
6
7
8
9
-3.8
-0.4
3.6
2.2
-1.0
-4.5
0.8
3.1
2.3
-0.4
-4.5
-0.7
0.6
2.2
-0.7
^ .0
-1.8
1.1
2.7
-1.0
-4.1
3.3
8.3
1.7
3.5
-4.5
2.5
2.3
2.9
-1.3
-4.6
0.2
-8.0
1.8
0.1
10
11
12
13
14
15
16
17
18
19
20
22.1
1.5
3.2
2.6
5.1
10.3
1.8
4.0
3.3
2.8
3.1
12.9
1.8
3.4
3.6
5.3
9.0
2.6
3.7
2.9
3.0
3.3
-8.2
2.6
5.0
2.9
18.8
45.1
2.6
4.8
4.1
4.1
3.4
-5.9
2.5
3.1
3.4
6.2
10.0
3.5
1.5
1.8
2.1
4.0
65.1
1.6
2.9
5.0
-4.4
-12.5
1.7
5.0
2.9
4.4
2.9
6.7
1.1
3.0
4.5
1.2
-1.4
3.1
2.9
2.8
2.9
2.5
-52.2
-0.2
3.4
4.1
1.4
-1.8
3.8
-0.5
4.0
-0.6
4.8
21
22
23
24
25
3.4
3.5
2.6
11.3
-0.4
3.2
3.3
2.8
11.4
-0.3
4.3
4.6
3.5
16.8
-1.0
3.7
3.8
3.7
12.4
0.6
3.1
3.0
3.0
10.7
0.1
0.6
0.5
0.9
5.3
-0.9
3.0
2.9
2.2
5.1
1.0
26
-3.0
-2.0
-2.7
-1.8
-1.0
-1.5
-2.0
11
28
29
30
-12.3
-0.5
-0.9
3.7
-12.8
1.0
0.1
2.8
-13.3
0.0
-0.1
2.2
-11.8
1.8
-0.7
2.5
-13.5
2.5
1.5
3.3
-13.0
1.5
0.9
4.3
-9.3
-0.9
0.3
2.3
-0.9
4.1
5.1
-0.5
2.0
4.0
-1.5
1.3
6.3
3.5
2.7
3.8
1.4
-0.8
2.9
-8.4
2.7
-0.1
5.6
4.4
4.1
Nonfarm...............................
31
32
33
34
35
36
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.............
3/
38
39
40
41
42
43
44
45
46
47
5.6
4.8
5.1
5.6
1.7
4.1
4.4
1.9
6.2
5.9
7.3
4.3
3.4
3.4
3.6
1.7
3.5
3.8
1.7
4.8
4.7
5.1
4.7
0.4
1.0
0.7
2.6
-0.7
-1.0
1.7
7.3
7.6
6.0
4.4
7.6
6.7
7.4
1.6
9.5
10.7
2.2
2.6
2.4
3.6
4.8
3.8
4.1
4.3
2.6
3.2
3.3
2.3
5.4
5.8
3.6
2.8
2.0
2.3
2.2
3.0
1.4
1.5
0.6
3.4
2.9
5.2
0.8
-0.1
-0.5
-0.7
0.5
0.7
0.7
1.1
1.2
0.6
4.0
48
-13.6
-13.9
-14.5
-12.9
-15.7
-12.7
-9.2
49
50
51
3.7
2.2
19.1
3.3
2.3
11.6
3.7
2.3
14.8
2.9
2.6
-2.4
4.2
1.7
30.6
2.3
3.0
0.6
0.2
2.3
-34.5
52
53
2.8
3.0
2.7
2.9
3.0
3.3
3.0
3.3
2.9
3.3
2.2
1.9
2.3
1.5
54
55
3.2
1.8
3.1
2.3
3.4
1.7
3.4
2.5
3.5
1.9
2.0
3.3
1.6
2.7
56
8.8
7.1
6.9
11.2
17.3
-10.2
-20.3
5/
58
3.0
3.0
2.9
2.9
3.3
3.3
3.1
3.3
3.0
3.3
2.2
1.9
2.3
1.5
59
3.5
3.1
3.5
2.7
4.0
2.2
0.0
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other....................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other...................................
Services..................................
Housing................................
Household operation............
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software 1................
Other........................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
Addenda:
Final sales of computers to
domestic purchasers 2.........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product...........
Gross domestic product
excluding final sales of
computers....................
Food.................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy..........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
February 2007
Survey
of
D-13
C u r r e n t B u s in e s s
Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic
Product, Real Gross National Product, and Real Net National Product
Table 1.6.8. Contributions to Percent Change in the Gross Domestic
Purchases Price Index
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Seasonally adjusted at annual rates
2006
I
II
III
Line
IV
2005
2006
IV
Percent change at annual rate:
1
Gross domestic purchases...
3.5
3.1
3.5
2.7
4.0
2.2
0.1
Percentage points at annual
rates:
Personal consumption
expenditures..........................
Durable goods.........................
Motor vehicles and parts.....
Furniture and household
equipment........................
Other...................................
Nondurable goods...................
Food....................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Other...................................
Services..................................
Housing..............................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care........................
Recreation...........................
Other...................................
Gross private domestic
investment..............................
Fixed investment..
Nonresidential.
Structures....
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software 1...............
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories...
Farm....................................
Nonfarm...............................
Government consumption
expenditures and gross
investment..............................
Federal....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers 2........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food.......................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
2005
Gross domestic product...........
Plus: Income receipts from the
1
3.2
}>
21.3
3.4
2006
II
I
III
IV
1.8
5.6
2.6
2.0
27.1
26.8
38.8
11.0
3.5
Less: Income payments to the rest
2
3
4
1.92
-0.06
0.06
1.83
-0.11
0.01
1.93
-0.10
0.04
1.35
-0.07
0.07
2.66
-0.06
0.01
1.55
-0.08
0.01
-0.53
-0.22
-0.08
5
6
7
8
9
-0.11
-0.01
0.70
0.20
-0.03
-0.13
0.01
0.59
0.21
-0.01
-0.13
-0.01
0.11
0.20
-0.02
-0.12
-0.03
0.21
0.25
-0.03
-0.12
0.05
1.58
0.16
0.09
-0.13
0.04
0.46
0.26
-0.03
-0.13
0.00
-1.61
0.17
0.00
10
11
12
13
14
15
16
17
18
19
20
0.44
0.08
1.28
0.26
0.19
0.15
0.04
0.10
0.37
0.08
0.29
0.29
0.10
1.35
0.35
0.19
0.14
0.05
0.09
0.33
0.08
0.30
-0.21
0.13
1.92
0.28
0.65
0.59
0.05
0.12
0.46
0.11
0.31
-0.14
0.13
1.22
0.33
0.22
0.15
0.07
0.04
0.20
0.06
0.36
1.24
0.09
1.15
0.48
-0.16
-0.20
0.04
0.12
0.32
0.12
0.27
0.17
0.06
1.18
0.44
0.04
-0.02
0.06
0.07
0.32
0.08
0.23
-1.77
-0.01
1.30
0.40
0.05
-0.03
0.08
-0.01
0.44
-0.02
0.43
21
22
23
24
25
0.53
0.53
0.25
0.27
-0.03
0.51
0.51
0.28
0.29
-0.02
0.68
0.71
0.34
0.41
-0.07
0.58
0.59
0.36
0.32
0.04
0.50
0.47
0.30
0.29
0.01
0.10
0.08
0.09
0.15
-0.06
0.46
0.43
0.22
0.15
0.07
26
-0.11
-0.07
-0.09
-0.06
-0.03
-0.05
-0.07
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
U
28.2
76.3
13.8
47.1
15.8
4
5
6
7
8
3.1
8.1
8.8
4.2
2.6
-4.3
-5.4
1.4
2.8
0.5
-55.8
-60.4
-18.5
2.3
6.1
-4.9
-6.4
3.0
3.4
2.3
2.3
2.2
3.0
2.8
1.8
2.3
2.1
3.2
3.1
2.2
2.0
3.4
3.3
9
m
12.7
-5.5
-69.1
1.4
3.5
3.6
3.7
2.4
14.4
7.7
2.3
1.7
11
3.2
3.1
2.5
2.5
2.1
0.8
16.1
16.7
10.2
10.7
7.1
12.4
-0.5
-0.7
2.6
-0.8
3.2
3.0
1.9
3.4
Addenda:
Net domestic product...............
Net domestic income 3............
1?
13
14
4.5
3.6
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
Table 1.7.3. Real Gross Domestic Product, Real Gross National Product,
and Real Net National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
27
28
29
30
-0.09
-0.01
-0.01
0.04
-0.09
0.01
0.00
0.03
-0.09
0.00
0.00
0.03
-0.08
0.03
-0.01
0.03
-0.09
0.04
0.02
0.04
-0.09
0.02
0.01
0.05
-0.06
-0.01
0.00
0.03
31
32
33
34
35
36
-0.01
0.05
0.28
0.00
0.00
0.00
-0.01
0.02
0.23
0.00
0.00
0.00
-0.02
0.02
0.37
-0.03
0.00
-0.03
0.04
0.03
0.23
-0.01
0.00
-0.01
0.02
-0.01
0.17
0.03
0.00
0.03
-0.10
0.03
-0.01
0.02
0.01
0.01
0.06
0.05
0.21
0.03
0.02
0.01
37
38
39
40
41
42
43
44
45
46
47
1.01
0.32
0.23
0.22
0.01
0.09
0.08
0.01
0.69
0.53
0.16
0.77
0.23
0.15
0.14
0.01
0.08
0.07
0.00
0.54
0.43
0.11
0.84
0.03
0.04
0.03
0.01
-0.01
-0.02
0.00
0.81
0.69
0.13
0.79
0.49
0.29
0.28
0.01
0.20
0.20
0.01
0.30
0.22
0.08
0.86
0.25
0.18
0.17
0.01
0.07
0.06
0.01
0.61
0.53
0.08
0.51
0.13
0.10
0.08
0.02
0.03
0.03
0.00
0.38
0.27
0.11
0.14
-0.01
-0.02
-0.03
0.00
0.02
0.01
0.00
0.14
0.05
0.09
Line
2005
2006
2005
IV
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
2006
I
II
III
IV
1 112.546 116.354 113.719 115.274 116.004 116.569 117.568
? 119.374
129.623 137.541 149.298 153.247
3 124.286
4 112.399
5 125.998
6 128.179
7 115.240
8 112.885
113.390
121.012
122.285
114.612
113.863
140.747 145.380 160.106 166.093
120.520
121.230
116.812
116.100
115.085
119.495
120.271
115.475
114.812
115.753
120.187
120.931
116.321
115.621
116.260
120.869
121.564
117.236
116.506
121.529
122.155
118.217
117.463
Equals: Net national product....
9 127.575 120.614 118.606 119.022 120.063 121.131 122.241
10 110.597
112.366 114.475 115.140 115.625
Addendum:
Net domestic product...............
11 110.755 115.773 112.733 114.687 115.421 115.971 117.014
Table 1.7.4. Price Indexes for Gross Domestic Product,
Gross National Product, and Net National Product
[Index numbers, 2000=100]
48
-0.16
-0.15
-0.16
-0.14
-0.17
-0.13
-0.10
Seasonally adjusted
Line
49
50
51
3.61
0.20
0.79
3.26
0.22
0.54
3.61
0.22
0.70
2.86
0.24
-0.11
4.19
0.16
1.37
2.30
0.28
0.03
0.17
0.22
-2.08
52
2.46
2.34
2.54
2.59
2.49
1.85
1.93
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. Some components of final sales of computers include computer parts.
2005
2006
2005
IV
Gross domestic product...........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world..............................
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
2006
I
II
III
IV
1 112.744 116.053 114.048 114.967 115.905 116.446 116.893
? 112.377
113.959 114.707 115.839 116.432
3 112.704
4
5
6
7
8
112.733
107.229
106.498
111.117
110.292
114.269 115.000 116.124 116.677
110.087
109.110
115.295
114.480
114.038
108.746
107.959
112.953
112.121
114.958
109.110
108.207
113.936
113.134
115.897
110.216
109.363
114.778
113.965
9 115.495 119.629 117.373 118.200 119.101
116.440
110.235
109.170
115.902
115.085
110.787
109.701
116.564
115.736
120.248 120.965
Equals: Net national product....
10 113.529
Addendum:
Net domestic product...............
11 113.546 116.916 114.814 115.814 116.729 117.344 117.776
114.800 115.800 116.716 117.333
D-14
National Data
February 2007
Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net
National Product, National Income, and Personal Income
. Relation of Real Gross Domestic Product, Real Gross National Product, and
Real Net National Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Gross domestic product..............
Plus: Income receipts from the rest
of the world.................................
Less: Income payments to the rest
Equals: Gross national product...
Less: Consumption of fixed capital
Private............................
Domestic business.....
Capital consumption
allowances.........
Less: Capital
consumption
adjustment.........
Households and
institutions..............
Government....................
General government....
Government
enterprises.............
Seasonally adjusted at annual rates
2006
I
II
Line
III
?
513.3
564.9
603.3
661.4
682.3
3
481.5
552.4
574.3
638.6
665.7
4 12,487.7
5 1,604.8
6 1,352.6
7 1,059.1
12,743.0 13,037.4 13,220.1 13,339.2
1,575.4 1,562.5 1,548.0 1,572.8 1,582.0
1,310.1 1,307.5 1,288.9 1,309.8 1,314.4
1,050.1 1,044.4 1,035.1 1,050.4 1,053.0
966.4
941.5
960.7
9
-106.1
-83.6
-102.9
10
11
12
293.5
252.2
207.2
260.0
265.3
221.1
13
45.1
44.1
8
953.1
1,598.6
1,327.2
1,061.9
964.3
968.3
972.4
-74.4
-86.1
-84.7
-B9.4
263.1
255.0
212.4
253.8
259.1
216.1
259.5
262.9
219.2
261.4
267.6
223.1
265.3
271.4
226.2
42.6
43.0
43.7
44.5
45.2
Less: Statistical discrepancy......
1S
Equals: National income..............
Less: Corporate profits with
inventory valuation and capital
consumption adjustments...........
Taxes on production and
imports less subsidies....
Contributions for
government social
insurance........................
Net interest and
miscellaneous payments
on assets........................
Business current transfer
payments (net)...............
Current surplus of
government enterprises
Wage accruals less
disbursements................
Plus: Personal income receipts on
assets.........................................
Personal current transfer
receipts...........................
1fi 10,811.8
74.3
-61.9
35.8
-5.3
11,106.2 11,551.3 11,611.5 11,762.6
Equals: Personal income.............
26 10,239.2 10,897.4 10,483.7 10,721.4 10,807.3 10,964.5 11,096.3
71.0
2006
IV
Gross domestic product...........
Plus: Income receipts from the
I
II
III
IV
1 11,048.6 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6
?
456.9
496.1
526.4
571.4
586.5
M
427.2
483.8
499.7
550.3
17
1,330.7
18
865.1
19
20
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
570.9
4 11,077.9
5 1,496.6
6 1,270.1
7
227.0
8
187.8
9
39.0
Equals: Net national product....
10
9,586.6
Addenda:
Gross domestic income 1........
Gross national income2..........
Net domestic product...............
Net domestic income 3............
11 10,985.6
1? 11,014.9
13 9,557.2
14 9,494.7
1,431.6
1,201.2
230.1
193.2
36.9
9,990.2
11,175.6 11,342.7 11,408.5 11,458.5
1,437.4 1,419.4 1,427.6 1,435.7
1,211.7 1,191.7 1,198.2 1,204.5
225.8
227.5
229.1
230.9
189.5
191.0
192.4
193.9
36.3
36.4
9,740.0
9,922.8
36.7
1,443.6
1,210.4
232.9
195.4
37.1
37.4
9,980.4 10,022.5
11,098.7 11,370.3 11,357.2 11,448.1
11,110.5 11,396.5 11,377.7 11,463.0
9,727.9 9,896.5 9,959.8 10,007.3 10,097.3
9,663.2 9,949.9 9,929.2 10,011.8
1. Gross domestic income deflated by the implicit price deflator tor gross domestic product.
Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
Note. Except as noted in footnotes 1 , 2 and 3, chained (2000) dollar series are calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the
chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not
additive.
2.
1,393.5
1,569.1
1,591.8
1,653.3
912.1
874.2
897.4
914.0
916.8
920.2
880.6
946.6
898.9
936.7
938.8
948.9
961.8
483.4
510.6
490.0
514.8
513.2
498.6
515.8
Table 1.8.3. Command-Basis Real Gross National Product, Quantity Indexes
21
74.2
93.1
99.1
93.8
93.1
92.8
92.8
22
-15.4
-9.8
-13.3
-9.2
-9.4
-10.2
-10.5
23
0.0
0.0
0.0
0.0
0.0
0.0
0.0
24
1,519.4
1,657.6
1,580.2
1,602.3
1,647.7
1,683.6
1,696.9
25
1,526.6
1,602.1
1,539.8
1,570.4
1,589.7
1,618.6
1,629.4
Addenda:
12,656.2 13,070.3
71 12,384.8
12,668.7 13,099.3
?a 12,416.6
11,492.7
11,708.6 12,117.4
30 10,851.0 11,678.5 11,168.0 11,460.3
11 10,780.0
11,093.8 11,522.2
10,146.2 10,569.3
32 9,887.9
13,161.6
13,184.3
12,186.5
11,624.6
11,588.8
10,613.7
13,327.9
13,344.6
12,345.1
11,740.6 11,888.6
11,745.9
10,763.1
1. Consists of compensation of employees, proprietors' income with inventory valuation adjustment (IVA) and capital
consumption adjustment (CCAdj), rental income of persons with CCAdj, corporate profits with IVA and CCAdj, net interest
and miscellaneous payments, and consumption of fixed capital.
2. Consists of gross national factor income less consumption of fixed capital.
2005
Less: Income payments to the rest
11,180.5 11,489.4 11,647.3 11,757.3
Net national factor income 2.......
2006
IV
1 12,455.8 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2
14 10,882.9
Net domestic product.................
2005
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
2006
IV
Gross national product.............
Less: Exports of goods and
services and income receipts
from the rest of the world.........
Plus: Command-basis exports of
goods and services and income
receipts from the rest of the
world 1....................................
Equals: Command-basis gross
national product.....................
Addendum:
Percent change from preceding
period in command-basis
real gross national product...
I
II
III
IV
1 112.399
113.390 115.085 115.753 116.260
?
111.906
116.793
3
110.121
113.619
4 112.131
112.914
0.3
6.5
S
2.8
121.636
126.043
128.530
119.044
122.488
124.638
114.696
115.219 115.676
1.8
1.6
1.
Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
Table 1.8.6. Command-Basis Real Gross National Product, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Gross national product.............
Less: Exports of goods and
services and income receipts
from the rest of the world.........
Plus: Command-basis exports of
goods and services and income
receipts from the rest of the
1 11,077.9
2006
I
II
III
2
1,655.0
1.727.3
1,798.9
1,864.1
1,900.9
3
1,628.6
1.680.4
1,760.6
1,811.6
1,843.4
Equals: Command-basis gross
national product.....................
4 11,051.5
Addendum:
Terms of trade 2.......................
5
98.406
IV
11.175.6 11,342.7 11,408.5 11,458.5
11.128.7 11,304.4 11,356.0 11,401.0
97.286
97.872
97.183
96.975
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corresponding implicit
price deflator for imports divided by 100.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
February 2007
Survey
of
C
urrent
D-15
B u s in e s s
Table 1.10. Gross Domestic Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
II
Gross domestic income.......................................................................................................
Compensation of employees, paid
Wage and salary accruals.........
Disbursements......................
To persons..........................................................................................................................
To the rest of the world......
Wage accruals less disbursements
Supplements to wages and salanes
Taxes on production and imports
Less: Subsidies.............................................................................................................................
Net operating surplus...................................................................................................................
Private enterprises......................................................................................................................
Net interest and miscellaneous payments, domestic industries.............................................
Business current transfer payments (net)...............................................................................
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, domestic
industries............................................................................................................................
Taxes on corporate income.................................................................................................
Profits after tax with inventory valuation and capital consumption adjustments...............
Net dividends..................................................................................................................
Undistributed corporate profits with inventory valuation and capital consumption
adjustments................................................................................................................
Current surplus of government enterprises................................................................................
Consumption of fixed capital.......................................................................................................
12,656.2
13,070.3
13,161.6
13,327.9
7.190.7
5.793.3
5.793.3
5.784.0
9.3
0.0
1.397.4
7,406.6
5.976.4
5.976.4
5.967.2
9.2
0.0
1.430.3
7.431.8
5.987.2
5.987.2
5.978.0
9.2
0.0
1,444.5
7.524.4
6,060.8
6,060.8
6.051.5
9.2
0.0
1.463.6
7,634.7
6.151.6
6.151.6
964.9
937.3
952.5
966.4
968.6
972.2
52.8
63.1
52.0
93.1
1,014.8
76.5
52.3
3.243.0
3.252.3
724.0
93.1
1.011.9
71.4
51.8
3.028.8
3.042.1
667.5
99.1
996.8
81.5
55.1
3.218.2
3.227.4
705.5
93.8
1.008.3
76.8
3.304.7
3,314.9
710.2
92.8
1.014.8
78.3
92.8
1,024.0
79.4
1.197.2
424.6
772.6
234.9
1.343.0
456.9
886.1
528.1
1.351.9
476.1
875.9
549.4
1,418.7
490.6
928.1
569.8
12,384.8
7,036.6
5.671.1
5.671.1
5,661.9
9.2
0.0
1.365.5
7,499.4
6.044.0
6.044.0
922.4
57.3
2.878.2
2.893.6
642.3
74.2
970.7
72.8
0.0
1,455.4
1.133.7
399.3
734.4
338.7
0.0
1,483.1
395.7
-15.4
-9.8
537.7
-13.3
357.9
-9.2
326.5
-9.4
10.2
-10.5
Private..
Government................
1.604.8
1,352.6
252.2
1,575.4
1,310.1
265.3
1.562.5
1.307.5
255.0
1.548.0
1,288.9
259.1
1.572.8
1.309.8
262.9
1,582.0
1,314.4
267.6
1,598.6
1,327.2
271.4
Addendum:
Statistical discrepancy.
71.0
74.3
-61.9
35.8
-5.3
358.3
-
D-16
National Data
February 2007
Table 1.12. National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
2006
I
II
III
IV
National incom e........................................................................................................................
1
10,811.8
11,106.2
11,551.3
11,611.5
11,762.6
Compensation of employees............................................................................................................
Wage and salary accruals
Government.........
Other....................
Supplements to wages and salaries
Employer contributions for employee pension and insurance funds............................................
Employer contributions for government social insurance.............................................................
2
3
4
5
6
7
8
7,030.3
5,664.8
977.7
4,687.1
1,365.5
933.2
432.3
7,493.1
6,037.7
1,013.9
5,023.7
1,455.4
992.7
462.6
7,184.4
5,787.0
988.1
4,798.9
1,397.4
956.1
441.3
7,400.3
5,970.1
998.1
4,972.0
1,430.3
971.6
458.7
7,425.5
5,980.9
1,005.9
4,975.0
1,444.5
985.7
458.9
7,518.1
6,054.5
1,020.5
5,033.9
1,463.6
1,000.1
463.5
7,628.4
6,145.3
1,031.2
5,114.1
1,483.1
1,013.6
469.5
Proprietors’ income with IVA and CCAd).........................................................................................
Farm................................................................................................................................................
Nonfarm..........................................................................................................................................
9
10
11
970.7
30.2
940.4
1,014.8
22.8
991.9
996.8
28.7
968.1
1,008.3
23.9
984.4
1,011.9
17.5
994.3
1,014.8
21.7
993.2
1,024.0
28.3
995.8
76.5
79.4
Rental income of persons with CCAdj.............................................................................................
12
72.8
Corporate profits with IVA and CCAdj..............................................................................................
Taxes on corporate income.............
Profits after tax with IVA and CCAdj.,
Net dividends..............................
Undistributed profits with IVA and CCAd)
13
14
15
16
17
1,330.7
399.3
931.4
576.9
354.5
642.2
81.5
76.8
71.4
78.3
1,393.5
424.6
968.9
601.0
367.9
1,569.1
456.9
1,112.1
615.7
496.4
1,591.8
476.1
1,115.7
631.1
484.6
1,653.3
490.6
1,162.7
650.4
512.4
671.4
Net interest and miscellaneous payments
18
483.4
510.6
490.0
514.8
513.2
498.6
515.8
Taxes on production and im ports.....................................................................................................
19
922.4
964.9
937.3
952.5
966.4
968.6
972.2
Less: Subsidies.................................................................................................................................
20
21
22
23
24
57.3
52.8
63.1
51.8
52.0
74.2
45.7
30.1
-1.6
93.1
35.3
57.1
0.8
99.1
39.0
49.4
10.7
55.1
93.8
34.5
55.6
3.7
52.3
Business current transfer payments (net).......................................................................................
To persons (net).......
To government (net)..
To the rest of the world (net)
93.1
35.0
56.7
1.4
92.8
35.5
57.9
-0.6
92.8
36.0
58.1
-1.3
Current surplus of government enterprises....................................................................................
25
-15.4
-9.8
-13.3
-9.2
-9.4
-10.2
-10.5
Cash flow:
Net cash flow with IVA and CCAdj...................................................................................................
Undistributed profits with IVA and CCAdj.....................................................................................
Consumption of fixed capital........
Less: Inventory valuation adjustment
Equals: Net cash flow......................
?fi
?7
28
29
30
1,211.3
354.5
856.8
-32.6
1,243.9
865.6
1,223.9
367.9
856.0
-39.2
1,263.2
1,349.2
496.4
852.8
-22.9
1,372.1
1,350.3
484.6
865.6
-58.9
1,409.2
1,380.5
512.4
868.2
-38.2
1,418.8
875.8
31
32
33
34
35
36
37
38
39
40
41
42
4?
44
970.7
30.2
36.8
-6.5
940.4
866.2
-5.1
79.3
72.8
96.2
-23.4
1,330.7
1,486.1
1,518.7
399.3
1,119.4
576.9
542.5
-32.6
-155.5
996.8
28.7
35.4
-6.7
968.1
887.7
-6.2
86.5
81.5
98.6
-17.1
1,393.5
1,559.1
1,598.3
424.6
1,173.7
601.0
572.7
-39.2
-165.6
1,008.3
23.9
30.5
-6.6
984.4
891.1
-2.4
95.7
76.8
91.6
-14.8
1,569.1
1,717.7
1,740.6
456.9
1,283.7
615.7
668.0
-22.9
-148.6
1,011.9
17.5
24.3
-£.7
994.3
904.7
-6.9
96.5
71.4
86.5
-15.1
1,591.8
1,752.6
1,811.5
476.1
1,335.4
631.1
704.3
-58.9
-160.8
1,014.8
21.7
28.2
-6.6
993.2
897.7
-3.7
99.1
78.3
93.1
-14.8
1,653.3
1,815.8
1,854.0
490.6
1,363.4
650.4
713.0
-38.2
-162.4
Addenda:
Proprietors’ income with IVA and CCAdj..........................................................................................
Farm............................................................................................................................................
Proprietors’ income with IVA...
Capital consumption adjustment
Nonfarm......................................
Proprietors’ income (without IVA and CCAdj)
Inventory valuation adjustment.
Capital consumption adjustment
Rental income of persons with CCAd).........
Rental income of persons (without CCAdj)
Capital consumption adjustment.............
Corporate profits with IVA and CCAdj.........
Profits before tax (without IVA and CCAdj)
45
Profits after tax (without IVA and CCAdj)
Net dividends..................................................................................................................
Capital consumption adjustment..................................................................................................
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
46
47
48
49
50
1,014.8
22.8
29.4
-6.6
991.9
897.3
-3.5
98.1
76.5
91.4
-14.9
642.2
-160.2
1,024.0
28.3
34.8
-6.5
995.8
895.8
-1.0
101.0
79.4
94.2
-14.9
671.4
-169.0
February 2007
Survey
of
D-17
C u r r e n t B u s in e s s
Table 1.14. Gross Value Added of Domestic Corporate Business in Current Dollars and Gross Value Added of Nonfinancial
Domestic Corporate Business in Current and Chained Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
IV
Gross value added of corporate business 1....................
Consumption of fixed capital.........................................................
Net value added............................................................................
Compensation of employees.....................................................
Wage and salary accruals.....................................................
Supplements to wages and salaries.
Taxes on production and imports less subsidies......................
Net operating surplus...........................
Net interest and miscellaneous payments
Business current transfer payments..
Corporate profits with IVA and CCAdj
Taxes on corporate income...............................................
Profits after tax with IVA and CCAdj..................................
Net dividends................................................................
Undistributed profits with IVA and CCAdj.....................
Gross value added of financial corporate business 1....
Gross value added of nonfinancial corporate business
Consumption of fixed capital.........................................................
Net value added................
Compensation of employees
Wage and salary accruals
Supplements to wages and salaries.....................................
Taxes on production and imports less subsidies......................
Net operating surplus............................
Net interest and miscellaneous payments
Business current transfer payments..
Corporate profits with IVA and CCAdj
Taxes on corporate income..........
Profits after tax with IVA and CCAd)
Net dividends............................ ...................................
Undistributed profits with IVA and CCAdj.....................
Addenda:
Corporate business:
Profits before tax (without IVA and CCAdj)..........................
Profits after tax (without IVA and CCAdj).............................
Inventory valuation adjustment.............................................
Capital consumption adjustment...........................................
Nonfinancial corporate business:
Profits before tax (without IVA and CCAdj)..........................
Profits after tax (without IVA and CCAdj).............................
Inventory valuation adjustment.............................................
Capital consumption adjustment..........................................
II
7.823.0
852.8
6.970.2
4.884.1
3.989.3
894.8
625.0
1.461.1
60.9
57.1
1.343.0
456.9
886.1
528.1
357.9
987.3
1.004.5
1,034.9
1.075.8
1.075.5
6.369.7
739.7
5.630.1
4.099.7
3.335.1
764.6
558.1
972.2
156.6
51.4
764.2
251.4
512.9
228.5
284.4
6,534.8
737.2
5.797.6
4,198.0
3,414.5
783.5
567.2
1,032.4
165.1
60.9
806.4
266.4
540.0
419.9
6.788.2
733.7
6.054.5
4.341.0
3.537.5
803.5
576.7
1,136.8
175.1
60.9
900.9
280.9
620.0
377.7
242.3
6,790.0
744.4
6,045.7
4.350.6
3.539.7
811.0
585.3
1.109.7
180.0
61.7
868.1
283.3
584.8
392.8
192.0
6.919.5
746.3
6,173.2
4.403.1
3.581.6
821.5
586.5
1.183.7
177.2
62.5
943.9
299.6
644.3
407.5
236.8
-160.2
1,402.0
977.4
-39.2
-165.6
1.514.6
1.057.6
-22.9
-148.6
1.571.6
1.095.6
-58.9
-160.8
1,619.3
1,128.7
-38.2
-162.4
-169.0
-135.6
988.7
722.3
-39.2
-143.0
1.050.6
769.7
-22.9
-126.8
1,063.5
780.2
-58.9
-136.5
1,119.2
819.6
-38.2
-137.1
-142.0
1,321.7
922.4
-32.6
-155.5
932.6
681.3
-32.6
-135.8
865.6
4,941.0
4,030.8
910.2
633.3
56.2
744.2
4,391.6
3,574.3
817.3
584.3
62.1
120.1
7.865.8
865.6
7,000.2
4.894.9
3.991.7
903.1
634.4
1.470.9
62.8
56.1
1.351.9
476.1
875.9
549.4
326.5
7.995.0
7.539.4
856.0
6.683.4
4.723.2
3,850.6
872.6
614.8
1.345.4
57.1
91.2
1.197.2
424.6
772.6
234.9
537.7
7.357.0
856.8
6,500.2
4,612.5
3.761.0
851.5
604.9
1.282.7
56.3
92.7
1.133.7
399.3
734.4
338.7
395.7
868.2
7.126.8
4.953.9
4.039.0
914.9
635.7
1,537.3
62.6
56.0
1,418.7
490.6
928.1
569.8
358.3
875.8
5.031.1
4.103.2
927.9
638.2
55.6
752.6
4,471.7
3,638.5
833.2
588.8
63.2
Value added, in billions of chained (2000) dollars
5,852.9
681.6
5,171.2
Gross value added of nonfinancial corporate business ‘
Consumption of fixed capital3.......................................
Net value added 4..........................................................
670.5
5,927.8
670.5
5,257.3
6,111.2
666.1
5,445.0
6,069.0
669.2
5,399.8
6,177.3
672.0
5,505.3
674.6
1. Estimates for financial corporate business and nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are
based on the North American Industry Classification System (NAICS).
2. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available,
the chain-type price index for GDP goods and structures is used.
3. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by
100.
4. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Table 1.15. Price, Costs, and Profit Per Unit of Real Gross Value Added of Nonfinancial Domestic Corporate Business
[Dollars]
Seasonally adjusted
Line
2005
2006
2005
2006
II
IV
Price per unit of real gross value added of nonfinancial corporate business 1..............
1.088
1.102
1.111
1.119
1.120
Compensation of employees (unit labor cost)..................................................................
0.700
0.708
0.710
0.717
0.713
Unit nonlabor c o s t...............................................................................................................
Consumption of fixed capital..............................................................................................
Taxes on production and imports less subsidies plus business current transfer payments.
Net interest and miscellaneous payments.........................................................................
Corporate profits with IVA and CCAdj (unit profits from current production).................
Taxes on corporate income................................................................................................
Profits after tax with IVA and CCAdj...................................................................................
0.257
0.126
0.104
0.027
0.258
0.124
0.106
0.028
0.253
0.120
0.104
0.029
0.260
0.123
0.107
0.030
0.255
0.121
0.105
0.029
0.131
0.043
0.088
0.136
0.045
0.091
0.147
0.046
0.143
0.047
0.096
0.153
0.049
0.104
0.101
1. The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS).
N ote . The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not avail
able, the chain-type price index for GDP goods and structures is used.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
D-18
National Data
February 2007
2. Personal Income and Outlays
Table 2.1. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
2006
I
II
III
IV
Personal income................................................................................................................................
Compensation of employees, received
Wage and salary disbursements
Private industries.............
Government.....................
Supplements to wages and salaries............................................................................................
Employer contributions for employee pension and insurance funds........................................
Employer contributions for government social insurance.........................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.........................
Farm............................................................................................................................................
Nonfarm......................................................................................................................................
Rental income of persons with capital consumption adjustment......................................................
Personal income receipts on assets.................................................................................................
Personal interest income..............................................................................................................
Personal dividend income...........................................................................................................
Personal current transfer receipts....................................................................................................
Government social benefits to persons........................................................................................
Old-age, survivors, disability, and health insurance benefits....................................................
Government unemployment insurance benefits
Veterans benefits....................................
Family assistance 1..................................
Other.......................................................
Other current transfer receipts, from business (net)
Less: Contributions for government social insuiance
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Less: Personal current taxes...........................................................................................................
25
1,203.1
1,362.6
1,247.6
1,332.6
1,361.0
1,366.2
1,390.5
Equals: Disposable personal incom e..............................................................................................
26
9,036.1
9,534.8
9,236.1
9,388.8
9,446.2
9,598.3
9,705.8
Less: Personal outlays.....................................................................................................................
Personal consumption expenditures
Personal interest payments 2....
Personal current transfer payments
To government.....................
To the rest of the world (net)........................................................................................................
27
28
29
30
31
32
9,070.9
8,742.4
209.4
119.2
72.0
47.1
9,626.8
9,270.8
229.9
126.1
78.0
48.1
9,264.5
8,927.8
214.9
121.8
74.2
47.6
9,418.5
9,079.2
218.5
120.9
75.7
45.2
9,577.0
9,228.1
222.9
126.0
77.3
48.7
9,710.0
9,346.7
235.5
127.8
79.0
48.8
9,801.8
9,429.3
242.8
129.6
80.0
49.6
Equals: Personal saving...................................................................................................................
33
-34.8
-92.0
-28.5
-29.7
-130.8
-111.7
-96.0
Personal saving as a percentage of disposable personal income............................................
34
-0.4
-1.0
-0.3
-0.3
-1.4
-1.2
-1.0
35
8,104.6
8,322.7
8,183.3
8,276.8
8,245.4
8,329.6
8,439.6
36
37
38
30,458
27,318
296,677
31,849
27,800
299,373
31,020
27,484
297,748
31,470
27,743
298,340
31,595
27,578
298,982
32,025
27,792
299,716
32,304
28,089
300,455
39
40
4.1
1.2
5.5
2.7
8.6
5.5
6.8
4.6
2.5
-1.5
6.6
4.1
4.6
5.4
Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 3.....................................................................................
Per capita:
Current dollars........................................................................................................................
Chained (2000) dollars............................................................................................................
Population (midperiod, thousands)..................................................................................................
Percent change from preceding period:
Disposable personal income, current dollars.........................................................................
Disposable personal income, chained (2000) dollars.............................................................
10,239.2
7,030.3
5,664.8
4,687.1
977.7
1,365.5
933.2
432.3
970.7
30.2
940.4
72.8
1,519.4
945.0
574.4
1,526.6
1,480.9
844.9
31.3
36.8
18.3
549.4
45.7
880.6
10,897.4
7,493.1
6,037.7
5,023.7
1,013.9
1,455.4
992.7
462.6
1,014.8
22.8
991.9
76.5
1,657.6
1,018.1
639.6
1,602.1
1,566.8
931.0
27.3
40.0
18.8
549.6
35.3
946.6
10,483.7
7,184.4
5,787.0
4,798.9
988.1
1,397.4
956.1
441.3
996.8
28.7
968.1
81.5
1,580.2
981.7
598.5
1,539.8
1,500.8
854.6
31.6
37.2
18.5
558.8
39.0
898.9
10,721.4
7,400.3
5,970.1
4,972.0
998.1
1,430.3
971.6
458.7
1,008.3
23.9
984.4
76.8
1,602.3
989.1
613.2
1,570.4
1,536.0
909.9
27.8
39.1
18.6
540.6
34.5
936.7
10,807.3
7,425.5
5,980.9
4,975.0
1,005.9
1,444.5
985.7
458.9
1,011.9
17.5
994.3
71.4
1,647.7
1,019.2
628.5
1,589.7
1,554.7
928.1
27.0
39.8
18.8
541.0
35.0
938.8
10,964.5
7,518.1
6,054.5
5,033.9
1,020.5
1,463.6
1,000.1
463.5
1,014.8
21.7
993.2
78.3
1,683.6
1,035.8
647.8
1,618.6
1,583.1
936.7
27.3
40.2
18.9
560.0
35.5
948.9
11,096.3
7,628.4
6,145.3
5,114.1
1,031.2
1,483.1
1,013.6
469.5
1,024.0
28.3
995.8
79.4
1,696.9
1,028.2
668.8
1,629.4
1,593.4
949.3
27.1
41.0
19.0
557.0
36.0
961.8
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Consists of nonmortgage interest paid by households.
3. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
Table 2.2B. Wage and Salary Disbursements by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
2006
I
II
III
IV
Wage and salary disbursements...............................................................................................
1
5,664.8
6,037.7
5,787.0
5,970.1
5,980.9
6,054.5
6,145.3
Private industries...............................................................................................................................
Goods-producing industries.............................................................................................................
Manufacturing..............................................................................................................................
Services-producing industries..............
Trade, transportation, and utilities.....
Other services-producing industries 1
Government.............................................
2
3
4
5
6
7
8
4,687.1
1,101.3
704.7
3,585.8
937.2
2,648.5
977.7
5,023.7
1,181.4
737.9
3,842.4
997.8
2,844.5
1,013.9
4,798.9
1,124.9
715.0
3,673.9
954.9
2,719.0
988.1
4,972.0
1,177.3
742.8
3,794.7
983.6
2,811.0
998.1
4,975.0
1,173.0
732.8
3,802.0
990.8
2,811.2
1,005.9
5,033.9
1,182.3
735.9
3,851.7
1,003.0
2,848.7
1,020.5
5,114.1
1,193.0
740.0
3,921.2
1,013.9
2,907.3
1,031.2
1. Other services-producing industries consists of information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical sen/ices; management of companies and enterprises,
administrative and support and waste management and remediation services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other
services.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
February 2007
Survey
of
D-19
C u r r e n t B u s in e s s
Table 2.3.2. Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product
Table 2.3.1. Percent Change From Preceding Period in Real Personal
Consumption Expenditures by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
Personal consumption
expenditures..................
Durable goo ds...........................
Motor vehicles and parts.........
Furniture and household
equipment............................
Other.......................................
Line
2006
I
IV
II
III
2006
2005
IV
2006
I
III
II
IV
Percent change at annual rate:
1
3.5
3.2
0.8
4.8
2.6
2
3
5.5
0.6
5.1
-1.1
-12.3
-34.9
19.8
18.9
-0.1
-1.2
2.8
6.4
8.6
4.4
6.0
-2.4
4
5
10.0
8.7
12.3
5.6
11.6
6.1
22.8
16.3
3.3
-3.7
6.7
1.6
15.1
7.5
6
7
8
4.5
5.4
6.2
3.8
4.3
5.4
3.9
4.1
10.3
5.9
6.7
8.6
1.4
2.0
-3.8
1.5
-0.7
5.5
6.9
7.3
7.3
Nondurable goods.....................
Food........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.......................................
9
10
11
12
-0.5
0.0
-6.2
4.1
-0.8
-0.3
-7.5
4.3
-2.3
-0.8
-20.9
3.6
-1.3
0.0
-17.6
6.4
0.7
-0.8
25.1
3.4
5.0
6.9
-18.4
2.0
3.6
1.4
37.8
7.5
Services......................................
Housing...................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care............................
Recreation...............................
Other......................................
13
14
15
16
17
18
19
20
21
2.6
2.8
2.1
2.6
1.8
0.1
3.6
2.7
2.0
2.5
2.3
-0.5
-2.6
1.1
1.4
3.4
2.1
3.3
2.0
1.7
0.3
2.0
-0.8
-0.2
3.7
1.5
1.7
1.6
2.3
-14.0
-29.7
-0.1
4.0
4.3
3.1
3.2
3.7
2.4
8.4
15.8
3.4
1.7
2.6
0.8
6.1
2.8
2.6
9.7
21.9
1.6
1.3
2.1
3.0
1.6
2.9
3.2
2.3
5.0
0.3
3.9
2.6
3.8
2.7
22
0.8
-1.7
-0.7
-13.8
6.2
10.9
4.1
23
3.3
3.4
0.3
6.0
2.4
2.8
3.9
Addenda:
Energy goods and services 1...
Personal consumption
expenditures excluding food
and energy...........................
2005
IV
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Personal consumption
expenditures..................
1
3.5
3.2
0.8
4.8
2.6
2.8
4.4
Durable goods............................
Motor vehicles and parts..........
Furniture and household
equipment............................
Other.......................................
2
3
0.65
0.03
0.59
-0.05
-1.54
-2.15
2.14
0.85
-0.01
-0.06
0.72
0.40
0.68
-0.11
4
5
0.42
0.20
0.51
0.13
0.47
0.14
0.92
0.37
0.62
0.18
6
7
8
1.28
0.73
0.24
1.11
0.59
0.21
1.12
0.55
0.38
1.71
0.92
0.33
0.14
-0.09
0.42
0.27
-0.15
0.28
0.04
Nondurable goods.....................
Food........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal...................
Other.......................................
0.46
-0.10
0.21
2.00
1.00
0.28
9
10
11
12
-0.02
0.00
-0.02
0.33
-0.03
-0.01
-0.02
0.34
-0.09
-0.03
-0.06
0.28
-0.05
0.00
-0.05
0.51
0.03
-0.03
0.05
0.27
0.19
0.25
-0.05
0.15
0.13
0.05
0.08
0.59
Services.....................................
Housing...................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care............................
Recreation...............................
Other.......................................
13
14
15
16
17
18
19
20
21
1.55
0.43
0.12
0.06
0.06
0.01
0.61
0.11
0.28
1.50
0.35
-0.03
-0.07
0.04
0.05
0.59
0.09
0.46
1.18
0.25
0.02
0.05
-0.03
-0.01
0.62
0.06
0.23
0.96
0.34
-0.84
-0.83
0.00
0.15
0.74
0.13
0.45
2.17
0.36
0.44
0.34
0.11
0.06
0.44
0.03
0.83
1.64
0.38
0.51
0.46
0.05
0.05
0.36
0.12
0.22
1.73
0.48
0.13
0.11
0.01
0.14
0.45
0.16
0.38
22
0.04
-0.09
-0.04
-0.88
0.36
0.65
0.25
23
2.71
2.71
0.25
4.77
1.95
2.27
3.17
Percentage points at annual
rates:
Addenda:
Energy goods and services '....
Personal consumption
expenditures excluding food
and energy...........................
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Table 2.3.3. Real Personal Consumption Expenditures by Major
Type of Product, Quantity Indexes
Table 2.3.4. Price Indexes for Personal Consumption Expenditures by Major
Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
2006
I
IV
Personal consumption
expenditures..................
Durable goods...........................
Motor vehicles and parts.........
Furniture and household
equipment............................
Other......................................
Nondurable goods.....................
Food.......................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other......................................
Services.....................................
Housing..................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care...........................
Recreation..............................
Other......................................
Addenda:
Energy goods and services 1...
Personal consumption
expenditures excluding food
and energy...........................
Seasonally adjusted
II
Line
III
2005
2006
IV
1 116.349
2 132.666
3 117.173
120.075 117.373 118.761 119.521 120.355
139.462 131.799 137.893 137.868 140.019
115.902 110.286 115.158 114.799 117.179
4 156.790
5 129.696
6 116.924
7 115.191
8 125.195
176.139
136.968
121.376
120.130
131.897
163.472
131.958
118.608
117.349
128.686
172.097 173.496
137.039 135.754
120.313 120.742
119.265 119.853
131.367 130.113
176.324
136.292
121.204
119.631
131.876
182.638
138.787
123.246
121.769
134.233
9 104.204
10 105.824
11
86.762
12 120.838
103.349
105.503
80.274
126.023
102.679
104.683
81.167
122.432
102.348
104.696
77.338
124.356
103.795
106.227
77.738
126.016
121.661
142.068
116.471
2006
2005
I
IV
Personal consumption
expenditures..................
Durable goods............................
Motor vehicles and parts..........
Furniture and household
equipment............................
Other.......................................
1 111.493 114.568 112.873 113.445
2 90.198
88.974
89.606
89.385
3 98.967
99.399
98.906
99.460
4
76.884
73.453
5
97.688
98.465
6 111.530 114.937
7 112.732 115.326
91.307
8
91.706
II
III
114.573 115.241
89.206
88.967
99.532
99.631
IV
115.012
88.340
98.972
75.435
98.005
113.177
113.642
91.101
74.671
97.567
73.894
98.351
73.046
98.950
113.484 115.769 116.442
114.414 114.905 115.727
90.870
91.651
91.342
72.199
98.991
114.051
116.256
91.363
163.612
162.470
178.440
108.619
161.126
160.254
172.031
109.301
182.632
182.620
180.783
109.737
154.331
152.674
176.749
109.990
104.720
106.606
84.223
128.312
Nondurable goods.....................
Food........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal...................
Other.......................................
9 151.423
10 150.760
11 159.465
12 107.775
13 112.925
14 111.540
15 107.145
16 107.317
17 107.016
18 97.652
19 122.799
20 116.727
21 109.540
115.785 113.945 114.398 115.440 116.234 117.069
114.129 112.394 113.035 113.713 114.436 115.332
106.594 107.598 103.628 105.735 108.203 108.811
104.573 107.963 98.875 102.566 107.770 109.081
108.207 107.320 107.289 108.190 108.629 108.721
98.298
99.044 100.001
99.016
97.330
98.722
127.024 124.563 125.887 126.690 127.347 128.172
119.236 117.445 118.336 118.581 119.448 120.579
113.174 110.634 111.521 113.175 113.622 114.377
Services.....................................
Housing...................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care............................
Recreation...............................
Other.......................................
13
14
15
16
17
18
19
20
21
116.529 120.544 118.281 119.194 120.059 120.960 121.961
116.165 120.328 117.279 118.269 119.717 121.055 122.272
115.554 121.651 120.579 122.403 121.019 121.383 121.802
129.900 141.596 142.169 145.582 140.799 140.318 139.685
107.233 110.005 108.047 108.977 109.447 110.285 111.313
112.663 116.862 114.970 115.411 116.826 117.675 117.536
118.438 121.842 119.949 120.482 121.332 122.180 123.375
115.168 118.637 116.702 117.311 118.582 119.425 119.231
116.625 120.484 117.959 119.116 119.970 120.711 122.137
22
105.473
103.730
104.786
100.967
102.498
105.192
106.262
22
142.141
158.504
154.420
154.467
164.836
166.327
148.387
23
117.255
121.212
118.216
119.953
120.674
121.521
122.700
23
109.559
111.994
110.418
110.983
111.738
112.337
112.919
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
102.532
104.481
81.795
125.409
Addenda:
Energy goods and services 1....
Personal consumption
expenditures excluding food
and energy...........................
170.928
170.225
179.265
109.767
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
185.621
185.352
187.495
110.041
D-20
National Data
February 2007
Table 2.3.5. Personal Consumption Expenditures by Major
Type of Product
Table 2.3.6. Real Personal Consumption Expenditures by Major
Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
Personal consumption
expenditures..................
Durable goods...........................
Motor vehicles and parts.........
Furniture and household
equipment............................
Other.......................................
2005
2006
2005
Seasonally adjusted at annual rates
2006
Line
IV
I
II
III
IV
1
8,742.4
9,270.8
8,927.8
9,346.7
9,429.3
1,033.1
448.2
1,071.3
445.3
1,019.6
421.6
9,079.2
1,064.1
442.7
9,228.1
2
3
1,061.8
441.7
1,075.5
451.3
1,083.5
445.6
4
5
377.2
207.7
404.9
221.0
386.0
212.0
402.3
219.1
401.3
218.8
412.8
225.2
2,736.6
1,309.6
365.2
Nondurable goods.....................
Food.......................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.......................................
6
7
8
2,539.3
1,201.4
341.8
2,716.0
1,281.7
358.6
2,613.5
1,233.7
349.1
2,658.2
1,262.3
355.4
2,721.4
1,274.0
355.1
403.2
221.0
2,747.7
1,280.7
358.7
9
10
11
12
302.1
280.2
21.9
694.0
338.7
315.8
22.9
737.1
322.1
299.1
23.0
708.6
316.2
295.1
21.1
724.2
359.1
335.6
23.5
733.3
369.4
346.3
23.2
738.9
309.9
286.3
23.6
752.0
Services......................................
Housing...................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care
Recreation
Other......
13
14
15
16
17
18
19
20
21
5,170.0
1,304.1
483.0
199.8
283.2
320.4
1,493.4
360.6
1,208.4
5,483.6
1,382.2
505.8
212.0
293.8
337.1
1,589.1
379.5
1,289.9
5,294.7
1,326.6
506.1
219.9
286.2
325.9
1,534.0
367.7
1,234.4
5,356.8
1,345.4
494.8
206.2
288.6
330.4
1,557.2
372.4
1,256.5
5,444.9
1,370.1
499.1
206.9
292.2
335.9
1,578.2
377.2
1,284.3
5,523.5
1,394.2
512.3
216.6
295.7
339.5
1,597.5
382.7
1,297.3
22
501.9
550.7
542.0
522.4
566.0
23
7,039.1
7,438.5
7,152.1
7,294.4
7,388.1
Addenda:
Energy goods and services 1...
Personal consumption
expenditures excluding food
and energy..........................
Personal consumption
expenditures..................
Durable goods............................
Motor vehicles and parts.........
Furniture and household
equipment............................
Other.......................................
2005
2006
2005
2006
IV
I
II
III
IV
1
7,841.2
8,092.3
7,910.2
8,003.8
8,055.0
8,111.2
8,199.2
2
3
1,145.3
452.9
1,204.0
448.0
1,137.9
426.3
1,190.5
445.1
1,190.3
443.7
1,208.8
452.9
1,226.5
450.2
4
5
490.6
212.6
551.2
224.5
511.5
216.3
538.5
224.6
542.9
222.5
551.7
223.4
571.5
227.5
Nondurable goods.....................
Food........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.......................................
6
7
8
2,276.8
1,065.7
372.7
2,363.5
1,111.4
392.7
2,309.6
1,085.7
383.1
2,342.8
1,103.4
391.1
2,351.1
1,108.8
387.4
2,360.1
1,106.8
392.6
2,399.9
1,126.6
399.6
9
10
11
12
199.5
185.9
13.7
643.9
197.9
185.3
12.7
671.5
196.6
183.9
12.8
652.4
196.0
183.9
12.2
662.6
196.3
183.5
12.9
668.3
198.7
186.6
12.3
671.5
200.5
187.3
13.3
683.7
5,609.2
1,419.2
517.0
218.3
298.7
342.4
1,623.6
385.7
1,321.4
Services......................................
Housing....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care............................
Recreation...............................
Other.......................................
Residual......................................
13
14
15
16
17
18
19
20
21
22
4,436.6
1,122.6
418.0
153.8
264.1
284.4
1,260.9
313.1
1,036.2
-31.9
4,549.0
1,148.7
415.8
149.9
267.1
288.4
1,304.3
319.9
1,070.6
-53.9
4,476.7
1,131.2
419.8
154.7
264.9
283.5
1,279.0
315.1
1,046.5
-36.7
4,494.5
1,137.6
404.3
141.7
264.8
286.3
1,292.6
317.5
1,054.9
-53.0
4,535.4
1,144.5
412.5
147.0
267.0
287.5
1,300.9
318.1
1,070.6
-50.6
4,566.6
1,151.7
422.1
154.4
268.1
288.5
1,307.6
320.4
1,074.8
-52.1
4,599.4
1,160.8
424.5
156.3
268.3
291.3
1,316.1
323.5
1,081.9
-58.7
586.1
528.2
23
353.1
347.3
350.8
338.0
343.1
352.2
355.7
7,479.9
7,591.6
Addenda:
Energy goods and services , ....
Personal consumption
expenditures excluding food
and energy...........................
24
6,424.9
6,641.7
6,477.6
6,572.7
6,612.3
6,658.7
6,723.3
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
February 2007
Survey
of
D-21
C u r r e n t B u s in e s s
3. Government Current Receipts and Expenditures
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
IV
Current receipts.................................................................
Current tax receipts.....................................................................
Personal current taxes.............................................................
Taxes on production and imports...........................................
Taxes on corporate income....................................................
Taxes from the rest of the world..............................................
Contributions for government social insurance...........................
Income receipts on assets...........................................................
Interest and miscellaneous receipts........................................
Dividends.................................................................................
Current transfer receipts.............................................................
From business (net)................................................................
From persons.........................................................................
Current surplus of government enterprises................................
Current expenditures.......................................................
Consumption expenditures.........................................................
Current transfer payments..........................................................
Government social benefits....................................................
To persons..........................................................................
To the rest of the world.......................................................
Other current transfer payments to the rest of the world (net)
Interest payments.......................................................................
To persons and business........................................................
To the rest of the world...........................................................
Subsidies.....................................................................................
Less: Wage accruals less disbursements..................................
Net government saving....................................................
Social insurance funds...............................................................
Other...........................................................................................
Addenda:
Total receipts........................................................................
Current receipts..................................................................
Capital transfer receipts......................................................
Total expenditures................................................................
Current expenditures..........................................................
Gross government investment............................................
Capital transfer payments...................................................
Net purchases of nonproduced assets...............................
Less: Consumption of fixed capital.....................................
Net lending or net borrowing ( - ) .........................................
3,586.3
2,520.7
1,203.1
922.4
384.4
10.8
880.6
98.3
95.8
2.4
102.1
30.1
72.0
-15.4
1.975.7
1.517.8
1,484.0
1.480.9
3.1
33.9
348.0
234.4
113.6
57.3
0.0
-312.5
65.4
-377.9
3,616.5
3,586.3
30.2
4,072.8
397.1
18.3
10.9
252.2
-456.3
1,362.6
964.9
11.2
946.6
102.5
99.9
2.6
135.1
57.1
78.0
-9.8
4.118.7
2,095.4
1.593.0
1.570.0
1.566.8
3.2
23.0
377.5
52.8
0.0
53.7
32.3
4,308.9
4,118.7
431.1
18.3
6.2
265.3
II
3.895.1
2.736.2
1.332.6
952.5
440.7
10.4
936.7
3,993.3
2,014.5
1.542.8
1,504.0
1.500.8
3.2
38.9
372.9
247.6
125.3
63.1
0.0
4.029.3
2.059.7
1.561.2
1.539.2
1,536.0
3.2
0.0
-280.8
75.3
-356.0
-134.3
62.3
-196.6
3,744.0
3.712.5
31.4
3,928.8
3,895.1
33.7
3,994.1
3.961.6
32.5
4,028.9
3.997.7
31.1
4.175.5
3,993.3
409.1
16.1
11.8
255.0
-431.5
4,223.6
4,029.3
419.9
21.3
4,294.4
4.098.6
430.9
18.1
9.8
262.9
-300.3
4.368.8
4.173.5
433.0
16.8
13.1
267.6
-339.9
100.0
97.5
2.5
131.4
55.6
75.7
-9.2
22.0
353.3
218.5
134.8
55.1
12.2
259.1
-294.8
3,961.6
2.796.5
1.361.0
966.4
458.2
10.9
938.8
101.6
99.0
3.997.7
2.818.8
1,366.2
968.6
472.7
11.3
948.9
103.3
100.7
3.712.5
2.604.8
1.247.6
937.3
408.4
11.4
898.9
98.5
96.1
2.5
123.6
49.4
74.2
-13.3
1,390.5
972.2
12.1
961.8
105.2
102.6
2.6
2.6
2.6
134.1
56.7
77.3
-9.4
136.9
57.9
79.0
138.1
58.1
80.0
-10.5
4.098.6
2.083.0
1,581.2
1.558.0
1.554.7
3.3
23.2
382.0
236.9
145.1
52.3
-
10.2
4.173.5
2.109.1
1.610.2
1,586.2
1,583.1
3.1
24.0
402.4
253.8
148.6
51.8
4,173.2
2,129.6
1.619.5
1.596.5
1,593.4
3.1
22.9
372.1
0.0
0.0
0.0
-136.9
48.4
-185.3
-175.8
51.3
-227.1
52.9
52.0
31.6
4,348.8
4,173.2
440.5
16.9
-10.5
271.4
D-22
National Data
February 2007
Table 3.2. Federal Government Current Receipts and Expenditures
Table 3.3. State and Local Government Current Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Current receipts......................
Current tax receipts..........................
Personal current taxes..................
Taxes on production and imports...
Excise taxes.............................
Customs duties.........................
Taxes on corporate income..........
Federal Reserve banks............
Other.......................................
Taxes from the rest of the world ....
Contributions for government social
insurance......................................
Income receipts on assets................
Interest receipts............................
Rents and royalties.......................
Current transfer receipts...................
From business.............................
From persons...............................
Current surplus of government
enterprises...................................
1 2,246.8
? 1,366.2
927.9
3
4
101.1
75.8
5
6
25.3
7
326.4
a
21.5
q
304.9
10
10.8
11
12
13
14
15
16
17
855.3
22.9
15.9
7.1
7.1
-6.6
13.8
Seasonally adjusted at annual rates
2006
Line
I
II
III
11.2
2,349.8
1,428.4
968.4
101.6
75.9
25.7
347.1
24.6
322.5
11.4
2,490.9
1,524.9
1,039.2
101.1
75.4
25.7
374.3
25.0
349.3
10.4
2,523.2
1,553.2
1,049.9
103.0
75.9
27.1
389.4
27.3
362.1
10.9
2,564.7
1,582.9
1,068.4
101.3
73.9
27.4
401.8
29.0
372.8
11.3
921.8
24.9
16.0
8.9
32.9
17.6
15.3
873.8
22.3
15.3
6.9
30.6
16.3
14.3
911.9
23.3
15.0
8.3
32.2
17.5
14.7
914.1
24.2
15.3
8.9
32.8
17.7
15.2
924.2
25.4
16.1
9.3
33.6
18.0
15.6
-1.4
-1.1
-1.5
-1.5
2,637.9 2,686.2
802.3
803.6
1,522.0 1,546.6
1,148.8 1,166.4
1,145.5 1,163.1
3.2
3.3
373.3
380.3
2,730.2
809.1
1,564.8
1,175.2
1,172.1
3.1
389.6
2,714.6
817.0
1,572.1
1,191.0
1,187.9
3.1
381.1
1,061.4
101.0
74.3
26.7
1,088.1
98.6
72.1
26.5
12.1
937.0
26.7
17.5
9.3
33.0
17.5
15.5
18
-4.9
-1.4
-5.4
2,555.9
768.6
1,476.7
1,081.7
1,078.6
3.1
395.0
2,692.2
808.0
1,551.4
1,170.4
1,167.2
3.2
381.0
2,613.3
771.1
1,502.4
1,096.7
1,093.5
3.2
405.7
26
27
28
?q
30
31
361.1
33.9
253.8
140.3
113.6
56.9
358.0
23.0
280.4
351.3
22.0
257.5
122.7
134.8
54.7
357.0
23.2
285.4
140.3
145.1
51.9
365.6
24.0
304.9
156.3
148.6
51.4
358.2
22.9
273.9
52.4
366.8
38.9
277.1
151.8
125.3
62.7
32
0.0
0.0
0.0
0.0
0.0
0.0
0.0
33
34
35
-309.2
58.1
-367.3
48.0
-263.6
68.5
-332.0
-147.0
56.2
-203.2
-163.1
42.6
-205.7
-165.6
45.8
-211.4
Total receipts..............................
Current receipts........................
Capital transfer receipts............
3fi
37
38
2,271.7
2,246.8
25.0
27.5
2,376.1
2,349.8
26.3
2,519.7 2,550.9
2,490.9 2,523.2
27.7
28.8
2,591.1
2,564.7
26.5
27.1
Total expenditures......................
Current expenditures................
Grass government investment...
Capital transfer payments.........
Net purchases of nonproduced
assets...................................
Less: Consumption of fixed
capital...................................
Net lending or net borrowing (-)
39
40
41
42
2,633.0
2,555.9
109.8
67.0
2,770.5
2,692.2
118.4
70.1
2,692.7
2,613.3
115.1
64.8
2,725.8
2,637.9
118.2
72.0
2,766.9
2,686.2
117.4
69.2
2,814.1
2,730.2
118.1
70.1
2,775.1
2,714.6
120.2
69.0
43
-0.6
-6.0
0.0
0.2
-2.3
0.8
-22.9
44
45
99.0
-361.3
104.2
100.7
-316.6
102.4
-206.1
103.7
-216.0
105.1
-222.9
105.8
To the rest of the world.................
Subsidies.........................................
Less: Wage accruals less
disbursements..............................
51.6
Net Federal Government
Social insurance funds.....................
47.6
Addenda:
2006
IV
19
20
21
22
23
24
25
Current expenditures.............
Consumption expenditures...............
Current transfer payments................
Government social benefits..........
To persons................................
To the rest of the world.............
Other current transfer payments....
Grants-in-aid to state and local
governments.........................
To the rest of the world (net).....
Interest payments.............................
2005
IV
Current receipts......................
Current tax receipts..........................
Personal current taxes..................
Income taxes............................
Other........................................
Taxes on production and imports...
Sales taxes...............................
Property taxes..........................
Other........................................
Taxes on corporate income...........
Contributions for government social
insurance.....................................
Income receipts on assets................
Interest receipts............................
Dividends.....................................
Rents and royalties.......................
Current transfer receipts...................
Federal grants-in-aid.....................
From business (net)......................
From persons................................
Current surplus of government
enterprises....................................
1 1,700.6
? 1,154.4
3
275.2
4
250.9
24.4
5
6
821.2
394.1
7
350.4
8
9
76.7
10
58.0
301.2
275.8
25.4
863.9
413.4
369.3
81.2
2006
2005
I
III
II
1,729.6 1,755.4 1,795.5
1,176.3 1,211.3 1,243.3
293.4
279.3
311.1
254.3
268.3
285.6
25.0
25.1
25.5
835.7
851.4
863.3
397.2
407.9
413.2
363.2
358.1
368.6
80.5
80.3
81.5
66.4
61.3
68.8
IV
1,798.7
1,235.9
297.8
272.4
25.4
867.2
415.0
371.3
81.0
70.9
302.5
276.9
25.6
873.6
417.6
374.0
82.0
11
12
13
14
15
16
17
18
19
25.3
75.3
63.4
2.4
9.5
456.1
361.1
36.7
58.3
20
21
22
-10.5
-8.5
-7.9
-7.8
-8.2
-8.7
-9.0
1,703.9
1,207.2
1,784.4
1,287.4
1,746.8
1,243.4
1,742.7
1,256.2
1,769.4
1,280.7
1,808.9
1,300.0
1,816.8
1,312.6
24.8
77.6
64.6
2.6
10.4
460.2
358.0
39.5
62.8
25.2
76.3
64.0
2.5
9.8
459.8
366.8
33.1
59.9
24.8
76.7
64.1
2.5
10.1
450.5
351.3
38.2
61.0
24.7
77.4
64.5
2.6
10.3
458.3
357.0
39.1
62.2
24.7
77.9
64.8
2.6
10.6
468.8
365.6
39.9
63.3
24.8
78.5
65.0
2.6
10.8
463.3
358.2
40.6
64.5
Current expenditures.............
Consumption expenditures...............
Government social benefit payments
to persons.....................................
Interest payments.............................
Subsidies.........................................
Less: Wage accruals less
disbursements..............................
23
24
25
402.3
94.2
0.4
399.6
97.0
0.4
407.3
95.8
0.4
390.4
95.8
0.4
391.7
96.6
0.4
411.0
97.5
0.4
405.5
98.2
0.4
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Net state and local
government saving.............
Social insurance funds......................
Other................................................
71
28
?9
-3.3
7.3
-10.6
5.7
-17.2
6.8
-24.0
12.7
6.2
6.5
26.1
5.8
20.4
-10.2
5.5
-15.7
5.3
Total receipts...............................
Current receipts........................
Capital transfer receipts............
30
31
32
1,754.6
1,700.6
53.9
56.5
1,783.4
1,729.6
53.8
1,811.1
1,755.4
55.6
1,851.5
1,795.5
56.0
1,856.6
1,798.7
58.0
56.6
Total expenditures......................
Current expenditures................
Gross government investment...
Capital transfer payments.........
Net purchases of nonproduced
assets...................................
Less: Consumption of fixed
capital...................................
Net lending or net borrowing (-)
33
34
35
3fi
1,849.6
1,703.9
287.3
1,948.3
1,784.4
312.6
1,898.3
1,746.8
294.0
1,899.7
1,742.7
301.7
1,935.8
1,769.4
313.5
1,973.6
1,808.9
315.0
1,984.0
1,816.8
320.4
Addenda:
37
11.6
12.2
11.8
12.0
12.2
12.3
12.4
38
39
153.2
-95.0
161.0
154.3
-114.9
156.7
-88.7
159.2
-84.3
162.5
-117.0
165.6
February 2007
Survey
of
D-23
C u r r e n t B u s in e s s
Table 3.9.1. Percent Change From Preceding Period in Real Government
Consumption Expenditures and Gross Investment
Table 3.9.2. Contributions to Percent Change in Real Government
Consumption Expenditures and Gross Investment
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Government consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross investment2.............
Structures.......................
Equipment and software
Line
2006
I
II
III
2005
2006
IV
IV
2006
2005
I
II
IV
III
Percent change at annual rate:
1
2
3
4
5
0.9
0.9
1.1
-2.0
6.4
2.1
1.6
4.3
3.1
6.2
-1.1
-2.1
4.0
4.3
3.5
4.9
4.4
7.6
5.5
11.1
0.8
-0.5
7.4
10.3
2.6
1.7
2.5
-2.3
-4.5
1.7
3.7
3.7
3.9
6.0
0.3
Federal...........................................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
6
7
8
9
10
1.5
0.9
6.4
-1.6
7.7
2.0
1.4
6.1
-0.9
7.3
-4.6
-6.7
11.1
69.9
3.5
8.8
8.7
8.9
-17.0
14.2
-4.5
-4.4
-4.9
-40.9
2.5
1.3
1.5
0.0
-0.6
0.1
4.5
4.2
6.5
77.6
-1.9
National defense.......................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
1.7
1.2
5.5
-3.5
6.2
8.9
9.1
7.9
-19.0
10.2
-2.0
-4.1
14.1
-10.7
16.1
-1.2
-0.9
-3.1
4.6
-3.6
11.9
10.8
19.7
309.2
7.9
1.1
0.1
8.1
-0.6
11.7
7.1
2.4
43.8
108.3
24.6
8.5
8.1
10.8
-16.1
23.9
-9.3
-5.0
-32.9
-51.4
-24.5
6.5
6.5
6.7
-3.2
10.3
State and local..............................
Consumption expenditures.........
Gross investment........................
Structures...............................
Equipment and software,
21
22
23
24
25
0.5
0.9
-0.9
-2.0
4.2
1.9
1.1
7.3
4.2
7.5
2.2
1.9
3.8
-3.5
6.8
2.1
1.8
3.6
3.4
4.2
-9.9
-10.8
-3.1
11.3
^t.1
Nondefense...............................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
11
12
13
14
15
16
17
18
19
20
1.0
1.0
1.4
0.9
3.7
2.7
1.7
7.0
7.4
5.6
4.0
2.1
12.5
14.8
2.9
1.9
3.1
-3.1
-4.7
4.7
-9.3
-8.2
-16.5
6.4
-23.5
3.3
3.4
2.9
2.6
4.3
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Government consumption
expenditures and gross
investment.........................
1
0.9
2.1
-1.1
4.9
0.8
1.7
3.7
Percentage points at annual
rates:
Consumption expenditures 1
Gross investment2.............
Structures.......................
Equipment and software
2
3
4
5
0.72
0.18
-0.21
0.39
1.37
0.71
0.33
0.38
-1.74
0.66
0.44
0.22
3.65
1.26
0.59
0.67
-0.41
1.22
1.06
0.16
2.06
-0.39
-0.50
0.11
3.04
0.66
0.64
0.02
Federal..........................................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
6
7
8
9
10
0.56
0.28
0.28
-0.01
0.30
0.73
0.45
0.28
-0.01
0.29
-1.73
-2.23
0.49
0.36
0.13
3.17
2.76
0.42
-0.13
0.55
-1.69
-1.45
-0.24
-0.34
0.10
0.47
0.47
0.00
0.00
0.01
1.63
1.32
0.30
0.38
-0.07
National defense.......................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
11
12
13
14
15
0.43
0.26
0.16
-0.01
0.17
0.46
0.25
0.22
0.01
0.21
-2.57
-2.47
-0.10
0.02
-0.12
2.15
1.91
0.24
-0.05
0.28
-0.50
-0.91
0.41
-0.02
0.43
-0.30
-0.20
-0.10
0.01
-0.11
2.79
2.22
0.57
0.35
0.22
Nondefense...............................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
16
17
18
19
20
0.14
0.02
0.12
0.00
0.12
0.26
0.20
0.06
-0.02
0.08
0.84
0.25
0.59
0.33
0.26
1.02
0.85
0.18
-0.09
0.26
-1.19
-0.55
-0.65
-0.31
-0.33
0.77
0.67
0.10
-0.01
0.11
-1.16
-0.89
-0.27
0.03
-0.30
State and lo c a l..............................
Consumption expenditures.........
Gross investment........................
Structures...............................
Equipment and software .......
21
22
23
24
25
0.33
0.44
-0.10
-0.20
0.10
1.36
0.93
0.43
0.34
0.09
0.66
0.49
0.17
0.09
0.08
1.74
0.89
0.85
0.72
0.13
2.50
1.05
1.46
1.39
0.06
1.20
1.59
-0.39
-0.50
0.10
2.08
1.72
0.36
0.27
0.09
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Table 3.9.3. Real Government Consumption Expenditures and
Gross Investment, Quantity Indexes
Table 3.9.4. Price Indexes for Government Consumption Expenditures and
Gross Investment
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2005
2006
2005
IV
Government consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross investment2.............
Structures.......................
Equipment and software
Federal..........................................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
6
7
8
9
10
113.731
113.564
.114.431
104.770
133.146
125.701
124.339
135.726
95.106
144.848
National defense.......................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
11
12
13
14
15
130.593
128.551
145.920
85.263
153.436
Nondefense..............................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
State and local.............................
Consumption expenditures.........
Gross investment........................
Structures..............................
Equipment and software
1
2
3
4
5
2006
I
114.048
113.700
115.649
104.881
136.707
115.423
114.925
117.777
106.305
140.345
128.183
126.063
144.007
94.222
155.422
126.053
123.952
141.739
104.947
149.824
128.728
126.577
144.796
100.160
154.873
133.048
130.008
156.527
88.835
164.938
130.002
127.544
148.703
86.045
156.470
Line
III
I
II
III
IV
127.150
128.869
119.305
134.631
97.027
127.389
128.957
120.225
136.254
97.040
125.482
129.007
103.905
131.073
99.660
125.449
128.935
104.091
132.978
99.635
123.444
125.034
116.192
129.603
96.399
124.791
126.480
117.085
131.056
96.566
6
7
8
9
10
120.726
123.792
101.776
121.970
98.436
124.881
128.371
103.506
130.326
99.304
121.479
124.594
102.226
125.790
98.446
123.721
127.152
102.693
127.651
98.721
126.262
128.065
118.041
132.477
96.915
124.871
128.391
103.336
129.602
99.199
National defense.......................
Consumption expenditures.....
Gross investment....................
Structures..........................
Equipment and software.....
11
12
13
14
15
121.855
125.071
101.628
122.288
99.901
126.006
129.634
103.362
130.212
101.248
122.760
126.061
102.026
126.785
100.044
124.752
128.327
102.438
128.116
100.399
126.006
129.681
103.109
129.674
101.016
126.714
130.375
103.880
130.641
101.772
126.550
130.155
104.021
132.416
101.805
117.474
117.469
117.981
93.580
129.254
Nondefense..............................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
16
17
18
19
20
118.606
121.381
101.913
121.819
94.902
122.765
125.991
103.624
130.359
94.657
119.059
121.810
102.470
125.301
94.603
122.736
125.958
103.623
129.531
94.861
123.154
126.422
103.780
131.261
94.619
123.383
126.641
104.057
133.249
94.447
111.169
110.856
112.363
109.893
123.747
State and lo c a l..............................
Consumption expenditures.........
Gross investment........................
Structures...............................
Equipment and software
21
22
23
24
25
121.463
122.177
118.679
125.737
93.793
127.305
127.973
124.716
133.822
93.133
124.620
125.365
121.716
129.860
93.282
121.787
124.944
103.035
127.394
94.703
125.434
126.112
122.799
131.283
93.263
127.095
127.916
123.893
132.670
93.389
128.147
128.838
125.462
134.866
92.900
128.544
129.024
126.708
136.470
92.979
132.141
128.981
156.631
79.347
166.443
131.740
128.681
155.397
80.239
164.911
135.503
132.030
162.536
114.123
168.065
118.488
118.137
121.448
92.885
134.864
120.370
120.006
123.427
92.137
138.220
21
22
23
24
25
109.762
109.095
112.448
110.517
121.051
110.277
109.944
111.558
109.185
122.449
129.073
126.905
145.269
101.222
155.127
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2006
IV
126.398
128.093
118.664
133.604
96.887
132.808
130.343
151.544
81.631
160.333
16 116.896 119.436 118.971 121.411
17 116.593 118.819 117.362 119.666
18 119.670 124.264 130.801 134.201
19 100.972 97.464 116.262 111.254
20 128.100 136.754 137.125 144.679
108.682
108.536
109.177
106.780
120.176
Government consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross investment2.............
Structures.......................
Equipment and software
Federal..........................................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
2005
121.183
122.768
113.947
125.497
96.580
117.198
116.541
120.352
109.275
141.953
107.954
108.074
107.335
104.901
118.538
2006
1
2
3
4
5
116.136
115.495
119.209
107.690
141.859
127.669
125.614
142.986
87.685
155.865
109.972
109.608
111.386
109.094
121.856
2005
IV
115.657
114.784
119.898
108.939
141.261
127.262
125.156
142.979
87.820
155.821
107.660
107.655
107.563
105.501
116.965
116.104
115.436
119.309
108.052
141.354
II
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
D-24
National Data
February 2007
Table 3.9.5. Government Consumption Expenditures and
Gross Investment
Table 3.9.6. Real Government Consumption Expenditures and
Gross Investment, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Seasonally adjusted at annual rates
2006
I
II
Line
III
Government consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross investment2..............
Structures........................
Equipment and Software-
1
2
3
4
5
2,372.8
1,975.7
397.1
248.9
148.1
2,526.4
2,095.4
431.1
273.3
157.8
2,423.6
2,014.5
409.1
257.3
151.8
2,479.6
2,059.7
419.9
263.7
156.1
2,513.9
2,083.0
430.9
273.2
157.7
2,542.1
2,109.1
433.0
274.5
158.6
2,570.2
2,129.6
440.5
281.9
158.7
Federal...........................................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software......
6
7
8
9
10
878.3
768.6
109.8
15.4
94.4
926.4
808.0
118.4
16.3
102.1
886.2
771.1
115.1
17.5
97.6
921.7
803.6
118.2
17.0
101.2
919.7
802.3
117.4
15.1
102.3
927.2
809.1
118.1
15.3
102.8
937.1
817.0
120.2
17.9
102.3
National defense........................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software......
11
12
13
14
15
589.3
516.9
72.4
5.2
67.2
620.8
541.8
79.0
5.8
73.2
590.9
516.9
74.1
5.4
68.6
616.5
537.7
78.8
5.1
73.7
618.1
539.3
78.8
5.2
73.6
Nondefense................................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software......
16
17
18
19
20
289.0
251.7
37.4
10.2
27.1
305.7
266.2
39.5
10.5
28.9
295.3
254.2
41.1
12.1
29.0
613.5
537.7
75.8
5.2
70.6
308.2
265.9
42.4
11.8
30.6
303.2
264.6
38.6
10.0
28.6
State and local...............................
Consumption expenditures..........
Gross investment.........................
Structures................................
Equipment and software..........
21
22
23
24
25
1,494.4
1,207.2
287.3
233.5
53.8
1,600.0
1,287.4
312.6
257.0
55.6
1,537.4
1,243.4
294.0
239.8
54.2
1,557.9
1,256.2
301.7
246.8
54.9
1,594.2
1,280.7
313.5
258.1
55.4
2006
Government consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross investment2.............
Structures.......................
Equipment and software
2005
2006
IV
I
II
III
IV
1
2
3
4
5
1,958.0
1,609.3
348.5
198.4
153.4
1,998.8
1,635.8
363.3
204.6
162.8
1,963.5
1,611.2
352.2
198.6
157.5
1,987.1
1,628.6
358.6
201.3
161.7
1,991.2
1,626.6
365.1
206.2
162.7
1,999.4
1,636.7
363.0
203.9
163.4
2,017.7
1,651.5
366.5
206.9
163.5
Federal...........................................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
6
7
8
9
10
727.5
620.8
107.9
12.6
95.8
741.9
629.5
114.4
12.5
102.8
729.6
618.9
112.6
14.0
99.1
745.1
632.0
115.1
13.3
102.5
736.6
624.9
113.6
11.7
103.1
738.9
627.2
113.6
11.7
103.1
747.1
633.7
115.4
13.5
102.7
National defense.......................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
11
12
13
14
15
481.4
410.0
72.6
4.3
68.6
491.8
419.0
74.0
4.1
70.3
489.3
414.7
76.5
3.9
73.0
487.8
413.7
75.9
4.0
72.3
501.8
424.5
79.3
5.7
73.7
Nondefense...............................
Consumption expenditures.....
Gross investment....................
Structures...........................
Equipment and software.....
16
17
18
19
20
483.6
413.3
71.2
4.2
67.3
243.7
207.3
36.7
8.4
28.6
492.7
418.0
76.4
4.4
72.3
309.0
269.8
39.3
10.1
29.2
635.0
552.4
82.5
7.5
75.0
302.2
264.5
37.6
10.4
27.3
249.0
211.3
38.1
8.1
30.5
248.0
208.7
40.1
9.7
30.6
253.1
212.8
41.1
9.3
32.3
247.0
210.1
37.2
7.7
30.1
250.9
213.4
37.8
7.7
30.9
244.9
208.9
36.2
7.8
28.9
1,614.9
1,300.0
315.0
259.2
55.8
1,633.0
1,312.6
320.4
264.0
56.4
State and lo ca l..............................
Consumption expenditures.........
Gross investment........................
Structures...............................
Equipment and software.........
Residual..........................................
21
22
23
24
25
26
1,230.4
988.0
242.1
185.7
57.3
-2.1
1,256.8
1,006.0
250.7
192.0
59.7
-3.5
1,233.7
991.9
241.6
184.7
58.1
-3.1
1,242.0
996.1
245.7
188.0
58.9
-3.7
1,254.4
1,001.2
253.1
194.5
59.3
-3.3
1,260.3
1,009.0
251.1
192.2
60.0
-3.8
1,270.5
1,017.4
252.9
193.4
60.7
-3.3
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2005
IV
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Note. Chained (2000) dollar senes are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the
difference between the first line and the sum of the most detailed lines.
February 2007
Survey
of
D-25
C u r r e n t B u s in e s s
Table 3.10.1. Percent Change From Preceding Period in Real Government Consumption Expenditures and
General Government Gross Output
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
I
IV
II
IV
III
Government consumption expenditures 1..........................................................................
Gross output of general government...................................................................................
Value added....................................................................................................................
Compensation of general government employees......................................................
Consumption of general government fixed capital2....................................................
Intermediate goods and services purchased 3................................................................
Durable goods............................................................................................................
Nondurable goods......................................................................................................
Services......................................................................................................................
Less: Own-account investment4.........................................................................................
Sales to other sectors..............................................................................................
1
2
3
4
b
6
7
8
9
10
11
0.9
1.1
0.9
0.6
2.6
1.3
2.5
1.2
1.3
1.4
2.3
1.6
1.7
0.7
0.3
2.8
3.3
3.9
1.5
3.9
4.1
1.8
-2.1
-1.5
0.9
0.7
2.3
-5.3
6.1
0.8
-8.4
5.0
1.6
4.4
3.9
-0.7
-1.4
3.4
11.5
-5.2
3.8
16.3
3.7
1.0
-0.5
0.2
0.8
0.5
2.8
-0.9
0.0
-0.4
-1.1
8.9
3.6
2.5
2.4
2.4
2.3
3.1
2.3
16.2
4.3
0.4
-0.1
1.8
3.7
3.2
1.7
1.5
3.3
5.4
6.7
-3.3
8.7
3.5
0.0
Federal consumption expenditures 1...............................................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods.................................................................................................................
Nondurable goods............................................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
12
13
14
15
16
17
18
19
20
21
22
0.9
1.1
0.6
0.1
2.6
1.8
3.1
0.7
1.8
-0.2
37.2
1.4
1.3
-0.3
-1.1
2.5
3.3
5.1
-6.5
4.4
0.8
-7.9
-6.7
-6.7
1.5
1.2
2.6
-16.0
9.3
-1.4
-20.4
4.0
-17.0
8.7
8.1
-3.5
-5.1
2.6
24.4
-10.2
2.2
32.6
-8.8
-33.1
-4.4
-3.9
-0.1
-0.7
2.3
-8.3
-2.0
-22.3
-7.1
2.5
60.9
1.5
1.3
3.2
3.5
2.1
-1.1
27.3
5.9
-4.8
8.1
-19.2
4.2
3.1
0.2
-0.3
2.0
6.7
9.4
-38.5
13.4
-3.8
-66.4
Defense consumption expenditures 1.....................................................................................
Grass output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods.................................................................................................................
Nondurable goods...........................................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
23
24
25
26
27
28
29
30
31
32
33
1.2
1.3
0.8
0.3
2.5
1.8
2.4
-3.0
2.2
-5.5
21.7
1.1
1.2
-0.7
-1.7
2.3
3.5
5.2
-11.7
5.0
1.5
13.1
-10.8
-11.5
0.9
0.4
2.4
-24.0
9.8
-22.7
-28.6
5.5
-81.3
9.1
9.8
-4.7
-6.9
2.4
29.6
-12.3
-0.6
42.1
-3.9
316.1
-4.1
-3.3
-0.7
-1.6
2.1
S .2
-1.1
-29.8
-4.1
2.1
195.8
-0.9
-1.4
3.7
4.3
1.9
-6.9
29.8
7.1
-12.9
4.1
-46.2
10.8
9.6
0.1
-0.5
1.8
21.6
11.6
-54.0
34.6
2.8
-82.6
Nondefense consumption expenditures 1...............................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods..................................................................................................................
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
0.1
0.9
0.3
-0.2
2.7
1.7
11.8
1.9
1.4
0.4
-0.1
3.0
2.9
4.1
2.4
3.6
2.7
2.6
2.9
5.0
3.1
8.1
4.7
-1.2
-2.1
3.3
13.6
17.8
-5.0
-4.9
1.1
0.8
3.0
-12.9
-11.7
6.5
6.7
2.4
2.4
2.6
13.0
1.1
-8.2
-9.0
0.4
-0.1
2.7
-20.8
-14.6
2.2
0.8
4.3
48.1
-2.0
3.2
0.3
-19.7
10.9
0.2
2.9
71.8
15.5
14.9
-12.6
-74.5
-18.9
-13.1
2.8
-4.9
6.3
14.9
11.4
16.9
-15.1
-22.0
-8.9
-46.2
0.9
1.0
1.0
0.8
2.6
1.0
1.7
1.3
0.9
1.8
1.5
-0.1
0.8
4.0
1.8
1.9
1.1
0.9
3.2
3.3
2.1
3.0
3.5
4.9
2.1
2.4
1.5
2.8
1.0
1.3
0.7
0.5
2.0
2.2
1.8
1.3
2.8
5.3
2.2
4.6
0.1
3.8
1.7
1.9
0.6
0.1
4.0
4.2
2.2
4.1
4.4
7.0
2.1
2.0
2.0
2.4
2.1
2.3
1.2
0.9
3.3
4.1
2.8
4.1
4.1
10.4
2.4
2.4
2.4
2.5
3.1
2.9
2.1
1.8
3.9
4.4
2.2
4.0
4.8
-1.9
2.4
2.4
2.4
2.4
3.4
3.2
2.4
2.2
4.4
4.6
3.0
4.2
5.0
5.3
2.5
2.4
2.4
2.7
Other nondurable goods..............................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
State and local consumption expenditures 1..................................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods..................................................................................................................
Nondurable goods............................................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
Tuition and related educational charges..................................................................
Health and hospital charges....................................................................................
Other sales..............................................................................................................
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
National Data
February 2007
Table 3.10.3. Real Government Consumption Expenditures and
General Government Gross Output, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
IV
Government consumption expenditures 1..........................................................................
Gross output of general government.....................
Value added......................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased 3...
Durable goods..............................................
Nondurable goods........................................
Services.......................................................................................................................
Less: Own-account investment4
Sales to other sectors
1
2
3
4
5
6
7
8
9
10
11
113.564
113.382
106.666
105.633
112.885
125.958
121.957
118.582
128.934
108.787
112.623
115.436
115.308
107.398
105.969
116.100
130.123
126.665
120.382
133.984
113.270
114.695
Federal consumption expenditures1
Gross output of general government
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods
Nondurable goods
Services....
Less: Own-account investment4.............................................................................................
Sales to otner sectors..................................................................................................
12
13
14
15
16
17
18
19
20
21
22
124.339
124.079
106.947
106.928
107.277
153.353
132.188
149.585
157.103
115.435
110.081
Defense consumption expenditures 1.....................................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods.................
Nondurable goods...........
Services..........................
Less: Own-account investment4
Sales to other sectors..
23
24
25
26
27
28
29
30
31
32
33
Nondefense consumption expenditures 1
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods..................................................................................................................
Nondurable goods...................................
Commodity Credit Corporation inventory change........................................................
Other nondurable goods.....................
Services.................................................
Less: Own-account investment4....................
Sales to other sectors.........................
34
35
36
37
38
39
40
41
4?
43
44
45
46
State and local consumption expenditures 1.........
Gross output of general government.......................................................................................
Value added.........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods.................
Nondurable goods............
Services...........................
Less: Own-account investment4
Sales to other sectors..,
Tuition and related educational charges..................................................................
Health and hospital charges
Other sales..............................................................................................................
47
48
49
50
51
52
53
54
55
56
57
58
59
60
2006
I
II
III
IV
114.925
114.712
106.795
105.475
114.812
129.540
123.777
120.087
133.507
111.243
113.676
114.784
114.756
107.014
105.601
115.621
129.256
123.767
119.971
133.128
113.632
114.697
115.495
115.431
107.659
106.206
116.506
129.989
128.501
121.238
133.250
113.615
115.203
116.541
116.333
108.125
106.594
117.463
131.709
130.615
120.232
136.052
114.592
115.203
126.063
125.667
106.590
105.762
109.928
158.451
138.926
139.808
164.050
116.383
101.413
113.700
113.618
106.982
105.844
113.863
126.054
125.453
118.964
128.568
110.242
113.391
123.952
123.736
107.121
106.867
108.320
152.088
138.132
148.933
154.720
117.699
111.937
126.577
126.160
106.167
105.465
109.028
160.611
134.476
149.736
166.028
115.007
101.235
125.156
124.925
106.148
105.274
109.659
157.173
133.782
140.591
163.015
115.717
114.020
125.614
125.317
106.997
106.196
110.238
156.732
142.107
142.615
161.011
117.980
108.103
126.905
126.265
107.049
106.113
110.788
159.287
145.340
126.290
166.146
116.828
82.294
128.551
128.619
108.048
109.389
104.858
163.094
129.812
141.149
173.189
143.678
131.580
130.008
130.166
107.246
107.534
107.260
168.840
136.525
124.653
181.846
145.796
148.882
127.544
127.446
108.206
109.277
105.838
159.574
135.799
138.197
167.614
145.681
100.221
130.343
130.460
106.903
107.336
106.467
170.275
131.412
137.986
182.994
144.245
143.135
128.981
129.366
106.707
106.895
107.024
167.587
131.040
126.313
181.077
145.007
187.707
128.681
128.921
107.674
108.014
107.539
164.630
139.881
128.497
174.913
146.455
160.775
132.030
131.918
107.699
107.891
108.009
172.869
143.768
105.817
188.401
147.476
103.910
116.593
115.974
104.998
103.165
114.097
135.352
163.760
118.819
117.641
105.441
103.088
117.477
139.261
170.546
117.362
117.140
105.200
103.184
115.322
138.297
168.987
119.666
118.495
104.874
102.635
116.260
142.770
176.035
118.137
117.004
105.173
102.838
117.111
137.929
170.628
120.006
118.914
105.810
103.451
117.875
142.201
171.082
117.469
116.152
105.909
103.429
118.661
134.143
164.441
182.531
131.001
100.285
101.312
178.948
135.199
100.587
81.328
179.923
133.788
102.699
117.558
186.530
138.511
99.301
83.558
177.024
133.728
99.986
82.507
179.729
138.457
102.713
85.783
172.509
130.101
100.347
73.463
107.655
108.625
106.536
105.152
118.215
112.652
109.924
114.080
112.139
107.398
112.737
105.537
113.985
116.208
109.608
110.701
107.747
106.070
121.940
116.353
112.265
117.543
116.076
112.700
115.117
108.033
115.748
119.481
108.074
109.116
106.915
105.468
119.137
113.354
110.576
114.608
112.945
108.670
113.474
106.533
114.140
117.672
108.536
109.622
107.065
105.499
120.303
114.528
111.177
115.776
114.163
110.519
114.077
107.065
114.711
118.381
109.095
110.234
107.389
105.748
121.272
115.678
111.953
116.955
115.323
113.298
114.768
107.709
115.399
119.112
109.944
111.034
107.944
106.231
122.433
116.940
112.553
118.112
116.696
112.758
115.453
108.354
116.092
119.817
110.856
111.915
108.591
106.800
123.752
118.267
113.379
119.329
118.122
114.223
116.169
109.004
116.789
120.614
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
February 2007
Survey
of
D-27
C u r r e n t B u s in e s s
Table 3.10.4. Price Indexes for Government Consumption Expenditures and
General Government Gross Output
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2006
2005
IV
I
II
III
IV
Government consumption expenditures 1..........................................................................
Grass output of general government...................................................................................
Value added.....................
Compensation of general government employees......................................................
Consumption of general government fixed capital2....................................................
Intermediate goods and services purchased 3................................................................
Durable goods............
Nondurable goods
Services......................
Less: Own-account investment4
Sales to other sectors
1
2
3
4
5
6
7
8
9
10
11
122.768
122.760
124.718
127.425
110.292
119.320
104.161
130.408
117.323
119.227
122.970
128.093
128.048
129.738
132.606
114.480
125.000
106.242
140.598
121.900
124.074
128.055
125.034
125.031
126.237
128.881
112.121
122.728
104.587
138.589
119.469
120.962
125.310
126.480
126.402
128.170
130.995
113.134
123.245
105.113
136.627
120.800
122.470
126.196
128.065
127.905
129.182
132.042
113.965
125.475
106.044
144.244
121.416
123.723
127.211
128.869
128.809
130.338
133.203
115.085
125.998
106.642
143.337
122.398
124.714
128.726
128.957
129.075
131.263
134.183
115.736
125.283
107.168
138.183
122.985
125.387
130.086
Federal consumption expenditures 1
Gross output of general government
Value added.............
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods
Nondurable goods.
Services...............
Less: Own-account investment4
Sales to other sectors
12
13
14
15
16
17
18
19
20
21
22
127.152
127.083
133.763
142.519
108.456
118.384
103.098
131.526
118.935
128.460
118.459
128.391
128.312
134.390
143.102
109.199
120.254
104.131
139.058
120.289
129.596
118.899
129.007
128.927
134.579
143.038
110.085
121.333
104.650
139.961
121.461
130.047
119.483
128.935
128.865
134.635
143.056
110.246
121.140
105.048
134.527
121.729
130.694
119.955
23
24
25
26
27
28
29
30
31
32
33
128.371
128.297
134.342
142.929
109.496
120.278
104.232
136.268
120.603
129.699
119.199
129.634
129.607
136.412
147.046
110.953
121.007
105.559
151.983
121.243
131.608
123.162
124.594
124.640
129.782
137.540
107.295
117.673
102.780
133.584
117.848
125.626
126.346
Defense consumption expenditures 1
Grass output of general government
Value added.............
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods
Nondurable goods.
Services...............
Less: Own-account investment4
Sales to other sectors
123.792
123.761
129.479
137.416
106.480
116.145
102.688
127.253
116.691
124.946
118.928
125.071
125.063
131.671
141.713
107.623
116,727
103.728
137.758
117.386
126.127
122.661
126.061
126.044
132.009
141.844
108.456
118.382
103.896
148.658
118.490
127.119
121.976
128.327
128.300
135.894
146.796
109.818
118.923
104.288
144.162
119.505
130.097
122.008
129.681
129.649
136.388
147.173
110.581
121.112
105.421
156.904
121.022
131.602
122.699
130.375
130.343
136.686
147.120
111.688
122.204
106.015
158.739
122.144
131.987
123.573
130.155
130.134
136.679
147.094
111.724
121.790
106.510
148.125
122.304
132.748
124.368
Nondefense consumption expenditures 1...............................................................................
Gross output of general government.......................................................................................
Value added.............
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods
Nondurable goods.
Commodity Credit Corporation inventory change........................................................
Other nondurable goods
Services...............
Less: Own-account investment4
Sales to other sectors
34
35
36
37
38
39
40
41
42
43
44
45
46
121.381
121.351
125.685
130.947
103.518
114.981
91.303
125.991
125.874
130.764
136.741
105.722
118.782
89.984
121.810
122.035
125.929
131.059
104.285
116.232
90.620
124.944
124.838
130.080
136.088
104.924
117.305
90.214
125.958
125.836
130.937
136.985
105.616
118.476
90.280
126.422
126.298
130.937
136.904
105.932
119.526
90.040
126.641
126.522
131.104
136.989
106.413
119.822
89.400
115.953
115.631
123.897
116.681
119.433
119.662
128.079
117.334
117.371
116.899
124.336
127.844
117.844
118.138
127.055
116.921
120.175
119.148
127.901
117.159
120.132
120.430
128.402
117.501
119.580
120.931
128.959
117.756
State and local consumption expenditures 1
Gross output of general government
Value added.............
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods.....
Nondurable goods,
Services...............
Less: Own-account investment4
Sales to other sectors
Tuition and related educational charges..................................................................
Health and hospital charges
Other sales...................7.........................................................................................
47
48
49
50
51
52
53
54
55
56
57
58
59
60
122.177
122.293
122.735
123.913
113.684
121.419
106.072
130.870
117.817
117.826
123.047
143.186
121.443
113.066
127.973
127.961
127.822
128.977
118.896
128.136
108.940
141.295
122.946
122.692
128.261
152.772
125.929
116.808
125.365
125.267
124.764
125.841
116.399
126.080
106.986
139.407
120.797
119.808
125.236
146.403
123.593
114.703
126.112
126.097
125.844
126.948
117.285
126.468
107.816
137.466
122.333
121.008
126.372
148.838
124.394
115.580
127.916
127.740
127.015
128.157
118.192
128.939
108.600
145.093
122.317
122.287
127.402
151.492
125.142
116.090
128.838
128.788
128.572
129.745
119.517
129.097
109.313
143.859
123.139
123.398
128.944
154.238
126.441
117.288
129.024
129.218
129.856
131.058
120.591
128.040
110.032
138.759
123.993
124.077
130.326
156.519
127.737
118.274
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
D-28
National Data
February 2007
Table 3.10.5. Government Consumption Expenditures and General
Government Gross Output
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
2006
I
^
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
1,975.7
2,313.8
1,422.9
1,215.7
207.2
890.9
56.0
224.7
610.2
23.5
314.6
2,095.4
2,454.5
1,490.4
1,269.2
221.1
964.1
59.3
245.9
658.8
25.4
333.7
2,014.5
2,361.4
1,444.5
1,232.1
212.4
917.0
57.8
239.5
619.6
24.1
322.8
2,059.7
2,410.3
1,464.0
1,247.9
216.1
946.3
57.4
238.4
650.5
24.7
325.9
2,083.0
2,439.9
1,478.6
1,259.4
219.2
961.3
57.9
251.4
652.0
25.4
331.5
2,109.1
2,471.6
1,500.8
1,277.8
223.1
970.8
60.4
252.5
657.9
25.6
336.9
2,129.6
2,496.1
1,518.0
1,291.9
226.2
978.0
61.7
241.4
674.9
26.0
340.4
Federal consumption expenditures 1
12
Gross output of general government
13
14
Value added........................................................................................................................
Compensation of general government employees...........................................................
15
16
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
17
Durable goods
18
Nondurable goods
19
Services...
20
Less: Own-account investment4
21
Sales to other sectors..................................................................................................
22
768.6
781.9
436.7
343.5
93.2
345.2
32.6
36.0
276.6
4.7
8.7
808.0
820.9
451.6
353.4
98.2
369.3
34.8
36.0
298.5
4.9
8.0
771.1
785.2
438.4
343.6
94.8
346.8
34.1
37.6
275.1
4.8
9.4
803.6
816.3
447.9
351.4
96.5
368.5
33.3
37.3
297.9
4.8
7.9
802.3
816.1
449.9
352.2
97.7
366.3
33.5
37.0
295.8
4.8
9.0
809.1
822.6
454.1
355.1
99.0
368.5
35.7
37.8
295.0
5.0
8.6
516.9
521.4
284.5
215.4
69.1
236.9
31.4
21.3
184.1
2.1
2.4
537.7
543.2
289.3
218.9
70.4
253.9
30.5
20.6
202.8
2.1
3.4
537.7
544.4
289.9
218.6
71.3
254.5
30.8
20.6
203.2
2.2
4.5
539.3
545.4
293.1
220.8
72.3
252.3
33.0
21.2
198.1
2.2
3.9
817.0
828.4
454.5
354.9
99.7
373.9
36.7
32.1
305.1
4.9
6.5
552.4
557.2
293.2
220.5
72.7
264.0
34.1
16.3
213.6
2.2
2.5
254.2
263.9
153.9
128.2
25.7
109.9
2.7
16.3
0.1
16.2
90.9
2.7
7.0
265.9
273.1
158.5
132.4
26.1
114.6
2.8
16.6
-0.3
16.9
95.1
2.6
4.5
264.6
271.8
160.0
133.6
26.4
111.8
2.7
16.4
0.1
16.4
92.6
2.7
4.5
269.8
277.2
161.0
134.3
26.7
116.3
2.7
16.6
0.0
16.6
96.9
2.8
4.7
264.5
271.3
161.3
134.3
27.0
109.9
2.6
15.9
0.0
15.9
91.5
2.7
4.0
1,243.4
1,576.2
1,006.0
888.5
117.6
570.1
23.7
201.9
344.5
19.4
313.4
69.1
148.8
95.5
1,256.2
1,594.0
1,016.2
896.5
119.6
577.8
24.0
201.1
352.6
19.9
318.0
70.6
150.6
96.8
1,280.7
1,623.8
1,028.7
907.2
121.5
595.0
24.4
214.4
356.2
20.6
322.5
72.3
152.4
97.8
1,300.0
1,649.0
1,046.7
922.7
124.1
602.3
24.7
214.7
362.8
20.7
328.3
74.1
154.9
99.4
1,312.6
1,667.6
1,063.5
937.0
126.5
604.1
25.0
209.3
369.8
21.1
333.9
75.6
157.4
100.9
Government consumption expenditures 1..........................................................................
Gross output of general government......................
Value added.......................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased 3....
Durable goods...............................................
Nondurable goods.........................................
Services......................................................................................................................
Less: Own-account investment4
Sales to other sectors
Defense consumption expenditures 1
Gross output of general government
Value added.........................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods..................
Nondurable goods............
Services...........................
Less: Own-account investment4
Sales to other sectors...
23
24
25
26
27
28
29
30
31
32
33
516.9
522.1
283.4
215.4
68.0
238.7
30.0
20.3
188.5
2.1
3.1
Nondefense consumption expenditures 1...............................................................................
Gross output of general government..........................
Value added...........................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased 3.......
Durable goods..................................................................................................................
Nondurable goods............
Commodity Credit Corporation inventory change........................................................
Other nondurable goods
Services...........................
Less: Own-account investment4
Sales to other sectors...
34
35
36
37
38
39
40
41
42
43
44
45
46
251.7
259.8
153.3
128.1
25.2
106.5
2.6
15.7
-0.5
16.3
88.1
2.6
5.5
541.8
547.5
291.4
219.7
71.7
256.2
32.1
19.7
204.4
2.2
3.6
266.2
273.3
160.2
133.7
26.5
113.1
2.7
16.4
-0.1
16.4
94.0
2.7
4.4
State and local consumption expenditures 1..................................................................................
Gross output of general government.......................................................................................
Value added.........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods..................................................................................................................
Nondurable goods............
Services...........................
Less: Own-account investment4
Sales to other sectors...
Tuition and related educational charges..................................................................
Health and hospital charges
Other sales..............
47
48
49
50
51
52
53
54
55
56
57
58
59
60
1,207.2
1,531.9
986.2
872.3
113.9
545.7
23.4
188.7
333.6
18.8
306.0
67.0
146.1
92.9
1,287.4
1,633.6
1,038.8
915.9
122.9
594.8
24.5
209.9
360.4
20.6
325.7
73.1
153.8
98.7
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
February 2007
Survey
of
D-29
C u r r e n t B u s in e s s
Table 3.10.6. Real Government Consumption Expenditures and General
Government Gross Output, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2006
2005
IV
1
II
III
IV
10
11
1,609.3
1,884.8
1,140.9
954.1
187.8
746.7
53.8
172.3
520.1
19.7
255.9
1,635.8
1,916.8
1,148.7
957.1
193.2
771.4
55.8
174.9
540.5
20.5
260.6
1,611.2
1,888.8
1,144.3
956.0
189.5
747.2
55.3
172.9
518.6
20.0
257.6
1,628.6
1,906.9
1,142.3
952.7
191.0
767.9
54.6
174.5
538.6
20.1
258.3
1,626.6
1,907.7
1,144.6
953.8
192.4
766.2
54.6
174.3
537.0
20.6
260.6
1,636.7
1,918.9
1,151.5
959.3
193.9
770.6
56.7
176.2
537.5
20.6
261.7
1,651.5
1,933.9
1,156.5
962.8
195.4
780.7
57.6
174.7
548.8
20.7
261.7
Federal consumption expenditures 1
Gross output of general government
Vaiue added...........
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3....................................................................
Durable goods
Nondurable goods
Services.............
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
12
13
14
15
16
17
18
19
20
21
22
620.8
631.8
337.3
250.0
87.5
297.2
31.8
28.3
237.0
3.7
7.3
629.5
639.9
336.1
247.2
89.7
307.1
33.4
26.4
247.5
3.8
6.7
618.9
630.0
337.8
249.8
88.4
294.8
33.2
28.2
233.4
3.8
7.4
632.0
642.4
334.8
246.5
89.0
311.3
32.3
28.3
250.5
3.7
6.7
624.9
636.1
334.8
246.1
89.5
304.6
32.1
26.6
245.9
3.7
7.5
627.2
638.1
337.4
248.2
90.0
303.8
34.1
27.0
242.9
3.8
7.2
633.7
642.9
337.6
248.1
90.4
308.7
34.9
23.9
250.7
3.8
5.4
Defense consumption expenditures 1
Gross output of general government.
Value added..................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3
Durable goods...........................
Nondurable goods...........................................................................................................
Services.........................
Less: Own-account investment4
Sales to other sectors.
23
24
25
26
27
28
29
30
31
32
33
413.3
417.5
215.2
152.0
63.2
204.5
28.9
14.7
160.6
1.6
2.6
418.0
422.5
213.6
149.4
64.6
211.7
30.4
13.0
168.6
1.7
2.9
410.0
413.7
215.5
151.8
63.7
200.1
30.2
14.4
155.4
1.7
2.0
419.0
423.4
212.9
149.1
64.1
213.5
29.3
14.4
169.7
1.6
2.8
414.7
419.9
212.5
148.5
64.5
210.2
29.2
13.2
167.9
1.6
3.7
424.5
428.2
214.5
149.9
65.1
216.8
32.0
11.0
174.7
1.7
2.0
Nondefense consumption expenditures 1
Gross output of general government.......................................................................................
Value added.............................................
Compensation of general government employees
Consumption of general government fixed capital2........................................................
Intermediate goods and services purchased 3
Durable goods......................................
Nondurable goods.................................
Commodity Credit Corporation inventory change........................................................
Other nondurable goods..............................................................................................
Services.........................
Less: Own-account investment4
Sales to other sectors
34
35
36
37
38
39
40
41
42
43
44
45
46
207.3
214.1
122.0
97.8
24.4
92.6
2.9
13.4
-0.6
14.0
76.2
2.1
4.7
211.3
217.2
122.5
97.7
25.1
95.3
3.0
13.7
0.0
13.7
78.6
2.1
3.8
208.7
216.2
122.2
97.8
24.6
94.6
3.0
13.9
0.1
13.8
77.8
2.2
5.5
212.8
218.7
121.9
97.3
24.8
97.7
3.1
14.1
-0.2
14.3
80.5
2.1
3.9
210.1
216.0
122.2
97.5
25.0
94.3
3.0
13.7
0.1
13.6
77.8
2.1
3.9
413.7
418.4
214.5
150.1
64.8
206.5
31.1
13.4
162.2
1.7
3.1
213.4
219.5
122.9
98.1
25.2
97.3
3.0
13.8
0.0
13.8
80.5
2.2
4.0
State and local consumption expenditures 1
Gross output of general government.......................................................................................
Value added.............................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased 3
Durable goods......................................
Nondurable goods.................................
Services...............................................
Less: Own-account investment4.............................................................................................
Sales to other sectors..................................................................................................
Tuition and related educational charges..................................................................
Health and hospital charges....................................................................................
Other sales..............................................................................................................
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
988.0
1,252.7
803.5
703.9
100.2
449.5
22.1
144.2
283.2
16.0
248.7
46.8
120.3
82.2
-2.1
1,006.0
1,276.6
812.7
710.1
103.4
464.2
22.5
148.6
293.1
16.8
253.9
47.9
122.1
84.5
-4.2
991.9
1,258.3
806.4
706.0
101.0
452.3
22.2
144.9
285.2
16.2
250.3
47.2
120.4
83.2
-2.3
996.1
1,264.2
807.5
706.3
102.0
456.9
22.3
146.3
288.3
16.4
251.6
47.4
121.0
83.7
-4.1
1,001.2
1,271.2
810.0
707.9
102.8
461.5
22.5
147.8
291.2
16.8
253.1
47.7
121.8
84.3
-4.0
1,009.0
1,280.4
814.1
711.2
103.8
466.6
22.6
149.3
294.7
16.8
254.6
48.0
122.5
84.8
-4.0
1,017.4
1,290.6
819.0
715.0
104.9
471.9
22.7
150.8
298.3
17.0
256.2
48.3
123.2
85.3
-5.3
Government consumption expenditures 1..........................................................................
Gross output of general government....................
Value added.....................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased 3..
Durable goods.............................................
Nondurable goods......................................................................................................
Services..
Less: Own-account investment4
Sales to other sectors
1
2
3
4
5
6
7
8
9
208.9
214.4
123.1
98.1
25.4
91.8
2.9
13.3
0.0
13.3
75.7
2.1
3.4
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software in table 3.9.5.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type
quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed
lines.
D-30
National Data
February 2007
Table 3.11.1. Percent Change From Preceding Period in Real National Defense Consumption
Expenditures and Gross Investment by Type
[P e rc e n t]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
National defense consumption expenditures and gross investm ent...................................
1
1.7
Consumption expenditures 1...........................................................................................................
Gross output of general government................................................................................................
Value added................................................................................................................................
Compensation of general government employees...................................................................
Military................................................................................................................................
Civilian................................................................................................................................
Consumption of general government fixed capital2................................................................
Intermediate goods and services purchased 3............................................................................
Durable goods
Aircraft.
Missiles
Ships....
Vehicles...............................................................................................................................
Electronics..........................................................................................................................
Other durable goods
Nondurable goods
Petroleum products
Ammunition....
Other nondurable goods
Services.............
Research and development
Installation support
Weapons support
Personnel support
Transportation of material
Travel of persons
Less: Own-account investment4.....................................................................................................
Sales to other sectors.........................................................................................................
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
Gross investm ent5...........................................................................................................................
Structures........................................................................................................................................
Equipment and software
Aircraft.........
Missiles.......
Ships...........
Vehicles.......
Electronics and software
Other equipment..........................................................................................................................
30
31
32
33
34
35
36
37
38
2006
I
II
III
9.1
9.8
-4.7
-6.9
-8.5
-3.5
2.4
29.6
-12.3
-22.9
-37.8
89.5
21.5
-17.0
5.6
-0.6
1.0
-14.8
7.5
42.1
94.8
6.8
71.3
28.6
10.2
5.0
-3.9
316.1
-2.0
-4.1
-3.3
-0.7
-1.6
-2.3
-0.1
2.1
-6.2
-1.1
-15.8
25.2
4.7
-0.9
5.4
3.1
-29.8
-20.0
-42.3
-37.1
-4.1
0.4
-16.2
-22.7
7.4
-1.3
-5.4
2.1
195.8
-1.2
-0.9
-1.4
3.7
4.3
5.0
2.6
1.9
-6.9
29.8
26.8
-21.9
85.0
62.6
70.6
20.0
7.1
6.2
41.9
-11.3
-12.9
-21.3
-7.6
-33.3
-4.2
3.8
5.2
4.1
-46.2
10.8
9.6
0.1
-0.5
-0.5
-0.3
1.8
21.6
11.6
39.5
29.4
-49.2
-26.7
1.1
6.8
-54.0
-68.9
18.4
-57.3
34.6
23.6
27.3
131.6
31.9
15.0
18.9
2.8
-82.6
7.9
-19.0
10.2
18.0
-38.2
15.5
33.2
-6.9
24.8
14.1
-10.7
16.1
0.9
83.7
64.8
38.5
9.8
-1.4
-3.1
4.6
-3.6
-14.6
-80.7
-24.5
81.4
32.8
12.3
19.7
309.2
7.9
-27.3
449.1
-2.0
-44.2
6.3
19.7
-9.9
8.9
1.2
1.3
0.8
0.3
-0.6
2.3
2.5
1.8
2.4
-10.2
24.0
-5.9
37.7
26.1
-1.7
-3.0
-4.7
5.6
-5.8
2.2
-0.9
-0.8
-0.1
8.4
-2.2
11.1
-5.5
21.7
1.9
1.1
1.2
-0.7
-1.7
-2.3
-0.3
2.3
3.5
5.2
-2.4
5.7
5.6
27.3
15.9
3.9
-11.7
-11.6
-4.7
-14.8
5.0
7.4
-1.9
3.3
9.5
2.7
-2.5
1.5
13.1
-10.8
-11.5
0.9
0.4
1.3
-1.6
2.4
-24.0
9.8
14.4
100.3
-67.6
12.8
7.7
-0.9
-22.7
-37.1
-2.9
-0.5
-28.6
-40.5
-17.2
-49.5
-23.1
9.4
7.2
5.5
-81.3
5.5
-3.5
6.2
21.6
6.4
-8.5
44.9
13.5
-2.9
7.3
4.2
7.5
4.3
13.8
1.1
20.6
11.2
6.6
-3.1
11.3
-4.1
-4.9
314.3
-50.0
-44.9
7.8
0.1
IV
11.9
1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account
investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures.
February 2007
Survey
of
D-31
C u r r e n t B u s in e s s
Table 3.11.3. Real National Defense Consumption Expenditures
and Gross Investment by Type, Quantity Indexes
Table 3.11.4. Price Indexes for National Defense Consumption
Expenditures and Gross Investment by Type
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
IV
National defense
consumption
expenditures and gross
investment.........................
Consumption expenditures 1
Gross output of general
government............................
value added...........................
Compensation of general
government employees...
Military............................
Civilian............................
Consumption of general
government fixed capital2
Intermediate goods and
services purchased 3.........
Durable goods....................
Aiicraft
Missiles..........................
Ships
Vehicles..........................
Electronics......................
Other durable goods.......
Nondurable goods..............
Petroleum products
Ammunition....................
Other nondurable goods
Services.............................
Research and
development...............
Installation support
Weapons support...........
Personnel support..........
Transportation of material
Travel of persons............
Less; Own-account investment4
Sales to other sectors
Gross investm ent5.......................
Structures...................................
Equipment and software.............
Aircraft...................................
Missiles...................................
Ships.....................................
Vehicles..................................
Electronics and software........
Other equipment.....................
Seasonally adjusted
2006
I
II
Line
III
1 130.593 133.048 130.002 132.808 132.141 131.740 135.503
2 128.551 130.008 127.544 130.343 128.981 128.681 132.030
2006
National defense
consumption
expenditures and gross
investment.........................
9
10
11
12
13
14
15
16
17
18
19
20
21
163.094
129.812
104.160
128.465
97.810
143.721
200.845
149.019
141.149
135.949
199.202
123.436
173.189
168.840
136.525
101.697
135.800
103.265
182.974
232.783
154.830
124.653
120.120
189.775
105.161
181.846
159.574
135.799
106.450
148.713
84.079
167.311
225.152
147.784
138.197
132.296
207.138
119.627
167.614
170.275
131.412
99.736
132.061
98.650
175.653
214.920
149.794
137.986
132.636
198.988
121.802
182.994
167.587
131.040
95.525
139.700
99.789
175.243
217.765
150.949
126.313
125.420
173.415
108.465
181.077
164.630
139.881
101.369
131.345
116.386
197.899
248.880
157.981
128.497
127.331
189.258
105.273
174.913
172.869
143.768
110.158
140.095
98.235
183.100
249.569
160.594
105.817
95.094
197.440
85.106
188.401
22
23
24
25
26
27
28
29
184.690
130.523
183.742
205.921
168.245
159.254
143.678
131.580
198.436
128.068
189.822
225.577
172.799
155.278
145.796
148.882
170.603
129.517
173.265
206.460
166.799
152.315
145.681
100.221
201.544
131.661
198.225
219.853
170.900
154.189
144.245
143.135
201.760
125.960
185.876
223.795
170.331
152.072
145.007
187.707
190.054
123.485
167.976
221.404
171.928
154.025
146.455
160.775
200.384
131.167
207.212
237.257
178.038
160.825
147.476
103.910
30
31
32
33
34
35
36
37
38
145.920
85.263
153.436
200.755
151.840
125.840
217.174
141.432
146.192
156.527
88.835
164.938
209.353
172.759
127.197
261.956
157.323
155.837
148.703
86.045
156.470
208.420
189.261
115.745
220.092
151.179
144.000
151.544
81.631
160.333
217.205
167.819
120.001
236.426
148.485
152.199
156.631
79.347
166.443
217.708
195.380
135.964
256.475
151.980
151.670
155.397
80.239
164.911
209.271
129.540
126.726
297.657
163.158
156.150
162.536
114.123
168.065
193.227
198.298
126.100
257.268
165.669
163.328
Gross investm ent5.......................
Structures...................................
Equipment and software.............
Aircraft
Missiles
Ships.
Vehicles
Electronics and software.........
Other equipment.....................
3 128.619 130.166 127.446 130.460 129.366 128.921 131.918
4 108.048 107.246 108.206 106.903 106.707 107.674 107.699
5 109.389 107.534 109.277 107.336 106.895 108.014 107.891
6 112.152 109.535 111.842 109.385 108.738 110.082 109.935
7 104.400 104.059 104.682 103.765 103.732 104.407 104.333
8 104.858 107.260 105.838 106.467 107.024 107.539 108.009
2006
2005
IV
Consumption expenditures 1
Gross output of general
government.............................
Value added............................
Compensation of general
government employees...
Military............................
Civilian............................
Consumption of general
government fixed capital2
Intermediate goods and
services purchased 3..........
Durable goods....................
Aircraft............................
Missiles...........................
Ships...............................
Vehicles..........................
Electronics......................
Other durable goods
Nondurable goods..............
Petroleum products.........
Ammunition.....................
Other nondurable goods
Services..............................
Research and
development...............
Installation support........
Weapons support...........
Personnel support..........
Transportation of material
Travel of persons.............
Less: Own-account investment4
Sales to other sectors
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2005
IV
I
II
III
IV
1 121.855 126.006 122.760 124.752 126.006 126.714 126.550
2 125.071 129.634 126.061
128.327 129.681 130.375 130.155
3 125.063 129.607 126.044 128.300 129.649 130.343 130.134
4 131.671 136.412 132.009 135.894 136.388 136.686 136.679
5 141.713 147.046 141.844 146.796 147.173 147.120 147.094
6 146.516 151.977 146.573 151.951 152.024 152.005 151.931
7 132.396 137.479 132.675 136.805 137.760 137.643 137.709
8 107.623 110.953 108.456 109.818 110.581
111.688 111.724
9
10
11
12
13
14
15
16
17
18
19
20
21
116.727
103.728
104.937
105.609
106.894
117.881
93.937
104.060
137.758
184.637
111.615
107.787
117.386
121.007
105.559
106.834
107.311
109.909
118.109
95.165
106.388
151.983
216.030
119.200
110.669
121.243
118.382
103.896
104.933
105.262
107.871
118.410
93.767
104.730
148.658
214.186
112.270
108.830
118.490
118.923
104.288
105.222
106.187
108.235
118.073
93.899
105.365
144.162
199.547
114.872
109.264
119.505
121.112
105.421
106.750
107.151
109.735
118.643
94.873
106.211
156.904
229.490
119.216
110.729
121.022
122.204
106.015
107.422
108.008
110.506
116.532
95.720
106.830
158.739
232.587
121.128
111.252
122.144
121.790
106.510
107.942
107.897
111.162
119.188
96.169
107.145
148.125
202.497
121.584
111.432
122.304
22
23
24
25
26
27
28
29
115.975
119.578
114.430
116.705
124.019
121.155
126.127
122.661
120.360
123.753
117.709
120.035
127.041
125.731
131.608
123.162
117.453
120.566
115.459
117.355
125.491
122.998
127.119
121.976
118.530
121.821
116.397
118.523
124.984
123.160
130.097
122.008
120.063
123.346
117.528
119.528
128.077
127.507
131.602
122.699
121.138
124.895
118.027
120.527
129.539
129.096
131.987
123.573
121.707
124.948
118.882
121.563
125.564
123.161
132.748
124.368
30
31
32
33
34
35
36
37
38
101.628
122.288
99.901
86.839
102.142
118.372
99.263
89.167
105.822
103.362
130.212
101.248
85.409
101.630
128.357
98.941
88.628
107.956
102.026
126.785
100.044
85.933
101.402
120.674
99.866
88.413
106.590
102.438
128.116
100.399
85.092
102.223
123.783
99.343
88.472
107.120
103.109
129.674
101.016
85.464
100.889
127.160
99.159
88.727
107.688
103.880
130.641
101.772
86.101
101.904
131.255
96.964
88.708
108.387
104.021
132.416
101.805
84.979
101.504
131.232
100.297
88.604
108.629
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
D-32
National Data
February 2007
Table 3.11.5. National Defense Consumption Expenditures
and Gross Investment by Type
Table 3.11.6. Real National Defense Consumption Expenditures
and Gross Investment by Type, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
.ine
2005
2006
2005
IV
National defense
consumption expenditures
and gross investment.......
Seasonally adjusted at annual rates
2006
I
II
Line
III
2006
2005
IV
2006
I
II
III
IV
National defense
1
589.3
620.8
590.9
613.5
616.5
618.1
635.0
2
516.9
541.8
516.9
537.7
537.7
539.3
552.4
Consumption expenditures 1.......
Gross output of general
government.............................
Value added............................
Compensation of general
government employees....
Military.............................
Civilian.............................
Consumption of general
government fixed capital2
Intermediate goods and
services purchased 3..........
Durable goods.....................
Aircraft.............................
Missiles...........................
Ships...............................
Vehicles...........................
Electronics.......................
Other durable goods........
Nondurable goods...............
Petroleum products.........
Ammunition.....................
Other nondurable goods...
Services..............................
Research and
development................
Installation support..........
Weapons support............
Personnel support...........
Transportation of material
Travel of persons.............
Less: Own-account investment4
Sales to other sectors.....
Gross investm ent5........................
Structures....................................
Equipment and software..............
Aircraft.....................................
Missiles....................................
Ships.......................................
Vehicles...................................
Electronics and software.........
Other equipment......................
30
31
32
33
34
35
36
37
38
3
4
522.1
283.4
547.5
291.4
521.4
284.5
543.2
289.3
544.4
289.9
545.4
293.1
557.2
293.2
5
6
7
215.4
146.9
68.4
219.7
148.9
70.8
215.4
146.6
68.8
218.9
148.6
70.3
218.6
147.8
70.8
220.8
149.6
71.2
220.5
149.4
71.1
8
68.0
71.7
69.1
70.4
71.3
72.3
72.7
9
10
11
12
13
14
15
16
17
18
19
20
21
238.7
30.0
10.7
3.3
1.4
1.3
5.5
7.7
20.3
10.2
4.0
6.1
188.5
256.2
32.1
10.7
3.6
1.5
1.7
6.5
8.2
19.7
10.3
4.1
5.3
204.4
236.9
31.4
11.0
3.8
1.2
1.5
6.2
7.7
21.3
11.2
4.2
5.9
184.1
253.9
30.5
10.3
3.4
1.4
1.6
5.9
7.8
20.6
10.4
4.1
6.1
202.8
254.5
30.8
10.0
3.7
1.4
1.6
6.0
8.0
20.6
11.3
3.7
5.5
203.2
252.3
33.0
10.7
3.5
1.7
1.8
7.0
8.4
21.2
11.7
4.2
5.3
198.1
264.0
34.1
11.7
3.7
1.4
1.7
7.0
8.6
16.3
7.6
4.4
4.3
213.6
22
23
24
25
26
27
28
29
56.3
38.9
20.2
55.2
9.0
9.1
2.1
3.1
72.4
5.2
67.2
13.5
4.2
9.8
3.9
12.8
23.0
62.8
39.5
21.4
62.1
9.4
9.2
2.2
3.6
52.7
38.9
19.2
55.6
9.0
8.8
2.1
2.4
62.8
40.0
22.1
59.8
9.2
8.9
2.1
3.4
63.7
38.7
20.9
61.4
9.4
9.1
2.2
4.5
60.5
38.4
19.0
61.2
9.6
9.3
2.2
3.9
64.1
40.8
23.6
66.2
9.6
9.3
2.2
2.5
79.0
5.8
73.2
13.9
4.7
10.8
4.7
14.1
25.0
74.1
5.4
68.6
13.9
5.2
9.2
4.0
13.5
22.8
75.8
5.2
70.6
14.3
4.6
9.8
4.3
13.3
24.3
78.8
5.1
73.7
14.4
5.3
11.4
4.7
13.6
24.3
78.8
5.2
73.6
14.0
3.6
11.0
5.3
14.6
25.2
82.5
7.5
75.0
12.7
5.4
10.9
4.7
14.8
26.4
ditures are defense services produced by government that are valued at their
cost of production. Excludes government sales to other sectors and government own-account investment (construction
and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and
related expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2005
IV
expenditures and gross
investment.........................
Consumption expenditures 1.......
Gross output of general
government.............................
Value added............................
Compensation of general
government employees...
Military............................
Civilian............................
Consumption of general
government fixed capital2
Intermediate goods and
services purchased 3..........
Durable goods....................
Aircraft............................
Missiles...........................
Ships...............................
Vehicles..........................
Electronics......................
Other durable goods.......
Nondurable goods..............
Petroleum products.........
Ammunition.....................
Other nondurable goods
Services..............................
Research and
development...............
Installation support.........
Weapons support...........
Personnel support..........
Transportation of material
Travel of persons.............
Less: Own-account investment4
Sales to other sectors.....
Gross investm ent5.......................
Structures...................................
Equipment and software.............
Aircraft....................................
Missiles...................................
Ships.......................................
Vehicles..................................
Electronics and software.........
Other equipment.....................
Residual..........................................
1
483.6
492.7
481.4
491.8
489.3
487.8
501.8
2
413.3
418.0
410.0
419.0
414.7
413.7
424.5
3
4
417.5
215.2
422.5
213.6
413.7
215.5
423.4
212.9
419.9
212.5
418.4
214.5
428.2
214.5
5
6
7
152.0
100.3
51.7
149.4
98.0
51.5
151.8
100.0
51.8
149.1
97.8
51.4
148.5
97.2
51.4
150.1
98.4
51.7
149.9
98.3
51.7
8
63.2
64.6
63.7
64.1
64.5
64.8
65.1
9
10
11
12
13
14
15
16
17
18
19
20
21
204.5
28.9
10.2
3.2
1.3
1.1
5.9
7.4
14.7
5.5
3.6
5.6
160.6
211.7
30.4
10.0
3.3
1.4
1.4
6.8
7.7
13.0
4.9
3.4
4.8
168.6
200.1
30.2
10.5
3.6
1.1
1.3
6.6
7.3
14.4
5.4
3.8
5.5
155.4
213.5
29.3
9.8
3.2
1.3
1.4
6.3
7.4
14.4
5.4
3.6
5.6
169.7
210.2
29.2
9.4
3.4
1.3
1.4
6.4
7.5
13.2
5.1
3.1
4.9
167.9
206.5
31.1
10.0
3.2
1.5
1.5
7.3
7.9
13.4
5.2
3.4
4.8
162.2
216.8
32.0
10.8
3.4
1.3
1.4
7.3
8.0
11.0
3.9
3.6
3.9
174.7
22
23
24
25
26
27
28
29
48.5
32.5
17.6
47.3
7.2
7.5
1.6
2.6
52.1
31.9
18.2
51.8
7.4
7.3
1.7
2.9
44.8
32.3
16.6
47.4
7.2
7.1
1.7
2.0
53.0
32.8
19.0
50.5
7.3
7.2
1.6
2.8
53.0
31.4
17.8
51.4
7.3
7.1
1.6
3.7
49.9
30.8
16.1
50.8
7.4
7.2
1.7
3.1
52.6
32.7
19.9
54.4
7.7
7.5
1.7
2.0
30
31
32
33
34
35
36
37
38
39
71.2
4.2
67.3
15.6
4.1
8.3
4.0
14.3
21.7
-4.0
76.4
4.4
72.3
16.2
4.6
8.4
4.8
15.9
23.2
-6.7
72.6
4.3
68.6
16.2
5.1
7.6
4.0
15.3
21.4
-4.8
74.0
4.1
70.3
16.8
4.5
7.9
4.3
15.0
22.6
-6.1
76.5
3.9
73.0
16.9
5.3
9.0
4.7
15.4
22.6
-6.8
75.9
4.0
72.3
16.2
3.5
8.3
5.4
16.5
23.2
-6.4
79.3
5.7
73.7
15.0
5.3
8.3
4.7
16.8
24.3
-8.1
1. National defense consumption expenditures are defense services produced by government that are valued at their
cost of production. Excludes government sales to other sectors and government own-account investment (construction
and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and
related expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is
the difference between the first line and the sum of the most detailed lines.
February 2007
Survey
of
D-33
C u r r e n t B u s in e s s
4. Foreign Transactions
Table 4.1. Foreign Transactions in the National Income and Product Accounts
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
1
1,816.5
Exports of goods and services.........................................................................................................
2
Goods 1...........................................................................................................................................
3
Durable....
4
Nondurable
5
281.9
6
Services 1....
1,303.1
907.5
625.6
318.2
395.6
7
8
q
m
Current receipts from the rest of the w orld.............................................................................
Income receipts
III
IV
2,109.5
2,170.7
1,352.4
944.3
662.5
281.8
408.1
1,405.4
989.3
689.1
300.3
416.0
1,448.1
1,019.1
705.0
314.1
429.0
1,488.3
1,055.8
726.8
329.0
432.5
564.9
3.0
561.9
201.3
453.3
-92.8
603.3
2.9
600.4
224.1
150.7
225.6
661.4
2.9
658.5
256.5
150.8
251.2
682.3
2.9
679.4
270.5
162.2
246.6
2,785.4
2,824.8
2,952.0
3,037.6
2,127.8
1,799.3
1,049.9
749.4
328.5
2,170.6
1,832.6
1,095.8
736.8
338.1
2,229.8
1,879.0
1,112.2
766.8
350.8
2,290.1
1,938.8
1,143.7
795.1
351.3
552.4
9.3
543.1
378.9
87.3
77.0
574.3
9.2
565.1
414.8
63.1
87.1
638.6
9.2
629.4
467.3
69.0
93.1
665.7
9.2
656.4
482.2
81.6
92.6
105.2
47.6
30.6
26.9
79.9
45.2
14.9
19.9
83.5
48.7
15.6
19.3
81.9
48.8
15.8
17.3
-771.4
-868.2
-816.1
-842.6
-867.0
-775.8
-771.4
4.4
-870.2
-868.2
2.1
-823.1
-816.1
7.0
-846.1
-842.6
3.5
-868.7
-867.0
1.7
11
1?
Current payments to the rest of the world................................................................. .............
13
2,587.9
Imports of goods and services
Goods 1...............................
Durable...........................
Nondurable.....................
Services 1.......................................................................................................................................
14
15
16
17
18
2,019.9
1,699.0
1,017.5
681.5
320.9
Income payments..................
Wage and salary payments..
Income payments on assets
Interest............................
Dividends....................................................................................................................................
Reinvested earnings on foreign direct investment in the United States.......................................
19
?n
?1
??
?3
?4
481.5
9.2
472.2
331.2
81.8
59.2
Current taxes and transfer payments to the rest of the world (net)..............................................
From persons (net)..........................................................................................................................
From government (net)...................................................................................................................
From business (net)........................................................................................................................
25
26
27
28
86.6
47.1
26.1
13.3
.10
31
3?
II
2,008.7
Income receipts on assets
Interest................
Dividends............
Reinvested earnings on U.S. direct investment abroad...............................................................
Balance on current account, NIRAs.........................................................................................
I
1,917.3
513.3
2.9
510.4
172.4
320.0
18.0
Addenda:
Net lending or net borrowing (-), NIFAs...........................................................................................
Balance on current account, NIRte..............................................................................................
Less: Capital account transactions (net)2...................................................................................
2006
1,466.2
1,035.7
717.5
430.5
2,228.0
1,878.4
1,123.9
754.6
349.6
81.7
48.1
15.1
18.6
1,523.2
1,078.6
749.1
329.5
444.6
2,221.5
1,863.4
1,143.8
719.5
358.1
81.4
49.6
14.0
17.8
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclas
sified from goods to services.
2. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
D-34
National Data
Table 4.2.1. Percent Change From Preceding Period in Real Exports and in
Real Imports of Goods and Services by Type of Product
February 2007
Table 4.2.2. Contributions to Percent Change in Real Exports and in
Real Imports of Goods and Services by Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Exports of goods and
services..........................
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Exports of services 1................
Transfers under U.S. military
agency sales contracts........
Travel......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other.......................................
Imports of goods and
services..........................
Imports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Imports of services 1.................
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
O ther.......................................
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods 2
Exports of nonagricultural
goods...................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
Line
2006
2006
I
II
2005
IV
III
IV
1
6.8
8.9
9.6
14.0
6.2
6.8
10.0
2
3
7.5
5.6
10.5
8.8
11.5
11.8
17.3
15.8
6.0
20.7
9.4
13.2
8.8
-21.3
4
5
6
2.6
8.0
-0.2
7.9
10.2
6.7
-10.3
11.1
-20.6
26.5
8.0
38.9
14.4
4.8
20.3
3.1
4.3
2.4
13.8
20.1
10.3
7
9.2
13.6
28.3
16.3
6.6
5.6
15.6
8
16.7
19.3
69.9
55.2
-20.9
0.1
75.7
9
10
15.3
6.6
10.0
12.8
3.9
24.8
9.8
9.0
12.0
14.1
-0.1
7.9
19.6
3.2
11
9.3
7.5
13.6
2.7
-4.6
26.9
-14.1
12
13
14
15
11.0
15.1
6.6
8.9
10.6
13.2
7.5
6.8
11.7
9.1
14.8
0.2
1.1
12.5
-11.2
-19.7
15.2
9.5
22.8
24.0
14.6
16.9
12.0
14.7
16
5.1
5.2
5.5
15.7
16.8
14.5
20.5
6.7
6.7
0.8
13.0
17
18
19
20
21
22
23
19.4
5.3
3.0
-0.8
5.9
5.9
-2.7
-12.4
1.7
3.5
7.3
4.5
9.2
2.8
-53.3
-3.6
10.5
1.2
11.3
20.8
-5.8
2.5
4.4
11.9
28.8
1.1
4.1
7.2
-14.7
8.7
-24.4
12.8
11.3
9.7
4.1
-20.5
-1.8
-4.4
-2.4
-3.5
7.1
5.1
29.0
25.1
16.5
8.6
1.3
11.7
6.6
24
6.1
5.8
13.2
9.1
1.4
5.6
-3.2
25
26
6.7
3.7
5.9
6.4
14.1
1.9
9.4
16.5
-0.1
-4.8
7.1
10.4
-5.0
-2.4
27
28
29
30
6.8
7.5
6.1
2.3
4.0
10.0
-1.5
-2.4
15.6
29.1
4.3
40.6
1.9
25.2
-17.4
-4.8
-1.2
-6.8
6.0
-18.3
14.2
24.6
2.1
7.1
-18.7
-19.8
-17.2
-21.2
31
11.2
11.6
9.7
16.1
11.6
13.5
-0.7
32
2.4
6.9
19.7
50.1
-14.1
-3.9
47.2
33
34
14.3
11.0
18.2
9.9
9.3
9.0
34.3
7.6
17.0
12.7
18.4
13.6
-3.2
-3.6
35
3.9
6.3
15.6
14.3
-1.3
-8.3
-2.8
36
37
38
39
8.2
10.9
5.1
3.0
8.1
8.2
8.1
1.1
12.1
9.0
15.9
-22.4
8.4
10.9
5.5
44.1
5.7
-4.2
18.6
1.9
15.2
16.3
14.0
-28.6
15.6
22.0
8.3
-19.2
40
41
42
43
44
45
46
47
2.8
-5.9
-1.4
5.5
5.2
2.3
6.9
0.7
5.3
-2.7
-0.7
2.6
7.1
6.4
11.7
0.4
8.3
1.5
11.9
-6.3
17.8
-9.2
11.9
1.6
7.4
-2.7
-5.4
1.1
12.4
37.7
12.0
0.7
9.9
-11.0
15.4
25.0
8.7
-2.8
14.4
-0.6
-2.6
-1.5
-18.6
-21.2
14.1
-9.2
6.0
-0.2
6.7
-2.1
10.0
11.4
5.2
-13.3
12.4
2.1
48
49
50
9.6
3.0
5.2
11.9
7.3
8.8
20.5
-6.8
6.4
13.2
27.4
23.8
4.1
10.4
19.1
9.4
9.6
2.1
11.3
3.3
-21.8
51
52
53
54
7.7
8.5
4.0
7.4
10.6
8.9
1.5
7.4
11.9
11.7
17.8
9.7
16.8
16.8
-0.5
12.3
5.1
2.0
-3.0
3.9
10.0
8.1
5.8
7.2
11.5
-0.7
-11.2
-1.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to
services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable
nonautomotive consumer goods.
2005
2006
I
II
III
IV
Percent change at annual rate:
Exports of goods and
services..........................
1
6.8
8.9
9.6
14.0
6.2
6.8
10.0
2
3
5.20
0.26
7.29
0.40
7.94
0.52
11.92
0.69
4.22
0.86
6.58
0.59
6.25
-1.10
4
5
6
0.45
0.47
-0.02
1.43
0.65
0.78
-1.86
0.68
-2.54
4.36
0.52
3.83
2.48
0.32
2.16
0.58
0.29
0.29
2.48
1.30
1.17
7
2.55
3.73
7.24
4.59
1.85
1.58
4.24
8
0.71
0.90
2.54
2.40
-1.21
0.00
2.99
9
10
0.53
1.31
0.34
2.49
0.14
4.56
0.34
1.85
0.38
2.67
0.00
1.58
0.59
0.65
11
0.69
0.57
1.02
0.22
-0.35
1.81
-1.10
12
13
14
15
0.95
0.68
0.27
0.30
0.93
0.63
0.30
0.23
1.02
0.44
0.58
0.01
0.10
0.57
-0.47
-0.72
1.97
1.29
0.46
0.83
0.73
0.25
1.25
0.79
0.46
0.48
Percentage points at annual
rates:
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Exports of services 1.................
Transfers under U.S. military
agency sales contracts........
Travel.......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
16
1.55
1.59
1.71
1.39
0.80
0.59
0.68
2.07
17
18
19
20
21
22
23
0.24
0.34
0.05
-0.03
0.26
0.73
-0.04
-0.17
0.11
0.06
0.25
0.20
1.11
0.04
-1.04
-0.23
0.17
0.04
0.48
2.36
-0.08
0.03
0.27
0.19
0.90
0.05
0.53
0.09
-0.18
0.50
-0.42
0.41
0.47
1.14
0.05
-0.25
-0.10
-0.07
-0.08
-0.15
0.84
0.06
0.29
1.38
0.23
0.28
0.06
1.41
0.08
24
6.1
5.8
13.2
9.1
1.4
5.6
-3.2
25
26
5.62
0.13
4.94
0.22
11.88
0.07
7.90
0.54
-0.05
-0.16
5.98
0.33
-4.27
-0.08
27
28
29
30
0.87
0.49
0.38
0.26
0.52
0.65
-0.13
-0.30
2.03
1.74
0.28
4.85
0.27
1.55
-1.29
-0.67
-0.15
-0.50
0.35
-2.78
1.77
1.65
0.12
1.01
-2.70
-1.65
-1.06
-3.15
-0.13
3.73
Percent change at annual rate:
Imports of goods and
services..........................
Percentage points at annual
rates:
Imports of goods 1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services 1.................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other........................................
31
2.08
2.12
1.82
2.88
2.05
2.41
32
0.03
0.09
0.23
0.53
-0.19
-0.05
0.50
33
34
0.66
1.39
0.79
1.25
0.43
1.17
1.38
0.96
0.72
1.53
0.78
1.68
-0.15
-0.48
35
0.48
0.74
1.81
1.65
-0.15
-0.97
-0.32
36
37
38
39
1.66
1.17
0.49
0.14
1.59
0.87
0.73
0.05
2.38
0.98
1.40
-1.06
0.46
-0.10
-0.05
0.07
0.16
0.03
0.34
0.00
0.83
-0.04
-0.02
0.03
0.22
0.08
0.57
0.00
1.32
0.02
0.39
-0.08
0.52
-0.11
0.58
0.01
1.07
-0.45
1.52
0.08
1.49
-0.16
0.46
0.29
0.25
-0.04
0.69
0.00
2.80
1.60
1.20
-1.38
-0.40
-0.02
-0.66
-0.30
0.39
-0.12
0.30
0.00
2.93
2.19
0.74
-0.82
40
41
42
43
44
45
46
47
1.64
1.15
0.49
1.61
1.15
-0.04
-0.18
0.01
0.37
0.40
0.58
0.00
1.02
-0.03
0.31
0.14
0.15
-0.17
0.62
0.01
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
February 2007
Survey
of
D-35
C u r r e n t B u s in e s s
Table 4.2.3. Real Exports and Imports of Goods and Services
by Type of Product, Quantity Indexes
Table 4.2.4. Price Indexes for Exports and Imports of Goods and Services
by Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2005
2006
2005
IV
Exports of goods and
services..........................
Line
2006
I
II
III
1 109.105 118.796 112.054 115.783 117.536 119.495 122.371
2 107.507 118.777 111.027 115.535 117.228 119.898 122.446
3 101.447 110.413 102.645 106.488 111.621 115.124 108.421
12 127.235 140.705 131.801 136.707 137.093 142.043 146.979
13 131.759 149.171 137.358 142.791 147.050 150.435 156.410
14 122.322 131.512 125.763 130.094 126.284 132.931 136.738
15 91.957 98.250 94.244 98.749 93.488 98.661 102.100
Exports of services 1................
Transfers under U.S. military
agency sales contracts........
Travel......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other......................................
17
18
19
20
21
22
23
Imports of goods and
services..........................
4 107.833 116.353 105.673 112.078 115.906 116.792 120.638
5 98.919 109.044 104.254 106.269 107.520 108.645 113.743
6 113.494 121.083 106.719 115.851 121.333 122.064 125.084
117.993 110.480 114.725 116.563 118.157 122.528
8 103.567 123.537 111.470 124.414 117.316 117.334 135.083
9 101.824 112.005 105.896 108.409 111.517 111.492 116.600
10 104.790 118.225 111.535 113.977 117.807 120.078 121.037
11 118.503 127.447 125.128 125.976 124.494 132.129 127.189
16 113.118 119.031 114.693 116.564 118.463 118.712 122.386
136.148
90.829
73.532
113.820
118.215
134.469
102.887
119.295
92.379
76.112
122.077
123.569
146.803
105.789
123.654
88.889
77.656
111.794
121.215
140.579
102.124
124.407
89.850
79.862
119.089
121.551
142.014
103.914
119.562
91.735
74.462
122.718
124.840
145.332
104.960
112.900
91.331
73.631
121.982
123.746
147.856
106.281
120.310
96.598
76.492
124.519
124.137
152.010
108.002
24 123.007 130.107 126.377 129.146 129.608 131.378 130.298
Imports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts...............................
Computers, peripherals, and
parts................................
Other..................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other......................................
25 124.640 131.940 128.331 131.236 131.218 133.503 131.801
26 130.080 138.465 133.045 138.226 136.554 139.972 139.109
36
37
38
39
145.091
152.070
137.669
102.828
Imports of services 1.................
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other......................................
40
41
42
43
44
45
46
47
115.170
146.715
85.774
89.466
116.843
132.485
145.354
109.179
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods 2
Exports of nonagricultural
goods..................................
Imports of durable goods
Imports of nondurable goods....
Imports of nonpetroleum goods
27
28
29
30
124.516
129.471
119.572
117.307
129.547
142.391
117.720
114.485
86.106
92.050
158.709 164.551
165.001 173.421
152.034 155.104
100.942 95.702
116.954
147.388
85.753
89.837
117.312
133.554
151.602
109.471
119.055
146.392
84.568
90.088
120.798
144.675
155.946
109.667
121.896
142.187
87.650
95.250
123.349
143.654
161.263
109.496
121.100
141.642
83.245
89.751
127.482
140.211
163.618
109.436
Imports of services 1.................
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
126.581
139.756
114.319
108.976
83.894
92.853
89.382
88.490
97.474
35 118.057 125.518 123.221 127.403 126.991 124.286 123.394
123.080
140.876
85.262
92.206
129.101
135.293
168.459
110.017
48 107.101 119.856 113.262 116.815 117.999 120.666 123.943
49 109.802 117.821 107.389 114.084 116.936 119.646 120.619
50 101.382 110.329 102.485 108.099 112.931 113.519 106.766
51
52
53
54
108.165
125.519
124.267
125.768
119.660
136.748
126.072
135.134
111.899
129.834
126.999
129.327
116.323
134.971
126.830
133.131
117.765
135.633
125.883
134.425
120.609
138.309
127.656
136.767
123.943
138.079
123.920
136.212
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable
nonautomotive consumer goods.
Imports of goods and
services..........................
153.195
158.898
147.147
109.807
133.316
147.703
119.846
115.680
33 155.319 183.524 162.326 174.749 181.738 189.578 188.033
34 113.789 125.022 118.385 120.560 124.213 128.241 127.073
156.890
164.485
148.820
103.933
121.282
142.774
85.182
91.824
125.182
140.958
162.321
109.654
Exports of services 1.................
Transfers under U.S. military
agency sales contracts........
Travel.......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
151.104
160.621
140.995
109.283
128.956
139.807
119.216
113.702
31 120.594 134.625 125.060 129.823 133.442 137.738 137.497
32
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts...............................
Computers, peripherals, and
parts................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
148.093
156.529
139.130
99.746
129.337
142.299
117.500
119.584
2005
IV
Exports of goods and
services..........................
Imports of goods 1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts...............................
Other...................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive..........................
Durable goods.....................
Nondurable goods...............
Other........................................
128.729
134.534
123.254
121.068
2006
IV
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other...................................
Automotive vehicles, engines,
and parts............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
7 103.891
2005
Addenda:
Exports of durable goods.........
Exports of nondurable goods....
Exports of agricultural goods2
Exports of nonagricultural
goods..................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
2006
I
II
III
IV
1 108.949 112.581 110.108 110.737 112.400 113.631 113.558
2 107.628 111.163 108.450 109.192 110.852 112.286 112.323
3 121.396 126.077 121.758 122.087 123.100 127.294 131.826
4 126.641 138.087 130.596 132.748 138.162 141.774 139.666
5 126.819 142.544 129.080 134.752 142.545 146.149 146.731
6 126.371 135.271 131.214 131.308 135.386 138.993 135.398
7
97.788
98.560
97.423
97.800
98.357
98.838
99.244
8 122.042 126.910 123.363 125.280 126.753 127.244 128.363
9
10
80.519
96.557
76.884
97.469
77.761
96.393
77.934
96.507
77.094
97.172
76.435
97.885
76.073
98.310
11 103.523 104.793 103.941
104.215 104.636 105.038 105.281
12
13
14
15
102.184
101.689
102.747
113.279
101.755
101.606
101.901
111.135
103.088
102.651
103.579
115.530
101.892
101.771
102.007
112.368
102.867
102.405
103.388
115.170
103.633
103.188
104.132
116.790
103.670
103.320
104.051
116.880
16 112.115 115.952 114.080 114.430 116.098 116.815 116.463
17
18
19
20
21
22
23
103.662
109.135
137.593
124.536
112.332
107.635
120.959
106.924
113.661
138.209
132.084
116.186
110.928
122.252
105.137
111.265
133.733
134.803
113.908
108.404
123.267
105.674
111.833
132.775
131.495
114.658
109.532
122.703
106.575
114.587
138.013
133.436
115.796
110.600
123.341
107.503
115.205
140.918
134.401
116.385
111.271
122.373
107.944
113.020
141.130
129.006
117.905
112.309
120.593
24 111.268 116.057 114.117 113.918 116.608 118.143 115.559
25 109.622 114.521 112.790 112.331 115.197 116.824 113.731
26 113.852 118.150 115.427 116.617 116.628 118.729 120.627
27
28
29
30
123.104
117.748
128.925
178.639
130.530
129.241
130.360
219.252
132.065
117.929
147.671
201.102
128.709
121.580
135.882
200.744
129.290
128.973
127.928
232.096
131.928
132.998
128.778
242.182
132.195
133.413
128.851
201.983
31
90.618
89.835
89.830
89.758
89.726
89.921
89.936
32 113.386 117.590 114.529 116.052 117.306 118.023 118.979
33
34
66.928 61.927
99.027 100.155
64.567
98.925
63.393
99.326
62.125 61.319 60.871
99.885 100.604 100.806
35 103.575 103.967 103.762 103.519 103.810 104.197 104.343
36 99.547 100.062 99.432 99.636
37 96.665 97.547 96.437 96.739
38 102.810 102.859 102.830 102.909
39 107.658 110.391 109.418 109.308
40 119.933 124.069 120.913 122.242
41 152.087 159.797 151.195 152.061
42 124.639 129.444 123.525 125.440
43 120.026 126.680 121.874 123.509
44 128.305 127.163 132.827 130.301
45 112.299 116.146 113.869 114.618
46 106.084 111.391 106.530 109.626
47 118.239 121.939 119.141 120.155
99.696 100.359 100.558
97.117 97.960 98.372
102.571 103.011 102.945
110.088 111.011 111.158
123.890
160.023
128.249
125.759
128.846
115.755
110.908
121.986
124.876
163.267
131.302
126.988
126.378
116.345
112.115
123.018
125.269
163.839
132.786
130.466
123.126
117.864
112.915
122.596
48 102.620 105.143 102.754 103.628 104.959 105.811 106.174
49 119.357 125.487 121.961 122.325 124.843 127.810 126.968
50 121.201 125.696 121.817 121.904 122.663 126.512 131.704
51 106.494 109.953 107.323 108.107 109.825
52 98.771 100.131
98.531
98.920 99.915
53 129.722 141.539 139.572 137.406 144.084
54 102.436 103.880 103.731 103.264 103.452
111.091
100.753
147.322
104.297
110.791
100.934
137.343
104.510
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable
nonautomotive consumer goods.
D-36
National Data
February 2007
Table 4.2.5. Exports and Imports of Goods and Services
by Type of Product
Table 4.2.6. Real Exports and Imports of Goods and Services
by Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Exports of goods and
services..........................
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Seasonally adjusted at annual rates
2006
I
II
Line
III
1 1,303.1
1,466.2
1,352.4
1,405.4
1,448.1
1,488.3
1,523.2
2
3
907.5
59.0
1,035.7
66.6
944.3
59.8
989.3
62.2
1,019.1
65.7
1,055.8
70.1
1,078.6
68.4
4
5
6
227.5
79.8
147.7
267.9
98.9
169.0
230.0
85.6
144.5
248.0
91.1
156.9
266.9
97.5
169.5
276.0
101.0
175.0
280.8
106.1
174.7
7
362.7
415.3
384.3
400.6
409.3
417.0
434.2
8
60.8
75.4
66.1
74.9
71.5
71.8
83.4
9
10
45.5
256.4
47.9
292.0
45.8
272.4
47.0
278.7
47.8
290.0
47.4
297.8
49.3
301.5
11
98.6
107.3
104.5
105.5
104.7
111.5
107.6
12
13
14
15
115.7
62.5
53.2
44.1
129.7
71.5
58.1
48.9
120.0
65.3
54.7
45.6
124.9
67.8
57.0
48.2
126.0
70.3
55.7
46.4
131.6
72.5
59.1
49.7
136.2
75.5
60.7
51.4
Exports of services 1................
Transfers under U.S. military
agency sales contracts........
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other.......................................
16
395.6
430.5
408.1
416.0
429.0
432.5
444.6
17
18
19
20
21
22
23
18.1
81.7
20.9
42.2
57.4
158.2
17.0
16.4
86.5
21.7
48.1
62.1
178.0
17.7
16.7
81.5
21.5
45.0
59.7
166.6
17.2
16.9
82.8
21.9
46.7
60.3
170.0
17.4
16.3
86.6
21.3
48.9
62.5
175.7
17.7
15.6
86.7
21.5
48.9
62.3
179.8
17.8
16.7
90.0
22.3
47.9
63.3
186.6
17.8
Imports of goods and
services..........................
24
2,019.9
2,228.0
2,127.8
2,170.6
2,229.8
2,290.1
2,221.5
25
26
1,699.0
68.1
1,878.4
75.2
1,799.3
70.6
1,832.6
74.1
1,879.0
73.2
1,938.8
76.4
1,863.4
77.1
27
28
29
30
264.9
134.8
130.0
251.9
292.0
162.9
129.2
301.7
293.6
140.4
153.2
292.6
287.5
153.1
134.4
288.5
287.9
159.6
128.4
317.2
303.7
173.8
129.9
336.7
289.0
165.0
124.0
264.5
31
379.2
419.8
389.9
404.4
415.6
429.9
429.2
28.6
25.4
28.4
27.7
27.6
30.6
Imports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts................................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Imports of services 1.................
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other.......................................
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods 2
Exports of nonagricultural
goods...................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
32
25.8
33
34
93.3
260.2
102.1
289.1
94.2
270.4
99.5
276.5
101.4
286.4
104.4
297.9
102.8
295.7
35
239.5
255.6
250.4
258.3
258.2
253.7
252.2
36
37
38
39
407.3
219.8
187.5
88.1
442.8
240.0
202.8
91.3
415.3
225.7
189.5
86.9
424.6
232.4
192.2
95.1
430.7
230.8
199.9
96.2
449.2
241.7
207.5
89.2
466.6
255.1
211.5
84.7
40
41
42
43
44
45
46
47
320.9
30.1
69.2
26.1
62.1
24.5
98.7
10.2
349.6
30.7
71.3
28.2
66.0
27.0
115.8
10.6
328.5
30.0
68.5
26.6
64.6
25.0
103.4
10.3
338.1
30.0
68.6
27.0
65.3
27.3
109.4
10.4
350.8
30.6
72.7
29.1
65.9
27.4
114.5
10.6
351.3
31.1
70.7
27.7
66.8
26.9
117.4
10.7
358.1
31.1
73.3
29.2
65.9
26.3
121.8
10.7
48
49
50
625.6
281.9
64.9
717.5
318.2
73.2
662.5
281.8
65.9
689.1
300.3
69.5
705.0
314.1
73.1
726.8
329.0
75.8
749.1
329.5
74.2
51
52
53
54
842.7
1,017.5
681.5
1,447.1
962.6
1,123.9
754.6
1,576.7
878.4
1,049.9
749.4
1,506.7
919.8
1,095.8
736.8
1,544.0
946.0
1,112.2
766.8
1,561.9
980.0
1,143.7
795.1
1,602.1
1,004.4
1,143.8
719.5
1,598.8
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable
nonautomotive consumer goods.
2005
2006
IV
Exports of goods and
services..........................
Exports of goods 1....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts 2..............................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
2006
2005
IV
I
II
III
IV
1
1,196.1
1,302.3
1,228.4
1,269.3
1,288.5
1,310.0
1,341.5
2
3
843.2
48.6
931.6
52.9
870.8
49.1
906.2
51.0
919.5
53.4
940.4
55.1
960.4
51.9
4
5
6
179.7
62.9
116.9
193.9
69.4
124.7
176.1
66.3
109.9
186.7
67.6
119.3
193.1
68.4
125.0
194.6
69.1
125.7
201.0
72.4
128.8
7
370.9
421.2
394.4
409.6
416.1
421.8
437.4
8
49.8
59.4
53.6
59.8
56.4
56.4
65.0
9
10
265.5
299.5
282.6
288.8
298.5
304.2
306.7
11
95.2
102.4
100.5
101.2
100.0
106.2
102.2
12
13
14
15
113.7
61.5
52.2
39.6
125.8
69.7
56.1
42.4
117.8
64.2
53.7
40.6
122.2
66.7
55.5
42.6
122.5
68.7
53.9
40.3
127.0
70.3
56.7
42.5
131.4
73.1
58.4
44.0
Exports of services 1.................
Transfers under U.S. military
agency sales contracts........
Travel.......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
Residual......................................
16
352.9
371.3
357.8
363.6
369.5
370.3
381.8
17
18
19
20
21
22
23
24
17.5
74.8
15.2
33.9
51.1
147.0
14.1
-6.3
15.3
76.1
15.7
36.4
53.4
160.5
14.5
-8.3
15.9
73.2
16.1
33.3
52.4
153.7
14.0
-9.5
16.0
74.0
16.5
35.5
52.5
155.2
14.2
-7.3
15.3
75.6
15.4
36.6
54.0
158.9
14.4
-8.2
14.5
75.3
15.2
36.4
53.5
161.6
14.5
-9.1
15.4
79.6
15.8
37.1
53.7
166.2
14.8
-8.4
imports of goods and
services..........................
25
1,815.3
1,920.1
1,865.0
1,905.9
1,912.7
1,938.8
1,922.9
26
27
1,549.9
59.8
1,640.6
63.7
1,595.8
61.2
1,631.9
63.6
1,631.7
62.8
1,660.1
64.4
1,638.9
64.0
28
29
30
31
215.2
114.5
100.9
141.0
223.9
125.9
99.3
137.6
222.4
119.0
104.0
145.5
223.5
125.8
99.1
143.7
222.8
123.6
100.6
136.7
230.4
130.6
101.1
139.0
218.7
123.6
96.4
131.0
32
418.5
467.2
434.0
450.5
463.1
478.0
477.1
33
22.7
24.3
22.1
24.5
23.6
23.3
25.7
34
35
262.7
288.7
273.3
278.4
286.8
296.1
293.4
36
231.2
245.9
241.4
249.6
248.7
243.4
241.7
37
38
39
40
409.2
227.4
182.4
81.9
442.4
246.0
197.1
82.7
417.6
234.1
184.3
79.4
426.1
240.2
186.8
87.0
432.0
237.6
194.9
87.4
447.6
246.7
201.4
80.3
464.1
259.3
205.5
76.2
41
42
43
44
45
46
47
48
49
267.5
19.8
55.5
21.7
48.4
21.8
93.1
8.6
-17.5
281.7
19.2
55.1
22.3
51.9
23.2
103.9
8.7
-40.1
271.7
19.9
55.5
21.8
48.6
22.0
97.1
8.7
-18.6
276.6
19.7
54.7
21.9
50.0
23.8
99.8
8.7
-28.3
283.2
19.2
56.7
23.1
51.1
23.7
103.2
8.7
-38.8
281.3
19.1
53.9
21.8
52.8
23.1
104.7
8.7
-41.8
285.9
19.0
55.2
22.4
53.5
22.3
107.8
8.7
-51.6
50
51
52
609.7
236.2
53.5
682.3
253.4
58.3
644.7
231.0
54.1
665.0
245.4
57.1
671.7
251.5
59.6
686.9
257.4
59.9
705.5
259.5
56.4
53
54
55
56
791.3
1,030.1
525.4
1,412.7
875.4
1,122.3
533.0
1,517.9
818.6
1,065.5
536.9
1,452.7
850.9
1,107.7
536.2
1,495.4
861.5
1,113.1
532.2
1,510.0
882.3
1,135.1
539.7
1,536.3
906.7
1,133.2
523.9
1,530.1
Imports of goods 1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts...............................
Computers, peripherals, and
parts 2..............................
Other...................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Imports of services 1.................
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
Residual......................................
Addenda:
Exports of durable goods.........
Exports of nondurable goods....
Exports of agricultural goods 3
Exports of nonagricultural
goods..................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government,
are included in sen/ices. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes 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; accurate estimates of these contributions are shown in table 4.2.2. and real growth rates are shown in table 4.2.1.
3. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable
nonautomotive consumer goods.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. For exports and for
imports, the residual line is the difference between the aggregate line and the sum of the most detailed lines.
February 2007
Survey
D-37
C u r r e n t B u s in e s s
of
5. Saving and Investment
Table 5.1. Saving and Investment
Table 5.3.1. Percent Change From Preceding Period
in Real Private Fixed Investment by Type
[Billions of dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Seasonally adjusted at annual rates
2006
I
II
III
IV
Gross saving.........................
1
1,612.0
1,621.2
1,880.5
1,789.7
1,806.9
Net saving....................................
Net private saving.......................
Personal saving......................
Undistributed corporate profits
with inventory valuation and
capital consumption
7
3
4
7.2
319.7
-34.8
58.7
339.5
-28.5
332.4
466.7
-29.7
216.9
353.9
-130.8
224.9
400.7
-111.7
Undistributed profits...........
Inventory valuation
-92.0
S
6
354.5
542.5
367.9
572.7
496.4
668.0
484.6
704.3
512.4
713.0
f
-32.6
-39.2
-22.9
-58.9
-38.2
8
-155.5
-165.6
-148.6
-160.8
-162.4
Capital consumption
adjustment......................
Wage accruals less
disbursements....................
Net government saving...............
Federal...................................
State and local........................
9
10
11
1?
0.0
-312.5
-309.2
-3.3
0.0
Consumption of fixed capital......
Private.......................................
Domestic business.................
Households and institutions....
Government...............................
Federal..................................
State and local........................
13
14
15
16
17
18
19
1,604.8
1,352.6
1,059.1
293.5
252.2
99.0
153.2
?0
21
1,663.1
2,454.5
22
23
?4
2,057.4
397.1
4.4
-160.2
Line
-96.0
-169.0
0.0
-134.3
-147.0
12.7
0.0
-136.9
-163.1
26.1
0.0
-175.8
-165.6
-10.2
0.0
1,575.4
1,310.1
1,050.1
260.0
265.3
104.2
161.0
1,562.5
1,307.5
1,044.4
263.1
255.0
100.7
154.3
1,548.0
1,288.9
1,035.1
253.8
259.1
102.4
156.7
1,572.8
1,309.8
1,050.4
259.5
262.9
103.7
159.2
1,582.0
1,314.4
1,053.0
261.4
267.6
105.1
162.5
1,598.6
1,327.2
1,061.9
265.3
271.4
105.8
165.6
2,649.5
1,695.4
2,563.6
1,818.6
2,634.7
1,825.5
2,668.0
1,801.6
2,668.5
2,626.6
2,154.5
409.1
2.1
2,214.8
419.9
7.0
2,237.1
430.9
3.5
2,235.5
433.0
1.7
-870.2
-823.1
-846.1
-868.7
Statistical discrepancy........
Addenda:
Gross government saving...........
State and local........................
Net domestic investment............
Gross saving as a percentage
of gross national income.....
Net saving as a percentage of
gross national income
-775.8
?fi
71.0
74.3
-61.9
35.8
-5.3
71
28
f>9
30
31
1,672.3
-60.2
-210.1
149.9
849.7
1,647.0
-25.8
-162.9
137.1
1,001.1
1,755.7
124.8
-44.6
169.4
1,086.7
1,663.7
126.0
-59.4
185.4
1,095.2
1,715.1
91.8
-60.5
152.3
1,086.5
1,074.1
V
13.0
12.8
14.4
13.6
13.5
33
0.1
0.5
2.5
1.6
1.7
1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
2005
2,186.0
440.5
1,028.0
2006
II
I
III
IV
Private fixed investment....
1
7.5
3.0
2.8
8.2
-1.6
-1.2
Nonresidential...........................
2
6.8
7.4
5.2
13.7
4.4
10.0
-7.3
-0.4
3
4
5
6
1.1
-0.8
21.1
-6.7
9.1
7.1
12.1
3.3
12.0
3.2
32.0
12.4
8.7
7.1
-1.7
14.3
20.3
11.7
28.0
4.9
15.7
25.6
11.3
16.0
2.8
2.4
-14.5
-3.8
7
8
11.0
-5.2
11.2
13.4
22.4
11.1
2.0
23.6
28.0
35.1
10.0
7.3
4.8
11.8
-1.8
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures 1................
0.0
-280.8
-263.6
-17.2
2,218.4
431.1
2006
IV
Gross domestic investment,
capital account
transactions, and net
Gross domestic investment............
Gross private domestic
investment..............................
Grass government investment....
Capital account transactions (net)1
Net lending or net borrowing (-),
NIPAs.........................................
2005
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
9
8.9
6.7
2.8
15.6
-1.4
7.7
10
8.5
9.0
7.0
21.8
-1.1
10.0
1.8
17.9
5.8
7.2
8.1
12.9
7.0
17.1
6.7
8.0
6.1
0.6
6.6
27.1
2.8
3.0
16.2
-21.8
6.6
24.9
12.2
31.6
-3.6
27.7
8.5
4.7
4.2
-9.0
13.6
-22.8
7.4
22.0
6.0
9.3
0.2
13.6
3.8
8.0
9.3
-8.5
-3.6
-11.7
-0.5
Residential.................................
11
12
13
14
15
16
17
8.6
-4.2
-0.9
-0.3
-11.1
-18.7
-19.2
Structures...............................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
18
19
20
21
22
8.6
10.6
10.3
14.1
5.3
-4.3
-5.5
-7.6
12.8
-2.2
-1.1
5.6
4.8
12.5
-11.6
-0.5
0.8
-1.8
25.7
-2.7
-11.2
-17.6
-19.2
-2.6
1.1
-18.9
-25.0
-28.6
7.8
-7.5
-19.4
-29.7
-35.1
19.3
-0.4
Equipment.............................
23
5.0
4.9
9.9
13.6
-2.9
-2.2
1.8
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
24
6.3
0.0
2.8
2.4
-1.8
-8.0
-11.8
25
8.9
6.7
2.9
15.6
-1.4
7.6
-1.7
26
27
28
6.1
1.0
8.9
1.3
9.0
-3.0
7.9
11.9
5.9
3.9
8.6
1.5
-1.7
20.2
-12.3
-6.2
15.6
-17.7
-12.7
2.7
-21.9
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational
structures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,’’ or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield
machinery, service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and
brokers’ commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
D-38
National Data
Table 5.3.2. Contributions to Percent Change in Real Private Fixed
Investment by Type
February 2007
Table 5.3.3. Real Private Fixed Investment by Type, Quantity Indexes
[Index numbers, 2000= 100]
Seasonally adjusted
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Line
2006
I
II
III
7.5
3.0
2.8
8.2
-1.6
-1.2
-7.3
Percentage points at annual
rates:
Nonresidential...........................
2
4.28
4.60
3.19
8.30
2.72
6.16
-0.27
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures 1................
3
4
5
6
0.19
-0.06
0.22
-0.15
1.61
0.48
0.15
0.07
1.92
0.21
0.34
0.23
1.50
0.46
-0.02
0.27
3.34
0.74
0.32
0.10
2.79
1.61
0.15
0.31
0.54
0.17
-0.21
-0.08
/
8
0.36
-0.18
0.48
0.43
0.81
0.33
0.09
0.71
1.16
1.03
0.48
0.25
0.25
0.42
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2.......................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
9
4.09
2.99
1.27
6.80
-0.62
3.36
-0.82
10
1.95
1.96
1.50
4.52
-0.24
2.13
0.40
11
12
13
14
15
16
0.75
0.57
0.63
0.62
0.98
0.55
0.66
0.63
0.67
0.47
0.05
0.51
0.98
0.26
0.25
1.16
-1.89
0.50
0.94
1.12
2.46
-0.28
1.90
0.66
0.18
0.39
-0.82
0.98
-1.91
0.56
0.79
0.56
0.78
0.02
0.92
0.30
0.31
0.87
-0.78
-0.29
-0.89
-0.04
Residential.................................
17
3.19
-1.61
-0.36
-0.11
-4.33
-7.31
-6.98
Structures..............................
Permanent site....................
Single family....................
Multifamily.......................
Other structures 5................
18
19
20
21
22
3.17
2.44
2.12
0.31
0.74
-1.63
-1.32
-1.63
0.31
-0.31
-0.40
1.30
1.02
0.29
-1.70
-0.17
0.19
-0.39
0.58
-0.36
-4.32
-4.46
-4.39
-0.07
0.14
-7.30
-6.28
-6.47
0.19
-1.02
-6.99
-6.93
-7.41
0.48
-0.06
Equipment..............................
23
0.02
0.02
0.04
0.06
-0.01
-0.01
0.01
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
24
3.36
25
4.11
26
27
28
2.98
0.18
2.81
-0.02
1.52
1.33
-0.98
-4.51
-6.45
3.01
1.31
6.86
-0.63
3.35
-0.81
0.61
1.59
-0.98
3.76
1.90
1.87
1.98
1.48
0.50
-0.85
3.31
-4.16
-3.18
2.76
-5.94
-6.44
0.52
-6.97
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded," or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
2005
IV
Private fixed investment....
1
2006
IV
Percent change at annual rate:
Private fixed investment....
2005
II
III
IV
112.993
111.811
114.033
113.570
113.240
111.128
Nonresidential............................
2
99.326 106.703
101.308
104.606 105.738
108.292
108.175
Structures...............................
Commercial and health care
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures 1................
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
3
4
5
6
80.302
75.875
61.759
71.479
87.603
81.272
69.204
73.838
81.174
75.888
66.082
69.626
82.893
77.193
65.797
71.989
86.819
79.366
69.992
72.859
90.044
84.017
71.895
75.619
90.657
84.512
69.134
74.885
134.078
74.770
9 107.180
149.071
84.816
114.342
139.450
74.755
149.062
84.988
152.640
86.500
154.455
88.948
109.653
140.128
78.828
113.704
113.313
115.434
114.916
128.854
121.307
127.437
127.088
130.156
130.733
11 163.269
12 117.072
13 101.880
14 90.147
15
90.382
16 112.290
191.120 173.913
124.948 118.920
110.012 103.947
95.687
94.468
90.918 89.030
119.704 115.224
183.839
122.383
111.339
93.602
94.635
117.597
185.956
123.658
108.753
96.640
88.698
119.702
195.437
125.468
111.205
96.691
91.571
120.837
199.248
128.282
108.751
95.817
88.770
120.681
17 136.050
130.337
138.391
134.368
127.601
120.987
Residential.................................
1 109.708
2006
I
7
8
10
118.169
138.495
Structures...............................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
18 136.160 130.296
19 141.681 133.827
20 142.013 131.229
21 138.770 156.523
22 127.527 124.735
Equipment..............................
23
128.239
134.550
131.261
135.523
134.514
133.778
134.384
24
112.707
112.728
114.497
115.170
114.647
112.280
108.816
25
107.352
114.506
109.829
113.882
113.485
115.582
115.074
26
27
28
109.439
80.287
133.472
110.843
87.501
129.462
111.947
81.141
137.357
113.031
82.832
137.880
112.543
86.729
133.419
110.754
89.924
127.079
107.044
90.520
119.471
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
138.599 138.440 134.378 127.535 120.830
146.307 146.598 139.692 129.985 119.034
146.396 145.741 138.160 127.013 114.003
145.525 154.078 153.066 155.956 162.993
126.591 125.738 126.070 123.635 123.496
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
February 2007
Survey
of
C
urrent
D-39
B u s in e s s
Table 5.3.4. Price Indexes for Private Fixed Investment by Type
Table 5.3.5. Private Fixed Investment by Type
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted
Line
2005
2006
2005
IV
Private fixed investment....
Nonresidential............................
Seasonally adjusted at annual rates
2006
I
II
Line
III
1 110.542 114.143 112.194 113.238 114.074 114.224 115.034
106.266 106.501
2005
2006
IV
I
II
III
IV
Private fixed investment....
1
2,036.2
2,165.0
2,105.8
2,167.7
2,174.8
2,171.4
2,146.0
1,427.1
435.2
163.0
29.7
46.2
107.090
Nonresidential............................
2
1,265.7
1,397.9
1,304.3
1,359.2
1,384,3
1,420.8
3 134.647 149.938 141.476 145.684 149.432 151.372 153.262
4 127.001 136.647 131.210 133.482 135.627 137.311 140.165
5 122.924 131.931 126.615 129.037 131.133 132.536 135.019
6 123.233 129.046 124.987 126.637 128.151 129.733 131.666
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication....
Mining exploration, shafts,
ana wells..........................
Other structures 1................
3
4
5
6
338.6
132.5
24.1
41.2
411.6
152.9
29.0
44.6
359.7
137.0
26.6
40.7
378.2
141.7
27.0
42.7
406.3
148.1
29.2
43.7
426.9
158.7
30.3
45.9
7
8
76.4
64.3
112.3
79.6
113.1
83.3
9
927.1
89.3
66.1
944.7
107.9
77.4
9
107.3
77.8
986.2
96.0
70.8
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software 2.......................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
981.0
977.9
994.0
992.0
10
454.3
485.3
461.3
482.4
479.9
489.6
489.3
11
12
13
14
15
16
85.1
194.0
175.2
155.1
158.3
159.4
86.9
209.1
189.3
169.2
158.4
173.3
85.9
196.9
178.4
163.9
154.6
164.9
88.0
203.6
190.8
163.4
165.7
169.4
85.9
207.0
187.1
170.1
155.9
172.1
87.2
210.8
191.7
172.0
157.5
174.9
86.7
215.0
187.7
171.4
154.7
176.6
7 209.732 265.338 236.244 252.697 267.060 271.460 270.133
8 123.118 131.166 126.442 128.550 130.395 131.753 133.963
94.134
93.941
93.863 93.754
93.887
93.920
93.704
10
82.218
80.537
81.313
11
51.407
12 94.067
13
90.492
14 108.064
15 108.882
16 108.174
44.821
94.979
90.565
111.068
108.342
110.328
48.634
94.009
90.343
108.973
107.933
109.100
80.737
80.438
80.033
47.125
45.443
94.430
95.005
90.186
90.523
109.659 110.544
108.867 109.257
109.841 109.608
43.889
95.354
90.737
111.715
106.894
110.339
42.826
95.128
90.815
112.355
108.353
111.525
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
131.655
132.986
Residential..................................
17
770.4
767.1
801.5
808.5
790.6
750.5
718.8
132.182 133.518
132.781 134.832
133.318 135.377
127.814 129.788
131.404 131.651
Structures...............................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
18
19
20
21
22
761.3
481.7
433.5
48.2
279.6
757.3
472.1
415.4
56.7
285.1
792.1
507.3
455.5
51.8
284.8
798.7
513.7
458.2
55.4
285.0
780.8
492.4
437.0
55.4
288.4
740.7
457.3
401.0
56.3
283.5
708.9
425.2
365.4
59.8
283.7
Equipment..............................
23
9.1
9.8
9.4
9.8
9.8
9.8
9.9
24
1,099.9
1,168.9
1,151.8
1,176.9
1,187.1
1,167.6
1,144.0
1,001.9
1,050.5
434.0
616.6
80.940
17 126.714 131.775 129.536 130.765
Structures..............................
Permanent site....................
Single family....................
Multifamily.......................
Other structures 5................
18 127.205
19 128.285
20 128.918
21 122.984
22 125.627
Equipment..............................
23
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
106.332 104.510 105.471
2006
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures 1................
Residential.................................
2 103.428
2005
IV
96.852
131.696
132.307 130.063 131.293 132.236
133.223 130.869 132.247 133.034
133.762 131.398 132.782 133.572
128.240 125.973 127.300 128.058
131.027 128.948 129.920 131.133
99.283
24
129.651
25
94.156
93.911
26 130.078
27 134.842
28 127.366
138.704
150.239
132.628
137.827
97.347
133.679
98.518
135.796
98.710
137.602
99.454 100.449
138.195
139.715
93.928
93.962
93.755
93.998
134.145 136.448
141.714 145.953
130.072 131.433
138.434
149.726
132.510
139.107
151.683
132.478
140.825
153.593
134.092
93.785
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
25
936.2
996.0
954.1
990.8
987.7
1,003.7
26
27
28
992.4
337.9
654.5
1,071.2
410.6
660.6
1,046.5
358.9
687.6
1,074.8
377.4
697.4
1,085.7
405.3
680.4
1,073.7
425.8
647.9
1. Consists primarily of religious, educational, vocational, lodging, railroads, form, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded,'' or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
D-40
National Data
February 2007
Table 5.3.6. Real Private Fixed Investment by Type, Chained Dollars
Table 5.6.5B. Change in Private Inventories by Industry
[Billions of chained (2000) dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
Seasonally adjusted at annual rates
2006
Line
IV
I
II
III
IV
1,914.6
1,906.8
1,901.3
1,865.8
Private fixed investment....
1
1,842.0
1,897.1
Nonresidential...........................
2
1,223.8
1,314.7
1,877.3
1,248.2
1,288.8
1,302.8
1,334.2
1,332.8
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures 1................
3
4
5
6
251.5
104.4
19.6
33.5
274.4
111.8
22.0
34.6
254.2
104.4
21.0
32.6
259.6
106.2
20.9
33.7
271.9
109.2
22.3
34.1
282.0
115.6
22.9
35.4
283.9
116.2
22.0
35.1
7
8
36.4
52.2
40.5
59.3
37.9
52.2
38.1
55.1
40.5
59.4
41.5
60.4
42.0
62.1
9
984.9
1,050.7
1,007.6
1,044.8
1,041.2
1,060.7
1,056.0
10
552.6
602.5
567.3
595.9
594.3
608.6
611.3
206.2
193.6
143.5
145.4
147.3
220.1
209.0
152.3
146.2
157.1
209.5
197.5
150.4
143.2
151.2
215.6
211.6
149.0
152.2
154.3
217.8
206.7
153.9
142.7
157.1
221.0
211.3
153.9
147.3
158.6
226.0
206.6
152.6
142.8
158.3
Residential................................
11
12
13
14
15
16
17
608.0
582.5
618.9
618.5
600.5
570.3
540.7
Structures..............................
Permanent site....................
Single family....................
Multifamily.......................
Other structures 6................
18
19
20
21
22
598.5
375.5
336.3
39.2
222.5
572.7
354.7
310.7
44.2
217.7
609.2
387.8
346.6
41.1
220.9
608.5
388.6
345.1
43.5
219.4
590.6
370.2
327.1
43.3
220.0
560.6
344.5
300.8
44.1
215.7
531.1
315.5
269.9
46.1
215.5
Equipment..............................
Residual.....................................
23
24
9.4
-13.1
9.9
-32.2
9.7
-17.3
10.0
-26.6
9.9
-25.8
9.8
-35.3
9.9
-41.4
25
848.4
848.5
861.9
866.9
863.0
845.2
819.1
26
994.3
1,060.6
1,017.3
1,054.8
1,051.2
1,070.6
1,065.9
27
28
29
762.9
250.6
513.9
772.7
273.1
498.4
780.4
253.3
528.8
788.0
258.6
530.8
784.6
270.7
513.7
772.1
280.7
489.3
746.2
282.5
460.0
Equipment and software.......
Information processing
equipment and software...
Computers and peripheral
Software 3.......................
Other4............................
Industrial equipment............
Transportation equipment....
Other equipment5...............
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 7..........................
Nonresidential structures.....
Residential structures..........
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational
structures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. The quantity index for computers can be used to accurately measure the real growth rate of this component.
However, because computers exhibit rapid changes 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; accurate estimates of these contributions are shown in table 5.3.2 and real growth rates are shown in
table 5.3.1.
3. Excludes software “embedded," or bundled, in computers and other equipment.
4. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
5. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield
machinery, service industry machinery, and electrical equipment not elsewhere classified.
6. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and
brokers’ commissions on the sale of residential structures.
7. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is
the difference between the first line and the sum of the most detailed lines.
Change in private
inventories......................
Farm............................................
Mining, utilities, and construction
Manufacturing.............................
Durable goods industries
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries
Nondurable goods industries....
Retail trade.................................
Motor vehicle and parts dealers
Food and beverage stores
General merchandise stores ...
Other retail stores....................
Other industries...........................
Addenda:
Change in private inventories...
Durable goods industries
Nondurable goods industries
Nonfarm industries...................
Nonfarm change in book
value 1.............................
Nonfarm inventory valuation
adjustment2....................
Wholesale trade.......................
Merchant wholesale trade
Durable goods industries
Nondurable goods
industries.....................
Nonmerchant wholesale
trade...............................
2005
2006
2005
2006
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
21.3
0.3
1.8
-3.2
1.2
-4.3
17.1
14.3
2.8
5.4
-2.7
0.0
2.9
5.2
-0.1
53.4
2.9
2.1
12.1
7.6
4.5
29.6
18.3
11.3
0.9
-7.2
0.9
1.1
6.1
5.7
48.6
5.8
-0.4
0.1
-1.5
1.6
14.7
18.8
-4.1
27.6
19.5
1.5
1.2
5.4
0.9
47.2
5.4
-3.1
9.2
-0.2
9.4
16.8
6.8
10.0
13.5
5.5
1.1
-4.9
11.8
5.5
62.3
2.3
7.7
13.9
6.5
7.4
22.0
16.5
5.5
8.3
1.0
1.2
-0.5
6.7
8.0
64.2
2.5
2.3
12.8
11.0
1.8
38.7
30.3
8.4
2.3
-7.0
0.2
5.2
3.8
5.5
40.1
1.5
1.5
12.7
13.0
-0.4
40.8
19.6
21.2
-20.3
-28.2
1.0
4.9
2.2
3.9
16
17
18
19
21.3
17.3
4.0
21.0
53.4
18.6
34.8
50.5
48.6
41.6
7.0
42.8
47.2
14.3
32.9
41.8
62.3
25.1
37.2
59.9
64.2
35.2
28.9
61.6
40.1
0.0
40.1
38.6
20
72.3
82.0
115.7
47.1
117.6
103.0
60.4
21
22
23
24
-51.3
17.1
16.7
13.7
-31.6
29.6
26.2
16.3
-72.9
14.7
16.4
19.7
-5.3
16.8
14.0
7.4
-57.7
22.0
22.5
18.0
-41.4
38.7
33.1
25.3
-21.9
40.8
35.2
14.4
25
3.0
9.9
-3.2
6.6
4.5
7.7
20.7
26
0.4
3.4
-1.7
2.8
-0.5
5.6
5.6
1. This series is derived from the Census Bureau series “current cost inventories.”
2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The
IVA in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying inventories derived
primarily from Census Bureau statistics (see footnote 1). This mix differs from that underlying business income derived
primarily from Internal Revenue Service statistics.
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
Table 5.6.6B. Real Change in Private Inventories
by Industry, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
Change in private
inventories......................
Farm............................................
Mining, utilities, and construction
Manufacturing..............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries.........
Nondurable goods industries ....
Retail trade..................................
Motor vehicle and parts dealers
Food and beverage stores.......
General merchandise stores....
Other retail stores....................
Other industries...........................
Residual......................................
Addenda:
Change in private inventories...
Durable goods industries.....
Nondurable goods industries
Nonfarm industries...................
Wholesale trade.......................
Merchant wholesale trade....
Durable goods industries
Nondurable goods
industries.....................
Nonmerchant wholesale
trade...............................
2005
2006
2005
2006
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
19.6
0.2
1.2
-2.4
1.1
-3.3
15.7
13.5
2.6
5.2
-2.7
0.0
2.7
4.9
-0.1
-0.5
46.4
2.7
1.5
9.7
6.5
3.2
25.8
16.8
9.2
0.9
-7.4
0.8
1.0
5.6
5.3
1.2
43.5
4.8
-0.5
0.5
-1.3
1.5
13.3
17.8
-3.3
26.4
19.8
1.3
1.1
5.1
0.8
-3.6
41.2
4.3
-2.0
7.6
-0.1
7.1
15.0
6.4
8.2
12.8
5.5
1.0
-4.7
10.8
5.2
-0.5
53.7
1.9
5.4
11.1
5.7
5.2
19.3
15.3
4.5
7.8
1.0
1.0
-0.5
6.1
7.4
0.7
55.4
2.5
1.6
10.1
9.4
1.1
33.7
27.7
6.9
2.2
-7.2
0.2
4.8
3.6
5.1
-0.3
35.3
2.1
1.0
10.0
11.0
-0.5
35.4
17.9
17.0
-19.1
-29.1
0.8
4.5
2.0
3.6
5.0
17
18
19
20
21
22
23
19.6
16.4
3.9
19.6
15.7
15.4
12.9
46.4
17.1
28.8
43.9
25.8
23.2
15.0
43.5
39.2
6.4
38.6
13.3
15.0
18.6
41.2
13.4
27.1
36.8
15.0
12.6
6.9
53.7
23.1
30.3
52.2
19.3
20.0
16.7
55.4
31.9
24.1
53.3
33.7
29.3
23.1
35.3
-0,1
33.5
33.4
35.4
30.9
13.2
24
2.7
8.3
-2.7
5.6
3.8
6.7
17.2
25
0.5
2.7
-1,4
2.3
-0.4
4.4
4.5
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar series for real change in private inventories are calculated as the period-to-period change in
chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates.
Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most
detailed lines.
February 2007
Survey
of
D-41
C u r r e n t B u s in e s s
Table 5.7.5B. Private Inventories and Domestic Final Sales by Industry
[Billions of dollars]
Table 5.7.6B. Real Private Inventories and Real Domestic Final Sales
by Industry, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted quarterly totals
Line
2005
IV
Seasonally adjusted quarterly totals
2006
1
II
III
IV
Private inventories 1..........................................
Farm............................................................................
Mining, utilities, and construction.................................
Manufacturing..............................................................
Durable goods industries.........................................
Nondurable goods industries...................................
Wholesale trade...........................................................
Durable goods industries.........................................
Nondurable goods industries...................................
Retail trade..................................................................
Motor vehicle and parts dealers..............................
Food and beverage stores.......................................
General merchandise stores....................................
Other retail stores....................................................
Other industries...........................................................
1 1,817.0
2
165.6
3
89.8
4
515.6
5
296.3
6
219.3
7
430.6
8
250.9
9
179.8
10
486.4
11
157.6
12
36.8
76.7
13
14
215.3
15
128.9
1,839.2 1,896.9
175.7
173.1
82.1
80.6
523.9
550.0
301.4
316.1
233.9
222.5
456.7
437.8
265.1
255.0
191.6
182.8
499.2
492.0
159.7
160.5
37.4
36.7
75.9
76.4
219.7
224.9
134.7
130.2
1,919.1
186.1
81.0
552.3
321.7
230.6
463.6
273.3
190.3
499.0
157.1
38.0
78.1
225.8
137.1
1,935.9
189.2
82.0
552.8
322.5
230.3
479.6
278.9
200.7
495.4
150.8
38.4
79.7
226.5
137.0
Addenda:
Private inventories...................................................
Durable goods industries.....................................
Nondurable goods industries...............................
Nonfarm industries..................................................
Wholesale trade......................................................
Merchant wholesale trade...................................
Durable goods industries.................................
Nondurable goods industries...........................
Nonmerchant wholesale trade.............................
16
17
18
19
20
21
22
23
24
1,817.0
810.5
1,006.5
1,651.4
430.6
370.8
221.7
149.0
59.9
1,839.2
823.8
1,015.4
1,666.2
437.8
377.0
225.8
151.2
60.8
1,896.9
850.7
1,046.2
1,721.2
456.7
392.5
235.7
156.9
64.2
1,919.1
862.4
1,056.7
1,733.0
463.6
400.4
242.5
157.9
63.2
1,935.9
860.8
1,075.1
1,746.7
479.6
414.9
246.7
168.2
64.7
Final sales of domestic business2...................
25
724.3
741.4
751.1
756.4
767.9
Final sales of goods and structures of
domestic business 2.....................................
26
441.1
455.6
460.8
462.1
468.5
Ratios of private inventories to final sales of
domestic business:
Private inventories to final sales..............................
Nonfarm inventories to final sales...........................
Nonfarm inventories to final sales of goods and
structures.............................................................
27
28
2.51
2.28
2.48
2.25
2.53
2.29
2.54
2.29
2.52
2.27
29
3.74
3.66
3.74
3.75
3.73
1. inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from currentdollar inventories in this table is not the current-dollar change in private inventories component of GDP. The former is the
difference between two inventory stocks, each valued at its respective end-of-quarter prices. The latter is the change in the
physical volume of inventories valued at average prices of the quarter. In addition, changes calculated from this table are at
quarterly rates, whereas, the change in private inventories is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross
output of general government, gross value added of nonprofit institutions, compensation paid to domestic workers, and
space rent for owner-occupied housing. It includes a small amount of final sales by farm and by government enterprises.
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
Table 5.7.9B. Implicit Price Deflators for Private Inventories by Industry
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
IV
I
II
III
IV
Private inventories 1..........................................
Farm............................................................................
Mining, utilities, and construction.................................
Manufacturing..............................................................
Durable goods industries.........................................
Nondurable goods industries...................................
Wholesale trade...........................................................
Durable goods industries.........................................
Nondurable goods industries...................................
Retail trade..................................................................
Motor vehicle and parts dealers...............................
Food and beverage stores.......................................
General merchandise stores...................................
Other retail stores....................................................
Other industries...........................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
114.369
126.709
162.533
118.596
111.721
129.193
112.278
105.825
122.137
104.909
97.666
114.670
105.842
108.676
106.444
115.022
131.303
150.009
119.993
113.688
129.701
113.052
106.870
122.471
105.399
98.143
113.712
106.366
109.397
106.386
117.640
132.816
143.636
125.162
118.579
135.299
116.485
109.330
127.453
106.496
98.522
114.876
107.262
111.133
108.340
118.005
140.014
143.332
124.982
119.635
133.205
115.751
109.560
125.155
106.323
97.509
116.498
107.817
111.084
109.188
118.395
141.802
144.381
124.371
118.699
133.104
117.148
109.833
128.379
106.642
97.989
117.121
108.352
111.154
108.355
Addenda:
Private inventories...................................................
Durable goods industries.....................................
Nondurable goods industries...............................
Nonfarm industries..................................................
Wholesale trade......................................................
Merchant wholesale trade...................................
Durable goods industries.................................
Nondurable goods industries............................
Nonmerchant wholesale trade..............................
16
17
18
19
20
21
22
23
24
114.369
106.541
121.377
113.248
112.278
110.761
106.067
118.131
122.378
115.022
107.808
121.467
113.548
113.052
111.585
107.126
118.562
122.809
117.640
110.493
124.020
116.264
116.485
114.482
109.629
122.103
129.926
118.005
110.862
124.381
116.020
115.751
114.332
109.863
121.304
125.140
118.395
110.658
125.312
116.286
117.148
115.911
110.120
125.101
125.264
1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks.
Estimates in this table are based on the North American Industry Classification System (NAICS).
N ote .
Line
2005
III
IV
1,599.0 1,612.4
132.3
131.8
54.8
56.1
439.4
436.6
266.6
265.1
172.9
171.5
392.1
387.3
238.7
242.5
149.2
150.4
468.8
466.8
162.7
163.0
32.6
32.3
71.2
71.3
200.8
202.3
124.3
122.4
-1.8
-1.6
1,626.3
132.9
56.5
441.9
268.9
173.1
400.5
249.4
152.1
469.3
161.2
32.6
72.4
203.2
125.6
-1.6
1,635.1
133.4
56.8
444.4
271.7
173.0
409.4
253.9
156.3
464.5
153.9
32.8
73.6
203.7
126.5
-0.5
1,599.0
764.1
836.0
1,467.4
387.3
337.9
210.8
127.5
49.5
1,612.4
769.9
843.6
1,480.4
392.1
342.9
215.0
128.5
49.4
1,626.3
777.9
849.6
1,493.7
400.5
350.2
220.7
130.2
50.5
1,635.1
777.8
858.0
1,502.1
409.4
358.0
224.0
134.5
51.6
656.6
667.5
671.8
674.7
682.8
27
411.1
421.4
423.1
423.8
429.3
28
29
2.42
2.22
2.40
2.20
2.40
2.20
2.41
2.21
2.39
2.20
30
3.55
3.48
3.50
3.52
3.50
IV
Private inventories 1.........................................
Farm............................................................................
Mining, utilities, and construction................................
Manufacturing.............................................................
Durable goods industries........................................
Nondurable goods industries..................................
Wholesale trade..........................................................
Durable goods industries........................................
Nondurable goods industries..................................
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Food and beverage stores......................................
General merchandise stores...................................
Other retail stores...................................................
Other industries..........................................................
Residual......................................................................
1 1,588.7
130.7
2
55.3
3
4
434.7
265.2
5
6
169.8
383.5
7
8
237.1
147.2
9
463.6
10
11
161.3
32.1
12
13
72.5
14
198.1
121.1
15
-1.7
16
Addenda:
Private inventories..................................................
Durable goods industries....................................
Nondurable goods industries..............................
Nonfarm industries..................................................
Wholesale trade......................................................
Merchant wholesale trade...................................
Durable goods industries................................
Nondurable goods industries...........................
Nonmerchant wholesale trade............................
17
18
19
20
21
22
23
24
25
1,588.7
760.8
829.2
1,458.2
383.5
334.7
209.1
126.1
48.9
Final sales of domestic business 2..................
26
Final sales of goods and structures of
domestic business 2.....................................
Ratios of private inventories to final sales of
domestic business:
Private inventories to final sales.................................
Nonfarm inventories to final sales...............................
Nonfarm inventories to final sales of goods and
structures................................................................
2006
I
II
1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are at quarterly
rates, whereas the change in private inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross
output of general government, gross value added of nonprofit institutions, compensation paid to domestic workers, and
space rent for owner-occupied housing. It includes a small amount of final sales by farm and by government enterprises.
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for
2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 and 2000 end-of-year
chain-weighted and fixed-weighted inventories are equal.
D-42
National Data
February 2007
6. Income and Employment by Industry
Table 6.1 D. National Income Without Capital Consumption Adjustment by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
2006
National income without capital consumption adjustment.....
10,917.9
11,209.1
11,625.7
11,697.6
Domestic industries................................................................................
10,886.0
11,196.6
11,596.6
11,674.8
11,830.6
Private industries................................................................................
Agriculture, forestry, fishing, and hunting
Utilities..........................................
Construction..................................
Manufacturing...................................................................................
Durable goods.....
Nondurable goods
Wholesale trade......
Retail trade..............
Transportation and warehousing
Information.............
Finance, insurance, real estate, rental, and leasing...........................
Professional and business services ' ...............................................
Educational services, health care, and social assistance..................
Arts, entertainment, recreation, accommodation, and food services..
Other services, except government..................................................
9,574.6
87.6
158.9
176.7
604.2
1.365.8
746.0
619.8
689.3
825.3
306.3
417.1
1.832.9
1.510.4
938.2
394.2
267.6
9,865.6
86.9
184.4
187.5
628.1
1.392.2
759.9
632.3
713.8
852.6
310.4
430.8
1.897.2
1.560.2
954.4
394.2
272.9
10,245.2
87.4
188.0
192.1
652.5
1,472.8
815.7
657.0
732.9
866.1
327.0
447.8
1,975.5
1.623.4
981.7
420.7
277.5
10,311.4
82.2
187.2
201.0
650.3
1.457.4
790.8
666.6
733.0
869.2
341.7
443.2
2,002.6
1.635.5
1,000.4
426.3
281.2
10,448.2
87.2
201.6
207.2
638.6
1,504.9
833.9
671.0
767.5
881.7
348.8
447.0
1,983.1
1.667.5
1.005.5
425.2
282.4
Government.........................................................................................
Rest of the w o rld.....................................................................................
1.311.4
31.9
1,331.1
12.5
1.351.4
29.1
1,363.4
22.7
1,382.3
16.7
Mining.............................................
11,847.3
1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services.
Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
N ote .
Table 6.16D. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
2006
IV
II
III
Corporate profits with inventory valuation and capital consumption adjustments
1,330.7
1,393.5
1,569.1
1,591.8
1,653.3
Domestic industries............................................................................................................
Financial1.......
Nonfinancial....
Rest of the world
Receipts from the rest of the world....................................................................................
Less: Payments to the rest of the world.............................................................................
1,133.7
369.4
764.2
1,197.2
390.8
806.4
1,343.0
442.2
900.9
1,418.7
474.8
943.9
197.0
338.0
141.0
196.3
360.6
164.2
226.1
376.3
150.2
1,351.9
483.9
868.1
239.9
402.0
162.1
Corporate profits with inventory valuation adjustment............................................
Domestic industries............................................................................................................
Financial............................................................................................................................
Federal Reserve banks..................................................................................................
Other financial2............................................................................................................
Nonfinancial......................................................................................................................
Utilities........
Manufacturing
Durable goods
Fabricated metal products
Machinery
Computer and electronic products.........................................................................
Electrical equipment, appliances, and components...............................................
Motor vehicles, bodies and trailers, and parts.......................................................
Other durable goods 3
Nondurable goods
Food and beverage and tobacco products.............................................................
Petroleum and coal products.................................................................................
Chemical products
Other nondurable goods 4 .....................................................................................
Wholesale trade
Retail trade...
Transportation and warehousing....................................................................................
Information ...
Other nonfinancial5
Rest of the w orld.................................................................................................................
1,486.1
1,289.1
389.0
26.6
362.5
900.1
30.3
254.8
73.8
20.6
13.8
3.9
5.7
-17.9
47.7
181.0
28.5
70.4
45.3
36.8
97.6
113.7
21.0
77.5
305.2
197.0
1,559.1
1,362.8
413.3
30.4
382.9
949.4
38.3
258.9
72.9
21.2
15.0
8.0
5.6
-25.3
48.5
186.0
28.6
76.0
44.4
37.0
105.9
129.1
19.0
83.6
314.6
196.3
1,717.7
1.491.6
463.9
30.9
433.0
1.027.7
39.7
300.7
102.2
25.7
19.1
12.3
8.4
-18.2
54.9
198.5
29.6
74.5
54.1
40.1
107.2
123.0
27.3
89.8
340.1
226.1
1,752.6
1,512.7
508.2
33.7
474.4
1,004.5
46.8
289.9
78.7
24.1
18.3
13.1
6.8
-25.4
41.9
211.2
29.5
92.4
53.6
35.7
98.3
121.2
38.6
85.9
323.9
239.9
1,815.8
1,581.1
500.1
35.8
464.3
1,081.0
52.8
331.9
115.9
24.8
18.5
13.2
10.3
-16.6
65.7
216.0
34.4
101.1
46.6
33.9
125.1
131.3
39.6
83.3
317.1
234.6
234.6
408.9
174.2
1. Consists ot finance and insurance and bank and other holding companies.
2. Consists of credit intermediation and related activities; securities, commodity contracts, and other financial investments and related activities; insurance carriers and related activities; funds, trusts, and other finan
cial vehicles; and bank and other holding companies.
3. Consists of wood products; nonmetallic mineral products; primary metals; other transportation equipment; furniture and related products; and miscellaneous manufacturing.
4. Consists of textile mills and textile product mills; apparel; leather and allied products; paper products; printing and related support activities; and plastics and rubber products.
5. Consists of agriculture, forestry, fishing, and hunting; mining; construction; real estate and rental and leasing; professional, scientific, and technical services; administrative and waste management services; educa
tional services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services, except government.
N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
February 2007
Survey
of
D-43
C u r r e n t B u s in e s s
7. Supplemental Tables
Table 7.1. Selected Per Capita Product and Income Series in
Current and Chained Dollars
Table 7.2.1 B. Percent Change from Preceding Period in
Real Motor Vehicle Output
[D o l l a r s ]
[P e rc e n t]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Current dollars:
Gross domestic product..........
Gross national product............
Personal income......................
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services.............................
Chained (2000) dollars:
Gross domestic product..........
Gross national product............
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services..............................
Population (midperiod, thousands)
1
?
3
4
41,984
42,092
34,513
30,458
44,272
36,401
31,849
42,756
42,798
35,210
31,020
Line
2006
I
43,602
43,700
35,937
31,470
II
44,141
44,217
36,147
31,595
III
44,451
44,506
36,583
32,025
2006
IV
I
III
IV
44,889
Motor vehicle outp u t.....
Auto output..................
Truck output.................
1
2
3
5.9
14.1
1.8
-1.7
-0.5
-2.4
-19.1
9.4
-31.9
3.8
-6.7
10.7
-9.4
-12.5
-7.5
27.4
7.3
40.3
-31.7
-5.0
-43.8
36,932
32,304
Final sales of domestic product
4
7.1
-1.0
-44.1
19.9
-4.0
31.1
-13.2
5
6
7
-0.5
-1.7
5.2
-1.3
-4.6
0.7
-40.1
-54.1
-28.5
20.7
20.6
6.1
1.0
2.1
21.6
12.3
13.0
-2.6
-4.6
-1.2
-7.2
8
-5.8
-8.2
-66.5
32.9
-10.9
26.9
3.6
9
10
2.2
2.1
5.9
2.7
6.4
-3.8
20.8
17.9
-0.9
-1.3
11.1
4.9
-10.9
-4.0
29,468
3,482
8,559
17,426
30,967
3,578
9,072
18,317
29,985
3,424
8,777
17,783
30,432
3,567
8,910
17,955
30,865
3,551
9,102
18,211
31,185
3,588
9,168
18,429
31,384
3,606
9,108
18,669
9
W
11
37,241
37,340
27,318
38,154
37,494
37,534
27,484
37,931
38,019
27,743
38,090
38,158
27,578
38,181
38,231
27,792
38,414
28,089
12 26,430 27,031 26,567 26,828 26,941 27,063 27,289
13
3,861
4,022
3,822
3,990
4,033
4,082
3,981
14
7,674
7,757
7,895
7,853
7,864
7,874
7,987
15 14,954 15,195 15,035 15,065 15,170 15,237 15,308
16 296,677 299,373 297,748 298,340 298,982 299,716 300,455
2006
IV
b
6
7
8
27,800
2005
2005
Personal consumption
expenditures......................
New motor vehicles..............
Autos................................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks (including
utility vehicles).............
Private fixed investment........
New motor vehicles..............
Autos...............................
Trucks..............................
Light trucks (including
utility vehicles).........
Other............................
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks (including
utility vehicles).............
Gross government
investment..........................
Autos....................................
Trucks..................................
Exports................................
Autos................................
Trucks..............................
Imports.................................
Autos................................
Trucks..............................
Change in private inventories....
Domestic..........................
Used....................................
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos 3
II
11
2.4
9.1
17.5
23.7
-0.6
17.2
-17.0
12
13
14
15
20.9
12.7
7.5
15.6
3.7
5.6
-0.4
8.7
-11.8
-4.5
0.4
-6.9
14.2
28.9
-1.5
47.4
-16.6
-24.6
-23.5
-25.1
18.8
11.9
7.6
14.0
-8.7
-1.4
9.7
-6.4
16
17
13.5
21.5
8.5
9.2
-16.6
23.9
59.2
21.2
-32.0
-4.7
19.9
0.8
-14.0
14.0
18
19
-1.5
-0.4
9.6
4.1
12.3
26.3
62.5
14.8
-37.7
-36.1
-0.6
19.8
15.0
18.6
20
-2.6
15.1
0.0
125.3
-39.0
-16.1
11.6
21
22
23
4.2
7.4
3.3
15.8
-1.9
21.2
-34.0
-27.4
-35.7
62.1
-13.4
90.0
8.2
64.4
-2.1
11.4
-0.5
14.6
1.3
-4.5
2.9
?4
25
26
27
28
29
30
18.6
23.0
15.0
1.0
-3.6
5.6
12.2
18.1
7.1
8.4
10.3
6.7
7.5
23.5
-4.7
25.6
22.9
28.1
30.8
36.5
25.8
23.3
11.8
34.5
-14.5
-14.9
-14.2
-6.7
-4.8
-8.2
69.6
81.3
59.3
-10.6
24.2
-34.2
-40.3
-27.8
-50.5
2.4
5.4
-0.6
42
4.5
0.5
-33.4
20.0
-3.8
13.9
-5.5
43
44
45
11.0
12.5
2.9
4.8
-0.1
5.2
-9.9
26.1
-12.4
30.7
-1.7
-6.5
-28.7
-21.9
17.9
14.8
7.6
14.5
-4.9
-22.2
7.7
31
V
33
34
Vi
36
37
38
39
40
41
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
D-44
February 2007
National Data
Table 7.2.3B. Real Motor Vehicle Output, Quantity Indexes
Table 7.2.4B. Price Indexes for Motor Vehicle Output
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2005
2006
2005
IV
Motor vehicle output......
Auto output...................
Truck output..................
Final sales of domestic product
Personal consumption
expenditures.......................
New motor vehicles..............
Autos...............................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment........
New motor vehicles..............
Autos................................
Trucks...............................
Light trucks (including
utility vehicles)..........
Other............................
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
I
II
Line
III
115.999 116.260 117.341 114.487 121.621 110.545
100.768 104.537 102.738
99.360 101.135
99.840
126.906 124.609 127.804 125.338 136.403 118.078
4 121.646 120.371 113.029 118.267 117.064 125.261 120.891
I
II
III
IV
Motor vehicle output......
Auto output...................
Truck output..................
1
2
3
97.656
98.771
96.914
96.934
99.708
95.281
96.857 97.636
99.077 100.179
95.507 96.097
97.564
99.370
96.441
96.460
99.759
94.528
96.076
99.523
94.060
Final sales of domestic product
4
97.644
97.020
96.883
97.690
97.617
96.572
96.202
5
6
7
97.623
96.320
96.921
97.358
95.735
97.786
97.295
95.863
97.201
97.827
96.251
97.886
97.633
95.913
97.570
97.441
95.734
97.974
96.533
95.044
97.715
8
95.884
94.260
94.921
95.087
94.731
94.112
93.110
9 100.329 100.780 100.330 101.157 101.256 101.035
10 102.345 102.437 102.573 103.002 102.702 102.797
99.674
101.247
132.114
121.728
130.703
126.993
134.786
135.975
110.948
96.868
105.366
92.857
110.474
96.765
110.219
96.455
113.163
97.617
109.935
96.636
11
128.152
120.631
12 108.561 112.533 110.868
13 106.399 112.367 109.710
14 91.722 91.379
94.982
15 115.885 126.015 119.228
127.222 127.035 132.180 126.172
114.600 109.501 114.308 111.722
116.892 108.923 112.018 111.633
94.629
88.508 90.134 92.245
131.380 122.206 126.268 124.206
16 117.601
17 110.045
127.598
120.128
120.404
114.464
135.256
120.090
122.829
118.653
128.535
118.901
123.771
122.870
18
19
108.106
96.162
103.676
97.672
117.049
101.093
103.996
90.369
103.849
94.538
107.530
98.647
121.740
110.442
135.307
119.581
114.445
117.626
134.872 116.072
99.396 94.066
148.144 124.313
130.972
90.752
145.957
133.593
102.756
145.172
137.236 137.688
102.631 101.445
150.194 151.254
Gross government investment
Autos....................................
Trucks...................................
21 103.257 104.600 103.713 103.906 104.798 104.223 105.471
22 99.679 101.902 101.697 101.473 100.253 101.572 104.311
23 104.358 105.434 104.385 104.687 106.113 105.036 105.902
Net exports..............................
Exports................................
Autos................................
Trucks...............................
Imports................................
Autos.................................
Trucks...............................
?4
25
26
27
28
29
30
Change in private inventories....
31
V
33
34
35
3B
37
38
39
40
41
116.721
120.223
103.443
8
117.501
98.660
92.350
168.840
188.286
152.151
116.566
110.194
124.145
11
V
13
34
35
36
37
38
39
40
41
Domestic...........................
Foreign..............................
Used....................................
Trucks.......................................
New......................................
Domestic...........................
Foreign..............................
Used 1.................................
42
115.830
116.405
110.610
115.758
114.641
118.442
116.778
43
44
45
105.345
92.758
111.560
110.359
92.659
117.368
108.382
98.050
113.186
115.889
97.627
111.314
106.489
91.765
115.981
110.221
93.468
119.971
108.835
87.775
122.206
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
IV
2006
143.876
115.991 109.174 114.425 114.718 118.101
118.542 111.062 116.382 116.974 120.591
104.001
99.558 101.054 106.108 105.401
?4
25 156.912 176.074 163.705 175.063 168.320 192.073
26 159.191 187.980 169.585 183.291 176.051 204.292
27 154.709 165.714 158.442 167.800 161.487 181.418
28 109.052 118.216 115.048 121.243 119.170 115.884
29
96.653 106.566 101.435 104.294 103.020 108.757
30 123.581 131.900 130.993 141.060 138.060 124.335
Used 1..................................
2005
9 104.778
10 94.308
5 117.472
6 124.212
7 103.256
Net exports.............................
Exports................................
Autos...............................
Trucks..............................
Imports................................
Autos...............................
Trucks..............................
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos 3
2006
Personal consumption
expenditures.......................
New motor vehicles..............
Autos.................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment.........
New motor vehicles..............
Autos.................................
Trucks...............................
Light trucks (including
utility vehicles)..........
Other.............................
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
20 105.785
21 116.428
22 101.294
23 122.206
Domestic..........................
Foreign.............................
Used.....................................
Trucks.......................................
New.....................................
Domestic..........................
2005
IV
1 118.006
2 101.241
3 130.020
Gross government investment
Autos...................................
Trucks..................................
Change in private inventories....
Seasonally adjusted
2006
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos 2
Sates of imported new autos 3
11
98.241
99.683
99.180
97.992
99.019 98.032 99.221
12 105.085 103.806 103.785 104.628 104.842 102.154 103.601
96.494 96.446 96.863
97.368 95.979
13 97.191
95.766
14 96.927 97.796 97.206 97.895 97.577 97.991
97.720
96.131
94.887
15 97.410 95.921
96.415 97.308 95.072
92.871
89.784
89.164
16 94.063 91.021
91.988 92.264
17 108.306 111.486 109.465 109.773 111.536 111.778 112.858
18
19
87.784
88.761
88.116
89.118
88.006
88.914
87.753
88.808
88.739
89.771
89.495
90.354
86.480
87.540
20
86.829
87.135
87.117
86.728
87.731
88.642
85.439
107.262
104.802
109.627
104.770
103.680
105.954
107.962
105.464
110.378
105.229
103.817
106.691
107.646
105.266
109.945
105.188
103.942
106.499
107.711
105.298
110.042
105.064
103.642
106.531
42
99.002
98.539
98.456
99.055
98.999
98.175
97.928
43
44
45
95.314
98.174
96.924
93.835
98.910
97.790
94.196
98.431
97.203
94.637
98.976
97.887
94.886
98.660
97.574
93.150
98.989
97.980
92.665
99.014
97.719
107.799 107.895 108.443
105.298 105.428 105.831
110.214 110.278 110.976
105.095 105.195 105.562
103.742 103.742 104.142
106.502 106.698 107.032
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
February 2007
Survey
of
D-45
C u r r e n t B u s in e s s
Table 7.2.5B. Motor Vehicle Output
Table 7.2.6B. Real Motor Vehicle Output, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2005
2006
2005
IV
Seasonally adjusted at annual rates
2006
I
II
Line
2005
2006
IV
2005
III
IV
Motor vehicle output......
Auto output...................
Truck output..................
1
2
3
420.5
151.0
269.5
410.4
151.7
258.6
411.8
156.5
255.3
418.0
155.4
262.5
408.2
149.1
259.1
428.0
152.3
275.6
387.3
150.1
237.2
Motor vehicle outp u t......
Auto output...................
Truck output..................
1
2
3
430.7
153.0
278.1
423.4
152.2
271.4
424.3
157.9
266.5
428.3
155.2
273.3
417.8
150.1
268.1
443.9
152.8
291.7
403.5
150.8
252.5
Final sales of domestic product
4
421.0
413.9
388.1
409.5
405.0
428.7
412.2
Final sales of domestic product
4
431.1
426.6
400.6
419.2
414.9
444.0
428.5
5
6
7
382.4
266.1
107.0
377.5
254.0
107.7
355.4
237.9
103.1
372.4
249.3
104.7
373.4
250.6
109.9
384.4
258.4
109.2
379.9
257.6
107.1
8
159.2
146.2
134.7
144.6
140.5
149.2
150.5
9
10
116.6
57.2
123.4
58.8
117.2
56.3
122.9
58.7
122.6
58.5
125.9
59.2
122.3
58.6
Personal consumption
expenditures.......................
New motor vehicles..............
Autos................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment........
New motor vehicles..............
Autos................................
Trucks...............................
Light trucks (including
utility vehicles)..........
Other............................
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government
investment...........................
Autos....................................
Trucks...................................
Net exports..............................
Exports.................................
Autos...............................
Trucks...............................
Imports.................................
Autos................................
Trucks...............................
Change in private inventories....
Autos.......................................
New.....................................
Domestic..........................
Foreign.............................
Used....................................
Trucks......................................
New......................................
Domestic..........................
Foreign.............................
Used 1..................................
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos 3
b
6
7
373.3
256.3
103.7
367.6
243.1
105.4
345.7
228.1
100.2
364.4
240.0
102.5
364.6
240.4
107.3
III
374.6
247.4
107.0
366.7
244.8
104.7
8
152.7
137.8
127.9
137.5
133.1
140.4
140.1
9
10
116.9
58.5
124.4
60.2
117.6
57.8
124.3
60.5
124.2
60.1
127.2
60.9
121.9
59.4
11
58.4
64.2
59.9
63.9
64.1
66.3
62.6
12
13
14
15
134.9
200.0
67.9
132.1
138.2
209.7
68.3
141.4
136.1
204.6
70.5
134.1
141.9
219.0
70.8
148.2
135.8
205.1
66.0
139.1
138.1
207.9
67.5
140.5
136.9
206.8
68.9
137.9
16
17
95.2
36.9
100.0
41.4
95.4
38.7
107.5
40.8
98.2
40.9
99.4
41.1
95.0
42.9
18
19
-65.1
-32.7
-71.5
-34.1
-68.5
-34.6
-77.1
-35.8
-69.3
-32.3
-69.8
-34.1
-69.8
-34.4
20
-32.4
-37.4
-33.9
-41.3
-37.0
-35.7
-35.4
21
22
23
14.9
3.4
11.4
17.5
3.5
14.0
14.9
3.3
11.6
16.9
3.1
13.7
17.7
3.6
14.2
18.0
3.6
14.4
24
25
26
27
28
29
30
-102.1
44.0
20.4
23.6
146.1
69.6
76.5
-109.4
49.7
24.3
25.4
159.0
76.8
82.2
-108.7
46.0
21.8
24.2
154.7
73.2
81.5
-113.6
49.3
23.6
25.6
162.8
75.0
87.8
17.3
3.5
13.8
-112.7
47.4
22.7
24.7
160.1
74.2
85.9
-101.7
54.1
26.4
27.8
155.8
78.3
77.5
-109.5
47.8
24.4
23.5
157.3
79.7
77.6
31
32
33
34
35
36
37
38
39
40
41
-0.5
-0.7
0.5
0.3
0.2
-1.2
0.3
1.7
1.1
0.7
-1.5
-3.5
1.2
3.7
1.9
1.8
-2.5
-4.7
-2.5
-3.2
0.6
-2.1
23.6
10.6
9.7
10.0
-0.3
0.9
13.0
15.2
13.8
1.3
-2.2
8.5
5.8
5.4
3.7
1.6
0.4
2.7
0.1
-1.4
1.6
2.5
3.2
-3.9
1.0
0.7
0.3
-4.9
7.1
10.7
11.9
-1.2
-3.6
-0.8
-0.5
2.3
2.2
0.1
-2.8
-0.2
5.5
2.3
3.2
-5.8
-24.9
3.3
6.0
1.0
5.0
-2.7
-28.2
-26.5
-25.5
-1.0
-1.6
42
523.1
523.2
496.8
523.1
517.7
530.4
521.7
43
44
45
163.1
100.6
90.7
168.3
101.2
96.3
165.9
106.6
92.3
178.2
106.7
91.4
164.2
100.0
94.9
166.8
102.1
98.6
163.9
96.0
100.2
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
IV
2006
Personal consumption
expenditures.......................
New motor vehicles...............
Autos................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment.........
New motor vehicles...............
Autos.................................
Trucks...............................
Light trucks (including
utility vehicles)..........
Other............................
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government investment
Autos....................................
Trucks...................................
Net exports..............................
Exports.................................
Autos.................................
Trucks ...............................
Imports..................................
Autos.................................
Trucks ...............................
Change in private inventories....
Autos........................................
New......................................
Domestic...........................
Foreign..............................
Used....................................
Trucks.......................................
New......................................
Domestic...........................
Foreign..............................
Used 1..................................
Residual.......................................
Addenda:
Final sales of motor vehicles to
domestic purchasers.............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos 2
Sales of imported new autos 3
I
II
11
59.5
64.8
61.0
64.4
64.3
66.9
63.8
12
13
14
15
128.4
205.7
70.1
135.6
133.1
217.3
69.8
147.4
131.1
212.2
72.6
139.5
135.5
226.0
72.3
153.7
129.5
210.6
67.6
143.0
135.2
216.6
68.9
147.7
132.1
215.9
70.5
145.3
16
17
101.2
34.0
109.8
37.1
103.6
35.4
116.4
37.1
105.7
36.7
110.6
36.8
106.5
38.0
18
19
-74.1
-36.8
-81.2
-38.3
-77.9
-38.9
-87.9
-40.3
-78.1
-36.0
-78.0
-37.7
-80.8
-39.3
20
-37.3
-42.9
-38.9
-47.7
-42.1
-40.3
21
22
23
14.4
3.5
11.0
16.7
3.4
13.3
14.4
3.2
11.2
16.2
3.1
13.1
16.5
3.5
13.0
17.0
3.5
13.5
-41.5
17.1
3.5
13.6
24
25
26
27
28
29
30
-98.4
41.0
19.5
21.5
139.4
67.1
72.2
-105.1
46.0
23.0
23.0
151.1
74.0
77.1
-104.3
42.8
20.7
22.0
147.1
70.4
76.5
-109.3
45.7
22.4
23.3
155.0
72.4
82.4
-108.4
44.0
21.5
22.4
152.3
71.5
80.7
-98.0
50.2
25.0
25.2
148.1
75.5
72.6
-104.9
44.1
23.0
21.1
149.0
76.5
72.5
31
32
33
34
35
36
37
38
39
40
41
42
-0.4
-0.7
0.5
0.3
0.2
-1.3
0.3
1.5
0.9
0.6
-1.6
1.3
-4.0
1.1
3.8
2.0
1.7
-2.8
-4 1
-2.5
-3.1
0.6
-2.3
2.7
23.4
11.2
9.9
10.4
-0.3
1.0
12.0
13.2
11.9
1.3
-2.4
3.3
8.5
6.1
5.5
3.9
1.6
0.5
2.6
0.2
-1.3
1.5
2.8
2.0
3.0
-4.3
1.0
0.7
0.3
-5.4
6.4
9.2
10.4
-1.2
-3.9
3.6
-0.8
-0.7
2.3
2.3
0.1
-3.1
-0.2
5.1
1.9
3.1
-6.4
4.1
-26.4
3.5
6.4
1.0
4.8
-3.1
-27.5
-24.4
-23.4
-1.0
-1.8
0.6
43
528.4
531.0
504.5
528.0
522.9
540.3
532.7
44
45
46
171.1
102.5
93.6
179.3
102.4
98.4
176.1
108.3
94.9
188.3
107.9
93.4
173.0
101.4
97.3
179.1
103.3
100.6
176.8
97.0
102.5
1. Consists of used light trucks only.
Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is
the difference between the first line and the sum of the most detailed lines, excluding the lines in the addenda.
2.
D-46
February 2007
B. NI PA-Related Table
Table B .l presents the m ost recent estimates o f personal income and its components and the disposition o f
personal income. These estimates were released on February 1, 2007.
Table B.1 Personal Income and Its Disposition
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2005
2005
2006
2006
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.'
Nov.r
Dec.p
Personal Income................................................................ 10,239.2 10,897.4 10,472.4 10,526.1 10,664.9 10,721.9 10,777.4 10,784.3 10,795.3 10,842.2 10,906.7 10,965.3 11,021.7 11,054.5 11,086.9 11,147.5
Compensation of employees, received................................. 7,030.3 7,493.1 7,173.1 7,210.6 7,342.5 7,407.2 7,451.3 7,434.9 7,406.8 7,434.7 7,484.2 7,512.4 7,557.7 7,594.6 7,622.2 7,668.5
Wage and salary disbursements.......................................... 5,664.8 6,037.7 5,776.5 5,807.2 5,919.8 5,976.6 6,013.8 5,993.6 5,963.5 5,985.7 6,026.7 6,049.1 6,087.6 6,117.5 6,139.5 6,179.0
Private industries............................................................
4,687.1 5,023.7 4,788.2 4,816.6 4,924.5 4,977.9 5,013.4 4,990.4 4,958.1 4,976.4 5,012.1 5,028.6 5,061.1 5,088.8 5,108.4 5,145.1
Goods-producing industries.............................................
1,101.3 1,181.4 1,121.9 1,127.0 1,164.0 1,179.5 1,188.4 1,174.3 1,170.4 1,174.2 1,179.3 1,182.7 1,184.9 1,190.7 1,191.9 1,196.2
Manufacturing..............................................................
704.7
737.9
711.9
713.9
734.7
744.3
749.6
736.2
730.9
731.2
734.8
736.4
736.5
739.9
739.1
740.9
Service-producing industries............................................
3,585.8 3,842.4 3,666.3 3,689.6 3,760.5 3,798.4 3,825.0 3,816.1 3,787.7 3,802.2 3,832.9 3,845.9 3,876.2 3,898.1 3,916.5 3,948.9
Trade, transportation, and utilities................................
937.2
954.9
997.8
958.7
975.3
984.8
992.7
987.1
990.8
992.6 1,001.5 1,001.3 1,006.3 1,009.7 1,015.3 1,016.7
Other services-producing industries............................. 2,648.5 2,844.5 2,711.4 2,730.9 2,785.3 2,813.7 2,834.2 2,823.4 2,800.6 2,809.6 2,831.4 2,844.6 2,870.0 2,888.4 2,901.2 2,932.2
Government....................................................................
977.7 1,013.9
988.3
998.7 1,000.4 1,003.2 1,005.4 1,009.2 1,014.6 1,020.5 1,026.5 1,028.7 1,031.1 1,033.8
990.6
995.3
Supplements to wages and salaries.....................................
1,365.5 1,455.4 1,396.5 1,403.4 1,422.7 1,430.7 1,437.4 1,441.3 1,443.3 1,449.0 1,457.4 1,463.3 1,470.1
1,477.1
1,482.7 1,489.5
Employer contributions for employee pension and
933.2
insurance funds.............................................................
992.7
956.0
960.9
967.4
975.7
981.4
971.6
985.6
990.1
995.6 1,000.2 1,004.5 1,009.4 1,013.7 1,017.8
Employer contributions for government social insurance
432.3
462.6
440.5
442.5
461.7
455.3
459.1
460.0
457.7
458.9
461.8
463.1
465.6
467.6
469.1
471.7
Proprietors’ income with IVA and CCAdj..............................
970.7 1,014.8
995.4 1,001.4 1,006.6 1,005.7 1,012.5 1,010.1 1,014.8 1,010.7 1,009.9 1,017.2 1,017.4 1,022.6 1,024.8 1,024.8
Farm................................................................................
30.2
22.8
28.7
23.2
28.1
24.6
23.9
20.5
17.5
17.1
14.6
21.5
26.4
28.9
29.5
26.4
Nonfarm..........................................................................
940.4
991.9
966.7
973.2
982.0
981.8
989.3
989.6
997.3
992.9
996.1
995.7
993.7
991.0
995.3
998.4
Rental income of persons with CCAdj..................................
72.8
76.5
83.9
78.0
76.4
74.2
80.5
75.9
71.8
68.2
73.4
78.1
83.4
79.7
80.9
77.5
Personal income receipts on assets.....................................
1,519.4 1,657.6 1,580.3 1,599.1 1,600.8 1,602.1 1,603.9 1,625.4 1,647.3 1,670.2 1,676.7 1,683.5 1,690.6 1,693.6 1,697.0 1,700.2
Personal interest income.................................................
945.0 1,018.1
981.8
994.9
992.0
989.1
986.2 1,002.7 1,019.2 1,035.6 1,035.7 1,035.8 1,035.9 1,032.0 1,028.2 1,024.3
Personal dividend income................................................
574.4
639.6
604.2
598.5
608.8
613.0
617.8
622.7
628.2
634.6
641.0
647.7
654.6
661.6
668.8
675.9
Personal current transfer receipts.........................................
1,526.6 1,602.1 1,537.3 1,536.0 1,566.3 1,568.7 1,576.3 1,580.2 1,591.1 1,597.8 1,608.0 1,622.5 1,625.5 1,620.9 1,624.2 1,643.2
Government social benefits to persons............................
1,480.9 1,566.8 1,501.8 1,500.5 1,531.9 1,534.3 1,541.7 1,545.4 1,556.1 1,562.6 1,572.6 1,587.0 1,589.8 1,585.0 1,588.2 1,607.0
Old-age, survivors, disability, and health insurance
benefits....................................................................
852.2
901.4
844.9
931.0
860.1
910.3
917.9
920.8
927.9
935.8
931.4
938.9
939.7
940.4
944.1
963.3
Government unemployment insurance benefits...........
27.4
31.3
27.3
30.5
30.1
28.6
27.4
27.0
27.0
27.0
27.3
27.3
27.3
27.0
27.3
27.0
Other...........................................................................
604.6
608.5
619.2
610.3
601.9
596.6
596.4
601.2
597.6
599.9
620.7
613.8
622.8
617.6
616.7
616.8
45.7
35.4
Other current transfer receipts, from business (net).........
35.3
35.5
34.4
34.5
34.6
34.8
35.0
35.2
35.4
35.7
35.5
35.9
36.1
36.1
Less:Contributions for government social insurance............
880.6
946.6
897.5
901.5
929.3
937.8
943.0
940.5
939.4
936.6
945.5
948.4
952.9
958.1
960.9
966.6
Less: Personal current taxes.............................................
1,203.1
1,362.6
1,245.1
1,261.5
1,317.8
1,333.9
1,346.2
1,357.5
1,358.1
1,367.5
1,363.1
1,365.4
1,370.1
1,382.6
1,389.6
1,399.5
Equals: Disposable personal income...............................
9,036.1
9,534.8
9,227.3
9,264.6
9,347.1
9,388.1
9,431.3
9,426.8
9,437.2
9,474.6
9,543.5
9,599.9
9,651.6
9,671.9
9,697.3
9,748.1
Less: Personal outlays......................................................
9,070.9
9,626.8
9,253.1
9,292.5
9,371.3
9,418.6
9,465.7
9,522.3
9,587.5
9,621.2
9,696.0
9,716.0
9,718.1
9,744.2
9,796.5
9,864.6
Personal consumption expenditures.....................................
Durable goods.................................................................
Nondurable goods............................................................
Services..........................................................................
Personal interest payments1................................................
Personal current transfer payments......................................
To government................................................................
To the rest of the world (net)............................................
8,742.4
1,033.1
2,539.3
5,170.0
209.4
119.2
72.0
47.1
9,270.8
1,071.3
2,716.0
5,483.6
229.9
126.1
78.0
48.1
8,916.4
1,023.3
2,594.2
5,299.0
214.9
121.8
74.2
47.6
8,955.5
1,039.1
2,594.1
5,322.3
214.7
122.3
74.7
47.6
9,034.4
1,069.8
2,655.7
5,308.9
216.6
120.4
75.2
45.2
9,079.2
1,055.7
2,654.5
5,369.0
218.5
120.9
75.7
45.2
9,123.8
1,066.9
2,664.5
5,392.5
220.4
121.4
76.3
45.2
9,175.2
1,064.1
2,703.9
5,407.2
221.6
125.5
76.8
48.7
9,238.6
1,057.9
2,728.3
5,452.4
222.9
126.0
77.3
48.7
9,270.5
1,063.5
2,732.0
5,475.0
224.2
126.5
77.9
48.7
9,338.9
1,085.2
2,755.9
5,497.8
229.9
127.2
78.4
48.8
9,352.6
1,068.9
2,761.1
5,522.6
235.5
127.8
79.0
48.8
9,348.5
1,072.3
2,726.2
5,550.0
241.2
128.3
79.5
48.8
9,372.9
1,074.4
2,711.4
5,587.1
242.0
129.3
79.8
49.6
9,424.0
1,083.8
2,728.0
5,612.2
242.8
129.6
80.1
49.6
9,491.1
1,092.4
2,770.5
5,628.3
243.6
129.9
80.3
49.6
Equals: Personal saving....................................................
Personal saving as percentage of disposable personal
income............................................................................
-34.8
-92.0
-25.8
-27.8
-24.2
-30.6
-34.4
-95.5
-150.3
-146.6
-152.4
-116.1
-66.5
-72.3
-99.2
-116.6
-0.4
-1.0
-0.3
-0.3
-0.3
-0.3
-0.4
-1.0
-1.6
-1.5
-1.6
-1.2
-0.7
-0.7
-1.0
-1.2
Addenda:
Disposable personal income:
Billions of chained (2000) dollars2...................................
Per capita:
Current dollars.................................................................
Chained (2000 dollars)....................................................
Population (midperiod, thousands)3....................................
8,104.6
8,322.7
8,185.4
8,220.1
8,253.6
8,283.8
8,292.9
8,251.4
8,232.0
8,252.8
8,287.8
8,314.8
8,386.2
8,420.8
8,442.4
8,455.7
30,458
27,318
296,677
31,849
27,800
299,373
30,990
27,490
297,756
31,094
31,351
27,589
27,683
297,954 298,144
31,468
27,767
298,337
31,591
27,778
298,539
31,554
31,565
27,620
27,534
298,753 298,979
31,665
27,582
299,213
31,869
27,676
299,459
32,030
32,175
27,742
27,957
299,716 299,972
32,216
28,049
300,221
32,275
28,098
300,460
32,420
28,121
300,685
Personal consumption expenditures:
Billions of chained (2000) dollars.....................................
Durable goods.................................................................
Nondurable goods...........................................................
Services..........................................................................
Implicit price deflator, 2000-100.....................................
7,841.2
1,145.3
2,276.8
4,436.6
111.490
8,092.3
1,204.0
2,363.5
4,549.0
114.560
7,909.6
1,142.2
2,305.3
4,476.9
112.729
7,945.8
1,161.8
2,310.5
4,491.6
112.707
7,977.5
1,195.2
2,343.3
4,465.4
113.249
8,011.3
1,181.0
2,346.4
4,505.3
113.330
8,022.6
1,195.2
2,338.6
4,512.8
113.727
8,031.2
1,191.7
2,347.3
4,515.3
114.244
8,058.7
1,184.9
2,352.1
4,542.1
114.640
8,075.0
1,194.2
2,353.9
4,548.9
114.805
8,110.1
1,218.0
2,360.9
4,558.1
115.151
8,100.7
1,199.0
2,357.4
4,566.4
115.455
8,122.8
1,209.5
2,362.1
4,575.4
115.089
8,160.4
1,211.5
2,379.5
4,592.8
114.857
8,204.5
1,226.7
2,402.5
4,601.8
114.865
8,232.8
1,241.4
2,417.6
4,603.8
115.285
Personal income, current dollars......................................
5.2
6.4
0.2
0.5
1.3
0.5
0.5
0.1
0.1
0.4
0.6
0.5
0.5
0.3
0.3
0.5
Disposable personal income:
Current dollars.................................................................
Chained (2000) dollars....................................................
4.1
1.2
5.5
2.7
0.1
0.5
0.4
0.4
0.9
0.4
0.4
0.4
0.5
0.1
0.0
-0.5
0.1
-0.2
0.4
0.3
0.7
0.4
0.6
0.3
0.5
0.9
0.2
0.4
0.3
0.3
0.5
0.2
Personal consumption expenditures:
Current dollars.................................................................
Chained (2000) dollars....................................................
6.5
3.5
6.0
3.2
0.1
0.4
0.4
0.5
0.9
0.4
0.5
0.4
0.5
0.1
0.6
0.1
0.7
0.3
0.3
0.2
0.7
0.4
0.1
-0.1
0.0
0.3
0.3
0.5
0.5
0.5
0.7
0.3
Percent change from preceding period:
p Preliminary
r Revised
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures,
3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual estimate is the average of the monthly estimates.
Source: U.S. Bureau of Economic Analysis.
February 2007
D-47
C. H istorical M easures
This table is derived from the “Selected NIPA Tables” that are published in this issue and from the “GDP and Other
Major NIPA Series” tables that were published in the August 2006 issue. (The changes in prices are calculated from
indexes expressed to three decimal places.)
Table C.1. GDP and Other Major NIPA Aggregates— Continues
[Q u a r te rly e s tim a te s a r e s e a s o n a lly a d ju s te d a t a n n u a l r a te s ]
Billions of chained (2000) dollars
Year and quarter
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Percent change from
preceding period
Gross
domestic
product
Final sales of
domestic
product
Chain-type price indexes
[2000=100]
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
[2000=100]
Gross
domestic
product
Gross
national
product
Percent change from preceding period
Chain-type price index
Implicit price deflators
Gross
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
national
product
1959
....................
2,441.3
2,442.7
2,457.4
7.1
6.2
20.754
20.365
20.751
20.727
1.2
1.2
1.2
1.2
1960
1961
1962
1963
1964
....................
....................
....................
....................
....................
2,501.8
2,560.0
2,715.2
2,834.0
2,998.6
2,506.8
2,566.8
2,708.5
2,830.3
2,999.9
2,519.4
2,579.3
2,736.9
2,857.2
3,023.6
2.5
2.3
6.1
4.4
5.8
2.6
2.4
5.5
4.5
6.0
21.044
21.281
21.572
21.801
22.134
20.646
20.865
21.139
21.385
21.725
21.041
21.278
21.569
21.798
22.131
21.018
21.255
21.547
21.777
22.111
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.3
1.2
1.6
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.4
1.1
1.5
1965
1966
1967
1968
1969
....................
....................
....................
....................
....................
3,191.1
3,399.1
3,484.6
3,652.7
3,765.4
3,173.8
3,364.8
3,467.6
3,640.3
3,753.7
3,217.3
3,423.7
3,510.1
3,680.0
3,792.0
6.4
6.5
2.5
4.8
3.1
5.8
6.0
3.1
5.0
3.1
22.538
23.180
23.897
24.916
26.153
22.102
22.724
23.389
24.380
25.580
22.535
23.176
23.893
24.913
26.149
22.516
23.158
23.874
24.893
26.127
1.8
2.8
3.1
4.3
5.0
1.7
2.8
2.9
4.2
4.9
1.8
2.8
3.1
4.3
5.0
1.8
2.9
3.1
4.3
5.0
1970
1971
1972
1973
1974
....................
....................
....................
....................
....................
3,771.9
3,898.6
4,105.0
4,341.5
4,319.6
3,787.7
3,893.4
4,098.6
4,315.9
4,305.5
3,798.2
3,927.8
4,136.2
4,383.6
4,367.5
0.2
3.4
5.3
5.8
-0.5
0.9
2.8
5.3
5.3
-0.2
27.538
28.916
30.171
31.854
34.721
26.964
28.351
29.619
31.343
34.546
27.534
28.911
30.166
31.849
34.725
27.512
28.889
30.145
31.830
34.699
5.3
5.0
4.3
5.6
9.0
5.4
5.1
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.0
4.3
5.6
9.0
1975
1976
1977
1978
1979
....................
....................
....................
....................
....................
4,311.2
4,540.9
4,750.5
5,015.0
5,173.4
4,352.5
4,522.3
4,721.6
4,981.6
5,161.2
4,348.4
4,585.3
4,800.3
5,064.4
5,240.1
-0.2
5.3
4.6
5.6
3.2
1.1
3.9
4.4
5.5
3.6
38.007
40.202
42.758
45.762
49.553
37.761
39.938
42.634
45.663
49.669
38.002
40.196
42.752
45.757
49.548
37.976
40.175
42.731
45.737
49.527
9.5
5.8
6.4
7.0
8.3
9.3
5.8
6.8
7.1
8.8
9.4
5.8
6.4
7.0
8.3
9.4
5.8
6.4
7.0
8.3
1980
1981
1982
1983
1984
....................
....................
....................
....................
....................
5,161.7
5,291.7
5,189.3
5,423.8
5,813.6
5,196.7
5,265.1
5,233.4
5,454.0
5,739.2
5,227.6
5,349.7
5,249.7
5,482.5
5,869.3
-0.2
2.5
-1.9
4.5
7.2
0.7
1.3
-0.6
4.2
5.2
54.062
59.128
62.738
65.214
67.664
54.876
59.896
63.296
65.515
67.822
54.043
59.119
62.726
65.207
67.655
54.015
59.095
62.699
65.184
67.631
9.1
9.4
6.1
3.9
3.8
10.5
9.1
5.7
3.5
3.5
9.1
9.4
6.1
4.0
3.8
9.1
9.4
6.1
4.0
3.8
1985
1986
1987
1988
1989
....................
....................
....................
....................
....................
6,053.7
6,263.6
6,475.1
6,742.7
6,981.4
6,042.1
6,271.8
6,457.2
6,734.5
6,962.2
6,093.4
6,290.6
6,500.9
6,775.2
7,015.4
4.1
3.5
3.4
4.1
3.5
5.3
3.8
3.0
4.3
3.4
69.724
71.269
73.204
75.706
78.569
69.760
71.338
73.527
76.043
78.934
69.713
71.250
73.196
75.694
78.556
69.695
71.227
73.181
75.679
78.549
3.0
2.2
2.7
3.4
3.8
2.9
2.3
3.1
3.4
3.8
3.0
2.2
2.7
3.4
3.8
3.1
2.2
2.7
3.4
3.8
1990
1991
1992
1993
1994
....................
....................
....................
....................
....................
7,112.5
7,100.5
7,336.6
7,532.7
7,835.5
7,108.5
7,115.0
7,331.1
7,522.3
7,777.8
7,155.2
7,136.8
7,371.8
7,568.6
7,864.2
1.9
-0.2
3.3
2.7
4.0
2.1
0.1
3.0
2.6
3.4
81.614
84.457
86.402
88.390
90.265
82.144
84.836
86.828
88.730
90.583
81.590
84.444
86.385
88.381
90.259
81.589
84.440
86.375
88.382
90.262
3.9
3.5
2.3
2.3
2.1
4.1
3.3
2.3
2.2
2.1
3.9
3.5
2.3
2.3
2.1
3.9
3.5
2.3
2.3
2.1
1995
1996
1997
1998
1999
....................
....................
....................
....................
....................
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
2.5
3.7
4.5
4.2
4.5
3.0
3.7
4.0
4.2
4.5
92.115
93.859
95.415
96.475
97.868
92.483
94.145
95.440
96.060
97.556
92.106
93.852
95.414
96.472
97.868
92.114
93.863
95.420
96.475
97.869
2.0
1.9
1.7
1.1
1.4
2.1
1.8
1.4
0.6
1.6
2.0
1.9
1.7
1.1
1.4
2.1
1.9
1.7
1.1
1.4
2000
2001
2002
2003
2004
....................
....................
....................
....................
....................
9,817.0
9,890.7
10,048.8
10,301.0
10,703.5
9,760.5
9,920.9
10,036.5
10,285.1
10,648.3
9,855.9
9,933.6
10,079.0
10,355.3
10,746.8
3.7
0.8
1.6
2.5
3.9
3.8
1.6
1.2
2.5
3.5
100.000
102.402
104.193
106.409
109.429
100.000
101.994
103.583
105.966
109.210
100.000
102.399
104.187
106.404
109.426
100.000
102.396
104.179
106.396
109.416
2.2
2.4
1.7
2.1
2.8
2.5
2.0
1.6
2.3
3.1
2.2
2.4
1.7
2.1
2.8
2.2
2.4
1.7
2.1
2.8
11,048.6
11,422.4
11,025.2
11,369.7
11,077.9
3.2
3.4
3.5
3.1
112.744
116.053
112.981
116.487
112.737
116.034
112.726
3.0
2.9
3.5
3.1
3.0
2.9
3.0
2005
2006
D-48
February 2007
National Data
Table C.1. GDP and Other Major NIPA Aggregates— Continues
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Percent change from
preceding period
Gross
domestic
product
Final sales of
domestic
product
Chain-type price indexes
[2000=100]
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
[2000=100]
Gross
domestic
product
Gross
national
product
Percent change from preceding period
Chain-type price index
Implicit price deflators
Gross
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
national
product
1959:
I ...................
II..................
I ll.................
IV.................
2,392.9
2.455.8
2.453.9
2,462.6
2,396.9
2,440.3
2,471.1
2,462.3
2,408.1
2,471.1
2,470.3
2,479.8
7.9
10.9
-0.3
1.4
8.1
7.4
5.1
-1,4
20.680
20.711
20.770
20.853
20.296
20.326
20.379
20.460
20.704
20.704
20.753
20.840
20.680
20.681
20.730
20.817
1.8
0.6
1.1
1.6
2.1
0.6
1.0
1.6
0.9
0.0
1.0
1.7
0.9
0.0
1.0
1.7
1960:
I ...................
II..................
Ill.................
IV.................
2,517.4
2,504.8
2,508.7
2,476.2
2,488.1
2,511.5
2,507.9
2,519.8
2,534.1
2,521.8
2,526.5
2,494.9
9.2
-2.0
0.6
-5.1
4.3
3.8
-0.6
1.9
20.903
20.995
21.093
21.186
20.505
20.598
20.694
20.787
20.931
21.004
21.084
21.146
20.909
20.982
21.061
21.122
1.0
1.8
1.9
1.8
0.9
1.8
1.9
1.8
1.8
1.4
1.5
1.2
1.8
1.4
1.5
1.2
1961:
I ...................
II..................
Ill.................
IV.................
2,491.2
2.538.0
2.579.1
2,631.8
2.522.0
2.549.1
2,568.9
2,627.3
2,510.8
2,556.7
2,598.3
2,651.4
2.4
7.7
6.6
8.4
0.4
4.4
3.1
9.4
21.210
21.249
21.305
21.360
20.807
20.831
20.887
20.933
21.192
21.237
21.303
21.375
21.169
21.214
21.280
21.352
0.5
0.7
1.1
1.0
0.4
0.5
1.1
0.9
0.9
0.9
1.2
1.4
0.9
0.9
1.3
1.4
1962:
I ...................
II..................
Ill.................
IV.................
2,679.1
2,708.4
2,733.3
2,740.0
2,659.5
2.704.5
2.725.6
2,744.5
2.698.6
2.729.7
2,754.8
2,764.5
7.4
4.4
3.7
1.0
5.0
6.9
3.2
2.8
21.482
21.538
21.596
21.671
21.041
21.109
21.163
21.241
21.501
21.533
21.585
21.653
21.479
21.511
21.564
21.632
2.3
1.0
1.1
1.4
2.1
1.3
1.0
1.5
2.4
0.6
1.0
1.3
2.4
0.6
1.0
1.3
1963:
I ...................
II..................
I ll.................
IV.................
2,775.9
2,810.6
2,863.5
2,885.8
2,762.8
2,809.7
2,859.4
2,889.5
2,799.4
2,833.3
2,886.6
2,909.6
5.3
5.1
7.7
3.1
2.7
7.0
7.3
4.3
21.732
21.754
21.794
21.923
21.308
21.335
21.382
21.514
21.702
21.745
21.788
21.951
21.681
21.724
21.768
21.930
1.1
0.4
0.7
2.4
1.3
0.5
0.9
2.5
0.9
0.8
0.8
3.0
0.9
0.8
0.8
3.0
1964:
I ...................
II..................
I ll.................
IV.................
2.950.5
2,984.8
3.025.5
3.033.6
2,952.7
2,988.1
3,025.4
3,033.2
2,976.3
3,009.6
3,051.1
3,057.5
9.3
4.7
5.6
1.1
9.0
4.9
5.1
1.0
22.001
22.073
22.180
22.282
21.596
21.674
21.769
21.860
22.016
22.073
22.160
22.270
21.995
22.053
22.140
22.250
1.4
1.3
2.0
1.9
1.5
1.5
1.8
1.7
1.2
1.0
1.6
2.0
1.2
1.1
1.6
2.0
1965:
I ...................
II..................
II I
I V
3.108.2
3.150.2
3,214.1
3,291.8
3,081.0
3,136.6
3,195.5
3,282.4
3,135.2
3.178.0
3.240.0
3,315.7
10.2
5.5
8.4
10.0
6.5
7.4
7.7
11.3
22.380
22.479
22.578
22.717
21.940
22.037
22.140
22.292
22.383
22.480
22.563
22.707
22.363
22.460
22.544
22.688
1.8
1.8
1.8
2.5
1.5
1.8
1.9
2.8
2.0
1.7
1.5
2.6
2.0
1.7
1.5
2.6
1966:
I ...................
II..................
II I
I V
3,372.3
3,384.0
3,406.3
3,433.7
3,337.0
3,352.4
3,380.2
3,389.6
3.396.9
3,408.7
3,430.4
3.458.9
10.1
1.4
2.7
3.3
6.8
1.9
3.4
1.1
22.857
23.071
23.293
23.498
22.416
22.629
22.831
23.018
22.855
23.048
23.291
23.505
22.837
23.029
23.272
23.486
2.5
3.8
3.9
3.6
2.2
3.9
3.6
3.3
2.6
3.4
4.3
3.7
2.7
3.4
4.3
3.7
1967:
I ...................
II..................
II I
I V
3,464.1
3,464.3
3,491.8
3,518.2
3.424.2
3.460.2
3,477.8
3.508.2
3.489.0
3.488.5
3.518.5
3.544.1
3.6
0.0
3.2
3.1
4.1
4.3
2.0
3.5
23.611
23.759
23.977
24.242
23.109
23.254
23.469
23.723
23.612
23.741
23.975
24.241
23.593
23.722
23.955
24.221
1.9
2.5
3.7
4.5
1.6
2.5
3.7
4.4
1.8
2.2
4.0
4.5
1.8
2.2
4.0
4.5
1968:
I ...................
II..................
II I
I V
3,590.7
3,651.6
3,676.5
3,692.0
3.581.7
3.617.7
3,669.4
3,692.2
3,617.2
3,678.7
3,704.4
3,719.6
8.5
7.0
2.7
1.7
8.6
4.1
5.8
2.5
24.503
24.777
25.017
25.367
23.979
24.230
24.483
24.826
24.506
24.763
25.008
25.362
24.487
24.743
24.988
25.342
4.4
4.5
3.9
5.7
4.4
4.3
4.2
5.7
4.4
4.3
4.0
5.8
4.5
4.2
4.0
5.8
1969:
I ...................
II..................
Ill.................
IV.................
3.750.2
3,760.9
3.784.2
3.766.3
3.730.5
3.748.6
3,767.6
3,768.1
3,778.0
3,787.7
3,810.0
3,792.1
6.5
1.1
2.5
-1.9
4.2
2.0
2.0
0.1
25.622
25.966
26.345
26.678
25.062
25.402
25.764
26.093
25.626
25.958
26.332
26.675
25.605
25.937
26.310
26.652
4.1
5.5
6.0
5.2
3.9
5.5
5.8
5.2
4.2
5.3
5.9
5.3
4.2
5.3
5.9
5.3
1970:
I ...................
II..................
I ll.................
IV.................
3,760.0
3,767.1
3,800.5
3,759.8
3.778.0
3.771.0
3,804.6
3,797.2
3,786.3
3,794.3
3,827.4
3,784.5
-0.7
0.8
3.6
-4.2
1.1
-0.7
3.6
-0.8
27.051
27.437
27.655
28.009
26.474
26.841
27.093
27.449
27.056
27.428
27.647
28.004
27.034
27.406
27.624
27.982
5.7
5.8
3.2
5.2
6.0
5.7
3.8
5.4
5.8
5.6
3.2
5.3
5.9
5.6
3.2
5.3
1971:
I ...................
II..................
I ll.................
IV.................
3,864.1
3,885.9
3,916.7
3,927.9
3,844.7
3,871.3
3,905.2
3,952.5
3,893.1
3,916.4
3,944.4
3,957.1
11.6
2.3
3.2
1.1
5.1
2.8
3.5
4.9
28.429
28.809
29.097
29.329
27.854
28.230
28.539
28.779
28.425
28.798
29.089
29.322
28.403
28.777
29.069
29.300
6.1
5.5
4.1
3.2
6.0
5.5
4.5
3.4
6.2
5.4
4.1
3.2
6.2
5.4
4.1
3.2
1972:
I ...................
II..................
Ill.................
IV.................
3,997.7
4,092.1
4,131.1
4,198.7
4,006.9
4,073.0
4,109.6
4,204.8
4.028.1
4.122.1
4,163.5
4,231.0
7.3
9.8
3.9
6.7
5.6
6.8
3.6
9.6
29.814
29.989
30.264
30.620
29.234
29.437
29.728
30.078
29.781
29.959
30.250
30.652
29.759
29.937
30.229
30.631
6.8
2.4
3.7
4.8
6.5
2.8
4.0
4.8
6.4
2.4
3.9
5.4
6.4
2.4
4.0
5.4
1973:
I ...................
II..................
I ll.................
IV.................
4.305.3
4,355.1
4,331.9
4.373.3
4,296.4
4,317.4
4,322.6
4,327.3
4.342.5
4.394.6
4,377.8
4,419.5
10.6
4.7
-2.1
3.9
9.0
2.0
0.5
0.4
31.025
31.542
32.147
32.703
30.478
31.052
31.625
32.218
31.020
31.500
32.114
32.750
31.000
31.481
32.095
32.731
5.4
6.8
7.9
7.1
5.4
7.7
7.6
7.7
4.9
6.3
8.0
8.2
4.9
6.4
8.0
8.2
1974:
I ...................
II..................
I ll.................
IV.................
I ...................
II..................
I ll.................
IV.................
4,335.4
4,347.9
4,305.8
4,288.9
4,322.7
4,328.7
4,316.3
4,254.5
4,389.4
4,399.1
4,352.4
4,329.3
-3.4
1.2
-3.8
-1.6
-0.4
0.6
-1.1
-5.6
33.371
34.110
35.164
36.240
33.068
34.007
35.045
36.062
33.376
34.162
35.166
36.218
33.354
34.137
35.141
36.188
8.4
9.2
12.9
12.8
11.0
11.9
12.8
12.1
7.9
9.8
12.3
12.5
7.8
9.7
12.3
12.5
4,237.6
4,268.6
4,340.9
4,397.8
4,287.8
4.331.0
4.370.1
4.421.1
4,271.5
4,302.8
4,377.7
4,441.7
-4.7
3.0
6.9
5.4
3.2
4.1
3.7
4.8
37.077
37.622
38.324
39.005
36.849
37.412
38.060
38.724
37.050
37.614
38.313
38.987
37.022
37.586
38.288
38.961
9.6
6.0
7.7
7.3
9.0
6.3
7.1
7.2
9.5
6.2
7.6
7.2
9.5
6.2
7.7
7.2
1975:
February 2007
Survey
of
D-49
C u r r e n t B u s in e s s
Table C.1. GDP and Other Major NIPA Aggregates— Continues
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
1976:
4,496.8
4,530.3
4,552.0
4,584.6
4,482.1
4,496.3
4,523.7
4,587.1
4,539.3
4,574.6
4,596.7
4,630.4
9.3
3.0
1.9
2.9
5.6
1.3
2.5
5.7
39.443
39.866
40.405
41.096
39.163
39.595
40.168
40.828
39.418
39.840
40.385
41.122
39.396
39.818
40.365
41.101
4.6
4.4
5.5
7.0
4.5
4.4
5.6
7.5
4.5
4.4
5.6
7.5
1977:
4,640.0
4,731.1
4,815.8
4,815.3
4,631.5
4,705.5
4,755.2
4,794.1
4,692.2
4,782.3
4,866.4
4,860.4
4.9
8.1
7.4
0.0
3.9
6.5
4.3
3.3
41.781
42.452
43.036
43.762
41.591
42.306
42.950
43.688
41.796
42.401
42.917
43.852
41.773
42.381
42.899
43.831
6.8
6.7
5.9
5.0
9.0
6.7
6.0
5.0
9.0
4,830.8
5,021.2
5,070.7
5,137.4
4,799.5
4,989.9
5,036.0
5,100.6
4,882.9
5,064.7
5,118.2
5,191.9
1.3
16.7
4.0
5.4
0.5
16.8
3.7
5.2
44.493
45.350
46.133
47.074
44.410
45.266
46.048
46.928
44.505
45.321
46.072
47.047
44.483
45.301
46.052
47.027
6.9
7.9
7.1
8.4
6.1
6.1
7.6
5,147.4
5,152.3
5,189.4
5,204.7
5,117.8
5,117.9
5,192.3
5,216.9
5,203.1
5,214.9
5,263.8
5,278.6
0.8
0.4
2.9
1.2
1.4
0.0
5.9
1.9
47.929
49.092
50.102
51.088
47.828
49.044
50.289
51.515
47.876
49.058
50.115
51.117
47.857
49.034
50.093
51.093
7.5
10.1
8.5
1980:
5,221.3
5,115.9
5,107.4
5,202.1
5,227.3
5,126.2
5,193.5
5,239.7
5,296.5
5,185.5
5,173.0
5,255.6
1.3
-7.8
-0.7
7.6
0.8
-7.5
5.4
3.6
52.209
53.362
54.572
56.105
52.930
54.220
55.446
56.907
52.195
53.349
54.560
56.071
1981:
5,307.5
5,266.1
5,329.8
5,263.4
5,261.7
5,272.8
5,278.5
5,247.4
5,364.5
5,319.8
5,386.8
5,327.3
8.4
-3.1
4.9
-4.9
1.7
0.8
0.4
-2.3
57.566
58.582
59.661
60.704
58.397
59.434
60.355
61.400
1982:
5,177.1
5,204.9
5,185.2
5,189.8
5,232.9
5,230.5
5,196.6
5,273.3
5,237.7
5,272.8
5,242.9
5,245.3
-6.4
2.2
-1.5
0.4
-1.1
-0.2
-2.6
6.0
61.563
62.330
63.193
63.866
1983:
5,253.8
5,372.3
5,478.4
5,590.5
5,329.2
5,404.6
5,505.1
5,577.0
5,308.8
5,430.9
5,538.0
5,652.4
5.0
9.3
8.1
8.4
4.3
5.8
7.7
5.3
1984:
5,699.8
5,797.9
5,854.3
5,902.4
5,614.4
5,717.5
5,770.2
5,854.6
5,757.1
5,855.5
5,911.3
5,953.2
8.1
7.1
3.9
3.3
1985:
5,956.9
6,007.8
6,101.7
6,148.6
5,953.0
5,998.5
6,095.8
6,121.2
5,997.4
6,050.8
6,137.4
6,188.2
1986:
6,207.4
6,232.0
6,291.7
6,323.4
6,184.1
6,230.5
6,317.8
6,355.0
6,365.0
6,435.0
6,493.4
6,606.8
1988:
1978:
6.6
5.6
6.9
7.9
7.1
7.9
7.5
6.8
8.7
7.2
10.2
8.9
8.1
7.9
10.6
10.5
10.1
8.2
8.9
8.2
52.172
53.324
54.534
56.043
9.1
9.1
9.4
11.7
11.4
10.1
9.4
11.0
8.7
9.1
9.4
11.5
8.7
9.1
9.4
11.5
57.517
58.598
59.641
60.729
57.492
58.571
59.616
60.706
10.8
7.2
7.6
7.2
10.9
7.3
6.3
7.1
10.7
7.7
7.3
7.5
10.8
7.7
7.3
7.5
62.213
62.883
63.717
64.372
61.555
62.302
63.182
63.863
61.530
62.276
63.155
63.837
5.8
5.1
5.7
4.3
5.4
4.4
5.4
4.2
5.6
4.9
5.8
4.4
5.5
4.9
5.8
4.4
64.413
64.881
65.542
66.020
64.768
65.213
65.849
66.231
64.388
64.853
65.517
66.012
64.363
64.831
65.495
65.991
3.5
2.9
4.1
2.9
2.5
2.8
4.0
2.3
3.3
2.9
4.2
3.1
3.3
2.9
4.2
3.1
2.7
7.5
3.7
6.0
66.838
67.439
67.989
68.392
67.052
67.647
68.114
68.476
66.837
67.414
67.953
68.385
66.815
67.392
67.930
68.359
5.0
3.6
3.3
2.4
5.1
3.6
2.8
5.1
3.5
3.2
5.1
3.5
3.2
2.1
2.6
2.6
3.8
3.5
6.4
3.1
6.9
3.1
6.6
1.7
69.180
69.542
69.876
70.299
69.137
69.537
69.907
70.459
69.155
69.550
69.838
70.289
69.127
69.529
69.827
70.276
4.7
2.1
1.9
2.4
3.9
2.3
2.1
3.2
4.6
2.3
1.7
2.6
4.6
2.3
1.7
6,242.5
6,257.3
6,320.1
6,342.8
3.9
1.6
3.9
2.0
4.2
3.0
5.7
2.4
70.660
71.001
71.455
71.960
70.851
70.985
71.493
72.025
70.652
71.015
71.426
71.893
70.635
70.993
71.401
71.866
2.1
1.9
2.6
2.9
2.2
0.8
2.9
3.0
2.1
2.1
2.3
2.6
2.1
2.0
6,344.4
6,431.4
6,510.8
6,542.5
6,386.8
6,461.8
6,519.5
6,635.4
2.7
4.5
3.7
7.2
-0.7
5.6
5.0
2.0
72.514
72.904
73.450
73.948
72.728
73.229
73.819
74.332
72.487
72.882
73.425
73.958
72.465
72.870
73.412
73.944
3.1
4.0
3.3
2.2
2.8
2.2
3.0
2.7
3.3
2.8
3.0
2.9
3.4
2.3
3.0
2.9
6,639.1
6,723.5
6,759.4
6,848.6
6,637.2
6,716.4
6,749.5
6,835.1
6,675.0
6,756.2
6,788.9
6,880.9
2.0
5.2
2.1
5.4
5.9
4.9
2.0
5.2
74,564
75.296
76.178
76.786
74.975
75.706
76.406
77.086
74.587
75.300
76.141
76.712
74.571
75.285
76.124
76.700
3.4
4.0
4.8
3.2
3.5
4.0
3.8
3.6
3.4
3.9
4.5
3.0
3.4
3.9
4.5
3.1
1989:
6,918.1
6,963.5
7,013.1
7,030.9
6,873.3
6,933.6
7,015.3
7,026.8
6,950.1
6,993.9
7,046.2
7,071.4
4.1
2.6
2.9
1.0
2.3
3.6
4.8
0.7
77.588
78.342
78.913
79.433
77.937
78.764
79.227
79.807
77.580
78.324
78.879
79.425
77.566
78.316
78.875
79.422
4.2
3.9
2.9
2.7
4.5
4.3
2.4
3.0
4.6
3.9
2.9
2.8
4.6
3.9
2.9
1990:
7,112.1
7,130.3
7,130.8
7,076.9
7,110.6
7,103.8
7,118.3
7,101.3
7,150.0
7,169.9
7,163.9
7,137.1
4.7
1.0
0.0
-3.0
4.9
-0.4
0.8
-1.0
80.389
81.326
82.053
82.689
80.878
81.629
82.531
83.536
80.375
81.311
82.031
82.646
80.376
81.301
82.028
82.652
4.9
4.7
3.6
3.1
5.5
3.8
4.5
5.0
4.9
4.7
3.6
3.0
4.9
4.7
3.6
3.1
1991:
7,040.8
7,086.5
7,120.7
7,154.1
7,071.5
7,120.2
7,134.6
7,133.8
7,087.0
7,119.1
7,149.3
7,191.8
-2.0
2.6
1.9
1.9
-1.7
2.8
0.8
0.0
83.662
84.194
84.772
85.200
84.197
84.533
85.058
85.556
83.626
84.165
84.762
85.206
83.623
84.164
84.758
85.202
4.8
2.6
3.2
2.8
2.0
2.5
2.4
4.8
2.6
2.9
2.1
4.8
2.6
2.9
1979:
1987:
1.6
6.8
8.7
7.2
10.2
2.6
2.3
2.6
2.8
2.1
February 2007
National Data
D-50
Table C.1. GDP and Other Major NIPA Aggregates— Table Ends
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Percent change from
preceding period
Gross
domestic
product
Final sales of
domestic
product
Chain-type price indexes
[2000=100]
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
[2000=100]
Gross
domestic
product
Gross
national
product
Percent change from preceding period
Chain-type price index
Implicit price deflators
Gross
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
national
product
V.
7,228.2
7,297.9
7,369.5
7,450.7
7,239.3
7,284.3
7,360.5
7,440.3
7,265.5
7,334.5
7,402.6
7,485.0
4.2
3.9
4.0
4.5
6.0
2.5
4.2
4.4
85.766
86.212
86.587
87.042
86.093
86.588
87.098
87.531
85.721
86.190
86.580
87.029
85.710
86.181
86.567
87.019
2.7
2.1
1.8
2.1
2.5
2.3
2.4
2.0
2.4
2.2
1.8
2.1
2.4
2.2
1.8
2.1
IL
V.
7,459.7
7,497.5
7,536.0
7,637.4
7,431.2
7,483.7
7,540.6
7,633.7
7,502.4
7,532.8
7,577.7
7,661.5
0.5
2.0
2.1
5.5
-0.5
2.9
3.1
5.0
87.729
88.204
88.599
89.030
88.076
88.595
88.916
89.331
87.707
88.190
88.570
89.038
87.705
88.189
88.574
89.048
3.2
2.2
1.8
2.0
2.5
2.4
1.5
1.9
3.2
2.2
1.7
2.1
3.2
2.2
1.8
2.2
Il"
V.
7,715.1
7,815.7
7,859.5
7,951.6
7,677.5
7,737.2
7,814.3
7,882.3
7,747.2
7,843.7
7,886.8
7,979.2
4.1
5.3
2.3
4.8
2.3
3.1
4.0
3.5
89.598
89.980
90.525
90.958
89.800
90.271
90.921
91.340
89.578
89.954
90.530
90.952
89.583
89.963
90.527
90.953
2.6
1.7
2.4
1.9
2.1
2.1
2.9
1.9
2.4
1.7
2.6
1.9
2.4
1.7
2.5
1.9
IL
V.
7,973.7
7,988.0
8,053.1
8,112.0
7,918.7
7,962.3
8,055.0
8,104.8
8,014.3
8,032.0
8,081.0
8,152.0
1.1
0.7
3.3
3.0
1.9
2.2
4.7
2.5
91.554
91.891
92.281
92.734
91.877
92.329
92.662
93.065
91.530
91.859
92.289
92.733
91.534
91.868
92.299
92.743
2.6
1.5
1.7
2.0
2.4
2.0
1.5
1.8
2.6
1.4
1.9
1.9
2.6
1.5
1.9
1.9
Il”
V.
8,169.2
8,303.1
8,372.7
8,470.6
8,175.4
8,285.8
8,319.9
8,444.7
8,213.3
8,337.6
8,402.7
8,507.6
2.9
6.7
3.4
4.8
3.5
5.5
1.7
6.1
93.302
93.615
94.064
94.455
93.602
93.897
94.286
94.796
93.328
93.659
93.951
94.450
93.338
93.671
93.962
94.458
2.5
1.3
1.9
1.7
2.3
1.3
1.7
2.2
2.6
1.4
1.3
2.1
2.6
1.4
1.2
2.1
IL
V.
8,536.1
8,665.8
8,773.7
8,838.4
8,507.3
8,574.6
8,705.7
8,758.6
8,566.0
8,707.0
8,808.7
8,868.1
3.1
6.2
5.1
3.0
3.0
3.2
6.3
2.5
94.963
95.291
95.541
95.864
95.189
95.296
95.494
95.781
95.054
95.206
95.534
95.846
95.058
95.212
95.542
95.851
2.2
1.4
1.1
1.4
1.7
0.5
0.8
1.2
2.6
0.6
1.4
1.3
2.6
0.6
1.4
1.3
IL
V.
8,936.2
8,995.3
9,098.9
9,237.1
8,821.1
8,948.7
9,038.4
9,182.2
8,965.5
9,022.2
9,112.2
9,255.2
4.5
2.7
4.7
6.2
2.9
5.9
4.1
6.5
96.096
96.284
96.620
96.901
95.773
95.881
96.141
96.444
96.089
96.249
96.600
96.934
96.091
96.254
96.604
96.932
1.0
0.8
1.4
1.2
0.0
0.5
1.1
1.3
1.0
0.7
1.5
1.4
1.0
0.7
1.5
1.4
Il"
V.
9,315.5
9,392.6
9,502.2
9,671.1
9,239.7
9,353.7
9,453.5
9,569.3
9,346.7
9,429.1
9,532.7
9,710.4
3.4
3.4
4.8
7.3
2.5
5.0
4.3
5.0
97.274
97.701
98.022
98.475
96.761
97.317
97.790
98.356
97.328
97.674
98.013
98.432
97.330
97.675
98.014
98.433
1.5
1.8
1.3
1.9
1.3
2.3
2.0
2.3
1.6
1.4
1.4
1.7
1.7
1.4
1.4
1.7
IL
V.
9,695.6
9,847.9
9,836.6
9,887.7
9,668.8
9,748.4
9,780.4
9,844.3
9,729.0
9,885.3
9,867.8
9,941.6
1.0
6.4
-0.5
2.1
4.2
3.3
1.3
2.6
99.292
99.780
100.241
100.687
99.275
99.714
100.283
100.727
99.317
99.745
100.259
100.666
99.311
99.741
100.262
100.672
3.4
2.0
1.9
1.8
3.8
1.8
2.3
1.8
3.6
1.7
2.1
1.6
3.6
1.7
2.1
1.6
IL
V.
9,875.6
9,905.9
9,871.1
9,910.0
9,883.2
9,908.7
9,899.9
9,992.3
9,913.6
9,949.8
9,887.7
9,983.1
-0.5
1.2
-1.4
1.6
1.6
1.0
-0.4
3.8
101.507
102.290
102.690
103.122
101.403
101.974
102.223
102.378
101.478
102.252
102.675
103.191
101.480
102.248
102.671
103.183
3.3
3.1
1.6
1.7
2.7
2.3
1.0
0.6
3.3
3.1
1.7
2.0
3.2
3.1
1.7
2.0
Il"
V.
9,977.3
10,031.6
10,090.7
10,095.8
9,986.8
10,028.4
10,063.5
10,067.3
10,004.1
10,048.6
10,119.7
10,143.8
2.7
2.2
2.4
0.2
-0.2
1.7
1.4
0.1
103.553
103.944
104.347
104.926
102.755
103.385
103.816
104.374
103.568
103.938
104.328
104.907
103.552
103.928
104.321
104.903
1.7
1.5
1.6
2.2
1.5
2.5
1.7
2.2
1.5
1.4
1.5
2.2
1.4
1.5
1.5
2.3
IL
V.
10,126.0
10,212.7
10,398.7
10,467.0
10,100.9
10,213.7
10,385.9
10,440.0
10,163.8
10,266.9
10,449.9
10,540.5
1.2
3.5
7.5
2.7
1.3
4.5
6.9
2.1
105.742
106.076
106.616
107.204
105.435
105.587
106.170
106.671
105.724
106.062
106.611
107.190
105.718
106.053
106.602
107.180
3.1
1.3
2.1
2.2
4.1
0.6
2.2
1.9
3.2
1.3
2.1
2.2
3.1
1.3
2.1
2.2
Il"
V.
10,566.3
10,671.5
10,753.3
10,822.9
10,528.7
10,596.1
10,700.1
10,768.2
10,632.2
10,709.4
10,796.3
10,849.3
3.9
4.0
3.1
2.6
3.4
2.6
4.0
2.6
108.190
109.172
109.744
110.610
107.803
108.880
109.588
110.567
108.183
109.162
109.728
110.601
108.177
109.154
109.717
110.592
3.7
3.7
2.1
3.2
4.3
4.1
2.6
3.6
3.8
3.7
2.1
3.2
3.8
3.7
2.1
3.2
IL
V.
10,913.8
11,001.8
11,115.1
11,163.8
10,856.5
11,005.3
11,123.5
11,115.5
10,946.0
11,028.2
11,162.0
11,175.6
3.4
3.3
4.2
1.8
3.3
5.6
4.4
-0.3
111.558
112.229
113.139
114.048
111.449
112.362
113.572
114.541
111.539
112.219
113.121
114.034
111.525
112.209
113.113
114.025
3.5
2.4
3.3
3.3
3.2
3.3
4.4
3.5
3.4
2.5
3.3
3.3
3.4
2.5
3.3
3.3
IL
V.
11,316.4
11,388.1
11.443.5
11.541.6
11,269.0
11,328.0
11,381.6
11,500.3
11,342.7
11,408.5
11,458.5
5.6
2.6
2.0
3.5
5.6
2.1
1.9
4.2
114.967
115.905
116.446
116.893
115.313
116.455
117.080
117.100
114.951
115.887
116.420
116.857
114.942
115.879
116.414
3.3
3.3
1.9
1.5
2.7
4.0
2.2
0.1
3.3
3.3
1.9
1.5
3.3
3.3
1.9
1992:
1993:
1994:
1995:
1996:
1997:
1998:
1999:
2000 :
2001:
2002:
2003:
2004:
2005:
2006:
D-51
February 2007
D. C harts
The percent changes shown are based on quarter-to-quarter changes and are expressed at seasonally adjusted annual rates.
The levels o f series are also expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
C h a in e d (2 0 0 0 ) d o lla rs
4 0 ,0 0 0
4 0 ,0 0 0
3 5 ,0 0 0 -
3 5 ,0 0 0
3 0 ,0 0 0 -
- 3 0 ,0 0 0
2 5 ,0 0 0 -
- 2 5 ,0 0 0
20,000
-
1 5 ,0 0 0
- 1 5 ,0 0 0
20,000
10,000
10,000
59
P e rc e n t
61
63
65
67
Apr Feb
69
71
Dec Nov
73
75
Nov
Mar
77
79
81
J anJIyJly
83
85
87
89
Nov
91
93
95
97
99
Jly Mar
01
03
05
Mar Nov
20
RE
- 15
- 10
-
5
-
0
--5
-1 0
-1 0
59
61
63
65
U.S. Bureau of Economic Analysis
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
05
National Data
D-52
February 2007
SELECTED NIPA SERIES
P e rc e n t
60
D ec
Apr Feb
N ov
N ov
M a r _________________ J a n J l y J l y
N ov
J ly
M ar
M ar N ov
O F FE D E R A L G O V E R N M E N T Rl
- 50
/ ' A
40-
- 40
C o n trib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e
30-
- 30
2 0 -
T a x e s o n c o rf
P e rc e n t
A pr
Feb
D ec
N ov
N ov
M ar
70
J a n J ly J ly
N ov
J ly
20
ite in c o m e
M ar
M ar N ov
--------------------------S H A R E S O F F E D E R A L G O V E R N M E N T C U R R E N T E X P E N D IT U R E S
60 -
C u r r e n t t r a n s f e r p a y m e n t s * ............................
-
-6 0
.........
------- v.
50
50
-4 0
40 ■I',
C o n s u m p tio n e x p e n d itu r e s
30 20 -
-3 0
-2 0
I n te r e s t p a y m e n ts
-
P e rc e n t
A pr
Feb
D ec
N ov
N ov
M ar
J a n J ly J ly
N ov
J ly
M ar
10
M ar N ov
, N E T G O V E R N M E N T S A V IN G T O G R O S S D O M E S T IC P R O D U C T
N e t g o v e r n m e n t s a v in g
*.
* •
Sk •
i \
S t a t e a n d lo c a l
A---------- V .
-4 F e d e ra l
-6
U.S. Bureau of Economic Analysis
-6
February 2007
SELECTED NIPA SERIES
Survey
of
C u r r e n t B u s in e s s
D-53
D-54
February 2007
National Data
SELECTED NIPA SERIES
Supplements to wages
Wage and salary
accruals, 57.0%
and salaries, 4.6%
Wage and salary
Supplements to wages
accruals, 52.5%
and salaries, 12.7%
Proprietors’ income, 11.1%
Proprietors’ income,
8.6%
Rental income
Rental income
of persons, 3.6%
of persons, 0.7%
Corporate profits, 12.4%
Corporate profits, 12.2%
Net interest and misc. payments, 2.1%
Taxes on production and imports, 9.0%
Net interest and misc. payments,
4.6%
Taxes on production and imports, 8.3%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
Business, 77.3°/
Business, 80.6°/
Households, 6.3%
Households, 5.9%
Nonprofit institutions serving
I Nonprofit institutions
households, 2.0%
I serving households,
7 5.2%
General government,
General government,
Federal 6.3%
Federal, 3.4%
General government,
General government,
state and local 5.2%
state and local, 7.8%
SHARES OF GROSS DOMESTIC PURCHASES
Personal consumption
Personal consumption
expenditures, 66.2%
expenditures, 62.7%
Private nonresidential
investment, 10.0%
Private residential
investment, 5.6%
Private nonresidential
investment, 10.2%
Private residential
investment, 5.7%
Federal Government,’
6.6%
Federal Government,* 12.9%
State and local government,* 8.8%
'Consumption expenditures and gross investment
U.S. Bureau of Economic Analysis
State and local government,* 11.2%
February 2007
Survey
of
C
urrent
D-55
B u s in e s s
SELECTED NIPA SERIES
P e rce n t
A pr
60
Feb
D ec
N ov
N ov
M ar
J a n J ly J ly
N ov
M ar
M ar
N ov
---------------
-1 0
59
P e rc e n t
61
A pr
Feb
69
71
D ec
N ov
73
75
N ov
M ar
77
79
81
J a n J ly J ly
83
85
N ov
M ar
M ar N ov
18
- 16
12
10
P e rc e n t
A pr
Feb
D ec
N ov
N ov
M ar
J a n J ly J ly
N ov
M ar N ov
S H A R E S O F P E R S O N A L C O N S U M P T IO N E X P E N D IT U R E S B Y T Y P E O F P R O D U C T
60
'
j
■
I®
■
tjl
■
w m
S e rv ic e s
50 -
40 N o n d u ra b le g o o d s
20 D u ra b le g o o d s
U.S. Bureau of Economic Analysis
D-56
February 2007
National Data
SELECTED NIPA SERIES
P e rc e n t
Apr Feb
K
20
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
Mar Nov
Jly Mar
* a ' ivj p i
I
R a tio
5
Apr Feb
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
I
I
I
I
I
I
I
I
Jly Mar
I
I
I
I
I
I
I
I
I “f
I
p c i u in i
I
I
I
Mar Nov
INVENTORY/SALES RATIOS, CURRENT DOLLAR
Ratio of private nonfarm inventories to
final sales of goods and structures
Ratio of private inventories to
final sales of domestic business
Ratio of private nonfarm inventories to
final sales of domestic business
’ Based on current-dollar estimates of inventories and sales
R a tio
Nov
5
Jly Mar
Mar Nov
inventories to
structures
v ------Ratio of private nonfamn inventories to
final sales of domestic business
'Based on chained (2000) dollar estimates of inventories and sales
1
I
59
I
I
61
I
i
63
I
I
65
U.S. Bureau of Economic Analysis
i
I
67
I
.................................. ......
69
71
73
75
February 2007
D-57
Industry Data
E. Industry Table
The estimates in this table were published in tables 5A and 7 in “Annual Industry Accounts: Revised Estimates
for 2003-2005” in the December 2006 S u r v e y .
Table E.1. Percent Changes in Chain-Type Quantity and Price Indexes for Value Added by Industry for 2003-2005
Chain-type
quantity indexes
Line
2003
1
2004
Chain-type
price indexes
2005
2003
2004
Chain-type
quantity indexes
Line
2005
2003
2.9
2.3
3.5
2.1
2.2
1.5
3.9
2.1
4.6
5.0
-0.1
17.5
-3.4
6.3
8.3
15.1
3.2
8.3
-2.7
7.1
1.9
-6.3
7.5
-18.1
3.4
1.1
7.0
-5.5
3.5
-1.4
2.9
-10.9
1.7
2.0
5.7
6.4
3.4
3.9
2.9
2.7
2.3
2.3
2.3
2.2
-2.4
-3.3
-3.5
5.0
2.7
4.3
4.4
5.2
5.6
0.6
2.5
2.6
Professional, scientific, and technical services
Legal services.......................................................
Computer systems design and related services....
Miscellaneous professional, scientific, and
technical services.............................................
4.0
1.9
-0.3
7.8
3.5
8.2
6.8
0.8
7.5
0.0
3.8
-2.1
0.6
6.0
-2.6
1.7
6.1
-0.1
5.9
9.2
8.8
-0.7
-0.4
0.8
Management of companies and enterprises.........
2.8
2.7
1.4
3.5
4.9
5.7
Administrative and waste management services
Administrative and support services......................
Waste management and remediation services......
6.4
6.3
7.7
0.8
1.2
-2.6
5.3
5.0
7.9
0.4
0.2
2.2
5.6
5.4
7.6
2.7
3.3
-3.0
Educational services, health care, and social
assistance...............................................................
4.4
3.3
3.5
2.7
3.3
3.0
Educational services..............................................
3.5
2.3
1.9
3.7
5.6
5.0
Health care and social assistance........................
Ambulatory health care services...........................
Hospitals and nursing and residential care facilities
Social assistance..................................................
4.5
4.6
4.0
6.3
3.4
3.8
2.4
5.2
3.7
5.9
0.6
5.7
2.6
1.9
4.0
0.4
3.0
2.2
4.8
-0.2
2.8
2.0
4.3
0.4
Arts, entertainment, recreation, accommodation,
and food services...................................................
3.1
3.4
2.1
2.8
3.0
2 Private industries...........................................................
2.7
4.2
3.3
1.8
2.8
3.1
3
4
5
Agriculture, forestry, fishing, and hunting................
Farms.......................................................................
Forestry, fishing, and related activities......................
7.5
8.4
4.8
6.1
IA
1.4
0.1
1.0
-3.1
11.5
1b.O
1.2
17.0 -13.4
20.9 -17.2
3.3
2.7
6
7
8
9
Mining..........................................................................
Oil and gas extraction...............................................
Mining, except oil and gas........................................
Support activities for mining.....................................
-0.9
-4.7
-0.7
14.9
0.9
-1.2
-1.9
13.9
-2.6
-4.6
-3.4
7.0
35.8
56.9
2.3
14.5
19.0
25.5
9.5
4.3
39.2
43.8
11.5
49.1
Real estate and rental and leasing.........................
Real estate...........................................................
Rental and leasing services and lessors of
intangible assets...............................................
10
Utilities........................................................................
6.9
2.4
1.2
-0.8
4.4
4.2
Professional and business services..........................
11
Construction...............................................................
-2.0
1.5
3.9
5.0
7.4
8.7
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products...............................
Primary metals.....................................................
Fabricated metal products....................................
Machinery............................................................
Computer and electronic products........................
Electrical equipment, appliances, and components
Motor vehicles, bodies and trailers, and parts.......
Other transportation equipment...........................
Furniture and related products.............................
Miscellaneous manufacturing...............................
Nondurable goods....................................................
Food and beverage and tobacco products............
Textile mills and textile product mills......................
Apparel and leather and allied products................
Paper products.....................................................
Printing and related support activities...................
Petroleum and coal products.................................
Chemical products...............................................
Plastics and rubber products...............................
1.1
2.6
0.3
-0.7
-4.1
0.2
-1.8
15.5
2.6
7.4
-13.7
/.6
4.8
-0.8
-1.5
10.3
-12.5
2.5
-0.1
-5.6
-0.5
0.1
Wholesale trade..........................................................
2.1
1.1
1.5
1.3
6.8
6.4
Retail trade..................................................................
3.9
2.5
5.0
0.5
1.4
0.4
36
37
38
39
40
41
42
43
44
Transportation and warehousing..............................
Air transportation......................................................
Rail transportation....................................................
Water transportation.................................................
Truck transportation..................................................
Transit and ground passenger transportation............
Pipeline transportation.............................................
Other transportation and support activities...............
Warehousing and storage........................................
2.0
7.0
5.0
-4.8
1.5
-2.1
-3.3
-0.4
5.1
5.2
5.9
4.9
10.1
7.8
-0.1
-0.3
2.5
6.7
4.0
1.9
-0.9
0.4
6.2
0.0 -18.0 -14.1
-3.5
2.1
2.6 10.7
-6.1 -10.7
12.0
31.9
4.6
1.3
1.9
1.1
1.0
4.6
2.0
3.5
19.6 -11.5
-2.3 -18.8
3.2
7.7
1.3
5.6
9.4
0.4
-0.5 -0.6
45
46
47
48
49
Information..................................................................
Publishing industries (includes software)..................
Motion picture and sound recording industries.........
Broadcasting and telecommunications.....................
Information and data processing services................
3.0
7.3
1.0
0.9
6.4
11.4
12.5
1.5
11.8
14.5
9.0
12.9
1.1
7.4
13.8
-1.7
-3.2
-2.5
-1.2
0.4
-2.9
-3.9
2.8
-3.0
-4.0
-3.7
-0.4
0.3
-6.1
-2.2
1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance,
real estate, rental, and leasing; professional and business services; educational services, health care, and social assis
tance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.
2005
2.4
3.2
34
2004
3.0
3.9
35
2003
4.3
2.5
-0.9
3.2
-1.4 -0.6
15.4 -1.4
2.1
8.1
22.9 13.6
2.5
5.1
-3.2
2.3
-13.3 -12.9
2.7
0.5
-b.9 -10.6
2.5
4.3
-3.4
3.6
-2.1
-0.5
-0.2
8.4
7.4
-3.5
-0.6
1.8
-2.3 -1.5
-2.9
1.3
-1.5 -0.2
10.8 49.8
2.1
7.2
-3.2
2.5
2005
2.4
Gross domestic product........................................
6.5
2.2
-0.6
7.7
4.9
-2.9
5.2
3.2
3.3
7.4
-0.4
-1.1
15.2
-1.0
-4.7
-1.2
8.6
4.8
4.1
-0.5
14.3
20.5
19.9 -13.5
-2.5
-6.8
1.8
-2.8
-6.0
-2.9
3.7
2.8
3.8
-2.4
13.4
0.1
9.4
8.3
0.0
-1.3
2.5
4.9
-1.4
-3.7
4.8
-0.4
2.4
-4.6
-0.3
-4.3
0.1
-2.4
2.1
8.0
4.2
1.3
-0.8
57.9
24.1 -21.3
-1.7
3.5
8.3
-2.4
8.2
-1.5
2004
Chain-type
price indexes
Finance, insurance, real estate, rental, and leasing
Finance and insurance...........................................
Federal Reserve banks, credit intermediation, and
related activities................................................
Securities, commodity contracts, and investments
Insurance carriers and related activities................
Funds, trusts, and other financial vehicles.............
3.0
1.4
1.4
3.1
Arts, entertainment, and recreation.......................
Performing arts, spectator sports, museums, and
related activities................................................
Amusements, gambling, and recreation industries
1.9
0.5
-0.4
2.7
2.9
3.4
2.3
1.6
1.3
-0.2
-1.2
0.3
3.7
1.9
3.9
2.0
4.8
2.2
Accommodation and food services.......................
Accommodation....................................................
Food services and drinking places.......................
3.5
0.5
4.9
4.0
3.8
4.1
2.0
0.7
2.6
0.9
1.3
0.8
3.2
5.3
2.3
3.5
4.8
2.8
Other services, except government...........................
2.0
-0.5
-0.7
3.0
3.8
3.9
Government.....................................................................
1.3
0.5
0.7
4.6
4.6
4.2
Federal.........................................................................
General government.................................................
Government enterprises...........................................
2.4
2.7
1.1
0.9
1.0
0.7
-0.2
0.6
-5.3
4.9
6.0
-0.8
5.7
6.2
2.5
4.4
5.4
-1.8
State and lo ca l............................................................
General government.................................................
Government enterprises...........................................
0.8
0.6
2.5
0.3
0.5
-1.7
1.1
1.0
1.8
4.5
4.9
-0.4
4.1
4.0
4.5
4.1
4.2
2.0
0.6
3.3
4.8
4.1
2.1
3.7
3.2
1.4
3.3
2.6
6.1
2.3
7.2
13.7
13.3
-5.7
-6.3
-4.3
Addenda:
Private goods-producing industries1............................
Private services-producing industries2..........................
Information-communications-technology-p reducing
industries3................................................................
3.
Consists of computer and electronic products; publishing industries (includes software); information and data
processing sen/ices; and computer systems design and related services.
N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
D-58
February 2007
International Data
F. T ransaction s Tables
Table F.l presents estimates of U.S. international trade in goods and services that were released on February 13,
2007. It includes revised estimates for January to November 2006 and preliminary estimates for December 2006.
The sources for the other tables in this section are noted.
For BEA’s full set of detailed estimates of U.S. international transactions, visit BEA’s Web site at <www.bea.gov>.
Table F.1. U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
2005
2005
2006
2006 p
Nov.
Dec.
Jan.r
Feb. '
March'
April ’
Mayr
June'
July'
Aug. '
Sept. '
O ct.r
Nov.r
Dec. p
Exports of goods and services.................................
1,275,245 1,437,839
110,006
112,567
114,471
113,525
115,648
115,786
118,337
121,036
119,706
122,503
123,088
123,403
124,800
125,537
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.........................................................
Adjustments' ......................................................
894,631 1,023,728
58,955
65,890
233,079
275,780
362,686
414,044
98,578
107,166
115,715
129,248
36,964
45,192
-11,347
-13,592
77,511
4,926
19,517
32,188
8,655
10,006
3,192
-973
79,429
4,979
20,145
32,661
8,939
10,461
3,408
-1,164
81,142
5,260
21,045
33,173
8,791
10,366
3,350
-843
80,491
4,919
20,633
33,361
8,899
10,264
3,324
-909
82,093
5,149
22,163
33,361
8,524
10,479
3,326
-910
81,570
5,099
22,225
33,201
8,607
10,063
3,312
-937
83,795
5,451
22,947
33,983
8,492
10,577
3,397
-1,052
86,692
5,663
23,710
34,895
8,910
10,767
3,701
-954
85,195
5,616
23,094
33,574
9,551
10,893
3,558
-1,090
87,761
5,971
23,629
34,855
9,421
11,128
3,973
-1,217
88,327
5,719
24,618
35,558
8,748
10,767
4,213
-1,296
88,239
5,747
24,198
35,604
8,683
11,168
4,143
-1,303
89,009
5,518
23,869
36,282
9,008
11,322
4,620
-1,609
89,415
5,779
23,649
36,197
9,532
11,456
4,274
-1,473
Services..................................................................
Travel...................................................................
Passenger fares..................................................
Other transportation.............................................
Royalties and license fees....................................
Other private services..........................................
Transfers under U.S. military agency sales
contracts 2.......................................................
U.S. Government miscellaneous services............
380,614
81,680
20,931
42,245
57,410
158,223
414,111
85,763
21,646
48,164
61,878
178,455
32,495
6,633
1,744
3,752
4,979
13,894
33,138
6,864
1,793
3,789
5,008
14,043
33,329
7,043
1,908
3,831
4,979
13,979
33,034
6,793
1,783
3,793
5,007
14,052
33,555
6,906
1,854
3,964
5,054
14,242
34,216
7,253
1,780
4,078
5,160
14,434
34,542
7,187
1,762
4,043
5,196
14,803
34,344
7,003
1,733
4,081
5,211
14,866
34,511
7,207
1,774
3,994
5,157
14,909
34,742
7,108
1,760
4,196
5,166
15,039
34,761
7,149
1,792
4,026
5,186
15,189
35,164
7,233
1,805
4,002
5,215
15,452
35,791
7,429
1,844
4,058
5,254
15,663
36,122
7,452
1,851
4,098
5,293
15,827
19,038
1,087
17,067
1,138
1,407
86
1,555
86
1,498
91
1,513
93
1,442
93
1,416
95
1,456
95
1,354
96
1,372
98
1,374
99
1,321
98
1,363
94
1,450
93
1,508
93
1,991,975 2,201,426
174,008
176,741
180,864
176,360
177,835
179,303
183,597
185,647
187,334
191,117
187,438
182,298
182,915
186,719
Goods..................................................................... 1,677,371 1,859,804
Foods, feeds, and beverages...............................
68,094
74,939
Industrial supplies and materials..........................
523,881
602,955
379,227
Capital goods, except automotive........................
418,503
239,512
256,607
Automotive vehicles, parts, and engines..............
Consumer goods (nonfood), except automotive....
407,168
442,917
Other goods.........................................................
55,572
59,503
Adjustments 1
3,916
4,381
147,225
5,895
49,082
32,339
20,747
34,011
4,827
324
149,648
5,964
49,320
32,980
21,136
35,233
4,656
360
153,458
6,180
50,269
34,079
22,268
35,145
5,116
401
148,611
5,929
49,598
32,476
21,212
34,321
4,743
332
149,899
6,331
46,465
34,354
20,959
36,514
4,889
388
151,229
6,185
48,890
34,453
21,379
35,320
4,638
365
154,904
6,035
52,768
34,641
20,866
35,527
4,710
357
156,797
5,997
52,102
34,596
22,165
36,674
4,881
381
158,737
6,235
54,224
35,312
20,900
36,786
4,888
392
162,720
6,440
55,896
36,252
21,364
37,351
4,981
437
158,712
6,338
52,309
35,704
21,006
38,001
5,017
336
153,357
6,466
46,948
35,409
20,720
38,174
5,259
382
153,779
6,364
45,925
35,748
21,128
39,152
5,161
299
157,602
6,438
47,560
35,480
22,641
39,951
5,221
311
Imports of goods and services.................................
Services.......
Travel.......
Passenger fares..................................................
Other transportation............................................
Royalties and license fees....................................
Other private services..........................................
Direct defense expenditures2..............................
U.S. Government miscellaneous services............
314,604
69,175
26,066
62,107
24,501
98,714
30,062
3,979
341,622
72,882
27,207
65,681
25,869
114,784
31,162
4,037
26,783
5,620
2,229
5,422
2,076
8,605
2,501
330
27,093
5,776
2,211
5,380
2,133
8,764
2,499
330
27,406
5,887
2,214
5,521
2,031
8,878
2,544
331
27,749
5,685
2,213
5,295
2,649
9,011
2,564
332
27,936
6,062
2,322
5,416
2,061
9,158
2,584
333
28,074
6,155
2,251
5,352
2,090
9,318
2,571
337
28,693
6,308
2,329
5,535
2,101
9,502
2,579
339
28,850
6,176
2,368
5,490
2,322
9,564
2,590
340
28,597
6,121
2,216
5,527
2,190
9,598
2,605
340
28,397
5,931
2,155
5,552
2,099
9,705
2,615
340
28,726
6,084
2,224
5,524
2,094
9,816
2,645
339
28,941
6,156
2,274
5,513
2,078
9,956
2,628
336
29,136
6,156
2,312
5,544
2,076
10,090
2,623
335
29,117
6,161
2,329
5,412
2,078
10,188
2,614
335
Memoranda:
Balance on goods....................................................
Balance on services................................................
Balance on goods and services...............................
-782,740
66,011
-716,730
-836,077
72,489
-763,588
-69,714
5,712
-64,002
-70,219
6,045
-64,174
-72,316
5,923
-66,393
-68,120
5,285
-62,835
-67,806
5,619
-62,187
-69,660
6,142
-63,518
-71,109
5,849
-65,260
-70,105
5,494
-64,611
-73,542
5,914
-67,628
-74,959
6,345
-68,614
-70,385
6,035
-64,350
-65,118
6,223
-58,895
-64,770
6,655
-58,115
-68,188
7,005
-61,183
p Preliminary
tions used to prepare BEA’s international and national accounts,
r Revised
2. Contains goods that cannot be separately identified.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and definiSource: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census.
February 2007
Survey
of
D-59
C u r r e n t B u s in e s s
Table F.2 U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
(Credits +, debits - ) 1
Line
2005
2005
II
III
2006
IV
I
II '
2006
2005
III p
II
III
IV
I
II r
III p
Current account
526,874
1 Exports of goods and services and income receipts..........................
1,749,892
433,516
440,364
464,872
480,005
517,097
521,195
429,326
442,935
462,357
484,396
511,983
2
1,275,245
319,639
318,819
334,007
340,515
361,093
254,332
316,645
222,591
320,853
224,947
331,165
344,430
355,945
366,083
232,904
244,512
252,843
262,069
3
Goods, balance of payments basis 2
894,631
227,524
219,568
235,283
242,020
359,681
258,642
4
5
Services 3................................
Transfers under U.S. military agency sales contracts 4.................
380,614
19,038
92,115
4,675
99,251
5,239
98,724
4,446
98,495
4,453
101,039
4,226
106,761
4,067
94,054
4,675
95,906
5,239
98,261
4,446
99,918
4,453
103,102
4,226
104,014
4,067
6
7
8
Travel............................................................................................
Passenger fares...........................................................................
Other transportation.....................................................................
81,680
20,931
42,245
21,425
5,104
10,358
23,545
5,933
10,754
18,781
5,257
11,394
20,934
5,161
10,353
20,389
5,508
10,545
20,374
5,371
11,244
20,742
5,545
11,588
21,443
5,275
12,202
21,464
5,326
12,216
Royalties and license fees 5.........................................................
Other private services5................................................................
U.S. Government miscellaneous services....................................
57,410
158,223
1,087
13,742
36,549
262
13,958
39,531
291
14,632
43,701
277
22,050
5,209
12,091
15,302
41,874
286
24,219
5,664
12,445
9
10
11
18,924
5,229
11,451
16,092
42,321
260
14,993
45,078
295
13,943
38,726
262
14,397
39,538
291
14,923
41,643
260
15,040
42,273
277
15,567
44,103
286
15,509
45,137
295
12
13
14
15
16
17
Income receipts....................................................................................
Income receipts on U.S.-owned assets abroad................................
Direct investment receipts............................................................
Other private receipts...................................................................
U.S. Government receipts............................................................
Compensation of employees............................................................
474,647
471,722
251,370
217,637
2,715
2,925
113,877
113,147
61,906
50,674
567
729
121,545
120,814
63,889
56,247
678
731
130,865
130,110
67,148
62,279
683
755
139,490
138,762
68,195
69,923
644
728
157,416
156,690
76,429
79,759
502
726
160,102
159,364
75,182
83,515
667
738
112,681
111,952
60,572
50,674
706
729
122,081
121,350
64,476
56,247
627
731
131,192
130,437
67,481
62,279
677
755
139,966
139,238
68,738
69,923
577
728
156,038
155,312
74,923
79,759
630
726
160,791
160,053
75,912
83,515
626
738
Exports of goods and services.............................................................
18 Imports of goods and services and income payments....................... -2,455,328 -606,110 -627,388 -662,406 -657,039 -715,048 -739,633 -599,390 -616,886 -659,290 -678,052 -707,254 -730,974
19
Imports of goods and services............................................................. -1,991,975 -494,629 -512,645 -530,295 -514,631 -556,066 -574,566 -488,703 -502,645 -525,939 -535,570 -549,059 -566,401
20
Goods, balance of payments basis 2................................................ -1,677,371 -414,071 -430,168 -451,691 -436,132 -467,446 -484,922 -410,811 -423,693 -445,410 -452,481 -463,441
21
22
Services 3.........................................................................................
Direct defense expenditures.........................................................
-314,604
-30,062
-80,558
-7,478
-82,477
-7,539
-78,604
-7,503
-78,499
-7,692
-88,620
-7,740
-89,644
-7,865
-77,892
-7,478
-78,952
-7,539
-80,529
-7,503
-83,089
-7,692
-85,618
-7,740
-85,720
-7,865
23
24
25
Travel............................................................................................
Passenger fares...........................................................................
Other transportation.....................................................................
-69,175
-26,066
-62,107
-19,904
-7,007
-15,352
-19,657
-7,089
-15,622
-14,754
-6,199
-16,174
-15,071
-6,159
-15,553
-21,253
-7,453
-16,592
-20,834
-7,130
-17,056
-17,589
-6,555
-15,135
-17,181
-6,654
-15,205
-17,135
-6,644
-16,150
-17,634
-6,749
-16,232
-18,639
-6,948
-16,377
-18,136
-6,595
-16,603
26
27
28
Royalties and license fees5.........................................................
Other private services 5...............................................................
U.S. Government miscellaneous services....................................
-24,501
-98,714
-3,979
-5,737
-24,118
-962
-6,340
-25,214
-1,016
-6,789
-26,194
-991
-6,552
-26,476
-996
-6,237
-28,329
-1,016
-6,374
-29,366
-1,019
-6,004
-24,169
-962
-6,356
-25,001
-1,016
-6,261
-25,845
-991
-6,741
-27,045
-996
-6,513
-28,385
-1,016
-6,383
-29,119
-1,019
29
30
31
32
33
34
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............................................................
36
U.S. Government grants4....................................................................
37
U.S. Government pensions and other transfers...................................
Private remittances and other transfers 6.............................................
38
-480,681
-463,353 -111,481 -114,742 -132,111 -142,408 -158,982 -165,067 -110,687 -114,240 -133,351 -142,482 -158,195 -164,573
-454,124 -109,299 -112,397 -129,611 -140,126 -156,736 -162,720 -108,403 -111,887 -131,018 -140,132 -155,846 -162,217
-116,953 -30,416 -24,615 -33,432 -34,437 -37,756 -40,609 -29,520 -24,105 -34,839 -34,443 -36,866 -40,106
-223,612 -51,490 -58,479 -64,857 -72,813 -82,539 -84,801
-51,490 -58,479 -64,857 -72,813 -82,539 -84,801
-37,310
-113,559 -27,393 -29,303 -31,322 -32,876 -36,441
-37,310 -27,393 -29,303 -31,322 -32,876 -36,441
-2,347
-2,284
-2,350
-2,349
-2,356
-9,229
-2,182
-2,345
-2,500
-2,282
-2,246
-2,353
-2,333
-86,072 -22,509 -10,140 -25,927 -20,323 -20,805 -21,524 -23,194
-9,464 -26,176 -19,542 -21,856 -21,450
-5,341
-5,529
-31,362
-5,341
-5,529
-5,780
-7,270
-9,091
-4,631
-5,780
-7,270
-9,091
-4,631
-1,584
-1,742
-1,710
-1,872
-1,740
-1,277
-1,426
-1,569
-1,592
-1,755
-6,303
-1,451
-1,909
-48,407 -15,278
-961
-14,964 -13,952 -14,187 -14,569 -15,845
-610 -15,493 -13,169 -14,760 -14,211
Capital and financial account
Capital account
39 Capital account transactions, net.........................................................
-4,351
-589
-557
-514
-1,756
-1,003
-551
-589
-557
-514
-1,756
-1,003
-551
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))..........
-426,801 -201,345 -138,434
3,708 -361,910 -215,352 -227,937 -196,376 -132,380
-10,656 -355,978 -211,375 -223,769
41
4?
43
44
45
U.S. official reserve assets, net
Gold 7..........................
Special drawing rights..
Reserve position in the International Monetary Fund.......................
Foreign currencies............................................................................
14,096
-797
4,766
4,796
513
-560
1,006
-797
4,766
4,796
513
-560
1,006
4,511
10,200
-615
-97
-564
-136
2,976
1,951
-161
-81
5,050
-173
-67
729
-149
-51
-351
-158
-54
1,275
-215
-97
-564
-136
2,976
1,951
-161
-81
5,050
-173
-67
729
-149
-51
-351
-158
-54
1,275
-215
46
47
48
49
U.S. Government assets, other than official reserve assets, net...........
U.S. credits and other long-term assets...........................................
Repayments on U.S. credits and other long-term assets 8...............
U.S. foreign currency holdings and U.S. short-term assets, net........
5,539
-2,255
5,603
2,191
989
-708
1,586
111
1,501
-518
1,957
62
459
-509
977
-9
1,049
-1,517
2,558
8
1,765
-376
2,147
-6
287
-575
871
-9
989
-708
1,586
111
1,501
-518
1,957
62
459
-509
977
-9
1,049
-1,517
2,558
8
1,765
-376
2,147
-6
287
-575
871
-9
50
51
52
53
U.S. private assets, net.........................................................................
Direct investment..............................................................................
Foreign securities.............................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns.......................................................................................
U.S. claims reported by U.S. banks, not included elsewhere............
54
55 Foreign-owned assets in the United States, net (increase/financial
inflow (+))............................................................................................
Foreign official assets in the United States, net...................................
U.S. Government securities
U.S. Treasury securities 9
Other10...................
Other U.S. Government liabilities ,1.................................................
U.S. liabilities reported by U.S. DanKS, not inciuaed elsewhere
Other foreign official assets 12..........................................................
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Other foreign assets in the United States, net......................................
Direct investment..............................................................................
U.S. Treasury securities....................................................................
U.S. securities other than U.S. Treasury securities...........................
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
-446,436 -201,537 -144,701
-9,072 -38,926
24,288
-180,125 -45,702 -36,790
-44,221
57,244 -29,483
-213,018 -174,153 -102,716
-1,547 -363,472 -216,557 -229,230 -196,568 -138,647
40,163 -67,183 -50,746 -67,231
-33,957
30,342
-47,266 -53,692 -53,915 -53,034 -45,702 -36,790
-4,812 -46,190
10,368 -196,407
-31,199
-80,697
-23,302
57,244 -29,483
-85,663 -174,153 -102,716
-15,911 -357,540 -212,580 -225,062
25,799 -61,251
-46,769 -63,063
-47,266 -53,692 -53,915 -53,034
-4,812 -46,190
10,368 -196,407
-31,199
-80,697
-23,302
-85,663
348,132
74,613
36,313
16,892
19,421
112
34,187
4,001
390,846
528,026
75,697
66,219
42,156
24,063
37
-821
10,262
404,417
80,775
80,137
47,225
32,912
1,073
-7,207
6,772
33,983
25,926
8,213
17,713
395
824
6,838
253,350
71,934
61,204
37,418
23,786
-255
5,078
5,907
527,498
75,697
66,219
42,156
24,063
37
-821
10,262
364,576
75,869
21,553
-8,905
30,458
724
42,241
11,351
400,161
75,869
21,553
-8,905
30,458
724
42,241
11,351
346,179
74,613
36,313
16,892
19,421
112
34,187
4,001
388,592
33,983
25,926
8,213
17,713
395
824
6,838
248,558
71,934
61,204
37,418
23,786
-255
5,078
5,907
367,143
199,495
156,450
71,749
84,701
-488
24,275
19,258
1,012,755
109,754
199,491
474,140
19,416
273,519
10,198
14,103
111,808
4,507
356,863
46,713
37,239
153,048
4,679
176,624
21,718
62,041
131,871
9,158
452,329
45,796
-5,212
186,009
1,932
291,274
48,410
9,784
127,285
1,127
323,642
48,346
-7,202
138,757
1,129
271,566
8,245
14,103
111,808
4,507
354,609
44,459
37,239
153,043
4,679
181,416
26,51 C
62,041
131,871
9,158
451,801
45,268
-5,212
186,008
1,932
288,707
45,843
9,784
127,285
1,127
319,386
44,090
-7,202
138,757
1,129
30,105
179,849
-20,035
152,938
20,271
94,912
-50,305
2,141
74,953
148,851
25,082
79,586
53,496
89,116
-20,035
152,938
20,271
94,912
-50,305
2,141
74,953
148,851
43,434
10,437
25,082
79,586
53,496
89,116
1,212,250
80,775
80,137
47,225
32,912
1,073
-7,207
6,772
49,709
70 Statistical discrepancy (sum of above items with sign reversed)
10,410
48,905 -54,691
-28,291
32,997
67,968
64,033
44,044 -72,240 -19,071
64,929
70a
Of which: Seasonal adjustment discrepancy........................................
-4,862 -17,549
9,219
-3,040 -14,324
Memoranda:
71 Balance on goods (lines 3 and 20)........................................................... -782,740 -186,547 -210.60C -216,408 -194,112 -208,804 -230,59C -188.22C -198,746 -212,506 -207,968 -210,598 -218,612
72 Balance on services (lines 4 and 21).........
11,557
12,415
17,117
16,162
16,954
17,484
18,294
66,011
16,772
20,12C
19,996
17,733
16,828
73 Balance on goods and services (lines 2 and 19)
-716,730 -174,990 -193,827 -196,288 -174,116 -196,385 -213,473 -172,058 -181,792 -194,774 -191,14C -193,114 -200,318
74 Balance on income (lines 12 and 29).........
11,293
2,396
6,803
7,841
-2,516
-2,157
-3,782
-1,246
-2,918
-1,566
-4,965
1,994
-2,158
-86,072 -22,505
-20,805 -21,524
-23,194
-9,464
-26,176 -19,542 -21,856 -21,450
75 Unilateral current transfers, net (line 35)....
-10.14C -25,927 -20,323
76 Balance on current account (lines 1,18, ana 35 or lines 73,74, ana 7 5 ),J -791,508 -195,103 -197,164 -223,461 -197,357 -218,756 -239,962 -193,258 -183,415 -223,109 -213,198 -217,127 -225,550
p Preliminary
r Revised
See footnotes on page D-63
Source: Table 1 in “U.S. International Transactions: Third Quarter of 2006” in the January 2007 issue of the S urvey of
C urrent B usiness .
D-60
International Data
February 2007
Table F.3. U.S. International Transactions, by Area— Continues
[Millions of dollars]
European Union 14
Europe
Line
Euro area
United Kingdom
(Credits +, debits - ) 1
2006:ll'
2006:lil p
2006:ll'
2006:lll e
2006:11 r
2006:lll p
2006:ll r
2006:lll p
Current account
1 Exports of goods and services and income receipts.............................................
174,988
176,628
151,992
154,123
94,614
94,562
47,939
49,999
2
Exports of goods and services................................................................................
101,900
101,540
88,586
88,310
58,370
58,077
23,814
23,961
3
4
5
Goods, balance of payments basis 2...................................................................
Services 3............................................................................................................
Transfers under U.S. military agency sales contracts 4....................................
62,297
54,436
37,244
11,909
10,917
34,150
428
51,099
37,211
687
39,171
39,603
685
58,720
42,820
1,004
19,199
291
20,833
340
11,905
57
13,044
69
6
7
8
Travel...............................................................................................................
Passenger fares
Other transportation
7,029
1,646
4,605
8,248
1,993
4,648
6,450
1,494
4,113
7,647
1,822
4,147
3,091
799
2,381
4,061
1,057
2,394
2,775
644
1,045
3,082
747
1,079
9
10
11
Royalties and license fees 5.............................................................................
Other private services5
U.S. Government miscellaneous services.......................................................
7,478
18,087
73
7,637
19,206
84
5,888
15,720
57
6,075
16,765
68
4,175
8,431
31
4,264
8,679
38
1,280
6,082
22
1,388
6,653
26
12
13
14
15
1H
17
Income receipts........................................................................................................
Income receipts on U.S.-owned assets abroad...................................................
Direct investment receipts................................................................................
Other private receipts......................................................................................
U.S. Government receipts................................................................................
Compensation of employees................................................................................
73,088
72,995
33,864
38,965
166
93
75,088
74,994
33,560
41,105
329
94
63,406
63,324
28,882
34,288
154
82
65,813
65,730
28,566
36,938
226
83
36,244
36,199
21,354
14,691
154
45
36,485
36,440
20,654
15,562
224
45
24,125
24,101
6,166
17,935
26,038
26,013
6,559
19,454
24
25
18 Imports of goods and services and income payments..........................................
-217,194
-217,312
-189,452
-190,284
-120,592
-121,254
-55,637
-56,287
19
Imports of goods and services.................................................................................
-138,725
-137,628
-118,750
-117,522
-83,450
-83,335
-24,433
-23,884
20
Goods, balance of payments basis 2...................................................................
-98,839
-97,499
-84,599
-82,955
-62,721
21
22
Services 3............................................................................................................
Direct defense expenditures............................................................................
-39,886
-2,859
-40,129
-2,935
-34,151
-2,525
-34,567
-2,600
-20,729
-2,075
-61,998
-21,337
-2,105
-13,929
-10,504
-355
-10,410
-355
23
24
25
Travel...............................................................................................................
Passenger fares...............................................................................................
Other transportation.........................................................................................
-8,089
-4,028
-6,360
-7,626
-3,848
-6,528
-7,249
-3,798
-5,542
-6,919
-3,590
-5,680
-4,643
-2,103
-3,159
-4,409
-2,123
-3,281
-2,173
-1,490
-1,163
-2,122
-1,238
-1,239
26
27
28
Royalties and license fees5.............................................................................
Other private services 5...................................................................................
U.S. Government miscellaneous services.......................................................
-3,826
-14,228
-496
-4,012
-14,682
-498
-2,656
-12,008
-373
-3,000
-12,403
-375
-1,928
-6,518
-303
-2,293
-6,821
-305
-371
—4,896
-56
-389
-5,011
-56
29
30
31
32
33
34
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................................................................................
-78,469
-78,336
-24,489
-46,135
-7,712
-133
-79,684
-79,560
-26,590
-45,465
-7,505
-124
-70,702
-70,592
-23,940
-40,226
-6,426
-110
-72,762
-72,658
-25,415
-41,049
-6,194
-104
-37,142
-37,059
-14,479
-18,435
-4,145
-83
-37,919
-37,838
-15,576
-18,186
-4,076
-81
-31,204
-31,182
-8,506
-21,058
-1,618
-22
-32,403
-32,382
-8,781
-22,132
-1,469
-21
35 Unilateral current transfers, net................................................................................
U.S. Government grants 4........................................................................................
U.S. Government pensions and other transfers.......................................................
Private remittances and other transfers 6................................................................
-3,434
-493
-430
-2,511
-3,271
-648
-416
-2,207
-2,813
-22
-398
-2,393
-2,271
-28
-387
-1,856
-2,051
-1,870
215
402
-286
-1,765
-285
-1,585
-67
282
-66
468
-208
-218
-119
-124
-80
-82
-13
-14
-79,532
-119,578
-1
-1
37
38
-13,474
Capital and financial account
Capital account
39 Capital account transactions, n e t............................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow ( -) ) .............................
-99,065
-208,387
-65,631
-50,061
U.S. official reserve assets, net................................................................................
Gold 7...................................................................................................................
Special drawing rights..........................................................................................
-148
-202
-145,233
-118
-181,001
41
4?
43
44
45
46
47
48
49
-167
-118
-167
Foreign currencies...............................................................................................
-148
-202
-118
-167
214
-136
342
8
155
-113
270
-2
213
-112
316
9
75
-103
179
-1
-118
212
-167
U.S. Government assets, other than official reserve assets, net..............................
U.S. credits and other long-term assets...............................................................
Repayments on U.S. credits and other long-term assets8..................................
U.S. foreign currency holdings and U.S. short-term assets, net...........................
203
9
35
50
51
52
53
54
U.S. private assets, net............................................................................................
Direct investment.................................................................................................
Foreign securities.................................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.....
U.S. claims reported by U.S. banks, not included elsewhere................................
-99,131
-21,496
-54,589
-34,743
11,697
-145,328
-18,579
-51,873
-36,214
-38,662
-180,909
-27,626
-56,962
-45,418
-50,903
-65,725
-13,009
-17,179
-14,064
-21,473
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))....
82,063
-208,340
-32,331
-54,123
-45,927
-75,959
87,868
10,667
(17)
(17)
(17)
172
(17)
C7)
71,396
36,025
-16,740
70,522
-9,165
(")
(17)
(,7)
-129
(,7)
(,7)
97,033
28,677
-26,243
75,582
108,893
(18)
(11)
(18)
(18)
135,335
(18)
(18)
(18)
(18)
31,893
(18)
(18)
-49,929
-20,618
-10,729
-2,102
-16,480
50,506
(18)
99
n
(18)
-123
(18)
56
57
58
59
60
61
62
Foreign official assets in the United States, net.......................................................
U.S. Government securities.................................................................................
U.S. Treasury securities 9................................................................................
O ther10............................................................................................................
Other U.S. Government liabilities 11.....................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere............................
Other foreign official assets 12.............................................................................
63
64
65
66
H7
68
69
Other foreign assets in the United States, net.........................................................
Direct investment.................................................................................................
U.S. Treasury securities.......................................................................................
U.S. securities other than U.S. Treasury securities..............................................
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............................
13,325
-31,736
70 Statistical discrepancy (sum of above items with sign reversed)..........................
62,849
Memoranda:
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 7 5 )13..................
-36,542
-283
-36,825
-5,381
-3,434
-45,639
71
72
73
74
75
76
p Preliminary
r Revised
n
(18)
-165
(18)
35
n
(18)
n
120
(18)
(18)
-1
-1
-79,531
-4,067
-34,965
-25,474
-15,025
76,101
(18)
(18)
(18)
(18)
-119,577
-5,413
-45,476
-39,662
-29,026
85,978
(18)
(18)
(18)
(18)
11
(18)
(18)
46
(18)
(18)
n
3,243
n
50,413
8,353
(18)
(18)
n
(18)
n
(18)
28,328
(18)
32,186
(18)
69,692
69,258
25,516
n
17,818
47,975
-28,958
13,698
18—2,924
48,524
1S—14,510
-1,035
>8-1 0,241
12,400
'M ,9 8 7
76,731
84,222
61,847
28,199
15,202
18 7,232
10,927
35,424
18—10,518
164,692
-38,779
2,691
-36,088
-4,596
-3,271
-43,955
-30,163
-1
-30,164
-7,296
-2,813
-40,272
-31,856
2,644
-29,212
-6,949
-2,271
-38,432
-23,550
-1,530
-25,080
-898
-2,051
-28,029
-24,754
-504
-25,258
-1,434
-1,870
-28,562
-2,020
1,401
-619
-7,079
215
-7,483
-2,557
2,634
77
-6,365
402
-5,886
n
23,760
(18)
19,213
(18)
52,673
39,500
See footnotes on page D-63
Source: Table 1 in “U.S. International Transactions: Third Quarter of 2006” in the January 2007 issue of the Survey of
Current Business.
February 2007
Survey
of
D-61
C u r r e n t B u s in e s s
Table F.3. U.S. International Transactions, by Area—Continues
[Millions of dollars]
Latin America and Other
Western Hemisphere
Canada
(Credits +, debits - ) 1
Line
2006:ll r
2006:III p
2006:llr
2006:lll p
Mexico 15
2006:llr
Australia
Asia and Pacific
2006:lll p
2006:llr
2006:lil p
2006:lll p
2006:llr
Current account
1 Exports of goods and services and income receipts.............................................
81,546
76,384
106,186
108,191
42,864
42,026
117,877
123,016
9,582
10,070
2
Exports of goods and services................................................................................
70,142
65,521
71,546
72,748
39,662
38,731
94,410
98,994
6,465
6,794
3
Goods, balance of payments basis 2...................................................................
60,484
56,208
55,520
55,791
34,018
33,125
67,237
69,605
4,101
4,440
4
5
Services 3...........................................................................................................
Transfers under U.S. military agency sales contracts 4....................................
9,658
45
9,313
64
16,026
199
16,957
192
5,644
2
5,606
3
27,173
928
29,389
731
2,364
78
2,354
88
6
7
8
Travel...............................................................................................................
Passenger fares...............................................................................................
Other transportation...
2,895
680
838
2,277
757
830
5,034
1,403
1,433
5,384
1,489
1,543
1,821
496
425
1,755
465
458
6,237
1,391
4,149
7,234
1,358
4,276
682
136
91
641
125
93
9
10
11
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services.......................................................
1,223
3,947
30
1,235
4,115
35
1,106
6,807
43
1,073
7,235
40
403
2,493
4
394
2,527
4
4,750
9,629
89
4,824
10,877
89
331
1,041
5
317
1,085
5
12
13
14
15
16
17
Income receipts.................
Income receipts on U.S.-owned assets abroad...................................................
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees................................................................................
11,404
11,369
6,841
4,528
10,863
10,827
6,134
4,693
86
36
34,640
34,590
11,871
22,633
44
50
35,443
35,390
11,734
23,612
3
53
3,295
3,287
2,363
920
115
8
23,467
23,370
15,118
8,137
110
97
24,022
23,923
15,224
8,589
3,117
3,110
1,830
1,280
3,276
3,269
1,913
1,356
18 Imports of goods and services and income payments..........................................
-91,508
-89,098
3,202
3,194
2,260
931
4
8
-58,322
-58,208
35
-130,572
-134,578
99
7
7
-220,984
-240,064
-5,136
-5,335
19
Imports of goods and services.................................................................................
-85,094
-82,462
-99,948
-101,386
-55,109
-54,627
-185,106
-202,245
-3,213
-3,478
20
Goods, balance of payments basis 2...................................................................
-78,711
-74,597
-84,940
-86,905
-51,173
-50,940
-164,825
-182,193
-2,021
-2,129
21
22
Services 3.....................
Direct defense expenditures
-6,383
-54
-7,865
-55
-15,008
-76
-14,481
-75
-3,936
-4
-3,687
-4
-20,281
-1,398
-20,052
-1,309
-1,192
-29
23
24
25
Travel........................
Passenger fares........
Other transportation.........................................................................................
-2,024
-132
-1,209
-3,313
-117
-1,163
-6,394
-798
-1,604
-5,480
-824
-1,732
-2,611
-275
-286
-2,318
-315
-262
-3,963
-2,207
-6,010
-3,753
-1,992
-6,162
-253
-210
-87
-1,349
-35
-357
-243
-86
26
27
28
29
30
31
32
33
34
Royalties and license fees5.............................................................................
Other private services 5...................................................................................
U.S. Government miscellaneous services.......................................................
-208
-2,933
-76
-301
-5,698
-137
-337
-5,896
-137
-44
-673
-43
-42
-703
-43
-1,804
-4,729
-170
-1,774
-4,891
-171
-61
-531
-21
-76
-531
-21
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................................................................................
-184
-2,705
-75
-6,414
-6,300
-3,176
-2,460
-664
-114
-6,636
-6,524
-3,177
-2,566
-781
-112
-30,624
-28,853
-1,922
-23,090
-3,841
-1,771
-33,192
-31,271
-1,897
-25,389
-3,985
-1,921
-3,213
-1,479
-37
-630
-812
-1,734
-3,581
-1,710
-186
-698
-826
-1,871
-35,878
-35,685
-5,195
-7,927
-22,563
-193
-37,819
-37,658
-6,038
-8,302
-23,318
-161
-1,923
-1,919
-931
-770
-218
-4
-1,857
-1,854
-826
-813
-215
-3
35 Unilateral current transfers, net..................
U.S. Government grants 4.......................................................................................
U.S. Government pensions and other transfers.......................................................
Private remittances and other transfers6 ................................................................
-198
-61
-6,277
-630
-184
-5,463
-2,852
-17
-70
-2,765
-2,886
-8
-67
-2,811
-2,793
-918
-195
-1,680
-3,282
-578
-172
-2,532
-56
-152
91
-6,534
-647
-185
-5,702
-87
-156
-42
-20
-67
-17
-39
30
29
-38
-42
-20
-22
-208
-223
-8
-8
-22,142
-8,761
-63,056
39,244
-2,866
2,525
-16,484
-46,420
-4,690
-8,530
-10
-13
-8,530
-1,971
-559
194
-6,194
36
37
38
Capital and financial account
Capital account
39 Capital account transactions, n e t............................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow ( -) ) .............................
41
42
43
44
45
46
47
48
49
50
51
52
53
54
U.S. official reserve assets, net................................................................................
Gold 7..................................................................................................................
Special drawing rights..........................................................................................
Reserve position in the International Monetary Fund..........................................
Foreign currencies...............................................................................................
-1
U.S. credits and other long-term assets...............................................................
189
Other foreign assets in the United States, net.........................................................
Direct investment...........................................
U.S. Treasury securities.................................
U.S. securities other than U.S. Treasury securities
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............................
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 ),3..................
See the footnotes on page D-63,
103
-53
164
-1
U.S. private assets, net............................................................................................
Direct investment.................................................................................................
Foreign securities.................................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.....
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
U.S. Government securities.................
57
U.S. Treasury securities 9................
58
59
Other10...........................................
60
Other U.S. Government liabilities 11.....
U.S. liabilities reported by U.S. banks, not included elsewhere............................
61
62
Other foreign official assets 12.............................................................................
63
64
65
66
67
68
69
111
-74
-10
-13
7
-3
12
-2
5
-3
9
-1
139
-44
182
1
194
-37
224
7
-16,613
-14,063
6,387
264
-9,201
103,495
-46,601
-11,936
6,014
672
-41,351
117,018
-4,690
-1,737
-2,338
670
-1,285
7,800
69,069
(,7)
(17)
(17)
1,214
n
n
47,949
6,993
(17)
18,191
n
(18)
(18)
(18)
-1,024
(18)
(18)
(18)
(18)
237
(18)
(18)
153
(18)
(18)
-4
-8
-22,141
-3,459
-1,997
-995
-15,690
-8,761
-7,570
-5,689
-2,003
6,501
-63,167
-4,066
-1,258
5,233
-63,076
-2,873
-1,028
743
449
-3,037
2,520
-2,375
4,711
-133
317
18,087
24,832
140,346
39,141
-7,676
-251
24,326
22,742
159,494
12,170
-451
n
(17)
(17)
44
n
n
18,538
-2,642
(17)
8,107
-335
(17)
(17)
(17)
-27
f)
(17)
25,167
4,581
(17)
5,059
11,692
(,7)
(17)
(17)
-44
(17)
(17)
128,654
5,794
(17)
11,324
12,831
(17)
(,7)
(17)
-64
(17)
M
146,663
5,062
(,7)
38,981
n
(18)
(18)
(18)
982
(18)
(18)
(18)
(18)
(18)
(18)
5
(18)
(18)
(17)
6,054
n
7,679
(17)
102,460
(,7)
99,507
14,185
-3,325
-46,333
-18,227
3,275
-14,952
4,990
-198
-10,160
-18,389
1,448
-16,941
4,227
-61
-12,775
-29,420
1,018
-28,402
4,016
-6,534
-30,920
(18)
(18)
498
(18)
220
(18)
680
1,638
35,844
C7)
C7)
(,7)
400
(17)
(’ 7)
67,651
6,110
(17)
34,544
180
1810,814
-360
1S—521
(17)
6,949
(17)
9,877
-166,031
9,026
15,583
19,097
-31,114
2,475
-28,639
2,251
-6,277
-32,665
-17,155
1,708
-15,447
-11
-2,852
-18,310
-17,815
1,919
-15,896
-286
-2,886
-19,068
-97,588
6,892
-90,696
-12,411
-2,793
-105,900
(18)
(18)
339
(18)
2,991
459
n
1,178
52
18 4,181
-114
18—2,700
49,955
-7,461
4,883
-112,588
9,337
-103,251
-13,797
-3,282
-120,330
2,080
1,172
3,252
1,194
-87
4,359
2,311
1,005
3,316
1,419
-56
4,679
D-62
International Data
February 2007
Table F.3. U.S. International Transactions, by Area— Table Ends
[Millions of dollars]
China
Line
India
Japan
Middle East
Africa
(Credits +, debits - ) 1
2006:11 r
2006:III p
2006:ll '
2006:lll p
2006:llr
2006:lll p
2006:11'
2006:lll p
2006:ll r
2006:lll p
Current account
1 Exports of goods and services and income receipts..........................
17,072
18,691
4,786
4,839
31,404
2
Exports of goods and services............................................................
15,621
17,199
4,150
4,206
24,768
33,413
26,457
15,835
16,063
8,635
9,355
13,804
13,986
6,448
7,370
3
Goods, balance of payments basis 2...............................................
13,172
14,431
2,544
2,651
14,232
14,716
8,994
9,021
4,110
4,987
4
5
Services 3........................................................................................
Transfers under U.S. military agency sales contracts 4.................
1,555
6
10,536
163
11,741
123
4,810
1,942
4,965
1,775
2,338
394
2,383
249
Travel............................................................................................
Passenger fares...........................................................................
Other transportation.....................................................................
2,768
(*)
374
95
671
1,606
4
6
7
8
2,449
(*)
347
95
627
570
248
118
470
8
129
2,837
805
1,102
3,756
1,022
1,067
524
80
552
672
58
587
331
9
182
404
9
232
9
10
11
Royalties and license fees 5.........................................................
Other private services6...............................................................
U.S. Government miscellaneous services....................................
327
1,047
6
319
1,302
7
81
573
12
52
878
12
2,217
3,392
20
2,238
3,516
19
104
1,577
31
104
1,742
27
144
1,258
20
118
1,351
20
12
13
14
15
16
17
Income receipts....................................................................................
Income receipts on U.S.-owned assets abroad................................
Direct investment receipts............................................................
Other private receipts..................................................................
U.S. Government receipts............................................................
Compensation of employees............................................................
1,451
1,442
1,207
225
10
9
1,492
1,483
1,200
258
25
9
636
632
433
196
3
4
633
629
421
196
12
4
6,636
6,617
2,618
3,989
10
19
6,956
6,936
2,661
4,263
12
20
2,031
2,007
1,448
540
19
24
2,077
2,053
1,455
569
29
24
2,187
2,169
1,790
314
65
18
1,985
1,967
1,558
309
100
18
18 Imports of goods and services and income payments.......................
-78,427
-90,413
-6,918
-7,610
-59,872
-60,881
-26,715
-27,809
-22,614
-25,309
19
Imports of goods and services.............................................................
-7,187
-43,034
-43,340
-23,968
-24,781
-5,109
-5,865
-36,598
-36,926
-19,231
-24,968
-20,094
-22,147
Goods, balance of payments basis 2...............................................
-80,913
-78,941
-6,511
20
-69,688
-67,720
-20,900
-23,634
21
22
Services 3........................................................................................
Direct defense expenditures........................................................
-1,968
-1
-1,972
-1
-1,402
-20
-1,322
-2
-6,436
-358
-6,414
-360
-4,737
-3,300
-4,874
-3,425
-1,247
-53
-1,147
-66
23
24
25
Travel............................................................................................
Passenger fares.....
Other transportation
-665
-144
-889
-635
-136
-912
-342
-131
-87
-16
-264
-8
-1,631
-1,460
-37
-306
-170
-318
-64
-504
-75
-477
-118
-74
-13
-248
-8
-838
-341
-1,825
-1,675
-1,362
-37
-320
-218
-306
Royalties and license fees5.........................................................
Other private services 5
U.S. Government miscellaneous services....................................
-266
-45
-83
-6
-915
-5
-788
-307
-1,831
26
27
28
-377
-39
-68
-8
-885
-5
-28
-504
-73
-3
-461
-61
-3
-456
-62
29
30
31
32
33
34
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
-8,739
-8,658
-25
-1,189
-7,444
-81
-9,500
-9,424
-26
-1,342
-8,056
-76
-407
-375
-137
-101
-137
-32
-423
-399
-146
-118
-135
-24
-16,838
-16,815
-3,991
-3,102
-9,722
-23
-17,541
-17,521
-4,605
-3,092
-9,824
-20
-2,747
-2,735
-422
-1,095
-1,218
-12
-2,841
-2,832
-338
-1,238
-1,256
-9
-467
-444
-30
-235
-179
-23
-528
-508
-54
-255
-199
-20
35 Unilateral current transfers, net
U.S. Government grants4
37
U.S. Government pensions and other transfers....................................
Private remittances and other transfers 6 ............................................
38
-418
-537
-553
600
248
-2,466
-1,330
-671
-7
-652
-1,153
-430
-5
-718
-436
-1
-417
-1
-536
-5
-383
-5
-523
-50
650
-40
288
-31
-838
-2,462
-1,529
-30
-903
-37
-39
-50
-53
3
2
-78
-81
-501
-17
-1,519
6,013
-1,562
-983
4,560
-25,576
-5,713
-1,330
-946
-578
-10
-13
-10
-13
1
38
-14
49
3
1 273
-87
1,369
-9
30
-134
164
-48
-25
-1,597
Capital and financial account
Capital account
39 Capital account transactions, n e t........................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow ( -) ) .........
41
4?
43
44
45
4fi
47
4fi
49
50
51
52
53
54
U.S. official reserve assets, net............................................................
Gold 7...........................................................
Special drawing rights...................................
22
U.S. credits and other long-term assets...........................................
Repayments on U.S. credits and other long-term assets 8...............
U.S. foreign currency holdings and U.S. short-term assets, net.......
U.S. private assets, net........................................................................
Direct investment.............................................................................
Foreign securities.............................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns......................................................................................
U.S. claims reported by U.S. banks, not included elsewhere............
55 Foreign-owned assets in the United States, net (increase/financial
inflow (+))............................................................................................
41
23
55
23
-1
40
1
17
6
53
2
1
61
-3
65
-1
-1,541
-1,360
2,502
5,972
-713
2,094
-1,585
-331
-1,394
-1,038
-409
-73
4,570
-2,305
8,144
-25,564
-2,188
2,385
-5,774
-985
-373
-1,368
-1,156
-804
-2,219
-1,180
-1,071
-608
-1,045
462
-30
-2,653
310
4,281
-178
318
182
-738
-150
-1,119
-189
-25,572
-1,069
-3,347
-345
937
120
-88
-32
7
13,461
(18)
(18)
(18)
(18)
48
(18)
(18)
21,284
(18)
(18)
(18)
(18)
19,225
10,566
2,710
-120
15,380
(17)
(17)
(17)
249
(17)
(17)
8,113
(17)
(17)
(17)
-35
(17)
(17)
2,735
(17)
(17)
(17)
-99
(17)
(17)
161
(17)
(17)
(17)
13
(17)
(17)
2,453
479
(17)
923
-25
118
(17)
480
-281
39
(17)
-10
(17)
-1,274
56
57
58
59
60
61
62
Foreign official assets in the United States, net....................................
U.S. Government securities.............................................................
U.S. Treasury securities 9............................................................
O ther10........................................................................................
65,212
(18)
(16)
(18)
(18)
67,910
(18)
(18)
(18)
(18)
2,371
(18)
(18)
(18)
(18)
-647
(18)
(18)
(18)
(18)
U.S. liabilities reported by U.S. banks, not included elsewhere........
Other foreign official assets 12.........................................................
(18)
(18)
(18)
(18)
(18)
(18)
32
(18)
(18)
63
64
65
66
67
68
Other foreign assets in the United States, net.....................................
Direct investment.............................................................................
U.S. Treasury securities...................................................................
U.S. securities other than U.S. Treasury securities...........................
(18)
(18)
(18)
(18)
(18)
(18)
-95
(18)
-40
(18)
150
(18)
227
(18)
6,308
(18)
9,021
1,414
117
-149
4,805
(18)
11,967
9,692
3,845
483
(17)
2,436
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns......................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........
305
18 55,981
-436
18 66,972
9
,8 2,095
101
18-858
625
18—3,984
-437
18 5,676
(17)
202
(17)
454
70 Statistical discrepancy (sum of above items with sign reversed)......
-1,883
-1,625
1,809
5,007
9,844
31,510
-88
5,053
14,046
(17)
-392
17,822
-54,548
481
-54,067
-7,288
-418
-61,773
-64,510
796
-63,714
-8,008
-537
-72,259
-2,565
204
-2,361
229
-436
-2,568
-3,214
233
-2,981
210
-553
-3,324
-22,366
4,100
-18,266
-10,202
600
-27,868
-22,210
5,327
-16,883
-10,585
248
-27,220
-10,237
73
-10,164
-716
-2,466
-13,346
-11,073
91
-10,982
-764
-2,462
-14,208
-16,790
1,091
-15,699
1,720
-1,330
-15,309
-18,647
1,236
-17,411
1,457
-1,153
-17,107
69
71
72
73
74
75
76
Memoranda:
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 7 5 )13
45
(18)
(18)
See the footnotes on page D-63.
data for 2005:1 to 2006:1 and annual data for 2005 for these areas have also been corrected and can be found on BEA’s
Note. Data for India in this table and for Other Asia and Pacific have been corrected by offsetting amounts. Quarterly
Web site at <www.bea.gov/bea/international/bp_web>.
February 2007
Survey
of
D-63
C u r r e n t B u s in e s s
Table F.4. Private Services Transactions
[M i l l i o n s o f d o l l a r s ]
Not seasonally adjusted
Line
2005
2005
I
1 Exports of private services......................................
2
Travel (table F.2, line 6 ) ...........................................
3
Passenger fares (table F.2, line 7)...........................
4
Other transportation (table F.2, line 8)......................
Freight.................................................................
5
6
Port services.......................................................
7
Royalties and license fees (table F.2, line 9 )............
8
Affiliated..............................................................
9
U.S. parents’ receipts.......................................
10
U.S. affiliates’ receipts.....................................
11
Unaffiliated..........................................................
12
Industrial processes 1.....................................
13
Other2............................................................
14
Other private services (table F.2, line 10).................
15
Affiliated services................................................
16
U.S. parents’ receipts......................................
17
U.S. affiliates' receipts.....................................
Unaffiliated services............................................
18
Education........................................................
19
Financial services...........................................
20
21
Insurance, net.................................................
22
Telecommunications.......................................
23
Business, professional, and technical services
24
Other unaffiliated services 3...........................
360,489
81,680
20,931
42,245
17,340
24,905
57,410
42,106
37,939
4,167
15,304
6,633
8,671
158,223
49,389
29,506
19,883
108,834
14,123
29,281
6,831
4,724
39,491
14,384
85,572
17,786
4,664
9,682
4,215
5,467
13,618
10,012
9,317
695
3,606
1,684
1,922
39,822
11,634
7,090
4,544
28,188
5,830
6,809
1,642
1,157
8,846
3,904
II
2006
III
87,178
21,425
5,104
10,358
4,317
6,041
13,742
10,131
9,313
818
3,611
1,544
2,067
36,549
11,733
7,196
4,537
24,816
1,749
6,924
1,623
1,207
9,612
3,701
Seasonally adjusted
93,721
23,545
5,933
10,754
4,307
6,447
13,958
10,105
9,383
722
3,853
1,762
2,091
39,531
11,863
6,968
4,895
27,668
3,932
7,355
1,714
1,265
10,098
3,304
IV
I
94,018
18,924
5,229
11,451
4,501
6,950
16,092
11,858
9,926
1,932
4,234
1,643
2,591
42,321
14,159
8,252
5,907
28,162
2,612
8,193
1,852
1,095
10,935
3,475
93,765
18,781
5,257
11,394
4,330
7,064
14,632
10,550
9,218
1,332
4,082
1,905
2,177
43,701
12,921
7,387
5,534
30,780
5,961
8,415
1,909
1,183
9,930
3,382
II r
96,526
22,050
5,209
12,091
4,561
7,530
15,302
11,432
9,912
1,520
3,870
1,678
2,192
41,874
13,619
7,698
5,921
28,255
1,778
8,531
1,966
1,286
11,126
3,568
2005
III p
102,399
24,219
5,664
12,445
4,664
7,781
14,993
10,775
9,320
1,455
4,218
1,997
2,220
45,078
13,930
7,790
6,140
31,148
4,057
8,799
2,032
1,254
11,292
3,714
I
87,438
19,983
4,890
10,103
4,283
5,820
14,146
10,540
9,554
986
3,606
1,684
1,922
38,316
12,203
7,358
4,845
26,113
3,498
6,809
1,642
1,157
9,019
3,987
II
89,117
20,934
5,161
10,353
4,257
6,096
13,943
10,332
9,343
989
3,611
1,544
2,067
38,726
12,075
7,281
4,794
26,651
3,517
6,924
1,623
1,207
9,658
3,723
2006
III
90,377
20,389
5,508
10,545
4,332
6,213
14,397
10,544
9,663
881
3,853
1,762
2,091
39,538
12,318
7,307
5,011
27,220
3,549
7,355
1,714
1,265
10,103
3,235
IV
93,555
20,374
5,371
11,244
4,468
6,776
14,923
10,689
9,380
1,309
4,234
1,643
2,591
41,643
12,793
7,559
5,234
28,850
3,560
8,193
1,852
1,095
10,712
3,439
I
95,188
20,742
5,545
11,588
4,402
7,186
15,040
10,958
9,457
1,501
4,082
1,905
2,177
42,273
13,553
7,664
5,889
28,720
3,576
8,415
1,909
1,183
10,162
3,475
II r
98,590
21,443
5,275
12,202
4,495
7,707
15,567
11,697
9,947
1,750
3,870
1,678
2,192
44,103
14,030
7,787
6,243
30,073
3,592
8,531
1,966
1,286
11,113
3,585
III p
99,652
21,464
5,326
12,216
4,692
7,524
15,509
11,291
9,601
1,690
4,218
1,997
2,220
45,137
14,440
8,167
6,273
30,697
3,658
8,799
2,032
1,254
11,308
3,646
25 Imports of private services......................................
72,118
73,922
280,563
64,413
70,110
69,811
79,864
68,679
69,452
70,397
76,862
80,760
72,035
74,401
76,836
26
Travel (table F.2, line 23).........................................
69,175
19,904
19,657
14,754
14,860
15,071
20,834
17,270
18,639
21,253
17,589
17,181
17,135
17,634
18,136
27
Passenger fares (table F.2, line 24)..........................
26,066
5,771
7,007
7,089
6,199
6,159
6,213
6,654
6,644
6,948
7,453
7,130
6,555
6,749
6,595
Other transportation (table F.2, line 25)....................
28
62,107
14,959
15,352
15,622
16,174
15,617
15,553
16,592
17,056
15,135
15,205
16,377
16,603
16,150
16,232
29
Freight.........................
44,156
10,834
10,896
10,934
11,492
11,068
11,481
11,821
11,373
10,695
10,641
11,447
11,280
11,503
11,630
Port services...............
30
17,951
4,456
4,688
4,682
4,244
5,097
4,125
4,485
5,111
5,235
4,440
4,564
4,602
5,100
4,703
31
Royalties and license fees (table F.2, line 26)..........
5,737
24,501
5,635
6,340
6,789
6,552
6,237
5,880
6,004
6,374
6,356
6,261
6,741
6,513
6,383
32
Affiliated......................
20,360
4,622
4,708
5,305
5,725
4,944
4,867
5,124
4,869
5,115
4,975
5,321
5,197
5,220
5,058
U.S. parents’ payments
33
782
3,155
733
811
829
804
806
818
804
733
782
811
829
818
806
34
U.S. affiliates’ payments
4,494
17,205
3,889
3,926
4,896
4,134
4,402
4,063
4,126
4,311
4,193
4,510
4,368
4,252
4,320
Unaffiliated..................
35
4,141
1,013
1,029
1,035
1,064
1,683
1,293
1,259
1,013
1,029
1,035
1,064
1,293
1,259
1,683
36
Industrial processes 1
2,747
677
677
701
692
677
704
689
681
704
701
677
692
681
689
37
Other2....................
1,394
352
312
358
372
994
612
312
352
612
555
358
372
994
555
38
Other private services (table F.2, line 27).................
98,714
25,214
23,188
24,118
26,194
23,699
26,476
28,329
29,366
24,169
25,001
25,845
28,385
29,119
27,045
39
Affiliated services........
9,387
11,149
38,989
8,800
9,653
11,169
9,110
9,445
9,734
11,667
11,793
11,599
11,699
10,700
11,509
40
U.S. parents’ payments
5,457
22,245
5,274
5,513
6,001
5,787
5,584
5,571
6,534
6,466
6,334
5,538
5,552
6,127
6,428
41
U.S. affiliates’ payments
16,744
3,874
3,526
4,196
5,148
5,382
3,526
3,874
5,133
5,365
4,196
5,148
5,382
5,133
5,365
42
Unaffiliated services....
14,731
59,725
14,388
15,561
15,045
15,307
17,667
14,589
14,724
15,267
16,730
15,145
16,718
17,326
15,536
Education................
43
4,029
1,002
954
755
1,318
860
1,144
1,507
956
995
1,024
1,054
1,131
1,165
1,089
44
Financial services....
6,549
1,626
1,540
1,668
1,715
1,811
1,540
2,137
2,051
2,137
1,626
1,668
1,715
2,051
1,811
Insurance, net.........
45
28,482
7,167
6,896
7,359
7,060
7,545
8,241
8,514
7,167
8,241
8,514
6,896
7,359
7,060
7,545
46
Telecommunications.......................................
4,658
1,109
1,159
1,259
1,131
1,029
1,088
1,071
1,109
1,159
1,088
1,071
1,259
1,131
1,029
47
Business, professional, and technical services
14,516
3,511
3,659
3,582
3,764
3,711
3,859
4,098
3,511
3,659
3,582
3,764
3,711
3,859
4,098
48
Other unaffiliated services 3...........................
390
347
1,493
306
375
422
347
353
341
306
390
375
422
341
353
Supplemental data on insurance transactions:
49 Premiums received 4...................................................
18,409
4,201
4,176
4,675
5,357
5,459
5,332
5,517
4,201
4,176
5,357
5,332
5,517
4,675
5,459
50 Actual losses paid.......................................................
14,625
3,242
3,586
3,838
3,959
3,787
3,242
3,775
3,802
3,586
3,787
3,775
3,802
3,838
3,959
51 Premiums paid 4.........................................................
63,997
16,807
16,000
15,308
15,882
15,051
16,316
16,569
16,000
15,308
16,807
15,882
16,316
16,569
15,051
52 Actual losses recovered..............................................
43,867
6,967
6,804
22,591
7,505
6,804
6,967
7,783
8,165
8,530
22,591
8,165
8,530
7,505
7,783
Memoranda:
53 Balance on goods (table F.2, line 71)........................... -782,740 -169,185 -186,547 -210,600 -216,408 -194,112 -208,804 -230,590 -183,268 -188,220 -198,746 -212,506 -207,969 -210,598 -218,612
54 Balance on private services (line 1 minus line 25).......
79,926
15,060
21,159
19,799
23,908
23,954
16,662
18,759
21,728
21,639
19,665
19,980
21,521
20,787
22,816
55 Balance on goods and private services (lines 53 and 54) -702,814 -148,026 -171,487 -190,801 -192,500 -170,158 -192,142 -208,951 -164,509 -168,555 -178,766 -190,985 -187,182 -188,870 -195,796
p Preliminary
r 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 film and television tape rentals and expenditures of
foreign residents temporarily working in the United States. Payments (imports) include mainly expenditures of U.S. resi
dents temporarily working abroad and film and television tape rentals.
4. These reflect the amount of premiums explicitly charged by, or paid to, insurers and reinsurers.
Source: Table 3 in “U.S. International Transactions: Third Quarter of 20 0 6 ” in the January 2 0 0 7 S urvey of C urrent B usi
ness .
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).
Debits, Imports of goods and services and income payments; unilateral current transfers to foreigners; capital account trans
actions payments; financial outflows—decrease in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned 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 valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2a in ‘ U.S. International Transac
tions: Third Quarter of 2006" in the January 2007 S urvey of C urrent B usiness.
3. Includes some goods: Mainly military equipment in line 5; major equipment, other materials, supplies, and petroleum prod
ucts purchased abroad by U.S. military agencies in line 22; and fuels purchased by airline and steamship operators in lines 8 and
25.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S. parents’
payments to foreign affiliates and to include U.S. affiliates’ receipts from foreign parents. The 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 1982, 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.
Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions
arranged with or through foreign official agencies; see table 5 in ‘ U.S. International Transactions: Third Quarter of 2006” in the
January 2007 S urvey of C urrent B usiness.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local govern
ments.
13. Conceptually, the sum of line 76 and line 39 is equal to “net lending or net borrowing” in the national income and product
accounts (NIPAs). However, the foreign transactions account in the NIRAs (a) includes adjustments to the international transac
tions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S.
territories and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insur
ance carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international
accounts and the NIPA net exports appears in reconciliation table 2 in appendix A in the S urvey. A reconciliation of the other
foreign transactions in the two sets of accounts appears in table 4.3B of the full set of NIRA tables.
Additional footnotes to Table E.3:
14. The “European Union” includes Belgium, Denmark, France, Germany (includes the former German Democratic Republic
(East Germany) beginning in the fourth quarter of 1990), Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, United
Kingdom; beginning with the first quarter of 1995, also includes Austria, Finland, and Sweden; and beginning with the second
quarter of 2004, also includes Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia.
The “European Union" also includes the European Atomic Energy Community, the European Coal and Steel Community (through
the third quarter of 2002), and the European Investment Bank.
15. Quarterly estimates for Mexico are available, beginning with 2004.
16. Includes, as part of international and unallocated (not shown here), taxes withheld; current-cost adjustments associated
with U.S. and foreign direct investment; and net U.S. currency flows. Before 1999, also includes the estimated direct investment in
foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum
trading. Before 1996, also includes small transactions in business services that are not reported by country.
17. Details are not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
19. At the global level, the statistical discrepancy represents net errors and omissions in recorded transactions. For individual
countries and regions, it may also reflect discrepancies that arise when transactions with one country or region are settled through
transactions with another country or region.
D-64
February 2007
G. Investm ent Tables
Table G.1. International Investment Position of the United States at Yearend, 2004 and 2005
[Millions of dollars]
Changes in position in 2005
Attributable to
Position,
2004r
Type of investment
Line
Valuation adjustments
Financial flows!
Price changes
(a)
Total
Exchange-rate
changes'
Other
changes2
(c)
(d)
Position,
2005 p
(a+b+c+d)
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)...........
-2,360,785
-785,449
625,441
-226,283
53,277
-333,014
-2,693,799
With direct investment positions at market value (line 4 less line 25)..........
-2,448,744
-785,449
1,061,360
-393,614
20,272
-97,431
-2,546,175
With direct investment positions at current cost (lines 5+10+15).................
9,186,661
426.801
608,509
-278,993
65,698
822,015
10,008,676
With direct investment positions at market value (lines 5+10+16)................
10,075,337
426.801
993,566
-444,317
27,815
1,003,865
11,079,202
U.S. official reserve assets..................................................................................
Gold......................................................................
Special drawing rights...........................................
Reserve position in the International Monetary Fund......................................
Foreign currencies.................................................
189,591
113,947
13,628
19,544
42,472
-14,096
20,241
3 20,241
-7,680
-13
4-13
-1,548
20,228
-5,418
-11,508
-4,850
188,043
134,175
U.S. Government assets, other than official reserve assets................................
U.S. credits and other long-term assets 5.............
Repayable in dollars..........................................
Other6..............................................................
U.S. foreign currency holdings and U.S. short-term assets..............................
83,062
80,308
80,035
273
2,754
-5,539
-3,348
-3,348
-5,539
-3,348
-3,348
-2,191
-2,191
77,523
76,960
76,687
273
563
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)......................
8,914,008
9,802,684
446.436
446.436
588,268
973,325
-271,313
-436,637
65,711
27,828
829,102
1,010,952
9,743,110
10,813,636
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...........................
2,399,224
3,287,900
3,553,387
992,969
2,560,418
733,538
2,227,859
9.072
9.072
180,125
37,991
142,134
44,221
213,018
42,085
427,142
546,183
-20,533
566,716
-32,112
-197,436
-205,698
-22,884
-182,814
-18,151
-15,352
35,664
-2,219
24,913
5,134
54,709
236,559
520,610
-5,426
526,036
50,983
202,800
2,453,933
3,524,459
4,073,997
987,543
3,086,454
784,521
2,430,659
With direct investment at current cost (lines 26+33)...................................
11,547,446
1.212.250
-16,932
-52,710
12,421
1,155,029
12,702,475
With direct investment at market value (lines 26+34)..................................
1.212.250
-67,794
-50,703
7,543
1,101,296
13,625,377
Foreign official assets in the United States...........................................................
U.S. Government securities..............................................................................
U.S. Treasury securities...
Other.............................
Other U.S. Government liabilities 7
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
Other foreign official assets...............................................................................
12,524,081
2,001,407
1,499,293
1,241,250
258,043
16,488
270,387
215,239
199,495
156,450
71,749
84,701
-488
24,275
19,258
-26,059
-28,661
-21,682
-6,979
41,280
22,315
-2,436
24,751
2,602
18,965
214,716
150,104
47,631
102,473
-488
24,275
40,825
2,216,123
1,649,397
1,288,881
360,516
16,000
294,662
256,064
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)................
9,546,039
10,522,674
1.012.755
1.012.755
9,127
-41,735
-52,710
-50,703
-28,859
-33,737
940,313
886,580
10,486,352
11,409,254
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..........................
1,727,062
2,703,697
562,288
3,995,506
2,035,149
1,960,357
332,735
507,668
2,420,780
109.754
109.754
199,491
474,140
388,357
85,783
19,416
30,105
179,849
27,950
-22,912
-7,671
-11,152
-72,646
61,494
-2,007
11,504
6,626
-49,233
-38,401
-46,252
7,851
147,201
93,468
142,587
395,176
240,048
155,128
19,416
56,081
179,852
1,874,263
2,797,165
704,875
4,390,682
2,275,197
2,115,485
352,151
563,749
2,600,632
U.S.-owned assets abroad:
-907
-1,308
-5,465
-4,511
-
10,200
615
8,210
8,036
37,622
Foreign-owned assets in the United States:
p Preliminary
r Revised
1. Represents gains or losses on foreign-currency-denominated assets and liabilities due to their revaluation at current
exchange rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other adjustments to the
value of assets and liabilities.
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.
-29,411
-29,411
-10,309
-10,983
36,285
10,986
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: Tablel in “The International Investment Position of the United States at Yearend 2005” in the July 2006 S urvey
of
C urrent B usiness.
February 2007
Survey
of
D-65
C u r r e n t B u s in e s s
Table G.2. U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 2002-2005
[Millions of dollars]
Direct investment position
on a historical-cost basis
2002
All countries, all industries...................................................
1,616,548
2003
1,769,613
2004
2,051,204
Capital outflows without current-cost adjustment
(inflows(-))
2005
2,069,983
Income without current-cost adjustment
and net of withholding taxes
2002
2003
2004
2005
2002
2003
2004
2005
134,946
129,352
222,437
-12,714
124,940
165,203
203,484
227,864
By country of foreign affiliate
Canada.............................................................................................
166,473
187,953
212,829
234,831
15,003
17,340
23,255
16,789
13,297
15,826
21,979
22,259
Europe..............................................................................................
Of which:
France......................................................................................
Germany...................................................................................
Ireland..
Netherlands
Switzerland
United Kingdom
859,378
976,889
1,104,886
1,059,443
79,492
87,509
99,284
-37,488
64,777
86,480
97,996
105,990
43,348
61,073
51,598
158,415
74,229
247,952
51,229
72,262
60,604
186,366
92,750
277,246
61,200
83,588
63,983
204,319
106,849
312,156
60,860
86,319
61,596
181,384
83,424
323,796
4,604
2,416
10,700
14,790
7,924
15,265
1,074
4,376
7,408
15,502
14,462
26,738
8,385
8,960
3,991
13,810
9,281
26,604
859
7,140
-3,025
-28,503
-11,821
10,873
2,699
2,977
6,355
11,756
10,921
11,043
4,034
4,584
9,134
16,595
12,643
13,829
4,816
6,237
11,287
18,548
12,613
16,601
4,565
6,716
12,411
20,383
11,636
19,924
Latin America ana Otner western Hemispnere................................
Of which:
Bermuda...................................................................................
Brazil........................................................................................
Mexico......................................................................................
United Kingdom Islands, Caribbean.........................................
289,413
297,222
330,468
353,011
15,192
3,901
18,812
-10,545
16,583
24,480
31,850
39,301
89,473
27,598
56,303
48,305
84,508
29,553
56,851
61,882
86,547
30,226
63,502
80,824
90,358
32,420
71,423
85,295
4,313
-266
7,656
6,146
-3,778
-290
3,664
3,314
2,254
1,418
6,361
6,480
-10,169
1,183
6,771
-11,470
4,569
837
3,834
4,161
7,089
1,465
5,343
5,388
7,799
2,481
7,294
5,657
8,230
3,521
8,628
7,710
5,284
Africa................................................................................................
16,040
19,835
21,414
24,257
-578
2,697
1,325
2,066
1,895
3,156
4,540
Middle East.......................................................................................
15,158
16,885
18,775
21,591
1,315
1,352
3,467
1,891
2,640
3,717
4,670
Asia and Pacific................................................................................
Of which:
Australia....................................................................................
Hong Kong................................................................................
Japan.......................................................................................
Singapore.................................................................................
270,086
270,830
362,833
376,849
2,559
23,277
16,592
78,409
12,999
26,498
32,621
43,402
50,361
39,074
40,329
66,468
50,955
48,447
36,426
57,794
51,053
(D)
34,848
68,071
57,075
113,385
37,884
75,491
48,051
8,036
1,226
8,711
530
7,717
-689
867
5,446
(D)
(D)
9,198
(D)
(D)
4,168
7,636
-10,406
2,037
3,906
7,146
4,438
3,406
3,718
8,103
5,987
5,088
4,981
9,998
8,089
5,624
5,066
11,205
10,726
81,822
337,741
19,236
82,543
20,790
18,349
49,580
9,763
45,320
92,160
85,473
102,058
114,386
14,059
11,378
16,869
22,225
451,402
31,524
109,354
21,671
29,224
58,785
13,079
48,930
138,836
31,207
3,420
6,983
-306
3,200
2,217
311
2,961
12,422
53,680
1,391
11,336
2,298
3,426
6,108
941
2,313
25,869
38,765
2,921
9,078
-393
3,831
6,094
730
-667
17,171
8,915
26,411
2,604
8,632
1,158
1,926
1,519
509
1,190
8,872
11,189
414,353
29,452
99,435
23,629
25,251
54,317
11,679
50,732
119,859
6,732
32,277
3,184
8,087
1,340
288
-1,594
1,809
4,682
14,481
3,930
371,078
27,692
91,435
21,349
20,825
47,171
10,774
47,903
103,929
34,594
3,631
9,921
1,710
2,314
4,345
583
2,152
9,937
47,910
3,810
12,930
2,485
2,817
6,516
1,124
4,576
13,652
49,782
3,956
14,403
2,221
3,279
7,174
1,367
2,531
14,850
Wholesale trade................................................................................
Information.......................................................................................
111,153
119,891
130,594
142,960
3,048
12,239
10,603
17,194
13,382
18,440
24,003
27,615
41,723
46,728
49,155
55,479
-1,200
3,918
-3,526
6,932
1,320
6,221
9,528
9,983
Depository institutions (banking)......................................................
54,679
58,695
64,719
70,331
-1,934
1,255
-304
-3,941
1,347
2,268
2,657
1,045
Finance (except depository institutions) and insurance.....................
285,195
316,847
369,281
393,723
37,815
19,912
24,086
20,242
14,585
19,623
24,201
28,162
By industry of foreign affiliate
Mining..............................................................................................
Manufacturing
Food.......
Chemicals
Primary and fabricated metals......................................................
Machinery....................................................................................
Computers and electronic products..............................................
Electrical equipment, appliances, and components......................
Transportation equipment.............................................................
Other manufacturing.....................................................................
Professional, scientific, and technical services.................................
31,068
35,832
45,167
49,202
-1,082
3,156
8,389
4,281
2,219
3,250
5,394
5,778
Holding companies (nonbank)..........................................................
541,566
598,964
724,229
623,076
45,855
50,437
101,353
-118,634
48,277
59,248
59,902
69,014
Other industries................................................................................
131,599
136,106
151,647
169,424
13,435
3,298
14,096
11,070
8,484
10,370
13,021
14,260
D Suppressed to avoid disclosure of data of individual companies.
Note. 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, 2005" in the September 2006 Survey o f Current
B u s in e s s .
D-66
International Data
February 2007
Table G.3. Selected Financial and Operating Data of Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2004
All nonbank foreign affiliates
Majority-owned nonbank foreign affiliates
Millions of dollars
Total
assets
All countries, all industries.............................................
Sales
8,757,063 3,768,733
Net
income
Millions of dollars
Thousands
U.S. exports U.S. imports
of
of goods
of goods
employees
shipped to shipped by
affiliates
affiliates
398,611
191,929
253,563
Total
assets
Sales
10,028.0 8,065,229 3,238,471
Thousands
U.S. exports U.S. imports
of
of goods
of goods
employees
shipped to shipped by
affiliates
affiliates
Net
income
Value
added
354,016
824,336
184,143
231,518
8,617.2
By country of foreign affiliate
Canada...........................................................................................
634,677
442,607
36,867
60,427
91,054
1,092.1
619,822
416,435
35,336
94,205
58,898
84,518
1,065.1
Europe............................................................................................
Of which:
France ....................................................................................
Germany.................................................................................
Netherlands............................................................................
United Kingdom......................................................................
5,376,372
1,909,697
206,641
49,225
55,003
4,290.9 5,046,136
1,709,354
189,612
460,010
47,820
54,045
3,879.3
256,211
419,052
753,827
1,938,209
176,266
286,710
180,417
464,968
9,581
12,599
39,280
28,430
4,502
6,303
(D)
11,983
4,417
6,160
2,878
9,882
603.4
235,409
636.4
378,802
224.7
693,167
1,272.0 1,884,334
163,038
252,097
140,028
436,246
9,081
11,419
35,621
27,251
47,717
74,184
28,220
132,527
3,831
6,168
7,781
11,850
4,182
6,146
2,626
9,783
562.8
601.7
175.1
1,166.3
Latin America and Other Western Hemisphere..............................
Of which:
Brazil......................................................................................
Mexico....................................................................................
1,208,716
417,185
62,360
39,721
56,665
1,935.7 1,083,754
357,600
52,875
82,181
37,508
52,630
1,580.2
99,033
134,617
78,382
143,276
3,756
7,886
3,348
31,148
2,498
43,611
397.2
984.4
85,052
103,723
71,495
114,726
3,066
5,594
18,261
22,383
3,149
29,461
2,279
41,203
345.8
785.2
Africa..............................................................................................
102,824
61,134
8,689
1,789
(D)
226.7
86,827
50,008
7,416
23,519
1,674
2,403
160.8
Middle East.....................................................................................
72,412
51,514
10,144
1,286
(D)
86.6
34,819
20,352
3,433
7,634
1,191
1,166
54.4
Asia and Pacific..............................................................................
Of which:
Australia..................................................................................
China......................................................................................
India........................................................................................
Japan......................................................................................
1,362,061
886,596
73,911
39,482
46,953
2,396.1
1,193,871
684,722
65,345
156,786
37,053
36,754
1,877.4
179,521
63,783
23,600
537,378
105,071
71,721
14,976
301,506
12,224
7,284
727
14,442
4,486
3,608
521
10,374
1,666
3,340
373
10,895
323.5
454.5
182.5
521.0
168,103
55,436
20,188
445,552
85,878
60,435
13,100
181,687
11,387
6,092
637
11,265
29,853
13,336
3,937
46,491
4,433
2,974
508
9,409
1,663
3,188
373
2,644
271.9
407.9
165.6
227.6
413,619
167,218
40,833
1,818
15,486
183.3
348,534
139,264
34,359
94,662
1,769
14,006
163.6
By industry of affiliate
Mining.............................................................................................
Utilities............................................................................................
111,275
59,981
3,375
7
(D)
89.9
76,962
35,240
2,190
9,545
2
(D)
59.9
Manufacturing.................................................................................
Of which:
Food.......................................................................................
Chemicals...............................................................................
Primary and fabricated metals...............................................
Machinery...............................................................................
Computers and electronic products........................................
Electrical equipment, appliances, and components................
Transportation equipment.......................................................
1,684,472
1,794,682
88,580
130,242
202,687
4,979.2
1,447,019
1,524,737
72,530
390,714
125,168
182,380
4,309.2
103,174
438,191
77,266
91,386
183,906
39,516
321,927
121,861
317,318
57,673
94,431
230,390
38,278
443,053
6,251
25,602
4,167
4,618
9,406
1,028
6,328
3,522
20,727
3,074
7,834
20,465
2,648
55,935
3,934
18,393
3,620
(D)
37,796
4,282
97,219
404.4
613.8
243.5
400.9
676.8
271.4
1,123.7
95,373
390,313
72,627
76,956
177,108
36,283
246,536
110,587
282,354
52,629
78,369
225,152
35,341
339,688
5,477
21,181
3,938
4,145
9,367
915
3,440
24,367
76,457
15,605
20,996
39,118
10,516
55,476
3,190
20,169
3,037
7,518
20,350
2,631
53,816
3,749
17,158
3,557
8,824
37,562
3,512
82,428
370.3
562.1
234.3
342.3
644.8
247.0
945.6
Wholesale trade..............................................................................
38,534
48,408
33,168
787.5
557,239
819,982
37,050
121,597
46,318
32,993
733.5
480.6
156,127
116,992
6,641
36,514
569
108
318.3
269.7 2,962,810
221,785
36,745
38,570
6
0
242.8
583,126
862,523
Information......................................................................................
269,748
202,864
17,023
(D)
(D)
Finance (except depository institutions) and insurance...................
3,036,831
234,727
37,856
6
0
Professional, scientific, and technical services................................
189,960
109,999
11,008
1,698
(D)
Other industries..............................................................................
2,468,033
336,739
161,402
(D)
(D)
184,925
103,611
10,841
45,804
1,677
(D)
475.1
2,737.7 2,331,614
276,860
153,659
86,930
8,633
1,594
2,314.8
500.1
D Suppressed to avoid disclosure of data of individual companies.
NoTE.The data in this table are from “Operations of U.S. Multinational Companies: Preliminary Results From the 2004 Benchmark Survey” in the November 2006 Survey of C urrent Business.
February 2007
Survey
of
D-67
C u r r e n t B 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 Affiliate, 2002-2005
[M illio n s o f d o lla r s ]
Direct investment position
on a historical-cost basis
Capital inflows without current-cost
adjustment (outflows(-))
2002
2003
2004
2005
1,327,170
1,395,159
1,520,729
1,635,291
92,529
958,330
95,707
125,503
144,033
1,001,237
1,066,908
1,143,614
133,914
138,301
97,416
145,596
118,342
211,699
136,434
160,691
109,212
146,601
124,247
217,841
143,586
163,981
115,688
155,452
121,634
251,422
143,378
184,213
116,736
170,770
122,399
282,457
4,624
1,990
-1,108
4,337
9,751
21,267
74,867
84,134
87,259
82,530
10,342
11,215
7,829
5,841
24,255
4,304
9,854
9,022
8,874
26,202
4,349
11,116
8,167
10,360
23,777
5,525
1,517
8,653
11,470
26,501
6,730
-91
2,349
1,871
2,094
123
Africa...................................................................................
2,228
2,564
6,758
2,196
7,177
1,671
Middle East.........................................................................
7,888
9,965
Asia and Pacific...................................................................
Of which:
Australia......................................................................
Japan ..........................................................................
192,457
204,708
231,500
252,584
34,197
147,372
37,059
157,176
40,884
175,728
Manufacturing......................................................................
Food............................................................................
Chemicals.......................
Primary and fabricated metals
Machinery.......................
Computers and electronic products.............................
Electrical equipment, appliances, and components.....
Transportation equipment...........................................
Other manufacturing...................................................
451,985
36,034
94,896
17,898
43,836
46,560
14,249
58,766
139,745
465,401
17,433
127,776
17,049
43,887
42,652
12,220
63,201
141,184
Wholesale trade
Retail trade
189,790
21,677
Information
All countries, all industries..................................
2002
2003
74,457
2004
53,146
122,377
4,611
7,090
45,368
22,756
4,526
12,280
14,344
6,365
-3,127
-4,385
Income without current-cost adjustment and
net of withholding taxes
2005
2002
2003
2004
60,964
90,105
2005
99,443
32,297
30,713
17,079
-1,703
2,306
6,715
7,195
68,896
66,064
26,696
48,711
62,517
76,962
11,599
1,055
6,981
9,348
7,985
22,888
4,446
16,166
2,554
7,113
-1,396
28,878
3,763
-3,767
528
4,337
5,771
10,152
6,526
2,183
683
8,840
6,928
17,610
8,761
6,239
1,276
13,583
6,142
19,848
11,354
7,840
1,544
16,771
1,645
29,844
9,186
766
-7,605
-623
1,305
3,413
2,085
-169
-363
1,407
-3,382
1,134
-9,358
349
1,128
-35
1,216
-2,251
21
630
404
-89
-1,205
616
1,081
1,027
425
-9
-3,470
2,173
2,664
3,757
—86
-34
-530
652
2
-8
-448
103
(D)
317
(D)
175
-1,730
(D)
1,340
498
(D)
180
1,138
393
665
1,572
-215
154
491
615
13,008
13,755
21,867
21,681
8,141
8,496
16,793
17,705
44,061
190,279
6,594
6,500
3,422
8,544
3,958
17,840
4,188
14,043
489
7,562
1,178
7,346
2,613
12,949
3,667
12,186
485,659
17,883
138,081
20,893
45,666
39,546
12,009
67,837
143,743
538,122
19,779
151,624
28,651
48,673
47,016
14,191
76,036
152,152
26,011
3,779
-5,953
517
3,876
-6,658
4,483
6,233
19,734
18,235
1,749
8,757
508
2,137
2,408
-1,914
2,968
1,622
20,266
2,054
11,569
1,575
346
-900
1,094
3,896
634
51,738
1,790
13,404
8,112
2,839
7,811
2,447
8,114
7,219
23,484
3,895
5,986
90
594
-2,398
-711
4,353
11,675
23,736
912
9,072
471
70
725
-531
4,143
8,874
36,275
690
9,497
2,655
713
2,261
580
4,619
15,260
46,503
1,996
15,838
2,894
2,504
2,263
849
5,155
15,005
187,883
219,085
230,104
9,160
-5,339
11,328
18,170
29,686
282
3,957
2,445
1,158
922
23,960
2,054
24,870
25,886
24,380
424
8,407
25,672
136,362
135,841
137,871
142,556
5,153
1,380
8,646
2,296
-4,143
1,381
4,096
3,948
Depository institutions (banking).........................................
73,305
85,195
122,700
130,940
2,106
4,168
17,928
10,239
1,563
2,156
4,698
4,903
Finance (except depository institutions) and insurance.......
162,817
182,951
193,743
207,552
7,860
19,460
29,586
3,462
6,736
4,438
42,129
36,702
38,964
41,006
1,628
-3,561
2,936
1,780
-4,185
1,897
6,962
Real estate and rental and leasing......................................
1,411
1,977
2,508
104,742
By country of foreign parent
Canada................................................................................
Europe.................................................................................
Of which:
France.........................................................................
Germany.....................................................................
Luxembourg................................................................
Netherlands.................................................................
Switzerland.................................................................
United Kingdom..........................................................
Latin America and Other Western Hemisphere...................
Of which:
Bermuda.....................................................................
Mexico.........................................................................
Panama.......................................................................
United Kingdom Islands, Caribbean............................
Venezuela...................................................................
By industry of U.S. affiliate
2,493
Professional, scientific, and technical services....................
34,640
38,280
38,209
41,879
1,122
1,974
1,750
6,895
-423
321
1,261
1,834
Other industries...................................................................
214,464
237,236
258,612
273,444
21,136
12,873
16,462
12,183
1,618
5,905
9,047
13,245
D Suppressed to avoid disclosure of data of individual companies.
The data in this table are from tables 16 and 17 in “Foreign Direct Investment in the United States:
No te.
Detail for Historical-Cost Position and Related Capital and Income Flows, 2005” in the September 2006 Survey
Current Business.
of
February 2007
International Data
D-68
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, 2004
All nonbank affiliates
Majority-owned nonbank affiliates
Millions of dollars
Total
assets
All countries, all industries..............................................................
Sales
6,384,667 2,521,353
Millions of dollars
Net
income
Thousands
U.S.
U.S.
of
exports of imports of
employees goods
goods
shipped by shipped to
affiliates
affiliates
Millions of dollars
Total
assets
Sales
Net
income
Millions of dollars
Value
added
514,957
Thousands
U.S.
U.S.
of
exports of imports of
employees goods
goods
shipped by shipped to
affiliates
affiliates
87,623
5,562.3
163,685
393,243 5,539,810 2,303,543
68,101
5,116.4
153,902
378,111
24,027
144,474
372,276
154,935 4,192,440 1,391,269
4,863
40,333
382.8
6,551
23,919
47,581
336,453
3,548.0
78,059
151,055
3,788
7,008
10,811
321
2,096
21,771
451.6
668.6
481.1
207.8
383.2
920.8
9,365
32,343
5,406
3,678
5,052
14,752
15,393
61,744
15,266
5,766
9,735
26,339
2,506
43,071
66,424
43,775
12,540
32,430
107,220
38,609
326.3
11,058
22,161
8,375
835
75
(D)
409
By country of ultimate beneficial owner
Canada........................................................................................................
Europe.........................................................................................................
Of which:
France.................................................................................................
Germany..............................................................................................
Netherlands
Sweden
Switzerland
United Kingdom
Latin America and Other Western Hemisphere...........................................
Of which:
Bermuda..............................................................................................
Mexico.................................................................................................
United Kingdom Islands, Caribbean....................................................
Venezuela............................................................................................
153,092
5,636
4,353,568 1,476,673
391,472
54,304
444.4
3,732.7
6,643
80,654
609,759
649,967
587,295
36,348
1,152,864
1,113,838
184,838
333,060
232,654
44,104
136,338
415,041
3,245
6,501
13,026
320
2,184
27,407
481.1
694.7
493.0
207.9
408.6
1,003.7
10,343
32,678
(D)
3,681
5,281
15,356
18,046
596,645
62,103
632,103
15,357
574,862
36,310
(D)
9,893 1,134,495
26,831 1,018,285
317,080
166,182
3,154
390.5
11,438
26,629
272,328
172,383
319,726
224,915
44,037
129,717
372,179
146,554
(D)
(D)
(D)
11,341
67,766
(D)
13,525
41,270
2,249
(D)
-382
1,541
198.3
M
26.2
I
8,653
(D)
75
338
(D)
(D)
1,210
12,899
65,592
16,695
12,454
(D)
6,232
2,213
-137
-269
(D)
-45
21,619
3,167
2,200
(D)
1,101
194.7
51.1
25.3
H
(D)
161,482
19,130
64,721
(D)
5,028
(D)
45,926
(D)
951
I
(D)
335
(D)
677,455
51.5
43,906
894
9,502
45.3
566
12,920
840.3
(D)
177,012
31,465
593,947
(D)
59,845
3,698
(D)
(D)
(D)
331
6,642
645,825
552,389
11,347
83,322
764.0
54,437
170,985
111,095
512,890
17,281
35,595
479,250
41,654
2,227
10,315
484
66.0
667.5
15.3
(D)
49,386
(D)
518
141,651
(D)
108,847
492,356
16,617
32,998
447,225
40,462
2,137
8,909
456
9,462
66,054
2,422
63.4
614.2
14.1
563
44,260
7,295
512
136,924
28,632
605,093
(D)
(D)
L
(D)
(D)
20,447
18,719
956
5,638
40.5
2,821
3,018
1,142,989 1,001,026
34,687
2,169.0
96,618
153,280 1,075,992
927,115
30,367
239,641
2,039.9
88,956
141,628
47,710
276,434
55,878
98,640
90,794
22,951
244,688
53,267
196,910
67,488
70,503
80,411
19,091
224,540
-940
14,834
2,755
-978
339
203
4,227
114.6
325.5
172.4
240.6
181.7
71.4
394.4
5,886
18,393
5,843
8,664
13,367
2,132
27,815
2,363
23,405
9,021
(D)
21,845
2,113
57,367
46,641
259,269
47,341
98,190
80,269
22,839
240,107
50,718
179,413
57,707
69,499
70,893
18,955
214,749
-1,015
12,371
2,290
-983
821
213
3,973
9,991
49,917
16,044
21,136
18,946
4,894
36,651
109.0
299.2
155.9
239.2
163.8
70.8
375.9
5,731
17,600
4,163
8,637
(D)
2,108
27,380
2,329
22,844
7,917
7,878
18,753
2,093
55,703
Wholesale trade...........................................................................................
476,601
736,568
21,742
546.3
62,178
228,652
469,393
719,566
20,935
92,485
528.4
60,107
225,944
Retail trade..................................................................................................
68,851
141,481
603
697.6
212
495
116,901
5,699
284.8
(D)
84,391
1,870
28,989
30,975
613.6
350,837
61,116
266,387
129,662
Information...................................................................................................
Of which:
Publishing industries...........................................................................
Telecommunications............................................................................
(D)
626
220.0
212
988
4,187
624
(D)
(D)
3,664,775
111,992
75,221
29,885
(D)
158
(D)
105.8
L
(D)
24,514
54,172
(D)
2,470
485
260.3
42.4
675
(D)
0
181.0
(D)
253
160
(D)
0
418
493,401
(D)
(D)
1,380.8
3,165
Middle East..................................................................................................
Asia and Pacific...........................................................................................
Of which:
Australia...............................................................................................
Japan...................................................................................................
Korea, Republic o f...............................................................................
United States...............................................................................................
9.6
By industry of U.S. affiliate
Manufacturing..............................................................................................
Of which:
Food....................................................................................................
Chemicals............................................................................................
Primary and fabricated metals............................................................
Machinery............................................................................................
Computers and electronic products.....................................................
Electrical equipment, appliances, and components.............................
Transportation equipment....................................................................
Finance (except depository institutions) and insurance................................
Real estate and rental and leasing..............................................................
Professional, scientific, and technical services............................................
Other industries...........................................................................................
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
N otes. The data in this table are from BEA's annual survey of the operations of U.S. affiliates of foreign companies; see
“U.S. Affiliates of Foreign Companies: Operations in 2004" in the August 2006 S urvey of C urrent B usiness.
27,738
19,719
133
-243
11,801
6,327
95.2
37.5
674
1
172,743
21,350
6,986
1,953
24,957
0
70,403
52,078
1,292
458,749
196,639
4,203
16,881
70,062
200.7
38.5
171.4
160
77,519
62,945
(D)
0 3,046,258
91,511
(D)
280
5,062
10,965
1,303.9
(D)
(D)
3,125
279
5,031
The following ranges are given in employment cells that are suppressed: A— 1 to 499; F— 500 to 999; G— 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;
M— 100,000 or more.
February 2007
D-69
H. C harts
THE U.S. IN THE INTERNATIONAL ECONOMY
B illio n $
B illio n $
B illio n $
B illio n $
B illio n $
B illio n $
U.S. Bureau of Economic Analysis
D-70
February 2007
Regional Data
I. S tate and R egional Tables
The tables in this section include the most recent estimates of state personal income and gross domestic product by
state. The sources of these estimates are noted.
The quarterly and annual estimates of state personal income and the estimates o f gross domestic product by state
are available on CD-ROM. For information on state personal income, e-mail reis.remd@bea.gov; write to the
Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department o f Commerce,
Washington, DC 20230; or call 202-606-5360. For information on gross domestic product by state, e-mail
gspread@bea.gov; write to the Regional Economic Analysis Division, BE-61, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table 1.1. Personal Income by State and Region
[M illio n s o f d o l l a r s , s e a s o n a l l y a d j u s t e d a t a n n u a l r a t e s ]
2002
2004
2003
2005
Percent
change1
2006
Area name
IV
United States
New England................
Connecticut...............
Maine.........................
Massachusetts..........
New Hampshire.........
Rhode Island.............
Vermont.....................
Mideast.........................
Delaware...................
District of Columbia....
Maryland...................
New Jersey................
New York...................
Pennsylvania.............
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
8,923,886 8,986,340 9,098,741 9,190,913 9,327,639 9,483,599 9,626,515 9,753,508 10,005,070 10,034,020 10,146,966 10,248,460 10,469,598 10,700,889 10,788,179 10,938,084
584,837
589,641
528,020 530,375 535,211
541,098 549,835 557,346 565,265 573,071
583,150
599,190
606,385
619,086
623,130
630,191
155,544 156,791
159,903
165,097
169,737
174,004
146,643 146,514 148,263 149,429 151,696
163,346
164,426
167,969
174,275
175,728
37,673
38,481
38,505
39,047
39,475
40,228
40,130
40,571
40,874
36,218
36,938
37,260
41,279
42,211
42,712
43,271
249,527 250,196 252,170 255,455 259,004 262,134 266,535 269,199
276,771
273,415
274,279
281,800
285,692
291,013
293,837
297,435
43,514
44,197
44,684
45,524
48,657
43,789
46,255
46,998
47,858
48,739
49,269
49,942
50,376
51,465
51,721
52,218
33,914
34,562
35,141
36,924
37,394
37,704
39,017
34,713
35,835
35,915
36,375
37,248
38,049
38,609
39,781
40,197
20,027
18,203
18,376
18,608
18,716
19,296
18,995
19,518
19,713
20,097
20,229
20,555
20,692
21,342
21,106
21,075
1,647,032 1,656,086 1,681,950 1,698,386 1,724,258 1,757,698 1,777,872 1,808,141 1,851,145 1,852,217 1,864,467 1,896,216 1,924,070 1,970,116 1,979,415 2,004,365
26,554
27,318
27,706
27,973
28,651
29,198
29,453
30,513
30,632
30,733
32,421
26,986
31,339
32,989
32,913
33,366
25,924
26,615
27,044
27,259
27,758
28,561
29,004
29,428
30,118
30,426
30,783
31,328
31,504
32,262
32,864
32,508
230,107
200,335 201,716 205,273 207,741
210,750
216,263 219,568 221,759
227,544
233,004
237,110
240,561
244,803
246,765
250,125
399,849
336,291 336,510 341,860 345,718 349,654 355,302 359,943 365,832
374,330
375,318
378,835
384,623
389,388
403,873
408,943
760,912
674,818 676,831
688,992 695,170 706,854 725,042 730,500 745,842
763,716
759,570
776,615
789,174
811,715
810,892
820,831
426,164
430,199
441,021
383,111 387,428 391,462 394,792 401,269 403,879 409,659 415,827
424,923
435,201
448,497
452,465
458,235
2006:ll2006:lll
1.4
1.1
1.0
1.3
1.2
1.0
1.0
1.3
1.3
1.4
1.1
1.4
1.3
1.2
1.3
Great Lakes.................. 1,396,850 1,411,464 1,423,704 1,429,422 1,452,374 1,453,600 1,468,992 1,483,652
416,079 421,511
426,677 429,039 432,480 435,978 438,591
442,372
Illinois........................
177,730 178,841
182,863
184,214 187,021
188,387
Indiana.......................
174,850 176,454
Michigan....................
306,232 310,709 312,394 312,968 318,825 316,314 318,328 321,291
339,326 340,340 346,572
344,716 349,932 353,670
Ohio...........................
335,185 337,121
Wisconsin..................
164,504 165,668
167,577 168,234 171,633
172,378 175,120 177,933
1,512,798
453,134
191,501
325,740
360,940
181,483
1,513,561
454,080
191,894
326,453
359,760
181,373
1,529,929
458,998
194,370
330,416
363,305
182,840
1,547,714
465,682
196,748
333,008
366,928
185,348
1,564,552
472,668
198,475
335,339
371,284
186,786
1,593,201
484,398
203,756
337,292
376,613
191,142
1,605,809
488,959
204,127
340,311
380,364
192,048
1,627,533
495,615
206,852
345,298
385,297
194,472
1.4
1.4
1.3
1.5
1.3
1.3
583,167 589,293 595,976 602,902 609,183 619,028 628,208 636,064
82,414
84,541
85,959
89,329
90,576
91,690
83,181
83,305
80,085
80,452
81,460
82,507
83,335
84,839
86,342
79,498
168,654 170,323 173,048 175,394 176,257
180,291
182,987 185,260
170,118 171,905 174,002
162,690 164,508 165,663 166,969 168,560
55,450
56,111
51,010
52,448
53,185
53,619
54,300
54,445
18,377
18,417
17,131
17,554
18,379
18,592
18,053
18,025
23,457
24,074
24,240
21,003
21,961
22,298
22,540
23,008
1,989,517 2,007,431 2,027,431 2,050,915 2,086,039 2,129,974 2,166,614 2,194,496
115,220 116,897
117,716 118,967 120,759
123,270 125,829 127,639
63,887
65,841
68,074
68,928
70,297
71,303
65,170
66,766
501,167 504,546 510,954 518,431
528,470
549,118 561,557 566,265
246,164 248,364 250,250 252,281
255,551
259,055 262,750 266,170
104,859 104,777 105,654 106,593 108,144 110,029 111,007 112,334
118,156
119,854 120,972 122,387
113,955 113,651
115,165 116,521
64,568
65,441
65,761
66,571
67,587
67,959
68,937
69,869
229,199 231,189 232,986 235,772 240,615 245,727 249,860 254,374
104,682 105,929
106,518 107,427 109,112
110,768 112,812 114,355
164,657 165,998 168,829
170,484 173,332 176,033
160,463 163,005
241,686 245,574 248,795 252,183 256,800 260,528 264,269 268,352
44,254
44,992
45,417
43,665
42,888
43,133
43,406
43,943
650,851
94,149
87,869
189,748
177,807
57,425
19,019
24,835
2,253,892
131,080
73,085
588,550
272,820
114,593
124,988
71,048
260,497
116,737
179,057
275,116
46,319
650,459
92,751
88,919
189,238
178,001
57,143
19,445
24,963
2,271,064
131,839
72,691
589,618
276,353
115,777
124,577
71,594
265,488
117,592
180,333
278,695
46,508
655,750
93,455
89,722
189,817
180,396
57,503
19,707
25,149
2,302,275
133,920
73,525
600,346
280,105
117,558
125,620
72,388
267,328
119,280
182,905
282,285
47,016
664,791
94,956
90,830
193,051
182,299
58,201
19,979
25,477
673,357
96,103
92,261
194,165
185,474
59,231
20,402
25,722
686,313
98,388
94,578
198,150
188,369
60,147
20,423
26,257
2,272,542
135,287
74,249
613,711
284,531
118,973
63,460
70,551
270,894
120,794
185,880
286,675
47,539
2,379,509
139,024
75,695
622,772
290,928
120,413
131,147
76,703
274,031
122,507
189,148
289,043
48,099
2,423,762
141,027
77,305
638,698
295,631
121,595
131,129
76,259
280,393
125,592
190,917
296,189
49,028
693,004
99,503
95,428
199,387
190,781
60,759
20,706
26,440
2,448,199
143,059
78,208
645,599
297,823
123,172
132,220
76,818
282,137
126,680
194,735
298,152
49,596
702,580
100,915
96,942
201,762
193,440
61,646
20,941
26,933
2,482,937
145,072
79,457
655,850
301,690
124,892
134,470
77,858
286,018
128,432
196,925
301,911
50,362
1.4
1.4
1.6
1.2
1.4
1.5
1.1
1.9
1.4
1.4
1.6
1.6
1.3
1.4
1.7
1.4
1.4
1.4
1.1
1.3
1.5
1,037,627
169,968
52,372
102,940
712,347
1,055,595
173,078
52,728
103,977
725,812
1,071,251
176,955
53,399
104,958
735,938
1,094,349
182,481
54,196
106,645
751,026
1,116,324
183,942
54,980
108,862
768,540
1,147,681
191,401
56,490
112,928
786,862
1,162,534
192,006
57,341
114,214
798,973
1,181,565
195,446
58,538
115,897
811,684
1.6
1.8
2.1
1.5
1.6
310,319
164,575
38,352
25,749
63,825
17,818
318,350
169,169
39,274
26,460
65,173
18,274
322,455
171,863
39,687
26,477
65,961
18,468
325,893
173,304
40,127
26,718
66,999
18,745
332,011
176,003
40,912
27,321
68,592
19,183
336,726
177,845
41,608
27,669
70,073
19,530
346,376
183,180
42,908
28,290
71,901
20,098
348,939
183,039
43,729
28,464
72,995
20,713
353,816
185,216
44,231
28,894
74,373
21,102
1.4
1.2
1.1
1.5
1.9
1.9
Far W est....................... 1,580,477 1,587,927 1,612,309 1,631,702 1,651,385 1,684,856 1,715,122 1,736,084
21,209
21,484
21,770
22,014
Alaska........................
21,006
20,733
21,109
22,285
California................... 1,155,562 1,160,844 1,177,957 1,191,213 1,207,804 1,234,094 1,254,170 1,269,476
39,937
41,571
37,097
37,588
37,915
38,615
40,676
Hawaii........................
36,773
Nevada......................
67,615
69,162
70,215
71,878
73,651
76,531
78,288
80,039
Oregon......................
102,319 102,896
103,859 104,962 106,924
108,280 110,151
111,131
Washington................
197,201
197,196 201,581
204,525 202,907 204,245 209,822 211,582
1,797,258
22,758
1,299,948
42,527
82,953
113,218
235,853
1,783,831
23,145
1,302,580
43,131
84,191
114,589
216,196
1,807,760
23,351
1,319,130
43,607
86,362
116,053
219,257
1,841,647
23,643
1,344,613
44,194
86,855
118,325
224,017
1,868,676
23,923
1,365,352
44,880
88,202
119,627
226,692
1,914,354
24,351
1,399,380
45,633
90,537
122,138
232,315
1,927,148
24,873
1,406,240
46,123
92,150
123,084
234,678
1,955,097
25,230
1,423,592
46,900
93,853
124,811
240,709
1.5
1.4
1.2
1.7
1.8
1.4
2.6
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 1 in “State Personal Income: Third Quarter of 2006" in the January 2007 S u r v e y of C u r r e n t
B u s in e s s .
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.........................
913,517
146,108
45,494
90,754
631,161
919,454
147,464
45,649
90,709
635,632
934,519
149,683
46,398
92,136
646,302
944,642
151,470
46,814
92,969
653,390
960,645
154,770
47,930
94,549
663,396
979,413
159,362
49,514
97,100
673,437
996,927 1,011,682
162,546 165,776
50,337
50,946
99,201
100,609
684,843 694,351
Rocky Mountain...........
Colorado....................
Idaho.........................
Montana....................
Utah...........................
Wyoming....................
285,306
153,528
34,385
23,316
58,418
15,658
284,309
152,337
34,149
23,391
58,428
16,004
287,641
153,866
34,484
23,959
59,061
16,272
291,846
156,630
34,881
24,275
59,511
16,549
293,920
156,716
35,233
24,668
60,469
16,834
301,684
161,015
36,885
24,981
61,598
17,205
307,516
163,587
37,849
25,490
63,007
17,583
1. Percent change was calculated from unrounded data.
N o t e . 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 because of differences in coverage, in
February
2007
Survey
of
D-71
C u r r e n t B u s in e s s
Table 1.2. Annual Personal Income and Per Capita Personal Income by State and Region
Personal income
Area name
Per capita personal income1
Percent
change2
[Millions of dollars]
2000
2001
2002
2004
2003
2001
2002
2003
2004
2005
8,422,074
8,716,992
8,872,871
9,150,908
9,717,173
10,224,761
5.2
29,845
30,574
31,463
33,090
34,495
New England........................................................
Connecticut.......................................................
Maine.................................................................
Massachusetts..................................................
New Hampshire.................................................
Rhode Island.....................................................
Vermont
503,961
141,570
33,173
240,209
41,429
30,697
16,883
524,402
147,356
35,107
249,095
42,624
32,478
17,742
528,030
146,997
35,998
249,954
43,393
33,635
18,051
539,130
148,975
37,588
254,206
44,549
35,063
18,749
569,708
158,896
39,314
267,821
47,463
36,652
19,563
595,013
166,807
40,714
279,635
49,561
37,903
20,393
4.4
5.0
3.6
4.4
4.4
3.4
4.2
36,118
41,489
25,969
37,756
33,396
29,214
27,680
37,342
42,930
27,292
38,953
33,868
30,687
28,951
30,810
37,379
42,505
27,756
38,985
34,043
31,478
29,291
37,983
42,737
28,732
39,611
34,598
32,594
30,284
40,059
45,412
29,897
41,799
36,533
33,940
31,491
41,785
47,519
30,808
43,702
37,835
35,219
32,731
Mideast
Delaware
District of Columbia...........................................
Maryland
New Jersey
New York
Pennsylvania.....................................................
1,580,733
24,277
23,102
181,957
323,554
663,005
364,838
1,627,895
25,537
25,525
191,657
332,951
679,886
372,339
1,648,005
26,530
25,786
198,824
337,009
677,604
382,251
1,690,170
27,496
27,169
206,370
343,435
691,962
393,738
1,798,714
29,454
29,278
221,284
363,852
741,275
413,572
1,884,242
31,281
31,010
235,196
382,041
771,568
433,146
4.8
6.2
5.9
6.3
5.0
4.1
4.7
34,076
30,869
40,456
34,257
38,364
34,897
29,695
34,906
32,105
44,834
35,627
39,148
35,612
30,281
35,155
32,925
45,670
36,533
39,296
35,357
31,016
38,023
35,484
52,825
39,790
41,893
38,446
33,367
39,755
37,084
56,329
41,996
43,822
40,072
34,848
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,333,971
400,373
165,285
294,227
320,538
153,548
1,359,189
407,254
167,881
299,542
325,623
158,888
1,386,117
413,711
172,474
303,465
333,158
163,309
1,429,241
427,427
178,972
313,724
340,840
168,278
1,479,761
442,519
187,781
320,418
352,315
176,728
1,538,939
462,857
195,372
331,304
365,319
184,087
4.0
4.6
4.0
3.4
3.7
4.2
29,496
32,185
27,132
29,552
28,207
28,570
30,381
32,869
28,023
30,227
29,212
30,025
32,171
34,811
30,158
31,711
30,769
32,112
33,342
36,264
31,150
32,735
31,867
33,251
13
34
24
29
21
Plains.
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota.....................................................
South Dakota.....................................................
545,882
77,763
74,570
157,964
152,722
47,329
16,097
19,438
562,733
79,456
77,564
162,578
156,937
49,303
16,465
20,429
576,806
82,398
78,606
166,968
161,104
50,390
16,743
20,596
599,339
84,055
81,126
173,756
166,425
53,388
18,137
22,452
633,538
91,436
85,596
184,571
173,458
55,858
18,467
24,151
661,089
94,316
90,433
191,568
181,542
58,019
19,883
25,328
4.3
3.1
5.7
3.8
4.7
3.9
7.7
4.9
28,326
26,554
27,694
32,017
27,241
27,625
25,106
25,720
29,914
32,532
27,406
29,946
28,601
29,400
29,047
27,106
28,718
32,616
27,809
28,682
25,879
26,949
35,869
33,620
48,703
37,437
39,749
35,987
31,843
31,187
33,789
28,884
31,129
29,815
30,754
29,622
28,081
28,980
33,237
28,358
29,182
26,427
27,087
30,607
28,577
29,780
34,328
29,102
30,718
28,651
29,364
32,164
30,965
31,312
36,215
30,117
31,961
29,021
31,340
33,362
31,795
32,948
37,322
31,299
32,988
31,230
32,642
30
23
9
31
22
32
26
Southeast.............................................................
Alabama............................................................
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina...................................................
South Carolina...................................................
Tennessee
Virginia
West Virginia
1,840,460
105,807
58,726
457,539
230,356
98,845
103,151
59,837
218,668
98,270
148,833
220,845
39,582
1,922,935
110,421
61,967
478,637
240,616
101,346
110,256
62,739
225,395
101,468
154,416
233,770
41,902
1,973,853
113,835
63,234
495,489
244,957
103,866
112,744
63,979
228,684
104,046
159,173
240,534
43,312
2,042,954
118,585
66,463
515,600
251,612
106,292
115,873
66,340
235,140
107,247
165,622
250,838
43,342
2,186,244
126,955
70,903
566,372
265,199
111,991
122,050
69,454
252,614
113,668
174,726
267,066
45,245
2,306,347
135,018
74,040
606,612
282,979
118,180
111,201
72,809
269,435
120,043
184,566
284,174
47,290
5.5
6.4
4.4
7.1
6.7
5.5
-8.9
4.8
6.7
5.6
5.6
6.4
4.5
26,484
23,764
21,925
28,509
27,989
24,412
23,079
21,005
27,068
24,424
26,097
31,087
21,899
27,348
24,717
23,023
29,273
28,592
24,920
24,692
21,955
27,493
24,994
26,870
32,505
23,261
27,733
25,409
23,363
29,709
28,544
25,404
25,194
22,321
27,510
25,361
27,490
33,013
24,002
28,350
26,341
24,380
30,341
28,766
25,819
25,805
23,028
27,919
25,863
28,352
33,973
23,941
29,927
28,054
25,783
32,577
29,737
27,039
27,082
23,943
29,579
27,077
29,648
35,698
24,962
31,123
29,623
26,641
34,099
31,191
28,317
24,582
24,925
31,029
28,212
30,952
37,552
26,029
40
47
20
33
43
50
49
35
44
36
7
48
Southwest............................................................
Arizona..............................................................
New Mexico.......................................................
Oklahoma..........................................................
Texas.................................................................
850,326
132,558
40,318
84,310
593,139
892,795
138,854
44,138
90,161
619,642
905,918
144,150
44,987
90,178
626,604
939,815
150,847
46,698
92,591
649,680
1,006,412
164,413
50,792
99,963
691,245
1,084,380
179,114
53,826
106,111
745,329
7.7
8.9
6.0
6.2
7.8
27,088
25,660
22,134
24,407
28,313
27,963
26,219
24,085
26,015
29,045
27,872
26,507
24,246
25,861
28,846
28,427
27,044
24,849
26,417
29,398
29,919
28,644
26,690
28,370
30,761
31,637
30,157
27,912
29,908
32,604
38
45
39
27
Rocky Mountain...................................................
Colorado............................................................
Idaho.................................................................
Montana............................................................
Utah...................................................................
Wyoming............................................................
264,024
144,394
31,290
20,716
53,561
14,063
279,678
152,700
33,054
22,359
56,594
14,972
283,369
153,066
33,849
22,819
58,172
15,463
289,429
154,887
34,687
24,073
59,367
16,415
309,467
164,586
38,090
25,670
63,401
17,720
329,271
174,754
40,584
27,046
67,906
18,982
6.4
6.2
6.5
5.4
7.1
7.1
28,490
33,371
24,075
22,929
23,878
28,460
29,639
34,493
25,019
24,676
24,738
30,305
29,553
34,027
25,185
25,065
24,895
30,986
29,793
34,056
25,354
26,227
24,958
32,704
31,416
35,766
27,302
27,694
26,191
35,028
32,898
37,459
28,398
28,906
27,497
37,270
8
42
41
46
10
Far West................................................................
Alaska
California
Hawaii
Nevada
Oregon
Washington
1,502,717
18,741
1,103,842
34,451
61,428
96,402
187,853
1,547,366
20,050
1,135,304
35,126
64,367
99,020
193,498
1,570,773
20,722
1,147,716
36,370
66,632
101,882
197,452
1,620,831
21,134
1,184,455
37,803
71,226
104,660
201,552
1,733,330
22,207
1,264,422
41,178
79,453
110,695
215,376
1,825,479
23,515
1,332,919
43,953
86,403
117,149
221,540
5.3
5.9
5.4
6.7
8.7
5.8
2.9
31,835
29,867
32,463
28,422
30,437
28,097
31,779
32,276
31,711
32,882
28,748
30,727
28,507
32,291
32,307
32,343
32,803
29,464
30,736
28,924
32,549
32,884
32,588
33,406
30,286
31,773
29,377
32,874
34,741
33,761
35,278
32,626
34,058
30,823
34,699
36,209
35,433
36,890
34,468
35,780
32,174
35,234
15
12
19
14
28
16
2004-2005
2005
2000
United States...................................
1. Per capita personal income was computed using midyear population estimates of the Bureau of the Census. The
population estimates were released by the Bureau of the Census in December 2005.
2. Percent change was calculated from unrounded data.
N o t e . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from
2005
Rank
in U.S.
[Dollars]
1
37
3
6
17
25
11
4
2
5
18
the estimate of personal income in the national income and product accounts because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 2 in “State Personal Income: Second Quarter of 2006 and Revised Estimates for 2003-2006:1” in the
October 2006 S u r v e y of C u r r e n t B u s in e s s .
D-72
Regional Data
February 2007
Table 1.3. Disposable Personal Income and Per Capita Disposable Personal Income by State and Region
Disposable personal income
Area name
Per capita disposable personal income1
Percent
change2
[Millions of dollars]
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
2005
United States...................................
7,187,588
7,480,971
7,822,136
8,150,921
8,668,465
9,022,941
4.1
25,470
26,239
27,162
28,024
29,519
30,441
New England........................................................
Connecticut.......................................................
Maine.................................................................
Massachusetts..................................................
New Hampshire.................................................
Rhode Island.....................................................
Vermont.............................................................
411,889
113,910
28,728
192,839
35,438
26,330
14,645
432,904
118,825
30,508
203,390
36,774
27,949
15,457
454,473
123,813
31,984
214,288
38,709
29,644
16,036
468,808
126,882
33,768
219,879
40,200
31,183
16,895
495,748
135,234
35,370
231,869
43,016
32,621
17,638
511,080
139,455
36,299
239,280
44,443
33,405
18,197
3.1
3.1
2.6
3.2
3.3
2.4
3.2
29,520
33,383
22,489
30,310
28,566
25,059
24,010
30,826
34,618
23,717
31,806
29,220
26,407
25,223
32,172
35,801
24,660
33,422
30,368
27,742
26,021
33,028
36,399
25,812
34,262
31,221
28,988
27,290
34,859
38,650
26,898
36,188
33,110
30,207
28,392
35,891
39,727
27,468
37,395
33,928
31,040
29,206
Mideast.................................................................
Delaware...........................................................
Maryland...........................................................
New Jersey........................................................
New York...........................................................
Pennsylvania.....................................................
1,325,573
20,666
19,078
152,970
269,958
548,702
314,199
1,362,089
21,688
21,447
161,723
279,149
556,722
321,359
1,422,594
23,183
22,308
171,570
291,335
576,527
337,670
1,474,520
24,284
23,691
179,434
300,251
595,843
351,017
1,570,197
26,004
25,544
192,564
319,714
636,733
369,638
1,623,751
27,293
26,663
202,617
331,443
652,273
383,462
3.4
5.0
4.4
5.2
3.7
2.4
3.7
28,576
26,278
33,408
28,800
32,009
28,881
25,573
29,207
27,267
37,671
30,062
32,822
29,161
26,135
30,347
28,771
39,510
31,526
33,971
30,083
27,398
31,292
29,693
42,468
32,551
34,751
30,988
28,388
33,192
31,327
46,088
34,626
36,811
33,024
29,823
34,259
32,356
48,432
36,179
38,019
33,876
30,851
Great Lakes..........................................................
Illinois................................................................
Indiana...............................................................
Michigan............................................................
Ohio...................................................................
Wisconsin..........................................................
1,145,681
340,996
144,059
253,237
275,725
131,663
1,173,332
348,839
146,577
260,068
280,988
136,860
1,221,717
362,767
153,422
269,198
292,555
143,775
1,274,867
380,365
160,973
281,494
302,534
149,501
1,323,294
394,488
169,528
288,691
313,008
157,580
1,363,602
408,081
174,960
296,291
321,643
162,626
3.0
3.4
3.2
2.6
2.8
3.2
25,332
27,412
23,647
25,435
24,263
24,498
25,824
27,866
23,928
26,000
24,681
25,324
26,778
28,821
24,927
26,814
25,652
26,433
27,819
30,069
25,979
27,931
26,464
27,322
28,770
31,033
27,227
28,571
27,337
28,633
29,543
31,973
27,896
29,275
28,057
29,375
14
34
26
32
25
Plains....................................................................
Iowa...................................................................
Kansas..............................................................
Minnesota..........................................................
Missouri.............................................................
Nebraska...........................................................
North Dakota.....................................................
South Dakota.....................................................
473,377
68,496
64,751
134,132
132,734
41,271
14,487
17,505
489,385
70,140
67,684
138,730
136,441
43,184
14,763
18,443
512,013
74,161
70,049
145,240
143,294
45,123
15,266
18,879
537,931
76,233
73,103
152,881
149,725
48,400
16,703
20,885
570,469
83,305
77,432
162,984
156,628
50,669
16,984
22,466
589,956
85,199
81,133
167,521
162,417
52,121
18,172
23,393
3.4
2.3
4.8
2.8
3.7
2.9
7.0
4.1
24,564
23,390
24,047
27,187
23,676
24,089
22,595
23,163
25,261
23,928
25,060
27,832
24,177
25,122
23,203
24,329
26,295
25,274
25,825
28,912
25,223
26,132
24,095
24,829
27,471
25,918
26,835
30,204
26,182
27,848
26,385
27,315
28,962
28,211
28,325
31,979
27,195
28,992
26,691
29,154
29,772
28,722
29,560
32,637
28,001
29,635
28,542
30,148
28
24
9
33
23
29
21
Southeast.............................................................
Alabama............................................................
Arkansas...........................................................
Florida...............................................................
Georgia..............................................................
Kentucky............................................................
Louisiana...........................................................
Mississippi.........................................................
North Carolina...................................................
South Carolina...................................................
Tennessee.........................................................
Virginia..............................................................
West Virginia.....................................................
1,604,611
93,705
51,897
398,172
197,964
86,423
91,957
53,940
189,004
86,509
133,501
186,232
35,308
1,682,999
98,257
55,026
418,855
207,824
88,537
98,406
56,692
195,424
89,602
138,817
198,134
37,425
1,762,224
102,725
56,919
443,369
216,481
92,299
102,141
58,542
202,246
93,514
145,548
209,201
39,240
1,843,071
107,969
60,491
468,140
224,649
95,172
106,138
61,200
210,003
97,178
152,690
219,937
39,502
1,974,244
115,993
64,648
511,355
237,416
100,782
112,305
64,521
226,480
103,181
161,505
234,640
41,417
2,062,572
122,383
66,899
541,101
251,349
105,600
101,914
67,140
239,204
108,134
169,401
246,533
42,914
4.5
5.5
3.5
5.8
5.9
4.8
-9.3
4.1
5.6
4.8
4.9
5.1
3.6
23,090
21,046
19,375
24,810
24,054
21,344
20,574
18,935
23,396
21,501
23,409
26,215
19,535
23,936
21,994
20,444
25,617
24,695
21,770
22,038
19,839
23,837
22,072
24,155
27,549
20,775
24,760
22,929
21,029
26,584
25,226
22,575
22,825
20,424
24,330
22,794
25,137
28,712
21,745
25,577
23,983
22,189
27,548
25,683
23,118
23,637
21,244
24,934
23,435
26,139
29,788
21,820
27,025
25,632
23,508
29,413
26,622
24,333
24,920
22,243
26,518
24,579
27,405
31,363
22,850
27,834
26,851
24,072
30,416
27,704
25,303
22,529
22,985
27,548
25,413
28,409
32,578
23,620
40
47
20
35
45
50
49
36
43
30
10
48
Arizona..............................................................
New Mexico.......................................................
Oklahoma..........................................................
Texas.................................................................
748,309
115,336
35,661
74,327
522,986
789,375
121,547
39,388
79,731
548,709
818,959
129,279
40,631
81,087
567,962
857,651
136,292
42,540
83,920
594,899
921,144
148,293
46,462
90,847
635,542
984,220
159,763
48,943
95,713
‘ 679,800
6.8
7.7
5.3
5.4
7.0
23,838
22,326
19,578
21,517
24,964
24,724
22,951
21,493
23,005
25,720
25,196
23,772
21,899
23,254
26,146
25,941
24,435
22,637
23,944
26,920
27,384
25,836
24,415
25,783
28,282
28,715
26,899
25,380
26,978
29,738
39
44
38
22
Colorado............................................................
Idaho.................................................................
Montana............................................................
Utah...................................................................
Wyoming............................................................
226,461
122,175
27,240
18,281
46,661
12,105
242,403
130,976
28,945
19,835
49,627
13,019
259,704
137,940
31,474
21,877
53,529
14,884
278,321
147,003
34,612
23,338
57,260
16,108
293,149
154,530
36,565
24,314
60,681
17,059
5.3
5.1
5.6
4.2
6.0
5.9
26,259
29,950
22,703
22,597
22,306
27,754
26,733
30,329
23,005
23,834
22,504
29,655
28,255
31,945
24,809
25,178
23,654
31,840
29,289
33,124
25,586
25,985
24,571
33,495
8
42
41
46
7
1,251,686
16,582
908,421
30,111
53,123
82,019
161,429
1,308,485
17,801
949,844
30,701
56,117
85,137
168,885
1,434,369
19,219
1,042,151
33,807
63,854
92,864
182,473
1,535,048
20,323
1,112,900
36,842
70,835
98,276
195,872
1,594,611
21,338
1,156,600
38,877
75,989
102,882
198,926
3.9
5.0
3.9
5.5
7.3
4.7
1.6
24,436
28,236
20,959
20,233
20,802
24,497
26,517
26,426
26,716
24,842
26,322
23,905
27,309
25,689
29,586
21,909
21,891
21,693
26,352
Far West................................................................
Alaska................................................................
California...........................................................
Hawaii................................................................
Nevada..............................................................
Oregon..............................................................
Washington........................................................
251,784
134,727
30,512
20,572
52,123
13,850
1,378,371
18,684
1,001,232
32,308
59,195
89,801
177,151
27,293
28,155
27,510
25,127
26,788
24,510
28,183
28,350
29,162
28,616
26,173
27,306
25,495
29,202
29,101
29,635
29,392
27,085
28,485
26,066
29,762
30,767
30,898
31,050
29,190
30,364
27,365
31,556
31,630
32,151
32,010
30,487
31,468
28,256
31,637
12
13
19
16
31
15
1. Per capita disposable personal income was computed using midyear population estimates of the Bureau of the
Census. The population estimates were released by the Bureau of the Census in December 2005.
2. Percent change was calculated from unrounded data.
Note . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from
2005
Rank
in U.S.
[Dollars]
2004-2005
2005
1
37
3
5
17
27
11
4
2
6
18
the estimate of personal income in the national income and product accounts because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 3 in “State Personal Income: Second Quarter of 2006 and Revised Estimates for 2003-2006:1" in the
October 2006 S ur v e y o f C u r r e n t B u s in e s s .
February 2007
Survey
of
D-73
C u r r e n t B u s in e s s
Table 1.4. Gross Domestic Product (GDP) by State for Industries, 2005
[Millions of dollars]
State and region
Rank of
total GDP
by state
Total
NondurableNatural
Durable-goods
resources Construction
goods
manufacturing
manufacturing
and mining
Trade
Transportation
Information
and utilities
Financial
activities
Professional
Education
Leisure
and
and
and health
business
hospitality
services
services
Other
services
Government
United States......
12,409,555
332,640
593,535
868,438
628,103
1,561,724
601,155
578,345
2,574,412
1,468,529
977,437
455,878
294,611
1,474,748
Connecticut..............
Maine........................
Massachusetts.........
New Hampshire........
Rhode Island............
Vermont....................
686,547
193,745
44,971
325,917
55,061
43,787
23,065
3,106
448
664
1,098
296
125
474
29,600
6,927
2,406
14,102
2,754
2,153
1,258
50,452
14,178
2,613
23,321
5,043
3,087
2,210
23,143
7,795
2,359
9,503
1,557
1,219
711
80,981
21,907
6,511
36,231
8,181
5,042
3,109
22,948
6,372
1,952
9,490
2,676
1,421
1,037
29,050
7,707
1,347
15,341
1,942
1,756
958
179,784
59,247
9,068
82,446
13,107
11,881
4,036
91,259
25,097
3,520
51,124
5,560
4,211
1,748
72,371
17,524
5,268
36,366
5,507
5,057
2,649
23,025
5,361
1,816
10,894
2,101
1,624
1,229
14,810
3,939
1,033
6,994
1,308
973
563
66,017
17,244
6,415
29,007
5,030
5,239
3,083
15
8
3
6
2,262,524
56,483
81,830
246,234
431,079
957,873
489,025
11,804
(D)
(D)
1,077
886
2,910
6,490
88,445
(D)
(D)
15,018
17,850
30,344
21,981
86,100
1,060
96
6,369
13,055
28,751
36,770
107,844
3,144
118
7,189
27,979
32,240
37,174
260,593
4,372
1,822
28,645
62,751
102,083
60,920
97,278
1,673
1,230
11,099
20,753
34,264
28,260
128,545
1,218
5,320
10,072
20,268
74,306
17,361
575,329
25,251
10,867
55,616
106,323
283,664
93,608
308,545
6,843
19,273
34,127
58,816
132,381
57,106
206,978
3,215
5,736
21,037
34,355
88,018
54,617
74,429
1,256
2,995
8,691
14,693
32,551
14,242
55,189
977
5,143
6,383
9,125
20,420
13,142
261,445
4,859
28,153
40,911
44,228
95,941
47,353
Great Lakes.................
Illinois.......................
Indiana......................
Michigan...................
Ohio..........................
Wisconsin.................
5
16
9
7
21
1,832,089
560,032
238,568
376,243
440,923
216,322
16,616
3,734
2,597
3,051
3,984
3,251
80,314
26,010
10,549
16,231
17,535
9,989
226,238
42,974
44,407
54,827
57,112
26,918
114,817
31,853
22,800
14,359
28,166
17,638
231,314
71,703
28,108
47,674
57,329
26,500
97,153
32,384
13,611
17,324
23,247
10,586
56,014
20,858
5,412
10,847
12,410
6,487
350,823
124,175
36,590
68,168
80,550
41,338
214,016
77,624
17,905
51,466
48,730
18,292
150,091
42,170
19,195
30,617
38,552
19,558
57,818
18,315
8,462
11,636
13,024
6,381
44,290
13,568
5,658
8,817
11,155
5,092
192,585
54,666
23,274
41,225
49,128
24,292
Iowa.........................
Kansas.....................
Minnesota.................
Missouri....................
Nebraska..................
North Dakota............
South Dakota............
30
32
17
22
36
49
46
795,735
113,552
105,574
234,552
216,065
70,676
24,397
30,919
23,912
3,914
5,102
4,317
3,086
3,262
2,284
1,946
35,607
4,783
4,104
11,104
10,184
3,021
1,144
1,267
70,301
14,043
10,193
20,820
17,243
4,199
1,474
2,328
47,275
10,667
5,343
11,216
15,105
3,473
731
740
103,478
13,755
13,768
30,502
28,976
8,782
3,777
3,919
44,475
6,269
6,166
10,595
11,329
7,080
1,652
1,384
33,406
3,495
6,712
8,693
10,124
2,571
925
886
149,833
21,619
16,056
52,768
35,337
12,268
3,605
8,180
79,405
6,578
10,075
27,326
26,375
6,142
1,438
1,471
67,453
8,871
8,023
20,674
18,860
5,802
2,302
2,921
25,831
3,519
2,990
6,976
8,630
1,875
722
1,118
19,142
2,537
2,518
5,608
5,438
1,698
591
752
95,616
13,503
14,523
23,951
25,377
10,503
3,751
4,007
Southeast....................
Alabama...................
Arkansas..................
Florida......................
Georgia.....................
Kentucky...................
Louisiana..................
Mississippi................
North Carolina..........
South Carolina..........
Tennessee................
Virginia.....................
West Virginia............
25
34
4
10
27
24
35
12
28
18
11
41
2,786,296
151,610
86,752
673,274
363,839
140,501
168,204
81,290
346,640
140,019
229,215
351,903
53,050
67,449
5,192
3,374
7,075
4,489
5,700
21,791
4,127
4,285
1,379
1,927
3,382
4,727
148,940
7,399
3,841
47,723
18,680
5,998
7,096
3,536
16,549
7,997
9,635
18,304
2,182
179,270
16,223
9,210
22,026
18,938
16,213
6,741
7,798
25,202
13,658
24,986
15,119
3,155
182,910
10,770
7,665
11,721
27,138
10,827
20,834
4,848
42,031
11,253
15,931
17,504
2,388
371,148
20,773
12,067
97,049
52,748
18,385
19,613
10,942
42,439
19,621
34,237
36,430
6,843
142,123
8,070
6,174
28,717
20,737
9,017
10,604
5,163
14,722
6,995
12,607
15,018
4,301
116,136
4,939
3,120
28,977
23,585
3,755
4,147
2,073
12,573
3,881
7,687
19,938
1,462
512,048
22,367
11,738
160,367
64,131
19,485
20,037
10,836
68,715
22,317
36,341
68,856
6,856
308,270
13,321
6,819
86,586
43,074
10,405
13,471
5,133
33,080
12,274
23,554
56,997
3,556
207,398
11,509
6,957
52,867
24,115
12,206
11,758
6,185
24,513
9,027
21,848
21,120
5,292
108,688
4,052
2,327
36,341
11,833
4,604
7,553
4,200
10,475
5,795
9,328
10,185
1,997
67,724
4,018
1,938
18,133
7,491
3,218
3,670
2,255
7,116
3,503
6,289
8,813
1,280
374,190
22,975
11,523
75,691
46,879
20,688
20,890
14,194
44,941
22,318
24,845
60,236
9,010
Arizona.....................
New Mexico..............
Oklahoma.................
Texas........................
20
37
29
2
1,396,331
216,528
68,870
121,490
989,443
127,288
4,088
9,904
17,780
95,517
74,080
15,579
3,133
4,735
50,633
93,957
17,009
5,447
7,395
64,106
65,999
2,635
1,041
4,426
57,897
183,026
30,713
7,026
14,640
130,648
85,708
9,917
3,310
7,123
65,358
53,596
6,678
1,802
4,306
40,809
226,975
49,831
9,021
16,540
151,583
150,693
24,129
6,722
10,172
109,670
93,195
16,419
4,778
8,820
63,178
45,283
9,192
2,382
3,384
30,325
30,461
4,331
1,432
2,831
21,866
166,070
26,006
12,872
19,339
107,854
Colorado...................
Idaho........................
Montana...................
Utah..........................
Wyoming...................
19
42
47
33
48
411,658
216,537
47,189
29,885
90,778
27,269
26,979
10,414
2,371
2,574
2,928
8,691
25,136
13,669
2,811
1,930
5,292
1,434
22,459
9,217
4,897
900
7,086
360
10,204
4,758
1,410
552
2,736
748
49,164
24,893
6,648
3,830
11,361
2,432
20,060
8,175
2,119
2,388
4,525
2,854
24,895
18,729
1,180
901
3,654
431
78,557
44,203
8,092
4,941
18,400
2,921
47,621
28,762
5,375
2,093
10,255
1,137
27,157
13,793
3,376
2,793
6,021
1,175
16,318
9,337
1,555
1,391
3,017
1,017
10,031
4,916
959
770
2,940
447
53,079
25,673
6,397
4,823
12,563
3,624
Alaska.......................
California..................
Hawaii.......................
Nevada.....................
Oregon.....................
Washington...............
45
1
40
31
26
14
2,238,377
39,314
1,622,116
54,019
111,342
144,278
267,308
55,487
11,029
32,816
383
1,990
3,895
5,374
111,412
1,932
76,487
3,157
10,639
6,233
12,963
139,660
151
95,590
271
2,720
22,934
17,994
75,911
758
61,559
611
1,382
4,240
7,361
282,019
2,591
206,451
5,908
12,695
17,718
36,656
91,410
4,351
62,483
2,959
5,191
5,994
10,432
136,703
997
107,120
1,389
2,509
4,476
20,212
501,062
4,247
380,401
11,294
24,492
27,024
53,604
268,719
2,155
208,157
4,965
11,740
13,300
28,401
152,795
2,212
109,366
4,191
5,733
11,507
19,785
104,486
1,271
64,082
5,448
19,732
4,453
9,501
52,966
630
39,174
1,420
1,912
3,090
6,741
265,747
6,990
178,431
12,022
10,607
19,413
38,284
Mideast........................
Delaware..................
District of Columbia...
Maryland..................
New Jersey...............
New York..................
Pennsylvania............
23
43
13
39
44
50
38
D Suppressed to avoid disclosure of data of individual companies.
Note. Totals shown for the United States differ from the national income and product account estimates of gross domestic product
(GDP) because GDP by state excludes, and national 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 equipment,
except office equipment. GDP by state and national GDP also have different revision schedules.
Source: This table reflects the GDP-by-state estimates for 2005 that were released on October 26, 2006. Detailed estimates are
available on BEA’s Web site at <www.bea.gov>.
D-74
February 2007
J. Local A rea Table
Table J.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2003-2005— Continues
Personal income
Area name
Percent
change2
Millions of dollars
2003
Metropolitan portion of the United States........................
Per capita personal income'
2004
2005p
Rank in
United States
Dollars
2004-2005p
2003
2004
2005 p
7,978,326
8,458,879
8,885,062
5.0
33,047
34,668
36,048
3,964
21,756
3,743
27,278
21,731
3,740
24,309
3,218
6,048
2,281
12,205
3,604
4,370
12,989
2,765
6,518
10,038
4,176
153,070
8,276
2,653
13,267
43,142
16,558
96,583
3,857
8,902
19,131
3,749
2,978
10,041
4,746
3,707
4,196
6,439
33,658
2,839
3,352
4,274
5,057
14,847
191,958
11,541
2,691
7,731
53,174
5,989
2,638
34,135
3,532
6,704
11,125
15,569
1,882
2,369
7,533
6,786
8,958
15,854
47,998
5,905
13,864
2,763
335,618
5,074
66,984
6,189
2,678
69,859
2,845
4,177
17,474
4,231
18,963
7,562
2,258
54,931
10,664
2,562
2,305
4,188
22,783
3,886
28,686
23,014
4,049
25,589
3,387
6,391
2,418
12,831
3,697
4,556
13,391
2,950
6,986
10,660
4,432
162,297
8,730
2,849
14,007
45,855
17,864
102,650
4,068
9,430
20,208
3,851
3,019
10,352
5,055
4,019
4,486
6,692
35,770
3,044
3,515
4,527
5,024
16,030
203,527
12,200
2,856
8,176
56,796
6,302
2,825
35,773
3,740
7,080
11,547
17,030
2,016
2,580
8,038
6,204
9,365
16,991
51,349
6,371
14,617
2,939
349,141
5,393
70,689
6,591
2,874
73,111
3,098
4,425
18,536
4,537
20,271
7,939
2,399
57,700
11,200
2,664
2,415
4,378
23,672
4,049
29,707
24,319
4,411
26,729
3,492
6,712
2,529
13,522
3,755
4,725
13,752
3,120
7,270
11,169
4,637
172,164
9,168
3,008
14,624
49,394
18,876
108,475
4,252
9,735
21,795
3,936
3,075
11,068
5,382
4,374
4,803
6,948
38,006
3,232
3,723
4,687
5,076
17,180
212,464
12,884
3,027
8,561
60,232
6,573
2,957
36,741
3,875
7,378
11,948
18,554
2,140
2,811
8,438
6,166
9,815
18,153
54,996
6,823
15,311
3,096
362,994
5,694
73,745
7,281
2,985
75,573
3,330
4,731
19,694
4,799
21,336
8,433
2,479
60,188
11,802
2,826
2,525
4.5
3.9
4.2
3.6
5.7
8.9
4.5
3.1
5.0
4.6
5.4
1.6
3.7
2.7
5.8
4.1
4.8
4.6
6.1
5.0
5.6
4.4
7.7
5.7
5.7
4.5
3.2
7.9
2.2
1.9
6.9
6.5
8.8
7.1
3.8
6.3
6.2
5.9
3.5
1.0
7.2
4.4
5.6
6.0
4.7
6.1
4.3
4.7
2.7
3.6
4.2
3.5
8.9
6.1
8.9
5.0
-0.6
4.8
6.8
7.1
7.1
4.8
5.4
4.0
5.6
4.3
10.5
3.9
3.4
7.5
6.9
6.2
5.8
5.3
6.2
3.3
4.3
5.4
6.1
4.5
25,074
31,017
23,147
32,453
28,339
25,589
31,606
25,255
25,904
28,417
35,942
27,517
25,434
38,706
24,686
30,911
26,251
24,307
32,739
31,384
22,283
25,994
31,353
23,215
36,757
26,193
38,878
26,531
26,968
27,228
26,244
26,884
28,616
29,341
25,713
31,348
29,288
22,228
24,183
32,255
29,035
43,345
41,517
25,050
32,215
59,108
16,538
27,272
29,477
25,863
32,962
27,148
31,629
34,055
34,717
31,058
31,643
29,161
27,719
33,363
32,236
28,519
32,766
35,967
24,037
32,738
26,218
25,221
32,651
24,194
22,224
30,559
28,197
28,234
27,047
31,219
32,794
26,271
32,375
22,817
26,432
32,462
23,938
33,950
29,453
27,557
32,817
26,630
27,114
30,133
37,058
28,337
26,249
39,528
26,343
32,821
27,518
25,264
33,838
32,538
23,632
27,128
32,494
24,335
38,813
27,733
41,362
27,780
27,601
27,658
27,012
28,049
29,853
31,028
26,836
33,067
31,096
23,337
25,535
31,826
30,545
46,060
43,640
26,193
33,865
62,979
16,994
28,957
31,006
27,016
34,618
28,164
33,073
36,055
37,401
32,901
28,858
30,480
29,120
34,816
34,333
29,912
34,559
37,169
25,357
34,368
27,667
26,868
34,264
25,297
23,446
31,991
30,019
29,808
27,909
32,930
34,128
27,340
33,988
23,907
27,660
33,709
24,865
34,996
30,477
29,813
33,811
27,543
28,122
31,627
38,519
28,796
26,922
40,228
27,820
33,792
28,432
26,486
35,009
33,827
24,406
28,105
34,005
24,941
40,846
28,912
42,978
29,702
28,281
28,206
28,859
29,333
30,935
32,766
27,969
34,864
32,531
24,645
26,375
31,924
31,569
48,158
45,944
27,271
35,572
66,719
17,374
30,041
32,012
27,575
35,948
29,141
34,059
38,170
40,266
34,242
28,579
32,028
30,514
36,151
36,213
31,113
36,355
38,439
26,586
35,618
29,882
27,634
35,542
26,086
24,933
33,521
31,309
30,927
29,661
33,706
35,226
28,539
35,937
25,084
2005p
Metropolitan statistical areas3
Abilene, TX..........................................................................
Akron, OH............................................................................
Albany, GA...........................................................................
Albany-Schenectady-Troy, N V.............................................
Albuquerque, N M ................................................................
Alexandria, LA.....................................................................
Allentown-Bethlehem-Easton, PA-NJ...................................
Altoona, PA..........................................................................
Amarillo, TX.........................................................................
Ames, IA..............................................................................
Anchorage, AK ....................................................................
Anderson, IN .......................................................................
Anderson, SC......
Ann Arbor, M l......
Anniston-Oxford, AL
Appleton, W l........
Asheville, NC.......
Athens-Clarke County, GA
Atlanta-Sandy Springs-Marietta, GA....................................
Atlantic City, N J...................................................................
Auburn-Opelika, AL
Augusta-Richmond County, GA-SC......................................
Austin-Round Roch, TX
Bakersfield, CA ,
Baltimore-Towson, MD
Bangor, ME...........
Barnstable Town, MA
Baton Rouge, LA.................................................................
Battle Creek, Ml...................................................................
Bay City, Ml
Beaumont-Port Arthur, TX...................................................
Bellingham, WA
Bend, OR...
Billings, MT
Binghamton, NY..................................................................
Birmingham-Hoover, A L......................................................
Bismarck, ND ......................................................................
Blacksburg-Christiansburg-Radford, VA
Bloomington, IN...........................
Bloomington-Normal, IL ..............
Boise City-Nampa, id ..................
Boston-Cambridge-Quincy, MA-NH
Boulder, CO.................................
Bowling Green, KY..............................................................
Bremerton-Silverdale, WA...................................................
Bridgeport-Stamfbrd-Norwalk, CT.......................................
Brownsville-Harlingen, TX
Brunswick, GA......
Buffalo-Niagara Falls, NY
Burlington, NC......
Burlington-South Burlington, VT..........................................
Canton-Massillon, OH
Cape Coral-Fort Myers, FL
Carson City, NV
Casper, WY..........
Cedar Rapids, IA...
Champaign-Urbana, IL
Charleston, WV....
Charleston-North Charleston, SC .......................................
Charlotte-Gastonia-Concord, NC-SC..................................
Charlottesville, VA.
Chattanooga, TN-GA
Cheyenne, WY
Chicago-Naperville-Joliet, IL-IN-WI.....................................
Chico, C A .............
Ci ncinnati-Middletown, OH-KY-IN........................................
Clarksville, TN-KY.
Cleveland, TN
Cleveland-Elyria-Mentor, OH
Coeur d’Alene, ID..
College Station-Bryan, TX
Colorado Springs, CO
Columbia, MO
Columbia,SC, ,
Columbus, GA-AL.
Columbus, IN........
Columbus, O H......
Corpus Christi, TX.
Corvallis, OR.......................................................................
Cumberland, MD-WV..........................................................
See the footnotes at the end of the table.
264
94
334
73
170
184
91
271
241
139
33
217
285
23
255
92
229
304
72
89
339
242
84
332
20
212
10
186
233
237
214
198
158
115
246
76
118
337
305
131
141
5
7
273
62
1
360
180
130
268
58
202
83
37
22
79
223
129
168
56
53
153
49
34
301
61
182
266
63
313
333
99
148
159
187
95
68
225
59
330
February 2007
Survey
of
D-75
C u r r e n t B u s in e s s
Table J.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2003-2005—Continues
Personal income
Area name
Per capita personal income1
Percent
change
Millions of dollars
2003
2004
2005p
Rank in
United States
Dollars
2004-2005p
2003
2004
2005 p
2005p
Metropolitan statistical areas3— Continued
Dallas-Fort Worth-Arlington, TX..........................................
Dalton, GA...........................................................................
Danville, IL...........................................................................
Danville, VA
Davenport-Moline-Rock Island, IA-IL..................................
Dayton, OH
Decatur, AL
Decatur, IL
Deltona-Daytona Beach-Ormond Beach, F L .......................
Denver-Aurora, CO..............................................................
Des Moines-West Des Moines, IA.......................................
Detroit-Warren-Livoma, M l..................................................
Dothan, AL
Dover, DE
Dubuque, IA
Duluth, MN-WI
Durham, NC
Eau Claiie, Wl
El Centro CA
Elizabethtown, KY
Elkhart-Goshen, IN
Elmira, NY
El Paso, TX
Erie, PA..
Eugene-Springfield, O R......................................................
Evansville, IN-KY
Fairbanks, AK
Fargo, ND-MN.....................................................................
Farmington, NM...................................................................
Fayetteville, N C ...................................................................
Fayetteville-Springdale-Rogers, AR-MO.............................
Flagstaff, AZ................
Flint, M l.......................
Florence, SC...............
Florence-Muscle Shoals, AL
Fond du Lac, W l..........
Fort Collins-Loveland, CO
Fort Smith, AR-OK..............................................................
Fort Walton Beach-Crestview-Destin, FL.............................
Fort Wayne, IN ....................................................................
Fresno, C A ..........................................................................
Gadsden, A L.......................................................................
Gainesville, F L....................................................................
Gainesville, G A ...................................................................
Glens Falls, N Y ...................................................................
Goldsboro, NC.....................................................................
Grand Forks, ND-MN..........................................................
Grand Junction, CO.............................................................
Grand Rapids-Wyoming, M l................................................
Great Falls, MT....................................................................
Greeley, CO.........................................................................
Green Bay, W l.....................................................................
Greensboro-High Point, NC ................................................
Greenville, NC.....................................................................
Greenville, SC.....................................................................
Gulfport-Biloxi, MS..............................................................
Hagerstown-Martinsburg, MD-WV......................................
Hanford-Corcoran, CA.........................................................
Harrisburg-Carlisle, PA........................................................
Harrisonburg, VA.................................................................
Hartford-West Hartford-East Hartford, CT............................
Hattiesburg, M S..................................................................
Hickory-Lenoir-Morganton, N C ...........................................
Hinesville-Fort Stewart, GA.................................................
Holland-Grand Haven, Ml....................................................
Honolulu, H I........................................................................
Hot Springs, A R ..................................................................
Houma-Bayou Cane-Thibodaux, L A ...................................
Houston-Sugar Land-Baytown, TX......................................
Huntington-Ashland, WV-KY-OH.........................................
Huntsville, A L ......................................................................
Idaho Falls, ID .....................................................................
Indianapolis-Carmel, IN.......................................................
Iowa City, IA.........................................................................
Ithaca, N Y...........................................................................
Jackson,Ml.........................................................................
Jackson, MS........................................................................
Jackson, T N ........................................................................
Jacksonville, FL...................................................................
Jacksonville, NC..................................................................
Janesville, W l......................................................................
Jefferson City, MO...............................................................
Johnson City, TN.................................................................
Johnstown, PA.....................................................................
Jonesboro, AR.....................................................................
Joplin, MO...........................................................................
See the footnotes at the end of the table.
190,517
3,214
1,999
2,620
11,003
25,681
3,949
3,222
11,719
90,184
17,303
162,957
3,438
3,529
2,501
7,685
14,040
4,073
3,151
2,981
5,662
2,190
14,641
7,150
8,727
10,409
2,615
5,433
2,519
9,129
9,599
3,012
12,509
4,950
3,327
2,955
8,379
6,529
5,507
11,685
20,637
2,464
6,102
3,915
3,181
2,659
2,611
3,261
22,810
2,202
5,046
8,883
18,948
3,912
15,873
6,408
6,382
2,774
16,684
2,717
45,274
2,917
8,782
1,380
7,253
29,090
2,283
4,921
179,138
6,902
10,898
2,717
53,807
4,197
2,619
4,249
14,284
2,867
36,882
3,874
4.403
3,889
4,361
3,620
2,602
3,817
202,219
3,407
2,060
2,711
11,711
26,518
4,129
3,389
12,509
95,238
18,641
164,543
3,671
3,797
2,682
8,122
14,863
4,284
3,320
3,157
5,976
2,291
15,556
7,516
9,214
10,934
2,748
5,803
2,720
9,769
10,603
3,234
12,475
5,208
3,506
3,094
8,847
6,994
5,982
12,138
22,136
2,616
6,565
4,187
3,398
2,844
2,691
3,487
23,553
2,337
5,374
9,420
19,992
4,198
16,660
6,704
6,872
3,024
17,640
2,856
48,353
3,119
9,297
1,493
7,518
31,404
2,418
5,149
190,771
7,207
11,474
2,941
57,040
4,502
2,710
4,376
15,290
3,019
39,505
4,344
4,436
4,134
4,657
3,797
2,751
4,049
215,756
3,555
2,084
2,794
12,147
27,306
4,300
3,512
13,335
100,473
19,680
169,183
3,859
4,005
2,828
8,356
15,556
4,473
3,450
3,252
6,188
2,422
16,434
7,830
9,752
11,307
2,923
6,135
2,932
10,537
11,264
3,454
12,361
5,401
3,686
3,216
9,305
7,433
6,369
12,486
22,974
2,739
6,964
4,409
3,555
2,926
2,817
3,743
24,328
2,444
5,652
9,748
20,848
4,363
17,522
6,713
7,326
3,100
18,298
2,980
50,745
3,306
9,560
1,638
7,733
33,341
2,530
5,371
206,198
7,532
12,210
3,139
59,440
4,706
2,803
4,503
16,111
3,144
42,110
4,785
4,561
4,266
4,852
3,965
2,815
4,196
6.7
4.3
1.2
3.1
3.7
3.0
4.1
3.6
6.6
5.5
5.6
2.8
5.1
5.5
5.4
2.9
4.7
4.4
3.9
3.0
3.5
5.7
5.6
4.2
5.8
3.4
6.4
5.7
7.8
7.9
6.2
6.8
-0.9
3.7
5.1
4.0
5.2
6.3
6.5
2.9
3.8
4.7
6.1
5.3
4.6
2.9
4.7
7.3
3.3
4.6
5.2
3.5
4.3
3.9
5.2
0.1
6.6
2.5
3.7
4.3
4.9
6.0
2.8
9.7
2.9
6.2
4.6
4.3
8.1
4.5
6.4
6.7
4.2
4.5
3.4
2.9
5.4
4.1
6.6
10.1
2.8
3.2
4.2
4.4
2.3
3.6
34,109
25,257
24,135
24,074
29,359
30,385
26,795
28,998
25,062
39,212
34,326
36,330
25,744
26,215
27,631
27,826
31,529
26,943
21,149
27,356
29,960
24,268
20,841
25,267
26,445
30,044
30,687
30,397
20,588
26,495
25,376
24,871
28,277
25,204
23,482
30,096
31,444
23,345
30,969
29,212
24,267
23,923
25,757
25,029
25,119
23,458
27,286
26,161
29,926
27,592
23,795
30,453
28,629
24,693
27,453
25,742
26,841
20,013
32,272
24,642
38,389
22,725
25,058
19,592
29,047
32,573
25,036
24,916
35,304
24,065
30,434
25,295
33,631
30,831
26,338
26,136
28,002
26,218
30,826
25,579
28,442
27,175
23,424
24,221
23,641
23,541
35,502
26,301
24,929
25,037
31,205
31,387
28,012
30,667
26,118
40,939
36,384
36,650
27,188
27,292
29,447
29,451
33,011
28,004
21,794
28,883
31,187
25,464
21,829
26,764
27,788
31,435
31,618
31,769
21,899
28,224
27,122
26,362
28,130
26,399
24,658
31,366
32,893
24,802
33,068
30,214
25,573
25,379
27,528
26,043
26,590
24,901
27,733
27,400
30,739
29,231
24,432
31,925
29,999
26,177
28,531
26,518
28,139
21,253
34,004
25,780
40,880
24,000
26,329
20,904
29,720
34,911
26,222
25,953
36,852
25,180
31,626
26,604
35,266
32,729
27,078
26,902
29,571
27,432
32,283
28,104
28,399
29,039
24,873
25,541
24,773
24,686
37,075
26,996
25,308
25,872
32,280
32,369
28,984
31,876
27,211
42,574
37,668
37,694
28,255
27,820
30,864
30,342
34,099
29,041
22,143
29,389
31,674
27,055
22,775
27,921
29,093
32,348
33,380
33,190
23,230
30,493
27,806
27,881
27,847
27,217
25,894
32,379
34,219
26,081
34,961
30,873
26,179
26,548
28,986
26,596
27,651
25,563
29,015
28,821
31,546
30,720
24,687
32,768
30,909
26,834
29,636
26,288
29,152
21,613
35,067
26,680
42,706
25,073
26,879
23,872
30,278
36,830
27,048
26,900
39,052
26,333
33,119
27,674
36,231
33,971
28,024
27,518
30,830
28,359
33,732
31,387
28,954
29,656
25,682
26,780
25,113
25,249
44
284
325
316
127
124
210
132
276
13
40
39
234
255
162
175
82
206
354
197
136
281
349
249
205
125
104
109
348
169
257
251
252
275
315
123
80
314
74
161
310
303
209
300
265
323
208
216
142
164
336
114
160
290
189
307
201
355
71
297
12
331
288
344
176
46
282
287
31
306
110
263
52
85
245
272
163
231
93
145
211
188
321
292
329
326
D-76
Regional Data
February 2007
Table J.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2003-2005— Continues
Personal income
Area name
Per capita personal income1
Percent
change2
Millions of dollars
2003
2004
2005p
2004-2005p
Rank in
United States
Dollars
2003
2004
2005p
2005 p
Metropolitan statistical areas3— Continued
Kalamazoo-Portage, Ml................................................
Kankakee-Bradley, IL........
Kansas City, MO-KS.........
Kennewick-Richland-Pasco, WA....................................
Killeen-Temple-Fort Hood, TX
Kingsport-Bristol-Bristol, TN-VA
Kingston, N Y ....................
Knoxville, TN ....................
Kokomo, IN...................................................................
LaCrosse, WI-MN........................................................
Lafayette, IN .................................................................
Lafayette, LA.................................................................
Lake Charles, LA
Lakeland, FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo, TX....................................................................
Las Cruces, NM............................................................
Las Vegas-Paradise, NV...............................................
Lawrence, KS
Lawton, OK.
Lebanon, PA.................................................................
Lewiston, ID-WA
Lewiston-Auburn, ME....................................................
Lexington-Fayette, KY
Lima, OH....
Lincoln, NE.
Little Rock-North Little Rock, AR...................................
Logan, UT-ID
Longview, TX
.....................
Longview, WA
Los Angeles-Long Beach-Santa Ana, CA.....................
Louisville-Jefferson County, KY-IN.................................
Lubbock, TX
Lynchburg, VA
Macon, G A.
Madera, CA
Madison, Wl
Manchester-Nashua, NH..............................................
Mansfield, OH
McAllen-Edinburg-Mission, T X......................................
Medford, OR
Memphis, TN-MS-AR....................................................
Merced, CA
Miami-Fort Lauderdale-Miami Beacn, FL......................
Michigan City-La Porte, IN ............................................
Midland, TX...................................................................
Milwaukee-Waukesha-West Allis, W l......
Minneapolis-St. Paul-Bloomington, MN-W1
Missoula, MT.................................................................
Mobile, A L ..
Modesto, CA
Monroe, LA.
Monroe, M l.
Montgomery, AL
Morgantown, WV...........................................................
Morristown, TN..............................................................
Mount Vernon-Anacortes, WA.......................................
Muncie, IN ....................................................................
Muskegon-Norton Shores, M l.......................................
Myrtle Beach-Conway-North Myrtle Beach, SC............
Napa, CA.......................................................................
Naples-Marco Island, FL...............................................
Nashville-Davidson-Mutfreesboro, T N ..........................
New Haven-Milford, C T .................................................
New Orleans-Metairie-Kenner, LA.................................
New York-Northern New Jersey-Long Island, NY-NJ-PA
Niles-Benton Harbor, M l................................................
Norwich-New London, CT.............................................
Ocala, FL.......................................................................
Ocean City, NJ..............................................................
Odessa, T X ...................................................................
Ogden-Clearfield, UT....................................................
Oklahoma City, OK
Olympia, WA.........
Omaha-Council Bluffs, NE-IA
Orlando-Kissimmee, FL.................................................
Oshkosh-Neenah, Wl
Owensboro, KY .....
Oxnard-Thousand Oaks-Ventura, CA............................
See the footnotes at the end of the table.
9,343
2,804
63,337
5,690
8,740
7,490
4,856
18,384
3,190
3,638
4,613
6,753
4,906
13,031
14,216
13,340
3,636
3,746
48,916
2,740
2,837
3,428
1,519
2,945
13,180
2,840
8,595
18,672
2,202
5,313
2,326
427,041
37,575
6,524
6,097
6,155
2,738
18,658
14,345
3,372
9,491
5,157
38,592
4,977
172,864
2,800
4,056
52,865
119,741
2,783
9,160
11,945
4,264
4,605
10,035
2,920
2,923
3,235
3,078
4,291
5,298
5,055
11,993
45,742
30,326
38,591
760,159
4,489
9,563
6,686
3,525
2,824
12,275
33,053
6,858
27,215
50,821
4,883
2,812
27,980
9,571
2,870
66,654
6,017
9,321
7,894
5,105
19,545
3,159
3,814
4,888
7,130
5,134
13,997
14,975
13,480
3,888
4,022
54,340
2,907
2,989
3,626
1,596
3,084
13,896
2,901
9,121
19,888
2,378
5,639
2,434
453,902
39,650
6,927
6,476
6,483
3,049
19,894
15,343
3,419
10,162
5,507
40,877
5,538
183,587
2,933
4,398
55,217
127,365
2,935
9,539
12,880
4,476
4,622
10,521
3,099
3,061
3,380
3,152
4,424
5,696
5,384
12,711
48,690
32,300
40,889
811,644
4,670
10,059
7,221
3,669
2,988
13,010
34,785
7,230
28,980
55,103
5,121
2,980
30,047
9,706
2,902
69,843
6,254
10,162
8,184
5,345
20,474
3,154
3,946
5,081
7,727
4,695
15,168
15,605
13,817
4,217
4,302
59,682
3,040
3,129
3,753
1,646
3,177
14,539
2,991
9,464
20,842
2,483
6,021
2,544
477,101
41,208
7,346
6,830
6,739
3,182
20,836
16,053
3,472
10,867
5,817
42,720
5,668
196,789
3,006
4,847
57,279
132,258
3,102
10,127
13,605
4,744
4,677
11,104
3,294
3,176
3,598
3,234
4,523
6,057
5,672
13,659
51,845
33,550
27,340
854,317
4,734
10,454
7,760
3,810
3,234
13,733
36,590
7,660
30,391
60,148
5,321
3,076
31,692
1.4
1.1
4.8
3.9
9.0
3.7
4.7
4.8
-0.2
3.5
3.9
8.4
-8.6
8.4
4.2
2.5
8.5
7.0
9.8
4.6
4.7
3.5
3.1
3.0
4.6
3.1
3.8
4.8
4.4
6.8
4.5
5.1
3.9
6.0
5.5
3.9
4.4
4.7
4.6
1.6
6.9
5.6
4.5
2.4
7.2
2.5
10.2
3.7
3.8
5.7
6.2
5.6
6.0
1.2
5.5
6.3
3.8
6.5
2.6
2.2
6.4
5.3
7.5
6.5
3.9
-33.1
5.3
1.4
3.9
7.5
3.8
8.2
5.6
5.2
6.0
4.9
9.2
3.9
3.2
5.5
29,228
26,408
33,191
27,078
25,411
24,983
26,806
28,703
31,478
28,334
25,491
27,706
25,323
25,518
29,456
29,392
17,097
20,523
31,054
26,860
25,745
27,891
26,078
27,770
31,319
26,530
31,071
29,690
20,259
26,750
24,476
33,318
31,580
25,398
26,274
27,170
20,481
35,554
36,339
26,298
14,938
27,089
31,172
21,505
32,762
25,504
34,153
34,949
38,836
28,274
22,916
24,337
24,993
30,517
28,462
25,739
22,952
29,637
26,006
24,775
25,118
38,352
41,926
33,354
36,046
29,342
40,679
27,572
36,106
23,803
34,641
22,971
26,192
29,202
31,034
34,363
28,206
30,829
25,378
35,407
30,070
26,810
34,585
27,915
26,944
26,316
28,076
30,209
31,236
29,707
26,943
29,019
26,427
26,698
30,790
29,588
17,769
21,677
32,963
28,291
26,438
29,225
27,222
28,791
32,722
27,286
32,749
31,283
21,761
28,201
25,298
35,188
33,058
26,867
27,690
28,442
21,949
37,447
38,515
26,690
15,460
28,531
32,741
23,379
34,278
26,729
36,642
36,488
40,915
29,625
23,840
25,885
26,163
30,320
29,699
27,211
23,767
30,415
26,825
25,406
26,170
40,666
42,846
34,904
38,254
31,024
43,277
28,684
37,801
24,749
36,525
24,040
27,255
30,449
32,180
36,124
29,576
32,275
26,836
37,740
30,394
26,876
35,859
28,304
28,907
27,163
29,258
31,238
31,115
30,613
27,711
31,180
24,078
27,938
31,809
30,345
18,770
22,706
34,890
29,536
27,828
29,890
27,846
29,404
33,821
28,155
33,612
32,399
22,481
29,880
26,139
36,917
34,100
28,364
28,828
29,466
22,284
38,799
40,004
27,139
16,022
29,783
33,880
23,450
36,293
27,204
39,939
37,862
42,083
30,991
25,227
26,915
27,723
30,384
31,083
28,768
24,323
31,793
27,792
25,764
26,686
42,720
44,458
36,445
39,622
20,722
45,570
29,114
39,209
25,574
38,379
25,805
28,208
31,630
33,469
37,373
31,112
33,362
27,563
39,809
172
289
60
232
213
278
200
150
152
166
261
151
342
248
133
174
359
350
75
192
254
181
253
196
90
240
97
122
351
183
312
45
81
230
215
194
353
32
25
279
361
185
88
346
51
277
26
38
14
157
327
286
259
173
155
219
341
134
258
319
296
11
9
48
29
357
8
203
30
322
35
318
236
138
102
41
154
106
269
28
February 2007
Survey
of
D-77
C u r r e n t B u s in e s s
Table J.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2003-2005— Continues
Personal income
Area name
Per capita personal income1
Percent
change2
Millions of dollars
2003
2004
2005p
2004-2005p
Rank in
United States
Dollars
2003
2004
2005 p
2005 p
Metropolitan statistical areas3— Continued
Palm Bay-Melbourne-Titusville, F L ......................
Panama City-Lynn Haven, FL..............................
Parkersburg-Marietta-Vienna, WV-OH.................
Pascagoula, M S...................................................
Pensacola-Ferry Pass-Brent, FL..........................
Peoria, IL.............................................................
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Phoenix-Mesa-Scottsdale, AZ..............................
Pine Bluff, AR......................................................
Pittsburgh, PA.......................................................
Pittsfield, MA........................................................
Pocatello, ID .........................................................
Portland-South F’ortl and-Biddeford, ME...............
Portland-Vancouver-Beaverton, OR-WA..............
Port St. Lucie-Fort Pierce, FL...............................
Poughkeepsie-Newburgh-Middletown, NY...........
Prescott, A Z ........................................................
Providence-New Bedford-Fall River, RI-MA.........
Provo-Orem, UT..................................................
Pueblo, CO..........................................................
Punta Gorda, FL...................................................
Racine, Wl............................................................
Raleigh-Cary, NC.................................................
Rapid City, SD......................................................
Reading, PA..........................................................
Redding, CA........................................................
Reno-Sparks, NV................................................
Richmond, VA......................................................
Riverside-San Bernardino-Ontario, CA................
Roanoke, VA.......................................................
Rochester, M N....................................................
Rochester, NY......................................................
Rockford, IL..........................................................
Rocky Mount, NC.................................................
Rome, G A ...........................................................
Sacramento-Arden-Arcade-Roseville, CA............
Saginaw-Saginaw Township North, Ml.................
St. Cloud, MN......................................................
St. George, UT....................................................
St. Joseph, MO-KS.............................................
St. Louis, MO-IL..................................................
Salem, OR...........................................................
Salinas, C A .........................................................
Salisbury, MD......................................................
Salt Lake City, UT................................................
San Angelo, T X ...................................................
San Antonio, T X ..................................................
San Diego-Carlsbad-San Marcos, C A .................
Sandusky, O H.....................................................
San Francisco-Oakland-Fremont, C A ..................
San Jose-Sunnyvale-Santa Clara, CA.................
San Luis Obispo-Paso Robles, CA.......................
Santa Barbara-Santa Maria, C A ..........................
Santa Cruz-Watsonville, CA................................
Santa Fe, NM ......................................................
Santa Rosa-Petaluma, CA..................................
Sarasota-Bradenton-Venice, FL...........................
Savannah, GA.....................................................
Scranton-Wilkes-Barre, PA..................................
Seattle-Tacoma-Bellevue, WA..............................
Sebastian-Vero Beach, F L..................................
Sheboygan, W l....................................................
Sherman-Denison, T X ........................................
Shreveport-Bossier City, LA .................................
Sioux City, IA-NE-SD...........................................
Sioux Falls, SD....................................................
South Bend-Mishawaka, IN-MI............................
Spartanburg, SC.................................................
Spokane, W A......................................................
Springfield, IL ......................................................
Springfield, MA....................................................
Springfield, MO...................................................
Springfield, OH....................................................
State College, PA................................................
Stockton, CA.......................................................
Sumter, SC..........................................................
Syracuse, NY......................................................
See the footnotes at the end of the table.
14,530
4,101
4,130
3,701
10,869
10,948
213,362
106,385
2,287
79,442
4,362
1,893
16,405
65,959
10,752
19,951
4,075
52,205
8,420
3,629
3,900
6,038
29,407
3,397
11,561
4,618
14,093
38,013
89,307
8,639
6,030
32,082
9,181
3,644
2,406
62,857
5,503
4,834
2,137
2,988
92,668
9,479
13,456
2,824
30,071
2,775
50,418
104,050
2,541
193,833
79,313
7,685
13,638
9,428
4,528
17,213
23,457
8,806
15,291
120,821
4,831
3,551
2,729
10,296
3,912
6,587
9,301
6,635
11,576
7,300
20,415
9,929
3,901
3,568
15,543
2,368
18,707
15,638
4,429
4,321
3,877
11,532
11,623
224,811
115,604
2,425
83,168
4,619
2,031
17,540
69,853
11,493
21,304
4,426
55,181
9,049
3,863
4,091
6,348
31,564
3,576
12,056
4,875
15,155
40,978
97,560
9,201
6,402
33,630
9,376
3,838
2,578
67,162
5,528
5,155
2,377
3,176
96,170
9,995
14,075
3,040
32,001
2,921
53,622
111,435
2,607
204,346
84,343
8,188
14,493
9,987
4,794
18,203
24,991
9,408
16,086
131,886
5,071
3,793
2,856
11,039
4,079
6,956
9,748
6,897
12,212
6,684
21,406
10,559
4,000
3,784
16,573
2,508
19,557
16,659
4,768
4,427
3,998
12,185
12,226
235,657
125,755
2,467
86,396
4,852
2,132
18,191
73,806
12,368
22,367
4,772
57,588
9,748
3,957
4,351
6,540
33,416
3,754
12,543
5,071
16,112
43,697
103,944
9,555
6,583
34,930
9,651
3,946
2,704
71,082
5,556
5,312
2,651
3,294
100,511
10,553
14,607
3,203
34,426
3,032
56,901
116,986
2,671
215,791
88,404
8,559
15,342
10,375
5,066
19,065
26,997
10,066
16,766
133,452
5,344
3,952
3,016
11,699
4,221
7,356
10,032
7,126
12,828
6,783
22,285
11,177
4,088
3,967
17,387
2,583
20,256
6.5
7.7
2.5
3.1
5.7
5.2
4.8
8.8
1.7
3.9
5.1
5.0
3.7
5.7
7.6
5.0
7.8
4.4
7.7
2.4
6.4
3.0
5.9
5.0
4.0
4.0
6.3
6.6
6.5
3.9
2.8
3.9
2.9
2.8
4.9
5.8
0.5
3.0
11.5
3.7
4.5
5.6
3.8
5.4
7.6
3.8
6.1
5.0
2.5
5.6
4.8
4.5
5.9
3.9
5.7
4.7
8.0
7.0
4.2
1.2
5.4
4.2
5.6
6.0
3.5
5.8
2.9
3.3
5.0
1.5
4.1
5.9
2.2
4.8
4.9
3.0
3.6
28,754
26,475
25,317
24,012
25,288
29,912
36,971
29,609
21,568
32,987
32,788
22,368
32,327
32,328
30,812
30,433
22,092
32,176
19,528
24,372
25,527
31,374
33,122
29,310
29,924
26,304
37,620
33,316
24,499
29,779
35,006
30,814
27.723
25,245
25,753
31,829
26,276
27,195
20,442
24,314
33,667
25,992
32,469
25,011
29,897
26,261
27,773
35,620
32,215
46,652
45,803
30,363
33,851
37,477
32,999
36,844
36,999
28,870
27,680
38,447
40,162
31,295
23,732
27,226
27,365
33,174
29,324
25,340
26,871
35,661
29,717
25,840
27,346
25,531
24,620
22,437
28,660
30,142
28,064
26,520
24,876
26,521
31,632
38,768
31,133
23,051
34,685
34,887
23,706
34,323
33,875
31,505
32,140
23,203
33,912
20,421
25,759
26,003
32,744
34,498
30,424
30,798
27,416
39,430
35,422
25,769
31,599
36,619
32,303
28,008
26,464
27,412
33,338
26,416
28,770
21,530
26,028
34,735
27,044
33,952
26,579
31,419
27,678
28,946
37,965
33,006
49,276
48,530
32,180
36,079
39,815
34,448
38,901
38,348
30,316
29,183
41,634
40,677
33,299
24,652
28,990
28,503
34,234
30,704
26,114
28,065
32,598
31,146
27,012
28,094
27,041
25,527
23,732
29,944
31,359
29,515
27,241
25,433
27,701
33,118
40,468
32,536
23,526
36,208
36,798
24,820
35,375
35,215
32,458
33,497
24,015
35,493
21,527
26,150
27,618
33,417
35,186
31,757
31,648
28,189
40,898
37,169
26,584
32,614
37,198
33,618
28,453
27,116
28,704
34,805
26,667
29,323
22,299
27,009
36,174
28,100
35,444
27,557
33,279
28,777
30,109
39,880
33,955
51,964
50,373
33,503
38,282
41,555
35,964
40,871
40,112
32,069
30,453
41,661
41,560
34,481
25,810
30,527
29,605
35,379
31,530
26,710
29,107
33,003
32,425
28,075
28,712
28,223
26,181
24,482
31,078
146
193
274
324
262
111
21
117
345
54
47
335
67
69
119
101
343
64
356
311
267
103
70
135
137
239
18
43
302
116
42
96
228
280
221
77
298
199
352
283
55
243
65
270
108
218
178
27
86
2
3
100
36
17
57
19
24
128
171
15
16
78
317
167
191
66
143
294
204
113
120
244
220
235
309
338
156
D-78
Regional Data
February 2007
Table J.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2003-2005—Table Ends
Per capita personal income1
Personal income
Percent
change2
2003
2004
N>
O
O
Millions of dollars
Area name
Rank in
United States
Dollars
2004-2005p
2003
2004
2005 p
2005p
Metropolitan statistical areas3— Continued
Tallahassee, FL...................................................................
Tampa-St. Petersburg-Clearwater, FL..................................
Terre Haute, IN....................................................................
Texarkana, TX-Texarkana, AR.............................................
Toledo, OH...........................................................................
Topeka, KS..........................................................................
Trenton-Ewing, NJ
Tucson, A Z ..
Tulsa, OK
Tuscaloosa, AL
Tyler, TX
Utica-Rome, NY
Valdosta, GA
Vallejo-Fairfield, CA.............................................................
Victoria, TX.............
Vineland-Millville-Bridgeton, N J ...........................................
Virginia Beach-Norfolk-Newport News, VA-NC....................
Visal ia-Portervil le, CA
Waco, TX................
Warner Robins, G A.
Washington-Arlington-Alexandria, DC-VA-MD-WV..............
Waterloo-Cedar Falls, IA .....................................................
Wausau, W l.........................................................................
Weirton-Steubenville, WV-OH.............................................
Wenatchee, WA
Wheeling, WV-OH
Wichita, KS..
Wichita Falls, TX
Williamsport, PA
Wilmington, N C ...................................................................
Winchester, VA-WV.
Winston-Salem, NC.
Worcester, MA
'fekima, W A............
York-Hanover, PA
Youngstown-Warren-Boardman, OH-PA...............................
Yuba City, CA..........
Yuma, AZ.............................................................................
8,695
76,757
4,080
3,156
19,716
6,398
15,226
22,953
26,841
5,137
5,239
7,322
2,772
12,409
3,008
3,888
48,892
8,477
5,399
3,203
223,286
4,484
3,779
3,143
2,637
3,877
17,556
4,132
3,070
7,740
3,010
13,143
26,034
5,458
11,459
15,603
3,611
3,284
9,272
81,929
4,304
3,369
20,132
6,737
16,273
24,697
28,315
5,379
5,603
7,717
2,907
13,167
3,163
4,111
52,222
9,283
5,683
3,394
241,286
4,884
3,989
3,254
2,823
4,042
18,556
4,285
3,227
8,392
3,250
13,970
27,550
5,766
12,137
16,015
3,821
3,563
p Preliminary
1. Per capita personal income was computed using Census Bureau midyear population estimates.
2. Percent change calculated from unrounded data.
3. The metropolitan area definitions used by BEA for its personal income estimates are the new county-
9,721
87,393
4,409
3,571
20,639
7,016
17,123
26,339
30,111
5,790
5,958
7,982
3,044
13,822
3,358
4,275
54,883
9,575
6,006
3,603
258,281
5,072
4,181
3,371
2,954
4,242
19,589
4,407
3,311
9,008
3,500
14,511
28,454
5,830
12,923
16,443
4,008
3,702
4.8
6.7
2.4
6.0
2.5
4.1
5.2
6.6
6.3
7.6
6.3
3.4
4.7
5.0
6.2
4.0
5.1
3.1
5.7
6.2
7.0
3.8
4.8
3.6
4.7
4.9
5.6
2.8
2.6
7.3
7.7
3.9
3.3
1.1
6.5
2.7
4.9
3.9
26,507
30,341
24,079
23,974
29,914
28,227
42,165
25,777
30,523
26,442
28,493
24,570
22,716
30,177
26,624
26,022
30,090
21,683
24,578
26,688
43,913
27,756
29,701
24,450
25,915
25,818
30,183
27,816
25,885
26,354
27,248
30,081
33,576
24,057
28,996
26,314
24,342
19,262
27,990
31,677
25,547
25,386
30,599
29,599
44,661
27,244
32,150
27,571
29,993
25,857
23,498
31,967
27,933
27,224
31,811
23,153
25,512
27,417
46,782
30,226
31,206
25,522
27,319
27,049
31,781
28,998
27,227
27,672
28,735
31,645
35,384
25,125
30,262
26,859
25,278
20,289
29,026
33,008
26,237
26,687
31,429
30,629
46,751
28,481
33,920
29,408
31,258
26,796
24,386
33,581
29,624
27,894
33,316
23,304
26,733
28,559
49,530
31,331
32,422
26,653
28,198
28,528
33,368
30,125
27,964
28,584
30,104
32,345
36,328
25,173
31,611
27,720
25,685
20,424
207
112
308
295
144
165
6
227
87
195
149
291
340
98
190
250
107
347
293
224
4
147
121
299
238
226
105
177
247
222
179
126
50
328
140
260
320
358
based definitions issued by the Office of Mangagement and Budget in June 2003 (with revisions released
February 2004, March 2005, and December 2005) for federal statistical purposes.
Source: Table 1 in “Personal Income for Metropolitan Areas for 2005” in the September 2006 S u r v e y o f
C u r r e n t B u s in e s s .
D-79
February 2007
K. C harts
SELECTED REGIONAL ESTIMATES
S H A R E S O F U .S . P E R S O N A L I N C O M E B Y R E G I O N
2005
1969
G re a t L ak e s
M id e a s t
1 5 .1 %
2 3 .5 %
G re a t L ak e s
M id e a s t
1 8 .4 %
2 0 .9 %
P la in s
N ew
E n g la n d
6 .5 %
N ew
6 .4 %
E n g la n d
5 .8 %
P la in s
7 .5 %
F a r W est
F a r W est
1 5 .2 %
S o u th e a st
1 7 .9 %
22 .6%
R o c k y M o u n ta in
S o u th w e s t
2 .2 %
S o u th w e st
10 .6%
7 .0 %
S H A R E S O F U .S . G R O S S
R o ck y
M o u n ta in
3 .2 %
D O M E S T IC P R O D U C T B Y STA TE B Y R E G IO N
2005
1969
G re a t L ak e s
M id e a s t
2 1 .4 %
2 3 .5 %
G re a t L ak e s
M id e a s t
1 4 .8 %
1 8 .2 %
P la in s
6 .4 %
N ew
E n g la n d
N ew
5 .8 %
P la in s
E n g la n d
5 .5 %
7 .4 %
F a r W est
F ar W est
1 8 .0 %
1 4 .8 %
S o u th e a st
1 7 .7 %
R ocky
S o u th w e st
M o u n ta in
M o u n ta in
2 .2 %
3 .3 %
1 1 .3 %
7 .3 %
A V E R A G E A N N U A L G R O W T H
S T A T E S W IT H
F A S T E S T
R A T E O F
P E R S O N A L
G R O W T H
U S 5 . | V% a 9 e
P e rc e n t
U .S . B u r e a u
o f E c o n o m ic A n a ly s is
IN C O M E , 1 9 9 5 - 2 0 0 5
S T A T E S W IT H
S L O W E S T
P e rc e n t
G R O W T H
^ a v e r a g e
Regional Data
D-80
February 2007
SELECTED REGIONAL ESTIMATES
PER CAPITA GROSS DOMESTIC PRODUCT BY STATE IN CURRENT DOLLARS, 2005
Highest quintile
Fourth quintile
Third quintile
Second quintile
Lowest quintile
PER CAPITA PERSONAL INCOME, 2005
CO
$37,459
Highest quintile
Fourth quintile
Third quintile
Second quintile
Lowest quintile
U.S. Bureau of Economic Analysis
February 2007
D-81
Appendixes
A. A dditional Inform ation A b o u t th e NIPA Estim ates
Statistical Conventions
Current-dollar GDP is a measure of the market value
of goods, services, and structures that are produced in
the economy in a particular period. The changes in cur
rent-dollar GDP can be decomposed into quantity and
price components. Quantities, or “real” measures, and
prices are expressed as index numbers with the reference
year— at present, the year 2000— equal to 100.1
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 for 2001-2002 uses prices for 2001
and 2002 as weights, and the 2001-2002 annual percent
change in the GDP price index uses quantities for 2001
and 2002 as weights. Because the Fisher formula allows
for the effects of changes in relative prices and in the
composition 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
calculated using a fixed-weighted formula. These annual
changes are “chained” (multiplied) together to form time
series of quantity and price indexes. The percent changes
in the Fisher indexes are not affected by the choice of the
reference year.
BE A also publishes implicit price deflators (IPDs),
which are calculated as the ratio of the current-dollar
value of a component to the chained-dollar value of the
component, multiplied by 100. The values of an IPD are
very close to the values of the corresponding “chain-type”
price index.
The measures of real GDP and its major components
are also presented in dollar-denominated form, desig
nated “chained (2000) dollar estimates.” For most series,
these estimates are computed by multiplying the cur
rent-dollar value in 2000 by a corresponding quantity in
dex number and then dividing by 100. For example, if a
current-dollar GDP component equaled $100 in 2000
and if real output for this component increased by 10
percent in 2001, then the chained (2000) dollar value of
this component in 2001 would be $110 ($100 x 1.10).
The percent changes calculated from the chained (2000)
dollar estimates and from the quantity indexes are the
same; any differences will be small and due to rounding.
The chained-dollar values for the detailed GDP com
ponents will not necessarily sum to the chained-dollar es
timate of GDP (or to any intermediate aggregate) in a
table, because the relative prices that are used as weights
for any period other than the reference year differ from
those of the reference year. A measure of the effect of such
differences is provided by a “residual” line— the differ
1. See J. Steven Landefeld, Brent R. Moulton, and Cindy M. Vojtech, “ChainedDollar Indexes: Issues, Tips on Their Use, and U pcom ing Changes,” S urvey of C urrent
B usiness (November 2003): 8-16.
ence between the chained-dollar value of the main aggre
gate in the table and the sum of the most detailed
components in the table. For periods close to the refer
ence year, when the relative prices that are used as weights
have usually not changed much, the residuals tend to be
small, and the chained-dollar estimates can be used to
approximate the contributions to growth and to aggre
gate the detailed estimates. For periods further from the
reference year, the residuals tend to be larger, and the
chained-dollar estimates are less useful for analyses of
contributions to growth. In particular, for components
for which relative prices are changing rapidly, the calcula
tion of contributions based on chained-dollar estimates
may be misleading even just a few years from the refer
ence year. Thus, contributions derived from quantity in
dexes provide a better measure than contributions
derived from chained-dollar estimates; contributions
based on quantity indexes are shown in selected NIPA ta
bles 1.1.2, 1.2.2, 1.5.2, 2.3.2, 3.9.2, 4.2.2, and 5.3.2.
For quarters and months, NIPA estimates are pre
sented at annual rates, which show the value that would
be registered if the rate of activity that is measured for a
quarter or for a month were maintained for a full year.
Annual rates are used so that periods o f different
lengths— for example, quarters and years— may be more
easily compared. These annual rates are determined sim
ply by multiplying the estimated rate of activity by 4 (for
quarterly data) or by 12 (for monthly data).
For most quarterly NIPA estimates, percent changes in
the estimates are also expressed at annual rates. Calculat
ing these changes requires a variant of the compound in
terest formula:
where r is the percent change at an annual rate; xt is the
level o f activity in the later period; x0 is the level o f ac
tivity in the earlier period; m is the periodicity o f the
data (for example, 1 for annual data, 4 for quarterly
data, or 12 for monthly data); and n is the number o f
periods between the earlier periods and the later peri
ods (that is, t-0).
Quarterly and monthly NIPA estimates are seasonally
adjusted if necessary. Seasonal adjustment removes from
the time series the average effects 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.
Appendix A
D-82
February 2007
Reconciliation Table
Table 1. 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
[B illio n s o f d o l l a r s ]
S e a s o n a lly a d ju s te d a t a n n u a l ra te s
L in e
E x p o r t s o f g o o d s a n d s e r v i c e s a n d i n c o m e r e c e i p t s , I T A s ..................................................................................................................
1
L e s s : G o l d , I T A s .................................................................................................................................................................................................................................................
20 04
20 05
1 ,5 2 6 .8
1 ,7 4 9 .9
20 05
20 06
II
III
IV
I
II
1 ,7 1 7 .3
1 ,7 7 1 .7
1 ,8 4 9 .4
1 ,9 3 7 .6
2 ,0 4 7 .9
2
4 .4
5 .5
5 .5
5 .4
5 .8
1.........................................................................................................................................................................................
3
0.0
0.0
O t h e r i t e m s ..........................................................................................................................................................................................................................
4
0 .7
0 .9
0.0
0.8
0.0
1.0
0.0
1.1
S ta tis tic a l d if f e r e n c e s
P l u s : A d j u s t m e n t f o r g r o s s i n g o f p a r e n t / a f f i l i a t e i n t e r e s t p a y m e n t s .......................................................................................................
A d j u s t m e n t f o r U . S . t e r r i t o r i e s a n d P u e r t o R i c o .....................................................................................................................
5
6
7 .6
-4 .1
1.0
8.2
8.2
III
2 ,1 0 7 .5
8.8
9 .6
4 .0
4 .0
0.8
0 .9
10.8
5 .1
7 .3
7 .1
7 .4
5 2 .3
5 6 .7
5 5 .7
5 7 .8
5 7 .4
5 8 .3
5 6 .5
5 7 .6
9 .3
9 .1
9 .0
9 .0
9 .2
9 .2
9 .4
9 .3
9 .3
S e r v i c e s f u r n i s h e d w i t h o u t p a y m e n t b y f i n a n c i a l i n t e r m e d i a r i e s e x c e p t l if e i n s u r a n c e
c a r r i e r s ................................................................................................................................................................................................................................
7
E q u a l s : E x p o r t s o f g o o d s a n d s e r v i c e s a n d i n c o m e r e c e i p t s , N I P A s ...................................................................................
8
1 ,5 8 8 .3
1 ,8 1 6 .5
1 ,7 8 2 .8
1 ,8 3 9 .6
1 ,9 1 7 .3
2 ,0 0 8 .7
2 ,1 0 9 .5
2 ,1 7 0 .7
I m p o r t s o f g o o d s a n d s e r v i c e s a n d i n c o m e p a y m e n t s , I T A s ............................................................................................................
9
2, 1 1 0 . 6
2 ,4 5 5 .3
2 ,3 9 7 .6
2 ,4 6 7 .5
2 ,6 3 7 .2
2 ,7 1 2 .2
2 ,8 2 9 .0
2 ,9 2 3 .9
L e s s : G o l d , I T A s .................................................................................................................................................................................................................................................
10
11
12
4 .1
4 .4
4 .0
4 .4
5 .4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
S ta tis tic a l d if f e r e n c e s
1..........................................................................................................................................................................................
O t h e r i t e m s ..........................................................................................................................................................................................................................
5 .7
1 5 .5
0.0
6.2
1 2 .7
5 .6
1 2 .7
0.0
-4.2
P l u s : G o l d , N I P A s ..............................................................................................................................................................................................................................................
13
- 3 .3
- 3 .5
- 3 .3
- 3 .5
A d j u s t m e n t f o r g r o s s i n g o f p a r e n t / a f f i l i a t e i n t e r e s t p a y m e n t s .................................................................................
14
5 .1
7 .3
7 .1
7 .4
A d j u s t m e n t f o r U . S . t e r r i t o r i e s a n d P u e r t o R i c o .....................................................................................................................
15
3 7 .7
3 7 .5
3 4 .5
4 0 .1
3 4 .8
4 0 .5
4 3 .9
3 4 .1
i m p u t e d i n t e r e s t p a i d t o r e s t o f w o r l d ..................................................................................................................................................
16
9 .3
9 .1
9 .0
9 .0
9 .2
9 .2
9 .4
9 .3
E q u a l s : I m p o r t s o f g o o d s a n d s e r v i c e s a n d i n c o m e p a y m e n t s , N I P A s ..............................................................................
17
2 ,1 5 5 .3
2 ,5 0 1 .3
2 ,4 4 0 .8
2 ,5 1 6 .2
2 ,6 8 0 .2
2 ,7 4 4 .9
2 ,8 6 8 .5
2 ,9 5 5 .7
B a l a n c e o n g o o d s a n d s e r v i c e s a n d i n c o m e , I T A s ( 1 - 9 ) .........................................................................................................................
18
- 5 8 3 .8
- 7 0 5 .4
- 6 8 0 .3
- 6 9 5 .8
- 7 8 7 .8
- 7 7 4 .6
- 7 8 1 .1
- 8 1 6 .4
19
- 3 .0
- 2 .4
- 2 .5
- 3 .2
1 7 .7
L e s s : G o l d ( 2 - 1 0 + 1 3 ) ...................................................................................................................................................................................................................................
O t h e r i t e m s ( 4 - 1 2 ) ....................................................................................................................................................................................................
20
21
P l u s : A d j u s t m e n t f o r U . S . t e r r i t o r i e s a n d P u e r t o R i c o ( 6 - 1 5 ) .......................................................................................................................
22
E q u a l s : N e t e x p o r t s o f g o o d s a n d s e r v i c e s a n d n e t r e c e i p t s o f i n c o m e , N I P A s ( 8 - 1 7 ) ...............................
23
S ta tis tic a l d if f e r e n c e s ( 3 - 1 1
) 1 ....................................................................................................................................................................
1 . C o n s i s t s o f s t a t i s t i c a l r e v i s i o n s t o t h e IT A s t h a t h a v e n o t y e t b e e n i n c o r p o r a t e d in to t h e N IP A s .
IT A s I n te r n a tio n a l t r a n s a c t i o n s a c c o u n t s
N IP A s N a tio n a l in c o m e a n d p r o d u c t a c c o u n ts
0.0
0.0
0 .7
0 .9
1.8
0.0
0.8
1 4 .6
1 9 .2
21.2
- 5 6 7 .0
- 6 8 4 .8
-
- 6 5 8 .0
0.0
1.0
- 6 7 6 .6
- 3 .6
- 4 .0
8.2
8.2
-
2.1
0.0
1.1
- 1 9 .6
22.6
1 7 .8
- 7 6 2 .9
1.0
- 7 3 6 .2
- 4 .3
0.0
9 .3
10.8
0.2
- 1 .7
-
- 8 .7
- 8 .7
0.8
0 .9
12.6
2 3 .5
- 7 5 9 .0
- 7 8 5 .0
D-83
February 2007
B. Suggested Reading
The Bureau o f Economic Analysis (BEA) has published
a wealth o f information about the methodologies that
are used to prepare its national, industry, interna
tional, and regional accounts. M ost o f this information
is available on BEA’s Web site at < www.bea.gov>; see
“M ethodology Papers” and the S u r v e y o f C u r r e n t B u s i
n e s s under “ Publications.”
National accounts
The national accounts encompass the detailed esti
mates in the national income and product accounts
(including gross domestic product) and the estimates
o f fixed assets and consumer durable goods.
National income and product accounts (NIPAs).
This series o f papers documents the conceptual fram e
work o f the NIPAs and the methodologies that have
been used to prepare the estimates.
An Introduction to National Economic Accounting
(1985) [also i n the March 1985 S u r v e y ]
Corporate Profits: Profits Before Tax, Profits Tax Lia
bility, and Dividends (2002)
Government Transactions (1988)
Personal Consumption Expenditures (1990)
The m ethodologies described in these papers
have been updated and improved, typically as part o f
the comprehensive and annual revisions o f the
NIPAs.
The following S u r v e y articles describe the m ost re
cent comprehensive revision o f the NIPAs.
“ Improved Estimates o f the National Income and
Product Accounts for 1929-2002: Results o f the C om
prehensive Revision” (February 2004)
“Preview o f the Revised NIPA Estimates for 1997 Ef
fects o f Incorporating the 1997 Benchmark 1-0 Ac
counts and Proposed Definitional and Statistical
Changes” (January 2003)
“Preview o f the 2003 Comprehensive Revision o f
the National Income and Product Accounts”
Changes in Definitions and Classifications
(June 2003)
New and Redesigned Tables (August 2003)
Statistical Changes (September 2003)
“M easuring the Services o f Commercial Banks in
the NIPAs: Changes in Concepts and M ethods” (Sep
tember 2003)
“M easuring the Services o f Property-Casualty In
surance in the NIPAs: Changes in Concepts and Meth
ods” (October 2003)
In addition, see the following articles.
“Annual Revision o f the National Income and Prod
uct Accounts” (August 2006) presents revisions and
describes any changes in the data and the m ethods that
are used to prepare the estimates.
“ Updated Sum m ary NIPA M ethodologies” (N o
vember 2006) describes the source data and the m eth
ods that are used to prepare the current-dollar and real
estimates o f GDP.
“Chained-Dollar Indexes: Issues, Tips on Their Use,
and Upcoming Changes” (November 2003) discusses
the advantages o f using chain-weighted indexes and
the challenges o f using chained dollars.
“Reliability o f the NIPA Estimates o f U.S. Economic
Activity” (February 2005) evaluates the principal NIPA
estimates by examining the record o f revisions to
them.
“Gross Domestic Product: Revisions and Source
Data” (February 2006) describes the categories o f data
that are used for the advance, preliminary, and final
quarterly estimates o f GDP.
Fixed assets and consumer durable goods. Fixed
Assets and Consumer Durable Goods in the United
States, 1925-97 (2003) discusses the concepts and sta
tistical considerations that underlie the estimates and
their derivation.
“ Fixed Assets and Consum er Durable Goods for
1925-2002” (May 2004) describes the improvements
that were incorporated into these estimates as part o f
the m ost recent comprehensive NIPA revision.
“ Fixed Assets and Consum er Durable Goods for
1995-2005” (September 2006) provides estimates that
reflect the incorporation o f the m ost recent annual
NIPA revision.
Mission Statement and Strategic Plan
The mission statement of the Bureau of Economic
Analysis and its most recently updated strategic plan
for improving the accuracy, reliability, and relevance
of the national, industry, regional, and international
accounts are available on BEA’s Web site at
<www.bea.gov> under “About BEA.”
D-84
Appendix B
Industry accounts
The industry accounts consist of the annual industry
accounts (the input-output accounts and the gross-domestic-product-by-industry accounts) and one satel
lite account.
Annual industry accounts. “Improved Annual In
dustry Accounts for 1998-2003” (June 2004) describes
the comprehensive revision of the annual input-output
accounts and the GDP-by-industry accounts that features
the integration of the two sets of accounts.
“Annual Industry Accounts” (December 2006) pre
sents the annual revision of these accounts and de
scribes the source data and any changes in the methods
that are used to prepare the estimates.
In addition, see the following articles.
“Preview of the Benchmark Input-Output Accounts
for 2002” (September 2005) includes the proposed new
sectors that are based on the 2002 North American In
dustry Classification System.
“Preview of the Comprehensive Revision of the
Annual Industry Accounts: Integrating the Annual In
put-Output Accounts and the Gross-Domestic-Product-by-Industry Accounts” (March 2004) provides the
details about the comprehensive revision.
“Benchmark Input-Output Accounts for the U.S.
Economy, 1997” (December 2002)
Satellite accounts. These accounts extend the ana
lytical capacity of the input-output accounts by focus
ing on a particular aspect of economic activity.
“Research and Development Satellite Account”
For 1959-2002 (December 2006)
“U.S. Travel and Tourism Satellite Accounts”
For 1996 and 1997 (July 2000)
For 1998-2003 (September 2004)
For 2001-2004 (June 2005)
For 2002-2005 (June 2006)
International accounts
The international accounts encompass the interna
tional transactions accounts, direct investment, and
international transactions in services.
International transactions accounts (ITAs). The
Balance of Payments of the United States: Concepts,
D ata Sources, and Estimating Procedures (1990) de
scribes the methodologies used to prepare the esti
mates in the ITAs and the international investment
position of the United States. These methodologies are
usually updated and improved as part of the annual re
visions 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 2 0 0 6 S u r v e y .
Direct investment. International Direct Investment:
Studies by the Bureau of Economic Analysis (1999) is a
February 2007
collection of previously published articles on U.S. di
rect investment abroad and foreign direct investment
in the United States. It includes “A Guide to BEA Sta
tistics on U.S. Multinational Companies,” which is also
available in the March 1995 S u r v e y , and “A Guide to
BEA Statistics on Foreign Direct Investment in the
United States,” which is also available in the February
1990 S u r v e y
In addition, the updated methodologies are avail
able in U.S. Direct Investment Abroad: Final Results
From the 1999 Benchmark Survey (2004), and in For
eign Direct Investment in the United States: Final Results
From the 2002Benchmark Survey (2006).
International services. U.S. International Transac
tions in Private Services: A Guide to the Surveys Con
ducted by the Bureau of Economic Analysis (1998)
describes 11 surveys. It includes classifications, defini
tions, release schedules, the methods used to prepare
the estimates, and samples of the survey forms.
“Selected Issues in the Measurement of U.S.
International Services” (June 2002) describes key is
sues in defining and measuring insurance, wholesale
and retail trade, finance, construction, and utilities ser
vices and explores possible actions to address these is
sues.
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 In
come for 1969-2003” (May 2004) describes the im
provements in the methodology that are used to
prepare the estimates and that are part of a compre
hensive revision.
“The Reliability of the State Personal Income
Estimates” (December 2003) evaluates the esti
mates of state personal income and of selected com
ponents by examining the revisions of these
estimates.
“Comprehensive Revision of Local Area Personal
Income for 1969-2002” (June 2004) summarizes the
improvements in the methodology that is used to
prepare the estimates for counties and metropolitan
areas. The detailed methodology is available on the
DVD-ROM Regional Economic Information System,
1969-2004.
Gross state product. “Comprehensive Revision of
Gross State Product” (January 2005) summarizes
the sources and the methods that are used to pre
pare the estimates.
“Gross State Product by Industry for 1998-2005”
(July 2006) presents the most recent annual revision.
@FedFRASER