Total output, income, and spending
GROSS DOMESTIC PRODUCT
In the first quarter of 2003, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.2 percent (annual rate), real GDP (GDP in chained 1996 dollars) rose 1.6 percent, and the implicit price deflator rose 2.5 percent.
[GRAPHIC OMITTED] [Billions of current dollars; quarterly data
at seasonally adjusted annual rates]
Exports and
imports of goods
and services
Personal Gross
Gross con- private
Period domestic sumption domestic Net Exports
product expendi- invest- exports
tures ment
1993 6,642.3 4,454.7 955.1 -60.5 658.0
1994 7,054.3 4,716.4 1,097.1 -87.1 725.1
1995 7,400.5 4,969.0 1,143.8 -84.3 818.6
1996 7,813.2 5,237.5 1,242.7 -89.0 874.2
1997 8,318.4 5,529.3 1,390.5 -89.3 966.4
1998 8,781.5 5,856.0 1,538.7 -151.7 964.9
1999 9,274.3 6,246.5 1,636.7 -249.9 989.3
2000 9,824.6 6,683.7 1,755.4 -365.5 1,101.1
2001 10,082.2 6,987.0 1,586.0 -348.9 1,034.1
2002 10,446.2 7,303.7 1,593.2 -423.6 1,014.9
1999: III 9,316.5 6,299.4 1,637.9 -274.6 996.8
IV 9,516.4 6,414.5 1,693.2 -286.7 1,031.2
2000: I 9,649.5 6,552.2 1,711.4 -330.6 1,055.9
II 9,820.7 6,638.7 1,786.3 -353.2 1,098.0
III 9,874.8 6,736.1 1,766.4 -384.9 1,130.9
IV 9,953.6 6,808.0 1,757.4 -393.2 1,119.8
2001: I 10,028.1 6,904.7 1,671.1 -372.7 1,100.0
II 10,049.9 6,959.8 1,597.2 -365.7 1,059.7
III 10,097.7 6,983.7 1,574.9 -312.6 1,005.8
IV 10,152.9 7,099.9 1,500.7 -344.5 971.1
2002: I 10,313.1 7,174.2 1,559.4 -360.1 977.5
II 10,376.9 7,254.7 1,588.0 -425.6 1,018.1
III 10,506.2 7,360.7 1,597.3 -432.9 1,038.6
IV 10,588.8 7,425.4 1,628.1 -476.0 1,025.4
2003: I (p) 10,697.7 7,502.8 1,626.9 -485.7 1,026.0
Exports
and
imports
of Government consumption expenditures
goods and gross investment
and
services
Federal
Period Imports Total Total National Non-
defense defense
1993 718.5 1,293.0 527.3 364.9 162.4
1994 812.1 1,327.9 521.1 355.1 165.9
1995 902.8 1,372.0 521.5 350.6 170.9
1996 963.1 1,421.9 531.6 357.0 174.6
1997 1,055.8 1,487.9 538.2 352.6 185.6
1998 1,116.7 1,538.5 539.2 349.1 190.1
1999 1,239.2 1,641.0 565.0 364.3 200.7
2000 1,466.6 1,751.0 589.2 374.9 214.3
2001 1,383.0 1,858.0 628.1 399.9 228.2
2002 1,438.5 1,972.9 693.7 447.4 246.3
1999: III 1,271.4 1,653.9 569.0 368.7 200.3
IV 1,317.9 1,695.4 584.9 379.5 205.5
2000: I 1,386.5 1,716.5 575.7 365.5 210.2
II 1,451.1 1,748.8 598.5 379.1 219.4
III 1,515.8 1,757.2 589.7 375.0 214.7
IV 1,513.0 1,781.4 592.9 380.0 213.0
2001: I 1,472.8 1,825.0 613.3 391.4 221.9
II 1,425.3 1,858.5 624.8 395.2 229.6
III 1,318.4 1,851.7 627.4 400.3 227.2
IV 1,315.6 1,896.8 646.9 412.8 234.1
2002: I 1,337.5 1,939.5 672.0 431.7 240.3
II 1,443.7 1,959.8 688.2 442.1 246.1
III 1,471.5 1,981.1 697.7 451.2 246.5
IV 1,501.4 2,011.3 716.9 464.7 252.2
2003: I (p) 1,511.7 2,053.6 738.5 473.1 265.4
Government
consumption
expenditures
and
gross
investment
Adden-
State Final Gross dum:
Period and sales of domestic Gross
local domestic pur- national
product chases (1) product
1993 765.7 6,621.2 6,702.8 6,666.7
1994 806.8 6,991.8 7,141.4 7,071.1
1995 850.5 7,367.5 7,484.8 7,420.9
1996 890.4 7,783.2 7,902.1 7,831.2
1997 949.7 8,255.5 8,407.7 8,325.4
1998 999.3 8,708.4 8,933.3 8,778.1
1999 1,076.0 9,214.8 9,524.2 9,297.1
2000 1,161.8 9,761.1 10,190.1 9,848.0
2001 1,229.9 10,142.5 10,431.0 10,104.1
2002 1,279.2 10,442.4 10,869.9 10,436.7
1999: III 1,084.8 9,269.7 9,591.2 9,333.6
IV 1,110.5 9,427.5 9,803.1 9,546.0
2000: I 1,140.8 9,602.6 9,980.1 9,670.5
II 1,150.3 9,731.5 10,173.9 9,846.4
III 1,167.4 9,813.6 10,259.7 9,892.5
IV 1,188.5 9,896.6 10,346.8 9,982.8
2001: I 1,211.7 10,055.3 10,400.8 10,038.0
II 1,233.7 10,107.0 10,415.5 10,081.0
III 1,224.3 10,158.3 10,410.4 10,109.3
IV 1,249.8 10,249.4 10,497.4 10,188.1
2002: I 1,267.5 10,343.0 10,673.1 10,314.9
II 1,271.6 10,373.5 10,802.4 10,356.8
III 1,283.3 10,488.7 10,939.1 10,495.3
IV 1,294.4 10,564.3 11,064.8 10,579.7
2003: I (p) 1,315.2 10,687.6 11,183.3 …
(1) GDP less exports of goods and services plus imports
of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1996) dollars; quarterly data at seasonallyadjusted annual rates.]
Gross private
domestic investment
Personal Nonresi- Resi-
Gross con- dential dential
Period domestic sumption fixed fixed
product expendi- invest- invest-
tures ment ment
1993 7,062.6 4,748.9 683.6 276.0
1994 7,347.7 4,928.1 744.6 302.7
1995 7,543.8 5,075.6 817.5 291.7
1996 7,813.2 5,237.5 899.4 313.3
1997 8,159.5 5,423.9 1,009.3 319.7
1998 8,508.9 5,683.7 1,135.9 345.1
1999 8,859.0 5,964.5 1,228.4 368.3
2000 9,191.4 6,223.9 1,324.2 372.4
2001 9,214.5 6,377.2 1,255.1 373.5
2002 9,439.9 6,576.0 1,183.4 388.2
1999: III 8,886.9 6,000.1 1,243.3 369.2
IV 9,040.1 6,073.6 1,252.4 371.7
2000: I 9,097.4 6,151.9 1,297.1 379.1
II 9,205.7 6,198.2 1,329.1 376.2
III 9,218.7 6,256.8 1,340.7 367.2
IV 9,243.8 6,288.8 1,329.9 367.2
2001: I 9,229.9 6,326.0 1,311.4 374.5
II 9,193.1 6,348.0 1,261.0 374.0
III 9,186.4 6,370.9 1,241.7 374.3
IV 9,248.8 6,464.0 1,206.4 371.0
2002: I 9,363.2 6,513.8 1,188.4 383.6
II 9,392.4 6,542.4 1,181.1 386.1
III 9,485.6 6,609.9 1,178.7 387.1
IV 9,518.2 6,637.9 1,185.3 395.9
2003: I (p) 9,556.0 6,660.5 1,172.7 407.3
Gross
private Exports and imports of
domestic goods and services
investment
Change
in pri-
Period vate Net Exports Imports
inven- exports
tories
1993 20.0 -59.1 672.7 731.8
1994 66.8 -86.5 732.8 819.4
1995 30.4 -78.4 808.2 886.6
1996 30.0 -89.0 874.2 963.1
1997 63.8 -113.3 981.5 1,094.8
1998 76.7 -221.1 1,002.4 1,223.5
1999 62.8 -320.5 1,036.3 1,356.8
2000 65.0 -398.8 1,137.2 1,536.0
2001 -61.4 -415.9 1,076.1 1,492.0
2002 5.2 -488.5 1,058.8 1,547.4
1999: III 47.6 -339.6 1,044.1 1,383.7
IV 92.2 -339.5 1,075.6 1,415.2
2000: I 45.3 -368.8 1,095.8 1,464.6
II 91.5 -394.6 1,133.9 1,528.5
III 63.1 -413.1 1,165.5 1,578.6
IV 59.9 -418.5 1,153.7 1,572.2
2001: I -26.9 -404.5 1,135.8 1,540.3
II -58.3 -414.8 1,098.8 1,513.6
III -61.8 -419.0 1,048.0 1,467.0
IV -98.4 -425.3 1,021.8 1,447.2
2002: I -28.9 -446.6 1,030.6 1,477.1
II 4.9 -487.4 1,065.5 1,552.9
III 18.8 -488.0 1,077.7 1,565.7
IV 25.8 -532.2 1,061.6 1,593.8
2003: I (p) 12.8 -508.2 1,053.0 1,561.3
Government consumption expenditures
and gross investment
Federal
National Non-
Period Total Total defense defense
1993 1,398.8 572.0 394.7 177.3
1994 1,400.1 551.3 375.9 175.5
1995 1,406.4 536.5 361.9 174.6
1996 1,421.9 531.6 357.0 174.6
1997 1,455.4 529.6 347.7 181.8
1998 1,483.3 525.4 341.6 183.8
1999 1,540.6 537.7 348.8 188.8
2000 1,582.5 544.4 348.7 195.6
2001 1,640.4 570.6 366.0 204.4
2002 1,712.8 613.3 400.0 213.3
1999: III 1,546.5 540.1 352.4 187.7
IV 1,573.2 553.0 360.8 192.1
2000: I 1,568.3 533.8 341.3 192.3
II 1,586.1 554.0 353.4 200.3
III 1,582.2 543.7 347.9 195.6
IV 1,593.4 546.4 351.9 194.3
2001: I 1,615.7 559.0 359.0 199.8
II 1,638.0 567.2 361.4 205.6
III 1,633.3 568.9 365.5 203.2
IV 1,674.5 587.2 378.0 209.1
2002: I 1,697.3 597.8 388.5 209.3
II 1,703.3 608.7 395.8 212.9
III 1,715.6 615.1 402.5 212.7
IV 1,735.0 631.4 413.2 218.3
2003: I (p) 1,738.8 635.5 411.6 223.9
Government
consumption
expenditures
and gross
investment
Adden-
State Final Gross dum:
Period and sales of domestic Gross
local domestic pur- national
product chases (1) product
1993 827.0 7,043.8 7,120.6 7,087.8
1994 848.9 7,285.8 7,434.2 7,364.3
1995 869.9 7,512.2 7,621.8 7,564.0
1996 890.4 7,783.2 7,902.1 7,831.2
1997 925.8 8,095.2 8,271.7 8,168.1
1998 957.7 8,431.8 8,721.3 8,508.4
1999 1,002.4 8,793.9 9,160.2 8,883.7
2000 1,037.4 9,121.1 9,561.2 9,216.2
2001 1,069.4 9,258.4 9,600.7 9,237.3
2002 1,099.7 9,424.4 9,889.8 9,433.5
1999: III 1,006.0 8,833.6 9,204.9 8,906.4
IV 1,019.8 8,946.6 9,357.7 9,071.1
2000: I 1,033.8 9,042.9 9,440.8 9,119.7
II 1,031.8 9,111.1 9,571.9 9,233.0
III 1,037.8 9,150.4 9,600.9 9,238.2
IV 1,046.3 9,179.8 9,631.0 9,274.0
2001: I 1,056.2 9,243.8 9,604.6 9,241.7
II 1,070.2 9,234.3 9,577.1 9,224.3
III 1,064.1 9,230.5 9,575.8 9,199.8
IV 1,087.1 9,324.9 9,645.3 9,283.5
2002: I 1,099.3 9,379.4 9,778.2 9,367.5
II 1,094.7 9,377.9 9,840.8 9,376.7
III 1,100.6 9,457.2 9,934.7 9,477.9
IV 1,104.0 9,483.1 10,005.5 9,512.1
2003: I (p) 1,103.8 9,532.1 10,023.0 …
(1) GDP less exports of goods and services plus imports
of goods and services.
NOTE.–Because of the formula used for calculating real GDP,
the chained (1996) dollar estimates for the detailed components
do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1996=100; quarterly data are seasonally adjusted]Personal consumption
expenditures
Gross
Period domestic Total Durable Nondura- Services
product goods ble goods
1993 94.05 93.81 99.06 96.14 91.56
1994 96.01 95.70 100.56 96.83 94.16
1995 98.10 97.90 101.06 97.93 97.25
1996 100.00 100.00 100.00 100.00 100.00
1997 101.95 101.94 97.75 101.34 103.12
1998 103.20 103.03 95.40 101.31 105.53
1999 104.69 104.73 93.03 103.69 107.81
2000 106.89 107.39 91.46 107.59 110.85
2001 109.42 109.56 89.70 109.17 114.32
2002 110.66 111.07 87.20 109.62 117.45
1999: III 104.83 104.99 92.84 104.16 108.07
IV 105.27 105.61 92.38 105.10 108.78
2000: I 106.07 106.51 91.91 106.48 109.75
II 106.68 107.11 91.74 107.28 110.44
III 107.12 107.66 91.24 108.04 111.15
IV 107.68 108.26 90.96 108.53 112.02
2001: I 108.65 109.15 90.70 109.00 113.42
II 109.32 109.64 89.91 109.80 114.08
III 109.92 109.62 89.31 109.42 114.40
IV 109.78 109.84 88.97 108.45 115.38
2002: I 110.14 110.14 88.02 108.52 116.14
II 110.48 110.89 87.38 109.75 117.00
III 110.76 111.36 86.96 109.92 117.88
IV 111.25 111.86 86.48 110.26 118.74
2003: I (p) 111.95 112.65 85.66 115.51 119.70
Export and imports
Gross private of goods
domestic investment and services
Nonresi-
Period dential Residen- Exports Imports
fixed tial fixed
1993 99.81 91.23 97.82 98.18
1994 100.54 94.48 98.94 99.12
1995 100.93 97.91 101.28 101.83
1996 100.00 100.00 100.00 100.00
1997 99.02 102.68 98.47 96.44
1998 96.95 105.58 96.26 91.27
1999 95.53 109.59 95.47 91.33
2000 95.59 114.40 96.83 95.49
2001 95.73 119.09 96.10 92.70
2002 94.42 121.58 95.85 92.97
1999: III 95.28 110.11 95.47 91.88
IV 95.16 110.98 95.87 93.13
2000: I 95.33 112.89 96.36 94.67
II 95.43 113.98 96.83 94.94
III 95.73 114.87 97.03 96.02
IV 95.85 115.91 97.06 96.24
2001: I 95.95 117.49 96.85 95.61
II 95.96 118.78 96.44 94.17
III 95.68 119.51 95.97 89.87
IV 95.31 120.60 95.03 90.91
2002: I 94.81 120.61 94.85 90.55
II 94.47 121.40 95.55 92.97
III 94.16 121.38 96.38 93.98
IV 94.25 122.88 96.59 94.20
2003: I (p) 94.41 125.15 97.44 96.83
Government consumption expenditures
and gross investment
Federal
State
Period Total National Non- and
defense defense local
1993 92.18 92.45 91.58 92.59
1994 94.51 94.49 94.55 95.04
1995 97.21 96.88 97.90 97.77
1996 100.00 100.00 100.00 100.00
1997 101.63 101.41 102.06 102.58
1998 102.63 102.22 103.41 104.34
1999 105.08 104.44 106.29 107.33
2000 108.23 107.53 109.55 111.98
2001 110.09 109.27 111.63 115.01
2002 113.12 111.86 115.45 116.33
1999: III 105.36 104.65 106.70 107.84
IV 105.77 105.16 106.94 108.89
2000: I 107.87 107.09 109.34 110.35
II 108.04 107.26 109.52 111.49
III 108.48 107.80 109.77 112.49
IV 108.52 107.96 109.59 113.59
2001: I 109.72 109.02 111.06 114.72
II 110.15 109.35 111.67 115.28
III 110.29 109.50 111.79 115.06
IV 110.18 109.22 111.97 114.97
2002: I 112.41 111.14 114.79 115.29
II 113.06 111.70 115.60 116.16
III 113.43 112.11 115.89 116.60
IV 113.54 112.47 115.52 117.24
2003: I (p) 116.21 114.95 118.56 119.15
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]Index numbers, 1996 = 100
Real GDP GDP GDP
GDP (chain-type chain-type implicit
Period (current quantity price price
dollars) index) index deflator
1993 85.01 90.39 94.05 94.05
1994 90.29 94.04 96.01 96.01
1995 94.72 96.55 98.10 98.10
1996 100.00 100.00 100.00 100.00
1997 106.47 104.43 101.95 101.95
1998 112.39 108.91 103.20 103.20
1999 118.70 113.39 104.69 104.69
2000 125.74 117.64 106.89 106.89
2001 129.04 117.94 109.42 109.42
2002 133.70 120.82 110.66 110.66
1998: I 110.43 107.46 102.76 102.76
II 111.32 108.06 103.02 103.01
III 112.84 109.16 103.38 103.38
IV 114.99 110.94 103.66 103.65
1999: I 116.38 111.78 104.12 104.12
II 117.39 112.32 104.52 104.51
III 119.24 113.74 104.84 104.83
IV 121.80 115.70 105.28 105.27
2000: I 123.50 116.44 106.08 106.07
II 125.69 117.82 106.69 106.68
III 126.39 117.99 107.13 107.12
IV 127.40 118.31 107.68 107.68
2001: I 128.35 118.13 108.66 108.65
II 128.63 117.66 109.32 109.32
III 129.24 117.58 109.92 109.92
IV 129.95 118.37 109.78 109.78
2002: I 132.00 119.84 110.14 110.14
II 132.81 120.21 110.48 110.48
III 134.47 121.41 110.76 110.76
IV 135.53 121.82 111.25 111.25
2003: I (p) 136.92 122.31 111.95 111.95
Percent change from preeceding period (1)
Real GDP GDP GDP
GDP (chain-type chain-type implicit
Period (current quantity price price
dollars) index) index deflator
1993 5.1 2.7 2.4 2.4
1994 6.2 4.0 2.1 2.1
1995 4.9 2.7 2.2 2.2
1996 5.6 3.6 1.9 1.9
1997 6.5 4.4 1.9 1.9
1998 5.6 4.3 1.2 1.2
1999 5.6 4.1 1.4 1.4
2000 5.9 3.8 2.1 2.1
2001 2.6 .3 2.4 2.4
2002 3.6 2.4 1.1 1.1
1998: I 7.2 6.1 1.1 1.1
II 3.3 2.2 1.0 1.0
III 5.6 4.1 1.4 1.4
IV 7.8 6.7 1.1 1.1
1999: I 4.9 3.0 1.8 1.8
II 3.5 2.0 1.5 1.5
III 6.5 5.2 1.2 1.2
IV 8.9 7.1 1.7 1.7
2000: I 5.7 2.6 3.1 3.1
II 7.3 4.8 2.3 2.3
III 2.2 .6 1.6 1.6
IV 3.2 1.1 2.1 2.1
2001: I 3.0 -.6 3.7 3.7
II .9 -1.6 2.5 2.5
III 1.9 -.3 2.2 2.2
IV 2.2 2.7 -.5 -.5
2002: I 6.5 5.0 1.3 1.3
II 2.5 1.3 1.2 1.2
III 5.1 4.0 1.0 1.0
IV 3.2 1.4 1.8 1.8
2003: I (p) 4.2 1.6 2.5 2.5
(l) Percent changes based on unrounded data. Quarterly percent
changes are at annual rates.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, PRICE, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]Gross product
of nonfinancial Price, costs, and profits
corporate business per unit of real output
(billions of (dollars)
dollars)
Price per
unit of real Compensa-
Chained gross prod- tion of em-
Period Current (1996) uct of non- ployees
dollars dollars financial (unit labor
corporate cost)
business (1)
1993 3,457.6 3,573.8 0.967 0.641
1994 3,737.2 3,801.5 .983 .639
1995 3,945.9 3,960.1 .996 .645
1996 4,159.5 4,159.5 1.000 .641
1997 4,435.1 4,404.2 1.007 .644
1998 4,707.1 4,658.1 1.011 .656
1999 4,981.0 4,902.1 1.016 .667
2000 5,295.0 5,148.3 1.029 .688
2001 5,354.2 5,141.8 1.041 .695
2002 5,498.9 5,307.5 1.036 .680
1999: III 4,995.0 4,914.7 1.016 .668
IV 5,084.2 4,994.6 1.018 .671
2000: I 5,228.7 5,109.2 1.023 .682
II 5,275.1 5,129.2 1.028 .683
III 5,335.5 5,180.2 1.030 .690
IV 5,340.7 5,174.4 1.032 .697
2001: I 5,318.6 5,131.4 1.037 .699
II 5,340.9 5,125.2 1.042 .699
III 5,365.7 5,121.3 1.048 .698
IV 5,391.6 5,189.3 1.039 .684
2002: I 5,423.8 5,231.3 1.037 .682
II 5,489.0 5,298.7 1.036 .680
III 5,504.8 5,320.7 1.035 .679
IV 5,577.9 5,379.4 1.037 .679
Price, costs, and profits per unit of
real output (dollars)
Unit nonlabor cost
Consump-
tion of Indirect Net inter-
Period Total fixed business est
capital tax, etc. (2)
1993 0.236 0.108 0.098 0.030
1994 .238 .109 .101 .028
1995 .239 .110 .100 .029
1996 .236 .111 .099 .026
1997 .237 .112 .098 .027
1998 .240 .112 .098 .030
1999 .243 .113 .098 .032
2000 .250 .116 .099 .035
2001 .267 .127 .102 .038
2002 .269 .129 .103 .037
1999: III .246 .115 .098 .033
IV .246 .114 .098 .034
2000: I .245 .114 .098 .033
II .250 .116 .099 .035
III .252 .117 .099 .036
IV .256 .119 .100 .037
2001: I .262 .122 .102 .038
II .266 .125 .103 .038
III .272 .134 .099 .039
IV .268 .127 .103 .038
2002: I .268 .128 .103 .037
II .269 .129 .103 .037
III .271 .130 .104 .037
IV .270 .130 .104 .036
Price, costs, and profits
per unit of real output
(dollars)
Corporate profits with
inventory valuation and
capital consumption
adjustments (3)
Profits Profits
Period Total tax after
liability tax (4)
1993 0.091 0.029 0.062
1994 .106 .034 .072
1995 .112 .035 .077
1996 .122 .036 .086
1997 .126 .036 .090
1998 .114 .033 .081
1999 .106 .034 .072
2000 .090 .033 .056
2001 .079 .024 .055
2002 .086 .025 .062
1999: III .103 .034 .069
IV .101 .033 .068
2000: I .096 .036 .060
II .096 .036 .060
III .088 .033 .055
IV .079 .030 .050
2001: I .075 .026 .049
II .077 .027 .050
III .079 .025 .053
IV .087 .018 .068
2002: I .086 .023 .064
II .087 .025 .062
III .084 .025 .059
IV .088 .026 .062
(l) The deflator for gross product of nonfinancial corporate
business divided by 100.
(2) Indirect business tax and nontax liability plus business
transfer payments less subsidies.
(3) Unit profits from current production.
(4) With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonallyadjusted annual rates]
Proprietors’
income with
inventory
valuation and
capital
consumption
adjustments
Compen-
sation
Period National of Farm Nonfarm
income employ-
ees (1)
1993 5,251.9 3,814.4 30.1 431.7
1994 5,556.8 4,016.2 31.9 444.6
1995 5,876.7 4,202.5 22.2 475.5
1996 6,210.4 4,395.6 34.3 510.5
1997 6,618.4 4,651.3 29.7 551.5
1998 7,041.4 4,989.6 25.6 598.2
1999 7,468.7 5,308.8 27.7 650.7
2000 7,984.4 5,723.4 22.6 692.2
2001 8,122.0 5,874.9 19.0 708.8
2002 8,347.9 5,977.4 12.9 743.7
2000: I 7,860.2 5,627.3 22.3 680.2
II 7,954.5 5,670.5 25.0 693.8
III 8,048.3 5,773.1 21.7 696.9
IV 8,074.8 5,822.7 21.2 698.1
2001: I 8,092.1 5,878.9 19.3 701.9
II 8,110.1 5,879.3 18.4 708.2
III 8,089.1 5,880.4 19.3 713.1
IV 8,196.8 5,860.9 19.2 712.1
2002: I 8,268.5 5,908.4 21.7 726.7
II 8,328.0 5,963.9 7.5 740.0
III 8,349.9 5,988.4 10.7 748.0
IV 8,445.3 6,048.8 11.7 759.9
2003: I (p) … 6,119.2 14.4 771.4
Corporate profits with
inventory valuation and capi-
tal consumption adjustments
Profits with
inventory valuation
adjustment and
without capital
consumption
adjustment
Rental
income of
persons
Period with Total Total Profits
capital before tax
consumption
adjustment
1993 90.9 510.5 506.4 510.4
1994 110.3 573.2 561.0 573.4
1995 117.9 668.8 650.2 668.5
1996 129.7 754.0 729.4 726.3
1997 128.3 833.8 800.8 792.4
1998 138.6 777.4 739.4 721.1
1999 149.1 805.8 757.9 762.1
2000 146.6 788.1 767.3 782.3
2001 137.9 731.6 675.1 670.2
2002 142.4 787.4 658.3 665.2
2000: I 151.4 807.6 774.3 796.9
II 146.7 807.3 784.2 800.5
III 144.9 787.7 772.3 780.6
IV 143.5 749.7 738.6 751.1
2001: I 137.0 706.5 696.9 707.0
II 134.3 721.4 714.0 720.2
III 140.8 687.2 663.2 654.3
IV 139.3 811.4 626.3 599.1
2002: I 141.3 797.6 641.3 639.4
II 153.5 785.0 652.2 657.9
III 144.1 771.0 653.4 668.5
IV 130.6 796.1 686.4 694.9
2003: I (p) 126.1 … … …
Corporate profits
with inventory
valuation and
capital
consumption
adjustments
Profits with
inventory valuation
adjustment and
without capital
consumption
adjustment
Capital
Inventory consump-
Period valuation tion Net
adjust- adjust- interest
ment ment
1993 -4.0 4.1 374.3
1994 -12.4 12.2 380.5
1995 -18.3 18.6 389.8
1996 3.1 24.6 386.3
1997 8.4 32.9 423.9
1998 18.3 38.0 511.9
1999 -4.2 47.9 526.6
2000 -15.0 20.8 611.5
2001 5.0 56.5 649.8
2002 -6.9 129.1 684.2
2000: I -22.6 33.4 571.3
II -16.4 23.1 611.1
III -8.3 15.4 624.0
IV -12.5 11.1 639.6
2001: I -10.1 9.6 648.5
II -6.2 7.3 648.6
III 8.9 23.9 648.3
IV 27.2 185.1 653.9
2002: I 1.9 156.3 672.8
II -5.7 132.8 678.1
III -15.1 117.6 687.6
IV -8.5 109.7 698.3
2003: I (p) … 113.0 696.6
(l) Includes employer contributions for social insurance.
(See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1996) dollars, except as noted;quarterly data at seasonally adjusted annual rates]
Durable goods
Fur-
Total niture
personal Total Motor and
Period con- durable vehicles house-
sumption goods and hold
expendi- parts equip-
tures ment
1993 4,748.9 518.3 242.2 177.4
1994 4,928.1 557.7 255.1 196.3
1995 5,075.6 583.5 253.4 215.4
1996 5,237.5 616.5 256.3 236.9
1997 5,423.9 657.3 264.8 261.9
1998 5,683.7 726.7 292.0 293.3
1999 5,964.5 812.5 322.1 335.1
2000 6,223.9 878.9 338.4 374.0
2001 6,377.2 931.9 361.9 398.0
2002 6,576.0 999.9 382.4 438.1
2000: I 6,151.9 879.5 347.3 366.0
II 6,198.2 871.3 333.8 372.2
III 6,256.8 888.5 343.6 377.1
IV 6,288.8 876.5 329.1 380.6
2001: I 6,326.0 900.6 345.1 386.0
II 6,348.0 912.4 349.5 392.8
III 6,370.9 922.6 352.8 399.5
IV 6,464.0 992.0 400.4 413.6
2002: I 6,513.8 975.9 370.0 428.2
II 6,542.4 980.7 369.1 435.2
III 6,609.9 1,032.4 407.6 441.4
IV 6,637.9 1,010.6 382.8 447.5
2003: I (p) 6,660.5 1,007.7 374.3 451.2
Durable
goods Nondurable goods
Total
nondur- Clothing
Period Other able Food and
goods shoes
1993 100.7 1,430.3 745.1 218.5
1994 107.6 1,485.1 764.9 231.6
1995 115.0 1,529.0 777.0 244.3
1996 123.3 1,574.1 786.0 258.6
1997 130.8 1,619.9 794.5 271.6
1998 141.8 1,686.4 819.4 290.4
1999 156.5 1,765.1 846.8 312.1
2000 169.6 1,833.8 879.0 329.4
2001 175.3 1,869.8 887.0 337.7
2002 185.8 1,929.5 902.3 357.0
2000: I 167.8 1,809.7 870.8 322.3
II 168.6 1,831.6 880.5 327.9
III 170.7 1,840.9 880.7 332.3
IV 171.3 1,853.1 883.9 335.1
2001: I 173.1 1,863.7 889.1 334.3
II 174.2 1,862.3 887.4 334.7
III 175.0 1,868.3 884.3 337.1
IV 178.9 1,885.0 887.1 344.8
2002: I 184.2 1,921.4 901.4 355.8
II 184.1 1,920.9 899.2 355.1
III 187.0 1,925.8 897.9 355.3
IV 188.1 1,950.0 910.7 361.8
2003: I (p) 191.5 1,969.9 919.7 366.4
Nondurable goods Services
Gaso- Fuel
line oil Total
Period and and Other services (1)
oil coal
1993 115.4 14.0 338.5 2,802.5
1994 117.4 15.0 356.8 2,886.2
1995 120.2 15.7 372.0 2,963.4
1996 124.2 15.6 389.8 3,047.0
1997 128.1 15.0 410.8 3,147.0
1998 131.8 14.3 430.8 3,273.4
1999 136.4 14.7 455.7 3,395.4
2000 135.7 14.0 477.0 3,524.5
2001 138.8 12.6 495.5 3,594.9
2002 145.1 12.7 515.8 3,675.6
2000: I 134.4 13.3 469.8 3,477.7
II 135.9 14.2 474.1 3,508.2
III 136.1 14.0 479.2 3,541.7
IV 136.3 14.5 484.7 3,570.6
2001: I 137.6 13.9 490.0 3,576.3
II 136.2 12.3 493.5 3,589.3
III 139.9 12.2 496.5 3,597.5
IV 141.4 12.2 502.0 3,616.6
2002: I 145.1 12.4 510.1 3,642.2
II 144.7 12.1 513.1 3,666.2
III 145.4 12.4 518.0 3,687.0
IV 145.1 14.0 521.9 3,707.0
2003: I (p) 146.1 12.9 528.9 3,711.8
Services
Retail
of new pas-
senger cars
Period Housing Medical and light
care trucks (mil-
lions of
units)
1993 728.1 775.4 13.9
1994 749.1 783.1 15.0
1995 763.7 797.7 14.7
1996 772.6 814.4 15.0
1997 787.2 835.4 15.1
1998 808.7 857.7 15.4
1999 835.0 875.6 16.8
2000 851.3 900.1 17.2
2001 866.0 938.3 17.0
2002 880.1 978.6 16.7
2000: I 844.7 888.5 18.1
II 849.5 896.2 17.1
III 853.4 903.2 17.4
IV 857.5 912.5 16.3
2001: I 862.0 921.4 16.9
II 865.1 932.7 16.5
III 867.1 944.3 16.2
IV 869.6 954.9 18.4
2002: I 874.0 963.4 16.3
II 878.5 974.7 16.3
III 882.1 984.4 17.6
IV 885.8 992.0 16.5
2003: I (p) 890.0 1,000.9 15.8
(1) Includes other items, not shown separately.
NOTE.–Because of the formula used for calculating real GDP,
the chained (1996) dollar estimates for the detailed components
do not add to the chained-dollar value of GDP or to any
intermediate aggregate.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $35.5 billion (annual rate) in March, following an increase of $19.5 billion in February. Wages and salaries rose $25.0 billion in March, following an increase of $14.8 billion in February.
[GRAPHIC OMITTED] [Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors’
income (3)
Wage and Other
Total salary labor Non-
Period personal disburse- income Farm farm
income ments (1) (1 2)
1993 5,610.0 3,085.2 482.8 30.1 431.7
1994 5,888.0 3,236.7 507.5 31.9 444.6
1995 6,200.9 3,424.7 497.0 22.2 475.5
1996 6,547.4 3,626.5 490.0 34.3 510.5
1997 6,937.0 3,888.9 475.4 29.7 551.5
1998 7,426.0 4,192.8 490.6 25.6 598.2
1999 7,786.5 4,470.4 510.2 27.7 650.7
2000 8,406.6 4,836.3 544.2 22.6 692.2
2001 8,685.3 4,950.6 570.4 19.0 708.8
2002 8,929.1 5,003.7 610.6 12.9 743.7
2002: Mar 8,836.3 4,975.4 595.5 22.5 729.4
Apr 8,865.5 4,968.8 599.8 14.0 737.4
May 8,904.9 4,989.0 603.9 5.1 740.9
June 8,971.7 5,034.0 608.5 3.3 741.7
July 8,934.8 4,985.0 613.0 7.7 747.4
Aug 8,958.7 5,009.8 617.5 10.7 746.7
Sept 8,983.1 5,027.4 622.1 13.8 750.0
Oct 9,010.2 5,038.8 625.9 13.0 756.7
Nov 9,038.9 5,054.2 630.1 11.8 758.6
Dec 9,070.5 5,064.3 634.4 10.2 764.4
2003: Jan (r) 9,103.0 5,086.7 637.0 12.4 771.2
Feb (r) 9,122.5 5,101.5 639.3 15.6 769.0
Mar (p) 9,158.0 5,126.5 641.1 15.2 774.1
Rental Less:
income Personal
of Personal Personal Transfer contri-
Period per- dividend interest payments butions
sons income income (5) for social
(4) insurance
1993 90.9 203.0 725.5 798.6 237.8
1994 110.3 234.7 742.4 833.9 254.1
1995 117.9 254.0 792.5 885.9 268.8
1996 129.7 297.4 810.6 928.8 280.4
1997 128.3 334.9 864.0 962.2 297.9
1998 138.6 348.3 964.4 983.7 316.3
1999 149.1 328.0 969.2 1,018.5 337.4
2000 146.6 375.7 1,077.0 1,070.3 358.4
2001 137.9 409.2 1,091.3 1,170.4 372.3
2002 142.4 433.8 1,078.5 1,288.0 384.5
2002: Mar 143.2 425.5 1,069.0 1,257.6 381.8
Apr 148.3 428.0 1,075.7 1,275.0 381.6
May 153.5 430.3 1,082.3 1,282.9 383.0
June 158.7 432.7 1,088.9 1,289.9 386.1
July 152.4 435.0 1,084.8 1,293.2 383.7
Aug 144.1 437.3 1,080.7 1,297.3 385.4
Sept 135.9 439.4 1,076.7 1,304.6 386.7
Oct 133.2 441.6 1,078.8 1,309.9 387.6
Nov 130.6 443.8 1,080.9 1,317.6 388.8
Dec 127.9 446.0 1,083.1 1,329.8 389.6
2003: Jan (r) 127.1 448.6 1,078.8 1,335.1 393.9
Feb (r) 126.1 451.2 1,074.5 1,340.4 395.0
Mar (p) 125.0 453.7 1,070.3 1,348.9 396.8
(1) The total of wage and salary disbursements and other labor income
differs from compensation of employees (see p. 4) in that it excludes
employer contributions for social insurance and the excess of wage
accruals over wage disbursements.
(2) Consists primarily of employer contributions to private pension
and private welfare funds.
(3) With inventory valuation and capital consumption adjustments.
(4) With capital consumption adjustment.
(5) Consists mainly of social insurance benefits, direct relief,
and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1996) dollars rose at an annual rate of 0.3 percent in the first quarter of 2003.
[GRAPHIC OMITTED]
Less: Equals:
Personal Dispo- Less: Equals:
Period Personal tax and sable Personal Personal
income nontax personal outlays saving
payments income (1)
Billions of dollars
1993 5,610.0 674.6 4,935.3 4,584.5 350.8
1994 5,888.0 722.6 5,165.4 4,849.9 315.5
1995 6,200.9 778.3 5,422.6 5,120.2 302.4
1996 6,547.4 869.7 5,677.7 5,405.6 272.1
1997 6,937.0 968.8 5,968.2 5,715.3 252.9
1998 7,426.0 1,070.4 6,355.6 6,054.1 301.5
1999 7,786.5 1,159.1 6,627.4 6,453.3 174.0
2000 8,406.6 1,286.4 7,120.2 6,918.6 201.5
2001 8,685.3 1,292.1 7,393.2 7,223.5 169.7
2002 8,929.1 1,113.6 7,815.5 7,524.5 291.0
Seasonally adjusted annual rates
2000: I 8,211.6 1,256.3 6,955.3 6,775.9 179.4
II 8,350.2 1,273.0 7,077.2 6,869.8 207.5
III 8,487.8 1,299.6 7,188.2 6,976.7 211.5
IV 8,576.6 1,316.7 7,259.8 7,052.1 207.7
2001: I 8,658.1 1,340.6 7,317.5 7,143.9 173.7
II 8,676.2 1,336.1 7,340.0 7,198.5 141.6
III 8,706.2 1,181.9 7,524.2 7,222.0 302.2
IV 8,700.9 1,309.7 7,391.2 7,329.6 61.5
2002: I 8,803.4 1,136.8 7,666.7 7,396.3 270.4
II 8,914.0 1,121.8 7,792.2 7,477.9 314.3
III 8,958.9 1,099.0 7,859.9 7,583.0 276.9
IV 9,039.9 1,096.8 7,943.2 7,640.7 302.5
2003: I (p) 9,127.8 1,108.2 8,019.6 7,722.1 297.5
Per capita
Per capita personal
disposable consumption
personal income expenditures
Dispos-
able
personal
income in Current Chained Current Chained
Period billions dollars (1996) dollars (1996)
of chained dollars dollars
(1996)
dollars
Dollars
1993 5,261.3 18,981 20,235 17,133 18,264
1994 5,397.2 19,626 20,507 17,920 18,724
1995 5,539.1 20,361 20,798 18,657 19,058
1996 5,677.7 21,072 21,072 19,438 19,438
1997 5,854.5 21,887 21,470 20,277 19,891
1998 6,168.6 23,037 22,359 21,226 20,601
1999 6,328.4 23,749 22,678 22,384 21,373
2000 6,630.3 25,237 23,501 23,690 22,061
2001 6,748.0 25,957 23,692 24,531 22,390
2002 7,036.8 27,188 24,479 25,408 22,877
Seasonally adjusted annual rates
2000: I 6,530.4 24,745 23,234 23,311 21,887
II 6,607.6 25,118 23,451 23,562 21,998
III 6,676.8 25,447 23,637 23,847 22,150
IV 6,706.2 25,635 23,680 24,039 22,206
2001: I 6,704.3 25,785 23,624 24,330 22,291
II 6,694.8 25,805 23,537 24,468 22,317
III 6,864.0 26,387 24,071 24,491 22,342
IV 6,729.1 25,853 23,537 24,834 22,609
2002: I 6,961.0 26,759 24,296 25,040 22,735
II 7,027.2 27,144 24,479 25,271 22,790
III 7,058.1 27,313 24,527 25,579 22,969
IV 7,100.8 27,535 24,615 25,740 23,010
2003: I (p) 7,119.4 27,746 24,631 25,957 23,044
Percent Population,
change Saving as including
in real percent of Armed
Period per capita disposable Forces
disposable personal overseas
personal income (thousands)
income (2)
Percent
1993 0.1 7.1 260,011
1994 1.3 6.1 263,194
1995 1.4 5.6 266,327
1996 1.3 4.8 269,448
1997 1.9 4.2 272,687
1998 4.1 4.7 275,891
1999 1.4 2.6 279,062
2000 3.6 2.8 282,128
2001 .8 2.3 284,822
2002 3.3 3.7 287,456
Seasonally
adjusted
annual
rates
2000: I 7.3 2.6 281,076
II 3.8 2.9 281,758
III 3.2 2.9 282,476
IV .7 2.9 283,202
2001: I -.9 2.4 283,794
II -1.5 1.9 284,442
III 9.4 4.0 285,154
IV -8.6 .8 285,898
2002: I 13.5 3.5 286,507
II 3.0 4.0 287,072
III .8 3.5 287,770
IV 1.4 3.8 288,475
2003: I (p) .3 3.7 289,040
(1) Includes personal consumption expenditures, interest paid by
persons, and personal transfer payments to rest of the world (net).
(2) Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysis and
Bureau of the Census).
FARM INCOME
In the fourth quarter of 2002, according to preliminary estimates, gross farm income rose $33.0 billion (annual rate) and net farm income rose $33.9 billion.
[GRAPHIC OMITTED] [Billions of dollars; quarterly data at seasonally
adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total Livestock Crops
Period (1) Total and products (2)
1993 205.0 178.2 90.5 87.7
1994 216.0 181.3 88.3 93.0
1995 210.8 188.0 87.2 100.8
1996 235.8 199.3 92.9 106.3
1997 238.1 207.7 96.5 111.2
1998 232.1 196.0 94.1 101.9
1999 234.5 187.5 95.6 91.9
2000 241.7 193.7 99.6 94.1
2001 246.5 202.8 106.4 96.4
2002 (p) 230.9 193.5 95.9 97.6
2000: I 233.3 191.5 99.2 92.3
II 239.6 200.9 100.1 100.8
III 235.4 200.7 100.3 100.4
IV 258.5 181.6 98.5 83.1
2001: I 236.8 199.6 105.2 94.4
II 237.3 202.7 105.8 96.9
III 234.8 202.8 105.9 96.9
IV 277.2 206.3 108.8 97.5
2002: I 222.2 189.1 98.3 90.8
II 222.9 191.4 92.7 98.7
III 222.8 192.7 90.8 101.9
IV (p) 255.8 200.9 101.7 99.2
Income of farm operators from farming
Gross farm income
Direct
Value of Government Produc- Net
Period inventory payments tion farm
changes (3) (4) expenses income
1993 -4.2 13.4 160.4 44.7
1994 8.3 7.9 167.2 48.9
1995 -5.0 7.3 173.8 36.9
1996 7.9 7.3 181.0 54.8
1997 .6 7.5 187.6 50.5
1998 -.6 12.4 186.5 45.6
1999 -.3 21.5 188.3 46.2
2000 .1 22.9 193.7 48.0
2001 -3.2 20.7 200.8 45.7
2002 (p) -2.8 13.1 198.5 32.4
2000: I .2 16.6 199.0 34.3
II .1 13.5 205.3 34.3
III .1 9.7 191.6 43.9
IV .1 51.7 178.8 79.8
2001: I -4.0 15.1 202.5 34.3
II -3.8 12.3 208.8 28.4
III -2.8 8.8 200.2 34.6
IV -2.2 46.8 191.5 85.7
2002: I -3.5 9.5 197.9 24.4
II -3.3 7.8 203.4 19.6
III -2.5 5.5 196.9 25.9
IV (p) -2.0 29.7 196.0 59.8
(1) Cash marketing receipts, Government payments, value of changes in
inventories, other farm related cash income, and nonmoney income
produced by farms including imputed rent of operator residences.
(2) Crop receipts include proceeds received from commodities placed
under Commodity Credit Corporation loans.
(3) Physical changes in beginning and ending year inventories of crop
and livestock commodities valued at weighted average market prices
during the period.
(4) Includes only Government payments made directly to farmers.
NOTE.–Quarterly data plotted for 1992 and 1993 in chart do not reflect
revisions to annual data in table.
Source: Department of Agriculture.
CORPORATE PROFITS
In the fourth quarter of 2002, according to current estimates, corporate profits before tax rose $26.4 billion (annual rate) and profits after tax rose $18.7 billion.
[GRAPHIC OMITTED] [Billions of dollars; quarterly data at seasonally adjusted
annual rates]
Profits (before tax) with inventory
valuation adjustment (1)
Domestic industries
Nonfinancial
Total Finan- Total Manufac-
Period (2) Total cial (3) turing
1993 506.4 429.6 127.9 301.7 108.4
1994 561.0 483.7 114.7 369.0 139.6
1995 650.2 558.2 154.3 403.8 166.1
1996 729.4 628.6 165.3 463.3 181.2
1997 800.8 690.2 185.7 504.5 195.2
1998 739.4 637.2 158.4 478.8 164.3
1999 757.9 637.6 181.7 455.9 157.5
2000 767.3 624.0 201.0 423.0 159.8
2001 675.1 524.4 190.6 333.7 83.4
2002 658.3 539.0 217.3 321.7 92.6
1999: III 739.6 624.0 183.2 440.9 155.8
IV 781.0 644.5 198.4 446.1 154.0
2000: I 774.3 642.7 201.7 441.0 167.6
II 784.2 642.7 193.1 449.7 176.1
III 772.3 626.9 204.5 422.4 160.7
IV 738.6 583.6 204.9 378.8 134.6
2001: I 696.9 560.8 208.2 352.6 92.3
II 714.0 553.6 191.6 362.0 99.2
III 663.2 521.4 162.7 358.7 91.1
IV 626.3 461.6 200.1 261.5 50.9
2002: I 641.3 509.3 218.2 291.1 68.9
II 652.2 537.1 218.5 318.6 91.9
III 653.4 537.3 216.1 321.2 100.5
IV 686.4 572.3 216.5 355.8 108.9
2003: I (p) … … … … …
Profits (before tax) with
inventory valuation
adjustment (1)
Domestic industries
Nonfinancial
Profits Tax
Period Transpor- Whole- Retail before lia-
tation (4) sale tax bility
1993 69.6 28.2 39.7 510.4 165.4
1994 82.9 33.1 46.6 573.4 186.7
1995 85.8 29.4 44.1 668.5 211.0
1996 91.4 42.6 52.9 726.3 223.6
1997 85.0 49.2 63.9 792.4 237.2
1998 79.1 55.9 73.8 721.1 238.8
1999 57.2 54.4 75.6 762.1 247.8
2000 36.6 62.1 73.4 782.3 259.4
2001 27.7 44.8 79.1 670.2 199.3
2002 16.7 47.3 81.2 665.2 213.3
1999: III 53.1 50.0 71.0 753.4 246.3
IV 58.6 56.4 72.3 797.6 255.7
2000: I 43.6 57.3 77.7 796.9 270.8
II 35.7 66.7 74.1 800.5 267.3
III 34.4 67.1 74.0 780.6 257.4
IV 32.8 57.4 67.9 751.1 241.9
2001: I 36.6 45.2 75.7 707.0 217.3
II 34.3 41.0 77.8 720.2 213.1
III 33.3 45.9 82.6 654.3 196.2
IV 6.5 46.9 80.5 599.1 170.6
2002: I 15.0 41.2 81.4 639.4 202.4
II 17.1 44.8 86.0 657.9 213.7
III 13.2 44.5 82.5 668.5 214.7
IV 21.5 58.9 75.1 694.9 222.4
2003: I (p) … … … … …
Profits after tax
Undis- Inventory
Period Total Divi- tributed valuation
dends profits adjustment
1993 345.0 203.1 141.9 -4.0
1994 386.7 234.9 151.8 -12.4
1995 457.5 254.2 203.3 -18.3
1996 502.7 297.7 205.0 3.1
1997 555.2 335.2 220.0 8.4
1998 482.3 348.7 133.6 18.3
1999 514.3 328.4 185.9 -4.2
2000 522.9 376.1 146.8 -15.0
2001 470.9 409.6 61.2 5.0
2002 451.9 434.3 17.6 -6.9
1999: III 507.1 324.3 182.8 -13.8
IV 542.0 333.5 208.5 -16.6
2000: I 526.1 351.1 174.9 -22.6
II 533.3 369.7 163.6 -16.4
III 523.2 386.1 137.1 -8.3
IV 509.2 397.6 111.6 -12.5
2001: I 489.7 402.9 86.8 -10.1
II 507.1 406.5 100.7 -6.2
III 458.1 411.4 46.7 8.9
IV 428.5 417.7 10.8 27.2
2002: I 437.0 424.2 12.8 1.9
II 444.3 430.8 13.5 -5.7
III 453.8 437.7 16.1 -15.1
IV 472.5 444.3 28.2 -8.5
2003: I (p) … 451.6 … …
(1) See p. 4 for profits with inventory valuation and capital
consumption adjustments.
(2) Includes rest of the world, not shown separately.
(3) Includes industries not shown separately.
(4) Transportation and public utilities.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 2003, according to advance estimates, nonresidential fixed investment in chained (1996) dollars fell $12.6 billion (annual rate) and residential investment rose $11.4 billion. There was an increase of $12.8 billion in inventories following an increase of $25.8 billion in the fourth quarter of 2002.
[GRAPHIC OMITTED] [Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Fixed investment
Nonresidential
Gross
private
Period domestic Total Total Structures
investment
1993 977.9 958.4 683.6 198.9
1994 1,107.0 1,045.9 744.6 200.5
1995 1,140.6 1,109.2 817.5 210.1
1996 1,242.7 1,212.7 899.4 225.0
1997 1,393.3 1,328.6 1,009.3 245.4
1998 1,558.0 1,480.0 1,135.9 262.2
1999 1,660.5 1,595.2 1,228.4 258.6
2000 1,762.9 1,691.9 1,324.2 275.5
2001 1,574.6 1,627.4 1,255.1 270.9
2002 1,589.6 1,577.3 1,183.4 226.4
1999: III 1,663.4 1,610.6 1,243.3 254.7
IV 1,717.8 1,622.2 1,252.4 258.5
2000: I 1,727.8 1,673.6 1,297.1 267.0
II 1,798.1 1,700.9 1,329.1 272.3
III 1,770.3 1,701.7 1,340.7 280.2
IV 1,755.2 1,691.3 1,329.9 282.7
2001: I 1,661.8 1,682.1 1,311.4 280.4
II 1,583.5 1,633.5 1,261.0 274.4
III 1,562.7 1,615.7 1,241.7 276.3
IV 1,490.3 1,578.4 1,206.4 252.7
2002: I 1,554.0 1,576.4 1,188.4 243.2
II 1,583.9 1,572.6 1,181.1 231.7
III 1,598.0 1,571.6 1,178.7 218.2
IV 1,622.4 1,588.5 1,185.3 212.6
2003: I (p) 1,612.1 1,590.6 1,172.7 210.7
Change in private
Fixed investment inventories
Non-
residential
Equipment
Period and software Residential Total Nonfarm
1993 487.1 276.0 20.0 28.6
1994 544.9 302.7 66.8 53.6
1995 607.6 291.7 30.4 42.6
1996 674.4 313.3 30.0 22.1
1997 764.2 319.7 63.8 60.6
1998 875.4 345.1 76.7 75.0
1999 975.9 368.3 62.8 64.1
2000 1,056.0 372.4 65.0 67.2
2001 988.2 373.5 -61.4 -63.2
2002 971.1 388.2 5.2 4.1
1999: III 996.1 369.2 47.6 58.7
IV 1,001.2 371.7 92.2 96.7
2000: I 1,038.0 379.1 45.3 58.9
II 1,065.3 376.2 91.5 88.6
III 1,067.7 367.2 63.1 64.6
IV 1,053.1 367.2 59.9 56.8
2001: I 1,036.1 374.5 -26.9 -32.6
II 989.9 374.0 -58.3 -54.9
III 966.4 374.3 -61.8 -63.6
IV 960.3 371.0 -98.4 -101.5
2002: I 953.7 383.6 -28.9 -35.1
II 961.4 386.1 4.9 4.2
III 977.2 387.1 18.8 20.8
IV 992.1 395.9 25.8 26.5
2003: I (p) 980.9 407.3 12.8 10.6
NOTE.–See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained
(1996) dollar estimates for the detailed components do not add to
the chained-dollar value of GDP or to any intermediate aggregates.
Source: Development of Commerce, Bureau of Economic Analysis.
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1996) dollars; quarterly data at seasonallyadjusted annual rates]
Nonresidential
Structures
Nonresi-
Total dential
Period nonresi- Total (1) buildings, Utilities
dential including
farm
1993 683.6 198.9 131.7 38.4
1994 744.6 200.5 137.2 36.1
1995 817.5 210.1 147.6 36.8
1996 899.4 225.0 161.7 36.0
1997 1,009.3 245.4 177.0 35.3
1998 1,135.9 262.2 188.3 42.7
1999 1,228.4 258.6 185.5 45.7
2000 1,324.2 275.5 192.3 50.4
2001 1,255.1 270.9 178.7 50.3
2002 1,183.4 226.4 145.6 47.3
1999: III 1,243.3 254.7 182.3 46.2
IV 1,252.4 258.5 181.7 48.3
2000: I 1,297.1 267.0 188.4 48.3
II 1,329.1 272.3 192.4 49.3
III 1,340.7 280.2 194.5 51.1
IV 1,329.9 282.7 193.9 52.9
2001: I 1,311.4 280.4 193.8 50.6
II 1,261.0 274.4 183.2 51.5
III 1,241.7 276.3 174.2 49.7
IV 1,206.4 252.7 163.5 49.3
2002: I 1,188.4 243.2 157.1 50.8
II 1,181.1 231.7 148.2 48.4
III 1,178.7 218.2 139.1 45.6
IV 1,185.3 212.6 137.8 44.6
2003: I (p) 1,172.7 210.7 134.8 44.6
Nonresidential
Structures Equipment and software
Information
processing
equipment
and software
Mining ex- Computers
ploration, and peri-
Period shafts, Total (2) Total pherals
and wells equipment
1993 20.5 487.1 183.4 26.4
1994 19.8 544.9 206.6 32.6
1995 18.2 607.6 242.8 49.2
1996 21.1 674.4 287.3 70.9
1997 26.2 764.2 349.8 102.9
1998 25.1 875.4 429.3 147.7
1999 21.6 975.9 508.1 207.4
2000 27.0 1,056.0 583.3 246.4
2001 34.0 988.2 548.5 239.9
2002 29.2 971.1 563.1 283.7
1999: III 20.8 996.1 522.2 218.8
IV 23.1 1,001.2 526.1 215.3
2000: I 24.5 1,038.0 561.3 226.7
II 25.0 1,065.3 585.5 249.2
III 28.6 1,067.7 591.9 255.9
IV 30.1 1,053.1 594.3 253.9
2001: I 30.9 1,036.1 578.9 253.0
II 34.6 989.9 549.8 239.0
III 35.9 966.4 533.4 224.5
IV 34.8 960.3 531.8 243.3
2002: I 30.2 953.7 540.4 262.1
II 30.3 961.4 557.0 271.6
III 29.9 977.2 575.2 297.6
IV 26.5 992.1 579.7 303.2
2003: I (p) 28.4 980.9 594.7 322.5
Nonresidential
Equipment and software
Information
processing
equipment
and software
Trans-
Period Software Other Industrial portation
equipment equipment
1993 66.8 96.4 109.6 103.4
1994 74.3 104.9 119.6 120.4
1995 82.0 113.1 131.3 128.2
1996 95.1 121.3 136.4 138.9
1997 119.0 129.8 140.0 150.5
1998 147.1 143.5 145.6 168.2
1999 169.3 157.5 147.5 193.2
2000 184.4 187.4 160.8 186.6
2001 182.0 163.9 153.8 163.6
2002 185.7 158.2 146.9 147.0
1999: III 172.5 160.7 150.1 199.1
IV 176.8 161.2 150.5 196.8
2000: I 181.8 180.2 156.0 193.9
II 184.3 188.2 159.3 192.5
III 185.8 189.1 164.5 186.9
IV 185.6 192.2 163.4 173.0
2001: I 185.5 180.2 164.8 167.6
II 181.7 165.7 156.4 161.6
III 180.5 158.6 149.2 160.0
IV 180.6 151.2 144.7 165.4
2002: I 179.0 154.1 148.3 151.5
II 184.3 158.5 145.6 143.4
III 189.4 159.7 147.9 141.7
IV 190.3 160.7 145.9 151.4
2003: I (p) 190.9 166.4 144.1 136.2
Residential
Structures
Total
Period residen- Total (4) Single
tial (3) family
1993 276.0 269.4 148.0
1994 302.7 295.8 163.2
1995 291.7 284.4 147.7
1996 313.3 305.6 159.1
1997 319.7 311.8 158.6
1998 345.1 336.8 175.9
1999 368.3 359.4 189.0
2000 372.4 363.0 191.0
2001 373.5 364.0 192.6
2002 388.2 378.5 200.5
1999: III 369.2 360.1 187.4
IV 371.7 362.5 192.8
2000: I 379.1 369.7 198.0
II 376.2 366.8 193.8
III 367.2 357.8 186.5
IV 367.2 357.8 185.8
2001: I 374.5 365.1 192.0
II 374.0 364.6 193.1
III 374.3 365.0 194.1
IV 371.0 361.5 191.3
2002: I 383.6 373.9 197.2
II 386.1 376.4 198.4
III 387.1 377.4 199.8
IV 395.9 386.1 206.5
2003: I (p) 407.3 397.3 215.1
(1) Includes other structures, not shown separately.
(2) Includes other items, not shown separately.
(3) Includes equipment, not shown separately.
(4) Includes multifamily and other structures, not shown separately.
NOTE.–Because of the formula used for calculating real GDP, the
chained (1996) dollar estimates for the detailed components do not
add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT
[Billions of dollars]Capital expenditures
By industry
Forestry
Total Total fishing
Period capital by and Mining Utilities
expenditures industry agricultural
services
For companies with employees
1996 807.1 … … … …
1997 871.8 … … … …
1998 970.9 896.5 0.9 40.4 36.0
1999 1,047.0 974.6 1.7 30.6 42.8
2000 1,161.0 1,089.9 1.5 42.5 61.3
2001 1,109.9 1,053.2 1.5 51.1 82.8
Capital expenditures
By industry
Trans-
Whole- porta-
Period Cons- Manufac- sale Retail tion and Infor-
truction turing trade trade ware- mation
housing
For companies with employees
1996 … … … … … …
1997 … … … … … …
1998 26.9 203.6 29.2 57.3 51.3 96.5
1999 23.1 196.4 32.4 64.1 57.3 122.8
2000 25.0 214.8 33.6 69.8 59.9 160.2
2001 24.8 192.4 29.7 66.8 57.5 146.3
Capital expenditures
By industry
For
Real Profes- Health com-
Finance estate sional, care panies
Period and and scienti- and Other with-
insurance rental fic, and social (1) out
and technical assis- emplo-
leasing services tance yees
For companies with employees
1996 … … … … … …
1997 … … … … … …
1998 118.2 85.2 22.3 47.1 81.7 74.4
1999 130.1 100.6 29.5 51.3 91.8 72.3
2000 133.7 92.5 34.1 52.2 108.9 71.2
2001 131.1 83.1 30.5 52.9 102.6 56.7
(1) Includes the following industries: Management of companies and
enterprises; administrative and support and waste management;
educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public
administration). Also includes an item for structure and equipment
expenditures serving multiple industry categories.
NOTE.–Data from Annual Capital Expenditures. Industry data are based
on the North American Industry Classification System (NAICS): 1997.
Source: Department of Commerce, Bureau of the Census.
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