Total output, income and spending – Illustration
TOTAL OUTPUT, INCOME AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2002, according to revised estimates,
current-dollar gross domestic product (GDP) rose 3.2 percent
(annual rate), real GDP (GDP in chained 1996 dollars) rose 1.4
percent, and the implicit price deflator rose 1.8 percent.
[GRAPHIC OMITTED]
[Billions of current dollars; quarterly data at seasonally adjusted
annual rates]
Personal Gross
con- private
Gross sumption domestic
domestic expendi- invest-
Period product tures ment
1993 6,642.3 4,454.7 955.1
1994 7,054.3 4,716.4 1,097.1
1995 7,400.5 4,969.0 1,143.8
1996 7,813.2 5,237.5 1,242.7
1997 8,318.4 5,529.3 1,390.5
1998 8,781.5 5,856.0 1,538.7
1999 9,274.3 6,246.5 1,636.7
2000 9,824.6 6,683.7 1,755.4
2001 10,082.2 6,987.0 1,586.0
2002 (r) 10,446.2 7,303.7 1,593.2
1999: I 9,092.7 6,076.6 1,618.0
II 9,171.7 6,195.6 1,597.8
III 9,316.5 6,299.4 1,637.9
IV 9,516.4 6,414.5 1,693.2
2000: I 9,649.5 6,552.2 1,711.4
II 9,820.7 6,638.7 1,786.3
III 9,874.8 6,736.1 1,766.4
IV 9,953.6 6,808.0 1,757.4
2001: I 10,028.1 6,904.7 1,671.1
II 10,049.9 6,959.8 1,597.2
III 10,097.7 6,983.7 1,574.9
IV 10,152.9 7,099.9 1,500.7
2002: I 10,313.1 7,174.2 1,559.4
II 10,376.9 7,254.7 1,588.0
III 10,506.2 7,360.7 1,597.3
IV (r) 10,588.8 7,425.4 1,628.1
[Billions of current dollars; quarterly data at
seasonally adjusted annual rates]
Exports and imports
of goods and services
Net
Period exports Exports Imports
1993 -60.5 658.0 718.5
1994 -87.1 725.1 812.1
1995 -84.3 818.6 902.8
1996 -89.0 874.2 963.1
1997 -89.3 966.4 1,055.8
1998 -151.7 964.9 1,116.7
1999 -249.9 989.3 1,239.2
2000 -365.5 1,101.1 1,466.6
2001 -348.9 1,034.1 1,383.0
2002 (r) -423.6 1,014.9 1,438.5
1999: I -196.4 959.2 1,155.6
II -241.8 970.2 1,212.0
III -274.6 996.8 1,271.4
IV -286.7 1,031.2 1,317.9
2000: I -330.6 1,055.9 1,386.5
II -353.2 1,098.0 1,451.1
III -384.9 1,130.9 1,515.8
IV -393.2 1,119.8 1,513.0
2001: I -372.7 1,100.0 1,472.8
II -365.7 1,059.7 1,425.3
III -312.6 1,005.8 1,318.4
IV -344.5 971.1 1,315.6
2002: I -360.1 977.5 1,337.5
II -425.6 1,018.1 1,443.7
III -432.9 1,038.6 1,471.5
IV (r) -476.0 1,025.4 1,501.4
[Billions of current dollars; quarterly data at seasonally adjusted
annual rates]
Government consumption expenditures
and gross investment
Federal
State
National Non- and
Period Total Total defense defense local
1993 1,293.0 527.3 364.9 162.4 765.7
1994 1,327.9 521.1 355.1 165.9 806.8
1995 1,372.0 521.5 350.6 170.9 850.5
1996 1,421.9 531.6 357.0 174.6 890.4
1997 1,487.9 538.2 352.6 185.6 949.7
1998 1,538.5 539.2 349.1 190.1 999.3
1999 1,641.0 565.0 364.3 200.7 1,076.0
2000 1,751.0 589.2 374.9 214.3 1,161.8
2001 1,858.0 628.1 399.9 228.2 1,229.9
2002 (r) 1,972.9 693.7 447.4 246.3 1,279.2
1999: I 1,594.6 550.0 354.0 196.0 1,044.5
II 1,620.1 556.1 355.1 201.0 1,064.0
III 1,653.9 569.0 368.7 200.3 1,084.8
IV 1,695.4 584.9 379.5 205.5 1,110.5
2000: I 1,716.5 575.7 365.5 210.2 1,140.8
II 1,748.8 598.5 379.1 219.4 1,150.3
III 1,757.2 589.7 375.0 214.7 1,167.4
IV 1,781.4 592.9 380.0 213.0 1,188.5
2001: I 1,825.0 613.3 391.4 221.9 1,211.7
II 1,858.5 624.8 395.2 229.6 1,233.7
III 1,851.7 627.4 400.3 227.2 1,224.3
IV 1,896.8 646.9 412.8 234.1 1,249.8
2002: I 1,939.5 672.0 431.7 240.3 1,267.5
II 1,959.8 688.2 442.1 246.1 1,271.6
III 1,981.1 697.7 451.2 246.5 1,283.3
IV (r) 2,011.3 716.9 464.7 252.2 1,294.4
[Billions of current dollars; quarterly data at seasonally
adjusted annual rates]
Adden-
Final Gross dum:
sales of domestic Gross
domestic pur- national
Period product chases (1) product
1993 6,621.2 6,702.8 6,666.7
1994 6,991.8 7,141.4 7,071.1
1995 7,367.5 7,484.8 7,420.9
1996 7,783.2 7,902.1 7,831.2
1997 8,255.5 8,407.7 8,325.4
1998 8,708.4 8,933.3 8,778.1
1999 9,214.8 9,524.2 9,297.1
2000 9,761.1 10,190.1 9,848.0
2001 10,142.5 10,431.0 10,104.1
2002 (r) 10,442.4 10,869.9 10,436.7
1999: I 9,018.0 9,289.1 9,112.7
II 9,144.0 9,413.5 9,195.9
III 9,269.7 9,591.2 9,333.6
IV 9,427.5 9,803.1 9,546.0
2000: I 9,602.6 9,980.1 9,670.5
II 9,731.5 10,173.9 9,846.4
III 9,813.6 10,259.7 9,892.5
IV 9,896.6 10,346.8 9,982.8
2001: I 10,055.3 10,400.8 10,038.0
II 10,107,0 10,415.5 10,081.0
III 10,158.3 10,410.4 10,109.3
IV 10,249.4 10,497.4 10,188.1
2002: I 10,343.0 10,673.1 10,314.9
II 10,373.5 10,802.4 10,356.8
III 10,488.7 10,939.1 10,495.3
IV (r) 10,564.3 11,064.8 10,579.7
(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 seasonally
adjusted annual rates]
Gross private
domestic investment
Personal Nonresi- Resi- Change
con- dential dential in pri-
Gross sumption fixed fixed vate
domestic expendi- invest- invest- inven-
Period product tures ment ment tories
1993 7,062.6 4,748.9 683.6 276.0 20.0
1994 7,347.7 4,928.1 744.6 302.7 66.8
1995 7,543.8 5,075.6 817.5 291.7 30.4
1996 7,813.2 5,237.5 899.4 313.3 30.0
1997 8,159.5 5,423.9 1,009.3 319.7 63.8
1998 8,508.9 5,683.7 1,135.9 345.1 76.7
1999 8,859.0 5,964.5 1,228.4 368.3 62.8
2000 9,191.4 6,223.9 1,324.2 372.4 65.0
2001 9,214.5 6,377.2 1,255.1 373.5 -61.4
2002 (r) 9,439.9 6,576.0 1,183.4 388.2 5.2
1999: I 8,733.2 5,851.4 1,197.5 364.1 80.0
II 8,775.5 5,932.8 1,220.4 368.4 31.2
III 8,886.9 6,000.1 1,243.3 369.2 47.6
IV 9,040.1 6,073.6 1,252.4 371.7 92.2
2000: I 9,097.4 6,151.9 1,297.1 379.1 45.3
II 9,205.7 6,198.2 1,329.1 376.2 91.5
III 9,218.7 6,256.8 1,340.7 367.2 63.1
IV 9,243.8 6,288.8 1,329.9 367.2 59.9
2001: I 9,229.9 6,326.0 1,311.4 374.5 -26.9
II 9,193.1 6,348.0 1,261.0 374.0 -58.3
III 9,186.4 6,370.9 1,241.7 374.3 -61.8
IV 9,248.8 6,464.0 1,206.4 371.0 -98.4
2002: I 9,363.2 6,513.8 1,188.4 383.6 -28.9
II 9,392.4 6,542.4 1,181.1 386.1 4.9
III 9,485.6 6,609.9 1,178.7 387.1 18.8
IV (r) 9,518.2 6,637.9 1,185.3 395.9 25.8
[Billions of chained (1996) dollars; quarterly data at
seasonally adjusted annual rates]
Exports and imports of
goods and services
Net
Period exports Exports Imports
1993 -59.1 672.7 731.8
1994 -86.5 732.8 819.4
1995 -78.4 808.2 886.6
1996 -89.0 874.2 963.1
1997 -113.3 981.5 1,094.8
1998 -221.1 1,002.4 1,223.5
1999 -320.5 1,036.3 1,356.8
2000 -398.8 1,137.2 1,536.0
2001 -415.9 1,076.1 1,492.0
2002 (r) -488.5 1,058.8 1,547.4
1999: I -283.2 1,007.5 1,290.7
II -319.6 1,018.1 1,337.7
III -339.6 1,044.1 1,383.7
IV -339.5 1,075.6 1,415.2
2000: I -368.8 1,095.8 1,464.6
II -394.6 1,133.9 1,528.5
III -413.1 1,165.5 1,578.6
IV -418.5 1,153.7 1,572.2
2001: I -404.5 1,135.8 1,540.3
II -414.8 1,098.8 1,513.6
III -419.0 1,048.0 1,467.0
IV -425.3 1,021.8 1,447.2
2002: I -446.6 1,030.6 1,477.1
II -487.4 1,065.5 1,552.9
III -488.0 1,077.7 1,565.7
IV (r) -532.2 1,061.6 1,593.8
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Government consumption expenditures
and gross investment
Federal
State
National Non- and
Period Total Total defense defense local
1993 1,398.8 572.0 394.7 177.3 827.0
1994 1,400.1 551.3 375.9 175.5 848.9
1995 1,406.4 536.5 361.9 174.6 869.9
1996 1,421.9 531.6 357.0 174.6 890.4
1997 1,455.4 529.6 347.7 181.8 925.8
1998 1,483.3 525.4 341.6 183.8 957.7
1999 1,540.6 537.7 348.8 188.8 1,002.4
2000 1,582.5 544.4 348.7 195.6 1,037.4
2001 1,640.4 570.6 366.0 204.4 1,069.4
2002 (r) 1,712.8 613.3 400.0 213.3 1,099.7
1999: I 1,515.9 527.2 341.2 185.9 988.3
II 1,526.7 530.6 341.0 189.5 995.7
III 1,546.5 540.1 352.4 187.7 1,006.0
IV 1,573.2 553.0 360.8 192.1 1,019.8
2000: I 1,568.3 533.8 341.3 192.3 1,033.8
II 1,586.1 554.0 353.4 200.3 1,031.8
III 1,582.2 543.7 347.9 195.6 1,037.8
IV 1,593.4 546.4 351.9 194.3 1,046.3
2001: I 1,615.7 559.0 359.0 199.8 1,056.2
II 1,638.0 567.2 361.4 205.6 1,070.2
III 1,633.3 568.9 365.5 203.2 1,064.1
IV 1,674.5 587.2 378.0 209.1 1,087.1
2002: I 1,697.3 597.8 388.5 209.3 1,099.3
II 1,703.3 608.7 395.8 212.9 1,094.7
III 1,715.6 615.1 402.5 212.7 1,100.6
IV (r) 1,735.0 631.4 413.2 218.3 1,104.0
[Billions of chained (1996) dollars; quarterly data at
seasonally adjusted annual rates]
Adden-
Final Gross dum:
sales of domestic Gross
domestic pur- national
Period product chases (1) product
1993 7,043.8 7,120.6 7,087.8
1994 7,285.8 7,434.2 7,364.3
1995 7,512.2 7,621.8 7,564.0
1996 7,783.2 7,902.1 7,831.2
1997 8,095.2 8,271.7 8,168.1
1998 8,431.8 8,721.3 8,508.4
1999 8,793.9 9,160.2 8,883.7
2000 9,121.1 9,561.2 9,216.2
2001 9,258.4 9,600.7 9,237.3
2002 (r) 9,424.4 9,889.8 9,433.5
1999: I 8,654.3 9,002.1 8,755.5
II 8,741.0 9,076.2 8,801.8
III 8,833.6 9,204.9 8,906.4
IV 8,946.6 9,357.7 9,071.1
2000: I 9,042.9 9,440.8 9,119.7
II 9,111.1 9,571.9 9,233.0
III 9,150.4 9,600.9 9,238.2
IV 9,179.8 9,631.0 9,274.0
2001: I 9,243.8 9,604.6 9,241.7
II 9,234.3 9,577.1 9,224.3
III 9,230.5 9,575.8 9,199.8
IV 9,324.9 9,645.3 9,283.5
2002: I 9,379.4 9,778.2 9,367.5
II 9,377.9 9,840.8 9,376.7
III 9,457.2 9,934.7 9,477.9
IV (r) 9,483.1 10,005.5 9,512.1
(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
domestic Double Nondura-
Period product Total goods ble goods Services
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 (r) 110.66 111.07 87.20 109.62 117.45
1999: I 104.12 103.85 93.71 102.13 106.92
II 104.51 104.43 93.24 103.29 107.44
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 (r) 111.25 111.86 86.48 110.26 118.74
[Index numbers, 1996=100; quarterly data are seasonally adjusted]
Gross private Exports and imports of
domestic investment goods and services
Nonresi-
dential Residen-
Period fixed tial fixed Exports Imports
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 (r) 94.42 121.58 95.85 92.97
1999: I 96.04 108.02 95.21 89.54
II 95.68 109.22 95.29 90.60
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 (r) 94.25 122.88 96.59 94.20
[Index numbers, 1996=100; quarterly data are seasonally adjusted]
Government consumption expenditures
and gross investment
Federal
State
National Non- and
Period Total 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 (r) 113.12 111.86 115.45 116.33
1999: I 104.33 103.77 105.41 105.70
II 104.82 104.15 106.08 106.86
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 109.72 109.02 111.06 114.75
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 (r) 113.54 112.47 115.52 117.24
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 (chain-type GDP implicit
(current quantity chain-type price
Period dollars) index) price 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 (r) 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 (r) 135.53 121.82 111.25 111.25
[Quarterly data are seasonally adjusted]
Percent change from preceding period (1)
Real GDP GDP GDP
GDP (chain-type chain-type implicit
(current quantity price price
Period 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 (r) 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 (r) 3.2 1.4 1.8 1.8
(1) 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 Price, costs, and profits
of nonfinancial per unit of real output
corporate business (dollars)
(billions of dollars)
Price per
unit of real
gross prod- Compensa-
uct of non- tion of em-
Chained financial ployees
Current (1996) corporate (unit labor
Period dollars dollars business (1) cost)
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 .237
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 (r) 5,498.9 5,307.5 1.036 .680
1999: I 4,899.9 4,832.3 1.014 .665
II 4,945.1 4,866.8 1.016 .241
III 4,995.0 4,914.7 1.000 .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 (r) 5,504.8 (r) 5,320.7 1.035 (r) .679
IV 5,577.9 5,379.4 1.037 .679
[Quarterly data at seasonally adjusted annual rates]
Price, costs, and profits per unit of real
output (dollars)
Unit nonlabor cost
Consump-
tion of Indirect
fixed business Net inter-
Period Total capital tax, etc. (2) est
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 (r) .269 .129 .103 .037
1999: I .239 .112 .097 .030
II .241 .113 .097 .031
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 (r) .271 .130 .104 (r) .037
IV .270 .130 .104 .036
[Quarterly data at seasonally adjusted annual rates]
Price, costs, and profits per
unit of real output (dollars)
Corporate profits with inventory
valuation and capital consumption
adjustments (3)
Profits Profits
tax after
Period Total 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 (r) .086 .025 .062
1999: I .110 .034 .076
II .109 .035 .074
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 .063
2002: I .086 .023 .064
II .087 .025 .062
III .084 .025 .059
IV .088 .026 .062
(1) 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.
NOTE.–See Note, p. 5.
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted
annual rates]
Rental
Proprietor’s income
income with of
inventory va- persons
luation and with
Compen- capital con- capital
sation sumption ad- consump-
of justments tion
National employ- adjust-
Period income ees (1) Farm Nonfarm ment
1993 5,251.9 3,814.4 30.1 431.7 90.9
1994 5,556.8 4,016.2 31.9 444.6 110.3
1995 5,876.7 4,202.5 22.2 475.5 117.9
1996 6,210.4 4,395.6 34.3 510.5 129.7
1997 6,618.4 4,651.3 29.7 551.5 128.3
1998 7,041.4 4,989.6 25.6 598.2 138.6
1999 7,468.7 5,308.8 27.7 650.7 149.1
2000 7,984.4 5,723.4 22.6 692.2 146.6
2001 8,122.0 5,874.9 19.0 708.8 137.9
2002 (r) 8,347.9 5,977.4 12.9 743.7 142.4
1999: III 7,475.9 5,329.0 25.7 657.0 145.8
IV 7,650.1 5,429.1 25.4 672.0 152.0
2000: I 7,860.2 5,627.3 22.3 680.2 151.4
II 7,954.5 5,670.5 25.0 693.8 146.7
III 8,048.3 5,773.1 21.7 696.9 144.9
IV 8,074.8 5,822.7 21.2 698.1 143.5
2001: I 8,092.1 5,878.9 19.3 701.9 137.0
II 8,110.1 5,879.3 18.4 708.2 134.3
III 8,089.1 5,880.4 19.3 713.1 140.8
IV 8,196.8 5,860.9 19.2 712.1 139.3
2002: I 8,268.5 5,908.4 21.7 726.7 141.3
II 8,328.0 5,963.9 7.5 740.0 153.5
III (r) 8,349.9 (r) 5,988.4 10.7 748.0 144.1
IV (r) 8,445.3 6,048.8 11.7 759.9 130.6
[Billions of dollars; quarterly data at seasonally adjusted
annual rates]
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Capital
Inventory consump-
valuation tion
Profits adjust- adjust-
Period Total Total before tax ment ment
1993 510.5 506.4 510.4 -4.0 4.1
1994 573.2 561.0 573.4 -12.4 12.2
1995 668.8 650.2 668.5 -18.3 18.6
1996 754.0 729.4 726.3 3.1 24.6
1997 833.8 800.8 792.4 8.4 32.9
1998 777.4 739.4 721.1 18.3 38.0
1999 805.8 757.9 762.1 -4.2 47.9
2000 788.1 767.3 782.3 -15.0 20.8
2001 731.6 675.1 670.2 5.0 56.5
2002 (r) 787.4 658.3 665.2 -6.9 129.1
1999: III 788.0 739.6 753.4 -13.8 48.5
IV 824.7 781.0 797.6 -16.6 43.7
2000: I 807.6 774.3 796.9 -22.6 33.4
II 807.3 784.2 800.5 -16.4 23.1
III 787.7 772.3 780.6 -8.3 15.4
IV 749.7 738.6 751.1 -12.5 11.1
2001: I 706.5 696.9 707.0 -10.1 9.6
II 721.4 714.0 720.2 -6.2 7.3
III 687.2 663.2 654.3 8.9 23.9
IV 811.4 626.3 599.1 27.2 185.1
2002: I 797.6 641.3 639.4 1.9 156.3
II 785.0 652.2 657.9 -5.7 132.8
III 771.0 653.4 668.5 -15.1 117.6
IV (r) 796.1 686.4 694.9 -8.5 109.7
[Billions of dollars; quarterly data
at seasonally adjusted annual rates]
Net
Period interest
1993 374.3
1994 380.5
1995 389.8
1996 386.3
1997 423.9
1998 511.9
1999 526.6
2000 611.5
2001 649.8
2002 (r) 684.2
1999: III 530.4
IV 546.8
2000: I 571.3
II 611.1
III 624.0
IV 639.6
2001: I 648.5
II 648.6
III 648.3
IV 653.9
2002: I 672.8
II 678.1
III 687.6
IV (r) 698.3
(1) Includes employer contributions for social insurance.
(See also p. 5)
NOTE.–See Note, 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 and
con- Motor house-
sumption Total vehicles hold
expendi- durable and equip-
Period tures goods parts ment Other
1993 4,748.9 518.3 242.2 177.4 100.7
1994 4,928.1 557.7 255.1 196.3 107.6
1995 5,075.6 583.5 253.4 215.4 115.0
1996 5,237.5 616.5 256.3 236.9 123.3
1997 5,423.9 657.3 264.8 261.9 130.8
1998 5,683.7 726.7 292.0 293.3 141.8
1999 5,964.5 812.5 322.1 335.1 156.5
2000 6,223.9 878.9 338.4 374.0 169.6
2001 6,377.2 931.9 361.9 398.0 175.3
2002 (r) 6,576.0 999.9 382.4 438.1 185.8
1999: III 6,000.1 824.1 326.9 340.8 157.7
IV 6,073.6 844.2 329.5 353.1 163.5
2000: I 6,151.9 879.5 347.3 366.0 167.8
II 6,198.2 871.3 333.8 372.2 168.6
III 6,256.8 888.5 343.6 377.1 170.7
IV 6,288.8 876.5 329.1 380.6 171.3
2001: I 6,326.0 900.6 345.1 386.0 173.1
II 6,348.0 912.4 349.5 392.8 174.2
III 6,370.9 922.6 352.8 399.5 175.0
IV 6,464.0 992.0 400.4 413.6 178.9
2002: I 6,513.8 975.9 370.0 428.2 184.2
II 6,542.4 980.7 369.1 435.2 184.1
III 6,609.9 1,032.4 407.6 441.4 187.0
IV (r) 6,637.9 1,010.6 382.8 447.5 188.1
[Billions of chained (1996) dollars, except as noted; quarterly
data at seasonally adjusted annual rates]
Nondurable goods
Total Gaso- Fuel
nondur- Clothing line oil
able and and and
Period goods Food shoes oil coal Other
1993 1,430.3 745.1 218.5 115.4 14.0 338.5
1994 1,485.1 764.9 231.6 117.4 15.0 356.8
1995 1,529.0 777.0 244.3 120.2 15.7 372.0
1996 1,574.1 786.0 258.6 124.2 15.6 389.8
1997 1,619.9 794.5 271.6 128.1 15.0 410.8
1998 1,686.4 819.4 290.4 131.8 14.3 430.8
1999 1,765.1 846.8 312.1 136.4 14.7 455.7
2000 1,833.8 879.0 329.4 135.7 14.0 477.0
2001 1,869 8 887.0 337.7 138.8 12.6 495.5
2002 (r) 1,929.5 902.3 357.0 145.1 12.7 515.8
1999: III 1,767.7 847.3 314.1 136.1 14.7 456.3
IV 1,799.9 866.0 314.7 138.6 14.1 466.6
2000: I 1,809.7 870.8 322.3 134.4 13.3 469.8
II 1,831.6 880.5 327.9 135.9 14.2 474.1
III 1,840.9 880.7 332.3 136.1 14.0 479.2
IV 1,853.1 883.9 335.1 136.3 14.5 484.7
2001: I 1,863.7 889.1 334.3 137.6 13.9 490.0
II 1,862.3 887.4 334.7 136.2 12.3 493.5
III 1,868.3 884.3 337.1 139.9 12.2 496.5
IV 1,885.0 887.1 344.8 141.4 12.2 502.0
2002: I 1,921.4 901.4 355.8 145.1 12.4 510.1
II 1,920.9 899.2 355.1 144.7 12.1 513.1
III 1,925.8 897.9 355.3 145.4 12.4 518.0
IV (r) 1,950.0 910.7 361.8 145.1 14.0 521.9
[Billions of chained (1996) dollars, except as noted; quarterly
data at seasonally adjusted annual rates]
Services
Retail sales
of new pas-
senger cars
and light
trucks (mil-
Total Medical lions of
Period services (1) Housing care units)
1993 2,802.5 728.1 775.4 13.9
1994 2,886.2 749.1 783.1 15.0
1995 2,963.4 763.7 797.7 14.7
1996 3,047.0 772.6 814.4 15.0
1997 3,147.0 787.2 835.4 15.1
1998 3,273.4 808.7 857.7 15.4
1999 3,395.4 835.0 875.6 16.8
2000 3,524.5 851.3 900.1 17.2
2001 3,594.9 866.0 938.3 17.0
2002 (r) 3,675.6 880.1 978.6 16.7
1999: III 3,417.4 837.7 878.6 17.1
IV 3,440.7 841.6 884.4 17.2
2000: I 3,477.7 844.7 888.5 18.1
II 3,508.2 849.5 896.2 17.1
III 3,541.7 853.4 903.2 17.4
IV 3,570.6 857.5 912.5 16.3
2001: I 3,576.3 862.0 921.4 16.9
II 3,589.3 865.1 932.7 16.5
III 3,597.5 867.1 944.3 16.2
IV 3,616.6 869.6 954.9 18.4
2002: I 3,642.2 874.0 963.4 16.3
II 3,666.2 878.5 974.7 16.3
III 3,687.0 882.1 984.4 17.6
IV (r) 3,707.0 885.8 992.0 16.5
(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
aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $24.9 billion (annual rate) in February,
following an increase of $32.3 billion in January. Wages and salaries
rose $14.9 billion in February, following an increase of $18.4 billion
in January.
[GRAPHIC OMITTED]
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor’s
income (3)
Wage and
Total salary
personal disburse- Other labor
Period income ments (1) income (2) Farm Nonfarm
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 1,424.7 497.0 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 (r) 8,929.1 5,003.7 610.6 12.9 743.7
2002: Feb 8,807.2 4,956.9 590.7 21.8 728.2
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 (r) 8,934.8 4,985.0 613.0 7.7 747.4
Aug (r) 8,958.7 5,009.8 617.5 10.7 746.7
Sept (r) 8,983.1 5,027.4 622.1 13.8 750.0
Oct (r) 9,010.2 5,038.8 625.9 13.0 756.7
Nov (r) 9,038.9 5,054.2 630.1 11.8 758.6
Dec (r) 9,070.5 5,064.3 634.4 10.2 764.4
2003: Jan (r) 9,102.8 5,082.7 638.3 11.9 770.0
Feb (p) 9,127.7 5,097.6 640.6 14.6 770.2
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Rental
income Personal Personal
of dividend interest Transfer
Period persons (4) income income payments (5)
1993 90.9 203.0 725.5 798.6
1994 110.3 234.7 742.4 833.9
1995 117.9 254.0 792.5 885.9
1996 129.7 297.4 810.6 928.8
1997 128.3 334.9 864.0 962.2
1998 138.6 348.3 964.4 983.7
1999 149.1 328.0 969.2 1,018.5
2000 146.6 375.7 1,077.0 1,070.3
2001 137.9 409.2 1,091.3 1,170.4
2002 (r) 142.4 433.8 1,078.5 1,288.0
2002: Feb 141.3 423.8 1,069.9 1,255.0
Mar 143.2 425.5 1,069.0 1,257.6
Apr 148.1 428.0 1,075.7 1,275.0
May 153.5 430.3 1,082.3 1,282.9
June 158.7 432.7 1,088.9 1,289.9
July (r) 152.4 435.0 1,084.8 1,297.2
Aug (r) 144.1 437.3 1,080.7 1,297.3
Sept (r) 135.9 439.4 1,076.7 1,304.6
Oct (r) 133.2 441.6 1,078.8 1,309.9
Nov (r) 130.6 443.8 1,080.9 1,317.6
Dec (r) 127.9 446.0 1,083.1 1,329.8
2003: Jan (r) 126.8 448.6 1,080.6 1,337.4
Feb (p) 125.6 451.2 1,078.2 1,343.5
[Billions of dollars; monthly data at
seasonally adjusted annual rates]
Less: Per-
sonal con-
tributions
for social
Period insurance
1993 237.8
1994 254.1
1995 268.8
1996 280.4
1997 297.9
1998 316.3
1999 337.4
2000 358.4
2001 372.3
2002 (r) 384.5
2002: Feb 380.4
Mar 381.8
Apr 381.6
May 383.0
June 386.1
July (r) 383.7
Aug (r) 385.4
Sept (r) 386.7
Oct (r) 387.6
Nov (r) 388.8
Dec (r) 389.6
2003: Jan (r) 393.5
Feb (p) 393.8
(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.
NOTE.–Revisions include changes to series affected by the
introduction of revised wage and salary estimates, etc., for
2002:Q3.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income
in chained (1996) dollars rom at an annual rate of 1.4 percent in the
fourth quarter of 2002.
[GRAPHIC OMITTED]
Less
Personal Equals:
tax and Disposable Less:
Personal nontax personal Personal
Period income payments income outlays (1)
Billions of dollar
1993 5,610.0 674.6 4,935.3 4,584.5
1994 5,888.0 722.6 5,165.4 4,849.9
1995 6,200.9 778.3 5,422.6 5,120.2
1996 6,547.4 869.7 5,677.7 5,405.6
1997 6,937.0 968.8 5,968.2 5,715.3
1998 7,426.0 1,070.4 6,355.6 6,054.1
1999 7,786.5 1,159.1 6,627.4 6,453.3
2000 8,406.6 1,286.4 7,120.2 6,918.6
2001 8,685.3 1,292.1 7,393.2 7,223.5
2002 (r) 8,929.1 1,113.6 7,815.5 7,524.5
Seasonally adjusted annual rates
1999: III 7,807.7 1,167.2 6,640.5 6,507.2
IV 7,960.2 1,201.8 6,758.4 6,629.4
2000: I 8,211.6 1,256.3 6,955.3 6,775.9
II 8,350.2 1,273.0 7,077.2 6,869.8
III 8,487.8 1,299.6 7,188.2 6,976.7
IV 8,576.6 1,316.7 7,259.8 7,052.1
2001: I 8,658.1 1,340.6 7,317.5 7,143.9
II 8,676.2 1,336.1 7,340.0 7,198.5
III 8,706.2 1,181.9 7,524.2 7,222.0
IV 8,700.9 1,309.7 7,391.2 7,329.6
2002: I 8,803.4 1,136.8 7,666.7 7,396.3
II 8,914.0 1,121.8 7,792.2 7,477.9
III (r) 8,958.9 1,099.0 7,859.9 7,583.0
IV (r) 9,039.9 1,096.8 7,943.2 7,640.7
Dispos- Per capita
able disposable personal
personal income
income in
billions of
Equals: chained Chained
Personal (1996) Current (1996)
Period saving dollars dollars dollars
Billions of dollars Dollars
1993 350.8 5,261.3 18,981 20,235
1994 315.5 5,397.2 19,626 20,507
1995 302.4 5,539.1 20,361 20,798
1996 272.1 5,677.7 21,072 21,072
1997 252.9 5,854.5 21,887 21,470
1998 301.5 6,168.6 23,037 22,359
1999 174.0 6,328.4 23,749 22,678
2000 201.5 6,630.3 25,237 23,501
2001 169.7 6,748.0 25,957 23,692
2002 (r) 291.0 7,036.8 27,188 24,479
Seasonally adjusted annual rates
1999: III 133.3 6,325.0 23,763 22,634
IV 129.0 6,399.3 24,109 22,828
2000: I 179.4 6,530.4 24,745 23,234
II 207.5 6,607.6 25,118 23,451
III 211.5 6,676.8 25,447 23,637
IV 207.7 6,706.2 25,635 23,680
2001: I 173.7 6,704.3 25,785 23,624
II 141.6 6,694.8 25,805 23,537
III 302.2 6,864.0 26,387 24,071
IV 61.5 6,729.1 25,853 23,537
2002: I 270.4 6,961.0 26,759 24,296
II 314.3 7,027.2 27,144 24,479
III (r) 276.9 7,058.1 27,313 24,527
IV (r) 302.5 7,100.8 27,535 24,615
Per capita personal
consumption
expenditures
Percent
change Savings as
in real percent of
per capita disposable
Chained disposable personal
Current (1996) personal income
Period dollars dollars income
Dollars Percent
1993 17,133 18,264 0.1 7.1
1994 17,920 18,724 1.3 6.1
1995 18,657 19,058 1.4 5.6
1996 19,438 19,438 1.3 4.8
1997 20,277 19,891 1.9 4.2
1998 21,226 20,601 4.1 4.7
1999 22,384 21,373 1.4 2.6
2000 23,690 22,061 3.6 2.8
2001 24,531 22,390 .8 2.3
2002 (r) 25,408 22,877 3.3 3.7
Seasonally adjusted annual rates
1999: III 22,542 21,471 0.3 2.0
IV 22,882 21,666 3.5 1.9
2000: I 23,311 21,887 7.3 2.6
II 23,562 21,998 3.8 2.9
III 23,847 22,150 3.2 2.9
IV 24,039 22,206 .7 2.9
2001: I 24,330 22,291 -.9 2.4
II 24,468 22,317 -1.5 1.9
III 24,491 22,342 9.4 4.0
IV 24,834 22,609 -8.6 .8
2002: I 25,040 22,735 13.5 3.5
II 25,271 22,790 3.0 4.0
III (r) 25,579 22,969 .8 3.5
IV (r) 25,740 23,010 1.4 3.8
Population
including
Armed
Forces
overseas
(thou-
Period sands) (2)
1993 260,011
1994 263,194
1995 266,327
1996 269,448
1997 272,687
1998 275,891
1999 279,062
2000 282,128
2001 284,822
2002 (r) 287,456
1999: III 279,449
IV 280,328
2000: I 281,076
II 281,758
III 282,476
IV 283,202
2001: I 283,794
II 284,442
III 285,154
IV 285,898
2002: I 286,507
II 287,072
III (r) 287,770
IV (r) 288,475
(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.
Note.–See Note, p. 5.
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
Period Cash marketing receipts
Total (1) Livestock and
Total products Crops (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
[Billions of dollars; quarterly data at seasonally adjusted annual
rates]
Income of farm operators from farming
Gross farm income
Period
Value of Direct Production Net farm
inventory Government expenses income
changes (3) payments (4)
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.
Sources: 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 profit 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
Period Nonfinancial
Total (2) Finan- Manufac-
Total cial Total (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: I 760.5 647.1 175.1 471.9 159.1
II 750.5 635.0 170.2 464.8 161.0
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
[Billions of dollars; quarterly data at seasonally adjusted annual
rates]
Profits (before tax)
with inventory
valuation adjustment (1)
Domestic industries
Period Nonfinancial
Profits
before Tax
Transpor- Whole- tax liability
tation (4) sale Retail
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: I 63.9 57.4 79.4 744.4 243.1
II 53.3 53.7 79.8 752.9 246.0
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
[Billions of dollars; quarterly data at seasonally adjusted
annual rates]
Profits after tax
Inven-
tory
Period valu-
Undis- ation
Divi- tributed adjust-
Total dends profits ment
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: I 501.3 332.0 169.2 16.0
II 506.9 323.7 183.2 -2.5
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
(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 fourth quarter of 2002, according to revised estimates,
nonresidential fixed investment in chained (1996) dollars rose
$6.6 billion (annual rate) and residential investment rose
$8.8 billion. There was an increase of $25.8 billion in
inventories following an increase of $18.8 billion in the
third quarter.
[GRAPHIC OMITTED]
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Fixed investment
Nonresidential
Period Gross
private
domestic Total
investment Total Structures
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 (r) 1,589.6 1,577.3 1,183.4 226.4
1999: I 1,640.3 1,560.5 1,197.5 262.4
II 1,620.5 1,587.6 1,220.4 258.9
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 (r) 1,622.4 1,588.5 1,185.3 212.6
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Fixed investment Change in private
inventories
Nonresidential
Period
Equipment Residential
and soft- Total Nonfarm
ware
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 (r) 971.1 388.2 5.2 4.1
1999: I 939.1 364.1 80.0 71.1
II 967.1 368.4 31.2 30.1
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 (r) 992.1 395.9 25.8 26.5
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: Department of Commerce, Bureau of Economic Analysis.
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Nonresidential
Structures
Non-
Period Total resi- Min-
non- dential ing
resi- build- explo-
den- Total (1) ings, Utili- ration,
tial includ- ties shafts,
ing and
farm wells
1993 683.6 198.9 131.7 38.4 20.5
1994 744.6 200.5 137.2 36.1 19.8
1995 817.5 210.1 147.6 36.8 18.2
1996 899.4 225.0 161.7 36.0 21.1
1997 1,009.3 245.4 177.0 35.3 26.2
1998 1,135.9 262.2 188.3 42.7 25.1
1999 1,228.4 258.6 185.5 45.7 21.6
2000 1,324.2 275.5 192.3 50.4 27.0
2001 1,255.1 270.9 178.7 50.3 34.0
2002 (r) 1,183.4 226.4 145.6 47.3 29.2
1999: I 1,197.5 262.4 192.1 44.1 20.4
II 1,220.4 258.9 186.0 44.3 21.9
III 1,243.3 254.7 182.3 46.2 20.8
IV 1,252.4 258.5 181.7 48.3 23.1
2000: I 1,297.1 267.0 188.4 48.3 24.5
II 1,329.1 272.3 192.4 49.3 25.0
III 1,340.7 280.2 194.5 51.1 28.6
IV 1,329.9 282.7 193.9 52.9 30.1
2001: I 1,311.4 280.4 193.8 50.6 30.9
II 1,261.0 274.4 183.2 51.5 34.6
III 1,241.7 276.3 174.2 49.7 35.9
IV 1,206.4 252.7 163.5 49.3 34.8
2002: I 1,188.4 243.2 157.1 50.8 30.2
II 1,181.1 231.7 148.2 48.4 30.3
III 1,178.7 218.2 139.1 45.6 29.9
IV 1,185.3 212.6 137.8 44.6 26.5
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Nonresidential
Equipment and software
Information processing equipment
and software
Period Com-
puters
and
Total (2) periph- Soft-
Total eral ware Other
equip-
ment
1993 487.1 183.4 26.4 66.8 96.4
1994 544.9 206.6 32.6 74.3 104.9
1995 607.6 242.8 49.2 82.0 113.1
1996 674.4 287.3 70.9 95.1 121.3
1997 764.2 349.8 102.9 119.0 129.8
1998 875.4 429.3 147.7 147.1 143.5
1999 975.9 508.1 207.4 169.3 157.5
2000 1,056.0 583.3 246.4 184.4 187.4
2001 988.2 548.5 239.9 182.0 163.9
2002 (r) 971.1 563.1 283.7 185.7 158.2
1999: I 939.1 477.3 186.1 160.2 151.1
II 967.1 506.8 209.2 167.8 157.1
III 996.1 522.2 218.8 172.5 160.7
IV 1,001.2 526.1 215.3 176.8 161.2
2000: I 1,038.0 561.3 226.7 181.8 180.2
II 1,065.3 585.5 249.2 184.3 188.2
III 1,067.7 591.9 255.9 185.8 189.1
IV 1,053.1 594.3 253.9 185.6 192.2
2001: I 1,036.1 578.9 253.0 185.5 180.2
II 989.9 549.8 239.0 181.7 165.7
III 966.4 533.4 224.5 180.5 158.6
IV 960.3 531.8 243.3 180.6 151.2
2002: I 953.7 540.4 262.1 179.0 154.1
II 961.4 557.0 271.6 184.3 158.5
III 977.2 575.2 297.6 189.4 159.7
IV 992.1 579.7 303.2 190.3 160.7
[Billions of chained (1996) dollars; quarterly data at seasonally
adjusted annual rates]
Equipment and Residential
software
Structures
Total
Period Trans- resi- Single
Indus- porta- den- Total (4) family
trial tion tial (3)
equip- equip-
ment ment
1993 109.6 103.4 276.0 269.4 148.0
1994 119.6 120.4 302.7 295.8 163.2
1995 131.3 128.2 291.7 284.4 147.7
1996 136.4 138.9 313.3 305.6 159.1
1997 140.0 150.5 319.7 311.8 158.6
1998 145.6 168.2 345.1 336.8 175.9
1999 147.5 193.2 368.3 359.4 189.0
2000 160.8 186.6 372.4 363.0 191.0
2001 153.8 163.6 373.5 364.0 192.6
2002 (r) 146.9 147.0 388.2 378.5 200.5
1999: I 142.5 188.1 364.1 355.4 188.4
II 146.9 188.6 368.4 359.5 187.3
III 150.1 199.1 369.2 360.1 187.4
IV 150.5 196.8 371.7 362.5 192.8
2000: I 156.0 193.9 379.1 369.7 198.0
II 159.3 192.5 376.2 366.8 193.8
III 164.5 186.9 367.2 357.8 186.5
IV 163.4 173.0 367.2 357.8 185.8
2001: I 164.8 167.6 374.5 365.1 192.0
II 156.4 161.6 374.0 364.6 193.1
III 149.2 160.0 374.3 365.0 194.1
IV 144.7 165.4 371.0 361.5 191.3
2002: I 148.3 151.5 383.6 373.9 197.2
II 145.6 143.4 386.1 376.4 198.4
III 147.9 141.7 387.1 377.4 199.8
IV 145.9 151.4 395.9 386.1 206.5
(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
[Billion of dollars]
Capital expenditures
By industry
Fores-
try,
fish-
Total ing
capi- and Con-
Period tal Total agri- Min- Utili- struc-
ex- by cul- ing ties tion
pendi- indus- tural
tures try serv-
ices
1996 807.1 … … … … …
1997 871.8 … … … … …
1998 970.9 896.5 0.9 40.4 36.0 26.9
1999 1,047.0 974.6 1.7 30.6 42.8 23.1
2000 (r) 1,161.0 1,089.9 1.5 42.5 61.3 25.0
2001 1,109.9 1,053.2 1.5 51.1 82.8 24.8
[Billion of dollars]
Capital expenditures
By industry
Trans- Fi-
Manu- porta- nance
fac- Whole- tion Infor- and
Period tur- sale Retail and ma- insur-
ing trade trade ware- tion ance
hous-
ing
1996 … … … … … …
1997 … … … … … …
1998 203.6 29.2 57.3 51.3 96.5 118.2
1999 196.4 32.4 64.1 57.3 122.8 130.1
2000 (r) 214.8 33.6 69.8 59.9 160.2 133.7
2001 192.4 29.7 66.8 57.5 146.3 131.1
[Billion of dollars]
Capital expenditures
By industry
Pro-
Real fess- For
es- ional, Health com-
tate scien- care panies
and tific, and with-
Period rental and social Other out
and tech- assis- (1) em-
leas- nical tance ploy-
ing serv- ees
ices
1996 … … … … …
1997 … … … … …
1998 85.2 22.3 47.1 81.7 74.4
1999 100.6 29.5 51.3 91.8 72.3
2000 (r) 92.5 34.1 52.2 108.9 71.2
2001 83.1 10.5 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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