Categories
Economic Indicators

Total output, income and spending

Total output, income and spending

GROSS DOMESTIC PRODUCT

In the fourth quarter of 2004, according to revised estimates,

current-dollar gross domestic product (GDP) rose 7.2 percent

(annual rate), real GDP (GDP in chained 2000 dollars) rose 4.4

percent, and the implicit price deflator rose 2.6 percent

[Billions of current dollars: quarterly data at seasonally adjusted

annual rates]

Personal Gross

Gross con- private

Period domestic sumption domestic

product expendi- invest-

tures ment

1994 7,072.2 4,743.3 1,097.1

1995 7,397.7 4,975.8 1,144.0

1996 7,816.9 5,256.8 1,240.3

1997 8,304.3 5,547.4 1,389.8

1998 8,747.0 5,879.5 1,509.1

1999 9,268.4 6,282.5 1,625.7

2000 9,817.0 6,739.4 1,735.5

2001 10,100.8 7,045.4 1,607.2

2002 10,480.8 7,385.3 1,589.2

2003 10,987.9 7,757.4 1,670.6

2000: III 9,862.1 6,783.9 1,749.0

IV 9,953.6 6,871.6 1,738.9

2001: I 10,024.8 6,934.3 1,688.3

II 10,088.2 7,017.4 1,620.3

III 10,096.2 7,058.1 1,594.3

IV 10,193.9 7,171.6 1,526.1

2002: I 10,329.3 7,256.5 1,553.1

II 10,428.3 7,355.5 1,580.9

III 10,542.0 7,428.2 1,608.2

IV 10,623.7 7,501.2 1,614.7

2003: I 10,735.8 7,600.7 1,605.3

II 10,846.7 7,673.6 1,624.3

III 11,107.0 7,836.3 1,689.1

IV 11,262.0 7,919.1 1,763.5

2004: I (r) 11,459.6 8,053.1 1,818.6

Exports and imports

of goods services

Period Net Exports Imports

exports

1994 -93.6 720.9 814.5

1995 -91.4 812.2 903.6

1996 -96.2 868.6 964.8

1997 -101.6 955.3 1,056.9

1998 -159.9 955.9 1,115.9

1999 -260.5 991.2 1,251.7

2000 -379.5 1,096.3 1,475.8

2001 -366.5 1,035.1 1,401.7

2002 -426.3 1,006.8 1,433.1

2003 -495.0 1,048.9 1,543.8

2000: III -400.7 1,122.4 1,523.1

IV -403.9 1,115.8 1,519.7

2001: I -381.3 1,103.1 1,484.4

II -368.2 1,061.1 1,429.3

III -364.9 1,005.4 1,370.4

IV -351.7 970.8 1,322.5

2002: I -365.6 978.5 1,344.1

II -427.3 1,006.3 1,433.6

III -435.9 1,025.3 1,461.3

IV -476.1 1,017.2 1,493.3

2003: I -487.6 1,021.0 1,508.5

II -505.5 1,020.2 1,525.7

III -490.6 1,048.5 1,539.0

IV -496.2 1,105.8 1,602.0

2004: I (r) -528.5 1,134.4 1,662.9

Government consumption expenditures

and gross investment

Federal

State

Period Total Total National Non- and

defense defense local

1994 1,325.5 519.1 353.7 165.5 806.3

1995 1,369.2 519.2 348.7 170.5 850.0

1996 1,416.0 527.4 354.6 172.8 888.6

1997 1,468.7 530.9 349.6 181.3 937.8

1998 1,518.0 530.4 345.7 184.7 987.9

1999 1,620.8 555.8 360.6 195.2 1,065.0

2000 1,721.6 578.8 370.3 208.5 1,142.8

2001 1,814.7 612.9 393.0 219.9 1,201.8

2002 1,932.5 679.5 438.3 241.2 1,253.1

2003 2,054.8 757.2 497.3 259.9 1,297.6

2000: III 1,729.9 581.2 371.3 209.9 1,148.6

IV 1,746.9 582.0 373.8 208.2 1,164.9

2001: I 1,783.5 597.5 384.1 213.4 1,185.9

II 1,818.8 609.8 388.2 221.6 1,209.0

III 1,808.8 613.3 392.8 220.0 1,195.4

IV 1,847.8 630.8 406.9 223.9 1,217.1

2002: I 1,885.4 652.9 420.3 232.6 1,232.5

II 1,919.3 673.2 432.5 240.7 1,246.1

III 1,941.5 681.8 439.3 242.5 1,259.7

IV 1,983.9 710.0 461.1 248.9 1,273.9

2003: I 2,017.4 723.0 463.3 259.7 1,294.5

II 2,054.2 764.7 507.3 257.4 1,289.6

III 2,072.1 769.6 507.2 262.4 1,302.5

IV 2,075.6 771.5 511.5 260.0 1,304.0

2004: I (r) 2,116.4 802.4 536.1 266.3 1,314.0

Final Gross Adden-

sales of domestic dum

Period domestic pur- Gross

product chases (1) national

product

1994 7,008.4 7,165.8 7,098.4

1995 7,366.5 7,489.0 7,433.4

1996 7,786.1 7,913.1 7,851.9

1997 8,232.3 8,405.9 8,337.3

1998 8,676.2 8,906.9 8,768.3

1999 9,201.5 9,528.9 9,302.2

2000 9,760.5 10,196.4 9,855.9

2001 10,136.9 10,467.3 10,135.9

2002 10,475.5 10,907.1 10,502.3

2003 10,990.3 11,482.8 11,031.6

2000: III 9,803.7 10,262.8 9,893.6

IV 9,912.2 10,357.5 10,008.4

2001: I 10,022.8 10,406.1 10,052.1

II 10,120.6 10,456.4 10,115.5

III 10,142.2 10,461.2 10,107.8

IV 10,262.0 10,545.5 10,268.3

2002: I 10,357.1 10,694.9 10,351.3

II 10,427.8 10,855.6 10,435.9

III 10,513.4 10,977.9 10,560.5

IV 10,603.6 11,099.9 10,661.6

2003: I 10,736.7 11,223.4 10,763.7

II 10,852.4 11,352.2 10,880.0

III 11,117.4 11,597.5 11,144.8

IV 11,254.5 11,758.2 11,337.9

2004: I (r) 11,431.2 11,988.1 11,512.8

(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 (2000) dollars; quarterly data at seasonally

adjusted annual rates]

Gross private

domestic investment

Personal Nonresi- Resi- Change

Gross con- dential dential in pri-

Period domestic sumption fixed fixed vate

product expendi- invest- invest- inven-

tures ment ment tories

1994 7,835.5 5,290.7 689.9 364.8 63.6

1995 8,031.7 5,433.5 762.3 353.1 29.9

1996 8,328.9 5,619.4 833.6 381.3 28.7

1997 8,703.5 5,831.8 934.2 388.6 71.2

1998 9,066.9 6,125.8 1,037.8 418.3 72.6

1999 9,470.3 6,438.6 1,133.3 443.6 68.9

2000 9,817.0 6,739.4 1,232.1 446.9 56.5

2001 9,866.6 6,904.6 1,176.8 448.5 -36.0

2002 10,083.0 7,140.4 1,092.6 470.3 5.7

2003 10,398.0 7,365.2 1,125.5 505.3 -.7

2000: III 9,836.6 6,768.0 1,245.2 441.2 56.2

IV 9,887.7 6,825.0 1,247.9 441.6 43.5

2001: I 9,882.2 6,833.7 1,233.6 444.4 4.3

II 9,866.3 6,872.2 1,189.4 448.5 -28.8

III 9,834.6 6,904.2 1,163.7 451.9 -44.0

IV 9,883.6 7,008.2 1,120.6 449.0 -75.5

2002: I 9,997.9 7,079.2 1,100.4 458.5 -23.5

II 10,045.1 7,124.5 1,092.1 468.4 -8.0

III 10,128.4 7,159.2 1,089.1 473.2 32.8

IV 10,160.8 7,198.9 1,088.9 481.0 21.5

2003: I 10,210.4 7,244.1 1,087.3 486.4 1.6

II 10,288.3 7,304.0 1,105.8 491.7 -4.5

III 10,493.1 7,426.6 1,139.5 516.7 -9.1

IV 10,600.1 7,486.2 1,169.4 527.5 9.0

2004: I (r) 10,716.0 7,557.3 1,186.0 531.5 28.2

Exports and imports of

goods and services

Net Ex- Im-

Period exports ports ports

1994 -79.4 706.5 785.9

1995 -71.0 778.2 849.1

1996 -79.6 843.4 923.0

1997 -104.6 943.7 1,048.3

1998 -203.7 966.5 1,170.3

1999 -296.2 1,008.2 1,304.4

2000 -379.5 1,096.3 1,475.8

2001 -398.1 1,039.0 1,437.1

2002 -470.6 1,014.2 1,484.7

2003 -509.1 1,034.7 1,543.9

2000: III -395.6 1,120.0 1,515.6

IV -397.2 1,112.3 1,509.5

2001: I -385.9 1,099.6 1,485.5

II -391.7 1,060.9 1,452.7

III -401.3 1,010.6 1,411.9

IV -413.4 984.8 1,398.2

2002: I -431.2 995.4 1,426.7

II -467.6 1,016.5 1,484.1

III -471.9 1,027.3 1,499.2

IV -511.5 1,017.5 1,529.0

2003: I -490.0 1,012.4 1,502.5

II -526.0 1,009.6 1,535.7

III -505.2 1,033.7 1,538.9

IV -515.2 1,083.1 1,598.6

2004: I (r) -525.2 1,096.1 1,621.3

Government consumption expenditures

and gross investment

Federal

Na-

Period Total Total tional Non- State

de- de- and

fense fense local

1994 1,541.3 596.4 404.6 191.7 943.3

1995 1,549.7 580.3 389.2 191.0 968.3

1996 1,564.9 573.5 383.8 189.6 990.5

1997 1,594.0 567.6 373.0 194.5 1,025.9

1998 1,624.4 561.2 365.3 195.9 1,063.0

1999 1,686.9 573.7 372.2 201.5 1,113.2

2000 1,721.6 578.8 370.3 208.5 1,142.8

2001 1,768.9 600.5 384.7 215.8 1,168.5

2002 1,836.9 648.0 418.8 229.2 1,189.1

2003 1,898.4 704.3 463.3 241.4 1,194.6

2000: III 1,721.5 578.6 369.9 208.7 1,142.9

IV 1,727.1 577.2 371.5 205.6 1,149.9

2001: I 1,751.6 589.7 378.5 211.2 1,161.9

II 1,776.4 599.3 380.9 218.4 1,177.1

III 1,758.1 599.3 383.2 216.0 1,158.9

IV 1,789.7 613.6 396.2 217.4 1,176.1

2002: I 1,810.1 626.1 404.1 222.0 1,184.1

II 1,827.8 641.9 413.4 228.5 1,186.0

III 1,838.9 648.2 418.1 230.1 1,190.9

IV 1,870.8 675.8 439.5 236.4 1,195.3

2003: I 1,869.0 675.5 433.2 242.4 1,193.8

II 1,902.8 712.0 472.8 239.3 1,191.4

III 1,911.1 714.3 471.2 243.1 1,197.4

IV 1,910.7 715.5 474.7 240.8 1,195.9

2004: I (r) 1,924.4 731.3 489.7 241.7 1,193.8

Adden-

Final Gross dum:

Period sales of domestic Gross

domestic pur- national

product chases (1) product

1994 7,777.8 7,911.3 7,864.2

1995 8,010.2 8,098.4 8,069.8

1996 8,306.5 8,405.7 8,365.3

1997 8,636.6 8,807.6 8,737.5

1998 8,997.6 9,272.5 9,088.7

1999 9,404.0 9,767.7 9,504.7

2000 9,760.5 10,196.4 9,855.9

2001 9,901.1 10,265.0 9,901.4

2002 10,076.9 10,551.5 10,105.0

2003 10,395.0 10,903.2 10,439.5

2000: III 9,780.4 10,232.1 9,867.8

IV 9,844.3 10,284.7 9,941.6

2001: I 9,877.5 10,267.7 9,908.7

II 9,895.3 10,258.0 9,893.5

III 9,876.9 10,236.3 9,846.5

IV 9,954.9 10,298.0 9,956.8

2002: I 10,020.1 10,429.5 10,020.3

II 10,052.3 10,510.4 10,053.4

III 10,096.4 10,598.0 10,147.5

IV 10,138.9 10,668.0 10,198.5

2003: I 10,206.4 10,697.6 10,237.6

II 10,289.5 10,809.9 10,320.2

III 10,497.7 10,995.4 10,528.6

IV 10,586.0 11,111.5 10,671.7

2004: I (r) 10,682.6 11,237.2 10,765.7

(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 (2000) 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, 2000=100; quarterly data are seasonally adjusted]

Personal consumption

expenditures

Gross

Period domestic Total Durable Nondura- Services

product goods ble goods

1994 90.259 89.654 109.978 89.605 85.748

1995 92.106 91.576 110.672 90.629 88.320

1996 93.852 93.547 109.507 92.566 90.444

1997 95.414 95.124 107.068 93.835 93.304

1998 96.472 95.979 104.152 93.821 95.318

1999 97.868 97.575 101.625 96.174 97.393

2000 100.000 100.000 100.000 100.000 100.000

2001 102.373 102.038 98.086 101.530 103.168

2002 103.945 103.429 95.209 102.075 105.946

2003 105.673 105.325 91.639 104.180 108.963

2000: III 100.259 100.236 99.715 100.555 100.188

IV 100.666 100.684 99.482 100.901 100.840

2001: I 101.443 101.472 99.181 101.221 102.109

II 102.248 102.113 98.401 102.155 102.921

III 102.660 102.229 97.702 101.937 103.383

IV 103.139 102.332 97.146 100.818 104.239

2002: I 103.315 102.503 96.278 100.779 104.748

II 103.814 103.241 95.580 102.191 105.479

III 104.084 103.757 94.858 102.534 106.364

IV 104.556 104.199 94.137 102.785 107.167

2003: I 105.146 104.923 93.075 104.075 108.021

II 105.427 105.060 92.148 103.525 108.751

III 105.851 105.517 91.208 104.485 109.299

IV 106.244 105.783 90.298 104.614 109.928

2004: I (r) 106.939 106.560 90.233 105.976 110.615

Gross private Exports and imports

domestic investment of goods and

services

Nonresi-

Period dential Residen- Exports Imports

fixed ial fixed

1994 106.008 82.754 102.034 103.634

1995 106.239 85.770 104.376 106.411

1996 105.011 87.609 102.987 104.529

1997 103.696 89.843 101.233 100.816

1998 101.421 92.239 98.905 95.354

1999 100.057 95.780 98.313 95.960

2000 100.000 100.000 100.000 100.000

2001 99.770 104.629 99.628 97.537

2002 98.859 107.106 99.274 96.520

2003 98.676 111.293 101.365 100.000

2000: III 100.188 100.431 100.216 100.496

IV 100.193 101.274 100.316 100.673

2001: I 99.732 102.586 100.320 99.929

II 99.790 103.862 100.014 98.394

III 99.930 105.642 99.484 97.057

IV 99.623 106.395 98.584 94.590

2002: I 99.297 106.468 98.295 94.213

II 98.923 106.752 98.999 96.597

III 98.554 106.987 99.808 97.471

IV 98.658 108.173 99.962 97.662

2003: I 98.579 109.871 100.841 100.403

II 98.293 110.475 101.042 99.349

III 98.678 111.311 101.432 100.011

IV 99.124 113.352 102.093 100.234

2004: I (r) 99.373 115.076 103.498 102.567

Government consumption expenditures

and gross investment

Federal

State

Period Total National Non- and

defense defense local

1994 87.037 87.412 86.309 85.480

1995 89.479 89.598 89.282 87.785

1996 91.957 92.379 91.146 89.717

1997 93.533 93.716 93.192 91.414

1998 94.512 94.643 94.269 92.939

1999 96.883 96.886 96.480 95.667

2000 100.000 100.000 100.000 100.000

2001 102.066 102.158 101.900 102.853

2002 104.858 104.666 105.208 105.381

2003 (r) 107.507 107.419 107.649 108.599

2000: III 100.453 100.378 100.588 100.502

IV 100.841 100.614 101.248 101.305

2001: I 101.339 101.501 101.051 102.067

II 101.750 101.897 101.489 102.706

III 102.350 102.508 102.073 103.154

IV 102.794 102.700 102.967 103.479

2002: I 104.284 104.004 104.792 104.088

II 104.870 104.609 105.342 105.068

III 105.192 105.081 105.393 105.781

IV 105.059 104.933 105.289 106.576

2003: I 107.025 106.960 107.143 108.431

II 107.392 107.291 107.577 108.242

III 107.748 107.644 107.938 108.774

IV 107.835 107.762 107.965 109.045

2004: I (r) 109.720 109.478 110.186 110.071

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:

INDEXES AND PERCENT CHANGES

[Quarterly data are seasonally adjusted]

Index numbers, 2000=100

Real GDP GDP GDP

Period (chain-type chain-type implicit

quantity price index price

index) deflator

1994 79.816 90.265 90.259

1995 81.814 92.115 92.106

1996 84.842 93.859 93.852

1997 88.658 95.415 95.414

1998 92.359 90.475 96.472

1999 96.469 97.868 97.868

2000 100.000 100.000 100.000

2001 100.506 102.376 103.373

2002 102.710 103.949 103.945

2003 105.918 105.665 105.673

1999: I 94.892 97.274 97.328

II 95.677 97.701 97.674

III 96.794 98.022 98.013

IV 98.514 98.475 98.432

2000: I 98.764 99.292 99.317

II 100.315 99.780 99.745

III 100.200 100.241 100.259

IV 100.721 100.687 100.666

2001: I 100.664 101.478 101.443

II 100.503 102.273 102.248

III 100.180 102.676 102.660

IV 100.679 103.078 103.139

2002: I 101.843 103.364 103.315

II 102.324 103.738 103.814

III 103.172 104.123 104.084

IV 103.502 104.571 104.556

2003: I 104.008 105.163 105.146

II 104.801 105.440 105.427

III 106.887 105.870 105.851

IV 107.977 106.270 106.244

2004: I (r) 109.158 106.958 106.939

Percent change from preceding period (1)

GDP Real GDP GDP GDP

Period (current (chain-type chain-type implicit

dollars) quantity price price

index) index deflator

1994 6.2 4.0 2.1 2.1

1995 4.6 2.5 2.0 2.0

1996 5.7 3.7 1.9 1.9

1997 6.2 4.5 1.7 1.7

1998 5.3 4.2 1.1 1.1

1999 6.0 4.5 1.4 1.4

2000 5.9 3.7 2.2 2.2

2001 2.9 .5 2.4 2.4

2002 3.8 2.2 1.5 1.5

2003 4.8 3.1 1.7 1.7

1999: I 5.1 3.4 1.5 1.6

II 4.8 3.4 1.8 1.4

III 6.2 4.8 1.3 1.4

IV 9.1 7.3 1.9 1.7

2000: I 4.7 1.0 3.4 3.6

II 8.3 6.4 2.0 1.7

III 1.6 -.5 1.9 2.1

IV 3.8 2.1 1.8 1.6

2001: I 2.9 -.2 3.2 3.1

II 2.6 -.6 3.2 3.2

III .3 -1.3 1.6 1.6

IV 3.9 2.0 1.6 1.9

2002: I 5.4 4.7 1.1 .7

II 3.9 1.9 1.5 1.9

III 4.4 3.4 1.5 1.0

IV 3.1 1.3 1.7 1.8

2003: I 4.3 2.0 2.3 2.3

II 4.2 3.1 1.1 1.1

III 10.0 8.2 1.6 1.6

IV 5.7 4.1 1.5 1.5

2004: I (r) 7.2 4.4 2.6 2.6

(1) Quarterly percent changes are at annual rates.

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE,

COSTS, AND PROFITS

[Quarterly data at seasonally adjusted annual rates]

Gross value added Price per unit of real gross value

of nonfinancial added of nonfinancial

corporate business corporate business (dollars) (1 2)

(billions of

dollars) (1) Unit non-

Compensa- labor cost

Period Total tion of em-

Current Chained ployees Consump-

dollars (2000) (unit labor tion of

dollars cost) Total fixed

capital

1994 3,669.5 3,832.0 0.958 0.621 0.227 0.102

1995 3,879.5 3,999.1 .970 .628 .230 .104

1996 4,109.5 4,222.3 .973 .623 .225 .103

1997 4,401.8 4,493.0 .980 .626 .226 .104

1998 4,655.0 4,735.5 .983 .643 .226 .104

1999 4,950.8 5,009.9 .988 .652 .229 .105

2000 5,272.2 5,272.2 1.000 .672 .237 .108

2001 5,299.3 5,235.4 1.012 .687 .250 .117

2002 5,410.6 5,339.0 1.013 .669 .253 .116

2003 (r) 5,650.3 5,564.9 1.015 .659 .246 .112

2001: I 5,300.3 5,272.5 1.005 .685 .245 .112

II 5,301.0 5,237.7 1.012 .688 .248 .115

III 5,284.8 5,207.1 1.015 .691 .252 .123

IV 5,311.1 5,225.1 1.016 .684 .252 .116

2002: I 5,322.9 5,255.0 1.013 .673 .253 .116

II 5,408.0 5,326.6 1.015 .670 .253 .116

III 5,432.0 5,368.7 1.012 .667 .253 .116

IV 5,479.3 5,405.7 1.014 .665 .252 .115

2003: I 5,479.2 5,412.1 1.012 .668 .251 .115

II 5,581.7 5,505.2 1.014 .661 .245 .113

III 5,720.2 5,629.6 1.016 .654 .243 .110

IV (r) 5,820.2 5,712.8 1.019 .654 .243 .110

2004: I (p) 5,912.0 5,775.7 1.024 .658 .244 .110

Price per unit of real gross value added of nonfinancial

corporate business (dollars) (1 2)

Unit nonlabor cost Corporate profits with inventory

valuation and capital consumption

Period Taxes Net inter- adjustments (4)

on pro- est and

duction miscella- Taxes on Profits

and im- neous Total corporate after

ports (3) payments income tax (5)

1994 0.099 0.026 0.109 0.035 0.074

1995 .097 .029 .113 .035 .178

1996 .096 .026 .124 .036 .088

1997 .094 .028 .128 .036 .092

1998 .092 .030 .114 .033 .080

1999 .092 .032 .107 .034 .073

2000 .093 .036 .090 .032 .058

2001 .094 .039 .076 .021 .055

2002 .098 .039 .092 .019 .073

2003 (r) .097 .037 .111 .023 .088

2001: I .094 .039 .075 .024 .052

II .094 .039 .075 .024 .051

III .089 .040 .072 .021 .051

IV .097 .039 .080 .014 .066

2002: I .098 .039 .087 .016 .071

II .098 .039 .093 .019 .074

III .098 .039 .092 .020 .072

IV .099 .038 .096 .021 .075

2003: I .098 .038 .094 .022 .072

II .095 .037 .108 .021 .087

III .097 .036 .119 .024 .095

IV (r) .097 .036 .122 .026 .096

2004: I (p) .098 .036 .122 .024 .097

(1) Estimates for nonfinancial corporate business for 2000 and earlier

periods are based on the Standard Industrial Classification (SIC);

later estimates are based on the North American Industry Classification

System (NAICS).

(2) The implicit price deflator for gross value added of

nonfinancial corporate business divided by 100.

(3) Less subsidies plus business current transfer payments.

(4) Unit profits from current production.

(5) 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]

Proprietors’ Rental

income (1) income

of

Compen- persons

National sation with

Period income of capital

employ- Farm Nonfarm consump-

ees tion

adjust-

ment

1994 6,122.3 3,997.2 33.9 439.4 119.7

1995 6,453.9 4,193.3 22.7 469.5 122.1

1996 6,840.1 4,390.5 37.3 505.9 131.5

1997 7,292.2 4,661.7 34.2 541.8 128.8

1998 7,752.8 5,019.4 29.4 598.4 137.5

1999 8,236.7 5,357.1 28.6 649.7 147.3

2000 8,795.2 5,782.7 22.7 705.7 150.3

2001 8,981.2 5,940.4 25.0 745.6 163.1

2002 9,290.8 6,019.1 14.3 783.4 173.0

2003 (r) 9,707.8 (r) 6,203.0 19.5 827.4 164.2

2000: III 8,858.3 5,837.4 23.0 712.6 148.2

IV 8,891.7 5,871.9 20.7 721.4 150.5

2001: I 8,942.2 5,935.6 24.9 736.5 153.0

II 8,946.2 5,936.0 24.8 741.5 155.6

III 8,894.7 5,940.8 23.5 745.7 171.1

IV 9,141.8 5,949.3 26.8 758.9 172.6

2002: I 9,190.5 5,972.4 12.1 767.2 175.9

II 9,281.1 6,014.8 15.2 780.9 184.4

III 9,314.9 6,031.1 13.5 789.7 172.7

IV 9,376.9 6,058.0 16.3 795.9 159.0

2003: I 9,434.8 6,115.8 13.0 800.5 163.2

II 9,584.9 6,164.8 20.0 818.8 153.4

III 9,797.5 6,229.6 21.5 839.4 157.0

IV (r) 10,013.8 (r) 6,302.0 23.3 850.9 183.0

2004: I (r) 10,183.1 6,409.7 18.9 875.2 187.7

Corporate profits with inventory valuation and

capital consumption adjustments

Profits with inventory

Period valuation adjustment and Capital

without capital con-

consumption adjustment sump-

tion

Total Inventory adjust-

Profits valuation ment

Total before adjust-

tax ment

1994 600.3 564.6 577.1 -12.4 35.7

1995 696.7 656.0 674.3 -18.3 40.7

1996 786.2 736.1 733.0 3.1 50.1

1997 868.5 812.3 798.2 14.1 56.2

1998 801.6 738.5 718.3 20.2 63.1

1999 851.3 776.8 775.9 1.0 74.5

2000 817.9 759.3 773.4 -14.1 58.6

2001 770.4 705.9 696.8 9.1 64.5

2002 904.2 742.7 745.0 -2.2 161.5

2003 1,069.9 843.8 856.4 -12.6 226.2

2000: III 811.8 756.3 762.6 -6.3 55.5

IV 794.3 740.7 750.8 -10.1 53.6

2001: I 755.8 730.7 735.5 -4.9 25.1

II 748.6 731.4 733.0 -1.6 17.2

III 713.6 685.8 671.5 14.3 27.8

IV 863.6 675.7 647.0 28.7 187.9

2002: I 880.1 702.7 690.6 12.1 177.4

II 901.9 738.9 738.0 .9 163.0

III 899.8 745.1 756.3 -11.1 154.7

IV 934.9 784.2 795.0 -10.8 150.7

2003: I 927.1 780.9 809.0 -28.1 146.3

II 1,022.8 793.6 792.5 1.2 229.2

III 1,124.2 864.2 865.9 -1.8 260.1

IV 1,205.6 936.4 958.1 -21.7 269.2

2004: I (r) 1,220.0 886.5 925.1 -38.6 333.6

Net Taxes Cur-

interest on Bus- rent

and pro- ness surplus

Period mis- duc- Less: current of gov-

cellane- tion Subsi- trans- ern-

ous and dies fer ment

pay im- pay- enter-

ments ports ments prises

1994 366.4 545.6 32.2 43.3 8.6

1995 367.1 558.2 34.0 46.9 11.4

1996 376.2 581.1 34.3 53.1 12.7

1997 415.6 612.0 32.9 49.9 12.6

1998 487.1 639.8 35.4 64.7 10.3

1999 495.4 674.0 44.2 67.4 10.1

2000 559.0 708.9 44.3 87.1 5.3

2001 568.4 729.8 55.3 92.5 1.2

2002 582.4 760.1 38.2 89.8 2.8

2003 583.2 788.7 48.2 95.2 5.0

2000: III 564.3 712.2 44.3 88.9 4.2

IV 563.0 718.7 44.1 93.1 2.2

2001: I 563.9 725.2 52.5 97.0 3.0

II 566.7 727.2 58.3 102.4 1.6

III 568.0 727.5 67.2 71.1 .6

IV 575.2 739.4 43.2 99.5 -.3

2002: I 581.2 745.8 40.1 94.7 1.2

II 572.8 757.6 37.9 90.6 .6

III 585.7 767.4 38.2 87.8 5.4

IV 589.7 769.5 36.7 86.2 4.1

2003: I 589.3 774.2 44.7 90.1 6.1

II 581.7 782.1 56.9 92.5 5.8

III 579.9 791.2 46.3 97.1 3.7

IV 581.8 806.9 45.1 101.2 4.1

2004: I (r) 588.3 819.3 42.3 102.9 3.4

(1) With inventory valuation and capital consumption adjustments.

Note:–See Note, p. 5.

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES

[Billion of chained (2000) dollars, except as noted; quarterly data

at seasonally adjusted annual rates]

Durable goods

Fur-

Total niture

personal and

Period con- Motor house-

sumption Total vehicles hold Other

expendi- durable and equip-

tures goods parts ment

1994 5,290.7 529.4 276.2 156.8 104.2

1995 5,433.5 552.6 272.3 173.3 111.2

1996 5,619.4 595.9 285.4 193.4 119.6

1997 5,831.8 646.9 304.7 216.3 127.3

1998 6,125.8 720.3 339.0 244.7 137.6

1999 6,438.6 804.6 372.4 280.7 151.7

2000 6,739.4 863.3 386.5 312.9 163.9

2001 6,904.6 899.1 405.4 331.4 162.4

2002 7,140.4 957.2 423.3 364.7 170.2

2003 7,365.2 1,027.5 441.9 400.3 187.3

2000: III 6,768.0 863.8 383.2 315.9 164.7

IV 6,825.0 865.4 383.5 317.8 164.1

2001: I 6,833.7 869.1 384.5 322.5 162.3

II 6,872.2 889.6 401.3 326.7 161.7

III 6,904.2 891.1 397.9 332.9 160.8

IV 7,008.2 946.6 437.8 343.7 164.8

2002: I 7,079.2 950.3 426.5 356.2 168.2

II 7,124.5 951.4 420.1 362.8 169.6

III 7,159.2 963.1 427.8 366.3 170.1

IV 7,198.9 963.8 419.0 373.5 173.0

2003: I 7,244.1 965.0 414.5 374.7 177.6

II 7,304.0 1,005.1 429.5 391.7 185.9

III 7,426.6 1,069.1 466.9 412.4 191.4

IV 7,486.9 1,070.8 456.1 422.5 194.5

2004: I (r) 7,557.3 1,059.4 435.4 432.7 196.1

Nondurable goods

Total Gaso- Fuel

nondu- Clothing line oil

Period rable and and and

goods Food shoes coal coal

1994 1,603.9 821.8 218.0 151.7 18.2

1995 1,638.6 827.1 227.4 154.5 18.7

1996 1,680.4 834.7 238.7 157.9 18.4

1997 1,725.3 845.2 246.0 162.8 16.9

1998 1,794.4 865.6 263.1 170.3 16.0

1999 1,876.6 893.6 282.7 176.3 16.4

2000 1,947.2 925.2 297.7 175.7 15.8

2001 1,983.3 937.0 303.5 179.6 15.2

2002 2,043.6 958.2 319.1 183.3 15.9

2003 2,121.0 994.7 334.4 182.7 16.2

2000: III 1,955.0 927.8 301.1 173.0 16.1

IV 1,972.7 931.2 302.1 178.5 16.7

2001: I 1,974.5 936.5 300.2 182.3 15.9

II 1,969.1 935.7 300.5 174.5 14.6

III 1,983.4 936.3 304.2 176.4 15.0

IV 2,006.2 939.6 309.1 185.4 15.1

2002: I 2,035.9 952.9 317.6 188.7 14.8

II 2,037.8 957.7 317.9 181.9 15.7

III 2,038.8 958.4 317.6 179.1 15.9

IV 2,061.8 963.9 323.4 183.6 17.4

2003: I 2,090.5 979.6 325.7 186.8 16.3

II 2,096.9 985.4 331.9 177.9 15.1

III 2,134.3 1,002.8 339.5 178.5 16.2

IV 2,162.4 1,010.9 340.6 187.6 17.3

2004: (r) 2,197.4 1,030.8 352.3 187.7 16.3

Non-

durable Services

goods Retail sales

Total of new pas-

Other servi- Housing Medical senger cars

Period ces (1) care and light

trucks (mil-

lions of

units)

1994 397.7 3,176.6 869.3 887.1 15.0

1995 414.1 3,259.9 887.5 906.4 14.7

1996 432.9 3,356.0 901.1 922.5 15.1

1997 456.6 3,468.0 922.5 942.8 15.1

1998 481.1 3,615.0 948.8 970.7 15.5

1999 508.6 3,758.0 978.6 989.0 16.9

2000 532.9 3,928.8 1,006.5 1,026.8 17.3

2001 548.0 4,022.4 1,033.9 1,070.9 17.1

2002 567.3 4,141.8 1,061.9 1,132.1 16.8

2003 593.6 4,225.7 1,085.6 1,190.0 16.6

2000: III 537.1 3,949.3 1,009.9 1,032.7 17.4

IV 544.1 3,986.8 1,016.9 1,042.5 16.4

2001: I 539.4 3,989.6 1,025.0 1,051.1 17.1

II 543.6 4,013.3 1,031.4 1,062.5 16.7

III 551.3 4,029.3 1,036.5 1,077.6 16.2

IV 557.9 4,057.4 1,042.7 1,092.5 18.5

2002: I 563.1 4,095.3 1,051.1 1,110.4 16.5

II 564.8 4,137.0 1,059.0 1,125.3 16.5

III 567.5 4,159.4 1,065.7 1,137.8 17.6

IV 573.8 4,175.4 1,071.7 1,154.8 16.6

2003: I 582.2 4,190.7 1,078.0 1,169.0 16.0

II 587.4 4,208.4 1,082.8 1,182.4 16.4

III 598.3 4,237.2 1,088.7 1,196.9 17.4

IV 606.8 4,266.4 1,092.8 1,211.4 16.8

2004: I (r) 611.7 4,310.9 1,098.8 1,224.8 16.3

(1) Includes other items, not shown separately.

NOTE:–Because of the formula used for calculating real GDP, the

chained (2000) dollar estimates for the 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 $54.6 billion (annual rate) in April, following

an increase of $41.2 billion in March.

[GRAPHIC OMITTED]

[Billions of dollars, monthly data at seasonally adjusted annual rates]

Compensation of employees,

received

Supple-

Wage ments

Total and to wa-

perso- salary ges and

nal disbur- sala-

Period income Total sements ries

1994 5,842.5 3,979.6 3,232.1 747.5

1995 6,152.3 4,177.0 3,419.3 757.7

1090 6,520.6 4,386.9 3,619.6 767.3

1997 6,915.1 4,664.6 3,877.6 787.0

1998 7,423.0 5,020.1 4,183.4 836.7

1099 7,802.4 5,352.0 4,466.3 885.7

2000 8,429.7 5,782.7 4,829.2 953.4

2001 8,713.1 5,940.4 4,942.9 997.6

2002 8,910.3 6,019.1 4,974.6 1,044.5

2003 (r) 9,208.0 6,203.0 5,100.2 1,102.8

2003: Apr 9,100.8 6,142.1 5,051.6 1,090.4

May 9,151.0 6,171.4 5,077.4 1,094.0

June 9,186.0 6,184.9 5,087.6 1,097.3

July 9,226.7 6,208.4 5,103.6 1,104.8

Aug 9,254.6 6,232.0 5,121.4 1,110.6

Sept 9,287.6 6,247.8 5,131.4 1,116.5

Oct (r) 9,332.9 6,277.6 5,156.4 1,121.3

Nov (r) 9,386.9 6,315.2 5,189.2 1,126.0

Dec (r) 9,423.3 6,313.2 5,184.3 1,128.9

2004: Jan (r) 9,472.7 6,372.3 5,223.2 1,149.2

Feb (r) 9,520.5 6,411.8 5,250.4 1,161.4

Mar (r) 9,561.7 6,440.4 5,267.6 1,172.8

Apr (p) 9,616.3 6,474.8 5,295.3 1,179.6

Perso-

nal in-

come

receipts

Proprietors’ on as-

income (1) sets

Rental

income

of

pers-

Period Farm Nonfarm on (2) Total

1994 33.9 439.4 119.7 950.8

1995 22.7 469.5 122.1 1,016.4

1090 37.3 505.9 131.5 1,089.2

1997 34.2 541.8 128.8 1,181.7

1998 29.4 598.4 137.5 1,283.2

1099 28.6 649.7 147.3 1,264.2

2000 22.7 705.7 150.3 1,387.0

2001 25.0 745.6 163.1 1,374.9

2002 14.3 783.4 173.0 1,378.5

2003 (r) 19.5 827.4 164.2 1,393.3

2003: Apr 16.2 806.4 160.8 1,388.4

May 20.0 819.5 153.3 1,390.2

June 23.8 830.5 146.2 1,391.9

July 22.5 837.2 151.4 1,390.5

Aug 21.4 836.7 157.0 1,389.2

Sept 20.5 844.3 162.6 1,388.0

Oct (r) 22.5 844.9 172.9 1,396.4

Nov (r) 23.9 850.1 182.9 1,405.1

Dec (r) 23.7 857.9 193.1 1,414.0

2004: Jan (r) 18.9 865.2 190.4 1,413.9

Feb (r) 18.7 872.4 187.8 1,413.9

Mar (r) 19.0 887.9 184.9 1,414.0

Apr (p) 21.0 897.8 183.9 1,421.0

Personal income

receipts on

assets Less:

Contri-

Perso- butions

nal for go-

Perso- Perso- current vernme-

nal nal trans- nt soc-

inter- divid- fer ial

est ent receip- insura-

Period income income ts (3) nce

1994 716.8 234.0 827.3 508.2

1995 763.2 253.2 877.4 532.8

1090 793.0 296.2 925.0 555.0

1997 848.7 333.0 951.2 587.2

1998 933.2 349.9 978.6 624.2

1099 928.6 335.6 1,022.1 661.4

2000 1,011.0 376.1 1,084.0 702.7

2001 1,003.7 371.2 1,192.6 728.5

2002 982.4 396.2 1,292.2 750.3

2003 (r) 964.6 428.7 1,377.5 776.8

2003: Apr 965.5 422.9 1,357.4 770.4

May 964.9 425.3 1,368.6 772.1

June 964.3 427.6 1,383.1 774.4

July 960.7 429.8 1,393.5 776.8

Aug 957.1 432.2 1,397.4 779.2

Sept 953.4 434.6 1,405.2 780.9

Oct (r) 959.5 436.9 1,403.0 784.4

Nov (r) 965.7 439.4 1,398.6 788.9

Dec (r) 971.9 442.1 1,409.8 788.4

2004: Jan (r) 969.1 444.8 1,416.8 804.9

Feb (r) 966.4 447.6 1,425.1 809.2

Mar (r) 963.6 450.4 1,426.9 811.3

Apr (p) 967.8 453.2 1,432.2 814.5

(1) With inventory valuation and capital consumption adjustments.

(2) With capital consumption adjustment.

(3) Consists mainly of social insurance benefits to persons.

NOTE.–Revisions include changes to series affected by revised wage and

salary estimates for 2003:IV.

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME

According to revised estimates, per capita disposable personal income

in chained (2000) dollars rose at an annual rate of 4.0 percent in the

first quarter of 2004.

[GRAPHIC OMITTED]

Less: Equals:

Personal Disposable

Personal current personal

Period income taxes income

Billions of dollars

1994 5,842.5 690.7 5,151.8

1995 6,152.3 744.1 5,408.2

1996 6,520.6 832.1 5,688.5

1997 6,915.1 926.3 5,988.8

1998 7,423.0 1,027.0 6,395.9

1999 7,802.4 1,107.5 6,695.0

2000 8,429.7 1,235.7 7,194.0

2001 8,713.1 1,243.7 7,469.4

2002 8,910.3 1,053.1 7,857.2

2003 (r) 9,280.0 991.4 8,216.5

Seasonally adjusted annual rates

2000: III 8,514.4 1,248.0 7,266.4

IV 8,565.8 1,256.6 7,309.3

2001: I 8,663.5 1,302.1 7,361.3

II 8,690.2 1,308.7 7,381.6

III 8,727.4 1,120.9 7,606.4

IV 8,771.2 1,243.0 7,528.1

2002: I 8,803.6 1,069.9 7,733.7

II 8,912.2 1,043.7 7,868.6

III 8,944.0 1,053.0 7,891.0

IV 8,981.3 1,045.6 7,935.6

2003: I 9,048.7 1,009.4 8,039.2

II 9,145.9 1,000.2 8,145.8

III 9,256.3 938.5 8,317.8

IV (r) 9,381.0 1,017.7 8,363.3

2004: I (r) 9,518.3 991.2 8,527.1

Dispos-

able

personal

income in

billions of

Less: Equals: chained

Personal Personal (2000)

Period outlays (1) saving dollars

Billions of dollars

1994 4,902.4 249.5 5,746.4

1995 5,157.3 250.9 5,905.7

1996 5,460.0 228.4 6,080.9

1997 5,770.5 218.3 6,295.8

1998 6,119.1 276.8 6,663.9

1999 6,536.4 158.6 6,861.3

2000 7,025.6 168.5 7,194.0

2001 7,342.2 127.2 7,320.2

2002 7,674.0 183.2 7,596.7

2003 (r) 8,043.0 173.5 7,801.1

Seasonally adjusted annual rates

2000: III 7,076.3 190.1 7,249.3

IV 7,168.1 141.2 7,259.6

2001: I 7,219.7 141.7 7,254.6

II 7,302.3 79.3 7,228.8

III 7,395.7 210.7 7,440.6

IV 7,451.0 77.1 7,356.6

2002: I 7,538.1 195.6 7,544.8

II 7,646.8 221.7 7,621.5

III 7,722.0 169.0 7,605.2

IV 7,789.2 146.4 7,615.8

2003: I 7,888.3 151.0 7,662.0

II 7,956.7 189.0 7,753.5

III 8,118.5 199.3 7,882.9

IV (r) 8,208.6 154.7 7,906.1

2004: I (r) 8,341.1 186.0 8,002.2

Per capita

Per capita personal

disposable consumption

personal income expenditures

Chained Chained

Current (2000) Current (2000)

Period dollars dollars dollars dollars

Dollars

1994 19,555 21,812 18,004 20,082

1995 20,287 22,153 18,665 20,382

1996 21,091 22,546 19,490 20,835

1997 21,940 23,065 20,323 21,365

1998 23,161 24,131 21,291 22,183

1999 23,968 24,564 22,491 23,050

2000 25,472 25,472 23,863 23,863

2001 26,175 25,653 24,690 24,196

2002 27,259 26,355 25,622 24,773

2003 (r) 28,227 26,800 26,650 25,303

Seasonally adjusted annual rates

2000: III 25,694 25,634 23,988 23,932

IV 25,775 25,600 24,232 24,067

2001: I 25,896 25,520 24,394 24,040

II 25,905 25,369 24,627 24,117

III 26,621 26,041 24,702 24,164

IV 26,277 25,678 25,033 24,462

2002: I 26,932 26,274 25,270 24,653

II 27,337 26,478 25,554 24,752

III 27,342 26,352 25,738 24,806

IV 27,425 26,320 25,932 24,879

2003: I 27,720 26,419 26,208 24,978

II 28,022 26,673 26,398 25,127

III 28,540 27,048 26,888 25,482

IV (r) 28,623 27,058 27,103 25,621

2004: I (r) 29,119 27,326 27,500 25,807

Percent Population

change including

in real Savings as Armed

per capita percent of Forces

disposable disposable overseas

personal personal (thou-

Period income income sands) (2)

Percent

1994 1.5 4.8 263,455

1995 1.6 4.6 266,588

1996 1.8 4.0 269,714

1997 2.3 3.6 272,958

1998 4.6 4.3 276,154

1999 1.8 2.4 279,328

2000 3.7 2.3 282,425

2001 .7 1.7 285,358

2002 2.7 2.3 288,240

2003 (r) 1.7 2.1 291,085

Seasonally

adjusted

annual

rates

2000: III 4.1 2.6 282,800

IV -.5 1.9 283,582

2001: I -1.2 1.9 284,265

II -2.3 1.1 284,952

III 11.0 2.8 285,726

IV -5.5 1.0 286,490

2002: I 9.6 2.5 287,156

II 3.1 2.8 287,840

III -1.9 2.1 288,605

IV -.5 1.8 289,360

2003: I 1.5 1.9 290,016

II 3.9 2.3 290,689

III 5.7 2.4 291,445

IV (r) .1 1.9 292,190

2004: I (r) 4.0 2.2 292,841

(1) Includes personal consumption expenditures, personal interest

payments (nonmortgage), and personal current transfer payments.

(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

According to the preliminary forecast for 2004, gross farm income is

forecast at $255.1 billion and net farm income, $47.6 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

Livestock and

Period Total (1) Total products Crops (2)

1994 216.2 181.4 88.3 93.1

1995 210.9 188.2 87.2 101.0

1996 235.9 199.5 92.9 106.5

1997 238.3 207.9 96.5 111.4

1998 232.3 196.2 94.1 102.1

1999 234.5 187.6 95.6 92.0

2000 241.4 192.0 99.5 92.4

2001 248.4 199.8 106.4 93.4

2002 228.2 192.9 93.5 99.5

2003 258.9 212.4 105.6 106.7

2004 (p) 255.1 215.0 100.7 114.3

2002: I 224.3 183.7 89.4 94.3

II 224.1 195.5 92.2 103.3

III 225.9 196.5 95.9 100.6

IV 234.2 196.1 96.4 99.7

2003: I 252.6 192.1 91.0 101.1

II 248.3 212.7 100.8 111.9

III 254.5 217.3 114.3 103.0

IV 280.0 227.4 116.4 110.9

2004: I (p) 268.4 217.9 100.0 117.9

II (p) 252.9 218.8 101.8 116.9

III (p) 248.3 214.2 102.4 111.8

IV (p) 250.8 209.1 98.6 110.4

Income of farm operators from farming

Gross farm income

Value of Direct

inventory Government Production Net farm

Period changes (3) payments (4) expenses income

1994 8.3 7.9 164.8 51.4

1995 -5.0 7.3 171.2 39.7

1996 7.9 7.3 178.1 57.8

1997 .6 7.5 187.1 51.3

1998 -.6 12.4 186.0 46.2

1999 -.2 21.5 187.7 46.8

2000 1.6 22.9 193.6 47.8

2001 1.2 20.7 197.8 50.6

2002 -3.1 11.0 192.8 35.3

2003 1.7 17.4 204.0 54.9

2004 (p) 2.0 10.3 207.5 47.6

2002: I -2.9 21.6 183.6 44.8

II -3.1 4.1 195.3 28.7

III -3.1 4.7 196.4 29.5

IV -3.1 13.5 196.0 38.3

2003: I 1.5 34.2 184.5 68.1

II 1.7 6.4 204.3 44.0

III 1.7 7.4 208.8 45.8

IV 1.8 21.5 218.4 61.6

2004: I (p) 2.0 20.2 210.3 58.0

II (p) 2.0 3.8 211.2 41.7

III (p) 2.0 4.4 206.8 41.5

IV (p) 1.9 12.7 201.8 48.9

(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 and crop

livestock commodities valued at weighted average market prices

during the period.

(4) Includes only Government payments made directly to farmers.

Note.–Data for 2003 and 2004 are forecast.

Source: Department of Agriculture.

CORPORATE PROFITS

In the first quarter of 2004, according to preliminary estimates,

corporate profits before tax fell $33.0 billion (annual rate) and

profits after tax fell $34.2 billion.

[GRAPHIC OMITTED]

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Profits (before tax) with inventory

valuation adjustment (1)

Domestic industries

Non-

financial

Finan-

Period Total (2) Total cial Total (3)

1994 564.6 487.6 119.9 367.7

1995 656.0 563.2 162.2 401.0

1996 736.1 634.2 172.6 461.6

1997 812.3 701.4 193.0 508.4

1998 738.5 635.5 165.9 469.6

1998 (4) 738.5 635.5 165.4 470.1

1999 776.8 655.3 194.3 461.1

2000 759.3 613.6 200.2 413.4

2001 705.9 544.4 225.6 318.8

2002 742.7 589.4 255.1 334.3

2003 843.8 678.7 268.8 410.0

2001: I 730.7 581.3 228.3 358.0

II 731.4 578.6 219.9 358.8

III 685.8 541.7 211.1 330.6

IV 675.7 476.0 243.2 232.7

2002: I 702.7 551.4 267.5 283.8

II 738.9 594.8 360.6 334.2

III 745.1 594.0 249.0 345.0

IV 784.2 617.2 243.4 373.9

2003: I 780.9 632.1 261.8 370.3

II 793.6 642.1 260.6 384.5

III 864.2 706.4 274.6 431.8

IV 936.4 731.2 278.0 453.2

2004: I (p) 886.5 703.2 299.3 403.9

Profits (before tax) with inventory

valuation adjustment (1)

Domestic industries

Nonfinancial

Profits

Manufac- Utili- Whole- before

Period turing ties sale Retail tax

1994 147.0 30.9 46.2 577.1

1995 173.7 27.3 43.1 674.3

1996 188.8 39.8 51.9 733.0

1997 209.0 47.6 64.2 798.2

1998 173.5 52.3 73.4 718.3

1998 (4) 157.0 32.7 53.2 66.4 718.3

1999 150.6 33.1 55.5 65.2 775.9

2000 144.3 34.4 59.7 59.6 773.4

2001 54.0 24.1 51.6 71.1 696.8

2002 73.3 22.0 49.1 76.7 745.0

2003 96.6 24.4 45.4 80.1 856.4

2001: I 86.8 26.0 46.1 64.2 735.5

II 79.3 27.1 47.7 66.8 733.0

III 50.1 25.0 54.1 74.3 671.5

IV -.2 18.4 58.5 79.1 647.0

2002: I 42.0 18.5 48.8 75.8 690.6

II 69.2 25.3 53.9 79.7 738.0

III 87.2 21.5 45.7 77.5 756.3

IV 95.1 22.8 47.9 73.9 795.0

2003: I 87.1 28.1 39.8 72.9 809.0

II 80.3 21.1 42.6 85.0 792.5

III 97.7 21.5 51.0 84.3 865.9

IV 121.1 26.7 48.2 78.2 958.1

2004: I (p) 925.1

Taxes Inven-

on Profits after tax tory

corpo- valu-

rate Net Undis- ation

in- divi- tributed adjust-

Period come Total dends profits ment

1994 193.7 383.3 234.7 148.6 -12.4

1995 218.7 455.6 254.2 201.4 -18.3

1996 231.7 501.4 297.6 203.8 3.1

1997 246.1 552.1 334.5 217.6 14.1

1998 248.3 470.0 351.6 118.3 20.2

1998 (4) 248.3 470.0 351.6 118.3 20.2

1999 258.6 517.2 337.4 179.9 1.0

2000 265.2 508.2 377.9 130.3 -14.1

2001 201.1 495.6 373.2 122.4 9.1

2002 195.0 549.9 398.3 151.6 -2.2

2003 224.9 631.5 431.0 200.5 -12.6

2001: I 219.1 516.4 380.0 136.4 -4.9

II 217.2 515.8 371.5 144.3 -1.6

III 198.2 473.3 368.7 104.6 14.3

IV 170.1 477.0 372.6 104.4 28.7

2002: I 181.6 509.0 382.3 126.7 12.1

II 197.1 540.9 393.5 147.4 .9

III 198.6 557.7 404.3 153.4 -11.1

IV 202.9 592.1 413.1 179.1 -10.8

2003: I 213.9 595.0 420.3 174.7 -28.1

II 211.4 581.0 427.5 153.5 1.2

III 230.6 635.4 434.3 201.1 -1.8

IV 243.7 714.5 441.8 272.7 -21.7

2004: I (p) 244.8 680.3 449.8 230.4 -38.6

(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) Data by industry beginning 1998 are based on the 1997 North

American Industry Classification System (NAICS) and are not directly

comparable with data for prior years shown, which are based on the

1987 Standard Industrial Classification (SIC).

Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT

In the first quarter of 2004, according to revised estimates,

nonresidential fixed investment in chained (2000) dollars rose $16.6

billion (annual rate) and residential investment rose $4.9 billion.

There was an increase of $28.2 billion in inventories following an

increase of $9.0 billion in the fourth quarter.

[GRAPHIC OMITTED]

[Billions of chained (2000) dollars; quarterly data at seasonally

adjusted annual rates]

Fixed investment

Nonresidential

Gross

private Equipment

domestic Struc- and soft-

Period investment Total Total tures ware

1994 1,099.6 1,042.3 689.9 232.3 467.2

1995 1,134.0 1,109.6 762.5 247.1 523.1

1996 1,234.3 1,209.2 833.6 261.1 578.7

1997 1,387.7 1,320.6 934.2 280.1 658.3

1998 1,524.1 1,455.0 1,037.8 294.5 745.6

1999 1,642.6 1,576.3 1,133.3 293.2 840.2

2000 1,735.5 1,679.0 1,232.1 313.2 918.9

2001 1,590.6 1,625.7 1,176.8 305.2 871.3

2002 1,572.0 1,565.8 1,092.6 249.0 846.7

2003 1,638.0 1,635.2 1,125.5 237.5 893.5

2000: III 1,742.6 1,686.4 1,245.2 319.7 925.5

IV 1,732.7 1,689.4 1,247.9 320.6 927.3

2001: I 1,682.2 1,677.8 1,233.6 315.8 917.8

II 1,608.5 1,638.0 1,189.4 311.3 877.6

III 1,573.1 1,616.1 1,163.7 313.1 849.4

IV 1,498.4 1,570.7 1,120.6 280.8 840.0

2002: I 1,538.2 1,560.9 1,100.4 262.2 840.0

II 1,555.8 1,563.2 1,092.1 252.2 842.6

III 1,598.2 1,565.4 1,089.1 242.4 850.3

IV 1,595.8 1,573.5 1,088.9 239.0 853.9

2003: I 1,581.6 1,577.7 1,087.3 236.5 855.0

II 1,599.9 1,601.4 1,105.8 238.8 871.6

III 1,656.1 1,661.0 1,139.5 237.7 907.7

IV 1,714.6 1,700.6 1,169.4 236.9 939.7

2004: I (r) 1,756.4 1,722.0 1,186.0 232.6 961.9

Change in private

Fixed investment inventories

Period Residential Total Nonfarm

1994 364.8 63.6 52.0

1995 353.1 29.9 41.3

1996 381.3 28.7 21.7

1997 388.6 71.2 68.5

1998 418.3 72.6 71.2

1999 443.6 68.9 71.5

2000 446.9 56.5 57.8

2001 448.5 -36.0 -36.3

2002 470.3 5.7 9.3

2003 505.3 -.7 .5

2000: III 441.2 56.2 58.8

IV 441.6 43.5 37.8

2001: I 444.4 4.3 -2.1

II 448.5 -28.8 -27.0

III 451.9 -44.0 -45.8

IV 449.0 -75.5 -70.3

2002: I 458.5 -23.5 -28.6

II 468.4 -8.0 4.2

III 473.2 32.8 36.0

IV 481.0 21.5 25.4

2003: I 486.4 1.6 .3

II 491.7 -4.5 -2.4

III 516.7 -9.1 -5.9

IV 526.6 9.0 10.0

2004: I (r) 531.5 28.2 32.3

NOTE.–See p. 10 for further detail on fixed investment by type.

Because of the formula used for calculating real GDP, the chained

(2000) 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 (2000) dollars; quarterly data at seasonally

adjusted annual rates]

Nonresidential

Equipment and

software

Information

processing

equipment

Total Total and software

fixed in- nonresi- Struc-

Period vestment dential tures Total Total

1994 1,042.3 689.9 232.3 467.2 155.7

1995 1,109.6 762.5 247.1 523.1 182.7

1996 1,209.2 833.6 261.1 578.7 218.9

1997 1,320.6 934.2 280.1 658.3 269.9

1998 1,455.0 1,037.8 294.5 745.6 328.9

1999 1,576.3 1,133.3 293.2 840.2 398.5

2000 1,679.0 1,232.1 313.2 918.9 467.6

2001 1,625.7 1,176.8 305.2 871.3 457.6

2002 1,565.8 1,092.6 249.0 846.7 459.3

2003 1,635.2 1,125.5 237.5 893.5 522.7

2000: III 1,686.4 1,245.2 319.7 925.5 473.8

IV 1,689.4 1,247.9 320.6 927.3 488.1

2001: I 1,677.8 1,233.6 315.8 917.8 482.8

II 1,638.0 1,189.4 311.3 877.6 460.8

III 1,616.1 1,163.7 313.1 849.4 445.4

IV 1,570.7 1,120.6 280.8 840.5 441.4

2002: I 1,560.9 1,100.4 262.2 840.0 444.2

II 1,563.2 1,092.1 252.2 842.6 454.7

III 1,565.4 1,089.1 242.4 850.3 470.0

IV 1,573.5 1,088.9 239.0 853.9 468.2

2003: I 1,577.7 1,087.3 236.5 855.0 487.2

II 1,601.4 2,105.8 238.8 871.6 506.4

III 1,661.0 1,139.5 237.7 907.7 537.7

IV 1,700.6 1,169.4 236.9 939.7 559.5

2004: I (r) 1,722.0 1,186.0 232.6 961.9 581.9

Nonresidential

Equipment and software

Information processing

equipment and software

Compu-

ters and Trans-

periph- Indus- porta-

eral trial tion Other

equip- Soft- equip- equip- equip-

Period ment (1) ware Other ment ment ment

1994 65.1 99.4 122.9 111.4 96.5

1995 71.6 107.0 134.9 120.6 101.7

1996 84.1 117.2 139.9 125.4 105.6

1997 108.8 127.3 143.0 135.9 115.8

1998 129.4 143.2 148.1 145.4 125.7

1999 157.2 158.0 147.9 167.7 126.7

2000 176.2 190.0 159.2 160.8 131.2

2001 171.8 182.3 145.0 142.6 126.4

2002 167.5 177.1 136.1 128.2 124.3

2003 182.4 194.8 131.1 116.6 128.5

2000: III 176.2 192.3 161.9 159.5 130.4

IV 181.2 200.2 159.0 150.7 129.6

2001: I 179.5 192.9 160.0 144.2 131.1

II 173.7 182.8 146.9 144.3 125.9

III 169.7 178.5 139.4 137.9 126.9

IV 164.4 175.0 133.8 143.9 121.7

2002: I 163.3 172.9 140.3 135.0 120.8

II 165.7 178.5 135.0 128.7 125.1

III 171.2 179.8 135.0 122.0 125.1

IV 169.7 177.1 133.9 127.2 126.1

2003: I 174.4 184.3 131.4 117.4 122.6

II 178.6 188.6 131.0 115.1 123.9

III 185.0 200.2 131.4 113.7 131.1

IV 191.5 206.0 130.6 120.1 136.3

2004: I (r) 199.4 216.2 133.0 116.0 140.0

Residential

Total Structures

resi-

den- Single Equip-

Period tial Total (2) family ment

1994 364.8 358.6 198.9 6.1

1995 353.1 346.8 180.6 6.2

1996 381.3 375.1 197.3 6.2

1997 388.6 382.4 196.6 6.1

1998 418.3 411.9 218.1 6.4

1999 443.6 436.6 234.2 7.0

2000 446.9 439.5 236.8 7.4

2001 448.5 441.1 237.2 7.4

2002 470.3 462.7 246.9 7.6

2003 505.3 497.0 269.2 8.3

2000: III 441.2 433.8 232.4 7.4

IV 441.6 434.2 231.5 7.4

2001: I 444.4 437.1 235.4 7.4

II 448.5 441.2 238.3 7.3

III 451.9 444.5 239.6 7.4

IV 449.0 441.6 235.3 7.5

2002: I 458.5 451.0 239.4 7.5

II 468.4 460.8 245.6 7.6

III 473.2 465.6 248.7 7.6

IV 481.0 473.3 253.7 7.7

2003: I 486.4 478.5 259.0 7.8

II 491.7 483.5 259.0 8.2

III 516.7 508.2 271.9 8.6

IV 526.6 517.8 286.9 8.8

2004: I (r) 531.5 522.5 290.9 9.1

(1) For details on this component, see Survey of Current Business,

Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and

5.3.3 for quantity indexes.

(2) Includes other items, not shown separately.

NOTE.–Because of the formula for calculating real GDP, the chained

(2000) 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 Economics Analysis.

BUSINESS INVESTMENT

[Billions of dollars]

Capital expenditures

By industry

Fores-

try,

fish-

ing

Total and

capi- agri-

tal Total cul-

ex- by tural Con-

pendi- Indus- serv- Min- Utili- struc-

Period tures try ices ing ties tion

For companies with employees

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 33.1

2000 1,161.0 1,089.9 1.5 42.5 61.3 25.0

2001 1,109.0 1,052.3 1.5 51.3 82.8 24.8

3002 1,008.5 928.0 1.9 42.3 67.1 25.4

Capital expenditures

By industry

Trans-

porta-

tion Fi-

Manu- and nance

fac- Whole- ware- Infor- and

tur- sale Retail hous- ma- insur-

Period ing trade trade ing tion ance

For companies with employees

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 214.8 33.6 69.8 59.9 160.2 133.7

2001 192.8 30.0 66.9 57.8 144.8 131.1

3002 163.3 27.9 59.4 47.8 88.9 125.7

Capital expenditures

By industry

Pro-

fess-

Real ional, For

es- scien- com-

tate tific, Health panies

and and care with-

rental tech- and out

and nical- social em-

leas- serv- assis- Other ploy-

Period ing ices tance (1) ees

For companies with employees

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 92.5 34.1 52.2 108.9 71.2

2001 82.7 30.5 52.9 102.5 56.7

3002 96.7 26.6 59.1 96.0 80.4

(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

expenditure 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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