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 adjustedannual 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 seasonallyadjusted 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 annualrates]
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 dataat 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 annualrates]
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 annualrates]
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 seasonallyadjusted 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 seasonallyadjusted 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.
COPYRIGHT 2004 Superintendent Of Documents
COPYRIGHT 2004 Gale Group
