Categories
Economic Indicators

Total output, income, and spending

Total output, income, and spending

GROSS DOMESTIC PRODUCT

In the first quarter of 2004, according to advance estimates, current-dollar gross domestic product (GDP) rose 6.9 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.9 percent, and the implicit price deflator rose 2.9 percent.

[GRAPHIC OMITTED]

[Billions of current dollars; quarterly data at seasonally adjusted

annual rates]

Exports and

imports of

goods and

services

Personal Gross

Gross con- private

Period domestic sumption domestic Net Exports

product expendi- invest- exports

tures ment

1994 7,072.2 4,743.3 1,097.1 -93.6 720.9

1995 7,397.7 4,975.8 1,144.0 -91.4 812.2

1996 7,816.9 5,256.8 1,240.3 -96.2 868.6

1997 8,304.3 5,547.4 1,389.8 -101.6 955.3

1998 8,747.0 5,879.5 1,509.1 -159.9 955.9

1999 9,268.4 6,282.5 1,625.7 -260.5 991.2

2000 9,817.0 6,739.4 1,735.5 -379.5 1,096.3

2001 10,100.8 7,045.4 1,607.2 -366.5 1,035.1

2002 10,480.8 7,385.3 1,589.2 -426.3 1,006.8

2003 10,987.9 7,757.4 1,670.6 -495.0 1,048.9

2000: III 9,862.1 6,783.9 1,749.0 -400.7 1,122.4

IV 9,953.6 6,871.6 1,738.9 -403.9 1,115.8

2001: I 10,024.8 6,934.3 1,688.3 -381.3 1,103.1

II 10,088.2 7,017.4 1,620.3 -368.2 1,061.1

III 10,096.2 7,058.1 1,594.3 -364.9 1,005.4

IV 10,193.9 7,171.6 1,526.1 -351.7 970.8

2002: I 10,329.3 7,256.5 1,553.1 -365.6 978.5

II 10,428.3 7,355.5 1,580.9 -427.3 1,006.3

III 10,542.0 7,428.2 1,608.2 -435.9 1,025.3

IV 10,623.7 7,501.2 1,614.7 -476.1 1,017.2

2003: I 10,735.8 7,600.7 1,605.3 -487.6 1,021.0

II 10,846.7 7,673.6 1,624.3 -505.5 1,020.2

III 11,107.0 7,836.3 1,689.1 -490.6 1,048.5

IV 11,262.0 7,919.1 1,763.5 -496.2 1,105.8

2004: I (r) 11,451.2 8,055.4 1,816.7 -538.1 1,141.7

Exports

and

imports Government consumption expenditures

of goods and gross investment

and

services

Federal

National Non-

Period Imports Total Total defense defense

1994 814.5 1,325.5 519.1 353.7 165.5

1995 903.6 1,369.2 519.2 348.7 170.5

1996 964.8 1,416.0 527.4 354.6 172.8

1997 1,056.9 1,468.7 530.9 349.6 181.3

1998 1,115.9 1,518.3 530.4 345.7 184.7

1999 1,251.7 1,620.8 555.8 360.6 195.2

2000 1,475.8 1,721.6 578.8 370.3 208.5

2001 1,401.7 1,814.7 612.9 393.0 219.9

2002 1,433.1 1,932.5 679.5 438.3 241.2

2003 1,543.8 2,054.8 757.2 497.3 259.9

2000: III 1,523.1 1,729.9 581.2 371.3 209.9

IV 1,519.7 1,746.9 582.0 373.8 208.2

2001: I 1,484.4 1,783.5 597.5 384.1 213.4

II 1,429.3 1,818.8 609.8 388.2 221.6

III 1,370.4 1,808.8 613.3 392.8 220.5

IV 1,322.5 1,847.8 630.8 406.9 223.9

2002: I 1,344.1 1,885.4 652.9 420.3 232.6

II 1,433.6 1,919.3 673.2 432.5 240.7

III 1,461.3 1,941.5 681.8 439.3 242.5

IV 1,493.3 1,983.9 710.0 461.1 248.9

2003: I 1,508.5 2,017.4 723.0 463.3 259.7

II 1,525.7 2,054.2 764.7 507.3 257.4

III 1,539.0 2,072.1 769.6 507.2 262.4

IV 1,602.0 2,075.6 771.5 511.5 260.0

2004: I (r) 1,679.9 2,117.3 801.3 536.1 265.2

Government

consumption

expenditures

and gross

investment

Final Gross Addendum:

State sales of domestic Gross

Period and domestic purchases national

local product (1) product

1994 806.3 7,008.4 7,165.8 7,098.4

1995 850.0 7,366.5 7,489.0 7,433.4

1996 888.6 7,786.1 7,913.1 7,851.9

1997 937.8 8,232.3 8,405.9 8,337.3

1998 987.9 8,676.2 8,906.9 8,768.3

1999 1,065.0 9,201.5 9,528.9 9,302.2

2000 1,142.8 9,760.5 10,196.4 9,855.9

2001 1,201.8 10,136.9 10,467.3 10,135.9

2002 1,253.1 10,475.5 10,907.1 10,502.3

2003 1,297.6 10,990.3 11,482.8 11,031.6

2000: III 1,148.6 9,803.7 10,262.8 9,893.6

IV 1,164.9 9,912.2 10,357.5 10,008.4

2001: I 1,185.9 10,022.8 10,406.1 10,052.1

II 1,209.0 10,120.6 10,456.4 10,115.5

III 1,195.4 10,142.2 10,461.2 10,107.8

IV 1,217.1 10,262.0 10,545.5 10,268.3

2002: I 1,232.5 10,357.1 10,694.9 10,351.0

II 1,246.1 10,427.8 10,855.6 10,435.9

III 1,259.7 10,513.4 10,977.9 10,560.5

IV 1,273.9 10,603.6 11,099.9 10,661.6

2003: I 1,294.5 10,736.7 11,223.4 10,763.7

II 1,289.6 10,852.4 11,352.2 10,880.0

III 1,302.6 11,117.4 11,597.5 11,144.8

IV 1,304.0 11,254.5 11,758.2 11,337.9

2004: I (r) 1,316.0 11,425.6 11,989.4 11,513.5

(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

Period domestic sumption fixed fixed private

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 5,433.5 762.5 353.1 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 1,169.4 526.6 9.0

2004: I (r) 10,702.1 7,555.8 1,184.6 532.5 25.5

Government consumption

Exports and imports of expenditures and gross

goods and services investment

Federal

Na-

tional

Net de-

Period exports Exports Imports Total Total fense

1994 -79.4 706.5 785.9 1,541.3 596.4 404.6

1995 -71.0 778.2 849.1 1,549.7 580.3 389.2

1996 -79.6 843.4 923.0 1,564.9 573.5 383.8

1997 -104.6 943.7 1,048.3 1,594.0 567.6 373.0

1998 -203.7 966.5 1,170.3 1,624.4 561.2 365.3

1999 -296.2 1,008.2 1,304.4 1,686.9 573.7 372.2

2000 -379.5 1,096.3 1,475.8 1,721.6 578.8 370.3

2001 -398.1 1,039.0 1,437.1 1,768.9 600.5 384.7

2002 -470.6 1,014.2 1,484.7 1,836.9 648.0 418.8

2003 -509.1 1,034.7 1,543.8 1,898.4 704.3 463.0

2000: III -395.6 1,120.0 1,515.6 1,721.5 578.6 369.9

IV -397.2 1,112.3 1,509.5 1,727.1 577.2 371.5

2001: I -385.9 1,099.6 1,485.5 1,751.6 589.7 378.5

II -391.7 1,060.9 1,452.7 1,776.4 599.3 380.9

III -401.3 1,010.6 1,411.9 1,758.1 599.3 383.2

IV -413.4 984.8 1,398.2 1,789.7 613.6 396.2

2002: I -431.2 995.4 1,426.7 1,810.1 626.1 404.1

II -467.6 1,016.5 1,484.1 1,827.8 641.9 413.4

III -471.9 1,027.3 1,499.2 1,838.9 648.2 418.1

IV -511.5 1,017.5 1,529.0 1,870.8 675.8 439.5

2003: I -490.0 1,012.4 1,502.5 1,869.0 675.5 433.2

II -526.0 1,009.6 1,535.7 1,902.8 712.0 472.8

III -505.2 1,033.7 1,538.9 1,911.1 714.3 471.2

IV -515.2 1,083.1 1,598.3 1,910.7 715.3 474.7

2004: I (r) -535.6 1,102.8 1,638.4 1,924.7 730.2 489.6

Government

consumption

expenditures and

gross investment

Federal

Gross Adden-

Final domestic dum:

Period Non- State sales of pur- Gross

defense and domestic chases national

local product (1) product

1994 191.7 943.3 7,777.8 7,911.3 7,864.2

1995 191.0 968.3 8,010.2 8,098.4 8,069.8

1996 189.6 990.5 8,306.5 8,405.7 8,365.3

1997 194.5 1,025.9 8,636.6 8,807.6 8,737.5

1998 195.9 1,063.0 8,997.6 9,272.5 9,088.7

1999 201.5 1,113.2 9,404.0 9,767.7 9,504.7

2000 208.5 1,142.8 9,760.5 10,196.4 9,855.9

2001 215.8 1,168.5 9,901.1 10,265.0 8,901.4

2002 229.2 1,189.1 10,076.9 10,551.5 10,105.0

2003 241.4 1,194.6 10,395.0 10,903.6 10,439.5

2000: III 208.7 1,142.9 9,780.4 10,232.1 9,867.8

IV 205.6 1,149.9 9,844.3 10,284.7 9,941.6

2001: I 211.2 1,161.9 9,877.5 10,267.7 9,908.7

II 218.4 1,177.1 9,895.3 10,258.0 9,893.5

III 216.0 1,158.9 9,876.9 10,236.3 9,846.5

IV 217.4 1,176.1 9,954.9 10,298.0 9,956.8

2002: I 222.0 1,184.1 10,020.1 10,429.5 10,020.3

II 228.5 1,186.0 10,052.3 10,510.4 10,053.4

III 230.1 1,190.9 10,096.4 10,598.0 10,147.5

IV 236.4 1,195.3 10,138.9 10,668.0 10,198.5

2003: I 242.4 1,193.8 10,206.4 10,697.6 10,237.6

II 239.3 1,191.4 10,289.5 10,809.9 10,320.2

III 243.1 1,197.4 10,497.7 10,995.4 10,528.6

IV 240.8 1,195.9 10,586.4 11,111.5 10,671.7

2004: I (r) 240.6 1,195.1 10,671.2 11,233.0 10,760.7

(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 90.844

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 91.639 104.180 109.005

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) 107.000 106.612 90.233 105.971 110.710

Gross private Exports and

domestic imports of goods

investment and services

Nonresi- Resi-

Period dential dential Exports Imports

fixed 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) 99.370 115.310 103.523 102.529

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 92.935

1999 96.883 96.886 96.880 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 107.507 107.424 107.655 108.623

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) 109.727 109.481 110.203 110.117

Source: Department of Commerce, Bureau of Economic Analysis

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES

[Quarterly data are seasonally adjusted]

Index numbers, 2000=100

Real GDP GDP

(chain-type GDP implicit

Period quantity chain-type 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 96.475 96.472

1999 96.469 97.868 97.868

2000 100.000 100.000 100.000

2001 100.506 102.376 102.373

2002 102.710 103.949 103.945

2003 105.918 105.686 105.673

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) 109.016 107.019 107.000

Percent change from preceding period (1)

Real GDP GDP

GDP (chain-type GDP implicit

Period (current quantity chain-type price

dollars) index) price 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) 6.9 3.9 2.8 2.9

(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]

Price per unit of real

gross value added of non-

financial corporate

business (dollars) (1 2)

Gross value

added of non-

financial Unit

corporate non-

business labor

(billions of cost

dollars) (1)

Compensa-

Chained tion of em-

Period Current (2000) Total ployees Total

dollars dollars (unit labor

cost)

1994 3,669.5 3,832.0 0.958 0.621 0.227

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

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

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

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

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

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

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

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

2003 5,650.3 5,564.9 1.015 .659 .246

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

II 5,301.0 5,237.1 1.012 .688 .248

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

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

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

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

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

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

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

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

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

IV 5,820.2 5,712.8 1.019 .654 .243

2004: I (r) 5,917.3 5,779.7 1.024 .658 .243

Price per unit of real gross

value added of nonfinancial

corporate business (dollars)

(1 2)

Unit nonlabor cost

Taxes

Consump- on pro- Net inter-

Period tion of duction est and

fixed and im- miscella-

capital ports neous

(3) payments

1994 0.102 0.099 0.026

1995 .104 .097 .029

1996 .103 .096 .026

1997 .104 .094 .028

1998 .104 .092 .030

1999 .105 .092 .032

2000 .108 .093 .036

2001 .117 .094 .039

2002 .116 .098 .039

2003 .112 .097 .037

2001: I .112 .094 .039

II .115 .094 .039

III .123 .089 .040

IV .116 .097 .039

2002: I .116 .098 .039

II .116 .098 .039

III .116 .098 .039

IV .115 .099 .038

2003: I .115 .098 .038

II .113 .095 .037

III .110 .097 .036

IV .110 .097 .036

2004: I (r) .110 .097 .036

Price per unit of real

gross value added of non-

financial corporate

business (dollars)

(1 2)

Corporate profits with

inventory valuation and

capital consumption

adjustments (4)

Taxes on Profits

Period Total corporate after

income tax (5)

1994 0.109 0.035 0.074

1995 .113 .035 .078

1996 .124 .036 .088

1997 .128 .036 .092

1998 .114 .033 .080

1999 .107 .034 .073

2000 .090 .032 .058

2001 .076 .021 .055

2002 .092 .019 .073

2003 .111 .023 .088

2001: I .075 .024 .052

II .075 .024 .051

III .072 .021 .051

IV .080 .014 .066

2002: I .087 .016 .071

II .093 .019 .074

III .092 .020 .072

IV .096 .021 .075

2003: I .094 .022 .072

II .108 .021 .087

III .119 .024 .095

IV .122 .026 .096

2004: I (r) .122 .025 .098

(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.

Source: Department of Commerce, Bureau of Economic Analysis.

NATIONAL INCOME

[Billions of dollars; quarterly data at seasonally adjusted annual

rates]

Proprietors’

income (1)

Rental

income

of

Compen- persons

sation with

Period National of Farm Nonfarm capital

income employ- 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 9,707.8 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 6,229.4 21.5 839.4 157.0

IV 10,013.8 6,302.0 23.3 850.9 183.0

2004: I (r) 10,191.5 6,410.3 18.9 876.1 188.5

Corporate profits with inventory valuation and

capital consumption adjustments

Profits with inventory

valuation adjustment and

without capital

consumption adjustment

Capital

Inventory con-

Profits valuation sump-

Period Total Total before adjust- tion

tax ment adjust-

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) 1,226.5 893.4 932.7 -39.3 333.1

Net Taxes Cur-

interest on Bus- rent

and pro- ness surplus

mis- duc- Less: current of gov-

Period 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 6.3

II 581.7 782.1 56.9 92.5 5.8

III 579.9 791.5 46.3 97.1 3.7

IV 581.8 806.9 45.1 101.2 4.1

2004: I (r) 591.0 815.9 42.3 103.2 3.4

(1) With inventory valuation and capital consumption adjustments.

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES

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

at seasonally adjusted annual rates]

Durable goods

Fur-

Total niture

personal Motor and

con- Total vehicles house-

Period sumption durable and hold Other

expendi- goods parts equip-

tures 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 7,159.2 963.1 427.8 366.2 170.1

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 7,486.2 1,070.8 456.7 422.5 194.5

2004: I (r) 7,555.8 1,060.7 435.7 433.1 196.6

Nondurable goods

Total Gaso- Fuel

nondur- Clothing line oil

Period able Food and and and Other

goods shoes oil coal

1994 1,603.9 821.8 218.5 151.7 18.2 397.7

1995 1,638.6 827.1 227.4 154.5 18.7 414.1

1996 1,680.4 834.7 238.7 157.9 18.4 432.9

1997 1,725.3 845.2 246.0 162.8 16.9 456.6

1998 1,794.4 865.6 263.1 170.3 16.0 481.1

1999 1,876.6 893.6 282.7 176.3 16.4 508.6

2000 1,947.2 925.2 297.7 175.7 15.8 532.9

2001 1,983.3 937.0 303.5 179.6 15.2 548.0

2002 2,043.6 958.2 319.1 183.3 15.9 567.3

2003 2,121.0 994.7 334.4 182.7 16.2 593.6

2000: III 1,955.0 927.8 301.1 173.0 16.1 537.1

IV 1,972.7 931.2 302.1 178.5 16.7 544.1

2001: I 1,974.5 936.5 300.2 182.3 15.9 539.4

II 1,969.1 935.7 300.5 174.5 14.6 543.6

III 1,983.4 936.3 304.2 176.4 15.0 551.3

IV 2,006.2 939.6 309.1 185.4 15.1 557.9

2002: I 2,035.9 952.9 317.6 188.7 14.8 563.1

II 2,037.8 957.7 317.9 181.9 15.7 564.8

III 2,038.8 958.4 317.6 179.1 15.9 567.5

IV 2,061.8 963.9 323.4 183.6 17.4 573.8

2003: I 2,090.5 979.6 325.7 186.8 16.3 582.2

II 2,096.9 985.4 331.9 177.9 15.1 587.4

III 2,134.3 1,002.8 339.5 178.5 16.2 598.3

IV 2,162.4 1,010.9 340.6 187.6 17.3 606.8

2004: I (r) 2,198.6 1,032.2 352.7 186.6 16.3 612.1

Services

Retail sales

of new pas-

senger cars

Total Medical and light

Period services Housing care trucks (mil-

(1) lions of

units)

1994 3,176.6 869.3 887.1 15.0

1995 3,259.9 887.5 906.4 14.7

1996 3,356.0 901.1 922.5 15.1

1997 3,468.0 922.5 942.8 15.1

1998 3,615.0 948.8 970.7 15.5

1999 3,758.0 978.6 989.0 16.9

2000 3,928.8 1,006.5 1,026.8 17.3

2001 4,022.4 1,033.9 1,070.9 17.1

2002 4,141.8 1,061.9 1,132.1 16.8

2003 4,225.7 1,085.6 1,190.0 16.6

2000: III 3,949.3 1,009.9 1,032.1 17.4

IV 3,986.8 1,016.9 1,042.5 16.4

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

II 4,013.3 1,031.4 1,062.5 16.7

III 4,029.3 1,036.5 1,077.6 16.2

IV 4,057.4 1,042.7 1,092.5 18.5

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

II 4,137.0 1,059.0 1,125.3 16.5

III 4,159.4 1,065.7 1,137.8 17.6

IV 4,175.4 1,071.7 1,154.8 16.6

2003: I 4,190.7 1,078.0 1,169.3 16.0

II 4,208.4 1,082.8 1,182.4 16.4

III 4,237.2 1,088.7 1,196.9 17.4

IV 4,266.4 1,092.8 1,211.4 16.8

2004: I (r) 4,307.2 1,098.8 1,224.9 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 detailed components

do not add to the chained-dollar value of GDP or to any

intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME

Personal income rose $55.9 billion (annual rate) in May, following an increase of $61.1 billion in April. Wages and salaries rose $35.3 billion in May, following an increase of $32.2 billion in April.

[GRAPHIC OMITTED]

[Billions of dollars; monthly data at seasonally adjusted annual

rates]

Compensation of employees, received

Total Wage and Supplements

Period personal Total salary dis- to wages and

income bursements salaries

1994 5,842.5 3,979.6 3,232.1 747.5

1995 6,152.3 4,177.0 3,419.3 757.7

1996 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

1999 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 9,208.0 6,203.0 5,100.2 1,102.8

2003: 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 9,322.9 6,277.6 5,156.4 1,121.3

Nov 9,386.9 6,315.2 5,189.2 1,126.0

Dec 9,423.3 6,313.2 5,184.3 1,128.9

2004: Jan (r) 9,474.5 6,372.3 5,223.1 1,149.2

Feb (r) 9,524.0 6,411.8 5,250.4 1,161.4

Mar (p) 9,568.9 6,442.5 5,269.5 1,172.9

Apr (r) 9,630.0 6,481.7 5,301.7 1,180.1

May (p) 9,685.9 6,525.4 5,337.0 1,188.3

Proprietor’s Personal income receipts on

income (1) assets

Rental

Non- income Personal Personal

Period Farm farm of per- Total interest dividend

sons (2) income income

1994 33.9 439.4 119.7 950.8 716.8 234.0

1995 22.7 469.5 122.1 1,016.4 763.2 253.2

1996 37.3 505.9 131.5 1,089.2 793.0 296.2

1997 34.2 541.8 128.8 1,181.7 848.7 333.0

1998 29.4 598.4 137.5 1,283.2 933.2 349.9

1999 28.6 649.7 147.3 1,264.2 928.6 335.6

2000 22.7 705.7 150.3 1,387.0 1,011.0 376.1

2001 25.0 745.6 163.1 1,374.9 1,003.7 371.2

2002 14.3 783.4 173.0 1,378.5 982.4 396.2

2003 19.5 827.4 164.2 1,393.3 964.6 428.7

2003: May 20.0 819.5 153.3 1,390.2 964.9 425.3

June 23.8 830.5 146.2 1,391.9 964.3 427.6

July 22.5 837.2 151.4 1,390.5 960.7 429.8

Aug 21.4 836.7 157.0 1,389.2 957.1 432.2

Sept 20.5 844.3 162.6 1,388.0 953.4 434.6

Oct 22.5 844.9 172.9 1,396.4 959.5 436.9

Nov 23.9 850.1 182.9 1,405.1 965.7 439.4

Dec 23.7 857.9 193.1 1,414.0 971.9 442.1

2004: Jan (r) 18.9 866.0 190.8 1,415.2 970.4 444.8

Feb (r) 18.7 873.0 188.6 1,416.5 969.0 447.6

Mar (r) 19.0 889.3 186.1 1,417.9 967.5 450.4

Apr (r) 23.8 898.5 188.6 1,421.3 968.1 453.2

May (p) 26.4 906.6 190.9 1,424.8 968.7 456.1

Personal

current Less: Contributions

Period transfer for government

receipts (3) social insurance

1994 827.3 508.2

1995 877.4 532.8

1996 925.0 555.2

1997 951.2 587.2

1998 978.6 624.2

1999 1,022.1 661.4

2000 1,084.0 702.7

2001 1,192.6 728.5

2002 1,292.2 750.3

2003 1,377.5 776.8

2003: May 1,368.6 772.1

June 1,383.1 774.4

July 1,393.5 776.8

Aug 1,397.4 779.2

Sept 1,405.2 780.9

Oct 1,403.0 784.4

Nov 1,398.6 788.9

Dec 1,409.8 788.4

2004: Jan (r) 1,416.2 805.0

Feb (r) 1,424.5 809.2

Mar (r) 1,425.8 811.6

Apr (r) 1,431.4 815.3

May (p) 1,432.7 820.8

(1) With inventory valuation and capital consumptions adjustments.

(2) With capital consumption adjustment.

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

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 Personal Disposable Less: Equals:

Period income current personal Personal Personal

taxes income outlays (1) saving

Billions of dollars

1994 5,842.5 690.7 5,151.8 4,902.4 249.5

1995 6,152.3 744.1 5,408.2 5,157.3 250.9

1996 6,520.6 832.1 5,688.5 5,460.0 228.4

1997 6,915.1 926.3 5,988.8 5,770.5 218.3

1998 7,423.0 1,027.0 6,395.9 6,119.1 276.8

1999 7,802.4 1,107.5 6,695.0 6,536.4 158.6

2000 8,429.7 1,235.7 7,194.0 7,025.6 168.5

2001 8,713.1 1,243.7 7,469.4 7,342.2 127.2

2002 8,910.3 1,053.1 7,857.2 7,674.0 183.2

2003 9,208.0 991.4 8,216.5 8,043.0 173.5

Seasonally adjusted annual rates

2000: III 8,514.4 1,248.0 7,266.4 7,076.3 190.1

IV 8,565.8 1,256.6 7,309.3 7,168.1 141.2

2001: I 8,663.5 1,302.1 7,361.3 7,219.7 141.7

II 8,690.2 1,308.7 7,381.6 7,302.3 79.3

III 8,727.4 1,120.9 7,606.4 7,395.7 210.7

IV 8,771.2 1,243.0 7,528.1 7,451.0 77.1

2002: I 8,803.6 1,069.9 7,733.7 7,538.1 195.6

II 8,912.2 1,043.7 7,868.6 7,646.8 221.7

III 8,944.0 1,053.0 7,891.0 7,722.0 169.0

IV 8,981.3 1,045.6 7,935.6 7,789.2 146.4

2003: I 9,048.7 1,009.4 8,039.2 7,888.3 151.0

II 9,145.9 1,000.2 8,145.8 7,956.7 189.0

III 9,256.3 938.5 8,317.8 8,118.5 199.3

IV 9,381.0 1,017.7 8,363.3 8,208.6 154.7

2004: I (r) 9,522.5 991.3 8,531.2 8,343.4 187.8

Per capita

Per capita personal

disposable consumption

personal income expenditures

Disposable

personal

Period income in Current Chained Current Chained

billions of dollars (2000) dollars (2000)

chained (2000) dollars dollars

dollars

Dollars

1994 5,746.4 19,555 21,812 18,004 20,082

1995 5,905.7 20,287 22,153 18,665 20,382

1996 6,080.9 21,091 22,546 19,490 20,835

1997 6,295.8 21,940 23,065 20,323 21,365

1998 6,663.9 23,161 24,131 21,291 22,183

1999 6,861.3 23,968 24,564 22,491 23,050

2000 7,194.0 25,472 25,472 23,863 23,863

2001 7,320.2 26,175 25,653 24,690 24,196

2002 7,596.7 27,259 26,355 25,622 24,773

2003 7,801.1 28,227 26,800 26,650 25,303

Seasonally adjusted annual rates

2000: III 7,249.3 25,694 25,634 23,988 23,932

IV 7,259.6 25,775 25,600 24,232 24,067

2001: I 7,254.6 25,896 25,520 24,394 24,040

II 7,228.8 25,905 25,369 24,627 24,117

III 7,440.6 26,621 26,041 24,702 24,164

IV 7,356.6 26,277 25,678 25,033 24,462

2002: I 7,544.8 26,932 26,274 25,270 24,653

II 7,621.5 27,337 26,478 25,554 24,752

III 7,605.2 27,342 26,352 25,738 24,806

IV 7,615.8 27,425 26,320 25,923 24,879

2003: I 7,662.0 27,720 26,419 26,208 24,978

II 7,753.5 28,022 26,673 26,398 25,127

III 7,882.9 28,540 27,048 26,888 25,482

IV 7,906.1 28,623 27,058 27,103 25,621

2004: I (r) 8,002.1 29,133 27,326 27,508 25,802

Percent change

in real per Saving as Population

Period capita percent of including

disposable disposable Armed Forces

personal personal overseas

income income (thousands) (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 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 .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 of the period.

Source: Department of Commerce (Bureau of Economic Analysis and

Bureau of the Census).

FARM INCOME

According to the current forecast for 2004, gross farm income is forecast at $255.1 billion, and net farm income at $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

Live-

Total stock Crops

Period (1) Total and (2)

pro-

ducts

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 228.3 183.7 89.4 94.3

II 224.1 195.5 92.2 103.3

III 225.9 196.5 95.9 100.6

IV 234.3 196.1 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

Direct

Value Govern-

of ment Pro- Net

inven- pay- duc- farm

Period tory ments tion in-

changes (4) expen- come

(3) ses

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 by farms including imputed rent

of operators residence.

(2) Crop receipts inclued proceeds received from commodities

placed under Commodity Credit Corporation loans.

(3) Physical changes in beginning and ending year inventories

of crop and livestock commodities valued at weighted average

market prices during the period.

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

Note.–Data for 2003 are forecast.

Source: Department of Agriculture.

CORPORATE PROFITS

In the first quarter of 2004, according to revised estimates, corporate profits before tax fell $25.4 billion (annual rate) and profits after tax fell $26.0 billion.

[GRAPHIC OMITTED]

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Profits (before tax) with inventory

valuation adjustment (1)

Domestic industries

Nonfinancial

Total Finan- Total Manufac- Utili-

Period (2) Total cial (3) turing ties

1994 564.6 487.6 119.9 367.7 147.0 …

1995 656.0 563.2 162.2 401.0 173.7 …

1996 736.1 634.2 172.6 461.6 188.8 …

1997 812.3 701.4 193.0 508.4 209.0 …

1998 738.5 635.5 165.9 469.6 173.5 …

1998 (4) 738.5 635.5 165.4 470.1 157.0 32.7

1999 776.8 655.3 194.3 461.1 150.6 33.1

2000 759.3 613.6 200.2 413.4 144.3 24.4

2001 705.9 544.4 225.6 318.8 54.0 24.1

2002 742.7 589.4 255.1 334.3 73.3 22.0

2003 843.8 678.7 268.8 410.0 96.6 24.4

2001: I 730.7 581.3 228.3 353.0 86.8 26.0

II 731.4 578.6 219.9 358.8 79.3 27.1

III 685.8 541.7 211.1 330.6 50.1 25.0

IV 675.7 476.0 243.2 232.7 -.2 18.4

2002: I 702.7 551.4 267.5 283.8 42.0 18.5

II 738.9 594.8 260.6 334.2 69.2 25.3

III 745.1 594.0 249.0 345.0 87.2 21.5

IV 784.2 617.2 243.4 373.9 95.1 22.8

2003: I 780.9 632.1 261.8 370.3 87.1 28.1

II 793.6 645.1 260.6 384.5 80.3 21.1

III 864.2 706.4 274.6 431.8 97.7 21.5

IV 936.4 731.2 278.0 453.2 121.1 26.7

2004: I (r) 893.4 698.6 288.7 409.9 98.8 26.0

Profits

(before tax)

with inventory

valuation

adjustment (1)

Domestic

industries

Nonfinancial

Taxes

on

Profits corpo-

before rate

Period Whole- Retail tax in-

sale come

1994 30.9 46.2 577.1 193.7

1995 27.3 43.1 674.3 218.7

1996 39.8 51.9 733.0 231.7

1997 47.6 64.2 798.2 246.1

1998 52.3 73.4 718.3 248.3

1998 (4) 53.2 66.4 718.3 248.3

1999 55.5 65.2 775.9 258.6

2000 59.7 59.6 773.4 265.2

2001 51.6 71.1 696.8 201.1

2002 49.1 76.7 745.0 195.0

2003 45.4 80.1 856.4 224.9

2001: I 46.1 64.2 735.5 219.1

II 47.7 66.8 733.0 217.2

III 54.1 74.3 671.5 198.2

IV 58.5 79.1 647.0 170.1

2002: I 48.8 75.8 690.6 181.6

II 53.9 79.7 738.0 197.1

III 45.7 77.5 756.3 198.6

IV 47.9 73.9 795.0 202.9

2003: I 39.8 72.9 809.0 213.9

II 42.6 85.0 792.5 211.4

III 51.0 84.3 865.9 230.6

IV 48.2 78.2 958.1 243.7

2004: I (r) 40.1 78.9 932.7 244.1

Profits after tax

Inven-

tory

Net Undis- valu-

divi- tributed ation

Period Total dends profits adjust-

ment

1994 383.3 234.7 148.6 -12.4

1995 455.6 254.2 201.4 -18.3

1996 501.4 297.6 203.8 3.1

1997 552.1 334.5 217.6 14.1

1998 470.0 351.6 118.3 20.2

1998 (4) 470.0 351.6 118.3 20.2

1999 517.2 337.4 179.9 1.0

2000 508.2 377.9 130.3 -14.1

2001 495.6 373.2 122.4 9.1

2002 549.9 398.3 151.6 -2.2

2003 631.5 431.0 200.5 -12.6

2001: I 516.4 380.0 136.4 -4.9

II 515.8 371.5 144.3 -1.6

III 473.3 368.7 104.6 14.3

IV 477.0 372.6 104.4 28.7

2002: I 509.0 382.3 126.7 12.1

II 540.9 393.5 147.4 .9

III 557.7 404.3 153.4 -11.1

IV 592.1 413.1 179.1 -10.8

2003: I 595.0 420.3 174.7 -28.1

II 581.0 427.5 153.5 1.2

III 635.4 434.3 201.1 -1.8

IV 714.5 441.8 272.7 -21.7

2004: I (r) 688.5 449.8 238.8 -39.3

(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 comaprable 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 $15.2 billion (annual rate) and residential investment rose $5.9 billion. There was an increase of $25.5 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

Period domestic Total Total Structures

investment

1994 1,099.6 1,042.3 689.9 232.3

1995 1,134.0 1,109.6 762.5 247.1

1996 1,234.3 1,209.2 833.6 261.1

1997 1,387.7 1,320.6 934.2 280.1

1998 1,524.1 1,455.0 1,037.8 294.5

1999 1,642.6 1,576.3 1,133.3 293.2

2000 1,735.5 1,679.0 1,232.1 313.2

2001 1,590.6 1,625.7 1,176.8 305.2

2002 1,572.0 1,565.8 1,092.6 249.0

2003 1,638.0 1,635.2 1,125.5 237.5

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

IV 1,732.7 1,689.4 1,247.9 320.6

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

II 1,608.5 1,638.0 1,189.4 311.3

III 1,573.1 1,616.1 1,163.7 313.1

IV 1,498.4 1,570.7 1,120.6 280.8

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

II 1,555.8 1,563.2 1,092.1 252.2

III 1,598.2 1,565.4 1,089.1 242.4

IV 1,595.8 1,573.5 1,088.9 239.0

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

II 1,599.9 1,601.4 1,105.8 238.8

III 1,656.1 1,661.0 1,139.5 237.7

IV 1,714.6 1,700.6 1,169.4 236.9

2004: I (r) 1,753.4 1,721.7 1,184.6 232.4

Fixed investment

Change in

Non- private

residential inventories

Equipment

Period and soft- Residential Total Nonfarm

ware

1994 467.2 364.8 63.6 52.0

1995 523.1 353.1 29.9 41.3

1996 578.7 381.3 28.7 21.7

1997 658.3 388.6 71.2 68.5

1998 745.6 418.3 72.6 71.2

1999 840.2 443.6 68.9 71.5

2000 918.9 446.9 56.5 57.8

2001 871.3 448.5 -36.0 -36.3

2002 846.7 470.3 5.7 9.3

2003 893.5 505.3 -.7 .5

2000: III 925.5 441.2 56.2 58.8

IV 927.3 441.6 43.5 37.8

2001: I 917.8 444.4 4.3 -2.1

II 877.6 448.5 -28.8 -27.0

III 849.4 451.9 -44.0 -45.8

IV 840.5 449.0 -75.0 -70.3

2002: I 840.0 458.5 -23.5 -28.6

II 842.6 468.4 -8.0 4.2

III 850.3 473.2 32.8 36.0

IV 853.9 481.0 21.5 25.4

2003: I 855.0 486.4 1.6 .3

II 871.6 491.7 -4.5 -2.4

III 907.7 516.7 -9.1 -5.9

IV 939.7 526.6 9.0 10.0

2004: I (r) 960.7 532.5 25.5 29.7

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 and

software

Compu-

ters and

Total Total Struc- peri-

Period fixed in- nonresi- tures Total Total pheral

vestment dential equip-

ment (1)

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 1,105.8 238.8 871.6 506.4 …

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) 1,721.7 1,184.6 232.4 960.7 580.9 …

Nonresidential

Equipment and software

Information

processing

equipment and

software

Trans-

Indus- porta- Other

Soft- trial tion equip-

Period ware Other equip- equip- 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 181.3 200.2 159.0 150.7 129.6

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) 199.7 214.9 132.5 116.1 140.0

Residential

Structures

Total

resi- Single Equip-

Period den- Total (2) family ment

tial

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) 532.5 523.5 292.3 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 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.

BUSINESS INVESTMENT

[Billions of dollars]

Capital expenditures

By industry

Fores-

try,

Total fish-

capi- Total ing Manu-

tal by and Min- Utili- Cons- fac-

Period ex- indus- agri- ing ties truc- tur-

pendi- try cul- tion ing

tures tural

ser-

vices

For companies with employees

1996 807.1 … … … … … …

1997 871.8 … … … … … …

1998 970.9 896.5 0.9 40.4 36.0 26.9 203.6

1999 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4

2000 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8

2001 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.9

2002 1,008.5 928.0 1.9 42.3 67.1 25.4 163.3

Capital expenditures

By industry

Trans-

porta- Fi-

Whole- Retail tion Infor- nance

Period sale trade and mation and

trade ware- insu-

hous- rance

ing

For companies with employees

1996 … … … … …

1997 … … … … …

1998 29.2 57.3 51.3 96.5 118.2

1999 32.4 64.1 57.3 122.8 130.1

2000 33.6 69.8 59.9 160.2 133.7

2001 30.0 66.9 57.8 144.8 131.1

2002 27.9 59.4 47.8 88.9 125.7

Capital expenditures

By industry

Pro-

Real fess- For

es- ional, Health com-

tate scien- care panies

and tific, and Other with-

Period rental and social (1) out

and tech- assis- em-

leas- nical tance plo-

ing ser- yees

vices

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

2002 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 recreations;

accomodation and food services; and other services (except public

administration). Also includes an item for structure and equipment

expenditures serving multiple industry categories.

NOTE–Data from Annual Capital Expenditures. Industry data are

based on the North American Industry Classification System

(NAICS): 1997.

Source: Department of Commerce, Bureau of the Census.

COPYRIGHT 2004 Superintendent Of Documents

COPYRIGHT 2004 Gale Group