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 seasonallyadjusted 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 annualrates]
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 dataat 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 seasonallyadjusted 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
