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TOTAL OUTPUT, INCOME, AND SPENDING.

Gross Domestic Product

In the fourth quarter of 2018, according to initial estimates, real gross domestic product (GDP) in chained (2012) dollars rose 2.6 percent (annual rate), current dollar GDP rose 4.6 percent, and the chained price index rose 1.8 percent.
[Billions of current dollars; quarterly data at seasonally adjusted
annual rates]

Period        Gross     Personal      Gross
              domestic  consumption   private
              product   expenditures  domestic
                                      investment

2009          14,448.9   9,842.2      1,929.7
2010          14,992.1  10,185.8      2,165.5
2011          15,542.6  10,641.1      2,332.6
2012          16,197.0  11,006.8      2,621.8
2013          16,784.9  11,317.2      2,826.0
2014          17,521.7  11,824.0      3,038.9
2015          18,219.3  12,294.5      3,212.0
2016          18,707.2  12,766.9      3,169.9
2017          19,485.4  13,321.4      3,368.0
2018 (p)      20,500.6  13,951.6      3,652.2
2016: I       18,409.1  12,526.5      3,142.1
      II      18,640.7  12,706.5      3,152.2
      III     18,799.6  12,845.2      3,157.7
      IV      18,979.2  12,989.4      3,227.6
2017: I       19,162.6  13,114.1      3,278.6
      II      19,359.1  13,233.2      3,337.9
      III     19,588.1  13,359.1      3,413.9
      IV      19,831.8  13,579.2      3,441.4
2018: I       20,041.0  13,679.6      3,543.8
      II      20,411.9  13,875.6      3,579.5
      III     20,658.2  14,050.5      3,710.7
      IV (p)  20,891.4  14,200.6      3,774.6

Period        Exports and imports of
              goods and services
              Net      Exports  Imports
              exports

2009          -396.5   1,582.0  1,978.4
2010          -513.9   1,846.3  2,360.2
2011          -579.5   2,103.0  2,682.5
2012          -568.6   2,191.3  2,759.9
2013          -490.8   2,273.4  2,764.2
2014          -508.3   2,371.0  2,879.3
2015          -521.4   2,265.0  2,786.5
2016          -520.6   2,217.6  2,738.1
2017          -578.4   2,350.2  2,928.6
2018 (p)      -625.6   2,530.9  3,156.5
2016: I       -522.2   2,165.6  2,687.8
      II      -496.2   2,206.6  2,702.7
      III     -503.7   2,252.5  2,756.3
      IV      -560.2   2,245.6  2,805.8
2017: I       -576.6   2,294.1  2,870.7
      II      -571.9   2,316.3  2,888.2
      III     -557.3   2,358.3  2,915.5
      IV      -607.9   2,432.0  3,039.9
2018: I       -639.2   2,477.4  3,116.6
      II      -549.8   2,568.7  3,118.5
      III     -653.5   2,538.6  3,192.1
      IV (p)  -659.8   2,538.9  3,198.7

Period        Government consumption expenditures
              and gross investment
              Total    Federal                         State
                                                       and
                                                       local
                       Total    National
                                defense   Non-defense

2009          3,073.5  1,218.2  787.6     430.6        1,855.3
2010          3,154.6  1,297.9  828.0     469.9        1,856.7
2011          3,148.4  1,298.9  834.0     465.0        1,849.4
2012          3,137.0  1,286.5  814.2     472.4        1,850.5
2013          3,132.4  1,226.6  764.2     462.4        1,905.8
2014          3,167.0  1,214.2  742.5     471.6        1,952.9
2015          3,234.2  1,220.9  729.5     491.3        2,013.3
2016          3,291.0  1,232.2  727.3     504.9        2,058.8
2017          3,374.4  1,265.2  743.9     521.3        2,109.2
2018 (p)      3,522.5  1,319.9  779.0     540.9        2,202.6
2016: I       3,262.7  1,223.5  724.8     498.7        2,039.2
      II      3,278.2  1,225.4  722.4     502.9        2,052.9
      III     3,300.5  1,235.9  730.6     505.3        2,064.7
      IV      3,322.4  1,244.1  731.5     512.7        2,078.3
2017: I       3,346.4  1,252.4  734.9     517.5        2,093.9
      II      3,360.0  1,264.0  746.7     517.3        2,096.0
      III     3,372.3  1,263.8  743.1     520.7        2,108.5
      IV      3,419.1  1,280.6  750.7     529.8        2,138.5
2018: I       3,456.8  1,294.8  759.0     535.8        2,162.0
      II      3,506.6  1,313.0  772.6     540.4        2,193.5
      III     3,550.5  1,329.5  784.3     545.2        2,221.0
      IV (p)  3,575.9  1,342.2  799.9     542.3        2,233.7

Period        Final     Gross          Addendum:
              sales of  domestic       Gross
              domestic  purchases (1)  national
              product                  product

2009          14,599.7  14,845.4       14,590.9
2010          14,938.1  15,506.0       15,187.8
2011          15,496.3  16,122.0       15,779.0
2012          16,125.8  16,765.6       16,429.3
2013          16,680.3  17,275.6       17,015.6
2014          17,437.3  18,030.0       17,763.4
2015          18,090.6  18,740.7       18,445.5
2016          18,678.2  19,227.8       18,922.5
2017          19,459.9  20,063.8       19,729.1
2018 (p)      20,444.1  21,126.2
2016: I       18,361.1  18,931.3       18,613.3
      II      18,615.6  19,136.9       18,853.3
      III     18,799.2  19,303.4       18,997.5
      IV      18,937.1  19,539.4       19,226.0
2017: I       19,154.6  19,739.1       19,395.3
      II      19,342.1  19,931.1       19,575.4
      III     19,532.7  20,145.3       19,843.0
      IV      19,810.4  20,439.7       20,102.6
2018: I       20,004.7  20,680.2       20,309.8
      II      20,422.3  20,961.7       20,678.9
      III     20,565.5  21,311.7       20,913.3
      IV (p)  20,783.9  21,551.2

(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 (2012) dollars; quarterly data at seasonally
adjusted annual rates]

Period        Gross     Personal
              domestic  consumption
              product   expenditures

2009          15,208.8  10,460.0
2010          15,598.8  10,643.0
2011          15,840.7  10,843.8
2012          16,197.0  11,006.8
2013          16,495.4  11,166.9
2014          16,899.8  11,494.3
2015          17,386.7  11,921.9
2016          17,659.2  12,248.2
2017          18,050.7  12,558.7
2018 (p)      18,571.3  12,890.6
2016: I       17,523.4  12,111.8
      II      17,622.5  12,214.1
      III     17,706.7  12,294.3
      IV      17,784.2  12,372.7
2017: I       17,863.0  12,427.6
      II      17,995.2  12,515.9
      III     18,120.8  12,584.9
      IV      18,223.8  12,706.4
2018: I       18,324.0  12,722.8
      II      18,511.6  12,842.0
      III     18,665.0  12,953.3
      IV (p)  18,784.6  13,044.2

Period        Gross private
              domestic investment
              Nonresidential  Residential  Change
              fixed           fixed        in
              investment      investment   private
                                           inventories

2009          1,704.3         395.3        -177.3
2010          1,781.0         383.0          57.3
2011          1,935.4         382.5          46.7
2012          2,118.5         432.0          71.2
2013          2,206.0         485.5         108.7
2014          2,357.4         504.2          86.6
2015          2,399.7         555.3         129.0
2016          2,411.2         591.3          23.4
2017          2,538.1         611.1          22.5
2018 (p)      2,714.8         609.6          45.1
2016: I       2,380.9         590.9          50.7
      II      2,403.3         589.4          17.8
      III     2,430.3         586.9         -14.1
      IV      2,430.4         597.9          39.1
2017: I       2,486.5         613.8          -2.4
      II      2,530.8         605.2          11.9
      III     2,552.3         604.5          64.4
      IV      2,582.7         620.7          16.1
2018: I       2,654.0         615.3          30.3
      II      2,710.1         613.2         -36.8
      III     2,727.0         607.7          89.8
      IV (p)  2,768.0         602.3          97.1

Period        Exports and imports of
              goods and services
              Net
              exports  Exports  Imports

2009          -484.8   1,763.8  2,248.6
2010          -565.9   1,977.9  2,543.8
2011          -568.1   2,119.0  2,687.1
2012          -568.6   2,191.3  2,759.9
2013          -532.8   2,269.6  2,802.4
2014          -577.7   2,367.0  2,944.7
2015          -724.9   2,380.6  3,105.5
2016          -786.2   2,378.1  3,164.4
2017          -858.7   2,450.1  3,308.7
2018 (p)      -914.1   2,546.6  3,460.6
2016: I       -777.9   2,351.1  3,129.0
      II      -764.1   2,370.9  3,135.0
      III     -766.3   2,406.4  3,172.6
      IV      -836.7   2,384.2  3,220.9
2017: I       -845.5   2,413.3  3,258.8
      II      -844.1   2,435.0  3,279.1
      III     -845.9   2,456.1  3,302.0
      IV      -899.2   2,495.9  3,395.1
2018: I       -902.4   2,517.8  3,420.1
      II      -841.0   2,574.2  3,415.2
      III     -949.7   2,542.2  3,491.9
      IV (p)  -963.2   2,552.0  3,515.2

Period        Government consumption expenditures
              and gross investment
              Total    Federal                         State
                                                       and
                                                       local
                       Total    National
                                defense   Non-defense

2009          3,307.3  1,293.0  836.7     456.3        2,015.6
2010          3,307.2  1,346.1  861.3     484.8        1,961.3
2011          3,203.3  1,311.1  842.9     468.3        1,892.2
2012          3,137.0  1,286.5  814.2     472.4        1,850.5
2013          3,061.0  1,215.3  759.6     455.6        1,845.3
2014          3,032.3  1,183.2  728.0     455.0        1,848.1
2015          3,088.5  1,183.0  713.5     469.1        1,903.9
2016          3,132.5  1,187.8  709.2     478.0        1,942.8
2017          3,130.4  1,196.4  713.8     481.9        1,932.3
2018 (p)      3,177.8  1,227.8  738.2     489.1        1,948.9
2016: I       3,133.3  1,188.6  711.7     476.3        1,942.9
      II      3,126.7  1,183.9  705.8     477.4        1,940.9
      III     3,134.4  1,188.7  710.7     477.3        1,943.8
      IV      3,135.6  1,190.1  708.5     480.9        1,943.6
2017: I       3,129.6  1,190.0  707.9     481.4        1,937.7
      II      3,130.0  1,197.1  717.6     478.9        1,931.3
      III     3,121.8  1,193.2  712.3     480.3        1,926.9
      IV      3,140.2  1,205.2  717.5     487.0        1,933.5
2018: I       3,152.2  1,213.1  722.8     489.5        1,937.7
      II      3,171.8  1,224.0  733.3     490.1        1,946.6
      III     3,192.0  1,234.7  742.2     492.0        1,956.3
      IV (p)  3,195.3  1,239.5  754.6     484.9        1,955.0

Period        Final     Gross          Addendum:
              sales of  domestic       Gross
              domestic  purchases (1)  national
              product                  product

2009          15,373.0  15,698.9       15,359.4
2010          15,546.6  16,164.7       15,803.9
2011          15,796.5  16,408.8       16,081.7
2012          16,125.8  16,765.6       16,429.3
2013          16,386.2  17,028.6       16,722.3
2014          16,809.9  17,475.9       17,135.1
2015          17,253.6  18,099.6       17,608.3
2016          17,617.5  18,428.0       17,867.8
2017          18,008.7  18,881.0       18,284.0
2018 (p)      18,507.1  19,449.2
2016: I       17,459.7  18,284.9       17,723.3
      II      17,586.2  18,372.8       17,829.1
      III     17,696.3  18,457.8       17,898.4
      IV      17,728.0  18,596.4       18,020.4
2017: I       17,841.9  18,681.9       18,087.6
      II      17,963.6  18,813.5       18,203.6
      III     18,042.6  18,941.2       18,364.1
      IV      18,186.5  19,087.4       18,480.8
2018: I       18,274.4  19,190.2       18,581.5
      II      18,515.9  19,324.8       18,766.4
      III     18,562.1  19,574.7       18,908.0
      IV (p)  18,675.9  19,706.9

(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 (2012) 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).

Chained Price Indexes For Gross Domestic Product

[Index numbers, 2012=100; quarterly data are seasonally adjusted]

Period        Gross     Personal consumption
              domestic  expenditures
              product
                        Total    Goods    Services

2009           94.999    94.094   93.812   94.231
2010           96.109    95.705   95.183   95.957
2011           98.112    98.131   98.773   97.814
2012          100.000   100.000  100.000  100.000
2013          101.773   101.346   99.407  102.316
2014          103.687   102.868   98.939  104.852
2015          104.757   103.126   95.889  106.823
2016          105.899   104.235   94.340  109.325
2017          107.932   106.073   94.632  111.984
2018 (p)      110.337   108.230   95.280  114.952
2016: I       105.043   103.428   94.193  108.171
      II      105.738   104.036   94.470  108.953
      III     106.110   104.485   94.259  109.751
      IV      106.703   104.989   94.440  110.425
2017: I       107.233   105.528   94.964  110.972
      II      107.553   105.735   94.298  111.644
      III     108.134   106.156   94.462  112.201
      IV      108.807   106.873   94.804  113.120
2018: I       109.348   107.524   95.324  113.840
      II      110.172   108.052   95.413  114.606
      III     110.669   108.474   95.329  115.302
      IV (p)  111.161   108.869   95.054  116.062

Period        Gross private                Exports and imports of
              domestic investment          goods and services
              Nonresidential  Residential  Exports  Imports
              fixed           fixed

2009           99.184          98.671       89.694   87.987
2010           97.416          98.317       93.348   92.783
2011           98.559          99.049       99.242   99.826
2012          100.000         100.000      100.000  100.000
2013          100.251         105.054      100.168   98.636
2014          101.565         111.106      100.169   97.777
2015          102.081         114.100       95.146   89.728
2016          101.281         118.185       93.248   86.531
2017          101.962         123.495       95.923   88.511
2018 (p)      103.151         130.466       99.395   91.222
2016: I       101.215         115.804       92.116   85.902
      II      101.341         117.326       93.073   86.216
      III     101.157         119.058       93.612   86.884
      IV      101.413         120.551       94.192   87.121
2017: I       101.559         121.446       95.071   88.099
      II      101.818         122.955       95.135   88.089
      III     102.147         124.320       96.032   88.307
      IV      102.325         125.258       97.455   89.548
2018: I       102.501         127.938       98.411   91.134
      II      103.006         130.216       99.799   91.322
      III     103.404         131.373       99.870   91.424
      IV (p)  103.694         132.337       99.500   91.006

Period        Government consumption expenditures
              and gross investment
              Federal                         State
                                              and
                                              local
              Total    National  Non-defense
                       defense

2009           94.214   94.126    94.364       92.048
2010           96.421   96.128    96.942       94.669
2011           99.070   98.946    99.289       97.739
2012          100.000  100.000   100.000      100.000
2013          100.931  100.609   101.478      103.279
2014          102.618  101.995   103.656      105.670
2015          103.200  102.256   104.739      105.748
2016          103.737  102.557   105.631      105.970
2017          105.753  104.209   108.188      109.155
2018 (p)      107.497  105.512   110.594      113.012
2016: I       102.934  101.836   104.706      104.962
      II      103.502  102.356   105.346      105.769
      III     103.970  102.794   105.858      106.218
      IV      104.541  103.241   106.613      106.931
2017: I       105.245  103.821   107.502      108.061
      II      105.594  104.056   108.023      108.528
      III     105.914  104.322   108.422      109.428
      IV      106.257  104.637   108.806      110.603
2018: I       106.739  105.010   109.452      111.572
      II      107.274  105.355   110.270      112.686
      III     107.682  105.671   110.816      113.533
      IV (p)  108.292  106.012   111.837      114.257

Source: Department of Commerce (Bureau of Economic Analysis).

Gross Domestic Product and Related Price Measures: Indexes and Percent
Changes

[Quarterly data are seasonally adjusted]

Period        Index numbers, 2012=100
              Gross domestic product (GDP)
              Real GDP     GDP         GDP
              (chain-type  chain-type  implicit
              quantity     price       price
              index)       index       deflator

2009           93.899       94.999      95.004
2010           96.306       96.109      96.111
2011           97.800       98.112      98.118
2012          100.000      100.000     100.000
2013          101.842      101.773     101.755
2014          104.339      103.687     103.680
2015          107.345      104.757     104.789
2016          109.027      105.899     105.935
2017          111.445      107.932     107.948
2018 (p)      114.659      110.337     110.389
2016: I       108.189      105.043     105.055
      II      108.801      105.738     105.778
      III     109.321      106.110     106.172
      IV      109.799      106.703     106.720
2017: I       110.286      107.233     107.275
      II      111.102      107.553     107.580
      III     111.878      108.134     108.097
      IV      112.513      108.807     108.824
2018: I       113.132      109.348     109.371
      II      114.290      110.172     110.266
      III     115.237      110.669     110.679
      IV (p)  115.976      111.161     111.215

Period        Index numbers, 2012=100
              Personal consumption       Gross
              expenditures (PCE)         domestic
                                         purchases
                                         price index
              PCE           PCE
              (chain-type   less food
              price index)  and energy
                            price index

2009           94.094        95.315       94.559
2010           95.705        96.608       95.923
2011           98.131        98.139       98.246
2012          100.000       100.000      100.000
2013          101.346       101.526      101.468
2014          102.868       103.168      103.178
2015          103.126       104.501      103.512
2016          104.235       106.237      104.306
2017          106.073       107.961      106.249
2018 (p)      108.230       110.005      108.574
2016: I       103.428       105.461      103.525
      II      104.036       106.008      104.121
      III     104.485       106.546      104.521
      IV      104.989       106.933      105.055
2017: I       105.528       107.365      105.619
      II      105.735       107.724      105.915
      III     106.156       108.102      106.393
      IV      106.873       108.654      107.069
2018: I       107.524       109.242      107.742
      II      108.052       109.814      108.381
      III     108.474       110.246      108.865
      IV (p)  108.869       110.719      109.307

Period        Percent change from preceding period
              Gross domestic product (GDP)
              GDP       Real GDP     GDP         GDP
              (current  (chain-type  chain-type  implicit
              dollars)  quantity     price       price
                        index)       index       deflator

2009          -1.8      -2.5         0.8         0.8
2010           3.8       2.6         1.2         1.2
2011           3.7       1.6         2.1         2.1
2012           4.2       2.2         1.9         1.9
2013           3.6       1.8         1.8         1.8
2014           4.4       2.5         1.9         1.9
2015           4.0       2.9         1.0         1.1
2016           2.7       1.6         1.1         1.1
2017           4.2       2.2         1.9         1.9
2018 (p)       5.2       2.9         2.2         2.3
2016: I        1.2       1.5         -.2         -.3
      II       5.1       2.3         2.7         2.8
      III      3.5       1.9         1.4         1.5
      IV       3.9       1.8         2.3         2.1
2017: I        3.9       1.8         2.0         2.1
      II       4.2       3.0         1.2         1.1
      III      4.8       2.8         2.2         1.9
      IV       5.1       2.3         2.5         2.7
2018: I        4.3       2.2         2.0         2.0
      II       7.6       4.2         3.0         3.3
      III      4.9       3.4         1.8         1.5
      IV (p)   4.6       2.6         1.8         2.0

Period        Percent change from preceding period
              Personal consumption       Gross
              expenditures (PCE)         domestic
                                         purchases
                                         price index
              PCE           PCE
              (chain-type   less food
              price index)  and energy
                            price index

2009           -0.1         1.2          -0.3
2010            1.7         1.4           1.4
2011            2.5         1.6           2.4
2012            1.9         1.9           1.8
2013            1.3         1.5           1.5
2014            1.5         1.6           1.7
2015             .3         1.3            .3
2016            1.1         1.7            .8
2017            1.8         1.6           1.9
2018 (p)        2.0         1.9           2.2
2016: I          .2         1.7           -.5
      II        2.4         2.1           2.3
      III       1.7         2.0           1.5
      IV        1.9         1.5           2.1
2017: I         2.1         1.6           2.2
      II         .8         1.3           1.1
      III       1.6         1.4           1.8
      IV        2.7         2.1           2.6
2018: I         2.5         2.2           2.5
      II        2.0         2.1           2.4
      III       1.6         1.6           1.8
      IV (p)    1.5         1.7           1.6

(1) Quarterly percent changes are at annual rates.

Source: Department of Commerce (Bureau of Economic Analysis).

Nonfinancial Corporate Business--Gross Value Added and Price, Costs,
and Profits

[Quarterly data at seasonally adjusted annual rates]

Period         Gross value added          Price per unit of real gross
                                          value added of nonfinancial
                                          corporate business
                                          (dollars) (1,) (2)
               of nonfinancial            Total  Compensation
               corporate business                of employees
               (billions of dollars) (1)         (unit labor
                                                 cost)
                Current   Chained
                dollars   (2012)
                          dollars

2008            7,286.7   7,809.2         0.933  0.559
2009            6,864.6   7,255.1          .946   .564
2010            7,243.2   7,568.0          .957   .551
2011            7,615.3   7,774.1          .980   .562
2012            8,059.1   8,059.1         1.000   .572
2013            8,374.1   8,261.5         1.014   .577
2014            8,780.3   8,517.3         1.031   .590
2015            9,136.3   8,810.0         1.037   .601
2016            9,245.4   8,942.5         1.034   .607
2017            9,644.4   9,246.1         1.043   .616
2016: I         9,237.7   8,945.6         1.033   .601
      II        9,189.3   8,863.3         1.037   .609
      III       9,247.7   9,000.0         1.028   .604
      IV        9,307.1   8,961.2         1.039   .613
2017: I         9,517.1   9,071.4         1.049   .620
      II        9,628.9   9,233.7         1.043   .613
      III       9,660.8   9,291.9         1.040   .616
      IV        9,770.7   9,387.3         1.041   .614
2018: I         9,926.5   9,508.5         1.044   .616
      II       10,044.0   9,527.2         1.054   .619
      III (r)  10,232.6   9,705.2         1.054   .616

Period         Price per unit of real gross value added of
               nonfinancial corporate business (dollars) (1,) (2)
               Unit nonlabor cost
               Total  Consumption  Taxes on         Net interest
                      of fixed     production       and
                      capital      and imports (3)  miscellaneous
                                                    payments

2008           0.269  0.141        0.087            0.040
2009            .284   .153         .092             .039
2010            .279   .148         .094             .037
2011            .283   .150         .096             .036
2012            .285   .153         .096             .036
2013            .289   .155         .100             .034
2014            .292   .159         .100             .034
2015            .294   .160         .100             .035
2016            .294   .160         .097             .037
2017            .297   .161         .099             .036
2016: I         .291   .159         .095             .036
      II        .295   .161         .096             .037
      III       .292   .160         .096             .037
      IV        .298   .161         .099             .038
2017: I         .298   .162         .099             .037
      II        .296   .161         .099             .036
      III       .296   .161         .099             .036
      IV        .297   .161         .100             .036
2018: I         .296   .161         .099             .036
      II        .298   .163         .100             .035
      III (r)   .296   .162         .099             .034

Period         Price per unit of real gross value added of
               nonfinancial corporate business (dollars) (1,) (2)
               Corporate profits with inventory valuation
               and capital consumption adjustments (4)
               Total  Taxes on   Profits
                      corporate  after
                      income     tax (5)

2008           0.106  0.027      0.079
2009            .097   .022       .075
2010            .127   .027       .100
2011            .134   .027       .107
2012            .143   .030       .112
2013            .148   .032       .116
2014            .149   .034       .115
2015            .143   .032       .111
2016            .133   .030       .103
2017            .130   .027       .104
2016: I         .141   .030       .111
      II        .133   .031       .102
      III       .131   .031       .100
      IV        .128   .030       .098
2017: I         .131   .028       .103
      II        .133   .028       .106
      III       .127   .027       .100
      IV        .130   .024       .106
2018: I         .131   .016       .116
      II        .137   .018       .119
      III (r)   .143   .018       .125

(1) Estimates for nonfinancial corporate business 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]

Period         National  Compensation  Proprietors'   Rental
               income    of            income (1)     income
                         employees     Farm  Nonfarm  of
                                                      persons
                                                      with
                                                      capital
                                                      consumption
                                                      adjustment

2009           12,027.2   7,758.5      28.1    910.5  327.3
2010           12,735.8   7,924.9      39.0  1,069.7  394.2
2011           13,357.7   8,225.9      64.9  1,164.4  478.6
2012           14,094.7   8,566.7      60.9  1,286.4  518.0
2013           14,494.7   8,834.2      88.3  1,315.3  557.0
2014           15,245.5   9,248.1      70.1  1,377.5  608.4
2015           15,783.0   9,696.8      56.4  1,365.5  651.8
2016           16,058.9   9,956.2      37.5  1,381.8  694.8
2017           16,756.1  10,407.2      38.9  1,462.0  730.2
2018 (p)                 10,855.7      37.5  1,542.2  760.0
2016: I        15,887.7   9,839.5      40.9  1,374.4  685.2
      II       15,953.9   9,890.2      41.2  1,363.4  694.0
      III      16,081.2   9,986.1      36.7  1,382.0  696.3
      IV       16,312.9  10,109.3      31.0  1,407.6  703.8
2017: I        16,525.2  10,249.2      42.3  1,432.9  719.0
      II       16,661.1  10,339.9      41.5  1,453.5  724.4
      III      16,822.6  10,471.2      36.4  1,471.1  732.0
      IV       17,015.3  10,568.6      35.4  1,490.6  745.3
2018: I        17,266.2  10,710.1      35.2  1,514.7  749.3
      II       17,423.7  10,782.9      37.0  1,531.5  754.2
      III (r)  17,673.9  10,907.9      27.9  1,552.0  767.4
      IV (p)             11,022.1      50.0  1,570.7  769.0

Period         Corporate profits with inventory valuation
               and capital consumption adjustments
               Total    Profits with inventory valuation  Capital
                        adjustment and without            consumption
                        capital consumption adjustment    adjustment
                        Total    Profits  Inventory
                                 before   valuation
                                 tax      adjustment

2009           1,386.8  1,470.1  1,467.5    2.6            -83.3
2010           1,728.7  1,786.4  1,834.0  -47.6            -57.7
2011           1,809.8  1,750.2  1,818.2  -68.0             59.6
2012           1,997.4  2,144.7  2,156.1  -11.4           -147.2
2013           2,010.7  2,165.9  2,151.5   14.4           -155.2
2014           2,118.8  2,266.1  2,262.5    3.6           -147.3
2015           2,057.3  2,187.0  2,134.2   52.8           -129.8
2016           2,035.0  2,128.7  2,129.7   -1.0            -93.7
2017           2,099.3  2,136.4  2,181.9  -45.5            -37.1
2018 (p)                                                   133.4
2016: I        1,995.2  2,101.2  2,037.8   63.4           -106.0
      II       2,017.7  2,114.4  2,146.8  -32.4            -96.7
      III      2,044.6  2,132.3  2,137.5   -5.2            -87.7
      IV       2,082.4  2,166.8  2,196.7  -29.9            -84.5
2017: I        2,055.9  2,148.0  2,211.8  -63.8            -92.1
      II       2,089.5  2,187.3  2,200.4  -13.0            -97.9
      III      2,101.1  2,199.9  2,230.7  -30.8            -98.8
      IV       2,150.7  2,010.3  2,084.6  -74.4            140.4
2018: I        2,177.3  2,036.9  2,111.0  -74.1            140.4
      II       2,242.3  2,107.3  2,197.2  -89.9            135.1
      III (r)  2,320.5  2,189.5  2,223.9  -34.4            131.0
      IV (p)                                               126.9

Period         Net            Taxes       Less:      Business
               interest       on          Subsidies  current
               and            production             transfer
               miscellaneous  and                    payments
               payments       imports

2009           539.3          1,026.8     58.3       124.4
2010           465.2          1,063.1     55.8       126.8
2011           461.7          1,103.7     60.0       128.1
2012           503.7          1,136.1     58.0        98.8
2013           465.9          1,188.7     59.7       110.3
2014           517.9          1,240.9     58.1       132.9
2015           591.8          1,269.9     57.3       156.7
2016           546.0          1,303.7     61.8       168.1
2017           576.4          1,347.2     61.3       161.2
2018 (p)       575.0          1,428.5     66.3       160.1
2016: I        562.8          1,288.9     60.8       163.8
      II       548.0          1,294.6     62.4       170.1
      III      535.3          1,310.8     63.1       154.8
      IV       537.7          1,320.7     60.9       183.6
2017: I        589.3          1,326.1     59.6       173.0
      II       574.6          1,338.9     58.4       160.7
      III      561.5          1,353.7     63.0       164.0
      IV       580.1          1,370.0     64.2       147.0
2018: I        591.9          1,397.9     60.5       161.2
      II       583.8          1,413.4     59.2       150.8
      III (r)  563.2          1,435.2     60.0       172.6
      IV (p)   561.2          1,467.4     85.3       155.9

Period          Current
                surplus
                of
                government
                enterprises

2009            -16.1
2010            -20.1
2011            -19.4
2012            -15.4
2013            -15.9
2014            -11.0
2015             -5.8
2016             -2.3
2017             -4.9
2018 (p)        -12.0
2016: I          -2.0
      II         -2.8
      III        -2.3
      IV         -2.3
2017: I          -2.8
      II         -3.5
      III        -5.4
      IV         -8.2
2018: I         -10.8
      II        -12.9
      III (r)   -13.0
      IV (p)    -11.2

(1) With inventory valuation and capital consumption adjustments.

Source: Department of Commerce (Bureau of Economic Analysis).

Real Personal Consumption Expenditures

[Billions of chained (2012) dollars, except as noted; quarterly data
at seasonally adjusted annual rates]

Period        Total         Goods
              personal
              consumption
              expenditures
                            Total    Durable
                            goods
                                     Total      Motor
                                     durable    vehicles
                                     goods (1)  and
                                                parts

2009          10,460.0      3,389.8   973.0     346.7
2010          10,643.0      3,485.7  1,027.3    360.0
2011          10,843.8      3,561.8  1,079.7    370.1
2012          11,006.8      3,637.7  1,144.2    396.6
2013          11,166.9      3,752.2  1,214.1    415.3
2014          11,494.3      3,902.9  1,301.0    439.8
2015          11,921.9      4,087.7  1,399.4    471.4
2016          12,248.2      4,236.1  1,476.8    486.5
2017          12,558.7      4,391.9  1,577.9    507.2
2018 (p)      12,890.6      4,557.3  1,667.4    518.3
2016: I       12,111.8      4,174.6  1,434.9    470.9
      II      12,214.1      4,223.9  1,457.9    477.0
      III     12,294.3      4,258.5  1,494.3    493.2
      IV      12,372.7      4,287.2  1,520.2    504.9
2017: I       12,427.6      4,307.3  1,527.2    494.3
      II      12,515.9      4,366.0  1,559.2    498.0
      III     12,584.9      4,410.2  1,588.6    508.4
      IV      12,706.4      4,483.9  1,636.6    528.3
2018: I       12,722.8      4,477.0  1,628.2    510.7
      II      12,842.0      4,537.6  1,662.3    518.6
      III     12,953.3      4,585.5  1,677.4    516.2
      IV (p)  13,044.2      4,629.0  1,701.6    527.7

Period        Goods
              Nondurable
              Total       Food and          Gasoline
              nondurable  beverages         and
              goods (1)   purchased         other
                          for off-premises  energy
                          consumption       goods

2009          2,423.1     825.3             440.1
2010          2,461.3     837.7             437.9
2011          2,482.9     839.0             427.8
2012          2,493.5     846.2             421.9
2013          2,538.5     855.5             429.7
2014          2,603.7     872.1             430.1
2015          2,691.7     884.9             449.9
2016          2,763.9     916.8             452.0
2017          2,822.0     938.9             446.5
2018 (p)      2,901.0     968.4             444.0
2016: I       2,743.4     900.8             461.5
      II      2,770.0     917.0             452.2
      III     2,769.2     921.9             449.1
      IV      2,773.2     927.4             445.1
2017: I       2,786.3     930.2             442.8
      II      2,813.9     932.3             450.6
      III     2,829.9     939.7             447.1
      IV      2,857.7     953.5             445.4
2018: I       2,858.6     958.6             441.9
      II      2,886.7     965.2             446.6
      III     2,919.2     973.3             442.8
      IV (p)  2,939.7     976.5             444.8

Period        Services
              Total         Household     Housing    Health   Financial
              services (1)  consumption   and        care     services
                            expenditures  utilities           and
                                                              insurance

2009          7,070.1       6,781.3       1,943.1    1,735.1  809.5
2010          7,157.4       6,859.0       1,966.8    1,761.7  810.5
2011          7,282.1       6,969.3       1,993.0    1,788.7  831.4
2012          7,369.1       7,027.5       1,996.3    1,821.3  820.1
2013          7,415.5       7,069.8       2,006.4    1,832.6  815.2
2014          7,594.0       7,247.9       2,044.4    1,890.4  819.2
2015          7,840.0       7,506.1       2,089.4    2,000.1  841.9
2016          8,022.5       7,677.3       2,116.6    2,081.7  827.4
2017          8,184.5       7,842.2       2,129.9    2,145.8  848.4
2018 (p)      8,359.3       7,992.4       2,160.2    2,203.2  856.3
2016: I       7,945.5       7,604.1       2,101.7    2,048.1  830.1
      II      8,000.4       7,661.4       2,116.5    2,085.6  822.7
      III     8,047.0       7,694.9       2,127.5    2,077.0  828.8
      IV      8,096.9       7,748.8       2,120.5    2,116.2  827.9
2017: I       8,131.9       7,786.8       2,114.8    2,127.3  842.7
      II      8,165.6       7,821.9       2,130.0    2,129.2  844.7
      III     8,193.7       7,855.0       2,131.6    2,156.8  851.0
      IV      8,246.6       7,904.9       2,143.2    2,169.7  855.1
2018: I       8,267.9       7,915.2       2,146.0    2,177.3  852.7
      II      8,329.8       7,963.5       2,158.1    2,188.9  852.2
      III     8,394.9       8,022.7       2,163.7    2,214.3  855.3
      IV (p)  8,444.5       8,068.2       2,172.9    2,232.1  864.9

Period        Addendum:     Retail
              Personal      sales of
              consumption   new
              expenditures  passenger
              excluding     cars and
              food and      light
              energy (2)    trucks
                            (millions
                            of units)

2009           8,988.1      10.4
2010           9,151.3      11.6
2011           9,363.2      12.7
2012           9,531.1      14.4
2013           9,667.6      15.5
2014           9,974.9      16.5
2015          10,371.8      17.4
2016          10,661.9      17.5
2017          10,950.3      17.1
2018 (p)      11,241.8      17.2
2016: I       10,545.5      17.3
      II      10,626.4      17.3
      III     10,695.2      17.6
      IV      10,780.4      17.6
2017: I       10,842.6      17.1
      II      10,909.5      16.8
      III     10,975.1      17.1
      IV      11,073.9      17.6
2018: I       11,091.8      17.1
      II      11,193.5      17.2
      III     11,299.7      16.9
      IV (p)  11,382.2      17.5

(1) Includes other items, not shown separately.

(2) Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.

Note: Because of the formula used for calculating real GDP, the
chained (2012) 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 fell $23.7 billion (annual rate) in January, following an increase of $179.0 billion in December. Wages and salaries rose $25.3 billion in January, following an increase of $45.1 billion in December.
[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period          Total     Compensation of employees
                personal
                income
                          Total     Wages     Supplements to
                                    and       wages
                                    salaries  and
                                              salaries

2009            12,059.1   7,758.5  6,248.6   1,509.9
2010            12,551.6   7,924.9  6,372.1   1,552.9
2011            13,326.8   8,225.9  6,625.9   1,600.0
2012            14,010.1   8,566.7  6,927.5   1,639.2
2013            14,181.1   8,834.2  7,113.2   1,721.0
2014            14,991.8   9,248.1  7,473.2   1,774.8
2015            15,719.5   9,696.8  7,854.4   1,842.4
2016            16,125.1   9,956.2  8,080.7   1,875.6
2017            16,830.9  10,407.2  8,453.8   1,953.4
2018 (p)        17,581.4  10,855.7  8,834.7   2,021.0
2018: Jan       17,257.7  10,674.0  8,679.5   1,994.5
      Feb       17,315.7  10,709.0  8,709.5   1,999.4
      Mar       17,384.1  10,747.3  8,742.8   2,004.5
      Apr       17,414.5  10,761.2  8,753.4   2,007.9
      May       17,461.1  10,776.2  8,764.7   2,011.5
      June      17,524.5  10,811.1  8,794.4   2,016.7
      July (r)  17,593.5  10,857.1  8,834.8   2,022.3
      Aug (r)   17,670.0  10,919.0  8,889.7   2,029.3
      Sept (r)  17,708.3  10,947.5  8,913.1   2,034.4
      Oct (r)   17,792.9  10,987.8  8,948.5   2,039.3
      Nov (r)   17,837.6  11,013.5  8,970.6   2,042.9
      Dec (p)   18,016.6  11,064.9  9,015.7   2,049.2
2019: Jan (p)   17,992.9  11,095.5  9,041.0   2,054.4

Period          Proprietors' income (1)  Rental
                                         income
                                         of
                                         persons (2)
                Farm  Nonfarm

2009            28.1   910.5             327.3
2010            39.0  1,069.7            394.2
2011            64.9  1,164.4            478.6
2012            60.9  1,286.4            518.0
2013            88.3  1,315.3            557.0
2014            70.1  1,377.5            608.4
2015            56.4  1,365.5            651.8
2016            37.5  1,381.8            694.8
2017            38.9  1,462.0            730.2
2018 (p)        37.5  1,542.2            760.0
2018: Jan       34.5  1,504.1            745.7
      Feb       35.2  1,516.1            748.6
      Mar       36.0  1,523.9            753.6
      Apr       36.5  1,523.1            752.4
      May       37.0  1,531.8            753.7
      June      37.5  1,539.5            756.6
      July (r)  32.7  1,548.9            761.0
      Aug (r)   27.9  1,558.2            766.9
      Sept (r)  23.1  1,549.0            774.2
      Oct (r)   30.8  1,565.2            771.1
      Nov (r)   45.0  1,574.5            768.4
      Dec (p)   74.2  1,572.5            767.4
2019: Jan (p)   49.5  1,571.2            772.4

Period          Personal income receipts on assets
                Total    Personal  Personal
                         interest  dividend
                         income    income

2009            1,852.2  1,299.3    553.0
2010            1,782.3  1,238.5    543.9
2011            1,950.9  1,269.4    681.5
2012            2,165.6  1,330.5    835.1
2013            2,066.3  1,273.0    793.3
2014            2,301.2  1,347.8    953.4
2015            2,471.3  1,438.1   1,033.3
2016            2,516.6  1,440.9   1,075.7
2017            2,631.6  1,523.0   1,108.6
2018 (p)        2,766.1  1,614.4   1,151.7
2018: Jan       2,712.3  1,601.1   1,111.2
      Feb       2,719.8  1,597.6   1,122.2
      Mar       2,726.4  1,594.2   1,132.3
      Apr       2,731.4  1,600.4   1,131.1
      May       2,749.6  1,606.5   1,143.1
      June      2,762.2  1,612.7   1,149.5
      July (r)  2,770.0  1,614.5   1,155.5
      Aug (r)   2,771.5  1,616.2   1,155.3
      Sept (r)  2,775.0  1,617.9   1,157.0
      Oct (r)   2,790.6  1,627.6   1,163.0
      Nov (r)   2,795.7  1,637.2   1,158.4
      Dec (p)   2,888.8  1,646.9   1,241.9
2019: Jan (p)   2,789.2  1,625.0   1,164.2

Period          Personal      Less:
                current       Contributions
                transfer      for
                receipts (3)  government
                              social
                              insurance,
                              domestic

2009            2,146.7        964.3
2010            2,325.2        983.7
2011            2,358.7        916.7
2012            2,363.0        950.5
2013            2,424.3       1,104.3
2014            2,540.3       1,153.8
2015            2,683.0       1,205.3
2016            2,778.1       1,239.9
2017            2,859.7       1,298.6
2018 (p)        2,980.9       1,361.1
2018: Jan       2,926.2       1,339.1
      Feb       2,930.4       1,343.4
      Mar       2,945.2       1,348.2
      Apr       2,959.7       1,349.9
      May       2,964.4       1,351.6
      June      2,973.3       1,355.7
      July (r)  2,985.1       1,361.4
      Aug (r)   2,995.3       1,368.8
      Sept (r)  3,011.3       1,371.9
      Oct (r)   3,024.4       1,376.9
      Nov (r)   3,020.7       1,380.2
      Dec (p)   3,035.1       1,386.3
2019: Jan (p)   3,113.0       1,397.9

(1) With inventory valuation and capital consumption 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 initial estimates, per capita disposable personal income in chained (2012) dollars rose 3.5 percent (annual rate) in the fourth quarter of 2018.
Period         Personal  Less:     Equals:     Less:        Equals:
               income    Personal  Disposable  Personal     Personal
                         current   personal    outlays (1)  saving
                         taxes     income
               Billions of dollars

2009           12,059.1  1,152.0   10,907.1    10,240.6       666.5
2010 (r)       12,551.6  1,237.3   11,314.3    10,573.5       740.9
2011 (r)       13,326.8  1,453.2   11,873.6    11,023.7       849.8
2012 (r)       14,010.1  1,508.9   12,501.2    11,393.6     1,107.6
2013 (r)       14,181.1  1,675.8   12,505.3    11,703.9       801.4
2014 (r)       14,991.8  1,785.4   13,206.4    12,236.1       970.3
2015 (r)       15,719.5  1,935.2   13,784.3    12,740.1     1,044.2
2016 (r)       16,125.1  1,954.3   14,170.9    13,222.7       948.2
2017 (r)       16,830.9  2,034.6   14,796.3    13,809.5       986.8
2018 (p)       17,581.4  2,050.4   15,531.0    14,487.6     1,043.4
               Seasonally adjusted annual rates
2016: I (r)    15,946.5  1,919.9   14,026.7    12,979.1     1,047.6
      II (r)   16,031.6  1,944.2   14,087.4    13,155.8       931.6
      III (r)  16,170.6  1,968.7   14,202.0    13,302.2       899.7
      IV (r)   16,351.8  1,984.3   14,367.5    13,453.6       913.9
2017: I (r)    16,604.4  2,004.9   14,599.6    13,584.7     1,014.9
      II (r)   16,721.2  2,014.2   14,707.0    13,716.7       990.2
      III (r)  16,895.1  2,048.5   14,846.6    13,853.3       993.4
      IV (r)   17,103.1  2,070.9   15,032.2    14,083.3       948.9
2018: I (r)    17,319.2  2,030.0   15,289.2    14,194.8     1,094.3
      II (r)   17,466.7  2,035.3   15,431.4    14,403.8     1,027.7
      III (r)  17,657.3  2,064.9   15,592.4    14,596.3       996.0
      IV (p)   17,882.4  2,071.3   15,811.1    14,755.6     1,055.5

Period         Disposable   Per capita disposable  Per capita personal
               personal     personal income        consumption
               income in                           expenditures
               billions of
               chained
               (2012)
               dollars
                            Current  Chained       Current  Chained
                            dollars  (2012)        dollars  (2012)
                                     dollars                dollars
                            Dollars

2009           11,591.7     35,500   37,728        32,034   34,045
2010 (r)       11,822.1     36,524   38,163        32,881   34,357
2011 (r)       12,099.8     38,052   38,777        34,102   34,752
2012 (r)       12,501.2     39,780   39,780        35,025   35,025
2013 (r)       12,339.1     39,521   38,996        35,766   35,291
2014 (r)       12,838.1     41,436   40,281        37,099   36,064
2015 (r)       13,366.5     42,938   41,637        38,298   37,137
2016 (r)       13,595.2     43,830   42,049        39,487   37,883
2017 (r)       13,949.2     45,470   42,866        40,937   38,593
2018 (p)       14,349.9     47,432   43,825        42,609   39,368
               Seasonally adjusted annual rates
2016: I (r)    13,562.3     43,497   42,057        38,845   37,559
      II (r)   13,541.5     43,614   41,924        39,339   37,815
      III (r)  13,592.9     43,887   42,005        39,694   37,992
      IV (r)   13,685.4     44,318   42,214        40,068   38,165
2017: I (r)    13,835.3     44,970   42,616        40,395   38,280
      II (r)   13,909.8     45,237   42,785        40,704   38,498
      III (r)  13,986.2     45,588   42,946        41,021   38,643
      IV (r)   14,065.9     46,080   43,118        41,626   38,951
2018: I (r)    14,219.8     46,803   43,530        41,876   38,947
      II (r)   14,282.0     47,171   43,657        42,415   39,256
      III (r)  14,374.8     47,582   43,866        42,876   39,528
      IV (p)   14,523.6     48,170   44,247        43,263   39,740

Period         Percent     Saving      Population,
               change      as          including
               in real     percent     Armed
               per capita  of          Forces
               disposable  disposable  overseas
               personal    personal    (thousands) (2)
               income      income
               Percent

2009           -1.0        6.1         307,240
2010 (r)        1.2        6.5         309,780
2011 (r)        1.6        7.2         312,033
2012 (r)        2.6        8.9         314,255
2013 (r)       -2.0        6.4         316,421
2014 (r)        3.3        7.3         318,717
2015 (r)        3.4        7.6         321,026
2016 (r)        1.0        6.7         323,317
2017 (r)        1.9        6.7         325,410
2018 (p)        2.2        6.7         327,436
               Seasonally adjusted annual rates
2016: I (r)     2.1        7.5         322,476
      II (r)   -1.3        6.6         322,998
      III (r)    .8        6.3         323,606
      IV (r)    2.0        6.4         324,187
2017: I (r)     3.9        7.0         324,648
      II (r)    1.6        6.7         325,107
      III (r)   1.5        6.7         325,667
      IV (r)    1.6        6.3         326,218
2018: I (r)     3.9        7.2         326,670
      II (r)    1.2        6.7         327,138
      III (r)   1.9        6.4         327,697
      IV (p)    3.5        6.7         328,237

(1) Includes personal consumption expenditures, personal interest
payments (nonmortgage), and personal current transfer payments.

(2) Annual data are averages of quarterly data, which are averages for
the period.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).


Real Farm Income

According to the current forecast for 2018, gross farm income in chained (2018) dollars is forecast to be $435.4 billion and net farm income to be $66.3 billion.
[Billions of chained (2018) dollars]

Year      Income of farm operators from farming (1)
          Gross farm income
          Total  Value of agricultural sector production
                 Total  Crops (2) (3)  Animals       Farm-related
                                       and animal    income (4)
                                       products (3)


1999      339.9  308.8  134.2          137.7         36.8
2000      341.9  309.1  134.3          140.2         34.5
2001      345.8  314.7  131.5          147.2         36.1
2002      314.3  297.3  133.4          127.4         36.5
2003      346.1  324.0  145.3          140.5         38.3
2004      384.2  367.3  163.0          161.9         42.3
2005      377.2  346.4  144.5          159.9         42.0
2006      355.8  336.5  145.6          146.3         44.6
2007      405.5  391.3  180.4          165.3         45.5
2008      427.1  412.8  203.6          163.3         45.8
2009      391.4  377.2  191.4          139.1         46.7
2010      409.7  395.5  193.2          161.2         41.1
2011      473.3  461.6  224.4          184.3         52.8
2012      496.8  485.1  235.2          186.8         63.1
2013      525.1  513.1  253.6          196.4         63.1
2014      514.6  504.2  219.5          228.4         56.3
2015      464.4  453.0  194.0          204.7         54.3
2016      429.5  415.9  196.7          172.7         46.5
2017      439.7  427.9  194.2          181.5         52.2
2018 (p)  435.4  421.8  191.2          176.8         53.8

Year      Income of farm operators from farming (1)
          Gross farm income   Production  Net
                              expenses    farm
                                          income
          Direct
          Federal
          Government
          payments

1999      31.1                270.9        69.0
2000      32.9                270.2        71.7
2001      31.0                269.8        75.9
2002      16.9                260.9        53.4
2003      22.1                264.5        81.6
2004      16.9                270.3       113.9
2005      30.8                277.7        99.5
2006      19.4                285.4        70.4
2007      14.2                321.9        83.6
2008      14.3                335.7        91.4
2009      14.2                319.0        72.3
2010      14.2                321.1        88.6
2011      11.7                345.4       127.9
2012      11.7                390.3       106.5
2013      11.9                390.8       134.3
2014      10.4                416.2        98.5
2015      11.4                379.0        85.5
2016      13.5                365.3        64.2
2017      11.8                362.5        77.1
2018 (p)  13.6                369.1        66.3

(1) The GDP chain-type price index is used to convert the
current-dollar statistics to 2018=100 equivalents.

(2) Crop receipts include proceeds received from commodities placed
under Commodity Credit Corporation loans.

(3) The value of production equates to the sum of cash receipts, home
consumption, and the value of the change in inventories.

(4) Includes income from forest products sold, the gross imputed
rental value of farm dwellings, machine hire and custom work, and
other sources of farm income such as commodity insurance indemnities.

Source: Department of Agriculture (Economic Research Service).


Corporate Profits

In the third quarter of 2018, according to current estimates, corporate profits before tax rose $26.7 billion (annual rate) and profits after tax rose $17.9 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual
rates]

Period        Profits (before tax) with inventory valuation
adjustment (1)
              Total (2)  Domestic industries
                         Total    Financial  Nonfinancial
                                             Total (3)    Manufacturing

2009          1,470.1    1,121.3  362.7        758.7       164.7
2010          1,786.4    1,400.6  405.8        994.8       281.8
2011          1,750.2    1,337.7  378.4        959.3       296.0
2012          2,144.7    1,739.3  482.4      1,256.9       403.0
2013          2,165.9    1,767.1  430.7      1,336.3       446.9
2014          2,266.1    1,861.2  483.1      1,378.1       457.4
2015          2,187.0    1,784.5  437.6      1,346.9       422.5
2016          2,128.7    1,722.2  468.9      1,253.3       322.9
2017          2,136.4    1,687.5  468.7      1,218.9       292.9
2018 (p)
2016: I       2,101.2    1,711.7  377.4      1,334.2       395.5
      II      2,114.4    1,714.1  472.1      1,241.9       311.1
      III     2,132.3    1,741.9  505.5      1,236.4       298.2
      IV      2,166.8    1,721.0  520.4      1,200.6       286.6
2017: I       2,148.0    1,714.8  463.3      1,251.5       279.2
      II      2,187.3    1,768.0  468.7      1,299.3       306.9
      III     2,199.9    1,740.0  489.0      1,251.0       320.8
      IV      2,010.3    1,527.3  453.7      1,073.6       264.5
2018: I       2,036.9    1,550.2  444.5      1,105.8       238.5
      II      2,107.3    1,625.2  461.6      1,163.6       267.7
      III     2,189.5    1,706.2  456.3      1,249.9       302.9
      IV (p)

Period        Profits (before tax) with inventory
              valuation adjustment (1)               Profits  Taxes
                                                     before   on
                                                     tax      corporate
              Domestic industries                             income
              Nonfinancial
              Utilities  Wholesale  Retail

2009          23.4        88.9      107.9            1,467.5  204.2
2010          30.6        99.3      115.9            1,834.0  272.5
2011          10.2        97.2      115.1            1,818.2  281.1
2012          13.8       137.9      155.7            2,156.1  334.9
2013          28.3       146.4      153.3            2,151.5  362.8
2014          32.7       150.8      158.6            2,262.5  407.4
2015          20.1       152.1      169.2            2,134.2  397.2
2016           7.2       127.5      173.5            2,129.7  392.9
2017           3.8       111.8      162.5            2,181.9  350.7
2018 (p)
2016: I       12.6       151.8      169.6            2,037.8  384.4
      II      10.5       120.6      164.9            2,146.8  385.5
      III      1.2       136.8      179.5            2,137.5  413.0
      IV       4.4       100.7      179.9            2,196.7  388.5
2017: I        5.9       117.4      171.4            2,211.8  348.0
      II       5.3       128.9      170.7            2,200.4  355.8
      III      2.7       114.7      168.7            2,230.7  365.2
      IV       1.4        86.3      139.2            2,084.6  333.8
2018: I       -1.1        88.6      155.4            2,111.0  212.0
      II      -0.7        83.3      141.1            2,197.2  234.8
      III     -2.2       117.1      164.8            2,223.9  243.7
      IV (p)

Period        Profits after tax                   Inventory
                                                  valuation
                                                  adjustment
              Total    Net        Undistributed
                       dividends  profits

2009          1,263.3    622.1    641.3             2.6
2010          1,561.5    643.2    918.3           -47.6
2011          1,537.2    779.1    758.1           -68.0
2012          1,821.2    948.7    872.6           -11.4
2013          1,788.7  1,009.0    779.7            14.4
2014          1,855.2  1,096.1    759.1             3.6
2015          1,737.0  1,164.9    572.1            52.8
2016          1,736.9  1,187.4    549.4            -1.0
2017          1,831.2  1,215.3    615.9           -45.5
2018 (p)               1,2 41.7
2016: I       1,653.4  1,180.2    473.2            63.4
      II      1,761.2  1,180.9    580.3           -32.4
      III     1,724.6  1,196.3    528.3            -5.2
      IV      1,808.2  1,192.4    615.8           -29.9
2017: I       1,863.8  1,217.7    646.1           -63.8
      II      1,844.6  1,233.3    611.3           -13.0
      III     1,865.5  1,215.5    650.0           -30.8
      IV      1,750.8  1,194.8    556.0           -74.4
2018: I       1,899.0  1,213.2    685.7           -74.1
      II      1,962.3  1,223.0    739.3           -89.9
      III     1,980.2  1,250.6    729.6           -34.4
      IV (p)           1,279.8

(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.

Note: Data by industry are based on the North American Industry
Classification System (NAICS).

Source: Department of Commerce (Bureau of Economic Analysis).


Real Gross Private Domestic Investment

In the fourth quarter of 2018, according to initial estimates, nonresidential fixed investment in chained (2012) dollars rose $41.0 billion (annual rate) and residential fixed investment fell $5.4 billion. Inventories rose $97.1 billion, following an increase of $89.8 billion in the third quarter.
[Billions of chained (2012) dollars; quarterly data at seasonally
adjusted annual rates]

Period        Gross       Fixed investment
              private     Total    Nonresidential
              domestic             Total    Structures  Equipment
              investment

2009          1,942.0     2,099.8  1,704.3  492.2         649.7
2010          2,216.5     2,164.2  1,781.0  412.8         781.2
2011          2,362.1     2,317.8  1,935.4  424.1         886.2
2012          2,621.8     2,550.5  2,118.5  479.4         983.4
2013          2,801.5     2,692.1  2,206.0  485.5       1,029.2
2014          2,951.6     2,861.5  2,357.4  536.9       1,098.7
2015          3,092.2     2,958.5  2,399.7  520.9       1,132.6
2016          3,050.5     3,009.8  2,411.2  494.7       1,116.2
2017          3,196.6     3,155.1  2,538.1  517.5       1,183.7
2018 (p)      3,387.2     3,322.4  2,714.8  543.3       1,271.9
2016: I       3,042.9     2,979.7  2,380.9  484.8       1,115.1
      II      3,035.2     3,000.0  2,403.3  488.8       1,115.5
      III     3,032.2     3,023.5  2,430.3  503.5       1,115.8
      IV      3,091.7     3,036.1  2,430.4  501.9       1,118.2
2017: I       3,128.6     3,108.6  2,486.5  517.3       1,142.8
      II      3,172.1     3,141.3  2,530.8  522.2       1,169.5
      III     3,239.8     3,161.2  2,552.3  514.5       1,197.1
      IV      3,246.0     3,209.3  2,582.7  516.2       1,225.6
2018: I       3,321.0     3,271.3  2,654.0  533.3       1,250.9
      II      3,316.7     3,322.3  2,710.1  551.7       1,264.9
      III     3,436.2     3,331.8  2,727.0  546.9       1,275.6
      IV (p)  3,474.7     3,364.2  2,768.0  541.1       1,296.4

Period        Fixed investment               Change in private
                                             inventories
              Nonresidential    Residential  Total   Nonfarm
              Intellectual
              property
              products

2009          572.4             395.3        -177.3  -165.2
2010          588.1             383.0          57.3    70.2
2011          624.8             382.5          46.7    48.4
2012          655.7             432.0          71.2    89.9
2013          691.4             485.5         108.7    98.2
2014          721.1             504.2          86.6    90.3
2015          747.8             555.3         129.0   127.8
2016          803.9             591.3          23.4    28.4
2017          841.1             611.1          22.5    27.4
2018 (p)      905.6             609.6          45.1    50.9
2016: I       785.0             590.9          50.7    59.8
      II      803.2             589.4          17.8    20.2
      III     814.0             586.9         -14.1   -11.6
      IV      813.3             597.9          39.1    45.2
2017: I       829.0             613.8          -2.4     3.8
      II      842.3             605.2          11.9    16.9
      III     845.9             604.5          64.4    67.8
      IV      847.3             620.7          16.1    21.1
2018: I       875.7             615.3          30.3    35.9
      II      897.9             613.2         -36.8   -31.0
      III     910.2             607.7          89.8    95.4
      IV (p)  938.6             602.3          97.1   103.3

Note: See p. 10 for further detail on fixed investment by type.

Because of the formula used for calculating real GDP, the chained
(2012) 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 (2012) dollars; quarterly data at seasonally
adjusted annual rates]

Period        Total       Nonresidential
              fixed       Total           Structures  Equipment
              investment  nonresidential
                                                      Total (2)

2009          2,099.8     1,704.3         492.2         649.7
2010          2,164.2     1,781.0         412.8         781.2
2011          2,317.8     1,935.4         424.1         886.2
2012          2,550.5     2,118.5         479.4         983.4
2013          2,692.1     2,206.0         485.5       1,029.2
2014          2,861.5     2,357.4         536.9       1,098.7

2015          2,958.5     2,399.7         520.9       1,132.6
2016          3,009.8     2,411.2         494.7       1,116.2
2017          3,155.1     2,538.1         517.5       1,183.7
2018 (p)      3,322.4     2,714.8         543.3       1,271.9
2016: I       2,979.7     2,380.9         484.8       1,115.1
      II      3,000.0     2,403.3         488.8       1,115.5
      III     3,023.5     2,430.3         503.5       1,115.8
      IV      3,036.1     2,430.4         501.9       1,118.2
2017: I       3,108.6     2,486.5         517.3       1,142.8
      II      3,141.3     2,530.8         522.2       1,169.5
      III     3,161.2     2,552.3         514.5       1,197.1
      IV      3,209.3     2,582.7         516.2       1,225.6
2018: I       3,271.3     2,654.0         533.3       1,250.9
      II      3,322.3     2,710.1         551.7       1,264.9
      III     3,331.8     2,727.0         546.9       1,275.6
      IV (p)  3,364.2     2,768.0         541.1       1,296.4

Period        Nonresidential
              Equipment
              Information processing equipment  Industrial
                                                equipment
              Total  Computers      Other
                     and
                     peripheral
                     equipment (1)

2009          247.5   81.1          166.5       162.7
2010          289.1   94.1          195.1       162.5
2011          303.2   93.9          209.3       194.9
2012          331.2  103.5          227.7       211.2
2013          351.8  103.0          248.8       208.4
2014          368.6  102.6          266.4       216.6
2015          393.5  103.5          291.0       217.0
2016          410.9  103.0          309.7       214.4
2017          459.8  113.8          348.4       228.6
2018 (p)      503.6  122.8          383.8       240.9
2016: I       399.6  399.6          298.8       211.8
      II      405.9  405.9          304.3       213.9
      III     415.1  415.1          315.6       214.6
      IV      423.0  423.0          320.3       217.5
2017: I       439.7  439.7          334.5       220.6
      II      455.2  455.2          342.2       227.7
      III     466.8  466.8          349.7       231.6
      IV      477.5  477.5          367.1       234.6
2018: I       490.5  490.5          371.7       238.5
      II      502.9  502.9          379.3       236.6
      III     511.8  511.8          389.7       242.0
      IV (p)  509.2  509.2          394.5       246.8

Period        Nonresidential
              Equipment        Intellectual property products
              Transportation   Total (2)  Software  Research
              equipment                             and
                                                    development (3)

2009           72.5            572.4      212.9     297.4
2010          141.5            588.1      220.9     298.5
2011          181.8            624.8      245.2     311.0
2012          215.3            655.7      272.1     313.4
2013          238.5            691.4      287.2     333.8
2014          264.4            721.1      305.3     345.3
2015          291.4            747.8      319.9     352.8
2016          274.3            803.9      345.9     382.0
2017          264.2            841.1      379.3     386.8
2018 (p)      282.6            905.6      419.4     411.1
2016: I       284.0            785.0      334.4     374.6
      II      279.8            803.2      343.0     384.8
      III     270.5            814.0      349.8     387.7
      IV      262.9            813.3      356.2     380.7
2017: I       262.0            829.0      366.2     386.7
      II      259.0            842.3      377.7     389.5
      III     264.7            845.9      387.9     384.0
      IV      270.9            847.3      385.3     386.8
2018: I       280.3            875.7      402.1     398.8
      II      281.3            897.9      414.2     408.6
      III     278.8            910.2      423.3     411.8
      IV (p)  289.9            938.6      437.9     425.0

Period        Residential
              Total            Structures
              residential (2)
                               Total (2)  Single
                                          family

2009          395.3            386.9      105.3
2010          383.0            373.8      114.3
2011          382.5            372.4      109.1
2012          432.0            421.5      132.0
2013          485.5            474.1      161.8
2014          504.2            491.8      171.9
2015          555.3            541.9      191.5
2016          591.3            576.8      201.1
2017          611.1            595.7      214.8
2018 (p)      609.6            594.3      217.6
2016: I       590.9            576.7      204.7
      II      589.4            575.1      202.1
      III     586.9            572.4      195.7
      IV      597.9            583.2      202.1
2017: I       613.8            598.7      208.5
      II      605.2            590.0      213.1
      III     604.5            589.2      216.6
      IV      620.7            605.0      220.9
2018: I       615.3            599.7      223.1
      II      613.2            597.8      220.6
      III     607.7            592.4      217.5
      IV (p)  602.3            587.2      209.3

(1) Because computers exhibit rapid changes in prices relative to
other prices in the economy, the chained-dollar estimates should not
be used to measure the component's relative importance or its
contribution to the growth rate of more aggregate series. The
quantity index for computers can be used to accurately measure the
real growth rate of this series. For information on this component,
see Survey of Current Business Table 5.3.1 (for growth rates), Table
5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes).

(2) Includes other items, not shown separately.

(3) Research and development investment includes expenditures for
software.

Note: Because of the formula used for calculating real GDP, the
chained (2012) 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]

Period    Capital expenditures
          Total         By industry
          capital       Total     Forestry,         Mining  Utilities
          expenditures  by        fishing,
                        industry  and agricultural
                                  services

                        For companies with employees
2002        997.9         917.5   1.9                42.5    65.5
2003        975.0         886.8   1.9                50.5    54.6
2004      1,042.1         953.2   2.1                51.3    50.4
2005      1,144.8       1,062.5   2.7                66.7    58.0
2006      1,309.9       1,217.1   2.7                99.3    69.8
2007      1,354.7       1,270.5   2.1               120.7    85.4
2008      1,374.2       1,294.5   2.3               149.3    98.7
2009      1,090.7       1,015.3   2.2               100.6   103.0
2010      1,105.7       1,036.2   3.3               115.7    94.5
2011      1,243.0       1,169.6   3.1               165.7    98.0
2012      1,423.6       1,334.4   3.1               196.7   125.0
2013      1,491.3       1,400.9   3.0               202.2   111.3
2014      1,597.9       1,506.6   4.0               230.8   118.9
2015      1,642.0       1,548.1   3.3               174.1   130.5
2016 (p)  1,575.7       1,480.3   4.6                92.7   133.8

Period    Capital expenditures
          By industry
         Construction  Manufacturing  Wholesale  Retail  Transportation
                                       trade      trade   and
                                                          warehousing

2002      24.8          157.2          26.8       59.3     47.1
2003      23.2          149.1          26.0       65.9     44.5
2004      28.6          156.7          32.3       72.2     46.1
2005      30.1          165.6          40.6       73.5     56.9
2006      30.3          192.4          36.6       86.7     68.0
2007      36.7          197.3          30.8       82.5     67.4
2008      40.8          213.1          32.4       73.2     79.6
2009      19.8          155.2          25.3       58.4     55.7
2010      17.9          160.8          31.1       65.3     59.0
2011      21.8          192.4          35.7       68.1     72.7
2012      23.6          203.1          40.9       77.6     81.8
2013      27.6          221.3          37.5       77.5     92.6
2014      30.3          231.1          44.8       82.4    111.0
2015      33.3          245.1          42.4       86.0    116.6
2016 (p)  36.0          243.6          43.9       87.0    109.7

Period    Capital expenditures
          By industry
          Information  Finance    Real     Professional,  Health
                       and        estate   scientific,    care
                       insurance  and      and            and
                                  rental   technical      social
                                  and      services       assistance
                                  leasing

2002       88.2        128.4       94.5    25.9           59.3
2003       80.5        120.8       88.0    24.7           61.2
2004       83.5        153.6       91.6    26.7           64.6
2005       91.4        161.4      103.0    33.1           73.8
2006      104.4        163.1      132.1    30.3           75.3
2007      106.1        173.4      117.5    31.8           84.2
2008      103.3        132.9      106.9    33.0           90.2
2009       88.4         99.5       72.9    28.2           79.4
2010       97.2        103.1       81.3    28.2           78.4
2011      100.1        109.2       91.1    28.1           83.1
2012      106.5        130.2      115.7    31.6           88.9
2013      123.9        137.8      114.2    35.7           94.2
2014      132.0        153.3      121.9    30.4           89.0
2015      132.7        164.6      151.9    33.3           93.8
2016 (p)  142.2        167.1      145.3    32.4           93.6

Period    Capital expenditures
          By industry
          Other (1)    For
                       companies
                       without
                       employees

2002       96.1        80.4
2003       96.2        88.2
2004       93.6        88.9
2005      105.6        82.2
2006      126.3        92.8
2007      134.8        84.2
2008      138.7        79.7
2009      127.0        75.4
2010      100.6        69.5
2011      100.4        73.4
2012      110.0        89.2
2013      122.1        90.4
2014      126.8        91.3
2015      140.6        93.9
2016 (p)  148.6        95.4

(1) Includes the following industries: Management of companies and
enterprises; administrative and support and waste management;
educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public
administration). Also includes an item for structure and equipment
expenditures serving multiple industry categories.

Note: Data from Annual Capital Expenditures. Industry data are based
on the North American Industry Classification System (NAICS).

Data shown in this table are capital expenditures for both new and
used structures and equipment.

Source: Department of Commerce (Bureau of the Census).
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Publication:Economic Indicators
Date:Jan 1, 2019
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