The 2016 annual update of the national income and product accounts.

McCulla, Stephanie H. ; Smith, Shelly

THE BUREAU of Economic Analysis (BEA) released its annual update of the national income and product accounts (NIPAs) for 2013-2015 and for the first quarter of 2016 along with the advance estimates for the second quarter of 2016 on July 29. As is usual for annual NIPA updates, the revised estimates reflect newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated. The reference year for price and quantity estimates remains 2009.

With this update, economic growth from 2012 to 2015 was revised up slightly, but the revised estimates are similar to the previously published estimates. Specifically, this year's update includes the following highlights:

* Real gross domestic product (GDP)--a measure of the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes--increased at an average annual rate of 2.2 percent; in the previously published estimates, real GDP increased 2.1 percent.

* Real gross domestic income (GDI)--which measures the value of the production of goods and services in the United States as the costs incurred and the incomes earned in production--increased 2.3 percent, compared with 2.1 percent in the previously published estimates.

* The average of real GDP and real GDI increased 2.2 percent; in the previously published estimates, it increased 2.1 percent.

* Contributors to real GDP growth for 2013-2015 are little changed from the earlier estimates: consumer spending and business investment remain the leading contributors, while federal government spending and net exports partly offset the increase.

* For the period of expansion from the second quarter of 2009 through the first quarter of 2016, real GDP increased at an average annual rate of 2.1 percent, the same rate of increase as the previously published estimate. The rate of growth in real GDI over this period is 2.4 percent, also unrevised from the previously published estimates.

* Revisions to prices were small: from the fourth quarter of 2012 to the first quarter of 2016, the average annual rate of increase in the price index for gross domestic purchases was 1.0 percent, unrevised from the previously published estimates. Excluding food and energy, prices increased 1.4 percent, an upward revision of 0.1 percentage point from the previously published estimates.

* The personal saving rate (personal saving as a percentage of disposable personal income) was revised up for all 3 years: by 0.2 percentage point to 5.0 percent for 2013, by 0.8 percentage point to 5.6 percent for 2014, and by 0.7 percentage point to 5.8 percent for 2015.

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Sources of Revision

The updated NIPA estimates reflect the incorporation of newly available and revised source data and the adoption of improved estimating methods (see the box "The NIPA Estimation Cycle"). The major source data incorporated as part of this year's update are summa-rized in table 1. Additional information on the NIPA components affected by the incorporation of these data is provided in table 13.

Source data. In general, the source data that significantly affected the NIPA components include the following: (1)

* Newly available Census Bureau service annual survey (SAS) data for 2015 and revised data for 2013 and 2014 replace Census Bureau quarterly services survey data for 2015 and previous SAS data for 2013 and 2014. This change primarily affects the estimates of personal consumption expenditures (PCE) for services and private investment in software. * Revised Census Bureau construction spending data for nonresidential, residential, and public construction for 2013-2015, affecting private and government investment in structures. The updated data include corrections issued by the Census Bureau this past November. (2)

* Revised data from BEA's international transactions accounts (ITAs) for 2013-2015, most significantly affecting estimates of PCE for travel, of exports of goods and services, of imports of goods and services, and of income components.

* New Bureau of Labor Statistics quarterly census of employment and wages (QCEW) data for 2015 and revised data for 2013-2014, affecting NIPA estimates of private and government compensation.

* Revised and newly available Census Bureau surveys of government finances data for fiscal years 2013 and 2014, affecting estimates of state and local spending.

* Revised Internal Revenue Service (IRS) tabulations of corporate tax return data for 2013, new IRS tabulations of corporate and of sole proprietorship and partnership tax return data for 2014, and new Census Bureau nonfiler income data for 2014, affecting estimates of corporate profits, nonfarm proprietors' income, and net interest.

* Revised U.S. Department of Agriculture farm income data for 2013-2015, primarily affecting estimates of farm proprietors' income.

Methodology improvements. This year's revisions also reflect a number of improvements to the estimating methods that underlie BEA's measures. These improvements include the following:

* New data on inventories. On July 28, the Census Bureau began publishing monthly wholesale and retail trade inventories data as part of its "Advance Economic Indicators Report." The new inventory data were incorporated in BEA's advance estimate of GDP for the second quarter of 2016. For more information, see the box "Incorporating the Census Bureau's Advance Economic Indicators Report."

* Improved seasonal adjustment. With every annual update, BEA incorporates updated seasonal factors for the source data that underlie the NIPA components. This year, BEA also evaluated and incorporated improvements in the methods used to seasonally adjust select components of state and local investment in structures--specifically, transportation, conservation and development, education, and water. Additionally, this update introduces seasonal adjustment for several prices used to deflate components of real GDP that were not previously adjusted, including prices for components of PCE for transportation and telecommunications services, and components of investment in communications equipment. These improvements reflect BEA's ongoing effort to improve its seasonal adjustment methods that is now in its second phase. For more details, see the box "Update on BEA's Work to Enhance Its Approach to Seasonal Adjustment."

* Timing of accrual of government social benefits. This year's update introduces changes to the estimation methods for two social benefit programs: Medicaid and unemployment insurance.

* Medicaid. Beginning with the first quarter of 2014, quarterly estimates of Medicaid benefits are based on a historical trend of quarterly data for Medicaid expenditures from the Centers for Medicare and Medicaid Services (CMS) that are not seasonally adjusted. For periods before 2014, the estimates are based on data that are seasonally adjusted by BEA. This new methodology provides quarterly estimates that more accurately reflect the pattern of Medicaid-funded health care services and addresses diminishing stability in the seasonal patterns of the CMS data in periods following the implementation of provisions of the Affordable Care Act. The new method changes the quarterly and monthly pattern of Medicaid expenditures, but it does not affect the annual estimates.

* Unemployment insurance. Monthly and quarterly unemployment benefit estimates are now prepared by interpolating annual estimates using the seasonally adjusted insured unemployment rate as an indicator. This method is consistent with methods used to derive other quarterly and monthly benefit estimates, such as Medicare. Additionally, the new method is consistent with that used for extrapolating current estimates. Previously, monthly and quarterly unemployment benefits were estimated using monthly data from the Department of Labor's Employment and Training Administration; this method introduced volatility into the estimates that reflected irregularities in the timing of reported benefits rather than changes in the number of beneficiaries or in the size of actual benefit payments.

* Improved prices for state and local government expenditures on highway construction. Beginning with the second quarter of 2015, prices for state and local government expenditures for highway construction are prepared using a BEA-derived composite index for highway construction and labor costs. Specifically, the index is an equally weighted composite of the producer price index (PPI) for highway construction and the employment cost index for the construction industry, both published by the Bureau of Labor Statistics. The PPI for highway construction was reintroduced by BLS in 2015 after being discontinued in 2010. For the period that PPIs are unavailable, the PPI for other nonresidential construction is used in the derivation of prices for highways; however, this index is less appropriate because it includes expenditures for the construction of water and sewer lines, oil and gas pipelines, power and communication lines, and other expenditures and because it does not account for labor costs.

* Federal Reserve remittances to the Treasury. Remittance payments by Federal Reserve Banks to the U.S. Treasury to reduce Federal Reserve Bank surplus funds to a $10 billion limit imposed by the "Fixing America's Surface Transportation Act" are now treated as federal corporate taxes; this treatment is consistent with the treatment of other Federal Reserve Bank remittances to the Treasury. The remittances paid in accordance with this Act were not previously accounted for in the NIPAs; the Act was first implemented in December 2015. The updated estimate of federal corporate taxes for the fourth quarter of 2015 includes a payment of $19.3 billion, or $77.2 billion at an annual rate, to reflect the Federal Reserve's remittance in accordance with this Act.

* Improved allocation of interest income from Treasury inflation-protected securities (TIPS). BEA improved the allocation of quarterly measures of monetary interest income received by persons and by businesses. Specifically, the indicator series used to extrapolate these quarterly measures will account separately for monetary interest received from TIPS in addition to the interest received from nine other types of assets. This method increases the portion of TIPS interest payments that is allocated to persons and consequently, reduces the portion that is allocated to business. Because interest payments from TIPS can be volatile, the improved allocation will reduce the effect of this volatility on business interest receipts and therefore on net interest. Previously, TIPS interest receipts by persons was included with the interest receipts of all government securities excluding savings bonds; as a result, TIPS interest was not sufficiently reflected in personal monetary interest and was overstated in business interest.

Gross Domestic Product

* From 2012 to 2015, real gross domestic product (GDP) increased at an average annual rate of 2.2 percent; in the previously published estimates, real GDP had increased 2.1 percent. Current-dollar GDP growth was revised to 3.7 percent from 3.6 percent, and GDP prices were revised to 1.5 percent from 1.4 percent.

* The percent change in real GDP was revised up for 2013 (0.2 percentage point), was unrevised for 2014, and was revised up for 2015 (0.2 percentage point). The revisions primarily reflect revisions to current-dollar measures.

* For 2013, upward revisions to private inventory investment, private fixed investment, and exports were partly offset by a downward revision to PCE.

* For 2014, a downward revision to private inventory investment and an upward revision to imports were mostly offset by upward revisions to PCE and exports.

* For 2015, upward revisions to state and local spending and residential investment were partly offset by a downward revision to exports.

* The revisions did not reverse the direction of change in real GDP in any quarter of the revision period of 2013-2015 and the first quarter of 2016. The largest upward revision was 1.4 percentage points for the first quarter of 2015, and the largest downward revision was 1.3 percentage points for the second quarter of 2015.

* The quarterly pattern of real GDP changed for only 1 of the 13 quarters in the revision period. The revised estimates indicate that GDP growth accelerated in the third quarter of 2014; in the previously published estimates, real GDP growth slowed.

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Personal Consumption Expenditures

* The change in real PCE was revised down 0.2 percentage point for 2013, revised up 0.2 percentage point for 2014, and revised up 0.1 percentage point for 2015. The revisions primarily reflected revisions to current-dollar measures.

* The downward revision to real PCE for 2013 was more than accounted for by revisions to services, most notably, health care, financial services and insurance, and "other" services. For 2014 and 2015, the upward revisions reflected upward revisions to goods, specifically, food and beverages purchased for off-premises consumption for 2014 and motor vehicles for 2015.

* The quarterly pattern of real PCE was similar to the previously published estimates. The largest upward revisions were to the first quarters of 2014 and 2015, and the largest downward revision was to the second quarter of 2015.

* PCE prices were also little revised. From the fourth quarter of 2012 to the first quarter of 2016, the average annual rate of increase in the "core" PCE price index (which excludes the prices of food and energy) was 1.5 percent, the same as previously published.

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Major improvements

With this annual update, BEA began seasonally adjusting the prices used to derive personal expenditures for certain components of transportation and communication services. Additionally, new series are now available for "PCE for goods excluding food and energy" and "PCE for services excluding energy." These new measures, which are available as part of the underlying detail released for NIPA table group 2.4, will facilitate analyses of the underlying causes of inflation.

Private Fixed Investment

* The percent change in real private fixed investment was revised up for 2013 and 2014, andwas unrevised for 2015.

* For 2013, the revision reflected upward revisions to nonresidential investment (primarily in private equipment) and to residential investment.

* For 2014, the revision reflected an upward revision to residential structures. Within nonresidential investment, downward revisions to intellectual property products and to equipment were partly offset by an upward revision to structures.

* For 2015, an upward revision to residential investment was mostly offset by a downward revision to nonresidential investment (primarily in structures).

* The revisions reversed the direction of change in 1 of the 13 quarters open to revision. Private fixed investment for the fourth quarter of 2015 is now estimated to have decreased 0.2 percent, compared with an increase of 0.4 percent in the previously published estimates.

* The quarterly pattern of real private fixed investment was changed for 7 of the 13 quarters of the revision period. Fixed investment accelerated, rather than decelerated, in the first quarter of 2013, the second quarter of 2014, and the third quarter of 2015, and investment decelerated, rather than accelerated, in the third quarter of 2013 and the first quarter of 2014. Investment turned down, rather than decelerated, in the fourth quarter of 2015, and decreased more, rather than turned down, in the first quarter of 2016.

* Nonresidential investment, most notably in equipment and in structures, was generally the leading contributor to the quarterly revisions, but for five quarters, residential investment was also a significant contributor.

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Updated construction spending data

In November 2015, the Census Bureau construction spending release included corrected monthly estimates of private residential improvements (and related aggregates) for January 2005 through October 2015. These data are used to derive annual NIPA estimates of private residential investment in improvements, but they are not used to derive quarterly estimates. The corrected data for 2013-2015 were incorporated as part of this year's annual update on a best-change basis. BEA will incorporate the corrected data for years before 2013 as part of a future NIPA update. For more information, see "How will the revised Census Bureau construction spending data affect BEAs quarterly and annual estimates of private fixed investment?" on BEAs Web site.

* Change in real private inventories, or real inventory investment, is one of the most volatile components of GDP. The change in real inventory investment was revised up $17.3 billion for 2013, down $27.6 billion for 2014, and down $3.2 billion for 2015.

*For 2013, the leading contributors to the upward revision were in manufacturing and wholesale trade industries; the revisions primarily reflect revised Census Bureau data.

*For 2014, the leading contributors to the downward revision were wholesale trade and farm industries; the revisions primarily reflect revised Census Bureau inventory data on wholesale trade industries and revised U.S. Department of Agriculture data on farm inventories.

*For 2015, the leading contributors to the downward revision were farm and retail industries; the major sources of the revision were revised Census Bureau data for retail trade industries and revised USDA data for farm inventories.

* Inventory investment's contribution to real GDP growth was revised up 0.13 percentage point for 2013, was revised down 0.19 percentage point for 2014, and was unrevised for 2015.

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Exports of Goods and Services

* Current-dollar exports of goods and services were revised up for all 3 years, primarily reflecting updated data from BEA's annual update of the international transactions accounts.

* The percent change in real exports was revised up 0.7 percentage point for 2013, up 0.9 percentage point for 2014, and down 1.0 percentage point for 2015. Revisions to the change in real exports were due primarily to the incorporation of revised current-dollar source data; revisions to prices were small.

* For all 3 years, the leading contributor to the revisions was exports of services. For 2013 and 2014, travel and "other" business services were the leading contributors to the upward revisions. For 2015, a downward revision to "other" business services was partly offset by an upward revision to travel.

* The quarterly pattern of real exports was changed for 3 of the 13 quarters of the revision period. The revised estimates show exports turned down in the third quarter of 2015, followed by smaller decreases in the fourth and first quarters. In the previously published estimates, exports decelerated in the third quarter of 2015, turned down in the fourth quarter and turned up in the first quarter.

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Updated source data

Estimates of exports and imports are primarily based on data from BEA's international transactions accounts (ITAs). The revised ITAs resulted in revisions to exports and imports; notable effects are reflected in estimates of travel expenditures by U.S. residents traveling abroad and by foreigners traveling in the United States. These revisions are due to a refinement in the ITA methodology for estimating average expenditures by travelers. (1)

Imports of Goods and Services

* Current-dollar imports of goods and services were revised down for 2013 and up for 2014 and 2015. Like the revisions to exports, the revisions to imports primarily reflect the use of updated data from BEA's international transactions accounts.

* The percent change in real imports was unrevised for 2013, revised up 0.6 percentage point for 2014 and revised down 0.3 percentage point for 2015.

* For 2014, the leading contributor to the upward revision was imports of goods (most notably, nonautomotive capital goods). For 2015, the downward revision to imports of services was partly offset by an upward revision to goods.

* The quarterly pattern of real imports changed for 2 of the 13 quarters of the revision period. The revised estimates show imports slowing in the fourth quarter of 2015 followed by a downturn in the first quarter. In the previously published estimates, imports turned down in the fourth quarter and decreased less in the first quarter.

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Government Consumption Expenditures and Gross Investment

* Current-dollar government consumption expenditures and gross investment, or government spending, was revised up for 2013 and 2015 and was unrevised for 2014. The upward revisions primarily reflect upward revisions to state and local government spending.

* The percent change in real government spending was unrevised for 2013, was revised down 0.3 percentage point for 2014, and was revised up 1.1 percentage points for 2015.

* The quarterly pattern was changed for 2 of the 13 quarters of the revision period. The revised estimates show an upturn in the first quarter of 2015, followed by an acceleration in the second quarter. In the previously published estimates, government spending showed a smaller decrease in the first quarter and turned up in the second quarter.

Updated source data and major improvements

The revisions to the estimates primarily reflect revisions to state and local government spending; specifically, they reflect the incorporation of (1) revised and newly available Census Bureau surveys of government finances data, which are used to estimate the intermediate goods and services purchased by state and local governments, (2) revised Cen sus Bureau construction spending data, which are used to prepare estimates of state and local government investment in structures, and (3) newly available BLS quarterly census of employment and wages data, which are used to prepare estimates of government compensation.

The revisions also reflect improvements to the seasonal adjustment of state and local government expenditures for structures. Beginning with the first quarter of 2013, several components of state and local government investment in structures related to education, transportation, water systems, and conservation and development are seasonally adjusted using quarterly data that are derived from not seasonally adjusted monthly Census Bureau data. As a result, BEA's state and local government estimates of structures are derived from data that are seasonally adjusted by both BEA and the Census Bureau. Previously, BEA combined seasonally adjusted monthly data from the Census Bureau's value of construction put in place survey to derive quarterly estimates for all components of structures, and as a result, the estimates displayed residual seasonality.

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Prices

* Revisions to BEA's various price measures--such as for gross domestic purchases, GDP, or PCE--were small and reflect revised and newly available source data and revised current-dollar weights.

* The gross domestic purchases price index is a measure of the prices faced by consumers, businesses, and governments.

**For 2013, the percent change in prices was unrevised.

**For 2014, prices were revised up 0.2 percentage point. The primary contributors to the upward revision were prices for personal financial services and insurance, for private investment in nonresidential structures, and for state and local government consumption expenditures.

**For 2015, prices were unrevised.

* Prices for GDP were unrevised for 2013, revised up 0.2 percentage point for 2014, and revised up 0.1 percentage point for 2015.

* Prices for PCE were revised down 0.1 percentage point for 2013, up 0.1 percentage point for 2014, and were unrevised for 2015.

* From the fourth quarter of 2012 to the first quarter of 2016, the average annual rate of increase in the price index for PCE was 0.9 percent, the same as in the previously published estimates. The increase in the "core" PCE price index (which excludes food and energy) was 1.5 percent, the same as in the previously published estimates.

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National Income

* The level of national income was revised down for 2013 and was revised up for 2014 and 2015.

**For 2013, the small downward revision primarily reflects downward revisions to net interest paid by business and to corporate profits. The revisions were based primarily on the incorporation of revised Federal Reserve financial accounts data and revised IRS Statistics of Income tabulations of corporate tax return data.

**For 2014, the upward revision primarily reflects upward revisions to corporate profits, particularly in the financial industry, and to business current transfer payments; these revisions were partly offset by a downward revision to proprietors' income (in particular, farm proprietors' income). The revised estimates primarily reflect the incorporation of newly available tabulations of corporate tax returns from the IRS, newly available and revised federal agency data on federal insurance programs, revised trade source data on private insurance benefits, and revised farm income data from the U.S. Department of Agriculture (USDA).

**For 2015, the upward revision primarily reflects upward revisions to corporate profits, particularly in the financial industry, to compensation of employees, and to business current transfer payments; these revisions were partly offset by a downward revision to proprietors' income (in particular, farm proprietors' income). The revised estimates to corporate profits primarily reflect revisions to estimates for the preceding years as well as the incorporation of newly available and revised source data for 2015. The revised estimates to compensation of employees, to business current transfer payments, and to farm proprietors' income primarily reflect revised QCEW data, newly available and revised federal agency data on federal insurance programs, revised trade source data on private insurance benefits, and revised USDA farm income data.

GDI, the Average of GDP and GDI, and the Statistical Discrepancy

* Current-dollar gross domestic income (GDI) was revised down for 2013 and up for 2014 and 2015; the sources of revision are the same as those for national income.

* The change in real GDI was also revised down (by 0.1 percentage point) for 2013 and up for 2014 (by 0.4 percentage point) and 2015 (by 0.1 percentage point). The revisions primarily reflect the revisions to the current-dollar estimates of GDI; the revisions to the implicit price deflator for GDP, which is used to deflate GDI, are small.

* From 2012 to 2015, the average of real GDP and real GDI increased at an average annual rate of 2.2 percent, an upward revision of 0.1 percentage point.

* The statistical discrepancy is the difference between current-dollar GDP and GDI. As a percentage of GDP, the statistical discrepancy was -0.8 percent for 2013, -1.5 percent for 2014, and -1.4 percent for 2015.

* The quarterly pattern for real GDI was changed in 4 of the 13 quarters of the revision period. In the third quarter of 2014, the second quarter of 2015, and the first quarter of 2016, real GDI decelerated; in the previously published estimates, it accelerated. In the third quarter of 2015, real GDI accelerated; in the previously published estimates, it decelerated.

* The largest upward revision to real GDI was 1.5 percentage points for the first quarter of 2014, and the largest downward revision was 2.0 percentage points for the first quarter of 2016.

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Personal Income and Personal Saving

* Personal income was revised up $5.3 billion for 2013, up $115.5 billion for 2014 and up $107.8 billion for 2015. These revisions primarily reflect significant upward revisions to personal dividend income based on newly available and revised data on dividend payments and receipts from the IRS and other sources. An upward revision to compensation of employees, resulting from revised and newly available QCEW data, was important for 2015, and smaller revisions to personal current transfer receipts contributed for all years; downward revisions to proprietors' income and to interest income partly offset the upward revisions.

* Personal saving was revised up for all 3 years. For 2013, the upward revision primarily reflected a downward revision to personal outlays. For 2014 and 2015, the upward revisions primarily reflected upward revisions to personal income.

* The personal saving rate (personal saving as a percentage of disposable personal income) was revised up in all 3 years, to 5.0 percent for 2013, to 5.6 percent for 2014, and to 5.8 percent for 2015.

* The quarterly trend in the personal saving rate was changed in 3 of the 13 quarters of the revision period. In the revised estimates for the second quarter of 2014 and the second quarter of 2015, the rate increased; in the previously published estimates, the rates for these two quarters had decreased. For the first quarter of 2015, the revised estimates decreased; in the previously published estimates, the rate had increased.

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Current-Dollar NIPA Measures

This table presents the updated NIPA components that had revisions of $4.0 billion or more (in absolute value) for 2013-2015. The table also lists the major source data that were incorporated as part of this year's annual revision Note that the incorporation of newly available and revised source data for a year usually results in a revision to the level of an estimate both for that year and for subsequent years.

Data Availability

Annual NIPA estimates for 1929 forward and quarterly estimates for 1947 forward are available on BEA's Web site in more than 350 interactive tables that are arranged in roughly the same order as the seven summary accounts. The tables can be downloaded in a variety of formats, customized by date and by frequency, and displayed in charts. (1)

Selected revised NIPA tables will be released later this fall:

* Table 2.9 (personal income by households and by nonprofit institutions serving households (NPISHs))

* Tables 3.15-3.17 (government spending by function)

* Tables 3.18 and 3.19 (reconciliation of federal government and of state and local government spending estimates with related source data)

* Tables 3.20 and 3.21 (state government and local government current receipts and expenditures)

* Tables 3.22 and 3.23 (not seasonally adjusted estimates of federal government and of state and local government current receipts and expenditures)

* Table 7.15 (reconciliation of NIPA farm income estimates with USDA farm income forecast data)

* Table 7.19 (reconciliation of NIPA income and outlays of NPISHs with IRS revenue and expenses)

In addition, several other BEA estimates will be updated later this year to reflect the results of this year's NIPA update:

* The fixed assets accounts, which present estimates of capital investment by legal form and by type, for 2013-2015

* The integrated macroeconomic accounts, which relate production, income and spending, capital formation, financial transactions, and asset revaluations to changes in net worth for the major sectors of the U.S. economy. These accounts are jointly published by BEA and the Federal Reserve Board

* State personal income

* Annual and quarterly GDP by industry and annual input-output accounts

Acknowledgments

Brent R. Moulton, Associate Director for National Economic Accounts, supervised the preparation of this year's annual update of the national income and product accounts. Pamela A. Kelly, Chief of the Government Division, Robert J. Kornfeld, Deputy Chief of the National Income and Wealth Division, and Brendan J. Leary, Chief of the Systems Development and Operations Branch, directed major parts of the update.

The following BEA staff members significantly contributed to the revision.

Estimate coordination and review: David E Sullivan, Marissa J. Crawford, Pamela A. Kelly, Robert J. Kornfeld, Brendan J. Leary, Benjamin A. Mandel.

Personal consumption expenditures: Kyle J. Brown. Goods: Harvey L. Davis, Jr., Everette P. Johnson, Andrea Julca, Yuri A. Katrinic, Michael Woehrman. Services: Jason W. Chute, Alexander Driessen, Robert N. Ganz III, Vijay Khosa, Thomas Lacey, Teresita D. Teensma.

Investment and foreign transactions: Michael Armah. Inventories, foreign transactions, and prices: Benjamin W. Bloschock, David T. Hill, Kyle R. Kinler, Rebecca E. Pocase. Private fixed investment in structures, in equipment, and in intellectual property products: Greg J. Prunchak, Christina D. Hovland, Michelle S. Grier, Hassein S. Charara, Brian D. Hall, Ronnie R. Jimenez, Kyle R. Kinler, Linden L. Webber.

Federal government: Mark S. Ludwick, Peter G. Beall, Stan J. Bellotti, Brendan Brankin, Andrea L. Cook, Greg R. Linder, Ann W Miller, Kyle D. Mulgrew, Farah Naz, Michelle D. Robinson, Mary L. Roy, Benyam Tsehaye, Andrew E. Vargo, Bryan Williams, Nate Youngblood.

State and local government: Jeffrey L. Barnett, Steven J. Andrews, Kenneth R. Beatty, Melissa J. Braybrooks, Christopher M. Bravo, Matthew R. Snead..

Income estimates: Kurt Kunze. Compensation, housing, and insurance: Brian J. Smith, Kevin M. Curran, Brad G Fowler, Velma Henry, Denise A. McBride, James E. Rankin. Business and interest income: Howard I. Krakower, Damon Cox, Elizabeth M. Driscoll, Kate L.S. Pinard, Martin L. Simmons, Dennis R. Weikel.

Consumption of fixed capital: Private: Robert J. Kornfeld, Marlyn Rodriguez, Michael T. Cusick, Margaret Lumsden. Government Jennifer A. Bennett, Conrad Buckler, Kelly Ramey

Computer systems and operations: Brendan J. Leary, Michael J. Boehm, Wanda Chambers, Kevin Hawes, William S. Melnick, Sung H. Lee, Maksim Lichko, Nimesh Mehta, Sandip Mehta, Ross E Metzger, Wade M. Petty, Andrew J. Pinard, Alice K. Ramey, Mike Randall.

Supplemental review materials: Esther M. Carter, Bethany A. McDonough, Kristina L. Maze, Lisa S. Mataloni, Stephanie H. McCulla, Leanna Moron, Bonnie A. Retus, Karl V. Rohrer, Shelly Smith.

NIPA information: Jeannine Aversa, Thomas B. Dail, Lisa S. Mataloni, Dondi T. Staunton.

Appendix A

1. For more information on the source data used to prepare the successive vintages of the NIPA estimates, see the chapters for each component in NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts, which is available on BEA's Web site.

2. The Census Bureau issued a correction to monthly estimates of private residential improvements (and related aggregates) for January 2005 through October 2015 as part of its November 2015 construction spending release. These data are used to derive annual NIPA estimates of private residential investment in improvements, but they are not used to derive quarterly residential improvements. BEA will incorporate the corrected data for years before 2013 as part of a future NIPA update. For more information, see "How will the revised Census Bureau construction spending data affect BEA's quarterly and annual estimates of private fixed investment?" on BEA's Web site.

(1.) See Stephanie H. McCulla and Shelly Smith, "The 2015 Annual Revision of the National Income and Product Accounts," SURVEY OF CURRENT BUSINESS 95 (August 2015).

(2.) See Brent Moulton and Benjamin D. Cowan, "Residual Seasonality in GDP and GDI: Findings and Next Steps," SURVEY 96 (July 2016).

(1.) See Alexis N. Grimm, Kristy L. Howell, and Daniel R. Yorgason, "Preview of the 2016 Annual Revision of the International Economic Accounts," SURVEY OF CURRENT BUSINESS 96 (May 2016) and C. Omar Kebbeh and Eric Bryda, "Annual Revision of the U.S. International Transactions Accounts," SURVEY 96 (July 2016).

By Stephanie H. McCulla and Shelly Smith

The NIPA Estimation Cycle

The national income and product accounts (NIPAs) are released in a series of vintages--current quarterly estimates, annual updates, and comprehensive updates--in order to provide users with estimates that are both timely and accurate. Timely estimates must rely on source data that are less comprehensive or reliable; accurate estimates incorporate the most complete and most reliable source data that are only available with more significant lags. Thus, while each vintage is an update of the estimates from the previous vintage, they are not errors. Instead, revisions are mainly driven by the incorporation of more complete and more detailed source data as well as revised source data.

Current quarterly estimates provide an early read of economic activity and are produced using a variety of source data, including preliminary survey results, various indicators, and trade source data. The annual update incorporates newly available and revised source data, such as data from mandatory annual surveys and from administrative records, that are more complete, more detailed, and more reliable than those incorporated for the current quarterly estimates; these estimates may also reflect the introduction of methodological improvements. Comprehensive updates reflect benchmarking to the BEA benchmark input-output accounts and the incorporation of newly available and revised source data, such as data from the Census Bureau's quinquennial economic censuses; in addition, these estimates often reflect the introduction of conceptual changes, which can be based on updated international guidelines, and other major methodological improvements to the accounts.

These regular updates maintain and improve the accuracy and relevance of the NIPA estimates, as judged by their ability to reflect long-term growth rates, trends in key components of GDP, and broad features of the business cycle, including the timing and depth of recessions, the strength of recoveries, the major components contributing to growth and to contractions, and the pattern of quarterly growth. The successive vintages do not substantially change the general picture of economic activity. For more information, see Dennis J. Fixler, Ryan Green-away-McGrevy and Bruce T. Grimm, "Revisions to GDP, GDI, and Their Major Components," SURVEY OF CURRENT BUSINESS 94 (August 2014). For more information on the source data used to prepare the successive vintages of the NIPA estimates, see the NIPA Handbook.

Update on BEA's Work to Enhance Its Approach to Seasonal Adjustment

In the summer of 2015, the Bureau of Economic Analysis (BEA) announced a three-phase plan for addressing the residual seasonality that has been noted in BEA's national income and product accounts (NIPAs).

The first phase--the seasonal adjustment of several series used to calculate gross domestic product (GDP) that exhibited seasonality but that had not previously been adjusted--began with the release of the July 2015 annual revision of the NIPAs (see the chart), which included the seasonal adjustment of personal consumption expenditures (PCE) services data and the adjustment of federal defense services. (1)

As part of the second phase, BEA conducted a component-by-component review to identify the causes of residual seasonality in the estimates of GDP and the estimates of gross domestic income (GDI); the results of that review were reported in the July 2016 SURVEY OF CURRENT BUSINESS. (2) The review found that the two most important causes of residual seasonality in the NIPAs are (1) inconsistencies arising from the manner in which monthly source data are used in the compilation of quarterly GDP estimates and (2) issues arising from revision policies and practices that prevented the most recent seasonal adjustments from being applied to historical time series.

As a result of the review, this year's annual update introduced new or improved seasonal adjustments for state and local investment in structures and prices for select PCE services and private fixed investment components. And like every annual update, BEA incorporated updated seasonal factors for the open time span--from the first quarter of 2013 to the first quarter of 2016.

Additional plans for this second phase of work include (1) a review and modification of BEA's revision policies and if possible, our source agencies' revision policies, in order to apply updated seasonal adjustments to longer time spans and (2) the introduction of revisions to BEA's historical time series to remove any remaining residual seasonality in the NIPAs; these improvements are planned for the next comprehensive update of the NIPAs, currently scheduled for July 2018. Recently, BEA has partnered with the Census Bureau to formally examine and improve seasonal adjustment practices and policies across the two Bureaus.

BEA is simultaneously embarking on the third phase--to develop methods and procedures for compiling estimates for the major components of GDP and GDI that are not seasonally adjusted; these estimates will be released concurrently with BEA's seasonally adjusted GDP estimates in July 2018.

[ILLUSTRATION OMITTED]

Incorporating the Census Bureau's Advance Economic Indicators Report

On July 28, the Census Bureau, for the first time, released economic indicator data for wholesale and retail trade inventories as part of its "Advance Economic Indicators Report." The advance GDP estimates released on July 29 reflect these advance data on inventories for June 2016. Thus, for the first time, BEA's advance GDP estimates incorporate Census Bureau data on these inventories for all 3 months of the quarter. (Previously, the advance GDP estimates were based on Census Bureau data for 2 months and on BEA assumptions for the third month.)

BEA anticipates that the availability of these earlier inventory data will improve the accuracy of BEAs initial estimates of inventory investment.

Appendix A

Table B. Percent Change From Preceding Period in Real Gross Domestic
Product, Real Gross Domestic Income, and Other Major NIPA Aggregates


                                   Line      Seasonally adjusted at
                                                 annual rates
                                            2014  2015       2015
Production in the
United States:                                          II   III  IV

 Gross domestic product (GDP)       1        2.4   2.6  2.6  2.0  0.9
 Gross domestic income (GDI)        2        3.0   2.5  0.6  2.5  1.5
 Average of GDP and GDI (1)         3
 Net domestic product (2)                    2.7   2.6  1.6  2.2  1.2
  Net domestic income (2)           4
Production by labor and capital              2.4   2.6  2.7  1.9  0.6
supplied by U.S. residents:         5        3.2   2.5  0.2  2.5  1.5
 Gross national product             6        2.3   2.3  2.3  1.7  1.3
 Gross national income              7        3.0   2.3  0.3  2.1  1.9
 Net national product (2)           8
Final expenditures by U.S.                   2.4   2.3  2.3  1.5  1.1
residents:
 Gross domestic purchases           9
 Final sales to domestic                     2.4   3.2  2.6  2.4  1.3
 purchasers  (3)                   10
 Final sales to private domestic             2.6   3.1  3.2  3.0  1.7
purchasers (4)                     11        3.4   3.3  3.2  3.3  1.8
Purchasing power of income: (5)
 Command-basis gross domestic
 product                           12
 Command-basis net domestic                  2.5   3.3  3.3  2.2  1.5
 product (2)                       13
 Command-basis gross national                2.5   3.4  3.5  2.1  1.3
 product                           14
 Command-basis net national                  2.4   3.0  2.9  1.8  1.9
 product (2)                       15
After-tax income received by                 2.5   3.1  3.1  1.7  1.8
the personal sector:
 Disposable personal income        16        3.5   3.5  3.9  3.3  3.0


                                   Line     Seasonally adjusted
                                             at annual rates
                                                  2016
Production in the
United States:                                   I   II

 Gross domestic product (GDP)       1           0.8  1.2
 Gross domestic income (GDI)        2           0.9
 Average of GDP and GDI (1)         3
 Net domestic product (2)                       0.9
  Net domestic income (2)           4
Production by labor and capital                 0.6  1.1
supplied by U.S. residents:         5           0.6
 Gross national product             6           0.0
 Gross national income              7           0.1
 Net national product (2)           8
Final expenditures by U.S.                     -0.4
residents:
 Gross domestic purchases           9
 Final sales to domestic                        0.8  1.0
 purchasers  (3)                   10
 Final sales to private domestic                1.2  2.1
purchasers (4)                     11           1.1  2.7
Purchasing power of income: (5)
 Command-basis gross domestic
 product                           12
 Command-basis net domestic                     1.1  1.4
 product (2)                       13
 Command-basis gross national                   0.9  1.3
 product                           14
 Command-basis net national                     0.2
 product (2)                       15
After-tax income received by                   -0.1
the personal sector:
 Disposable personal income        16           2.2  1.2

(1.) The arithmetic average of gross domestic product and of gross
domestic income, deflated by the implicit price deflator for GDR
(2.) In this table, the net measures are the corresponding gross
measures excluding the depreciation of fixed assets as measured by the
consumption of fixed capital.
(3.) Gross domestic purchases excluding change in private inventories.
(4.) Final sales to domestic purchasers less government consumption
expenditures and gross investment.
(5.) The command-basis estimates (lines 12-15) measure the purchasing
power of the income generated by the sale of goods and services
produced; they reflect gains or losses in real income resulting from
changes in the terms of trade for exports and imports. For more detail
on the command-basis measures, see NIFft tables 1.8.3 and 1.8.6.

Table C. Real Gross Domestic Product, Real Gross Domestic Income, and
Other Major NIPA Aggregates, Chained Dollars [Billions of chained
(2009) dollars]

                                           Seasonally adjusted at
                                                 annual rates
                                  Line     2014      2015       2015
                                                                 II

Production in the United States:
 Gross domestic product (GDP)      1    15,982.3   16,397.2   16,374.2
 Gross domestic income (GDI)       2    16,219.3   16,627.8   16,567.8
 Average of GDP and GDI (1)        3    16,100.8   16,512.5   16,471.0
 Net domestic product (2)
  Net domestic income (2)          4    13,413.6   13,766.2   13,751.0
Production by labor and capital
supplied by U.S. residents:        5    13,649.9   13,995.9   13,943.8
 Gross national product            6    16,192.5   16,570.4   16,545.7
 Gross national income             7    16,429.3   16,800.8   16,739.2
 Net national product (2)          8    13,623.8   13,939.5   13,922.5
Final expenditures by U.S.
residents:
 Gross domestic purchases          9    16,408.9   16,937.8   16,900.1
 Final sales to domestic
 purchasers  (3)                  10    16,339.9   16,841.6   16,793.8
 Final sales to private
 domestic purchasers (4)          11    13,516.9   13,969.1   13,924.1
Purchasing power of income: (5)
 Command-basis gross domestic
 product                          12    15,941.0   16,461.4   16,434.9
 Command-basis net domestic
 product (2)                      13    13,374.2   13,831.8   13,813.3
 Command-basis gross national
 product                          14    16,168.3   16,649.1   16,621.0
 Command-basis net national
 product (2)                      15    13,600.8   14,018.9   13,998.7
After-tax income received by
the personal sector:
 Disposable personal income       16    11,931.0   12,343.3   12,299.9

                                           Seasonally adjusted at
                                                 annual rates
                                  Line           2015            2016
                                            III       IV          I

Production in the United States:
 Gross domestic product (GDP)      1     16,454.9   16,490.7   16,525.0
 Gross domestic income (GDI)       2     16,669.0   16,730.3   16,766.9
 Average of GDP and GDI (1)        3     16,561.9   16,610.5   16,645.9
 Net domestic product (2)
  Net domestic income (2)          4     13,816.2   13,836.9   13,857.5
Production by labor and capital
supplied by U.S. residents:        5     14,029.4   14,075.5   14,098.2
 Gross national product            6     16,614.0   16,668.4   16,668.3
 Gross national income             7     16,827.9   16,907.9   16,910.0
 Net national product (2)          8     13,975.4   14,014.8   14,001.0
Final expenditures by U.S.
residents:
 Gross domestic purchases          9     17,002.6   17,057.2   17,091.5
 Final sales to domestic
 purchasers  (3)                  10     16,919.8   16,989.4   17,040.5
 Final sales to private
 domestic purchasers (4)          11     14,036.7   14,099.1   14,138.7
Purchasing power of income: (5)
 Command-basis gross domestic
 product                          12     16,523.7   16,584.0   16,629.3
 Command-basis net domestic
 product (2)                      13     13,886.4   13,931.5   13,963.1
 Command-basis gross national
 product                          14     16,697.3   16,776.4   16,786.3
 Command-basis net national
 product (2)                      15     14,059.4   14,123.2   14,119.5
After-tax income received by
the personal sector:
 Disposable personal income       16     12,398.9   12,491.0   12,558.1

                                           Seasonally adjusted at
                                                 annual rates
                                  Line     2016
                                            II

Production in the United States:
 Gross domestic product (GDP)      1     16,575.1
 Gross domestic income (GDI)       2
 Average of GDP and GDI (1)        3
 Net domestic product (2)
  Net domestic income (2)          4     13,895.1
Production by labor and capital
supplied by U.S. residents:        5
 Gross national product            6
 Gross national income             7
 Net national product (2)          8
Final expenditures by U.S.
residents:
 Gross domestic purchases          9     17,132.6
 Final sales to domestic
 purchasers  (3)                  10     17,129.6
 Final sales to private
 domestic purchasers (4)          11     14,234.9
Purchasing power of income: (5)
 Command-basis gross domestic
 product                          12     16,688.2
 Command-basis net domestic
 product (2)                      13     14,009.6
 Command-basis gross national
 product                          14
 Command-basis net national
 product (2)                      15
After-tax income received by
the personal sector:
 Disposable personal income       16     12,594.1

(1.) The arithmetic average of gross domestic product and of gross
domestic income, deflated by the implicit price deflator for GDR
(2.) In this table, the net measures are the corresponding gross
measures excluding the depreciation of fixed assets as measured by the
consumption of fixed capital.
(3.) Gross domestic purchases excluding change in private inventories.
(4.) Final sales to domestic purchasers less government consumption
expenditures and gross investment.
(5.) The command-basis estimates (lines 12-15) measure the purchasing
power of the income generated by the sale of goods and services
produced; they reflect gains or losses in real income resulting from
changes in the terms of trade for exports and imports. For more detail
on the command-basis measures, see NIFft tables 1.8.3 and 1.8.6.

Table D. Gross Domestic Product, Gross Domestic Income, and Other
Major NIPA Aggregates
[Billions of dollars]

                                                             Seasonally
                                                              adjusted
                                                              at annual
                                                                rates
                                  Line     2014      2015       2015
                                                                 II
Production in the United States:
 Gross domestic product (GDP)      1     17,393.1   18,036.6   17,998.3
 Gross domestic income (GDI)       2     17,651.1   18,290.3   18,211.1
 Average of GDP and GDI1           3     17,522.1   18,163.5   18,104.7
 Net domestic product (2)  Net
 domestic income (2)               4     14,647.9   15,205.9   15,182.6
Production by labor and capital
 supplied by U.S. residents:       5     14,905.9   15,459.6   15,395.5
 Gross national product            6     17,641.2   18,242.4   18,202.0
 Gross national income             7     17,899.1   18,496.0   18,414.9
 Net national product (2)          8     14,896.0   15,411.6   15,386.4
 National income (3)               9     15,153.9   15,665.3   15,599.2
Final expenditures by U.S.
residents:
 Gross domestic purchases         10     17,901.9   18,558.6   18,507.2
 Final sales to domestic
 purchasers (4)                   11     17,836.4   18,465.2   18,402.0
 Final sales to private
 domestic purchasers (5)          12     14,684.4   15,246.9   15,184.9
After-tax income received
by the personal sector:
 Disposable personal income       13     13,022.7   13,519.8   13,464.7


                                   Seasonally adjusted at annual rates
                                            2015          2016
                                     III         IV        I
Production in the United States:
 Gross domestic product (GDP)      18,141.9   18,222.8   18,281.6
 Gross domestic income (GDI)       18,378.0   18,487.6   18,549.3
 Average of GDP and GDI1           18,260.0   18,355.2   18,415.5
 Net domestic product (2)  Net
 domestic income (2)               15,297.8   15,360.0   15,408.1
Production by labor and capital
 supplied by U.S. residents:       15,533.8   15,624.8   15,675.7
 Gross national product            18,332.5   18,434.1   18,454.2
 Gross national income             18,568.6   18,699.0   18,721.8
 Net national product (2)          15,488.4   15,571.4   15,580.6
 National income (3)               15,724.4   15,836.2   15,848.2
Final expenditures by U.S.
residents:
 Gross domestic purchases          18,665.3   18,743.7   18,789.0
 Final sales to domestic
 purchasers (4)                    18,588.5   18,681.0   18,747.1
 Final sales to private
 domestic purchasers (5)           15,352.2   15,436.0   15,492.8
After-tax income received
by the personal sector:
 Disposable personal income        13,611.7   13,726.4   13,809.8


                                  Seasonally adjusted
                                    at annual rates
                                         II
Production in the United States:
 Gross domestic product (GDP)         18,437.6
 Gross domestic income (GDI)
 Average of GDP and GDI1
 Net domestic product (2)  Net
 domestic income (2)                  15,538.7
Production by labor and capital
 supplied by U.S. residents:
 Gross national product
 Gross national income
 Net national product (2)
 National income (3)
Final expenditures by U.S.
residents:
 Gross domestic purchases             18,927.7
 Final sales to domestic
 purchasers (4)                       18,940.6
 Final sales to private
 domestic purchasers (5)              15,673.9
After-tax income received
by the personal sector:
 Disposable personal income           13,916.0

(1.) The arithmetic average of gross domestic product and of gross
domestic income.
(2.) In this table, the net measures are the corresponding gross
measures excluding the depreciation of fixed assets as measured by the
consumption of fixed capital.
(3.) Equals gross national income less the depreciation of fixed assets
as measured by the consumption of fixed capital.
(4.) Gross domestic purchases less change in private inventories.
(5.) Final sales to domestic purchasers less government consumption
expenditures and gross investment.

Table 1. Major Source Data Incorporated for the 2016 Annual Update

Agency                                       Data

                                 Annual survey of wholesale trade

                                 Annual survey of retail trade

                                 Annual survey of manufactures

                                 Monthly indicators of manufactures,
                                 merchant
                                 wholesale trade, and retail trade
Census Bureau                    Service annual survey

                                 Annual surveys of state and local
                                 government
                                 finances
                                 Monthly survey of construction
                                 spending
                                 (value put in place)
                                 Quarterly services survey
                                 Current population survey/housing
                                 vacancy
                                 survey
Office of Management and Budget  Federal Budget
                                 Tabulations of tax returns for
                                 corporations
Internal Revenue Service
                                 Tabulations of tax returns for sole
                                 proprietorships and partnerships
                                 Quarterly census of employment and
                                 wages
Bureau of Labor Statistics
                                 Survey of occupational employment
Department of Agriculture        Farm statistics
Bureau of Economic Analysis      International transactions accounts

Agency                           Years covered and vintage

                                 2013 (revised)
                                 and 2014 (new)
                                 2013 (revised)
                                 and 2014 (new)
                                 2013 (revised)
                                 and 2014 (new)

                                 2013-2015 (revised)

Census Bureau                    2013 and 2014 (revised)
                                 and 2015 (new)

                                 Fiscal years 2013 (revised)
                                 and 2014 (new)

                                 2013-2015 (revised)

                                 2013-2015 (revised)

                                 2013 and 2014 (revised)
                                 and 2015 (new)
Office of Management and Budget  Fiscal years 2015 and 2016

                                 2013 (revised)
Internal Revenue Service         and 2014 (new)
                                 2014 (new)


                                 2013-2015 (revised)
Bureau of Labor Statistics
                                 2015 (new)
Department of Agriculture        2013-2015 (revised)
Bureau of Economic Analysis      2013-2015 (revised)

Table 2. Real Gross Domestic Product (GDP)

                                      Share of
                                      current-
                                      dollar      Change from
                                        GDP     preceding period
                                     (percent)     (percent)
                                          2015  2013  2014  2015

 Gross domestic product (1)              100.0   1.7   2.4   2.6
Personal consumption expenditures         68.1   1.5   2.9   3.2
 Goods                                    22.2   3.1   3.9   4.0
  Durable goods                            7.5   6.2   6.7   6.9
  Nondurable goods                        14.7   1.7   2.6   2.6
 Services                                 45.9   0.6   2.3   2.8
Gross private domestic investment         16.9   6.1   4.5   5.0
 Fixed investment                         16.4    50    55    40
  Nonresidential                          12.8   3.5   6.0   2.1
   Structures                              2.8   1.4  10.3  -4.4
   Equipment                               6.0   4.6   5.4   3.5
   Intellectual property products          4.0   3.4   3.9   4.8
  Residential                              3.6  11.9   3.5  11.7
 Change in private inventories             0.5
Net exports of goods and services         -2.9   3.5
 Exports                                  12.6   3.1   4.3   0.1
  Goods                                    8.3   4.4   4.4  -0.6
  Services                                 4.2   1.1   3.9   1.6
 Imports                                  15.4   1.2   4.4   4.6
  Goods                                   12.7   0.6   4.8   4.9
  Services                                 2.7         2.6   2.9
Government consumption
 expenditures and gross investment        17.8  -2.9  -0.9   1.8
 Federal                                   6.8  -5.8  -2.5   0.0
  National defense                         4.1  -6.8  -4.1  -9.1
  Nondefense                               2.7  -4.1   0.1   3.3
 State and local                          11.1  -0.8   0.2   2.9
                                          Revisions (percentage points)
  Gross domestic product                         0.2   0.0   0.2
Personal consumption expenditures               -0.2   0.2   0.1
Gross private domestic investment                1.6  -0.9   0.1
 Fixed investment                                0.8   0.2   0.0
  Nonresidential                                 0.5  -0.2  -0.7
  Residential                                    2.4   1.7   2.8
 Change in private inventories
Net exports of goods and services
 Exports                                         0.7   0.9  -1.0
 Imports                                         0.0   0.6  -0.3
Government consumption expenditures
 and gross investment                            0.0  -0.3   1.1
 Federal                                        -0.1  -0.1   0.3
 State and local                                 0.2  -0.4   1.5


                                       Contribution to
                                        percent change
                                         in real GDP
                                     (percentage points)
                                      2013   2014  2015

 Gross domestic product (1)           1.7    2.4    2.6
Personal consumption expenditures     1.00   1.95   2.16
 Goods                                0.71   0.89   0.91
  Durable goods                       0.45   0.49   0.51
  Nondurable goods                    0.27   0.40   0.40
 Services                             0.28   1.06   1.26
Gross private domestic investment     0.95   0.73   0.82
 Fixed investment                     0.76   0.87   0.65
  Nonresidential                      0.43   0.76   0.27
   Structures                         0.04   0.29  -0.13
   Equipment                          0.26   0.32   0.21
   Intellectual property products     0.13   0.15   0.19
  Residential                         0.33   0.11   0.39
 Change in private inventories        0.19  -0.14   0.17
Net exports of goods and services     0.29  -0.15  -0.71
 Exports                              0.47   0.58   0.01
  Goods                               0.29   0.41  -0.06
  Services                            0.18   0.17   0.07
 Imports                             -0.18  -0.72  -0.73
  Goods                              -0.17  -0.65  -0.65
  Services                           -0.02  -0.07  -0.08
Government consumption
 expenditures and gross investment   -0.56  -0.16   0.32
 Federal                             -0.46  -0.19   0.00
  National defense                   -0 34  -0 19  -0.09
  Nondefense                         -0.12   0.00   0.09
 State and local                      0.09   0.03   0.32
                                     Revisions (percentage points)
  Gross domestic product              0.2    0.0    0.2
Personal consumption expenditures    -0.16   0.11   0.05
Gross private domestic investment     0.25  -0.14   0.00
 Fixed investment                     0.12   0.05   0.01
  Nonresidential                      0.05  -0.01  -0.09
  Residential                         0.06   0.06   0.11
 Change in private inventories        0.13  -0.19   0.00
Net exports of goods and services     0.09   0.03  -0.07
 Exports                              0.09   0.12  -0.14
 Imports                              0.00  -0.09   0.06
Government consumption expenditures
 and gross investment                 0.02  -0.05   0.19
 Federal                              0.00  -0.01   0.02
 State and local                      0.03  -0.04   0.17

(1.) The estimates under the contribution columns are also percent
changes. Note. Percent changes are from NIPA table 1.1.1, contributions
are from NIPA table 1.1.2, and shares are from NIPA table 1.1.10.

Table 3. Real Personal Consumption Expenditures (PCE)

                                       Share of
                                       current-
                                       dollar      Change from
                                         PCE     preceding period
                                      (percent)     (percent)
                                       2015      2013  2014  2015

 Personal consumption
  expenditures (1)                    100.0       1.5   2.9   3.2
Goods                                  32.7       3.1   3.9   4.0
 Durable goods                         11.0       6.2   6.7   6.9
  Motor vehicles and parts              3.8       4.6   6.3   5.0
  Furnishings and durable household
   equipment                            2.5       5.9   7.5   7.0
  Recreational goods and vehicles       3.1       9.4   8.0   9.7
  Other durable goods                   1.7       4.4   4.4   6.4
 Nondurable goods                      21.6       1.7   2.6   2.6
  Food and beverages for off-
   premises consumption                 7.3      -0.1   2.1   0.0
  Clothing and footwear                 3.1       1.8   1.7   3.6
  Gasoline and other energy goods       2.5       2.0   0.4   3.5
  Other nondurable goods                8.7       3.1   4.4   4.4
Services                               67.3       0.6   2.3   2.8
 Household consumption expenditures
  (for services)                       64.7       0.6   2.5   2.9
  Housing and utilities                18.2       0.5   1.4   1.6
  Healthcare                           16.8       0.5   3.2   5.3
  Transportation services               3.0       3.2   4.6   3.6
  Recreation services                   3.8       1.7   2.1   1.6
  Food services and
   modations                            6.6       1.7   3.3   4.4
  nancial services and insurance        7.5       0.1   1.3   0.3
  her services                          8.8      -0.9   3.3   2.3
 Final consumption expenditures of
  NPISHs                                2.7       2.2  -1.2   0.0
  Gross output of NPISHs               10.9       0.9   1.5   2.4
  Less: Receipts from sales of goods
   and services by NPISHs               8.2       0.5   2.5   3.2
                                         Revisions (percentage points)
 Personal consumption
  expenditures Goods                             -0.2   0.2   0.1
Goods                                             0.0   0.6   0.3
 Durable goods                                    0.4   0.8   0.9
 Nondurable goods                                -0.2   0.5   0.0
Services                                         -0.4  -0.1   0.0


                                             Contribution to
                                              percent change
                                                in real PCE
                                            (percentage points)
                                             2013   2014   2015

 Personal consumption
  expenditures (1)                           1.5    2.9    3.2
Goods                                        1.05   1.31   1.33
 Durable goods                               0.66   0.72   0.75
  Motor vehicles and parts                   0.16   0.23   0.19
  Furnishings and durable household
   equipment                                 0.I4   0.18   0.17
  Recreational goods and vehicles            0.28   0.24   0.29
  Other durable goods                        0.07   0.07   0.11
 Nondurable goods                            0.39   0.59   0.59
  Food and beverages for off-
   premises consumption                      0.00   0.16   0.00
  Clothing and footwear                      0.06   0.05   0.11
  Gasoline and other energy goods            0.07   0.01   0.10
  Other nondurable goods                     0.26   0.37   0.37
Services                                     0.42   1.56   1.85
 Household consumption expenditures
  (for services)                             0.36   1.59   1.85
  Housing and utilities                      0.08   0.25   0.30
  Healthcare                                 0.08   0.53   0.88
  Transportation services                    0.09   0.13   0.11
  Recreation services                        0.06   0.08   0.06
  Food services and
   modations                                 0.11   0.21   0.28
  nancial services and insurance             0.01   0.10   0.02
  her services                              -0.08   0.29   0.20
 Final consumption expenditures of
  NPISHs                                     0.06  -0.03   0.00
  Gross output of NPISHs                     0.10   0.17   0.26
  Less: Receipts from sales of goods
   and services by NPISHs                    0.04   0.20   0.26
                                        Revisions (percentage points)
 Personal consumption
  expenditures Goods                        -0.2    0.2    0.1
Goods                                        0.01   0.22   0.11
 Durable goods                               0.05   0.10   0.11
 Nondurable goods                           -0.04   0.12   0.01
Services                                    -0.24  -0.04  -0.04

NPISHs Nonprofit institutions serving households
(1.) The estimates under the contribution columns are also percent
changes. Note. Percent changes are from NIPA table 2.3.1, contributions
are from NIPA table 2.3.2, and shares are calculated from NIPA table
2.3.5.

Table 4. Real Private Fixed Investment (PFI)

                                          Share of
                                          current-
                                          dollar      Change from
                                            PFI     preceding period
                                         (percent)     (percent)
                                              2015  2013  2014   2015

 Private fixed investment (1)                100.0   5.0   5.5    4.0
Nonresidential                                78.0   3.5   6.0    2.1
 Structures                                   17.1   1.4  10.3   -4.4
  Commercial and health care                   4.8   3.5  12.9   10.1
  Manufacturing                                2.6   4.1  12.9   30.8
  Power and communication                      3.5  -4.4  15.1  -12.6
  Mining exploration, shafts, and
   wells                                       3.4   1.8   5.5  -31.2
  Other structures                             2.9   4.3   7.1   10.6
 Equipment                                    36.7   4.6   5.4    3.5
  Information processing equipment            10.6   4.8   2.6    3.9
   Computers and peripheral
    equipment                                  2.7   0.0   0.8   -0.4
   Other                                       8.0   6.7   3.3    5.5
  Industrial equipment                         7.5  -1.5   3.5    1.9
  Transportation equipment                    10.4  11.0  11.5   11.5
  Other equipment                              8.2   3.9   4.5   -4.1
 Intellectual property products               24.2   3.4   3.9    4.8
  Software                                    11.0   3.1   6.0    6.4
  Research and development                    10.5   4.6   2.8    3.5
  Entertainment, literary, and artistic
   originals                                   2.7   0.5  -0.3    3.8
Residential                                   22.0  11.9   3.5   11.7
 Structures                                   21.7  12.0   3.4   11.8
  Permanent site                               9.6  24.5   8.8   17.6
   Single family                               7.9  22.6   5.5   17.5
   Multifamily                                 1.8  35.9  26.7   18.2
  Other structures                            12.0   5.0  -0.1    7.6
 Equipment                                     0.3   8.1   7.4    7.0
                                          Revisions (percentage points)
 Private fixed investment                            0.8   0.2    0.0
Nonresidential                                       0.5  -0.2   -0.7
 Structures                                         -0.2   2.2   -2.9
 Equipment                                           1.4  -0.4    0.4
 Intellectual property products                     -0.4  -1.3   -0.9
Residential                                          2.4   1.7    2.8
 Structures                                          2.4   1.7    2.9
 Equipment                                           0.7   1.8    1.1


                                                Contribution to
                                                 percent change
                                                  in real PFI
                                              (percentage points)
                                               2013    2014   2015

 Private fixed investment (1)                  5.0     5.5    4.0
Nonresidential                                 2.86    4.81   1.65
 Structures                                    0.25    1.84  -0.82
  Commercial and health care                   0.15    0.54   0.46
  Manufacturing                                0.08    0.24   0.63
  Power and communication                     -0.19    0.57  -0.52
  Mining exploration, shafts, and
   wells                                       0.10    0.30  -1.67
  Other structures                             0.11    0.18   0.28
 Equipment                                     1.75    2.03   1.31
  Information processing equipment             0.56    0.29   0.42
   Computers and peripheral
    equipment                                  0.00    0.02  -0.01
   Other                                       0.56    0.27   0.43
  Industrial equipment                        -0.13    0.28   0.14
  Transportation equipment                     0.96    1.05   1.11
  Other equipment                              0.36    0.40  -0.37
 Intellectual property products                0.86    0.95   1.16
  Software                                     0.36    0.66   0.70
  Research and development                     0.49    0.30   0.36
  Entertainment, literary, and artistic
   originals                                   0.01   -0.01   0.10
Residential                                    2.18    0.71   2.38
 Structures                                    2.15    0.68   2.36
  Permanent site                               1.57    0.69   1.48
   Single family                               1.24    0.37   1.21
   Multifamily                                 0.33    0.32   0.28
  Other structures                             0.58   -0.01   0.88
 Equipment                                     0.03    0.03   0.02
                                          Revisions (percentage points)
 Private fixed investment                      0.8    0.2     0.0
Nonresidential                                 0.38  -0.11   -0.63
 Structures                                   -0.03   0.39   -0.55
 Equipment                                     0.52  -0.15    0.16
 Intellectual property products               -0.11  -0.35   -0.24
Residential                                    0.43   0.36    0.61
 Structures                                    0.43   0.35    0.61
 Equipment                                     0.00   0.01    0.00

(1.) The estimates under the contribution columns are also percent
changes.
Note. Percent changes are from NIPA table 5.3.1, contributions are from
NIPA table 5.3.2. and shares are calculated from NIPA table 5.3.5.

Table 5. Change in Real Private Inventories by Industry
[Billions of chained (2009) dollars]


                                           Level
                                     2013   2014   2015

 Change in private inventories (1)   78.7   57.7   84.0
Farm                                  6.0   -2.2   -1.6
Mining, utilities, and construction  -3.3    4.1    5.2
Manufacturing                        13.1   16.4   17.9
 Durable-goods industries             9.0   15.3    7.1
 Nondurable-goods industries          4.3    1.9   10.6
Wholesale trade                      29.9   20.9   31.5
 Durable-goods industries            23.2   17.5   12.0
 Nondurable-goods industries          7.8    4.2   19.2
Retail trade                         29.7   13.8   24.3
 Motor vehicle and parts dealers     16.2    7.7    6.9
 Food and beverage stores             0.6    0.8    0.7
 General merchandise stores           3.1   -0.3    1.4
 Other retail stores                  9.9    5.7   15.5
Other industries                      3.7    6.8    8.9
Residual (2)                         -1.7   -3.8   -1.8
                                          Revisions
 Change in private inventories       17.3  -10.3  -13.5
Farm                                 -0.7   -5.9   -6.8
Mining, utilities, and construction   0.5    2.5   -1.5
Manufacturing                         7.7    1.9    1.0
Wholesale trade                       5.4   -8.7   -0.3
Retail trade                          2.3    1.9   -6.5
Other industries                      2.6   -0.4    1.5

                                     Change from
                                     preceding period
                                      2013   2014  2015

 Change in private inventories (1)    24.0  -21.1  26.3
Farm                                  18.6   -8.2   0.6
Mining, utilities, and construction  -10.4    7.4   1.1
Manufacturing                          2.1    3.3   1.5
 Durable-goods industries             -1.0    6.3  -8.2
 Nondurable-goods industries           2.8   -2.5   8.8
Wholesale trade                        4.1   -9.0  10.6
 Durable-goods industries              2.0   -5.7  -5.4
 Nondurable-goods industries           2.0   -3.5  14.9
Retail trade                           3.9  -15.9  10.4
 Motor vehicle and parts dealers      -4.2   -8.5  -0.8
 Food and beverage stores              0.5    0.2  -0.1
 General merchandise stores            2.1   -3.4   1.7
 Other retail stores                   5.6   -4.2   9.8
Other industries                       0.2    3.1   2.1
Residual (2)                           5.8   -2.1   2.0
                                          Revisions
 Change in private inventories        17.3  -27.6  -3.2
Farm                                  -0.7   -5.2  -0.9
Mining, utilities, and construction    0.5    1.9  -4.0
Manufacturing                          7.7   -5.8  -1.0
Wholesale trade                        5.4  -14.1   8.5
Retail trade                           2.3   -0.4  -8.4
Other industries                       2.6   -3.0   1.8

(1.) The levels are from NIPA table 5.7.6B.
(2.) The residual is the difference between the first line and the sum
of the most detailed lines. Note. The chained-dollar series are
calculated as the period-to-period change in end-of-period inventories.
Because the formula for the chain-type quantity indexes uses weights of
more than one period, chained-dollar estimates are usually not additive.

Table 6. Real Exports of Goods and Services

                                                  Share of
                                                  current-
                                                   dollar
                                                  exports
                                                 (percent)
                                                      2015

 Exports of goods and services (1)                   100.0
Exports of goods                                      66.2
 Foods, feeds, and beverages                           5.6
 Industrial supplies and materials                    18.4
 Capital goods, except automotive                     23.8
 Automotive vehicles, engines, and
  parts                                                6.7
 Consumer goods, except food and
  automotive                                           8.7
 Other                                                 2.9
Exports of services                                   33.8
 Transport                                             3.9
 Travel (for all purposes including
  education)                                           9.0
 Charges for the use of intellectual
  property n.e.c                                       5.5
 Other business services                              13.9
 Government goods and services
  n.e.c                                                0.8
 Other                                                 0.7

 Exports of goods and services Exports of goods

Exports of services



                                                     Change from
                                                   preceding period
                                                      (percent)
                                                  2013   2014  2015

 Exports of goods and services (1)                 3.5    4.3   0.1
Exports of goods                                   3.1    4.4  -0.6
 Foods, feeds, and beverages                       2.1    8.0   1.9
 Industrial supplies and materials                 4.0    3.5  -0.2
 Capital goods, except automotive                  1.2    3.1  -2.2
 Automotive vehicles, engines, and
  parts                                            3.9    4.1  -4.8
 Consumer goods, except food and
  automotive                                       5.1    6.6   1.8
 Other                                             6.6   10.8   8.0
Exports of services                                4.4    3.9   1.6
 Transport                                         3.5    3.1   2.2
 Travel (for all purposes including
  education)                                       8.6    5.7   7.8
 Charges for the use of intellectual
  property n.e.c                                   1.5   -0.3  -4.4
 Other business services                           5.7    6.0   0.2
 Government goods and services
  n.e.c                                           -0.2  -13.4   1.2
 Other                                           -25.1    6.5   3.2
                                                 Revisions (percentage
                                                         points)
 Exports of goods and services Exports of goods    0.7    0.9  -1.0
                                                   0.3    0.0  -0.4
Exports of services                                1.7    2.7  -2.4


                                                   Contribution to
                                                   percent change
                                                   in real exports
                                                 (percentage points)
                                                   2013   2014  2015

 Exports of goods and services (1)                 3.5    4.3    0.1
Exports of goods                                   2.13   3.04  -0.43
 Foods, feeds, and beverages                       0.13   0.47   0.11
 Industrial supplies and materials                 0.88   0.74  -0.05
 Capital goods, except automotive                  0.29   0.73  -0.52
 Automotive vehicles, engines, and
  parts                                            0.26   0.27  -0.33
 Consumer goods, except food and
  automotive                                       0.42   0.54   0.15
 Other                                             0.16   0.28   0.21
Exports of services                                1.35   1.23   0.54
 Transport                                         0.13   0.12   0.08
 Travel (for all purposes including
  education)                                       0.64   0.45   0.64
 Charges for the use of intellectual
  property n.e.c                                   0.09  -0.01  -0.25
 Other business services                           0.69   0.77   0.03
 Government goods and services
  n.e.c                                            0.00  -0.13   0.01
 Other                                            -0.20   0.04   0.02
                                                 Revisions (percentage
                                                         points)
 Exports of goods and services Exports of goods    0.7    0.9   -1.0
                                                   0.17   0.02  -0.29
Exports of services                                0.51   0.87  -0.73

(1.) The estimates under the contribution columns are also percent
changes.
Note. Percent changes are from NIPA table 4.2.1, contributions are from
NIPA table 4.2.2, and shares are calculated from NIPA table 4.2.5.

Table 7. Real Imports of Goods and Services

                                 Share of
                                 current-
                                  dollar      Change from
                                 imports    preceding period
                                (percent)     (percent)
                                     2015   2013  2014  2015

Imports of goods and
   services (1)                     100.0    1.1   4.4   4.6
Imports of goods                     82.2    1.2   4.8   4.9
 Foods, feeds, and beverages          4.6    3.9   5.2   4.0
 Industrial supplies and
  materials                          17.5   -3.5   1.0   1.7
Capital goods, except
 automotive                          21.8    3.2   7.9   2.9
Automotive vehicles, engines.
 and parts                           12.6    4.1   7.1   8.4
Consumer goods, except food
  and automotive                     21.4    2.y   4.5   7.7
 Other                                4.4    2.4   6.6   9.2
Imports of services                  17.8    0.6   2.6   2.9
 Transport                            3.5    5.2   0.2   4.6
 Travel (for all purposes
  including education)                4.1   -3.3   6.2   9.6
 Charges for the use of
  intellectual property n.e.c.        1.4   -0.8   6.8  -6.8
Other business services               7.8    2.6   2.3   1.1
Government goods and
  services n.e.c                      0.8  -10.6  -5.8  -0.4
Other                                 0.2   -0.7   2.3   4.1
                                           Revisions (percentage
                                                 points)
    Imports of goods and
      services                               0.0   0.6  -0.3
Imports of goods                             0.2   0.5   0.1
Imports of services                         -0.9   1.0  -2.7


                                 Contribution to
                                  percent change
                                 in real imports
                                (percentage points)
                                 2013   2014   2015

Imports of goods and
   services (1)                  1.1    4.4    4.6
Imports of goods                 0.98   3.97   4.08
 Foods, feeds, and beverages     0.16   0.22   0.18
 Industrial supplies and
  materials                     -0.90   0.25   0.36
Capital goods, except
 automotive                      0.64   1.59   0.63
Automotive vehicles, engines.
 and parts                       0.45   0.79   0.99
Consumer goods, except food
  and automotive                 0.55   0.86   1.55
 Other                           0.09   0.25   0.37
Imports of services              0.11   0.45   0.51
 Transport                       0.16   0.01   0.16
 Travel (for all purposes
  including education)          -0.12   0.22   0.36
 Charges for the use of
  intellectual property n.e.c.  -0.01   0.10  -0.10
Other business services          0.19   0.17   0.09
Government goods and
  services n.e.c                -0.11  -0.05   0.00
Other                            0.00   0.01   0.01
                                Revisions (percentage
                                       points)
    Imports of goods and
      services                   0.0    0.6   -0.3
Imports of goods                 0.17   0.42   0.11
Imports of services             -0.13   0.17  -0.45

(1.) The estimates under the contribution columns are also percent
changes.
Note. Percent changes are from NIFA table 4.2.1, contributions are from
NIFA table 4.2.2, and shares are calculated from NIPA table 4.2.5.

Table 8. Real Government Consumption Expenditures and Gross Investment
(CEGI)

                             Share of
                             current-
                              dollar      Change from
                              CEGI     preceding period
                            (percent)     (percent)
                                 2015  2013  2014  2015

 Government consumption
  expenditures and gross
  investment (1)                100.0  -2.9  -0.9   1.8
  Consumption expenditures       80.9  -2.4  -0.7   1.6
  Gross investment               19.1  -4.9  -1.4   2.4
Federal                          38.1  -5.8  -2.5   0.0
 National defense                22.7  -6.8  -4.1  -2.1
  Consumption expenditures       18.4  -6.8  -3.6  -1.8
  Gross investment                4.4  -7.0  -5.9  -3.4
 Nondefense                      15.3  -4.1   0.1   3.3
  Consumption expenditures       11.6  -3.5   0.1   3.7
  Gross investment                3.7  -5.8  -0.1   1.9
State and local                  61.9  -0.8   0.2   2.9
 Consumption expenditures        51.0  -0.2   0.2   2.5
 Gross investment                10.9  -3.5   0.2   5.2
                                 Revisions (percentage points)
 Government consumption
  expenditures and gross
  investment                            0.0  -0.3   1.1
Federal                                -0.1  -0.1   0.3
 National defense                      -0.1  -0.3  -0.9
 Nondefense                            -0.1   0.2   2.1
State and local                         0.2  -0.4   1.5


                              Contribution to
                               percent change
                               in real CEGI
                            (percentage points)
                             2013   2014   2015

 Government consumption
  expenditures and gross
  investment (1)            -2.9   -0.9    1.8
  Consumption expenditures  -1.91  -0.59   1.33
  Gross investment          -0.95  -0.27   0.46
Federal                     -2.38  -1.00   0.00
 National defense           -1.76  -1.01  -0.49
  Consumption expenditures  -1.40  -0.72  -0.34
  Gross investment          -0.36  -0.29  -0.16
 Nondefense                 -0.62   0.01   0.49
  Consumption expenditures  -0.40   0.01   0.42
  Gross investment          -0.22   0.00   0.07
State and local             -0.48   0.14   1.79
 Consumption expenditures   -0.11   0.12   1.24
 Gross investment           -0.37   0.02   0.54
                            Revisions (percentage points)
 Government consumption
  expenditures and gross
  investment                 0.0   -0.3    1.1
Federal                     -0.05  -0.04   0.11
 National defense           -0.03  -0.07  -0.20
 Nondefense                 -0.02   0.02   0.31
State and local              0.13  -0.24   0.96

1. The estimates under the contribution columns are also percent
changes.
Note. Percent changes are from NIPA table 3.9.1, contributions are from
NIPA table 3.9.2, and shares are calculated from NIPA table 3.9.5.

Table 9. Prices for Gross Domestic Purchases



                                            Change from
                                         preceding period
                                             (percent)
                                         2013  2014   2015

 Gross domestic purchases (1)             1.4   1.7    0.4
Personal consumption expenditures         1.3   1.5    0.3
 Goods                                   -0.5  -0.4   -2.9
  Durable goods                          -1.9  -2.3   -2.1
  Nondurable goods                        0.1   0.6   -3.3
 Services                                 2.3   2.5    2.0
Gross private domestic investment         1.5   2.1    0.8
 Fixed investment                         1.6   2.3    1.0
  Nonresidential                          0.8   1.4    0.6
   Structures                             2.1   3.8    0.0
   Equipment                              0.2   0.4    0.8
   Intellectual property products         0.8   1.0    0.8
  Residential                             5.0   6.0    2.4
 Change in private inventories
Government consumption expenditures
 and gross investment                     1.6   2.0    0.3
 Federal                                  1.0   1.7    0.5
  National defense                        0 7   1 4    0.2
  Nondefense                              1.6   2.2    1.0
 State and local                          1 9   2.2    0.2
Addenda:
Gross domestic purchases:
 Food                                     1.1   1.5    1.1
 Energy goods and services               -1.1  -0.8  -17.8
 Excluding food and energy                1.5   1.8    1.1
Personal consumption expenditures (PCE)
 Food and beverages purchased for off-
  premises consumption                    1.1   1.8    1.1
 Energy goods and services               -1.1  -0.8  -17.7
 Excluding food and energy                1.5   1.6    1.4
Gross domestic product (GDP)              1 6   1 8    1.1
Exports of goods and services             0.1   0.1   -4.8
Imports of goods and services            -0.9  -0.2   -7.6
                                         Revisions (percentage
                                                points)
Gross domestic purchases                  0.0   0.2    0.0
 Food                                     0.1   0.1    0.3
 Energy goods and services               -0.3   0.0   -0.9
 Excluding food and energy                0.0   0.2    0.1
PCE                                      -0.1   0.1    0.0
 Food and beverages purchased for off-
  premises consumption                    0.1  -0.1    0.0
 Energy goods and services               -0.2   0.0   -0.1
 Excluding food and energy                0.0   0.1    0.1
Gross domestic product                    0 0   0.2    0 1
Exports of goods and services            -0.1   0.0    0.1
Imports of goods and services            -0.1   0.0    0.1

                                          Contribution to
                                           percent change
                                          in gross domestic
                                          purchases prices
                                         (percentage points)
                                          2013   2014   2015

 Gross domestic purchases (1)             1.4    1.7    0.4
Personal consumption expenditures         0.88   1.00   0.23
 Goods                                   -0.12  -0.08  -0.64
  Durable goods                          -0.14  -0.17  -0.16
  Nondurable goods                        0.01   0.09  -0.49
 Services                                 1.00   1.08   0.87
Gross private domestic investment         0.23   0.34   0.14
 Fixed investment                         0.24   0.35   0.15
  Nonresidential                          0.10   0.17   0.08
   Structures                             0.06   0.11   0.00
   Equipment                              0.01   0.03   0.05
   Intellectual property products         0.03   0.04   0.03
  Residential                             0.14   0.18   0.08
 Change in private inventories            0.00  -0.01  -0.02
Government consumption expenditures
 and gross investment                     0.29   0.36   0.05
 Federal                                  0.07   0.12   0.03
  National defense                        0 03   0 06   0.01
  Nondefense                              0.04   0.06   0.03
 State and local                          0.21   0.24   0 02
Addenda:
Gross domestic purchases:
 Food                                     0.05   0.08   0.05
 Energy goods and services               -0.04  -0.03  -0.63
 Excluding food and energy                1.39   1.65   1.00
Personal consumption expenditures (PCE)
 Food and beverages purchased for off-
  premises consumption
 Energy goods and services
 Excluding food and energy
Gross domestic product (GDP)
Exports of goods and services
Imports of goods and services
                                         Revisions (percentage
                                                 points)
Gross domestic purchases                  0.0    0.2    0 0
 Food                                     0.00   0.01   0.01
 Energy goods and services               -0.01   0.00  -0.04
 Excluding food and energy               -0.02   0.14   0.10
PCE                                      -0.03   0.05   0.03
 Food and beverages purchased for off-
  premises consumption
 Energy goods and services
 Excluding food and energy
Gross domestic product
Exports of goods and services
Imports of goods and services

(1.) The estimates under the contribution columns are also percent
changes.
Note. Most percent changes are from NIPA table 1.6.7; percent changes
for PCE for food and energy goods and services and for PCE excluding
food and energy are from NIPA table 2.3.7. Contributions are from NIPA
table 1.6.8. GDP export, and import prices are from NIPA table 1.1.7.

Table 10. National Income by Type of Income
[Billions of dollars]


                                            Level
                                      2013      2014      2015

  National income                 14,444.8  15,153.9  15,665.3
Compensation of employees          8,842.4   9,253.4   9,693.1
 Wages and salaries                7,116.7   7,476.3   7,854.8
  Government                       1,208.0   1,236.7   1,274.5
  Other                            5,908.7   6,239.6   6,580.3
 Supplements to wages and
  salaries                         1,725.8   1,777.1   1,838.2
  Employer contributions for
   employee pension and
   insurance funds                1,199.0    1,229.8   1,270.5
  Employer contributions for
   government social
   insurance                        526.8      547.3     567.7
Proprietors' income with IVA
 andCCAdj                         1,284.7    1,337.7   1,376.8
 Farm                                87.8       68.5      39.9
 Nonfarm                          1,197.0    1,269.2   1,336.8
Rental income of persons with
 CCAdj                              567.1      606.1     659.6
Corporate profits with IVA and
 CCAdj                            2,032.9    2,152.1   2,088.1
 Taxes on corporate income          467.7      532.7     553.8
 Profits after tax with IVA and
  CCAdj                           1,565.2    1,619.3   1,534.3
  Net dividends                     929.4      970.6     971.4
  Undistributed profits with IVA
   andCCAdj                         635.8      648.7     562.9
Net interest and miscellaneous
 payments                           504.6      533.7     524.1
Taxes on production and
 imports                          1,174.9    1,210.2   1,237.6
Less: Subsidies                      59.3       56.7      56.6
Business current transfer
 payments (net)                     118.4      137.6     161.4
 To persons (net)                    41.1       45.5      51.4
 To government (net)                 90.8      100.3     110.7
 To the rest of the world (net)     -13.5       -8.2      -0.8
Current surplus of government
 enterprises                        -20.9      -20.2     -18.8
                                                  Revisions
  National income                   -13.5       77.4     119.0
Compensation of employees             2.8        4.5      26.5

Proprietors' income with IVA and
 CCAdj                               -0.4       -8.9     -11.5
Rental income of persons with
 CCAdj                                3.7       -4.8       3.0
Corporate profits with IVA and
 CCAdj                               -4.5       79.1      79.1
Net interest and miscellaneous
 payments                            -8.9        1.4       0.3
Taxes on production and imports      -3.1       -3.5       1.7
Less: Subsidies                      -0.1       -1.2      -2.0
Business current transfer
 payments (net)                      -1.0       10.3      20.2
Current surplus of government
 enterprises                         -2.2       -2.0      -2.3

                                    Change from
                                  preceding period
                                   2013   2014   2015

  National income                 382.9  709.1  511.3
Compensation of employees         232.5  411.0  439.6
 Wages and salaries               186.4  359.6  378.5
  Government                        9.7   28.7   37.8
  Other                           176.7  330.9  340.7
 Supplements to wages and
  salaries                         46.1   51.4   61.1
  Employer contributions for
   employee pension and
   insurance funds                 33.7   30.8   40.7
  Employer contributions for
   government social
   insurance                       12.4   20.6   20.4
Proprietors' income with IVA
 andCCAdj                          43.4   53.0   39.0
 Farm                              26.2  -19.3  -28.6
 Nonfarm                           17.2   72.3   67.6
Rental income of persons with
 CCAdj                             41.7   39.0   53.5
Corporate profits with IVA and
 CCAdj                             34.7  119.2  -64.0
 Taxes on corporate income         20.1   65.1   21.1
 Profits after tax with IVA and
  CCAdj                            14.6   54.2  -85.1
  Net dividends                    70.0   41.2    0.8
  Undistributed profits with IVA
   andCCAdj                       -55.4   12.9  -85.8
Net interest and miscellaneous
 payments                         -23.1   29.1   -9.6
Taxes on production and
 imports                           42.9   35.3   27.4
Less: Subsidies                     1.2   -2.6   -0.1
Business current transfer
 payments (net)                    13.7   19.2   23.7
 To persons (net)                  -1.6    4.4    6.0
 To government (net)               18.3    9.5   10.4
 To the rest of the world (net)    -2.9    5.4    7.4
Current surplus of government
 enterprises                       -1.7    0.7    1.4
                                        Revisions
  National income                 -13.5   90.9   41.6
Compensation of employees           2.8    1.7   22.0
Proprietors' income with IVA and
 CCAdj                             -0.4   -8.6   -2.6
Rental income of persons with
 CCAdj                              3.7   -8.4    7.8
Corporate profits with IVA and
 CCAdj                             -4.5   83.7    0.0
Net interest and miscellaneous
 payments                          -8.9   10.3   -1.1
Taxes on production and imports    -3.1   -0.4    5.2
Less: Subsidies                    -0.1   -1.1   -0.8
Business current transfer
 payments (net)                    -1.0   11.3    9.8
Current surplus of government
 enterprises                       -2.2    0.2   -0.3

CCAdj Capital consumption adjustment IVA Inventory valuation adjustment
Note. Dollar levels are from NIPA table 1.12.

Table 11. Relation of GDP, GDI, Gross National Income, National Income,
and Personal Income
[Billions of dollars]


                                              Level
                                     2013      2014      2015

Gross domestic product           16,691.5  17,393.1  18,036.6
Less: Statistical discrepancy      -137.9    -257.9    -253.7
Equals: Gross domestic  income   16,829.5  17,651.1  18,290.3
Plus: Income receipts from the
 rest of the world                  825.5     852.1     813.1
Less: Income payments to the
 rest of the world                  581.3     604.0     607.4
Equals: Gross national income    17,073.7  17,899.1  18,496.0
Less: Consumption of fixed
 capital                          2,628.9   2,745.2   2,830.8
Equals: National income          14,444.8  15,153.9  15,665.3
Less:
 Corporate profits with IVA and
  CCAdj                           2,032.9   2,152.1   2,088.1
 Taxes on production and
  imports less subsidies          1,115.6   1,153.5   1,181.0
 Contributions for government
  social insurance, domestic      1,104.6   1,154.9   1,203.5
 Net interest and miscellaneous
  payments on assets                504.6     533.7     524.1
 Business current transfer
  payments (net)                    118.4     137.6     161.4
 Current surplus of government
  enterprises                       -20.9     -20.2     -18.8
Plus: Personal income receipts
 on assets                        2,056.1   2,227.0   2,253.8
Plus: Personal current transfer
 receipts                         2,428.0   2,540.4   2,678.6
Equals: Personal income          14,073.7  14,809.7  15,458.5
                                                     Revisions
Gross domestic product               28.4      45.0      89.7
Statistical discrepancy              39.7     -45.9     -46.7
Gross domestic income               -11.3      90.9     136.4

                                   Change from
                                 preceding period
                                  2013    2014   2015

Gross domestic product           536.3   701.6  643.5
Less: Statistical discrepancy     65.3  -120.0    4.3
Equals: Gross domestic  income   470.9   821.6  639.3
Plus: Income receipts from the
 rest of the world                24.0    26.5  -38.9
Less: Income payments to the
 rest of the world                17.3    22.7    3.4
Equals: Gross national income    477.6   825.4  596.9
Less: Consumption of fixed
 capital                          94.7   116.3   85.6
Equals: National income          382.9   709.1  511.3
Less:
 Corporate profits with IVA and
  CCAdj                           34.7   119.2  -64.0
 Taxes on production and
  imports less subsidies          41.6    37.9   27.5
 Contributions for government
  social insurance, domestic     153.0    50.3   48.6
 Net interest and miscellaneous
  payments on assets             -23.1    29.1   -9.6
 Business current transfer
  payments (net)                  13.7    19.2   23.7
 Current surplus of government
  enterprises                     -1.7     0.7    1.4
Plus: Personal income receipts
 on assets                       -67.7   170.9   26.9
Plus: Personal current transfer
 receipts                         61.6   112.4  138.3
Equals: Personal income          158.6   736.1  648.8
                                       Revisions
Gross domestic product            28.4    16.7   44.6
Statistical discrepancy           39.7   -85.6   -0.8
Gross domestic income            -11.3   102.3   45.4

CCAdj Capital consumption adjustment IVA Inventory valuation adjustment
Note. Dollar levels are from NIPA table 1.7.5.

Table 12. Personal Income and Its Disposition
[Billions of dollars]


                                                        Level
                                               2013      2014      2015

 Personal income                           14,073.7  14,809.7  15,458.5
Compensation of employees                   8,842.4   9,253.4   9,693.1
 Wages and salaries                         7,116.7   7,476.3   7,854.8
  Private industries                        5,908.7   6,239.6   6,580.3
  Government                                1,208.0   1,236.7   1,274.5
 Supplements to wages and
  salaries                                  1,725.8   1,777.1   1,838.2
Proprietors' income with IVA
 and CCAdj                                  1,284.7   1,337.7   1,376.8
 Farm                                          87.8      68.5      39.9
 Nonfarm                                    1,197.0   1,269.2   1,336.8
Rental income of persons with
 CCAdj                                        567.1     606.1     659.6
Personal income receipts on
 assets                                     2,056.1   2,227.0   2,253.8
 Personal interest income                   1,261.6   1,300.9   1,302.7
 Personal dividend income                     794.4     926.1     951.1
Personal current transfer
 receipts                                   2,428.0   2,540.4   2,678.6
 Government social benefits to
  persons                                   2,386.9   2,494.9   2,627.2
 Other current transfer
  receipts, from business
  (net)                                        41.1      45.5      51.4
Less: Contributions for
 government social insurance,  domestic     1,104.6   1,154.9   1,203.5
Less: Personal current taxes                1,677.8   1,787.0   1,938.7
Equals: Disposable personal  income (DPI)  12,395.8  13,022.7  13,519.8
Less: Personal outlays                     11,775.7  12,296.7  12,736.2
Equals: Personal saving                       620.1     726.0     783.6
Personal saving as a
 percentage of DPI (percent)                    5.0       5.6       5.8
                                                           Revisions
Personal income                                 5.3     115.5     107.8
Less: Personal current taxes                    5.1       6.7      -8.7
Equals: DPI                                     0.2     108.8     116.6
Less: Personal outlays                        -30.0       3.0      18.7
Equals: Personal saving                        30.2     105.8      97.9
Personal saving as a
 percentage of DPI
 (percentage points)                            0.2       0.8      0.7

                                           Change from
                                           preceding period
                                             2013   2014   2015

 Personal income                            158.6  736.1  648.8
Compensation of employees                   232.5  411.0  439.6
 Wages and salaries                         186.4  359.6  378.5
  Private industries                        176.7  330.9  340.7
  Government                                  9.7   28.7   37.8
 Supplements to wages and
  salaries                                   46.1   51.4   61.1
Proprietors' income with IVA
 and CCAdj                                   43.4   53.0   39.0
 Farm                                        26.2  -19.3  -28.6
 Nonfarm                                     17.2   72.3   67.6
Rental income of persons with
 CCAdj                                       41.7   39.0   53.5
Personal income receipts on
 assets                                     -67.7  170.9   26.9
 Personal interest income                   -27.2   39.3    1.9
 Personal dividend income                   -40.5  131.6   25.0
Personal current transfer
 receipts                                    61.6  112.4  138.3
 Government social benefits to
  persons                                    63.3  108.0  132.3
 Other current transfer
  receipts, from business
  (net)                                      -1.6    4.4    6.0
Less: Contributions for
 government social insurance,  domestic     153.0   50.3   48.6
Less: Personal current taxes                166.4  109.2  151.7
Equals: Disposable personal  income (DPI)    -7.9  626.9  497.1
Less: Personal outlays                      318.7  521.0  439.5
Equals: Personal saving                    -326.6  105.9   57.6
Personal saving as a
 percentage of DPI (percent)
                                                 Revisions
Personal income                               5.3  110.3   -7.7
Less: Personal current taxes                  5.1    1.7  -15.5
Equals: DPI                                   0.2  108.6    7.8
Less: Personal outlays                      -30.0   33.0   15.7
Equals: Personal saving                      30.2   75.6   -7.9
Personal saving as a
 percentage of DPI
 (percentage points)

CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Note. Dollar levels are from NIPA table 2.1.

Table 13. Selected Components Detail and Major Source Data
Incorporated--Continues

Line                                           Billions of dollars
                NIPA component            Revision in level
                                         2013    2014   2015

  1   Gross domestic product              28.4   45.0    89.7
  2    Personal consumption
       expenditures                      -31.1   -2.6    11.8
  3     Goods                             -2.2   22.1    33.3
  4      Durable goods                     3.9   14.6    26.5
  5        Motor vehicles
          and parts                       -0.5    2.6     8.2
          Of which:
  6          Net purchases of
            used motor vehicles           -0.9    2.0     6.7













  7       Furnishings and durable
          household equipment              1.4    4.1     6.2
  8       Recreational goods and
          vehicles                         1.3    4.2     5.3
           Of which:
  9         Video, audio, photographic
            and information
             processing equipment and
             media  (2)                    0.7    3.4     5.3






 10       Other durable goods              1.8    3.7     6.8


 11      Nondurable goods                 -6.1    7.5     6.8
 12       Food and beverages
          purchased for off-premises
          consumption                     -8.4    4.8     3.9
            Of which:
 13          Food and nonalcoholic
             beverages purchased
              for off-premises
              consumption                 -8.4    3.0    -0.3






 14        Alcoholic beverages
           purchased
           for off-premises
            consumption (2)                0.2    2.0     4.3






 15       Clothing and footwear            1.1    1.9     3.1
 16       Gasoline and other energy
          goods                           -0.8   -2.2    -2.9
 17       Other nondurable goods           2.0    2.9     2.7
 18     Services                         -28.9  -24.6   -21.5
 19      Household consumption
 20      expenditures (for services)     -29.8  -15.8   -11.7
          Housing and utilities           -3.2    0.2    18.4
 21        Housing                        -3.5   -1.0    20.7
            Of which:
 22          Rental of tenant-occupied
             nonfarm housing               0.2    2.9    17.7














 23            Imputed rental of
               owner-occupied nonfarm
                housing                    0.0    1.2     7.9





 24            Rental value of farm
               dwellings                  -3.6   -5.1    -4.6




 25        Household utilities             0.3    1.2    -2.3
 26      Healthcare                       -9.8   -1.2     9.2
 27       Outpatient services             -7.5   -2.6     5.7
             Of which:
 28         Physician services            -1.7    1.6    10.8

 29         Paramedical services          -5.5   -2.8    -3.8



 30       Hospital and nursing home
          services                        -2.3    1.5     3.5



           Of which:
 31          Hospitals                    -2.0    3.9     6.3

 32      Transportation services           0.7   -0.5    -6.9
 33       Motor vehicle services           0.3   -0.6    -7.1



           Of which:
 34           Motorvehicle maintenance
              and repair                   0.2   -0.7    -7.7

 35         Public transportation          0.4    0.1     0.3




 36       Recreation services             -0.5   -3.9    -7.6
          Of which:
 37         Membership clubs, sports
            centers, parks.
             theaters, and museums         0.1   -0.3     7.6

 38        Audio-video, photographic,
           and information
           equipment processing
           services                       -0.2   -0.1   -13.2



 39       Food services and
          accommodations                   0.6    2.8     1.7



 40       Financial services
          and insurance                   -7.0    2.9    -0.1
 41        Financial services             -2.4  -12.1    -6.4
           Of which:
 42         Financial services
            furnished without payment     -1.2  -10.2   -12.4
















 43       Financial service charges,
          fees, and
           commissions                    -1.2   -1.9     6.0




 44       Insurance                       -4.6   15.0     6.3
           Of which:
 45          Life insurance               -8.3   -4.8   -11.0





 46          Net health insurance          3.7   18.6    16.2









 47      Other services                  -10.6  -16.3   -26.5
 48       Communication                   -0.1    0.8     2.8
          Of which:
 49           Internet access             -0.1    1.6     5.4


 50        Education services              0.2    1.3    -1.8
 51        Professional and other
           services                       -0.3   -0.7     1.1
 52        Personal care and
           clothing services              -0.7   -0.5    -3.0


 53        Social services and
           religious activities           -0.6    0.3     1.6
 54        Household maintenance          -0.2    1.2     0.9
 55        Net foreign travel  (2)        -8.9  -18.7   -28.2


 56          Foreign travel by U.S.
            residents                     -4.3   -4.6    -7.1
 57         Less: Expenditures in
            the United States by
             nonresidents                  4.6   14.1    21.1
 58      Final consumption
         expenditures of NPISH             0.9   -8.8    -9.8
 59       Gross output of
         nonprofit institutions           -3.6   -1.3    -0.8
 60        Less: Receipts from
           sales of goods and
           services by
           nonprofit institutions         -4.5    7.5     9.0


 61     Gross private domestic
        investment                        41.3   26.4    36.0
 62      Fixed investment                 20.7   38.1    51.8
 63       Nonresidential                  10.0   17.3     9.5
 64        Structures                      1.5   23.7    10.1
 65         Commercial and health
            care                           0.0   -0.1    -3.6
 66         Manufacturing                  0.0    0.9    -9.3



 67         Power and communication        0.1    9.0     8.1
 68          Power                         0.0    8.8     6.3



 69           Electric                     0.0    7.7    10.8
 70           Other power                  0.0    1.1    -4.5
 71         Communication                  0.1    0.2     1.8
 72       Mining exploration,
          shafts, and wells                1.7   11.9    13.7
          Of which:
 73         Petroleum and natural gas      1.7   13.4    14.6





 74        Other structures               -0.2    2.0     1.2
 75       Equipment                       10.5    4.0    10.1
 76         Information processing
            equipment                      0.6   -5.8    -8.4
 77         Industrial equipment           2.0   -6.2   -12.9
             Of which:
 78           General industrial,
              including materials
                handling, equipment        1.0   -6.4    -7.2





 79           Transportation equipment     0.0   -0.6    12.7
 80             Trucks, buses, and
                truck trailers             1.4    0.7     8.5
                 Of which:
 81             Light trucks(including
                utility vehicles)         -0.2    0.3     7.9

 82           Autos                        0.5    0.3     4.0
 83           Aircraft                    -1.4   -2.3    -1.8
 84           Ships and boats             -0.5   -1.5    -1.7
 85           Railroad equipment           0.1    2.3     3.8
 86        Other equipment                 7.7   18.0    18.4
              Of which:
 87      Agricultural machinery            5.3   13.1    10.7



 88           Less: Sale of equipment
              scrap, excluding autos      -0.1    1.4    -0.3
 89          Intellectual property
             products                     -2.0  -10.4   -10.7
 90           Software                    -0.4   -2.0    -0.7
 91           Research and development    -0.7   -5.1    -6.9










 92         Entertainment, literary,
           and artistic originals         -0.8   -3.3    -3.1
 93     Residential                       10.6   20.9    42.4
 94      Structures                       10.6   20.6    42.1
 95       Permanent site                   0.0   -0.3    14.0
           Of which:
 96          Single-family
             structures                    0.0    0.0    14.6



 97      Other structures                 10.6   20.9    28.0
           Of which:
 98          Improvements                 10.4   20.4    25.9



 99      Residential equipment             0.0    0.2     0.3
100    Change in private
       inventories                        20.6  -11.7   -15.8
101     Farm                              -1.1   -9.1    -8.2

102     Nonfarm                           21.7   -2.6    -7.6
103      Change in book value              1.3   -1.6   -12.2








          Of which:
104        Manufacturing                   0.5   -8.2    -4.5
105        Retail trade                   -1.1    2.7    -7.1
106         Retail motor
            vehicle dealers               -0.5    1.2    -7.3
107     IVA                               20.4   -0.9     4.6






108    Net exports of goods
       and services (2)                   16/4   21.2     6.9

109     Exports of goods
        and services                      13.4   33.4    10.9
110      Exports of goods                  1.7    0.1    -6.5
           Of which:
111        Other                           1.7   -0.4    -5.4
112      Exports of services              11.6   33.2    17.4
         Of which:
113         Travel (for all
            purposes including
            education)                     4.6   14.1    20.1
114         Charges for the use
            of intellectual
            property n.e.c                 0.1   -0.5    -5.6
115         Other business services        9.6   18.5     0.1
116     Imports of goods and
        services                          -3.0   12.1     3.9
117      Imports of goods                 -0.4    8.0    10.5
118      Imports of services              -2.6    4.2    -6.5
        Of which:
119       Travel (for all purposes
          including education)            -6.0   -5.3    -6.4
120       Charges for the use of
          intellectual property
          n.e.c                           -0.1    0.1    -4.4
121         Other business services        3.5    9.0     5.5
122    Government consumption
       expenditures and gross
        investment                         1.8    0.0    34.9
123     Federal government                -1.2   -1.0     0.4
124      Consumption expenditures         -0.3    0.7     3.1
         Of which:
125       Services                         0.0    0.8     5.7







126     Gross investment                  -0.9   -1.6    -2.8
127     National defense                  -0.7   -2.2    -8.8





128      Consumption expenditures         -0.7    0.5    -5.3
129      Gross investment                  0.0   -2.7    -3.5
130     Nondefense                        -0.5    1.2     9.2





131       Consumption expenditures         0.4    0.2     8.4





         Of which:
132       Services                         0.5    0.3     7.8





133      Gross investment                 -0.9    1.0     0.7
134     State and local                    3.0    0.9    34.6
135      Consumption expenditures          2.0    0.6    29.8
          Of which:
136        Compensation of general
           government employees            0.3    3.2    14.5

137        Nondurable goods                2.3    2.3     9.4




138        Services                        1.7    0.9    14.2




139       Less: Sales to other
          sectors                          1.5    5.0     9.7




           Of which:
140          Health and hospital
             charges                       2.2    4.8     8.6




141      Gross investment                  1.0    0.3     4.8
          Of which:
142          Structures                    0.6    0.8     6.1







143   Gross domestic product              28.4   45.0    89.7
144   Less: Statistical
      discrepancy (3)                     39.7  -45.9   -46.7
145   Equals: Gross domestic
      income                             -11.3   90.9   136.4
146    Compensation of
       employees, paid                     3.1    5.3    27.5



147     Wages and salaries                 2.6   -0.6    21.0
148      To persons                        2.4   -1.2    19.9

149      To the rest of the world          0.2    0.6     1.0
150     Supplements to wages
        and salaries                       0.5    6.0     6.6
151    Taxes on production and
       imports                            -3.1   -3.5     1.7
152    Less: Subsidies                    -0.1   -1.2    -2.0
153    Net operating surplus              -7.5   89.4    95.7
154     Private enterprises               -5.4   91.4    98.0
155     Current surplus of
        government enterprises            -2.2   -2.0    -2.3
156    Consumption of fixed capital       -3.9   -1.5     9.5
157     Private                           -4.2   -2.1     9.1
158      Domestic business                -4.7   -3.6     6.7


159       Capital consumption
          allowances                      -3.4   17.1   333.9










160            Less: CCAdj (5)             1.4   20.7   327.2
161       Households and institutions      0.5    1.5     2.4
162      Government                        0.3    0.6     0.4
163    Plus: Income receipts from
       the rest of the world              -0.6   -2.2   -17.3
164    Less: Income payments to
       the rest of the world               5.5   12.8    -9.4
165    Equals: Gross national income     -17.4   75.9   128.5
166    Less: Consumption of
       fixed capital                      -3.9   -1.5     9.5
167    Equals: National income           -13.5   77.4   119.0
168     Compensation of employees          2.8    4.5    26.5
169      Wages and salaries                2.3   -1.4    19.9
170       Government                       0.3   -0.6     5.8






171       Other                            2.0   -0.9    14.2



172      Supplements to wages and
         salaries                          0.5    6.0     6.6
173       Employer contributions
          for employee pension and
           insurance funds                 1.2    5.8     6.3















174       Employer contributions
          for government social
           insurance                      -0.7    0.1     0.3
175     Proprietors' income
        with IVA and CCAdj                -0.4   -8.9   -11.5
176      Farm                             -1.0   -9.6   -20.0
177       Proprietors' income
          with IVA                        -1.0   -9.6   -19.9

178       Capital consumption
          adjustment                       0.0    0.0    -0.1
179      Nonfarm                           0.6    0.7    8.4
180       Proprietors' income             -0.2   -2.0   -89.4








181       IVA                              0.4   -0.1    -0.6
182       CCAdj                            0.5    2.7    98.5


183     Rental income of
        persons with CCAdj                 3.7   ^t.8     3.0
184      Rental income of
         persons                           3.7   -4.7     2.8





















185      Capital consumption
         adjustment                        0.0   -0.1     0.2
186     Corporate prof its
        with IVA and CCAdj
                                          -4.5   79.1    79.1
187      Domestic industries
                                          -1.6   86.4    82.5
188       Financial
                                           5.7   60.6    71.3
189       Nonfinancial
                                          -7.2   25.8    11.1
190      Rest of the world
                                          -3.0   -7.2    -3.3

191    Less: CCAdj
                                           0.9   18.1   228.6


192    Equals: Corporate profits
       with IVA
                                          -5.5   61.1  -149.4



193      Domestic industries
                                          -2.5   68.3  -146.1
194       Financial
                                           5.8   56.9    50.5
195        Federal Reserve banks
                                           0.1    0.1    -2.2
196        Other financial                 5.7   56.8    52.6
197       Nonfinancial                    -8.3   11.5  -196.6
198        Utilities                       0.5    5.6   -12.3
199        Manufacturing                   3.2   10.0   -86.8
200          Durable goods                 5.1   15.0   -43.4
201          Nondurable goods             -1.9   -5.0   -43.4
202        Wholesale trade                -2.8   -1.2   -20.1
203        Retail trade                   -4.9    9.4    -2.4
204        Transportation and
           warehousing
                                          -2.5   -5.9   -23.9
205        Information                    -4.0   -9.2   -28.2
206        Other nonfinancial
                                           2.2    2.7   -22.9
207      Rest of the world
                                          -3.0   -7.2    -3.3


208    Less: IVA                           0.1    6.0    -6.7
209    Equals: Corporate profits before
       tax without IVA and
         CCAdj                            -5.5   55.1  -142.8







210     Less: Taxes on corporate income
                                          -1.2   18.9    24.1
211     Equals: Profits after tax
                                          -4.3   36.2  -166.8
212     Less: Net corporate dividend
        payments, NIPAs                    5.3  110.5    82.8
213     Equals: Undistributed corporate
        profits                           -9.7  -74.3  -249.7
214     Net interest and miscellaneous
        payments                          -8.9    1.4     0.3
215      Net interest
                                          -9.4    0.7     2.0
216       Domestic business
                                          -6.1    8.0
          Of which:
217         Monetary interest paid
                                          -9.8   20.1












218          Less: Monetary interest
             received                     -9.6    2.6












219         Imputed interest paid,
            depositor, insurance, and
              pension services
                                          -0.6    1.0
220            Financial
                                          -5.5   -9.5
               Of which:
221              Banks, credit agencies
                 and investment
                   companies
                                          -2.3  -13.2






222             Life insurance carriers
                                          -7.9   -7.0







223           Employee pension plans       4.3   11.3
224          Nonfinancial                  4.9   10.5
225         Less: Imputed interest
            received, depositor.
              insurance, and pension
              services                     5.4   11.1
226        Owner-occupied housing         -0.4   -0.2
227        Nonprofit institutions          0.0    0.0
228        Rest of the world              -2.8   -7.0
229       Miscellaneous payments           0.5    0.7    -1.6
230        Federal rents and royalties     0.1    0.0    -2.7
231        State and local rents and
           royalties                       0.3    0.7     1.0
232     Taxes on production and imports   -3.1   -3.5     1.7
233      Federal                          -1.0   -3.3    -3.2
234      State and local                  -2.1   -0.2     4.9




235     Less: Subsidies                   -0.1   -1.2    -2.0
236      Federal                          -0.1   -1.2    -2.0
237      State and local                   0.0    0.0     0.0
238     Business current transfer
        payments (net)                    -1.0   10.3    20.2
239      To persons (net)                 -0.1    3.5     8.2





240      To government (net)              -1.1    5.5     8.1







241      To the rest of the world
         (net)                             0.2    1.3     3.8
242     Current surplus of
        government enterprises            -2.2   -2.0    -2.3
243      Federal                           0.2    1.4     1.0
244      State and local                  -2.4   -3.4    -3.3
       Addenda:
245    Gross national product             22.3   30.0    81.8
246    Gross saving                       11.3   70.5    72.3
247    Personal income                     5.3  115.5   107.8



248     Compensation of employees          2.8    4.5    26.5
249     Proprietors' income with
        IVA and CCAdj                     -0.4   -8.9   -11.5
250     Rental income of persons
        with CCAdj                         3.7   -4.8     3.0
251     Personal income receipts
        on assets                         -4.3  109.4    73.4
252      Personal interest income         -9.7   -1.2    -9.6
253       Monetary interest
          received by persons             -4.2    7.5
254       Imputed interest
          received by persons,
          depositor.
           insurance, and pension
           services                       -5.6   -8.7
255        From banks, credit
            agencies, and investment
            companies                     -2.0  -12.7












256       From life insurance
          carriers                        -7.8   -7.0







257           From property and
              casualty insurance
              companies.                   0.0   -0.2
258           From employee
              pension plans                4.3   11.2


259         Imputed interest received
            by nonprofit institutions      0.0    0.1
260        Personal dividend income        5.4  110.6    83.0







261     Personal current transfer
        receipts                           1.3   11.2    15.9
262      Government social benefits
         to persons                        1.4    7.7     7.7
263       Federal                          0.3    4.7     1.6














264       State and local                  1.1    3.0     6.1





265      Other current transfer
         receipts, from business
         (net)                            -0.1    3.5     8.2
266     Less: Contributions for
        government social insurance.
         domestic                         -2.2   -4.1    -0.5
267      Federal                          -2.1   -4.3    -0.9
268      State and local                  -0.1    0.3     0.2
269    Less: Personal current taxes        5.1    6.7    -8.7
270     Federal                            1.4    5.4    -5.3








271     State and local                    3.7    1.3    -3.4
272    Equals: Disposable personal
       income                              0.2  108.8   116.6
273    Less: Personal outlays            -30.0    3.0    18.7
274     Personal consumption
        expenditures                     -31.1   -2.6    11.8
275     Personal interest payments        -0.3   -2.7    -4.8
276      Monetary interest paid by
         persons                          -0.2   -2.5
277      Imputed interest paid by
         persons, borrower services       -0.1   -0.1
278     Personal current transfer
         payments                          1.4    8.2    11.7
279      To government                     0.7    3.0     5.7
280      To the rest of the world (net)    0.7    5.2     6.0
281    Equals: Personal saving            30.2  105.8    97.9

Line                                     Billions of dollars
                NIPA component           Revised
                                         2015 level

  1   Gross domestic product              18,036.6
  2    Personal consumption
       expenditures                       12,283.7
  3     Goods                              4,012.1
  4      Durable goods                     1,355.2
  5        Motor vehicles
          and parts                          464.8
          Of which:
  6          Net purchases of
            used motor vehicles              120.5













  7       Furnishings and durable
          household equipment                305.1
  8       Recreational goods and
          vehicles                           376.6
           Of which:
  9         Video, audio, photographic
            and information
             processing equipment and
             media  (2)                      221.5






 10       Other durable goods                208.7


 11      Nondurable goods                  2,656.9
 12       Food and beverages
          purchased for off-premises
          consumption                        900.7
            Of which:
 13          Food and nonalcoholic
             beverages purchased
              for off-premises
              consumption                    766.8






 14        Alcoholic beverages
           purchased
           for off-premises
            consumption (2)                  133.3






 15       Clothing and footwear              379.5
 16       Gasoline and other energy
          goods                              303.7
 17       Other nondurable goods           1,073.0
 18     Services                           8,271.6
 19      Household consumption
 20      expenditures (for services)       7,943.7
          Housing and utilities            2,233.2
 21        Housing                         1,919.9
            Of which:
 22          Rental of tenant-occupied
             nonfarm housing                 488.0














 23            Imputed rental of
               owner-occupied nonfarm
                housing                    1,410.9





 24            Rental value of farm
               dwellings                      19.1




 25        Household utilities               313.3
 26      Healthcare                        2,069.0
 27       Outpatient services                930.8
             Of which:
 28         Physician services               484.5

 29         Paramedical services             328.5



 30       Hospital and nursing home
          services                         1,138.2



           Of which:
 31          Hospitals                       963.7

 32      Transportation services             368.4
 33       Motor vehicle services             265.5



           Of which:

 34           Motorvehicle maintenance
              and repair                     181.3

 35         Public transportation            102.9




 36       Recreation services                466.3
          Of which:
 37         Membership clubs, sports
            centers, parks.
             theaters, and museums           182.3

 38        Audio-video, photographic,
           and information
           equipment processing
           services                          101.7



 39       Food services and
          accommodations                     808.8



 40       Financial services
          and insurance                      921.1
 41        Financial services                578.1
           Of which:
 42         Financial services
            furnished without payment        315.0
















 43       Financial service charges,
          fees, and
           commissions                       263.1




 44       Insurance                          343.0
           Of which:
 45          Life insurance                   86.4





 46          Net health insurance            178.7









 47      Other services                    1,076.9
 48       Communication                      278.6
          Of which:
 49           Internet access                103.5


 50        Education services                277.7
 51        Professional and other
           services                          186.0
 52        Personal care and
           clothing services                 148.2


 53        Social services and
           religious activities              171.0
 54        Household maintenance              77.1
 55        Net foreign travel  (2)           -61.7


 56          Foreign travel by U.S.
            residents                        145.6
 57         Less: Expenditures in
            the United States by
             nonresidents                    207.3
 58      Final consumption
         expenditures of NPISH               327.9
 59       Gross output of
         nonprofit institutions            1,335.7
 60        Less: Receipts from
           sales of goods and
           services by
           nonprofit institutions          1,007.8


 61     Gross private domestic
        investment                         3,056.6
 62      Fixed investment                  2,963.2
 63       Nonresidential                   2,311.3
 64        Structures                        507.3
 65         Commercial and health
            care                             142.7
 66         Manufacturing                     75.9



 67         Power and communication          102.3
 68          Power                            81.9



 69           Electric                        58.3
 70           Other power                     23.6
 71         Communication                     20.3
 72       Mining exploration,
          shafts, and wells                  101.2
          Of which:
 73         Petroleum and natural gas         94.8





 74        Other structures                   85.2
 75       Equipment                        1,086.1
 76         Information processing
            equipment                        314.3
 77         Industrial equipment             220.9
             Of which:
 78           General industrial,
              including materials
                handling, equipment           80.7





 79           Transportation equipment       308.1
 80             Trucks, buses, and
                truck trailers               170.2
                 Of which:
 81             Light trucks(including
                utility vehicles)            112.5

 82           Autos                           68.3
 83           Aircraft                        47.1
 84           Ships and boats                  7.1
 85           Railroad equipment              15.4
 86        Other equipment                   247.8
              Of which:
 87      Agricultural machinery               36.0



 88           Less: Sale of equipment
              scrap, excluding autos           4.9
 89          Intellectual property
             products                        717.9
 90           Software                       326.6
 91           Research and development       312.4










 92         Entertainment, literary,
           and artistic originals             79.0
 93     Residential                          651.9
 94      Structures                          642.2
 95       Permanent site                     285.2
           Of which:
 96          Single-family
             structures                      233.0



 97      Other structures                    357.0
           Of which:
 98          Improvements                    204.9



 99      Residential equipment                 9.7
100    Change in private
       inventories                            93.4
101     Farm                                  -2.0

102     Nonfarm                               95.4
103      Change in book value                 18.9








          Of which:
104        Manufacturing                     -15.8
105        Retail trade                       24.0
106         Retail motor
            vehicle dealers                    7.7
107     IVA                                   76.5






108    Net exports of goods
       and services (2)                     -522.0

109     Exports of goods
        and services                       2,264.3
110      Exports of goods                  1,498.4
           Of which:
111        Other                              64.7
112      Exports of services                 765.9
         Of which:
113         Travel (for all
            purposes including
            education)                       204.5
114         Charges for the use
            of intellectual
            property n.e.c                   124.7
115         Other business services          314.2
116     Imports of goods and
        services                           2,786.3
117      Imports of goods                  2,291.1
118      Imports of services                 495.2
        Of which:
119       Travel (for all purposes
          including education)               112.9
120       Charges for the use of
          intellectual property
          n.e.c                               39.5
121         Other business services          217.7
122    Government consumption
       expenditures and gross
        investment                         3,218.3
123     Federal government                 1,225.0
124      Consumption expenditures            963.7
         Of which:
125       Services                           251.9







126     Gross investment                     261.2
127     National defense                     732.0





128      Consumption expenditures            590.6
129      Gross investment                    141.3
130     Nondefense                           493.0





131       Consumption expenditures           373.1





         Of which:
132       Services                            91.4





133      Gross investment                    119.9
134     State and local                    1,993.3
135      Consumption expenditures          1,641.2
          Of which:
136        Compensation of general
           government employees            1,285.3

137        Nondurable goods                  229.5




138        Services                          396.3




139       Less: Sales to other
          sectors                            450.4




           Of which:
140          Health and hospital
             charges                         209.1




141      Gross investment                    352.2
          Of which:
142          Structures                      277.0







143   Gross domestic product              18,036.6
144   Less: Statistical
      discrepancy (3)                       -253.7
145   Equals: Gross domestic
      income                              18,290.3
146    Compensation of
       employees, paid                     9,704.1



147     Wages and salaries                 7,865.8
148      To persons                        7,847.8

149      To the rest of the world             18.1
150     Supplements to wages
        and salaries                       1,838.2
151    Taxes on production and
       imports                             1,237.6
152    Less: Subsidies                        56.6
153    Net operating surplus               4,574.5
154     Private enterprises                4,593.3
155     Current surplus of
        government enterprises               -18.8
156    Consumption of fixed capital        2,830.8
157     Private                            2,308.3
158      Domestic business                 1,836.5


159       Capital consumption
          allowances                       1,922.8










160            Less: CCAdj (5)                86.4
161       Households and institutions        471.8
162      Government                          522.5
163    Plus: Income receipts from
       the rest of the world                 813.1
164    Less: Income payments to
       the rest of the world                 607.4
165    Equals: Gross national income      18,496.0
166    Less: Consumption of
       fixed capital                       2,830.8
167    Equals: National income            15,665.3
168     Compensation of employees          9,693.1
169      Wages and salaries                7,854.8
170       Government                       1,274.5






171       Other                            6,580.3



172      Supplements to wages and
         salaries                          1,838.2
173       Employer contributions
          for employee pension and
           insurance funds                 1,270.5















174       Employer contributions
          for government social
           insurance                         567.7
175     Proprietors' income
        with IVA and CCAdj                 1,376.8
176      Farm                                 39.9
177       Proprietors' income
          with IVA                            45.9

178       Capital consumption
          adjustment                          -5.9
179      Nonfarm                           1,336.8
180       Proprietors' income              1,114.4








181       IVA                                  8.3
182       CCAdj                              214.1


183     Rental income of
        persons with CCAdj                   659.6
184      Rental income of
         persons                             677.1





















185      Capital consumption
         adjustment                          -17.5
186     Corporate prof its
        with IVA and CCAdj
                                           2,088.1
187      Domestic industries
                                           1,702.3
188       Financial
                                             452.7
189       Nonfinancial
                                           1,249.7
190      Rest of the world
                                             385.8

191    Less: CCAdj
                                            -104.3


192    Equals: Corporate profits
       with IVA
                                           2,192.4



193      Domestic industries
                                           1,806.6
194       Financial
                                             493.2
195        Federal Reserve banks
                                             100.7
196        Other financial                   392.5
197       Nonfinancial                     1,313.4
198        Utilities                           6.7
199        Manufacturing                     412.7
200          Durable goods                   236.3
201          Nondurable goods                176.4
202        Wholesale trade                   150.0
203        Retail trade                      178.7
204        Transportation and
           warehousing
                                              68.1
205        Information                       120.1
206        Other nonfinancial
                                             377.0
207      Rest of the world
                                             385.8


208    Less: IVA                              54.8
209    Equals: Corporate profits before
       tax without IVA and
         CCAdj                             2,137.6







210     Less: Taxes on corporate income
                                             553.8
211     Equals: Profits after tax
                                           1,583.8
212     Less: Net corporate dividend
        payments, NIPAs                      971.4
213     Equals: Undistributed corporate
        profits                              612.4
214     Net interest and miscellaneous
        payments                             524.1
215      Net interest
                                             503.2
216       Domestic business
                                             376.4
          Of which:
217         Monetary interest paid
                                           1,262.3












218          Less: Monetary interest
             received                      1,662.8












219         Imputed interest paid,
            depositor, insurance, and
              pension services
                                             974.9
220            Financial
                                             954.1
               Of which:
221              Banks, credit agencies
                 and investment
                   companies
                                             281.0






222             Life insurance carriers
                                             247.9







223           Employee pension plans         394.4
224          Nonfinancial                     20.8
225         Less: Imputed interest
            received, depositor.
              insurance, and pension
              services                       278.0
226        Owner-occupied housing            287.4
227        Nonprofit institutions              8.6
228        Rest of the world                -169.1
229       Miscellaneous payments              20.9
230        Federal rents and royalties         6.2
231        State and local rents and
           royalties                          14.7
232     Taxes on production and imports    1,237.6
233      Federal                             139.4
234      State and local                   1,098.3




235     Less: Subsidies                       56.6
236      Federal                              56.1
237      State and local                       0.5
238     Business current transfer
        payments (net)                       161.4
239      To persons (net)                     51.4





240      To government (net)                 110.7







241      To the rest of the world
         (net)                                -0.8
242     Current surplus of
        government enterprises               -18.8
243      Federal                              -7.4
244      State and local                     -11.4
       Addenda:
245    Gross national product             18,242.4
246    Gross saving                        3,446.3
247    Personal income                    15,458.5



248     Compensation of employees          9,693.1
249     Proprietors' income with
        IVA and CCAdj                      1,376.8
250     Rental income of persons
        with CCAdj                           659.6
251     Personal income receipts
        on assets                          2,253.8
252      Personal interest income          1,302.7
253       Monetary interest
          received by persons                415.2
254       Imputed interest
          received by persons,
          depositor.
           insurance, and pension
           services                          886.4
255        From banks, credit
            agencies, and investment
            companies                        236.8












256       From life insurance
          carriers                           248.0







257           From property and
              casualty insurance
              companies.                       7.3
258           From employee
              pension plans                  394.4


259         Imputed interest received
            by nonprofit institutions          1.1
260        Personal dividend income          951.1







261     Personal current transfer
        receipts                           2,678.6
262      Government social benefits
         to persons                        2,627.2
263       Federal                          1,961.3














264       State and local                    666.0





265      Other current transfer
         receipts, from business
         (net)                                51.4
266     Less: Contributions for
        government social insurance.
         domestic                          1,203.5
267      Federal                           1,189.5
268      State and local                      19.0
269    Less: Personal current taxes        1,938.7
270     Federal                            1,532.7








271     State and local                      406.1
272    Equals: Disposable personal
       income                             13,519.8
273    Less: Personal outlays             12,736.2
274     Personal consumption
        expenditures                      12,283.7
275     Personal interest payments           263.8
276      Monetary interest paid by
         persons                             294.3
277      Imputed interest paid by
         persons, borrower services          -30.5
278     Personal current transfer
         payments                            188.8
279      To government                       103.3
280      To the rest of the world (net)       85.4
281    Equals: Personal saving               783.6

Line
                NIPA component           Major source data
                                         incorporated (1)

  1   Gross domestic product
  2    Personal consumption
       expenditures
  3     Goods
  4      Durable goods
  5        Motor vehicles
          and parts
          Of which:
  6          Net purchases of            Revised trade source data on
            used motor vehicles          cars and trucks in operation
                                         for 2013-2014; new Census
                                         Bureau annual retail trade
                                         survey (ARTS) data for retail
                                         and wholesale margins for 2014;
                                         new trade source data on cars
                                         and trucks in operation for
                                         2015; revised Census Bureau
                                         monthly retail trade survey
                                         (MRTS) and monthly wholesale
                                         trade survey (MWTS) data on
                                         retail sales and wholesale
                                         sales of used motor vehicle
                                         dealers for 2015.
  7       Furnishings and durable
          household equipment
  8       Recreational goods and
          vehicles
           Of which:
  9         Video, audio, photographic
            and information
             processing equipment and
             media  (2)                  Revised ARTS data for 2013;
                                         new ARTS data for 2014;
                                         revised MRTS data for 2015;
                                         revised trade source retail
                                         scanner datafor 2013 and
                                         2014; new trade source retail
                                         scanner data for 2015.
 10       Other durable goods            Revised ARTS data for 2013;
                                         new ARTS data for 2014;
                                         revised MRTS data for 2015.
 11      Nondurable goods
 12       Food and beverages
          purchased for off-premises
          consumption
            Of which:
 13          Food and nonalcoholic
             beverages purchased
              for off-premises
              consumption                Revised ARTS data for 2013;
                                         new ARTS data for 2014;
                                         revised MRTS data for 2015;
                                         revised trade source retail
                                         scanner data for 2013 and
                                         2014; new trade source retail
                                         scanner data for 2015.
 14        Alcoholic beverages
           purchased
           for off-premises
            consumption (2)              Revised ARTS data for 2013;
                                         new ARTS data for 2014;
                                         revised MRTS data for 2015;
                                         revised trade source retail
                                         scanner data for 2013 and
                                         2014; new trade source retail
                                         scanner data for 2015.
 15       Clothing and footwear
 16       Gasoline and other energy
          goods
 17       Other nondurable goods
 18     Services
 19      Household consumption
 20      expenditures (for services)
          Housing and utilities
 21        Housing
            Of which:
 22          Rental of tenant-occupied
             nonfarm housing             Revised Census Bureau current
                                         population survey/housing
                                         vacancy survey (CPS/HVS) data
                                         for 2013 and 2014; new CPS/HVS
                                         data for 2015; new American
                                         housing survey (AHS) units for
                                         2014; revised Bureau of
                                         Economic Analysis (BEA)
                                         household utilities data for
                                         2013 and 2014; new BEA
                                         household utilities data for
                                         2015; new Bureau of Labor
                                         Statistics (BLS) consumer
                                         expenditure survey data on
                                         tenant expenditures for 2014.
 23            Imputed rental of
               owner-occupied nonfarm
                housing                  Revised CPS/HVS data for
                                         2013 and 2014; new CPS/HVS
                                         data for 2015; new AHS units
                                         for 2014; new BLS consumer
                                         expenditure survey data on
                                         tenant expenditures for 2014.
 24            Rental value of farm
               dwellings                 Revised U.S. Department of
                                         Agriculture (USDA) Economic
                                         Research Service (ERS) farm
                                         income data for 2013-2014; new
                                         ERS farm income data for 2015.
 25        Household utilities
 26      Healthcare
 27       Outpatient services
             Of which:
 28         Physician services

 29         Paramedical services         Revised Census Bureau service
                                         annual survey (SAS) taxable
                                         revenue data for 2013-2014;
                                         new SAS data for 2015.
 30       Hospital and nursing home
          services                       Revised SAS taxable and
                                         tax-exempt revenue data for
                                         2013 and 2014; new SAS data
                                         for 2015.
           Of which:
 31          Hospitals

 32      Transportation services
 33       Motor vehicle services         Revised SAS taxable and
                                         tax-exempt revenue data for
                                         2013 and 2014: new SAS data
                                         for 2015.
           Of which:
 34           Motorvehicle maintenance
              and repair

 35         Public transportation        Revised SAS taxable revenue
                                         data for 2013 and 2014; new
                                         SAS data for 2015; new ARTS
                                         data for 2014; revised MRTS
                                         data for 2015.
 36       Recreation services
          Of which:
 37         Membership clubs, sports
            centers, parks.
             theaters, and museums

 38        Audio-video, photographic,
           and information
           equipment processing
           services                      Revised SAS taxable and
                                         tax-exempt revenue data for
                                         2013 and 2014; new SAS data
                                         for 2015.
 39       Food services and
          accommodations                 Revised SAS taxable,
                                         tax-exempt, and product
                                         revenue data for 2013 and
                                         2014; new SAS data for 2015.
 40       Financial services
          and insurance
 41        Financial services
           Of which:
 42         Financial services
            furnished without payment    Revised Federal Reserve Board
                                         (FRB) financial accounts of
                                         the United States data for
                                         2013 and 2014; new FRB data
                                         for 2015; revised Internal
                                         Revenue Service (IRS)
                                         tabulations of corporate tax
                                         return data for 2013; new IRS
                                         tabulations of corporate and
                                         of sole proprietorship and
                                         partnership tax return data
                                         for 2014; new Federal Deposit
                                         Insurance Corporation (FDIC)
                                         data for 2015; new trade
                                         source data on credit unions
                                         and on investment companies
                                         for 2015.
 43       Financial service charges,
          fees, and
           commissions                   Revised SAS product revenue
                                         data on portfolio management
                                         and investment advice services
                                         for 2013 and 2014; new SAS
                                         data for 2015.
 44       Insurance
           Of which:
 45          Life insurance              Revised trade source data on
                                         life insurance company
                                         expenses for 2013; new trade
                                         source data for 2014; new BLS
                                         quarterly census of employment
                                         and wages (QCEW) data for 2015.
 46          Net health insurance        Revised benefits-to-premiums
                                         ratio based on new trade
                                         source data on medical
                                         insurance for 2014; revised
                                         Department of Health and
                                         Human Services (DHHS) medical
                                         expenditures panel survey data
                                         for 2013 and 2014; new DHHS
                                         medical expenditures panel
                                         survey data for 2015.
 47      Other services
 48       Communication
          Of which:
 49           Internet access            Revised SAS product revenue
                                         data for 2013 and 2014; new
                                         SAS data for 2015.
 50        Education services
 51        Professional and other
           services
 52        Personal care and
           clothing services             Revised SAS taxable revenue
                                         data for 2013 and 2014; new
                                         SAS data for 2015.
 53        Social services and
           religious activities
 54        Household maintenance
 55        Net foreign travel  (2)       Revised BEA international
                                         transactions accounts (ITA)
                                         data for 2013-2015
 56          Foreign travel by U.S.
            residents
 57         Less: Expenditures in
            the United States by
             nonresidents
 58      Final consumption
         expenditures of NPISH
 59       Gross output of
         nonprofit institutions
 60        Less: Receipts from
           sales of goods and
           services by
           nonprofit institutions        See entries for Household
                                         consumption expenditures
                                         (for services), line 19.
 61     Gross private domestic
        investment
 62      Fixed investment
 63       Nonresidential
 64        Structures
 65         Commercial and health
            care
 66         Manufacturing                Revised Census Bureau
                                         construction spending
                                         (value-put-in-place)
                                         data for 2014 and 2015.
 67         Power and communication
 68          Power                       Revised Census Bureau
                                         construction spending
                                         (value-put-in-place)
                                         data for 2014 and 2015.
 69           Electric
 70           Other power
 71         Communication
 72       Mining exploration,
          shafts, and wells
          Of which:
 73         Petroleum and natural gas    Revised trade source data
                                         on footage drilled for
                                         2013-2015; revised
                                         2013 and new 2014 Census
                                         Bureau annual capital
                                         expenditures survey data
 74        Other structures
 75       Equipment
 76         Information processing
            equipment
 77         Industrial equipment
             Of which:
 78           General industrial,
              including materials
                handling, equipment      Revised Census Bureau annual
                                         survey of manufacturers (ASM)
                                         data for 2013 and new ASM data
                                         for 2014; revised Census
                                         Bureau monthly industry
                                         shipments data for 2015
 79           Transportation equipment
 80             Trucks, buses, and
                truck trailers
                 Of which:
 81             Light trucks(including
                utility vehicles)        New trade source data on
                                         trucks in operation for 2015
 82           Autos
 83           Aircraft
 84           Ships and boats
 85           Railroad equipment
 86        Other equipment
              Of which:
 87      Agricultural machinery          Revised ASM data for 2013 and
                                         new ASM data for 2014; revised
                                         Census Bureau monthly industry
                                         shipments data for 2015
 88           Less: Sale of equipment
              scrap, excluding autos
 89          Intellectual property
             products
 90           Software
 91           Research and development   New National Science
                                         Foundation business research
                                         and development innovation
                                         survey data for 2014; new SAS
                                         data on expenses and receipts
                                         of tax-exempt scientific
                                         research and development
                                         services establishments for
                                         2014; new public financial
                                         reports data on research and
                                         development (R&D) expenses.
 92         Entertainment, literary,
           and artistic originals
 93     Residential
 94      Structures
 95       Permanent site
           Of which:
 96          Single-family
             structures                  Revised Census Bureau
                                         construction spending
                                         (value-put-in-place)
                                         data for 2015.
 97      Other structures
           Of which:
 98          Improvements                Revised Census Bureau
                                         construction spending
                                         (value-put-in-place)
                                         data for 2013-2015.
 99      Residential equipment
100    Change in private
       inventories
101     Farm                             Revised USDA data for
                                         2013-2015.
102     Nonfarm
103      Change in book value            Revised ASM data for 2013;
                                         new ASM data for 2014; revised
                                         AWTS data on inventory book
                                         values for 2013; new AWTS data
                                         for 2014: revised ARTS data on
                                         inventory book values for 2013;
                                         new ARTS data for 2014; revised
                                         Census Bureau monthly inventory
                                         data for 2015.
          Of which:
104        Manufacturing
105        Retail trade
106         Retail motor
            vehicle dealers
107     IVA                              Revised ASM, AWTS, and ARTS
                                         data on accounting methods
                                         used for inventory reporting
                                         for 2013; new ASM, AWTS, and
                                         ARTS data for 2014; revised
                                         BEA unit labor cost indexes
                                         for 2013-2015.
108    Net exports of goods
       and services (2)                  Revised ITA
                                         data for 2013-2015.
109     Exports of goods
        and services
110      Exports of goods
           Of which:
111        Other
112      Exports of services
         Of which:
113         Travel (for all
            purposes including
            education)
114         Charges for the use
            of intellectual
            property n.e.c
115         Other business services
116     Imports of goods and
        services
117      Imports of goods
118      Imports of services
        Of which:
119       Travel (for all purposes
          including education)
120       Charges for the use of
          intellectual property
          n.e.c
121         Other business services
122    Government consumption
       expenditures and gross
        investment
123     Federal government
124      Consumption expenditures
         Of which:
125       Services                       Revised allocations of FY 2013
                                         and FY 2014 Office of
                                         Management and Budget (OMB)
                                         Budget data for 2013 and 2014;
                                         revised FY 2015 OMB Budget data
                                         for 2014 and 2015; new
                                         preliminary FY 2016 OMB Budget
                                         data for 2015.
126     Gross investment
127     National defense                 Revised allocations of FY 2013
                                         and FY 2014 OMB Budget data
                                         for 2013 and 2014; revised FY
                                         2015 OMB Budget data for 2014
                                         and 2015; new preliminary FY
                                         2016 OMB Budget data for 2015.
128      Consumption expenditures
129      Gross investment
130     Nondefense                       Revised allocations of FY 2013
                                         and FY 2014 OMB Budget data
                                         for 2013 and 2014; revised FY
                                         2015 OMB Budget data for 2014
                                         and 2015; new preliminary FY
                                         2016 OMB Budget data for 2015.
131       Consumption expenditures       Revised allocations of FY 2013
                                         and FY 2014 OMB Budget data for
                                         2013 and 2014; revised FY 2015
                                         OMB Budget data for 2014 and
                                         2015; new preliminary FY 2016
                                         OMB Budget data for 2015.
         Of which:
132       Services                       Revised allocations of FY 2013
                                         and FY 2014 OMB Budget data
                                         for 2013 and 2014; revised FY
                                         2015 OMB Budget data for 2014
                                         and 2015; new preliminary FY
                                         2016 OMB Budget data for 2015.
133      Gross investment
134     State and local
135      Consumption expenditures
          Of which:
136        Compensation of general
           government employees          Revised QCEW data for 2013 and
                                         2014; new QCEW data for 2015.
137        Nondurable goods              Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014.
138        Services                      Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014.
139       Less: Sales to other
          sectors                        Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014.
           Of which:
140          Health and hospital
             charges                     Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014.
141      Gross investment
          Of which:
142          Structures                  Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014; revised Census Bureau
                                         construction spending (value
                                         put in place) data for 2014
                                         and 2015.
143   Gross domestic product
144   Less: Statistical
      discrepancy (3)
145   Equals: Gross domestic
      income
146    Compensation of
       employees, paid                   See entries for components
                                         under Compensation of
                                         employees, line 168, and
                                         additional source data below.
147     Wages and salaries
148      To persons                      See entry for Wages and
                                         salaries, Other, line 169
149      To the rest of the world
150     Supplements to wages
        and salaries
151    Taxes on production and
       imports
152    Less: Subsidies
153    Net operating surplus
154     Private enterprises
155     Current surplus of
        government enterprises
156    Consumption of fixed capital
157     Private
158      Domestic business               Revised BEA fixed investment
                                         and price estimates for
                                         2013-2015
159       Capital consumption
          allowances                     Revised IRS tabulations of
                                         corporate tax return data for
                                         2013; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and partnership
                                         tax return data for 2014;
                                         revised Office of Tax Analysis
                                         bonus depreciation estimates
                                         for 2013-2015; revised BEA
                                         fixed investment estimates for
                                         2013-2015.
160            Less: CCAdj (5)
161       Households and institutions
162      Government
163    Plus: Income receipts from
       the rest of the world
164    Less: Income payments to
       the rest of the world
165    Equals: Gross national income
166    Less: Consumption of
       fixed capital
167    Equals: National income
168     Compensation of employees
169      Wages and salaries
170       Government
                                         Revised QCEW data for 2013
                                         and 2014; new QCEW data for
                                         2015; revised FY 2015 OMB
                                         Budget data for 2014 and 2015;
                                         new FY 2016 OMB Budget data
                                         for 2015.
171       Other                          Revised QCEW data for
                                         2013-2015; revised BLS
                                         noncovered industries data for
                                         2014; revised ITA data for
172      Supplements to wages and        2013-2015.
         salaries
173       Employer contributions
          for employee pension and
           insurance funds               New Department of Labor
                                         pension data for 2013; revised
                                         Pension Benefit Guaranty
                                         Corporation (PBGC) data for
                                         2013; new PBGC data for 2014;
                                         revised FRB financial accounts
                                         of the United States data for
                                         2013 and 2014; new FRB data
                                         for 2015; revised FY 2013
                                         survey of public pensions data
                                         for 2013; new FY 2014 survey of
                                         public pensions data for 2013
                                         and 2014; new Department of
                                         Health and Human Services
                                         medical expenditure panel
                                         survey data for 2014 and 2015.
174       Employer contributions
          for government social
           insurance
175     Proprietors' income
        with IVA and CCAdj
176      Farm
177       Proprietors' income
          with IVA                       Revised USDA data for
                                         2013-2015.
178       Capital consumption
          adjustment
179      Nonfarm
180       Proprietors' income            Revised IRS tabulations of
                                         corporate tax return data
                                         for the posttabulation
                                         adjustments for 2013; new IRS
                                         tabulations of sole
                                         proprietorship and partnership
                                         tax return data for 2014; new
                                         Census Bureau nonfiler income
                                         data for 2014.
181       IVA
182       CCAdj                          See entries for components
                                         under Consumption of fixed
                                         capital, line 156.
183     Rental income of
        persons with CCAdj
184      Rental income of
         persons                         Revised FRB financial
                                         accounts of the United States
                                         data on residential mortgage
                                         loan liabilities for 2013-2015;
                                         new CPS/HVS data on units for
                                         2015; revised CPS/HVS data on
                                         units for 2013 and 2014; new
                                         BLS consumer expenditure
                                         survey data on tenant
                                         expenditures for 2014; new BEA
                                         household utilities for 2015;
                                         revised BEA household utilities
                                         for 2013 and 2014; new Federal
                                         National Mortgage Corporation
                                         mortgage originations data for
                                         2014; new trade source data on
                                         insurance for 2014; revised
                                         trade source data on insurance
                                         for 2013; new IRS tabulations
                                         of individual tax returns data
                                         for 2013 revised USDA data for
                                         2013-2015.
185      Capital consumption
         adjustment
186     Corporate prof its
        with IVA and CCAdj

187      Domestic industries

188       Financial

189       Nonfinancial

190      Rest of the world
                                         Revised ITA data for
                                         2013-2015.
191    Less: CCAdj
                                         See entries for components
                                         under Consumption of fixed
                                         capital, line 156.
192    Equals: Corporate profits
       with IVA
                                         See entries for components
                                         under Corporate profits
                                         before tax without IVA and
                                         CCAdj, line 209.
193      Domestic industries

194       Financial

195        Federal Reserve banks

196        Other financial
197       Nonfinancial
198        Utilities
199        Manufacturing
200          Durable goods
201          Nondurable goods
202        Wholesale trade
203        Retail trade
204        Transportation and
           warehousing

205        Information
206        Other nonfinancial

207      Rest of the world
                                         See entries for components
                                         under Corporate profits with
                                         IVA and CCAdj line 186.
208    Less: IVA
209    Equals: Corporate profits before
       tax without IVA and
         CCAdj                           Revised IRS tabulations of
                                         corporate tax return data for
                                         2013; new IRS tabulations for
                                         2014; revised Census Bureau
                                         Quarterly Financial Report
                                         data for 2015; regulatory
                                         agency and public financial
                                         reports profits data for 2015.
210     Less: Taxes on corporate income

211     Equals: Profits after tax

212     Less: Net corporate dividend
        payments, NIPAs
213     Equals: Undistributed corporate
        profits
214     Net interest and miscellaneous
        payments
215      Net interest

216       Domestic business

          Of which:
217         Monetary interest paid
                                         Revised FRB financial
                                         accounts of the United States
                                         data for 2013 and 2014; new
                                         FRB data for 2015; revised IRS
                                         tabulations of corporate tax
                                         return data for 2013; new IRS
                                         tabulations of corporate and
                                         of sole proprietorship and
                                         partnership tax return data
                                         for 2014; new FDIC data for
                                         2015; new trade source data on
                                         credit unions and on investment
                                         companies for 2015.
218          Less: Monetary interest
             received                    Revised FRB financial accounts
                                         of the United States data for
                                         2013 and 2014; new FRB data
                                         for 2015; revised IRS
                                         tabulations of corporate tax
                                         return data for 2013; new IRS
                                         tabulations of corporate and of
                                         sole proprietorship and
                                         partnership tax return data
                                         for 2014; new FDIC data for
                                         2015; new trade source data on
                                         credit unions and on investment
                                         companies for 2015.
219         Imputed interest paid,
            depositor, insurance, and
              pension services

220            Financial

               Of which:
221              Banks, credit agencies
                 and investment
                   companies
                                         Revised IRS tabulations of
                                         corporate tax return data for
                                         2013; new IRS tabulations for
                                         2014; new FDIC data for 2015;
                                         new trade source data on credit
                                         unions and on investment
                                         companies for 2015.
222             Life insurance carriers
                                         New trade source data on
                                         investment income of life
                                         insurance carriers for 2014;
                                         revised FRB financial accounts
                                         of the United States data on
                                         life insurance company assets
                                         for 2013 and 2014; new FRB
                                         data for 2015.
223           Employee pension plans
224          Nonfinancial
225         Less: Imputed interest
            received, depositor.
              insurance, and pension
              services
226        Owner-occupied housing
227        Nonprofit institutions
228        Rest of the world
229       Miscellaneous payments
230        Federal rents and royalties
231        State and local rents and
           royalties
232     Taxes on production and imports
233      Federal
234      State and local                 Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for
                                         2013; new FY 2014 tabulations
                                         for 2013 and 2014.
235     Less: Subsidies
236      Federal
237      State and local
238     Business current transfer
        payments (net)
239      To persons (net)                Revised trade source data on
                                         insurance benefits for
                                         2013-2015: revised IRS
                                         tabulations of corporate gifts
                                         for 2013 and new tabulations
                                         for 2014.
240      To government (net)             New federal receipts data
                                         from the IRS and the Treasury
                                         Department for 2015; new FDIC
                                         data on deposit insurance
                                         premiums for 2015: revised
                                         USDA data on federal flood and
                                         crop insurance premiums for
                                         2014; new USDA data for 2015.
241      To the rest of the world
         (net)
242     Current surplus of
        government enterprises
243      Federal
244      State and local
       Addenda:
245    Gross national product
246    Gross saving
247    Personal income                   See entries for components
                                         under National Income, line
                                         167, and additional sources
                                         below.
248     Compensation of employees
249     Proprietors' income with
        IVA and CCAdj
250     Rental income of persons
        with CCAdj
251     Personal income receipts
        on assets
252      Personal interest income
253       Monetary interest
          received by persons
254       Imputed interest
          received by persons,
          depositor.
           insurance, and pension
           services
255        From banks, credit
            agencies, and investment
            companies                    Revised FRB financial
                                         accounts of the United States
                                         data for 2013 and 2014; new FRB
                                         data for 2015; revised IRS
                                         tabulations of corporate tax
                                         return data for 2013; new IRS
                                         tabulations of corporate and
                                         of sole proprietorship and
                                         partnership tax return data for
                                         2014; new FDIC data for 2015;
                                         new trade source data on credit
                                         unions and on investment
                                         companies for 2015.
256       From life insurance
          carriers                       New trade source data on
                                         investment income of life
                                         insurance carriers for 2014;
                                         revised FRB financial accounts
                                         of the United States data on
                                         life insurance company assets
                                         for 2013 and 2014; new FRB data
                                         for 2015.
257           From property and
              casualty insurance
              companies.
258           From employee
              pension plans              Revised 2013 and new 2014
                                         PBGC data, new 2013 Employment
                                         Benefit Security Agency data.
259         Imputed interest received
            by nonprofit institutions
260        Personal dividend income      Revised IRS tabulations of
                                         corporate tax return data for
                                         2013; new IRS tabulations for
                                         2014; new and revised
                                         regulatory agency and public
                                         financial statements data on
                                         dividends for 2014; revised
                                         ITA data for 2013-2015.
261     Personal current transfer
        receipts
262      Government social benefits
         to persons
263       Federal                        New outlays data from the FY
                                         2017 federal budget and the
                                         Treasury Department for 2015,
                                         revised Department of Labor
                                         data on unemployment benefits
                                         for 2013-2015; IRS data on
                                         refundable tax credit programs
                                         for 2013-2015; revised Centers
                                         for Medicare and Medicaid
                                         Services (CMS) data on incurred
                                         Medicare benefits for 2013 and
                                         2014; new CMS data for 2015;
                                         and administrative data on
                                         other government social
                                         benefits programs.
264       State and local                Revised Census Bureau
                                         government finances FY 2013
                                         tabulations for 2013; new FY
                                         2014 tabulations for 2013 and
                                         2014; revised CMS data on
                                         Medicaid benefits for 2015.
265      Other current transfer
         receipts, from business
         (net)
266     Less: Contributions for
        government social insurance.
         domestic
267      Federal
268      State and local
269    Less: Personal current taxes
270     Federal                          Revised Social Security
                                         Administration (SSA) data on
                                         taxable earnings for 2014; new
                                         SSA data for 2015; new receipts
                                         data from the Treasury
                                         Department for 2015; new QCEW
                                         data on wages for 2015 new IRS
                                         data on refundable tax credit
                                         programs for 2013-2015.
271     State and local
272    Equals: Disposable personal
       income
273    Less: Personal outlays
274     Personal consumption
        expenditures
275     Personal interest payments
276      Monetary interest paid by
         persons
277      Imputed interest paid by
         persons, borrower services
278     Personal current transfer
         payments
279      To government
280      To the rest of the world (net)
281    Equals: Personal saving

BEA Bureau of Economic Analysis
BLS Bureau of Labor Statistics
CCAdj Capital consumption adjustment
FDIC Federal Deposit Insurance Corporation
FRB Federal Reserve Board
FY Fiscal year
IRS Internal Revenue Service
IVA Inventory valuation adjustment
NIPAs National income and product accounts
NPISH Nonprofit institutions serving households
OMB Office of Management and Budget
USDA U.S. Department of Agriculture
(1.) In these descriptions, new indicates this is the first time that
data from the specific source are being incorporated into the component
estimate for the given year, and "revised" indicates that data from the
specific source were incorporated previously and now revised data from
that source are being incorporated.
(2.) Revisions reflect the annual revision of BEA's international
transactions accounts (ITAs). For more information, see C. Omar Kebbeh
and Eric Bryda, Annual Revision of the U.S. International Transactions
Accounts, Survey of Current Business 96 (July 2016). Additionally,
revisions may reflect changes previously incorporated into the ITAs but
not into the NIPAs because they affected years outside of the periods
open for revision. The years impacted by the incorporation of revised
ITA data are noted in the "Major source data incorporated" column.
(3.) Revisions are not shown because this component was not previously
published.
(4.) The statistical discrepancy is gross domestic product (GDP) less
gross domestic income (GDI); it is also the difference between gross
national product (GNP) and gross national income (GNI), which is GDI
plus net income receipts from the rest of the world. The statistical
discrepancy arises because the product-side measures of GDP and GNP are
estimated independently from the income-side measures of GDI and GNI.
(5.) CCAdj is calculated as capital consumption allowances less
consumption of fixed capital.

Table A. Summary National Income and Product Accounts, 2015
[Billions of dollars]
Account 1. Domestic Income and Product Account

Line

 1    Compensation of employees, paid             9,704.1
 2     Wages and salaries                         7,865.8
 3       Domestic (3-12)                          7,847.8
 4       Rest of the world (5-15)                    18.1
 5     Supplements to wages and salaries (3-14)   1,838.2
 6    Taxes on production and imports (4-15)      1,237.6
 7    Less: Subsidies (4-8)                          56.6
 8    Net operating surplus                       4,574.5
 9     Private enterprises (2-19)                 4,593.3
10     Current surplus of government
       enterprises (4-28)                           -18.8
11    Consumption of fixed capital (6-14)         2,830.8
12    Gross domestic income                      18,290.3
13    Statistical discrepancy (6-20)               -253.7
14    Gross domestic product                     18,036.6
15    Personal consumption expenditures (3-3)    12,283.7
16     Goods                                      4,012.1
17       Durable goods                            1,355.2
18       Nondurable goods                         2,656.9
19     Services                                   8,271.6
20    Gross private domestic investment           3,056.6
21     Fixed investment (6-2)                     2,963.2
22       Nonresidential                           2,311.3
23        Structures                                507.3
24        Equipment                               1,086.1
25        Intellectual property products            717.9
26      Residential                                 651.9
27     Change in private inventories (6-4)           93.4
28    Net exports of goods and services            -522.0
29     Exports (5-1)                              2,264.3
30     Imports (5-13)                             2,786.3
31    Government consumption expenditures
      and gross investment (4-1 plus
       6-3)                                       3,218.3
32     Federal                                    1,225.0
33      National defense                            732.0
34      Nondefense                                  493.0
35     State and local                            1,993.3
36    Gross domestic product                     18,036.6

Account 2. Private Enterprise Income Account

Line

 1    Income payments on assets                           2,728.4
 2     Interest and miscellaneous payments
       (2-21 and 3-20 and 4-22 and
        5-17)                                             2,462.4
 3     Dividend payments to the rest of the world (5-18)    183.1
 4     Reinvested earnings on foreign direct investment
       in the United States
        (5-19)                                               82.9
 5    Business current transfer payments (net)              161.4
 6     To persons (net) (3-24)                               51.4
 7     To government (net) (4-25)                           110.7
 8     To the rest of the world (net) (5-23 minus 5-11)      -0.8
 9    Proprietors' income with IVAandCCAdj (3-17)         1,376.8
10    Rental income of persons with CCAdj (3-18)            659.6
11    Corporate profits with IVAandCCAdj                  2,088.1
12     Taxes on corporate income                            553.8
13      To government (4-16)                                515.4
14      To the rest of the world (5-23)                      38.4
15     Profits after tax with IVA and CCAdj               1,534.3
16      Net dividends (3-21 plus 4-23)                      971.4
17      Undistributed corporate profits with
        IVAandCCAdj (6-12)                                  562.9
18      Uses of private enterprise income                 7,014.2
19    Net operating surplus, private enterprises (1-9)    4,593.3
20    Income receipts on assets                           2,420.9
21     Interest (2-2 and 3-4 and 4-7 and 5-5)             1,769.2
22     Dividend receipts from the rest of the
       world (5-6)                                          313.5
23     Reinvested earnings on U.S. direct investment
       abroad (5-7)                                         338.3
24    Sources of private enterprise income                7,014.2

Account 3. Personal Income and Outlay Account

Line

 1    Personal current taxes (4-14)                  1,938.7
 2    Personal outlays                              12,736.2
 3     Personal consumption expenditures (1-15)     12,283.7
 4     Personal interest payments (2-21 and 3-20
       and 4-22 and 5-17)                              263.8
 5     Personal current transfer payments              188.8
 6      To government (4-26)                           103.3
 7      To the rest of the world (net)
        (5-21 minus 5-9)                                85.4
 8    Personal saving (6-11)                           783.6
 9    Personal taxes, outlays, and saving           15,458.5
10    Compensation of employees, received            9,693.1
11     Wages and salaries                            7,854.8
12      Domestic (1-3)                               7,847.8
13      Rest of the world (5-3)                          7.1
14     Supplements to wages and salaries (1-5)       1,838.2
15      Employer contributions for employee
        pension and insuranceunds                    1,270.5
16      Employer contributions for government
       social insurance                                567.7
17    Proprietors' income with IVAandCCAdj (2-9)     1,376.8
18    Rental income of persons with CCAdj (2-10)       659.6
19    Personal income receipts on assets             2,253.8
20     Personal interest income (2-2 plus 3-4 plus
       4-7 plus 5-5 plus 24-22 less 5-17)            1,302.7
21     Personal dividend income (2-16 less 4-23)       951.1
22    Personal current transfer receipts             2,678.6
23     Government social benefits (4-4)              2,627.2
24     From business (net) (2-6)                        51.4
25    Less: Contributions for government social
      insurance domestic (4-19)                      1,203.5
26    Personal income                               15,458.5

Account 4. Government Receipts and Expenditures Account

Line

 1    Consumption expenditures (1-31)           2,604.90
 2    Current transfer payments                 2,699.60
 3     Government social benefits               2,647.60
 4      To persons (3-23)                       2,627.20
 5      To the rest of the world (5-22)             20.4
 6     Other current transfer payments
       to the rest of the world (5-22)                52
 7    Interest payments (2-21 and 3-20 and
      4-22 and 5-17)                               623.4
 8    Subsidies (1-7)                               56.6
 9    Net government saving (6-13)                -731.0
10     Federal                                    -569.7
11     State and local                            -161.3
12    Government current expenditures and
      net saving                                5,253.50
13    Current tax receipts                       3,713.9
14     Personal current taxes (3-1)              1,938.7
15     Taxes on production and imports (1-6)     1,237.6
16     Taxes on corporate income (2-13)            515.4
17     Taxes from the rest of the world (5-10)      22.1
18    Contributions for government social
      insurance                                  1,208.6
19     From persons (3-25)                       1,203.5
20     From the rest of the world (5-10)             5.1
21    Income receipts on assets                    128.8
22     Interest and miscellaneous receipts
      (2-2 and 3-4 and 4-7 and 5-5)                108.5
23     Dividends (2-16 less 3-21)                   20.3
24    Current transfer receipts                    221.1
25     From business (net) (2-7)                   110.7
26     From persons (3-6)                          103.3
27     From the rest of the world (5-10)             7.1
28    Current surplus of government
      enterprises (1-10)                           -18.8
29    Government current receipts                5,253.5

Account 5. Foreign Transactions Current Account

Line

 1    Exports of goods and services (1-29)         2,264.30
 2    Income receipts from the rest of the world      813.1
 3     Wage and salary receipts (3-13)                  7.1
 4     Income receipts on assets                      806.1
 5      Interest (2-21 and 3-20 and 4-20)             154.4
 6       Dividends (2-22)                             313.5
 7       Reinvested earnings on U.S. direct
         investment abroad (2-23)                     338.3
 8    Current taxes, contributions for government
        social insurance, and transfer
       receipts from the rest of the world            133.7
 9      To persons (3-7)                               98.2
10      To government (4-17 plus 4-20 plus 4-27)       98.2
11      To business (2-8)                               1.3
12    Current receipts from the rest of the world  3,211.20
13    Imports of goods and services (1-30)          2,786.3
14    Income payments to the rest of the world        607.4
15     Wage and salary payments (1-4)                  18.1
16     Income payments on assets                      589.4
17      Interest (2-2 and 3-4 and 4-7)                323.4
18      Dividends (2-3)                               183.1
19      Reinvested earnings on foreign direct
       nvestment in the United States
         (2-4)                                         82.9
20    Current taxes and transfer payments
      to the rest of the world                        294.9
21     From persons (3-7)                             183.6
22     From government (4-5 plus 4-6)                  72.4
23     From business (2-8 and 2-14)                    38.9
24    Balance on current account, NIPAs (7-1)        -477.4
25    Current payments to the rest of the
      word and balance on current
       account, NIPAs                               3,211.2

Account 6. Domestic Capital Account

Line

 1    Gross domestic investment                         3,670.00
 2     Private fixed investment (1-21)                  2,963.20
 3     Government fixed investment (1-31)                  613.4
 4     Change in private inventories (1-27)                 93.4
 5    Capital account transactions (net)                     0.5
 6     Transfer payments for catastrophic losses (7-3)       0.5
 7     Other capital account transactions (7-4)              0.0
 8    Net lending or net borrowing (-), NIPAs (7-5)       -477.9
 9    Gross domestic investment, capital account
      transactions (net), and
      net lending, NIPAs                                 3,192.6
10    Net saving                                           615.5
11     Personal saving (3-8)                               783.6
12     Undistributed corporate profits with
       IVA and CCAdj (2-17)                                562.9
13     Net government saving (4-9)                        -731.0
14    Plus: Consumption of fixed capital (1--11)         2,830.8
15     Private                                           2,308.3
16     Government                                          522.5
17      General government                                 456.9
18      Government enterprises                              65.6
19    Equals: Gross saving                               3,446.3
20    Statistical discrepancy (1-13)                      -253.7
21    Gross saving and statistical discrepancy           3,192.6

Account 7. Foreign Transactions Capital Account

Line

1     Balance on current account, NIPAs (5-24)                   -477.4

2     Capital account transactions (net)                            0.5
3      Transfer payments for catastrophic losses (6-6)              0.5
4      Other capital account transactions (6-7)                     0.0
b     Net lending or net borrowing (-), NIPAs (6-8)              -477.9
6     Capital account transactions (net) and net lending, NIPAs  -477.4

CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
NIFAs National income and product accounts
Note. The seven summary accounts constitute a double-entry accounting
system in which each of the entries in a summary account appears again
in that account or in one of the other summary accounts. The numbers in
parentheses indicate these "counterentries." In some cases, an entry
may be equal to another entry in the summary accounts. For example,
supplements to wages and salaries appears in account 1, line 5, and in
account 3, line 14. In other cases, an entry may be equal to a
combination of other entries (or of parts of other entries). For
example, for private enterprise interest payments (account 2, line 2),
the counterentry includes parts of private enterprise interest receipts
(account 2, line 21), of personal interest income (account 3, line 20),
of government interest receipts (account 4, line 22), and of interest
payments to the rest of the world (account 5, line 17).