The 2015 annual revision of the national income and product accounts.

McCulla, Stephanie H. ; Smith, Shelly

THE BUREAU of Economic Analysis (BEA) released revised estimates of the national income and product accounts (NIPAs) for 2012-2014 and for the first quarter of 2015 along with the advance estimates for the second quarter of 2015 on July 30 As is usual for annual NIPA revisions, the revised estimates incorporated newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated The period of revision was generally limited to the first quarter of 2012 through the first quarter of 2015, but personal income and select components were revised back to 1976 The reference year (2009) for price and quantity estimates was unchanged.

Highlights from this year's revision include the following:

* The picture of the economy shown in the revised estimates is similar in broad outline to that shown in the previously published estimates From 2011 to 2014, real gross domestic product (GDP) increased at an average annual rate of 2.0 percent; in the previously published estimates, real GDP had increased at an average annual rate of 2.3 percent.

* From 2011 to 2014, real gross domestic income (GDI) increased at an average annual rate of 2.4 percent; in the previously published estimates, real GDI had increased at an average annual rate of 2.6 percent The average of real GDP and real GDI, a new measure introduced with this annual revision, increased 2.2 percent for this same period.

* Real final sales to private domestic purchasers--another new measure that is the sum of personal consumption of expenditures and private fixed investment--grew at an average annual rate of 2.7 percent from 2011 to 2014 In comparison, real final sales to domestic purchasers, which also includes government spending, grew at an average annual rate of 1.9 percent.

* The growth rate in real GDP was revised down for 2012 and 2013 and was unrevised for 2014 For 2012, Alyssa E Holdren and Marissa J Crawford prepared the tables and charts. GDP grew 2.2 percent, a downward revision of 0.1 percentage point from the previously published estimate For 2013, GDP grew 1.5 percent, a downward revision of 0.7 percentage point For 2014, GDP grew 2.4 percent, the same rate as in the previously published estimate. (1)

* For the period of expansion from the second quarter of 2009 through the first quarter of 2015, real GDP increased at an average annual rate of 2.1 percent, a downward revision of 0.1 percentage point from the previously published estimate The rate of growth in real GDI was revised down 0.2 percentage point, to 2.5 percent.

* Over the revision period, the difference between first-quarter GDP growth rates and growth rates in other quarters was lessened (see chart 1) Specifically, the average rate of change in real GDP for first-quarter estimates was revised up 0.4 percentage point; for the other three quarters, the combined average rate of change was revised down 0.5 percentage point Of particular note is the average rate of change for third-quarter estimates, which was revised down 1.4 percentage points, mainly reflecting the new seasonal adjustment of federal defense spending for services.

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* From the fourth quarter of 2011 to the first quarter of 2015, the average annual rate of increase in the price index for gross domestic purchases was revised up to 1.2 percent from 1.1 percent Excluding food and energy, prices increased 1.5 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 0.4 percentage point to 7.6 percent for 2012; for 2013 and 2014, the rate was revised down from 4.9 percent to 4.8 percent.

Sources of Revision

The revisions resulted from the incorporation of newly available and revised source data and the adoption of improved estimating methods (see the box "The NIPA Revision Cycle") Table 1 summarizes the major source data that were incorporated Additional information on the NIPA components affected by the incorporation of these data is provided in table 13, beginning on page 17.

Source data In general, the source data with the most significant effects on this year's revisions include the following: (2)

* Newly available Census Bureau service annual survey (SAS) data for 2014 and revised data for 2012 and 2013, which replaced Census Bureau quarterly services survey (QSS) data for 2014 and previous SAS data for 2012 and 2013 in the derivation of annual estimates of personal consumption expenditures (PCE) for services.

* Revised and newly available Census Bureau surveys of government finances data for fiscal years 2012 and 2013, which affected estimates of state and local government spending.

* Newly available data from the Census Bureau's American housing survey and revised and newly available data from its current population/housing vacancy survey, which affected estimates of PCE for housing services and estimates of rental income of persons.

* Newly available Internal Revenue Service (IRS) tax return tabulations for corporations and for sole proprietorships and partnerships for 2013 and revised data for 2012, which replaced annual estimates that were based on previous IRS tabulations and on quarterly indicators; the indicators used a variety of source data, including data from the Census Bureau's quarterly financial report and from regulatory agency reports, other NIPA estimates, and judgmental trends The estimates most significantly impacted by the incorporation of the IRS data were corporate profits, nonfarm proprietors' income, and net interest.

Methodology improvements This year's revisions also reflect a number of improvements to the methods that underlie BEA's estimates These improvements, discussed in detail in the June issue of the SURVEY OF CURRENT BUSINESS, include the following: (3)

* New seasonal adjustments and improvements to the existing seasonal adjustments for a number of NIPA components With this annual revision, BEA now seasonally adjusts several series from the Census Bureau's QSS that are used as indicators in the estimation of quarterly PCE, inventory data from the Census Bureau's quarterly financial report that are used in the estimation of quarterly changes in inventories and of corporate profits, and Department of the Treasury data that are used in the estimation of federal government consumption expenditures for defense services (For details, see the box "Seasonality in the NIPAs" and the sections for each of these components.)

* Improved prices for financial services The prices used for portfolio management and investment advice services are now based on producer price indexes (PPIs) for portfolio management and for investment advice from the Bureau of Labor Statistics (BLS) Prices for trust, fiduciary, and custody activities are now based on the BLS PPI for commercial bank services For more details, see the section on "Prices."

* Improved accounting treatment for federal refundable tax credits This year's annual revision also introduced a new treatment of federal refundable tax credits Federal income tax credits allow taxpayers who meet certain eligibility criteria to reduce the amount that they are required to pay in federal income taxes A tax credit is considered to be "refundable" if any excess of the tax credit over a taxpayer's total tax liability is paid to the taxpayer as a refund. (4) Examples of refundable tax credits include the earned income tax credit and the temporary "Making Work Pay" tax credit. (5)

The new treatment records the full value of the credits associated with refundable tax credit programs administered by the federal government as a current transfer payment. (6) Consistent with the recommendations of the System of National Accounts 2008, this new treatment provides a comprehensive picture of the costs and benefits of these government tax programs; that is, households not only receive the amount by which tax credits exceed their tax liabilities--but they are also relieved of the associated liabilities. (7) Similarly, the government not only pays the refunds, but it also relinquishes its claim on the associated tax liabilities.

In the previous NIPA treatment, the portion of refundable tax credits that is not directly paid to taxpayers as refunds (that is, the amount up to, but not exceeding, the total liability) was recorded as a reduction in the income taxes paid by persons to the federal government, and the portion that is paid to taxpayers as refunds (that is, any excess of the credit over the liability) was recorded as a government social benefit.

As a result of the new treatment, the estimates of federal government social benefit payments to persons for 1976 forward were revised up to reflect the total amount of the refundable tax credits, and estimates of personal current taxes paid to the federal government were revised up by an equal amount to reflect the total tax liability of taxpayers. (8) Within the personal income and outlays account, current transfer receipts of government social benefits--and therefore, personal income--were revised up As personal current tax payments were revised up by the same amount, disposable personal income, derived as personal income less personal current taxes, was not affected by this change Estimates of personal saving and the personal saving rate were also unaffected Within the government receipts and expenditures account, equal upward revisions to government social benefits and to personal current taxes resulted in equal upward revisions to government current expenditures and current receipts, and consequently, government saving was not affected by this change. (9)

Improvements in presentation In addition to introducing the two new series--the average of GDP and GDI and real final sales to private domestic purchasers--BEA introduced two changes in presentation that provide users with more detail on international transactions.

* An expanded presentation of payments and receipts of transfers and taxes between the United States and the "rest of world" shows current transfer and tax payments to and from the rest of the world on a gross basis The new presentation more closely aligns with BEA's international transactions accounts and aligns the NIPAs with recommendations from the Organisation for Economic Co-operation and Development's Balance of Payments and International Investment Position Manual and from the System of National Accounts 2008. (10) Previously, the NIPAs presented current transfer and tax payments to the rest of the world net of the transfers and taxes received from the rest of the world.

* An expanded and consistent presentation of exports and imports aligns the presentations of exports and imports of industrial supplies and materials and provides additional detail on exports of petroleum and petroleum products This new presentation provides users with this previously unpublished--and frequently requested--detail.

Gross Domestic Product

* From 2011 to 2014, real GDP increased at an average annual rate of 2.0 percent; in the previously published estimates, real GDP had increased at an average annual rate of 2.3 percent Current-dollar GDP was revised to 3.8 percent from 3.9 percent, and GDP prices were revised to 1.7 percent from 1.6 percent.

* The percent change in real GDP was revised down for 2012 (0.1 percentage point) and for 2013 (0.7 percentage point) and was unrevised for 2014.

* For the expansion from the second quarter of 2009 to the first quarter of 2015, real GDP increased at an average annual rate of 2.1 percent, 0.1 percentage point less than in the previously published estimates.

* The quarterly pattern of real GDP changed for four of the thirteen quarters in the revision period The revised estimates indicate a slowdown in real GDP for the third quarter of 2012; in the previously published estimates, real GDP accelerated For the fourth quarter of 2013, real GDP picked up; in the previously published estimates, it slowed For the third quarter of 2014, real GDP slowed; in the previously published estimates, it accelerated For the first quarter of 2015, real GDP slowed; in the previously published estimates, it turned down.

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Personal Consumption Expenditures

* Current-dollar PCE was revised down for all 3 years, primarily because of downward revisions to spending for health care services, for housing, and for 2013 and 2014, for durable goods The percent change in real PCE was revised down 0.3 percentage point for 2012 and 0.7 percentage point for 2013, and it was revised up 0.2 percentage point for 2014.

* The quarterly pattern of real PCE over the period of the revision was not much changed Revisions to the quarterly pattern were primarily due to revisions to current-dollar estimates of spending on services.

* From the fourth quarter of 2011 to the first quarter of 2015, the average annual rate of increase in the "core" PCE price index (which excludes the prices of food and energy) was 1.5 percent, an upward revision of 0.1 percentage point.

Methodology changes

This annual revision introduced two major improvements to the PCE estimates The seasonal adjustment of several data series from the Census Bureau's quarterly services survey improved both the current-dollar estimates and the real estimates of PCE by better adjusting for the impact of regular seasonal variations; previously, moving averages were used to reduce volatility A listing of the PCE components that are estimated using QSS series and the seasonal adjustment methods applied to those data series are detailed in the BEA FAQ "How is BEA using the Census Bureau's quarterly services survey in its estimates of personal consumption expenditures?"

Additionally, the prices of selected components of financial services were improved by using PPIs from the BLS For details, see the section on "Prices."

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Private Fixed Investment

* Current-dollar private fixed investment was revised up for all 3 years, primarily as a result of upward revisions to nonresidential equipment that were partly offset by downward revisions to residential structures, particularly revisions to residential improvements.

* The percent change in real private fixed investment was revised up 1.5 percentage points for 2012, was revised down 0.5 percentage point for 2013, and was unrevised for 2014.

* The quarterly pattern of the real estimates of private fixed investment was changed for seven of the thirteen quarters of the revision period Revised estimates show that fixed investment for the following quarters accelerated--for the first quarter of 2012, the fourth quarter of 2013, the first and third quarters of 2014, and the first quarter of 2015; in the previously published estimates, investment for these quarters decelerated Investment for the second quarter of 2013 and the second quarter of 2014 decelerated; in the previously published estimates, investment for these quarters acclerated The largest contributors to these revisions were investment in nonresidential equipment and in nonresidential structures.

Updated source data

BEA's measures of private fixed investment are revised as a result of the incorporation of newly available and revised source data and the revision of seasonal factors for certain components Specifically, the revisions to investment in equipment primarily reflect the incorporation of newly available Census Bureau data from the 2012 economic census and newly available data from the 2013 annual survey of manufactures that replaced monthly shipments data for 2013.

Additionally, the incorporation of updated Census Bureau data on construction spending for 2013 and 2014, which included updated Census Bureau seasonal adjustments, resulted in revisions to BEA's estimates of investment in nonresidential and residential structures.

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Change in Private Inventories

* Change in real private inventories, or real inventory investment, was revised down by less than $3 billion for all 3 years.

* Real farm inventory investment was revised down for all 3 years; the largest revision was for 2012.

* For nonfarm industries, the largest revisions to real inventory investment were to wholesale trade industries; the levels were revised up by more than $4 billion for 2012 and by $3 billion for 2013, and the level was revised down by more than $2 billion for 2014.

* The quarterly pattern of inventory investment was not notably changed from the previously published estimates.

Updated source data

With this annual revision, Census Bureau data on inventory book values from a number of surveys were incorporated, including data from the 2012 economic census, the annual survey of manufactures, the annual retail trade survey, the annual wholesale trade survey as well as revised monthly Census Bureau data on inventories Revised data on farm inventories from the Department of Agriculture were also incorporated.

The revised estimates reflect updated seasonal factors, including the introduction of new seasonal factors for the Census Bureau's quarterly financial report data, which are used to estimate inventories for the mining and information industries.

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Exports of Goods and Services

* Current-dollar exports of goods and services were revised up for all 3 years The revisions primarily reflect revised data from BEA's international transactions accounts (ITAs).

* The percent change in real exports was revised up 0.1 percentage point for 2012, was revised down 0.2 percentage point for 2013, and was revised up 0.2 percentage point for 2014.

* The quarterly pattern of real exports was changed for four of the thirteen quarters of the revision period For the fourth quarter of 2014, the revised estimates of exports accelerated; in the previously published estimates, exports increased at the same rate as in the third quarter In the revised estimates, exports turned down in the fourth quarter of 2012, turned up in the first quarter of 2013, and accelerated in the second quarter of 2013; in the previously published estimates, exports slowed in the fourth quarter of 2012, turned down in the first quarter of 2013, and turned up in the second quarter of 2013.

Updated source data and new presentation

The estimates of exports and imports of goods and services incorporated revised data from the ITAs. (1) Additionally, the presentation of exports and of industrial supplies and materials was improved by providing additional detail on exports of petroleum and products; this presentation of exports is now aligned with that of imports, and the NIPA presentation is now aligned with the presentation in the ITAs.

Imports of Goods and Services

* Current-dollar imports of goods and services were revised up for 2012 and 2013 and were revised down for 2014 Like the revisions to exports, the revisions to imports primarily reflect the use of revised data from BEA's ITAs.

* The percent change in real imports was revised down 0.1 percentage point for 2012, was unrevised for 2013, and was revised down 0.2 percentage point for 2014.

* The revised estimates changed the quarterly pattern of imports for six of the thirteen quarters of the revision period In 2012, imports slowed in the second and third quarters and turned down in the fourth quarter In the previously published estimates for 2012, imports accelerated in the second quarter, turned down in the third quarter, and decreased more in the fourth quarter than in the third quarter In 2013, imports turned up in the first quarter, accelerated in the second quarter, and decelerated in the fourth quarter In the previously published estimates for 2013, imports decreased less in the first quarter than in the fourth quarter of 2012, turned up in the second quarter, and accelerated in the fourth quarter.

* Revisions to quarterly real imports reflect revisions to current-dollar estimates and revisions to prices.

Government Consumption Expenditures and Gross Investment

* Current-dollar government consumption expenditures and gross investment, or government spending, was revised down for all 3 years, primarily reflecting downward revisions to state and local government spending.

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* The percent change in real government spending was revised down 0.5 percentage point for 2012, 0.9 percentage point for 2013, and 0.4 percentage point for 2014.

* The quarterly pattern of the estimates differs notably from the previously published estimates (see chart 8); generally, the pattern is less volatile than in the previously published estimates The revisions to the pattern of total government spending are primarily due to revisions to the pattern of defense spending, for which the differences in the growth rates between one quarter and the next are lessened in absolute value for eleven of the thirteen quarters of the revision period For instance, federal defense spending is now estimated to have decreased 8.1 percent in the fourth quarter of 2012 after increasing 0.8 percent in the third quarter Previously, federal defense spending was estimated to have decreased 20.1 percent after increasing 11.9 percent This reduction in volatility is due primarily to the seasonal adjustment of federal defense spending on services that was introduced as part of this annual revision.

Major improvements and updated source data

The revisions to the annual estimates primarily reflect revisions to state and local government spending The downward revisions primarily reflect the incorporation of revised and newly available data from the Census Bureau surveys of government finances, which are used to estimate the intermediate goods and services purchased by state and local governments, and revised Census Bureau construction spending data, which are used to estimate state and local government investment in structures.

The revisions to the quarterly pattern of government spending largely reflect revisions to federal defense spending, which resulted from the seasonal adjustment of the Treasury Department data that underlie the NIPA estimates of defense spending on services The previously published estimates were derived from data that were not seasonally adjusted; seasonality tests indicated that a seasonal pattern had emerged in this source data in recent years The most significant impacts were to the third-quarter and fourth-quarter estimates; the revised estimates reduced third-quarter expenditures and increased fourthquarter expenditures.

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Prices

* The revisions to the percent change in price indexes for gross domestic purchases, GDP, and PCE generally reflect revised and newly available source data and revised current-dollar weights; for PCE, the revisions also reflect the introduction of a new estimating method for financial services.

* Prices for gross domestic purchases were revised up 0.1 percentage point for each year for 2012-2014 Prices for GDP were unrevised for 2012 and were revised up 0.1 percentage point for 2013 and 2014 Prices for PCE were revised up 0.1 percentage point for 2012 and for 2014 and were revised up 0.2 percentage point for 2013.

* For all 3 years, prices for PCE, most notably for financial services, were a major contributor to the upward revisions to gross domestic purchases prices Additionally, for 2013 and 2014, prices for state and local government spending were major contributors to the revisions, and for 2014, prices for federal government spending were a major contributor.

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Methodology change

This annual revision introduced a methodology change for PCE for financial services prices Specifically, PPIs from BLS were used to derive price indexes for portfolio management and investment advice services and for trust, fiduciary, and custody activities For portfolio and management and investment advice, an equally weighted average of PPIs for portfolio management and for investment advice replaced prices that were derived using BLS data on employment, hours, and earnings For trust services, the PPIs for commercial bank services replaced prices that were derived based on expenditure data from the Federal Deposit Insurance Corporation and BLS data on quantities.

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National Income

* National income was revised down for 2012 and 2013, and it was unrevised for 2014.

* For 2012, a small downward revision primarily reflects downward revisions to corporate profits and to proprietors' income that were partly offset by an upward revision to net interest.

* For 2013, a large downward revision primarily reflects downward revisions to corporate profits, to proprietors' income, and to rental income of persons that were partly offset by upward revisions to taxes on production and imports, to net interest, and to current surplus of government enterprises For corporate profits and nonfarm proprietors' income, estimates derived from newly available IRS tabulations of tax return data replaced estimates that were based on extrapolations using various indicator series For rental income of persons, the downward revision primarily reflects newly available data from the Census Bureau's American housing survey and revised and newly available data from its current population/housing vacancy survey.

* For 2014, downward revisions to proprietors' income, to rental income of persons, and to corporate profits were mostly offset by upward revisions to net interest, to wages and salaries, and to current surplus of government enterprises The revisions to proprietors' income, to rental income of persons, and 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 2014 For net interest, the revisions are primarily due to the incorporation of newly available and revised data from the Federal Reserve Board and the Federal Deposit Insurance Corporation For wages and salaries, the revised estimates primarily reflect revised and newly available data from the BLS quarterly census of employment and wages.

IVA Inventory valuation adjustment

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

* GDI measures the value of U.S output as the sum of income payments and other costs incurred in the production of goods and services In principle, GDP should equal GDI; however, they differ in practice because each is estimated using different, and largely independent, source data The statistical discrepancy is current-dollar GDP less current-dollar GDI With this annual revision, BEA introduced a new aggregate--the average of GDP and GDI--to provide users a supplemental way to track economic growth.

* Current-dollar GDI for all 3 years was revised down; the largest revision was for 2013 The primary sources of the revisions to current-dollar GDI are the same as those underlying the revisions to national income.

* The level of real GDI for all 3 years was also revised down. 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 2011 to 2014, the average of real GDP and real GDI increased at an average annual rate of 2.2 percent.

* The statistical discrepancy as a percentage of GDP was -1.3 percent for 2012, -1.1 percent for 2013, and -1.2 percent for 2014. (1)

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Personal Income and Personal Saving

* Personal income was revised, beginning with 1976 For 1976-2014, the revisions reflect the new treatment of refundable tax credits; for 2012-2014, the revisions also reflect the incorporation of revised and newly available source data.

* The revisions to the estimates of personal income for 1976-2007 were less than $10 billion For 2008, the revision exceeded $70 billion because of the tax refunds that were implemented as part of the Economic Stimulus Act of 2008. For 2010 and 2011, the effects were also large (close to $50 billion for each year) because of the "Making Work Pay" tax credit that was implemented in these years.

* For 2012-2014, downward revisions to nonfarm proprietors' income and to rental income of persons were partly offset by upward revisions to personal interest income and to personal transfer receipts The most notable revision to personal income was a downward revision of nearly $100 billion for 2013.

* The revisions to the estimates of personal saving for 1999-2011 were less than $10 billion. (1) They reflect revisions to personal current transfer payments to the rest of the world that were primarily due to improved measures of cross-border transfers in the international transactions accounts. (2)

* For 2012, personal saving was revised up about $50 billion, primarily reflecting an upward revision to personal interest income and a downward revision to PCE, both resulting from revised and newly available source data.

* For 2013 and 2014, downward revisions to personal saving (of about $18 billion and $12 billion, respectively) reflect downward revisions to personal income (specifically, to nonfarm proprietors' income, to personal dividend income, and to rental income of persons) and upward revisions to personal current taxes that were partly offset by downward revisions to personal outlays (specifically, to PCE).

* The personal saving rate (personal saving as a percentage of disposable personal income) for 2012 was revised up to 7.6 percent; this is the highest rate since 1992 (8.9 percent) For 2013 and 2014, the rate was revised down to 4.8 percent from 4.9 percent for both years.

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Current-Dollar NIPA Measures

This table shows the NIPA components that had revisions of $4.0 billion or more (in absolute value) for 2012-2014 The table also lists the major source data that were incorporated as part of this 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 NPISH 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 revision:

* The fixed assets accounts, which present estimates of capital investment by legal form and by type, for 2012-2014

* The integrated macroeconomic accounts jointly published by BEA and the Federal Reserve Board, 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

* State personal income

* The GDP by industry and input-output accounts

Acknowledgments

Nicole M Mayerhauser, Chief of the National Income and Wealth Division, supervised the preparation of this year's annual revision of the national income and product accounts Pamela A Kelly, Chief of the Government Division, directed major parts of the revision Brent R. Moulton, Associate Director for National Economic Accounts, provided overall supervision.

The following BEA staff members significantly contributed to the revision.

Estimate coordination and review: David F Sullivan, Marissa J Crawford, Alyssa E Holdren, Pamela A Kelly, Robert J Kornfeld, Brendan J Leary, Shelly Smith, Jiemin Guo.

Personal consumption expenditures: Kyle J. Brown Goods: Harvey L Davis, Jr., Yukun Fung, Everette P. Johnson, Andrea Julca, Yuri A Katrinic, Brian K Sliker. Services: Jason W Chute, Robert N Ganz III, Mahmoud Raya, Teresita D Teensma.

Investment and foreign transactions: Michael Armah. Inventories, foreign transactions, and prices: Michael M. Cortez, Matthew L Kopp, Ivan K Mogensen, Rebecca E. Pocase Private fixed investment in structures, in equipment, and in intellectual property products: Christina D. Hovland, Benjamin W Bloschock, Kyle A Cisco, Velma P Henry, Bethany A McDonough.

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

State and local government: Jeffrey L Barnett, Steven J Andrews, Kenneth R Beatty, Melissa J Braybrooks, Michelle S Grier, David G Lenze.

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

Consumption of fixed capital: Private: Robert J Kornfeld, Marlyn Rodriguez, Michael T Cusick Government: Jennifer A Bennett, Mark A Bailey, Christopher B. Mbu.

Computer systems and operations: Brendan J Leary, Michael J Boehm, Wanda Y Chambers, Benjamin D. Cowan, Duane G Hackmann, Sung H Lee, Maksim Lichko, Ethan C Lincoln, Nimesh Mehta, Sandip Mehta, Ross F Metzger, Andrew J Pinard, James J. Raley III, Michael D Randall.

Supplemental review materials: Esther M Carter, Tameka R L Harris, Bethany A McDonough, Kristina L Maze, Stephanie H McCulla, Bonnie A Retus, Karl V. Rohrer.

NIPA information: Jeannine Aversa, Thomas B Dail, Gianna M Maronne, Lisa S Mataloni.

By Stephanie H. McCulla and Shelly Smith

(1.) In the annual revisions since 1982, the revisions (without regard to sign) to the annual estimates of the percent change in real GDP have averaged 0.3 percentage point.

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

(3.) Additionally, advance quarterly estimates of GDP were improved by the incorporation of data from the Census Bureau's newly introduced advance report on U.S international trade in goods, which is made available to BEA in time to incorporate into the advance estimates For more detail on the improvements implemented as part of this annual revision, see Stephanie H McCulla and Shelly Smith, "Preview of the 2015 Annual Revision of the National Income and Product Accounts," SURVEY OF CURRENT BUSINESS 95 (June 2015).

(4.) Tax credits are considered to be "nonrefundable" if taxpayers can only claim the credit up to the amount of their tax liability In contrast to refundable and nonrefundable tax credits, tax allowances, exemptions, and deductions are subtracted in the calculation of taxable income, reducing the amount of the original liability.

(5.) For a list of federal refundable tax credit programs, see table C in McCulla and Smith, "Preview of the 2015 Annual Revision."

(6.) Refundable tax credits are also offered by some state governments, but source data are not currently available for estimating the value of these credits, and no change will be made to their treatment in the NIPAs at present Preliminary BEA research suggests that the value of state government credits is much smaller than the value of federal credits, and for most state and local tax credit programs, the full value is already captured in the NIPA estimates of government social benefit payments.

(7.) See Commission of the European Communities, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, and the World Bank, System of National Accounts 2008 (Brussels/Luxembourg, New York, Paris, and Washington, DC, 2009): paragraphs 22.95-22.98, 445.

(8.) Estimates of tax credits are reported for the year following the year of the tax liability This treatment is consistent with the treatment of other NIPA estimates of tax settlements and refunds.

(9.) Similarly, net lending or net borrowing of the federal government was not affected by this change.

(10.) See Balance of Payments and International Investment Position Manual, Sixth Edition (Washington, DC: International Monetary Fund, 2009).

(1.) For information, see Eric Bryda and C Omar Kebbeh, "Preview of the 2015 Annual Revision of the International Economic Accounts: Changes in Classification and New Source Data," SURVEY 95 (April 2015).

(1.) The statistical discrepancy as a percentage of GDP has been added as a published estimate in the addenda to table 1.7.5; until now, the measure has been presented only as part of the analysis of the NIPA annual revision.

(1.) As discussed previously, personal saving and the personal saving rate are not affected by the changed treatment of refundable tax credits.

(2.) As part of the 2015 annual revision of the international economic accounts, BEA introduced the use of IRS data that more accurately reflect the value of cross-border charitable donations For information, see Bryda and Kebbeh, "Preview of the 2015 Annual Revision of the International Economic Accounts."

(1.) For a detailed description of the NIPA table numbering system, see the FAQ "How are the NIPA tables organized?"

The NIPA Revision Cycle

The national income and product accounts (NIPAs) are regularly revised in order to incorporate the most complete and most reliable source data available, to improve the estimating methods and definitions underlying the estimates, and to change the presentation of the accounts. Released in a series of vintages--current quarterly estimates, annual revision estimates, and comprehensive revision estimates--this process improves the accuracy of the estimates and provides a more detailed picture of the economy Revisions are not corrections of errors; they are mainly driven by the incorporation of more complete and revised source data, and the release of the revised estimates is determined by the availability of these 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 Annual revision estimates incorporate 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 revision estimates reflect bench-marking 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, such as those that implement updated international guidelines, and other major methodological improvements to the accounts.

These regular revisions 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 revisions do not substantially change the general picture of economic activity.

For more information, see Dennis J Fixler, Ryan Greenaway-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 that are used to prepare the successive vintages of the NIPA estimates, see the NIPA Handbook.

Seasonality in the NIPAs

As discussed in the June issue of the SURVEY OF CURRENT BUSINESS, BEA's estimates of first-quarter GDP over the last decade have tended to grow, on average, at a slower pace than the estimates for the other three quarters Economic analysts have debated extensively about whether, and to what extent, this phenomenon reflects special factors, such as unusually harsh winter weather, or "residual" seasonality--that is, a manifestation of seasonal patterns in estimates that have already been seasonally adjusted. (1)

BEA adjusts its estimates for seasonality by using seasonally adjusted source data whenever possible and by regularly reviewing and updating its adjustment procedures BEA's use of seasonally adjusted source data maintains the transparency of BEA's estimating methods, allowing users to trace the estimating process--from the incorporation of the initial source data to the publication of NIPA estimates But this "indirect" approach to seasonal adjustment does not eliminate the possibility of residual seasonality, which can arise for a variety of reasons. (2)

Nevertheless, BEA has expanded its efforts to address seasonality in the NIPAs As part of this year's annual revision, BEA (1) has adopted new methods to seasonally adjust the indicators that it uses to estimate personal consumption expenditures for services, the change in private inventories, and corporate profits and (2) has seasonally adjusted its measures of federal defense spending on services, beginning with the first quarter of 2012.

BEA is also developing a longer term comprehensive strategy to review the estimation methods it currently uses to derive seasonally adjusted GDP First, a detailed component-by-component review will allow BEA to identify potential sources of residual seasonality The results of this analysis will help BEA and its source data agencies to develop improved seasonal adjustment techniques and estimation procedures that will mitigate residual seasonality in the NIPAs Second, BEA will develop a not seasonally adjusted GDP series that will be released in parallel with BEA's quarterly GDP estimates. (3) This series will facilitate analyses of BEA's seasonally adjusted GDP estimates and may provide earlier indications of changes in seasonal patterns.

(1.) See, for example, Jason Furman, "Second Estimate of GDP for the First Quarter of 2015," Council of Economic Advisers Blog, May 29, 2015, and Charles E Gilbert, Norman J Morin, Andrew D Paciorek, and Claudia R Sahm, "Residual Seasonality in GDP," FEDS Notes, May 14, 2015.

(2.) See McCulla and Smith, "Preview of the 2015 Annual Revision of the National income and Product Accounts."

(3.) BEA previously published not seasonally adjusted estimates of current-dollar GDP and its major components for quarters for which annual estimates had been released Current quarterly estimates and real estimates were excluded The not seasonally adjusted GDP estimates were discontinued in 2008 in response to budget cuts.

Table 1. Major Source Data Incorporated for the 2015 Annual Revision

Agency            Data                  Years covered and vintage

                  Annual survey of
                  wholesale trade       2012 (revised)
                                        and 2013 (new)
                  Annual survey of
                  retail trade          2012 (revised)
                                        and 2013 (new)
                  Annual survey of
                  manufactures          2013 (new)
                  Economic census       2012 (new)
                  Monthly surveys
                  of manufactures,
                  merchant              2012-2014 (revised)
                  wholesale trade,
                  and retail trade
Census Bureau     Service annual
                  survey                2012 and 2013 (revised)
                                        and 2014 (new)
                  Annual surveys
                  of state and
                  local government      Fiscal years 2012 (revised)
                  finances              and 2013 (new)
                  Monthly survey
                  of construction
                  spending              2013 and 2014 (revised)
                  (value put in place)
                  Quarterly services
                  survey                2012-2014 (revised)
                  Current population
                  survey/housing
                  vacancy               2012 and 2013 (revised)
                  survey                and 2014 (new)
Office of
Management and
Budget            Federal Budget        Fiscal years 2014 and 2015
                  Tabulations of
                  tax returns for
                  corporations          2012 (revised)
Internal Revenue
Service                                 and 2013 (new)
                  Tabulations of
                  tax returns
                  for sole              2012 (revised)
                  proprietorships
                  and partnerships      and 2013 (new)
Bureau of Labor
Statistics        Quarterly census
                  of employment
                  and wages             2012-2014 (revised)
Department of
Agriculture       Farm statistics       2012-2014 (revised)
Bureau of
Economic
Analysis          International
                  transactions
                  accounts              2012-2014 (revised)

Table 2. Real Gross Domestic Product (GDP)

                    Share of                       Contribution to
                    current-   Change from         percent change
                    dollar     preceding period    in real GDP
                    GDP        (percent)           (percentage
                    (percent)                      points)
                    2014       2012  2013  2014  2012   2013   2014

 Gross domestic
 product (1)        100.0       2.2   1.5   2.4   2.2    1.5    2.4
Personal
consumption
expenditures         68.4       1.5   1.7   2.7   1.01   1.16   1.84
 Goods               22.8       2.7   3.1   3.3   0.63   0.71   0.75
  Durable goods       7.4       7.4   5.8   5.9   0.53   0.42   0.43
  Nondurable goods   15.4       0.6   1.9   2.1   0.10   0.29   0.32
 Services            45.6       0.8   1.0   2.4   0.38   0.45   1.09
Gross private
domestic
investment           16.5      10.6   4.5   5.4   1.52   0.70   0.87
 Fixed investment    16.0       9.8   4.2   5.3   1.38   0.64   0.82
  Nonresidential     12.9       9.0   3.0   6.2   1.05   0.38   0.77
   Structures         2.9      12.9   1.6   8.1   0.32   0.04   0.23
   Equipment          6.0      10.8   3.2   5.8   0.58   0.19   0.34
   Intellectual
   property
   products           4.0       3.9   3.8   5.2   0.15   0.15   0.20
   Residential        3.2      13.5   9.5   1.8   0.33   0.27   0.05
 Change in
 private
inventories           0.4                         0.14   0.06   0.05
Net exports of
goods and services   -3.1                         0.08   0.20  -0.18
 Exports             13.5       3.4   2.8   3.4   0.46   0.38   0.46
  Goods               9.3       3.6   2.8   4.4   0.34   0.26   0.41
  Services            4.2       3.0   2.7   1.2   0.12   0.11   0.05
 Imports             16.6       2.2   1.1   3.8  -0.38  -0.18  -0.63
  Goods              13.8       2.1   1.0   4.3  -0.30  -0.14  -0.59
  Services            2.8       3.0   1.5   1.6  -0.09  -0.04  -0.05
Government
consumption
expenditures and
gross investment     18.2      -1.9  -2.9  -0.6  -0.38  -0.58  -0.11
 Federal              7.0      -1.9  -5.7  -2.4  -0.15  -0.46  -0.18
  National defense    4.3      -3.4  -6.7  -3.8  -0.18  -0.34  -0.18
  Nondefense          2.7       0.9  -4.0  -0.1   0.03  -0.12   0.00
 State and local     11.1      -1.9  -1.0   0.6  -0.22  -0.12   0.07

                              Revisions (percentage points)

  Gross domestic
  product                      -0.1  -0.7   0.0  -0.1   -0.7    0.0
Personal
consumption
expenditures                   -0.3  -0.7   0.2  -0.24  -0.48   0.11
Gross private
domestic
investment                      1.4  -0.4  -0.4   0.19  -0.06  -0.05
 Fixed investment               1.5  -0.5   0.0   0.21  -0.06  -0.01
  Nonresidential                1.8   0.0  -0.1   0.21   0.01  -0.01
  Residential                   0.0  -2.4   0.2   0.00  -0.06   0.00
 Change in private
 inventories                                     -0.01   0.00  -0.04
Net exports of
goods and
services                                          0.04  -0.02   0.04
 Exports                        0.1  -0.2   0.2   0.02  -0.03   0.03
 Imports                       -0.1   0.0  -0.2   0.02   0.01   0.02
Government
consumption
expenditures
and gross
investment                     -0.5  -0.9  -0.4  -0.08  -0.19  -0.08
 Federal                       -0.1   0.0  -0.5   0.00  -0.01  -0.04
 State and local               -0.7  -1.5  -0.4  -0.07  -0.18  -0.04

(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                      Contribution to
                     current-   Change from        percent change
                     dollar     preceding period   in real GDP
                     GDP        (percent)          (percentage
                     (percent)                     points)
                       2014      2012  2013  2014  2012   2013   2014
 Personal
 consumption
  expenditures (1)    100.0      1.5   1.7   2.7    1.5    1.7    2.7
Goods                  33.3      2.7   3.1   3.3    0.91   1.04   1.09
 Durable goods         10.8      7.4   5.8   5.9    0.76   0.61   0.62
  Motor vehicles
  and parts             3.7      7.6   4.6   5.6    0.26   0.17   0.20
  Furnishings
  and durable
  household
   equipment            2.4      4.4   5.4   6.5    0.11   0.13   0.16
  Recreational
  goods and
  vehicles              3.0     11.6   8.8   7.1    0.34   0.26   0.21
  Other durable
  goods                 1.7      3.7   3.4   3.4    0.06   0.06   0.06
 Nondurable goods      22.5      0.6   1.9   2.1    0.15   0.43   0.47
  Food and
  beverages for
  off-premises
  consumption           7.5      0.1   1.0   0.5    0.01   0.07   0.04
  Clothing and
  footwear              3.1      1.1   1.4   1.4    0.03   0.04   0.05
  Gasoline and
  other energy
  goods                 3.4     -1.6   1.7   0.7   -0.06   0.06   0.03
  Other
  nondurable goods      8.5      2.0   2.9   4.3    0.17   0.24   0.36
Services               66.7      0.8   1.0   2.4    0.55   0.66   1.60
 Household
 consumption
 expenditures
 (for services)        64.0      0.6   1.0   2.4    0.37   0.61   1.55
  Housing and
  utilities            18.1      0.1   0.5   1.2    0.01   0.09   0.21
  Health care          16.5      2.2   1.0   2.7    0.36   0.16   0.45
  Transportation
  services              3.0      1.7   3.2   4.9    0.05   0.09   0.14
  Recreation
  services              3.8      2.0   1.8   2.9    0.08   0.07   0.11
  Food services and
  accommodations        6.3      2.6   1.6   3.0    0.16   0.10   0.19
  Financial
  services
  and insurance         7.4     -5.5   1.1   1.2   -0.41   0.08   0.09
  Other services        8.9      1.5   0.3   4.0    0.13   0.02   0.35
 Final consumption
 expenditures of
 NPISHs                 2.7      7.0   1.9   2.0    0.18   0.05   0.05
  Gross output
  of NPISHs            10.8      2.9   1.2   1.4    0.31   0.13   0.15
  Less: Receipts
  from sales
  of goods
  and services
  by NPISHs             8.1      1.7   1.0   1.2    0.13   0.08   0.10

                               Revisions (percentage points)

 Personal
 consumption
 expenditures                   -0.3  -0.7   0.2   -0.3   -0.7    0.2
Goods                           -0.1  -0.3  -0.1   -0.02  -0.10  -0.05
 Durable goods                   0.1  -0.9  -1.0    0.00  -0.10  -0.11
 Nondurable goods               -0.1   0.0   0.3   -0.02   0.00   0.06
Services                        -0.5  -0.9   0.3   -0.33  -0.59   0.23

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                     Contribution to
                     current-   Change from       percent change
                     dollar     preceding period  in real GDP
                     GDP        (percent)         (percentage
                     (percent)                    points)
                     2014       2012  2013  2014  2012    2013   2014

 Private fixed
 investment (1)      100.0       9.8   4.2   5.3   9.8    4.2    5.3
Nonresidential        80.3       9.0   3.0   6.2   7.41   2.48   4.92
 Structures           18.2      12.9   1.6   8.1   2.27   0.28   1.45
  Commercial and
  health care          4.6       8.6   3.6  13.0   0.36   0.15   0.55
  Manufacturing        2.0      14.8   4.2  11.2   0.26   0.08   0.21
  Power and
  communication        3.8      21.0  -4.5   6.2   0.79  -0.19   0.24
  Mining
  exploration,
  shafts, and wells    5.2      11.7   2.3   6.5   0.61   0.13   0.34
  Other structures     2.6       9.5   4.7   4.0   0.24   0.12   0.10
 Equipment            37.3      10.8   3.2   5.8   4.10   1.23   2.18
  Information
  processing
  equipment           11.1       6.0   3.7   3.8   0.75   0.44   0.43
   Computers and
   peripheral
   equipment           2.8       6.6   4.0  -3.3   0.23   0.13  -0.10
   Other               8.2       5.8   3.6   6.5   0.52   0.31   0.53
  Industrial
  equipment            8.0       9.0  -2.5   7.3   0.78  -0.22   0.58
  Transportation
  equipment            9.8      19.6  11.1  11.8   1.56   0.96   1.09
  Other equipment      8.4      11.2   0.5   0.9   1.01   0.04   0.08
 Intellectual
 property
 products             24.8       3.9   3.8   5.2   1.04   0.97   1.30
  Software            11.2       5.5   3.2   6.5   0.67   0.37   0.73
  Research and
  development         10.7       2.6   5.1   4.5   0.30   0.55   0.48
  Entertainment,
  literary,
  and artistic
  originals            2.8       2.3   1.5   2.9   0.08   0.05   0.08
Residential           19.7      13.5   9.5   1.8   2.37   1.75   0.35
 Structures           19.4      13.8   9.6   1.7   2.36   1.72   0.33
  Permanent site       8.5      24.1  24.5   9.2   1.35   1.57   0.73
   Single family       7.0      21.0  22.6   5.5   1.03   1.24   0.37
   Multifamily         1.5      46.6  36.0  29.5   0.32   0.33   0.36
  Other structures    10.9       8.8   1.3  -3.4   1.01   0.15  -0.40
 Equipment             0.3       1.5   7.4   5.6   0.01   0.03   0.02

                          Revisions (percentage points)

 Private fixed
 investment                      1.5  -0.5   0.0   1.5   -0.5    0.0
Nonresidential                   1.8   0.0  -0.1   1.48   0.00  -0.10
 Structures                     -0.2   2.1  -0.1  -0.03   0.37  -0.01
 Equipment                       4.0  -1.4  -0.6   1.51  -0.48  -0.18
 Intellectual
 property
 products                        0.0   0.4   0.4   0.00   0.11   0.09
Residential                      0.0  -2.4   0.2   0.00  -0.47   0.03
 Structures                      0.0  -2.4   0.2   0.00  -0.47   0.03
 Equipment                       0.3   0.4   0.6   0.01   0.00   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              Change from
                                             preceding period
                    2012   2013  2014   2012    2013    2014

 Change in private
 inventories (1)     54.7  61.4  68.0   17.1    6.8     6.6
Farm                -12.6   6.7   3.7  -14.0   19.3    -3.0
Mining, utilities,
and construction      7.0  -3.9   1.6   11.4  -10.9     5.5
Manufacturing        11.1   5.4  14.5  -10.2   -5.6     9.1
 Durable-goods
 industries          10.0   7.0  21.3  -10.3   -3.0    14.3
 Nondurable-goods
 industries           1.5  -1.1  -5.4   -0.3   -2.6    -4.3
Wholesale trade      25.8  24.5  29.6    9.1   -1.3     5.2
 Durable-goods
 industries          21.2  14.9  20.6   -1.7   -6.2     5.7
 Nondurable-goods
 industries           5.7   9.8   9.6   10.1    4.1    -0.2
Retail trade         25.8  27.4  11.9   26.9    1.6   -15.5
 Motor vehicle
 and parts
 dealers             20.5  16.7   6.8   19.3   -3.8    -9.9
 Food and
 beverage
 stores               0.1   0.7   0.8    0.3    0.5     0.1
 General
 merchandise
 stores               1.0   0.1  -0.5    0.1   -0.9    -0.6
 Other retail
 stores               4.3  10.1   5.0    7.4    5.8    -5.1
Other industries      3.4   1.0   7.1    0.1   -2.4     6.1
Residual (2)         -7.6  -0.6  -2.6   -5.3    6.9    -1.9

                                     Revisions

 Change in private
 inventories         -2.4  -2.1  -2.6   -2.4    0.3    -0.5
Farm                 -7.0  -0.9  -1.8   -7.0    6.1    -0.9
Mining, utilities,
and construction      1.4  -2.3   0.7    1.4   -3.7     3.0
Manufacturing         0.5  -1.9  -0.4    0.5   -2.4     1.6
Wholesale trade       4.3   3.0  -2.4    4.3   -1.3    -5.4
Retail trade          0.2  -1.0   0.7    0.2   -1.1     1.7
Other industries      0.3   1.1   1.2    0.3    0.8     0.0

(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-    Change from
                             dollar      preceding period
                             GDP         (percent)
                             (percent)
                             2014       2012   2013   2014

 Exports of goods
 and services (1)            100.0       3.4    2.8    3.4
Exports of goods              69.1       3.6    2.8    4.4
 Foods, feeds, and
 beverages                     6.1      -1.0    2.1    8.1
 Industrial
 supplies and
 materials                    21.4       1.9    4.0    3.4
 Capital goods,
 except automotive            23.5       5.9    0.8    2.6
 Automotive
 vehicles,
 engines, and
 parts                         6.8       7.9    3.9    4.0
 Consumer goods,
 except food and
 automotive                    8.5       2.1    5.2    6.6
 Other                         2.8       2.7    3.5   14.8
Exports of
services                      30.9       3.0    2.7    1.2
 Transport                     3.8       2.1    4.5    1.6
 Travel (for all
 purposes including
 education)                    7.6       4.3    5.6    0.5
 Charges for the
 use of intellectual
 property n.e.c                5.6      -0.8    1.5    0.5
 Other business
 services                     12.5       4.3    2.2    3.5
 Government goods
 and services
 n.e.c                         0.8      -5.6    0.2  -13.4
 Other                         0.6      19.9  -13.9  -10.1

                                Revisions (percentage points)

 Exports of
 goods and
 services                                0.1   -0.2    0.2
Exports of goods                        -0.1    0.0    0.4
Exports of
services                                 0.6   -0.9   -0.2

                                 Contribution to
                                 percent change
                                 in real GDP
                                 (percentage
                                 points)
                                 2012  2013   2014

 Exports of goods
 and services (1)                3.4    2.8    3.4
Exports of goods                 2.50   1.96   3.02
 Foods, feeds, and
 beverages                      -0.06   0.13   0.48
 Industrial
 supplies and
 materials                       0.43   0.87   0.73
 Capital goods,
 except automotive               1.39   0.19   0.61
 Automotive
 vehicles,
 engines, and
 parts                           0.50   0.26   0.27
 Consumer goods,
 except food and
 automotive                      0.17   0.43   0.55
 Other                           0.07   0.09   0.37
Exports of
services                         0.92   0.84   0.36
 Transport                       0.08   0.17   0.06
 Travel (for all
 purposes including
 education)                      0.31   0.42   0.04
 Charges for the
 use of intellectual
 property n.e.c                 -0.05   0.08   0.03
 Other business
 services                        0.51   0.27   0.44
 Government goods
 and services
 n.e.c                          -0.06   0.00  -0.13
 Other                           0.13  -0.11  -0.07

                                Revisions (percentage points)

 Exports of
 goods and
 services                        0.1   -0.2    0.2
Exports of goods                -0.04   0.00   0.24
Exports of
services                         0.20  -0.25  -0.07

(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-           Change from
                     dollar         preceding period
                     GDP                (percent)
                     (percent)
                      2014       2012   2013  2014

 Imports of
 goods and
 services (1)        100.0       2.2     1.1   3.8
Imports of goods      83.2       2.1     1.0   4.3
 Foods, feeds,
 and beverages         4.4       3.8     3.9   5.1
 Industrial
 supplies and
 materials            23.2      -4.3    -3.5   0.6
 Capital
 goods, except
 automotive           20.7       7.2     2.1   7.0
 Automotive
 vehicles, engines,
 and parts            11.4      14.8     4.1   6.7
 Consumer goods,
 except food
 and automotive       19.5      -0.9     3.1   4.4
 Other                 3.9       4.6     2.9   4.6
Imports of
services              16.8       3.0     1.5   1.6
 Transport             3.3       2.9     5.3   0.2
 Travel (for
 all purposes
 including
 education)            3.9      10.8     3.7   6.8
 Charges for
 the use of
 intellectual
 property n.e.c        1.5       5.3    -0.4   6.5
 Other
 business services     7.2       1.0     0.9  -0.1
 Government
 goods and
 services n.e.c        0.8      -8.5   -11.1  -6.3
 Other                 0.2      -0.3    -0.3  -3.8

                       Revisions (percentage points)

  Imports
  of goods and
  services                      -0.1     0.0  -0.2
Imports of goods                 0.0     0.1   0.2
Imports of
services                        -0.4    -0.7  -2.0

                                  Contribution to
                                  percent change
                                  in real GDP
                                  (percentage
                                  points)

                               2012   2013   2014

 Imports of
 goods and
 services (1)                   2.2    1.1    3.8
Imports of goods                1.73   0.81   3.55
 Foods, feeds,
 and beverages                  0.15   0.16   0.22
 Industrial
 supplies and
 materials                     -1.20  -0.90   0.14
 Capital
 goods, except
 automotive                     1.37   0.41   1.42
 Automotive
 vehicles, engines,
 and parts                      1.42   0.45   0.75
 Consumer goods,
 except food
 and automotive                -0.17   0.59   0.85
 Other                          0.17   0.11   0.18
Imports of
services                        0.50   0.24   0.28
 Transport                      0.09   0.16   0.01
 Travel (for
 all purposes
 including
 education)                     0.36   0.14   0.26
 Charges for
 the use of
 intellectual
 property n.e.c                 0.07  -0.01   0.09
 Other
 business services              0.08   0.07  -0.01
 Government
 goods and
 services n.e.c                -0.10  -0.11  -0.06
 Other                          0.00   0.00  -0.01

                           Revisions (percentage points)

  Imports
  of goods and
  services                     -0.1    0.0   -0.2
Imports of goods               -0.04   0.03   0.18
Imports of
services                       -0.06  -0.13  -0.32

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

                    Share of                      Contribution to
                    current-   Change from        percent change
                    dollar     preceding period   in real GDP
                    GDP        (percent)          (percentage
                    (percent)                     points)
                    2014       2012  2013  2014  2012   2013   2014

 Government
 consumption
 expenditures
 and gross
 investment (1)     100.0      -1.9  -2.9  -0.6  -1.9   -2.9   -0.6
  Consumption
  expenditures       81.1      -0.9  -2.5  -0.5  -0.70  -2.01  -0.37
  Gross investment   18.9      -5.7  -4.8  -1.1  -1.16  -0.94  -0.22
Federal              38.7      -1.9  -5.7  -2.4  -0.76  -2.33  -0.96
 National defense    23.7      -3.4  -6.7  -3.8  -0.89  -1.73  -0.94
  Consumption
  expenditures       19.0      -2.4  -6.7  -3.8  -0.50  -1.37  -0.75
  Gross investment    4.7      -7.1  -6.9  -4.0  -0.39  -0.36  -0.20
 Nondefense          15.0       0.9  -4.0  -0.1   0.13  -0.60  -0.01
  Consumption
  expenditures       11.3       2.1  -3.7   0.4   0.23  -0.42   0.04
  Gross investment    3.7      -2.6  -4.8  -1.5  -0.10  -0.18  -0.06
State and local      61.3      -1.9  -1.0   0.6  -1.10  -0.61   0.38
 Consumption
 expenditures        50.8      -0.9  -0.4   0.7  -0.43  -0.21   0.34
 Gross investment    10.5      -6.2  -3.8   0.4  -0.67  -0.40   0.04

                     Revisions (percentage points)

 Government
 consumption
 expenditures
 and gross
 investment                    -0.5  -0.9  -0.4  -0.5   -0.9   -0.4
Federal                        -0.1   0.0  -0.5  -0.03  -0.01  -0.21
 National defense              -0.1  -0.1  -1.7  -0.02  -0.02  -0.42
 Nondefense                    -0.1   0.1   1.4  -0.01   0.01   0.22
State and local                -0.7  -1.5  -0.4  -0.38  -0.91  -0.21

(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

                                         Contribution to
                       Change from       percent change
                       preceding period  in gross domestic
                       (percent)         purchases prices
                                         (percentage points)
                       2012  2013  2014  2012   2013   2014

 Gross domestic
 purchases (1)          1.8   1.4   1.5   1.8    1.4    1.5
Personal consumption
expenditures            1.9   1.4   1.4   1.25   0.91   0.95
 Goods                  1.2  -0.5  -0.4   0.27  -0.11  -0.08
  Durable goods        -1.3  -1.8  -2.3  -0.10  -0.13  -0.17
  Nondurable goods      2.4   0.2   0.6   0.37   0.03   0.09
 Services               2.2   2.3   2.3   0.98   1.01   1.03
Gross private
domestic investment     1.4   1.5   1.8   0.21   0.23   0.28
 Fixed investment       1.5   1.6   1.9   0.22   0.23   0.30
  Nonresidential        1.7   0.8   1.0   0.19   0.09   0.12
   Structures           4.0   1.6   1.5   0.10   0.04   0.04
   Equipment            1.0   0.4   0.7   0.05   0.02   0.04
   Intellectual
   property products    1.1   0.7   0.9   0.04   0.03   0.04
  Residential           0.9   5.1   6.1   0.02   0.14   0.18
 Change in private
 inventories                             -0.01   0.00  -0.02
Government
consumption
expenditures
and gross investment    1.6   1.6   1.8   0.30   0.29   0.32
 Federal                1.0   1.0   1.6   0.08   0.07   0.11
  National defense      1.1   0.6   1.4   0.06   0.03   0.06
  Nondefense            0.9   1.6   2.0   0.02   0.04   0.05
 State and local        1.9   2.0   1.9   0.22   0.22   0.21
Addenda:
Gross domestic
purchases:
 Food                   2.2   1.0   1.4   0.11   0.05   0.07
 Energy goods
 and services           1.4  -0.8  -0.8   0.05  -0.03  -0.03
 Excluding food
 and energy             1.8   1.5   1.6   1.60   1.41   1.51
Personal consumption
expenditures (PCE):
 Food and beverages
 purchased for off-
 premises consumption   2.3   1.0   1.9
 Energy goods
 and services           1.4  -0.9  -0.8
 Excluding food
 and energy             1.9   1.5   1.5
Gross domestic
product (GDP)           1.8   1.6   1.6
Exports of goods
and services            0.9   0.2   0.1
Imports of goods
and services            0.6  -0.8  -0.2

                        Revisions (Perentage points)

Gross domestic
purchases               0.1   0.1   0.1   0.1    0.1    0.1
 Food                   0.0   0.0  -0.1   0.00   0.00   0.00
 Energy goods
 and services           0.0   0.0   0.0   0.00   0.00   0.00
 Excluding food
 and energy             0.1   0.1   0.1   0.06   0.14   0.16
PCE                     0.1   0.2   0.1   0.03   0.11   0.06
 Food and
 beverages
 purchased
 for off-premises
 consumption            0.0   0.0   0.0
 Energy goods
 and services           0.0  -0.1  -0.1
 Excluding food
 and energy             0.1   0.2   0.1
Gross domestic
product                 0.0   0.1   0.1
Exports of goods
and services            0.0   0.1   0.0
Imports of goods
and services            0.1   0.0   0.0

(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
                                2012       2013        2014

  National income             14,061.9   14,458.3    15,076.5
Compensation of employees      8,609.9    8,839.7     9,248.9
 Wages and salaries            6,930.3    7,114.4     7,477.8
  Government                   1,198.2    1,207.6     1,237.2
  Other                        5,732.0    5,906.8     6,240.5
 Supplements to wages and
 salaries                      1,679.6    1,725.3     1,771.2
  Employer contributions for
  employee pension and
  insurance funds              1,165.3    1,197.8     1,224.0
  Employer contributions for
  government social
  insurance                      514.3      527.5       547.2
Proprietors' income
with IVA and CCAdj             1,241.4    1,285.1     1,346.7
 Farm                             61.6       88.8        78.1
 Nonfarm                       1,179.8    1,196.3     1,268.6
Rental income of
persons with
CCAdj                            525.3      563.4       610.8
Corporate profits
with IVA and
 CCAdj                         1,998.2    2,037.4     2,072.9
 Taxes on corporate income       447.6      468.9       513.9
 Profits after
 tax with IVA and
  CCAdj                        1,550.5    1,568.5     1,559.1
  Net dividends                  859.4      924.0       860.0
  Undistributed
  profits with IVA
  and CCAdj                      691.2      644.5       699.0
Net interest
and miscellaneous
payments                         527.7      513.5       532.3
Taxes on
production and
imports                        1,132.1    1,178.0     1,213.7
Less: Subsidies                   58.0       59.4        57.9
Business
current transfer
payments (net)                   104.7      119.4       127.3
 To persons (net)                 42.7       41.2        42.0
 To government (net)              72.6       91.9        94.8
 To the rest of
the world (net)                  -10.6      -13.7        -9.5
Current surplus
of government
enterprises                      -19.3      -18.8       -18.3

                                          Revisions

  National income                 -7.6     -118.7         0.0
Compensation of employees          3.4       -5.1        21.3
Proprietors'
income with IVA and
 CCAdj                           -18.8      -51.5       -33.5
Rental income
of persons with
 CCAdj                            -7.6      -32.4       -29.4
Corporate profits
with IVA and
 CCAdj                           -24.6      -69.5       -16.9
Net interest and
miscellaneous
payments                          36.0       13.8        46.0
Taxes on production
and imports                        0.0       15.5        10.6
Less: Subsidies                    0.0       -0.8         0.6
Business current
transfer
payments (net)                    -2.0       -1.2       -13.3
Current surplus
of government
enterprises                        6.0       10.8        15.9

                                        Change from
                                      preceding period
                                 2012       2013        2014

  National income                709.6      396.5       618.2
Compensation of employees        340.9      229.8       409.3
 Wages and salaries              297.1      184.1       363.4
  Government                       3.5        9.4        29.6
  Other                          293.6      174.7       333.8
 Supplements to wages and
 salaries                         43.8       45.6        45.9
  Employer contributions for
  employee pension and
  insurance funds                 23.3       32.5        26.2
  Employer contributions for
  government social
  insurance                       20.4       13.1        19.7
Proprietors' income
with IVA and CCAdj
 Farm                             97.7       43.7        61.6
 Nonfarm                         -14.0       27.2       -10.6
Rental income of                 111.7       16.5        72.2
persons with
CCAdj
Corporate profits                 40.0       38.1        47.4
with IVA and
 CCAdj
 Taxes on corporate income       181.5       39.2        35.6
 Profits after                    68.5       21.3        45.0
 tax with IVA and
  CCAdj
  Net dividends                  113.0       18.0        -9.4
  Undistributed                  155.7       64.7       -64.0
  profits with IVA
  and CCAdj
Net interest                     -42.7      -46.7        54.6
and miscellaneous
payments
Taxes on                          39.7      -14.2        18.7
production and
imports
Less: Subsidies                   29.4       45.9        35.7
Business                          -2.0        1.3        -1.4
current transfer
payments (net)                   -26.9       14.7         7.9
 To persons (net)                 -7.5       -1.6         0.8
 To government (net)             -16.7       19.4         2.9
 To the rest of
the world (net)                   -2.7       -3.1         4.2
Current surplus
of government
enterprises                        5.2        0.5         0.5

                                            Revisions

  National income
Compensation of employees         -7.6     -111.1       118.8
Proprietors'                       3.4       -8.5        26.4
income with IVA and
 CCAdj
Rental income                    -18.8      -32.7        18.0
of persons with
 CCAdj
Corporate profits                 -7.6      -24.8         3.0
with IVA and
 CCAdj
Net interest and                 -24.6      -44.8        52.6
miscellaneous
payments
Taxes on production               36.0      -22.2        32.2
and imports
Less: Subsidies                    0.0       15.5        -5.0
Business current                   0.0       -0.8         1.4
transfer
payments (net)
Current surplus                   -2.0        0.8       -12.1
of government
enterprises
enterprises                        6.0        4.8         5.1

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
                           2012      2013      2014

Gross domestic
product                  16,155.3  16,663.2  17,348.1
Less: Statistical
discrepancy                -203.3    -177.6    -212.0
Equals: Gross domestic
income                   16,358.5  16,840.8  17,560.1
Plus: Income
receipts from the
 rest of the world          801.5     826.2     854.3
Less: Income
payments to the
rest of the world           563.9     575.8     591.2
Equals: Gross
national income          16,596.1  17,091.2  17,823.2
Less: Consumption
of fixed
capital                   2,534.2   2,632.8   2,746.7
Equals: National income  14,061.9  14,458.3  15,076.5
Less:
 Corporate profits
 with IVA and
 CCAdj                    1,998.2   2,037.4   2,072.9
 Taxes on
 production and
 imports less
 subsidies                1,074.0   1,118.6   1,155.8
 Contributions
 for government
 social insurance,
 domestic                   951.6   1,106.8   1,159.0
 Net interest and
 miscellaneous
 payments on assets         527.7     513.5     532.3
 Business
 current transfer
 payments (net)             104.7     119.4     127.3
 Current surplus
 of government
 enterprises                -19.3     -18.8     -18.3
Plus: Personal
income receipts
on assets                 2,123.8   2,060.4   2,117.5
Plus: Personal
current transfer
receipts                  2,366.3   2,426.6   2,529.2
Equals: Personal income  13,915.1  14,068.4  14,694.2

                                  Revisions

Gross domestic product       -7.9    -104.9     -70.9
Statistical discrepancy       5.9      34.3     -30.0
Gross domestic income       -13.8    -139.2     -40.9

                                Change from
                              preceding period
                            2012      2013      2014

Gross domestic
product                     637.3     507.9     684.9
Less: Statistical
discrepancy                -164.9      25.6     -34.4
Equals: Gross domestic
income                      802.3     482.3     719.3
Plus: Income
receipts from the
 rest of the world            8.9      24.6      28.1
Less: Income
payments to the
rest of the world            17.9      11.9      15.4
Equals: Gross
national income             793.2     495.1     732.1
Less: Consumption
of fixed
capital                      83.6      98.6     113.9
Equals: National income     709.6     396.5     618.2
Less:
 Corporate profits
 with IVA and
 CCAdj                      181.5      39.2      35.6
 Taxes on
 production and
 imports less
 subsidies                   31.5      44.6      37.2
 Contributions
 for government
 social insurance,
 domestic                    33.8     155.2      52.2
 Net interest and
 miscellaneous
 payments on assets          39.7     -14.2      18.7
 Business
 current transfer
 payments (net)             -26.9      14.7       7.9
 Current surplus
 of government
 enterprises                  5.2       0.5       0.5
Plus: Personal
income receipts
on assets                   209.9     -63.4      57.1
Plus: Personal
current transfer
receipts                      5.9      60.3     102.5
Equals: Personal income     660.6     153.3     625.8

                                    Revisions

Gross domestic product       -7.9     -97.0      34.0
Statistical discrepancy       5.9      28.4     -64.3
Gross domestic income       -13.8    -125.3      98.3

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
                             2012      2013        2014

 Personal income           13,915.1  14,068.4    14,694.2
Compensation of employees   8,609.9   8,839.7     9,248.9
 Wages and salaries         6,930.3   7,114.4     7,477.8
  Private industries        5,732.0   5,906.8     6,240.5
  Government                1,198.2   1,207.6     1,237.2
 Supplements
 to wages and
 salaries                   1,679.6   1,725.3     1,771.2
Proprietors'
income with IVA
and CCAdj                   1,241.4   1,285.1     1,346.7
 Farm                          61.6      88.8        78.1
 Nonfarm                    1,179.8   1,196.3     1,268.6
Rental income of
persons with
 CCAdj                        525.3     563.4       610.8
Personal income
receipts on
assets                      2,123.8   2,060.4     2,117.5
 Personal interest income   1,288.8   1,271.3     1,302.0
 Personal dividend income     834.9     789.0       815.5
Personal current transfer
receipts                    2,366.3   2,426.6     2,529.2
 Government social
 benefits to
 persons                    2,323.6   2,385.5     2,487.2
 Other current transfer
 receipts, from business
 (net)                         42.7      41.2        42.0
Less: Contributions for
government social
insurance,
domestic                      951.6   1,106.8     1,159.0
Less: Personal
current taxes               1,511.4   1,672.8     1,780.2
Equals:
Disposable personal
income (DPI)               12,403.7  12,395.6    12,913.9
Less: Personal outlays     11,457.0  11,805.7    12,293.7
Equals: Personal saving       946.7     589.9       620.2
Personal saving as a
percentage
of DPI (percent)                7.6       4.8         4.8

                                       Revisions

Personal income                27.4     -98.5        39.7
Less: Personal
current taxes                   7.7      11.0        36.3
Equals: DPI                    19.7    -109.5       -76.1
Less: Personal outlays        -30.8     -91.4       -63.7
Equals: Personal saving        50.5     -18.1       -12.4
Personal saving as a
percentage of DPI
(percentage points)             0.4      -0.1        -0.1

                                     Change from
                                   preceding period
                               2012      2013      2014

 Personal income              660.6     153.3     625.8
Compensation of employees     340.9     229.8     409.3
 Wages and salaries           297.1     184.1     363.4
  Private industries          293.6     174.7     333.8
  Government                    3.5       9.4      29.6
 Supplements
 to wages and
 salaries                      43.8      45.6      45.9
Proprietors'
income with IVA
and CCAdj                      97.7      43.7      61.6
 Farm                         -14.0      27.2     -10.6
 Nonfarm                      111.7      16.5      72.2
Rental income of
persons with
 CCAdj                         40.0      38.1      47.4
Personal income
receipts on
assets                        209.9     -63.4      57.1
 Personal interest income      57.2     -17.5      30.7
 Personal dividend income     152.7     -45.9      26.5
Personal current transfer
receipts                        5.9      60.3     102.5
 Government social
 benefits to
 persons                       13.4      61.9     101.7
 Other current transfer
 receipts, from business
 (net)                         -7.5      -1.6       0.8
Less: Contributions for
government social
insurance,
domestic                       33.8     155.2      52.2
Less: Personal
current taxes                  58.2     161.4     107.5
Equals:
Disposable personal
income (DPI)                  602.4      -8.1     518.3
Less: Personal outlays        365.8     348.7     488.0
Equals: Personal saving       236.6    -356.8      30.3
Personal saving as a
percentage
of DPI (percent)

                            Revisions

Personal income               -25.1    -125.9      58.8
Less: Personal
current taxes                 -44.8       3.3      25.3
Equals: DPI                    19.7    -129.2      33.5
Less: Personal outlays        -31.8     -60.6      27.7
Equals: Personal saving        51.5     -68.7       5.8
Personal saving as a
percentage of DPI
(percentage points)

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

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


Line  NIPA component


  1   Gross domestic product
  2    Personal consumption expenditures
  3     Goods
  4      Durable goods
  5       Motor vehicles and parts
           Of which:
  6         Net purchases of used motor vehicles




  7       Furnishings and durable household equipment
  8       Recreational goods and vehicles
           Of which:
  9         Video, audio, photographic, and information
             processing equipment and media


 10       Other durable goods

 11      Nondurable goods
 12       Food and beverages purchased for off-premises
           consumption
           Of which:
 13         Food and nonalcoholic beverages purchased
             for off-premises consumption

 14       Clothing and footwear
 15       Gasoline and other energy goods



 16       Other nondurable goods
 17     Services
 18       Household consumption expenditures (for services)
 19        Housing and utilities.
 20         Housing
             Of which:
 21           Rental of tenant-occupied nonfarm housing






 22           Imputed rental of owner-occupied nonfarm
               housing

 23         Household utilities
 24        Health care
 25         Outpatient services
             Of which:
 26           Physician services


 27         Hospital and nursing home services
             Of which:
 28           Hospitals

 29        Transportation services
            Of which:
 30          Motor vehicle maintenance and repair


 31       Recreation services
             Of which:
 32           Membership clubs, spor ts centers, parks,
               theaters, and museums

 33         Food services and accommodations
 34         Financial services and insurance
 35          Financial services
              Of which:
 36            Financial services furnished without payment







 37         Financial service charges, fees, and commissions



 38          Insurance
              Of which:
 39            Life insurance


 40            Net health insurance



 41         Other services
 42          Communication
              Of which:
 43            Telecommunication services

 44            Internet access

 45          Education services
              Of which:
 46            Higher education





 47         Professional and other services.
 48         Personal care and clothing services

 49         Social services and religious activities
 50         Household maintenance
 51         Net foreign travel (2)
 52          Foreign travel by U.S. residents

 53          Less: Expenditures in the United States by
              nonresidents
 54       Final consumption expenditures of NPISH
 55        Gross output of nonprofit institutions.

 56        Less: Receipts from sales of goods and services by
            nonprofit institutions
 57     Gross private domestic investment
 58       Fixed investment
 59        Nonresidential

 60        Structures
 61         Commercial and health care

 62         Manufacturing
 63         Power and communication
             Of which:
 64            Other power

 65         Mining exploration, shafts, and wells
             Of which:
 66           Petroleum and natural gas

 67         Other structures
 68        Equipment
 69         Information processing equipment
             Of which:
 70           Computers and peripheral equipment



 71           Communication equipment


 72           Medical equipment and instruments


 73           Nonmedical instruments


 74         Industrial equipment
             Of which:
 75           Engines and turbines


 76           Special industry machinery, n.e.c.


 77           General industrial, including materials
               handling, equipment

 78           Electrical transmission, distribution, and
               industrial apparatus

 79        Transportation equipment
             Of which:
 80           Railroad equipment


 81         Other equipment
             Of which:
 82           Agricultural machinery


 83           Construction machinery


 84           Mining and oilfield machinery.


 85      Intellectual property products
 86        Software
             Of which:
 87           Prepackaged

 88      Research and development
 89        Business
 90         Manufacturing
             Of which:
 91           Pharmaceutical and medicine
               manufacturing


 92           Other computer and electronic product
                manufacturing

 93         Nonmanufacturing
 94        Nonprofit institutions serving households
 95       Entertainment, literary, and artistic originals
 96     Residential
 97      Structures
 98       Permanent site
 99       Other structures
           Of which:
100         Improvements

101      Equipment
102    Change in private inventories
103     Farm

104     Nonfarm
105      Change in book value







106       Mining, utilities, and construction
107       Manufacturing
108       Wholesale trade
109        Merchant wholesale
110        Nonmerchant wholesale
111       Retail trade
112       Other industries
113      IVA




114   Net exports of goods and services (2)

115    Exports of goods and services
116     Exports of goods
117      Foods, feeds, and beverages
118      Industrial supplies and materials
119       Durable goods
120       Nondurable goods
121        Petroleum and products (3)
122        Nondurable goods, excluding petroleum and products (3)
123      Capital goods, except automotive
124      Automotive vehicles, engines, and parts
125      Consumer goods, except food and automotive
126      Other
127     Exports of services
128      Transport
129      Travel (for all purposes including education)
130      Charges for the use of intellectual property n.e.c.
131      Other business services
132      Government goods and services n.e.c
133      Other
134    Imports of goods and services
135     Imports of goods
136      Foods, feeds, and beverages
137      Industrial supplies and materials (3)
138       Durable goods
139       Nondurable goods (3)
140        Petroleum and products
141        Nondurable goods, excluding petroleum and products
142      Capital goods, except automotive
143      Automotive vehicles, engines, and parts
144      Consumer goods, except food and automotive
145      Other
146     Imports of services
147      Transport
148      Travel (for all purposes including education)
149      Charges for the use of intellectual property n.e.c.
150      Other business services
151      Government goods and services n.e.c
152      Other
153   Government consumption expenditures and gross
       investment
154    Federal government
155     National defense
156      Consumption expenditures
          Of which:
157        Services


158      Gross investment


159     Nondefense
160      Consumption expenditures
          Of which:
161        Services


162      Gross investment



163    State and local
164     Consumption expenditures
         Of which:
165       Compensation of general government employees

166       Nondurable goods

167       Services

168       Less: Sales to other sectors
           Of which:
169         Tuition and related educational charges

170      Gross investment
          Of which:
171        Structures



172   Gross domestic product
173   Less: Statistical discrepancy (4)
174   Equals: Gross domestic income
175    Compensation of employees, paid

176     Wages and salaries
177     Supplements to wages and salaries
178    Taxes on production and imports

179    Less: Subsidies
180    Net operating surplus
181     Private enterprises
182     Current surplus of government enter prises
183    Consumption of fixed capital
184     Private
185      Domestic business
186       Capital consumption allowances





187       Less: CCAdj (5)
188      Households and institutions
189     Government
190   Plus: Income receipts from the rest of the world (2)

191   Less: Income payments to the rest of the world (2)

192   Equals: Gross national income
193   Less: Consumption of fixed capital

194   Equals: National income
195    Compensation of employees
196     Wages and salaries
197      Government



198      Other

199     Supplements to wages and salaries
200      Employer contributions for employee pension and
          insurance funds








201      Employer contributions for government social
          insurance
202    Proprietors' income with IVA and CCAdj
203     Farm
204      Proprietors' income with IVA
205      CCAdj
206     Nonfarm
207      Proprietors' income





208      IVA
209      CCAdj

210    Rental income of persons with CCAdj
211     Rental income of persons






212     CCAdj
213    Corporate profits with IVA and CCAdj
214     Domestic industries
215      Financial
216      Nonfinancial
217     Rest of the world (2)

218    Less: CCAdj

219    Equals: Corporate profits with IVA
220     Domestic industries
221      Financial
222       Federal Reserve banks
223       Other financial
224      Nonfinancial
225       Utilities
226       Manufacturing
227        Durable goods
228        Nondurable goods
229       Wholesale trade
230       Retail trade
231       Transportation and warehousing
232       Information
233       Other nonfinancial
234     Rest of the world (2)

235    Less: IVA
236    Equals: Corporate profits before tax without IVA and CCAdj




237    Less: Taxes on corporate income
238    Equals: Profits after tax
239    Less: Net corporate dividend payments
240    Equals: Undistributed corporate profits
241    Net interest and miscellaneous payments
242     Net interest
243      Domestic business
          Of which:
244        Monetary interest paid









245       Less: Monetary interest received







246       Imputed interest paid, depositor, insurance, and
          pension services
          Of which:
247        Banks, credit agencies, and investment
            companies



248        Life insurance carriers



249        Employee pension plans



250       Less: Imputed interest received, depositor,
           insurance, and pension services







251      Owner-occupied housing
252      Nonprofit institutions
253      Rest of the world (2)
254     Miscellaneous payments
255      Federal rents and royalties
256      State and local rents and royalties
257    Taxes on production and imports
258     Federal




259     State and local





260    Less: Subsidies
261     Federal
262     State and local
263    Business current transfer payments (net)
264     To persons (net)
265     To government (net)



266     To the rest of the world (net) (2)

267    Current surplus of government enterprises
268     Federal



269     State and local


      Addenda:
270   Gross national product
271   Gross saving
272   Personal income

273    Compensation of employees
274    Proprietors' income with IVA and CCAdj
275    Rental income of persons with CCAdj
276    Personal income receipts on assets
277     Personal interest income







278     Personal dividend income



279    Personal current transfer receipts
280     Government social benefits to persons
281      Federal








282      State and local


283   Other current transfer receipts, from business (net)
284   Less: Contributions for government social insurance, domestic
285    Federal


286    State and local
287   Less: Personal current taxes
288    Federal



289    State and local




290   Equals: Disposable personal income
291   Less: Personal outlays
292    Personal consumption expenditures
293    Personal interest payments



294    Personal current transfer payments
295     To government
296     To the rest of the world (net) (2)
297   Equals: Personal saving

      Billions of dollars        Revised
Line  Revision in level          2014
       2012    2013      2014    level

  1    -7.9   -104.9    -70.9   17,348.1
  2   -32.5    -92.1    -64.4   11,865.9
  3    -2.8    -14.4    -20.2    3,948.4
  4    -0.2    -11.5    -22.3    1,280.2
  5     0.7     -1.0     -7.7      440.2

  6     0.3     -1.9     -9.6      109.2




  7     0.3     -0.7      0.4      287.9
  8     1.8     -1.9     -7.0      354.6

  9     2.2     -1.7     -6.5      210.8



 10    -3.0     -7.9     -8.0      197.5

 11    -2.6     -3.0      2.0    2,668.2
 12    -6.1     -6.2     -2.1      886.5


 13    -5.8     -4.8     -1.6      759.9


 14     0.6      1.8      3.4      368.9
 15     1.4      4.7      2.9      401.1



 16     1.6     -3.2     -2.2    1,011.7
 17   -29.7    -77.6    -44.2    7,917.5
 18   -34.1    -75.9    -38.5    7,595.2
 19   -13.6    -28.9    -23.4    2,142.6
 20   -13.5    -28.4    -21.4    1,824.8

 21   -11.3    -21.2    -13.1      448.7






 22
        1.3     -5.3     -6.2    1,351.0

 23    -0.1     -0.6     -2.0      317.7
 24   -18.8    -39.6    -43.2    1,954.0
 25    -8.9    -20.0    -18.9      874.7

 26    -5.9    -19.2    -16.9      451.1


 27   -10.0    -19.6    -24.3    1,079.3

 28   -10.0    -20.6    -26.8      908.9

 29    -0.4      1.2      9.7      354.5

 30    -0.4      0.1      5.9      177.4


 31     1.3     -1.3     10.9      455.5

 32
       -0.1     -0.4      4.5      168.8

 33     0.2     -4.4     -4.6      750.9
 34     0.9     11.0     -2.4      882.7
 35     9.3     13.8      5.5      565.1

 36     1.6      9.4     11.9      306.3







 37     7.6      4.4     -6.4      258.8



 38    -8.4     -2.8     -7.9      317.7

 39    -9.3     -1.7     -4.0       92.9


 40     0.4     -1.9     -5.7      151.0



 41    -3.6    -13.9     14.5    1,055.0
 42    -1.3    -11.0     -0.2      270.8

 43    -0.9     -8.5     -7.0      164.1

 44    -0.4     -2.4      6.9       96.0

 45    -2.8     -8.3    -14.3      267.4

 46    -2.2     -7.3    -10.3      179.4





 47    -0.4      0.2      0.9      179.5
 48     0.5      5.1     12.1      142.1

 49    -0.4     -0.5     -1.5      161.2
 50     0.3      0.3      2.2       73.0
 51     0.3      0.4     15.4      -39.1
 52     0.3     -0.3      6.7      140.8

 53
        0.0     -0.7     -8.6      179.9
 54     4.4     -1.7     -5.7      322.3
 55    -3.1     -9.7    -24.2    1,278.3

 56
       -7.5     -7.9    -18.5      956.0
 57    32.5     17.0      8.4    2,860.0
 58    35.6     19.3     13.3    2,782.9
 59    35.7     30.3     23.2    2,233.7

 60     1.1      4.9      0.1      507.0
 61     0.0      0.1      6.1      127.5

 62     0.0      2.6      2.2       56.1
 63     0.0      3.2     -2.0      106.3

 64     0.0      3.1     -6.6       27.2

 65     1.1     -2.1     -9.5      144.4

 66     1.1     -3.5    -10.5      132.8

 67     0.0      1.0      3.2       72.8
 68    33.9     22.6     19.4    1,036.7
 69     7.8     10.1     13.8      308.0

 70     1.4      4.5      3.6       79.3



 71    -5.6     -4.8     -1.4       97.2


 72     4.5      3.6      4.1       84.8


 73     6.6      7.3      8.1       36.1


 74    10.1     -2.8    -14.8      223.8

 75     4.5      3.7      0.9        9.8


 76    -4.0     -9.6    -22.4       40.0


 77     4.8     -0.2      3.5       83.7


 78     2.7      4.1      4.5       34.7


 79     1.7     12.4     14.8      272.4

 80     2.3      6.7      7.6       18.2


 81    13.7      1.6      1.6      240.3

 82    18.3     20.3     19.5       39.5


 83   -12.5    -25.8    -24.8       40.7


 84     5.6      7.2      6.6       31.2


 85     0.7      2.8      3.7      690.0
 86     0.2      0.5      8.2      313.0

 87     0.5      0.6      4.4       84.8

 88     1.8      4.2     -2.9      298.3
 89     2.3      5.5     -2.1      278.3
 90     2.0      7.0     -1.9      229.9

 91     3.2      7.2      7.0       74.9



 92    -0.8     -3.4     -4.4       31.6


 93     0.4     -1.5     -0.1       48.4
 94    -0.5     -1.3     -0.9       20.0
 95    -1.3     -2.0     -1.6       78.6
 96    -0.1    -11.0     -9.9      549.2
 97    -0.1    -11.1    -10.0      539.9
 98     0.0     -0.8      0.9      235.4
 99    -0.1    -10.2    -10.9      304.5

100     0.0    -10.7     -9.9      169.1

101     0.0      0.1      0.1        9.3
102    -3.1     -2.3     -4.9       77.1
103    10.8     -1.1     -2.0        5.9

104     7.8     -1.1     -2.9       71.2
105    11.5      5.2      4.0       76.4







106     0.2     -2.4      1.2        2.8
107     6.4      1.3      2.1       19.8
108     6.0      2.3     -2.0       31.4
109     6.2      1.4      0.6       35.3
110    -0.1      0.7     -2.6       -3.9
111    -1.5      2.7      1.9       15.1
112     0.4      1.3      0.7        7.3
113    -3.8     -6.4     -7.0       -5.2




114     2.6     -0.2      8.2     -530.0

115     4.0      1.0      5.0    2,341.9
116    -1.2     -1.9      3.3    1,618.0
117     0.1      0.0      3.8      143.8
118     0.8      0.2     -1.3      500.0
119     0.0      0.0      0.1      140.7
120     0.8      0.3     -1.4      359.3
121                                161.2
122                                198.1
123    -0.1      0.0      1.0      551.3
124     0.0      0.1     -0.2      159.7
125     0.0      0.0     -0.3      198.3
126    -2.1     -2.2      0.2       64.9
127     5.2      2.9      1.7      723.9
128     0.4      0.1     -2.3       90.0
129     0.4     -0.2     -7.7      177.2
130    -1.1     -1.3     -0.2      130.4
131     3.3      3.4      9.8      292.5
132    -1.4     -1.6      1.5       19.3
133     3.6      2.5      0.6       14.5
134     1.4      1.2     -3.3    2,871.9
135    -0.2     -0.4      3.0    2,388.5
136     0.0      0.0     -0.1      126.7
137                                667.0
138    -0.1      0.0      0.5      169.0
139                                498.0
140     0.0      0.1     -0.2      350.9
141     0.0      0.0      1.3      147.0
142     0.0      0.1     -0.1      595.7
143     0.0      0.0     -0.4      328.5
144     0.0      0.0      0.4      559.4
145    -0.1     -0.5      1.5      111.3
146     1.6      1.6     -6.3      483.4
147     0.0     -0.1     -0.5       94.2
148     0.0     -0.6     -2.9      110.8
149    -0.8      0.0      0.6       42.1
150     2.5      2.3     -4.0      206.1
151     0.0      0.0      0.4       24.2
152    -0.1      0.1      0.0        6.0
153
      -10.6    -29.7    -23.1    3,152.1
154     1.1     -0.9      0.7    1,219.9
155    -0.2     -2.3    -13.3      748.2
156     3.5     -2.0    -19.1      599.8

157    -0.2     -3.3    -17.7      161.1


158    -3.7     -0.2      5.8      148.5


159     1.3      1.4     14.0      471.6
160     0.8      0.3      9.2      355.5

161     0.8      1.3      6.6       84.1


162     0.6      1.1      4.8      116.1



163   -11.7    -28.8    -23.8    1,932.3
164    -9.8    -23.9    -19.4    1,601.0

165     0.1     -0.6      9.0    1,238.9

166    -6.8    -15.1    -18.9      241.5

167    -8.8    -21.2    -25.4      372.8

168    -5.9    -12.8    -15.1      430.1

169    -1.6     -5.4     -8.0       96.3

170    -1.9     -4.9     -4.4      331.3

171    -1.7     -4.8     -4.3      256.8



172    -7.9   -104.9    -70.9   17,348.1
173     5.9     34.3    -30.0     -212.0
174   -13.8   -139.2    -40.9   17,560.1
175     3.6     -4.9     21.7    9,258.4

176    -1.6    -10.1     26.5    7,487.2
177     5.2      5.2     -4.8    1,771.2
178     0.0     15.5     10.6    1,213.7

179     0.0     -0.8      0.6       57.9
180   -21.5   -156.2    -83.0    4,399.2
181   -27.5   -167.1    -99.0    4,417.5
182     6.0     10.8     15.9      -18.3
183     4.0      5.6     10.5    2,746.7
184     3.8      5.8     13.6    2,229.9
185     3.7      5.7     13.0    1,775.2
186   -11.3     28.6    301.4    1,815.6





187   -15.0     22.9    288.3       40.4
188     0.1      0.1      0.6      454.8
189     0.3     -0.2     -3.1      516.8
190     7.7     15.8     26.6      854.3

191    -2.5    -10.3    -24.8      591.2

192    -3.6   -113.1     10.5   17,823.2
193     3.8      5.5     11.3    2,747.5

194    -7.6   -118.7      0.0   15,076.5
195     3.4     -5.1     21.3    9,248.9
196    -1.8    -10.3     26.1    7,477.8
197    -0.1     -0.5     15.1    1,237.2



198    -1.8     -9.8     11.0    6,240.5

199     5.2      5.2     -4.8    1,771.2
200
        4.8      3.9     -2.4    1,224.0








201     0.4      1.3     -2.4      547.2

202   -18.8    -51.5    -33.5    1,346.7
203   -10.7      5.6     14.5       78.1
204   -10.7      5.6     14.6       84.1
205     0.0      0.0     -0.1       -6.0
206    -8.1    -57.1    -48.1    1,268.6
207    -7.4    -75.5   -139.1    1,072.0





208    -0.4     -0.4      0.3        1.1
209    -0.3     18.8     90.7      195.5

210    -7.6    -32.4    -29.4      610.8
211    -7.6    -32.3    -29.3      628.0






212     0.0     -0.1     -0.1      -17.2
213   -24.6    -69.5    -16.9    2,072.9
214   -33.1    -81.2    -41.1    1,654.7
215   -13.4   -104.2    -65.0      383.6
216   -19.8     23.0     24.0    1,271.1
217     8.5     11.7     24.2      418.2

218   -14.6      4.3    197.7     -131.9

219   -10.0    -73.8   -214.6    2,204.9
220   -18.5    -85.5   -238.8    1,786.6
221    -9.8   -109.8    -87.5      423.4
222     0.0      0.0     10.9      103.4
223    -9.8   -109.8    -98.4      320.0
224    -8.7     24.3   -151.3    1,363.2
225    -0.4      5.5    -19.8       27.7
226    -8.4     23.9    -57.3      439.8
227    -2.8      7.5    -39.3      223.3
228    -5.6     16.4    -18.1      216.5
229    -1.4     -9.0    -17.8      147.7
230    -3.1    -11.8    -19.9      158.4
231     2.0     -9.6    -12.8       65.3
232    -0.6     21.1     -4.3      126.5
233     3.2      4.0    -19.4      397.7
234     8.5     11.7     24.2      418.2

235    -4.7     -0.1     -2.5       -2.9
236    -5.3    -73.7   -212.1    2,207.8




237    -7.2     -5.4    -78.8      513.9
238     1.9    -68.3   -133.4    1,693.9
239     2.2    -35.5    -45.1      860.0
240    -0.4    -32.8    -88.3      833.9
241    36.0     13.8     46.0      532.3
242    36.0     13.8     45.2      508.5
243    34.0     -0.5               357.2

244     7.1    -82.7             1,198.2









245   -26.4    -69.7             1,599.9







246    -2.2     28.6               931.9


247
        0.4      8.4               271.9



248    -0.2      9.8               264.3



249    -0.2     13.2               361.4



250
       -1.6     17.2               248.3







251     0.2     -0.1               288.2
252     0.0     -0.1                 8.8
253     1.9     14.5              -145.7
254     0.0     -0.1      0.8       23.8
255     0.0      0.1      0.9       10.6
256     0.0     -0.2     -0.2       13.2
257     0.0     15.5     10.6    1,213.7
258     0.1      4.9      3.7      137.8




259    -0.1     10.6      6.8    1,075.9





260     0.0     -0.8      0.6       57.9
261     0.0     -0.8      0.6       57.4
262     0.0      0.0      0.0        0.5
263    -2.0     -1.2    -13.3      127.3
264    -0.4     -1.2     -2.2       42.0
265     0.7      2.9     -4.8       94.8



266    -2.3     -2.9     -6.3       -9.5

267     6.0     10.8     15.9      -18.3
268     0.2      4.0     10.0       -9.7



269     5.8      6.9      5.9       -8.6



270     2.3    -78.9    -19.5   17,611.2
271    35.7      5.1    111.2    3,266.8
272    27.4    -98.5    -39.7   14,694.2

273     3.4     -5.1     21.3    9,248.9
274   -18.8    -51.5    -33.5    1,346.7
275    -7.6    -32.4    -29.4      610.8
276    35.2    -19.3     -7.8    2,117.5
277    32.9     16.2     37.3    1,302.0







278     2.3    -35.5    -45.1      815.5



279    15.6     12.1      6.5    2,529.2
280    16.0     13.3      8.7    2,487.2
281    16.6     16.4     13.9    1,877.3








282    -0.6     -3.1     -5.2      609.9


283    -0.4     -1.2     -2.2       42.0
284     0.4      2.3     -3.2    1,159.0
285     0.1      1.1     -4.9    1,145.2


286     0.3      0.9      1.3       18.9
287     7.7     11.0     36.3    1,780.2
288    15.7     13.8     21.7    1,396.9



289    -8.0     -2.8     14.6      383.3




290    19.7   -109.5    -76.1   12,913.9
291   -30.8    -91.4    -63.7   12,293.7
292   -32.5    -92.1    -64.4   11,865.9
293    -1.0     -2.9     -2.6      254.2



294     2.7      3.6      3.2      173.6
295     1.1      1.3      0.5       95.3
296     1.5      2.3      2.7       78.3
297    50.5    -18.1    -12.4      620.2


Line  Major source data incorporated (1)


  1
  2
  3
  4
  5

  6   Revised trade source data on cars and trucks in operation
      for 2012 and 2013; new trade source data on cars and trucks
      in operation for 2014; revised Census Bureau monthly retail
      trade survey (MRTS) data on retail sales of used motor vehicle
      dealers for 2014.
  7
  8

  9   Revised Census Bureau annual retail trade survey (ARTS) data for
      2012; new ARTS data for 2013; revised MRTS data for 2014; revised
      trade source retail scanner data for 2012 and 2013; new trade
      source retail scanner data for 2014.
 10   Revised ARTS data for 2012; new ARTS data for 2013; revised MRTS
      data for 2014.
 11
 12


 13   Revised ARTS data for 2012; new ARTS data for 2013; revised MRTS
      data for 2014; revised trade source retail scanner data for 2012
      and 2013; new trade source retail scanner data for 2014.
 14
 15   Revised Energy Information Administration supply data on
      non-diesel
      fuel for 2012-2014; new Bureau of Labor Statistics (BLS) consumer
      expenditure survey data on diesel fuel for 2013.
 16
 17
 18
 19
 20

 21   Revised Census Bureau current population survey/housing vacancy
      survey (CPS/HVS) data for 2012 and 2013; new CPS/HVS data for
      2014; new American housing survey (AHS) units for 2013; revised
      Bureau of Economic Analysis (BEA) household utilities data for
      2012 and 2013; new BEA household utilities data for 2014; new
      BLS consumer expenditure survey data on tenant expenditures
      for 2013.
 22
      Revised CPS/HVS data for 2012 and 2013; new CPS/HVS data for
      2014; new AHS data for 2013.
 23
 24
 25

 26   Revised Census Bureau ser vice annual survey (SAS) taxable
      and tax-exempt revenue data for 2012 and 2013; new SAS data
      for 2014.
 27

 28   Revised SAS taxable and tax-exempt revenue data for 2012 and
      2013; new SAS data for 2014.
 29

 30   Revised SAS taxable revenue data for 2012 and 2013; new SAS
      data for 2014; new ARTS data for 2013; revised MRTS data for
      2014; revised trade source data for 2012-2014.
 31

 32
      Revised SAS taxable and tax-exempt revenue data and admissions
      revenue data for 2012 and 2013; new SAS data for 2014.
 33
 34
 35

 36   Revised Federal Reserve Board (FRB) financial accounts of the
      United States data for 2012 and 2013; new FRB data for 2014;
      revised Internal Revenue Service (IRS) tabulations of corporate
      tax return data for 2012; new IRS tabulations of corporate and
      of sole proprietorship and partnership tax return data for 2013;
      new Federal Deposit Insurance Corporation (FDIC) data for 2014;
      new trade source data on credit unions and on investment
      companies for 2014.
 37   Revised SAS product revenue data on portfolio management and
      investment advice services for 2012 and 2013; new SAS data for
      2014; revised FRB financial accounts of the United States data
      for 2012 and 2013; new FRB data for 2014.
 38

 39   Revised trade source data on life insurance company expenses for
      2012; new trade source data for 2013; new BLS quarterly census
      of employment and wages (QCEW) data for 2014.
 40   Revised benefits-to-premiums ratio based on new trade source data
      on medical insurance for 2013; new Department of Health and
      Human Services medical expenditures panel survey data for
      2013 and 2014.
 41
 42

 43   Revised SAS taxable revenue data and product revenue data
      for 2012 and 2013; new SAS data for 2014.
 44   Revised SAS product revenue data for 2012 and 2013; new
      SAS data for 2014.
 45

 46   Revised Census Bureau government finances fiscal year
      (FY) 2012 tabulations of state and local government sales
      of higher education services for 2012; new FY 2013 tabulations
      for 2012 and 2013; new National Center for Education Statistics
      data on tuition and fees for private higher education services
      for 2013.
 47
 48   Revised SAS taxable revenue data for 2012 and 2013; new SAS data
      for 2014.
 49
 50
 51
 52   Revised BEA international transactions accounts estimates for
      2012-2014.
 53

 54
 55   Revised SAS tax-exempt expenses data for 2012 and 2013; new
      SAS data for 2014.
 56
      See entries for components under Household consumption
 57   expenditures (for services), line 18.
 58
 59

 60
 61   Revised Census Bureau construction spending (value-put-in-place)
      data for 2013 and 2014.
 62
 63

 64   Revised Census Bureau construction spending (value-put-in-place)
      data for 2013 and 2014.
 65

 66   Revised trade source data on footage drilled for 2012-2014; new
      Census Bureau annual capital expenditures survey data for 2013.
 67
 68
 69

 70   New Census Bureau economic census data for 2012; new Census
      Bureau annual survey of manufactures (ASM) data for 2013;
      revised Census Bureau monthly industry shipments data for
      2014.
 71   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 72   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 73   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 74

 75   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 76   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 77   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 78   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 79

 80   Revised BEA annual input-output accounts data for 2012 and
      2013; revised Census Bureau monthly industry shipments data
      for 2014.
 81

 82   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 83   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 84   New Census Bureau economic census data for 2012; new ASM data
      for 2013; revised Census Bureau monthly industry shipments
      data for 2014.
 85
 86

 87   Revised SAS revenue data for 2012 and 2013; new SAS data for
      2014.
 88
 89
 90

 91   New National Science Foundation (NSF) business research and
      development and innovation survey data for 2013; new public
      financial reports data on research and development (R&D)
      expenses.
 92   New NSF business research and development and innovation
      survey data for 2013; new public financial reports data
      on research and development (R&D) expenses.
 93
 94
 95
 96
 97
 98
 99

100   Revised Census Bureau construction spending
      (value-put-in-place) data for 2013 and 2014.
101
102
103   Revised United States Department of Agriculture
      (USDA) data for 2012-2014.
104
105   New Census Bureau economic census data on inventory
      book values for 2012; new ASM data on inventor y book
      values for 2013; revised Census Bureau annual wholesale
      trade survey (AWTS) data on inventory book values for
      2012; new AWTS data for 2013; revised ARTS data on
      inventor y book values for 2012; new ARTS data for
      2013; revised Census Bureau monthly inventory data
      for 2014.
106
107
108
109
110
111
112
113   New Census Bureau economic census data and revised
      AWTS and ARTS data on accounting methods used for
      inventory reporting for 2012; new ASM, AWTS, and
      ARTS data for 2013; revised BEA unit labor cost
      indexes for 2012-2014.
114   Revised BEA international transactions accounts
      estimates for 2012-2014.
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153

154
155
156

157   Revised allocations of FY 2012 and FY 2013 OMB Budget data
      for 2012 and 2013; revised FY 2014 OMB Budget data for 2013
      and 2014; new preliminary FY 2015 OMB Budget data for 2014.
158   Revised Department of Defense Budget justification data for
      2012- 2014; revised NSF data for 2012 and 2013; revised OMB
      Budget data for 2014.
159
160

161   Revised allocations of FY 2012 and FY 2013 OMB Budget data for
      2012 and 2013; revised FY 2014 OMB Budget data for 2013 and 2014;
      new preliminary FY 2015 OMB Budget data for 2014.
162   Revised allocations of FY 2012 and FY 2013 OMB Budget data for
      2012 and 2013; revised FY 2014 OMB Budget data for 2013 and 2014;
      new preliminary FY 2015 OMB Budget data for 2014; new and revised
      NSF survey data for 2012 and 2013.
163
164

165   Revised BLS quarterly census of employment and wages (QCEW) data
      for 2012 and 2013; new QCEW for 2014.
166   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013.
167   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013.
168

169   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013.
170

171   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013; revised
      Census Bureau construction spending (value-put-in-place) data
      for 2013 and 2014.
172
173
174
175   See entries for components under Compensation of employees,
      line 195, and additional source data below.
176
177
178   See entries for components under Taxes on production and
      imports, line 257.
179
180
181
182
183
184
185   Revised BEA fixed investment and price estimates for 2012-2014.
186   Revised IRS tabulations of corporate tax return data
      for 2012; new IRS tabulations of corporate and of
      sole proprietorship and partnership tax return data
      for 2013; revised Office of Ta x Analysis bonus
      depreciation estimates for 2012-2014; revised BEA
      fixed investment estimates for 2012-2014.
187
188
189
190   Revised BEA international transactions accounts
      estimates for 2012-2014.
191   Revised BEA inter national transactions accounts
      estimates for 2012-2014.
192
193   See entries for components under Consumption of
      fixed capital, line 183.
194
195
196
197   Revised QCEW data for 2012 and 2013; new QCEW data
      for 2014; revised FY 2014 OMB Budget data for 2013
      and 2014; new preliminary FY 2015 OMB Budget data
      for 2014.
198   Revised QCEW data for 2012 and 2013; new QCEW data
      for 2014; revised BLS noncovered industries data for
199   2013.
200
      New Department of Labor pension data for 2012; revised
      Pension Benefit Guaranty Corporation (PBGC) data for
      2012; new PBGC data for 2013; revised FRB financial
      accounts of the United States data for 2012 and 2013;
      new FRB data for 2014; revised FY 2012 Census Bureau
      survey of public pensions data for 2012; new FY 2013
      survey of public pensions data for 2012 and 2013; new
      Department of Health and Human Services medical
      expenditure panel survey data for 2013 and 2014.
201

202
203
204   Revised USDA data for 2012-2014.
205
206
207   Revised IRS tabulations of corporate tax return
      data for the posttabulation adjustments for 2012;
      new IRS tabulations of sole proprietorship and partnership
      tax return data for 2013; new Census Bureau
      nonfiler income data for 2013; revised Office of
      Tax Analysis bonus depreciation estimates for 2012-2014.
208
209   See entries for components under Consumption of fixed capital,
      line 183.
210
211   Revised Census Bureau current population survey/housing vacancy
      survey (CPS/HVS) data for 2012 and 2013; new CPS/HVS data for
      2014; new Census Bureau American housing survey (AHS) data for
      2012 and 2013; revised BEA household utilities data for 2012
      and 2013; new BEA household utilities data for 2014; revised
      trade source data on insurance for 2012; new trade source data
      on insurance for 2013.
212
213
214
215
216
217   Revised BEA international transactions accounts estimates for
      2012-2014.
218   See entries for components under Consumption of fixed capital,
      line 183.
219   See entries for components under Corporate profits
220   before tax without IVA and CCAdj, line 236.
221
222
223
224
225
226
227
228
229
230
231
232
233
234   See entries for components under Corporate profits with IVA
      and CCAdj, line 217.
235
236   Revised IRS tabulations of corporate tax return data for
      2012; new IRS tabulations for 2013; revised Census Bureau
      quarterly financial report data for 2014; new and revised
      regulatory agency and public financial reports data on
      profits for 2014.
237
238
239
240
241
242
243

244   Revised IRS tabulations of corporate tax return data for
      2012; new IRS tabulations of corporate and of sole
      proprietorship and partnership tax return data for
      2013; revised FRB financial accounts of the United
      States data on nonfinancial corporate liabilities
      for 2012 and 2013; new FRB data for 2014; revised
      USDA data on interest paid by farmers for 2012 and
      2013; new USDA data for 2014; new FDIC data for
      2014; new trade source data on credit unions and
      on investment companies for 2014.
245   Revised IRS tabulations of corporate tax return data for
      2012; new IRS tabulations of corporate and of sole
      proprietorship and partnership tax return data for
      2013; revised FRB financial accounts of the United
      States data on nonfinancial corporate assets for
      2012 and 2013; new FRB data for 2014; new FDIC data
      for 2014; new trade source data on credit unions and
      on investment companies for 2014.
246


247
      Revised IRS tabulations of corporate tax return data
      for 2012; new IRS tabulations for 2013; new FDIC data
      for 2014; new trade source data on credit unions and
      on investment companies for 2014.
248   New trade source data on investment income of life
      insurance carriers for 2013; revised FRB financial
      accounts of the United States data on life insurance
      company assets for 2012 and 2013; new FRB data for 2014.
249   Revised PBGC data on defined benefit pension plans for
      2012; new PBGC data for 2013; revised FRB financial
      accounts of the United States data on defined benefit
      pension plans for 2012-2014.
250
      Revised PBGC data on defined benefit pension plans for
      2012; new PBGC data for 2013; revised FRB financial
      accounts of the United States data on defined benefit
      pension plans for 2012-2014; revised FRB financial
      accounts of the United States data for 2012 and 2013;
      new FRB data for 2014; revised IRS tabulations of
      corporate tax return data for 2012; new IRS tabulations
      for 2013; new FDIC data for 2014.
251
252
253
254
255
256
257
258   Revised FY 2014 OMB Budget data for 2013 and 2014; new
      preliminary FY 2015 OMB Budget data for 2014; revised
      IRS data on federal excise taxes for 2013 and 2014; new
      Alcohol and Tobacco Tax and Trade Bureau data for 2013
      and 2014.
259   Revised Census Bureau government finances FY 2012
      tabulations for 2012; new FY 2013 tabulations for 2012
      and 2013; revised FY 2012 and FY 2013 Census Bureau
      state government tax collections data for 2012 and 2013;
      new FY 2014 state government tax collections data for
      2013 and 2014.
260
261
262
263
264
265   New federal receipts data from the IRS and the Department
      of the Treasury for 2014; new FDIC data on deposit insurance
      premiums for 2014; revised USDA data on federal flood and crop
      insurance premiums for 2013; new USDA data for 2014.
266   Revised international transactions accounts estimates for
      2012-2014.
267
268   Revised FY 2014 OMB Budget data for 2013 and 2014; new
      preliminary FY 2015 OMB Budget data for 2014; new annual
      financial reports of federal enterprises data for 2013 and
      2014.
269   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013.


270
271
272   See entries for components under National Income, line
      194, and additional sources below.
273
274
275
276
277   Revised FRB financial accounts of the United States data
      for 2012 and 2013; new FRB data for 2014; revised IRS tabulations
      of corporate tax return data for 2012; new IRS tabulations of
      corporate and of sole proprietorship and partnership tax return
      data for 2013; new trade source data on investment income of life
      insurance carriers for 2013; new FDIC data for 2014; new trade
      source data on credit unions and on investment companies for
      2014.
278   Revised IRS tabulations of corporate tax return data for 2012;
      new IRS tabulations for 2013; new and revised regulatory agency
      and public financial reports data on dividends for 2014; revised
      BEA international transactions accounts estimates for 2012-2014.
279
280
281   Revised FY 2014 OMB Budget data for 2013 and 2014; new
      preliminary
      FY 2015 OMB Budget data for 2014; new and revised administrative
      data on other government social benefits programs for 2012-2014;
      revised Department of Labor data on unemployment benefits for
      2012-2014; revised IRS data on refundable tax credit programs
      for 2012 and 2013; revised Centers for Medicare and Medicaid
      Services (CMS) data on incurred Medicare benefits for 2012
      and 2013; new CMS data for 2014.
282   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013; revised
      CMS data on Medicaid benefits for 2014.
283
284
285   Revised Social Security Administration (SSA) data on taxable
      earnings for 2013; new SSA data for 2014; revised MTS data
      for 2014; new QCEW data on wages for 2014.
286
287
288   Revised SSA data on taxable earnings for 2013; new SSA data
      for 2014; revised MTS data for 2014; new QCEW data on wages
      for 2014; new IRS data on refundable tax credit programs for
      2012-2014.
289   Revised Census Bureau government finances FY 2012 tabulations
      for 2012; new FY 2013 tabulations for 2012 and 2013; revised
      FY 2012 and FY 2013 Census Bureau state government tax
      collections data for 2012 and 2013; new FY 2014 state government
      tax collections data for 2013 and 2014.
290
291
292
293   Revised FRB interest rate data for 2012-2014; revised
      FRB consumer credit outstanding data for 2012-2014;
      revised FRB financial accounts of the United States
      data for 2012 and 2013; new FRB data for 2014.
294
295
296
297

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
NPISHs Nonprofit institutions serving households
OMB Office of Management and Budget
USDA United States Department of Agriculture

(1.) In these descriptions, "new" indicates that this is the first time
that data from a specific source are being incorporated into the
component estimate for the given year, and "revised" indicates that
data from the 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 Jeffrey R.
Bogen, "Annual Revision of the U.S. International Transactions
Accounts," Sur vey of Current Business 95 (July 2015): 1-11.
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.
(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, 2014
[Billions of dollars].

Account 1. Domestic Income and Product Account

Line

 1    Compensation of employees, paid                        9,258.4
 2     Wages and salaries                                    7,487.2
 3      Domestic (3-12)                                      7,470.9
 4      Rest of the world (5-15)                                16.3
 5     Supplements to wages and salaries (3-14)              1,771.2
 6    Taxes on production and imports (4-15)                 1,213.7
 7    Less: Subsidies (4-8)                                     57.9
 8    Net operating surplus                                  4,399.2
 9     Private enterprises (2-19)                            4,417.5
10     Current surplus of government enter prises (4-28)       -18.3
11    Consumption of fixed capital (6-14)                    2,746.7
12    Gross domestic income                                 17,560.1
13    Statistical discrepancy (6-20)                          -212.0
14    Gross domestic product                                17,348.1
15    Personal consumption expenditures (3-3)               11,865.9
16     Goods                                                 3,948.4
17      Durable goods                                        1,280.2
18      Nondurable goods                                     2,668.2
19     Services                                              7,917.5
20    Gross private domestic investment                      2,860.0
21     Fixed investment (6-2)                                2,782.9
22      Nonresidential                                       2,233.7
23       Structures                                            507.0
24       Equipment                                           1,036.7
25       Intellectual property products                        690.0
26      Residential                                            549.2
27     Change in private inventories (6-4)                      77.1
28    Net exports of goods and services                       -530.0
29     Exports (5-1)                                         2,341.9
30     Imports (5-13)                                        2,871.9
31    Government consumption expenditures and gross          3,152.1
       investment (4-1 plus 6-3)
32     Federal                                               1,219.9
33      National defense                                       748.2
34      Nondefense                                             471.6
35     State and local                                       1,932.3
36    Gross domestic product                                17,348.1

Account 2. Private Enterprise Income Account

Line

 1    Income payments on assets                              2,637.8
 2     Interest and miscellaneous payments                   2,365.8
       (2-21 and 3-20 and 4-22 and 5-17)
 3     Dividend payments to the rest of
       the world (5-18)                                        172.9
 4     Reinvested earnings on foreign
       direct investment in the United                          99.1
        States (5-19)
 5    Business current transfer payments (net)                 127.3
 6     To persons (net) (3-24)                                  42.0
 7     To government (net) (4-25)                               94.8
 8     To the rest of the world
       (net) (5-23 minus 5-11)                                  -9.5
 9    Proprietors' income with IVA and CCAdj (3-17)          1,346.7
10    Rental income of persons with CCAdj (3-18)               610.8
11    Corporate profits with IVA and CCAdj                   2,072.9
12     Taxes on corporate income                               513.9
13      To government (4-16)                                   476.2
14      To the rest of the world (5-23)                         37.7
15    Profits after tax with IVA and CCAdj                   1,559.1
16      Net dividends (3-21 plus 4-23)                         860.0
17      Undistributed corporate profits
        with IVA and CCAdj (6-12)                              699.0
18    Uses of private enterprise income                      6,795.6
19    Net operating surplus, private
      enterprises (1-9)                                      4,417.5
20    Income receipts on assets                              2,378.5
21     Interest (2-2 and 3-4 and 4-7 and 5-5)                1,687.8
22     Dividend receipts from the rest
       of the world (5-6)                                      308.6
23     Reinvested earnings on U.S.
       direct investment abroad (5-7)                          381.7
24    Source of private enterprise income                    6,795.6

Account 3. Personal Income and Outlay Account

Line

 1    Personal current taxes (4-14)                          1,780.2
 2    Personal outlays                                      12,293.7
 3     Personal consumption expenditures (1-15)             11,865.9
 4     Personal interest payments
       (2-21 and 3-20 and 4-22 and 5-17)                       254.2
 5     Personal current transfer payments                      173.6
 6      To government (4-26)                                    95.3
 7      To the rest of the world (net)
        (5-21 minus 5-9)                                        78.3
 8    Personal saving (6-11)                                   620.2
 9    Personal taxes, outlays, and saving                   14,692.2
10    Compensation of employees, received                    9,248.9
11     Wages and salaries                                    7,477.8
12      Domestic (1-3)                                       7,470.9
13      Rest of the world (5-3)                                  6.9
14     Supplements to wages and salaries (1-5)               1,771.2
15      Employer contributions for
        employee pension and insurance funds                 1,224.0
16      Employer contributions for
        government social insurance                            547.2
17    Proprietors' income with IVA and CCAdj (2-9)           1,346.7
18    Rental income of persons with CCAdj (2-10)               610.8
19    Personal income receipts on assets                     2,117.5
20     Personal interest income (2-2 plus
       3-4 plus 4-7 plus 5-5 less
       2-21 less 4-22 less 5-17)                             1,302.0
21     Personal dividend income (2-16 less 4-23)               815.5
22    Personal current transfer receipts                     2,529.2
23     Government social benefits (4-4)                      2,487.2
24     From business (net) (2-6)                                42.0
25    Less: Contributions for government                     1,159.0
      social insurance, domestic (4-19)
26    Personal income                                       14,694.2

Account 4. Government Receipts and Expenditures Account

Line

 1    Consumption expenditures (1-31)                        2,556.3
 2    Current transfer payments                              2,559.0
 3     Government social benefits                            2,506.6
 4      To persons (3-23)                                    2,487.2
 5      To the rest of the world (5-22)                         19.5
 6     Other current transfer payments
       to the rest of the world (5-22)                          52.3
 7    Interest payments (2-21 and 3-20
      and 4-22 and 5-17)                                       621.4
 8    Subsidies (1-7)                                           57.9
 9    Net government saving (6-13)                            -799.2
10     Federal                                                -631.5
11     State and local                                        -167.7
12    Government current expenditures
      and net saving                                         4,995.4
13    Current tax receipts                                   3,491.9
14     Personal current taxes (3-1)                          1,780.2
15     Taxes on production and imports (1-6)                 1,213.7
16     Taxes on corporate income (2-13)                        476.2
17     Taxes from the rest of the world (5-10)                  21.7
18    Contributions for government
      social insurance                                       1,164.1
19     From persons (3-25)                                   1,159.0
20     From the rest of the world (5-10)                         5.1
21    Income receipts on assets                                150.5
22     Interest and miscellaneous receipts
       (2-2 and 3-4 and 4-7 and 5-5)                           105.9
23     Dividends (2-16 less 3-21)                               44.6
24    Current transfer receipts                                207.3
25     From business (net) (2-7)                                94.8
26     From persons (3-6)                                       95.3
27     From the rest of the world (5-10)                        17.2
28    Current surplus of government
      enterprises (1-10)                                       -18.3
29    Government current receipts                            4,995.4

Account 5. Foreign Transactions Current Account

Line

 1    Exports of goods and services (1-29)                   2,341.9
 2    Income receipts from the rest of the world               854.3
 3     Wage and salary receipts (3-13)                           6.9
 4     Income receipts on assets                               847.4
 5      Interest (2-21 and 3-20 and 4-20)                      157.1
 6      Dividends (2-22)                                       308.6
 7      Reinvested earnings on U.S. direct
        investment abroad (2-23)                               381.7
 8    Current taxes, contributions for
      government social insurance,
      and transfer receipts from the
      rest of the world                                        145.1
 9      To persons (3-7)                                        99.7
10      To government (4-17 plus 4-20 plus 4-27)                44.0
11      To business (2-8)                                        1.5
12    Current receipts from the rest of the world            3,341.3
13    Imports of goods and services (1-30)                   2,871.9
14    Income payments to the rest of the world                 591.2
15     Wage and salary payments (1-4)                           16.3
16     Income payments on assets                               574.8
17      Interest (2-2 and 3-4 and 4-7)                         302.8
18      Dividends (2-3)                                        172.9
19      Reinvested earnings on foreign direct
        investment in the United States (2-4)                   99.1
20    Current taxes and transfer payments
      to the rest of the world                                 279.4
21     From persons (3-7)                                      177.9
22     From government (4-5 plus 4-6)                           71.8
23     From business (2-8 and 2-14)                             29.6
24    Balance on current account, NIPAs (7-1)                 -401.1
25    Current payments to the rest of
      the world and balance on current account, NIPAs        3,341.3

Account 6. Domestic Capital Account

Line

 1    Gross domestic investment                              3,455.9
 2     Private fixed investment (1-21)                       2,782.9
 3     Government fixed investment (1-31)                      595.8
 4     Change in private inventories (1-27)                     77.1
 5    Capital account transactions (net)                         0.5
 6     Transfer payments for
       catastrophic losses (7-3)                                 0.0
 7     Other capital account transactions (7-4)                  0.4
 8    Net lending or net
      borrowing (-), NIPAs (7-5)                              -401.6
 9    Gross domestic investment, capital
      account transactions (net), and
      net lending, NIPAs                                     3,054.7
10    Net saving                                               520.1
11     Personal saving (3-8)                                   620.2
12     Undistributed corporate profits
       with IVA and CCAdj (2-17)                               699.0
13     Net government saving (4-9)                            -799.2
14    Plus: Consumption of fixed capital (1-11)              2,746.7
15     Private                                               2,229.9
16     Government                                              516.8
17      General government                                     452.6
18      Government enterprises                                  64.2
19    Equals: Gross saving                                   3,266.8
20    Statistical discrepancy (1-13)                          -212.0
21    Gross saving and statistical discrepancy               3,054.7

Account 7. Foreign Transactions Capital Account

Line

1     Balance on current account, NIPAs (5-24)                -401.1
2     Capital account transactions (net)                         0.5
3      Transfer payments for catastrophic
       losses (6-6)                                              0.0
4      Other capital account transactions (6-7)                  0.4
5     Net lending or net borrowing
      (-), NIPAs (6-8)                                        -401.6
6     Capital account transactions (net)
      and net lending, NIPAs                                  -401.1

CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
NIPAs 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 par ts of other entries). For
example, for private enterprise interest payments (account 2, line 2),
the counterentry includes par ts 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).

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



                                                 Line  2013  2014


Production in the United States:
 Gross domestic product (GDP)                      1    1.5   2.4
 Gross domestic income (GDI)                       2    1.3   2.6
 Average of GDP and GDI (1)                        3    1.4   2.5
 Net domestic product (2)                          4    1.4   2.5
 Net domestic income (2)                           5    1.1   2.7
Production by labor and capital supplied by
U.S. residents:
 Gross national product                            6    1.5   2.5
 Gross national income                             7    1.3   2.6
 Net national product (2)                          8    1.4   2.5
Final expenditures by U.S. residents:
 Gross domestic purchases                          9    1.2   2.5
 Final sales to domestic purchasers (3)           10    1.2   2.5
 Final sales to private domestic purchasers (4)   11    2.2   3.2
Purchasing power of income: (5)
 Command-basis gross domestic product             12    1.7   2.5
 Command-basis net domestic product (2)           13    1.6   2.6
 Command-basis gross national product             14    1.7   2.5
 Command-basis net national product (2)           15    1.6   2.6
After-tax income received by the personal
sector:
 Disposable personal income                       16   -1.4   2.7

                                                 Seasonally adjusted
                                                   at annual rates
                                                      2014
                                                 II   III  IV

Production in the United States:
 Gross domestic product (GDP)                    4.6  4.3  2.1
 Gross domestic income (GDI)                     4.8  5.1  2.9
 Average of GDP and GDI (1)                      4.7  4.7  2.5
 Net domestic product (2)                        5.0  4.6  2.0
 Net domestic income (2)                         5.3  5.6  3.0
Production by labor and capital supplied by
U.S. residents:
 Gross national product                          4.4  4.5  1.9
 Gross national income                           4.6  5.3  2.7
 Net national product (2)                        4.9  5.0  1.8
Final expenditures by U.S. residents:
 Gross domestic purchases                        4.7  3.8  2.9
 Final sales to domestic purchasers (3)          3.6  3.8  3.0
 Final sales to private domestic purchasers (4)  4.2  4.3  3.9
Purchasing power of income: (5)
 Command-basis gross domestic product            4.9  4.4  2.2
 Command-basis net domestic product (2)          5.4  4.7  2.2
 Command-basis gross national product            4.7  4.6  2.0
 Command-basis net national product (2)          5.2  5.1  2.0
After-tax income received by the personal
sector:
 Disposable personal income                      3.0  2.7  4.7

                                                 Seasonally adjusted
                                                   at annual rates
                                                      2015
                                                    I     II

Production in the United States:
 Gross domestic product (GDP)                       0.6   2.3
 Gross domestic income (GDI)                        0.3
 Average of GDP and GDI (1)                         0.5
 Net domestic product (2)                           0.3   2.3
 Net domestic income (2)                           -0.1
Production by labor and capital supplied by
U.S. residents:
 Gross national product                            -0.2
 Gross national income                             -0.5
 Net national product (2)                          -0.6
Final expenditures by U.S. residents:
 Gross domestic purchases                           2.5   2.1
 Final sales to domestic purchasers (3)             1.7   2.2
 Final sales to private domestic purchasers (4)     2.0   2.5
Purchasing power of income: (5)
 Command-basis gross domestic product               2.4   2.9
 Command-basis net domestic product (2)             2.4   3.1
 Command-basis gross national product               1.5
 Command-basis net national product (2)             1.4
After-tax income received by the personal
sector:
 Disposable personal income                         3.8   1.5

(1.) The arithmetic average of gross domestic product and of gross
domestic income, deflated by the implicit price deflator for GDP.
(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 impor ts. For more detail
on the command-basis measures, see NIPA 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]



                                         Line    2013      2014


Production in the United States:
 Gross domestic product (GDP)              1   15,583.3  15,961.7
 Gross domestic income (GDI)               2   15,749.5  16,156.8
 Average of GDP and GDI (1)                3   15,666.4  16,059.2
 Net domestic product (2)                  4   13,071.7  13,394.1
 Net domestic income (2)                   5   13,237.2  13,588.6
Production by labor and capital
supplied by U.S. residents:
 Gross national product                    6   15,799.3  16,186.7
 Gross national income                     7   15,965.3  16,381.6
 Net national product (2)                  8   13,287.5  13,619.0
Final expenditures by U.S. residents:
 Gross domestic purchases                  9   16,001.4  16,405.8
 Final sales to domestic purchasers (3)   10   15,929.8  16,326.3
 Final sales to private domestic
purchasers (4)                            11   13,082.6  13,497.7
Purchasing power of income: (5)
 Command-basis gross domestic product     12   15,526.8  15,918.2
 Command-basis net domestic product (2)   13   13,017.3  13,352.4
 Command-basis gross national product     14   15,760.1  16,159.6
 Command-basis net national product (2)   15   13,249.6  13,593.0
After-tax income received by the
personal sector:
 Disposable personal income               16   11,523.1  11,836.3

                                          Seasonally adjusted at
                                          annual rates
                                                      2014
                                             II        III       IV

Production in the United States:
 Gross domestic product (GDP)             15,901.5  16,068.8  16,151.4
 Gross domestic income (GDI)              16,073.6  16,274.3  16,391.5
 Average of GDP and GDI (1)               15,987.5  16,171.6  16,271.5
 Net domestic product (2)                 13,341.9  13,494.0  13,561.3
 Net domestic income (2)                  13,513.6  13,698.8  13,800.7
Production by labor and capital
supplied by U.S. residents:
 Gross national product                   16,120.9  16,301.1  16,377.7
 Gross national income                    16,292.9  16,506.3  16,617.5
 Net national product (2)                 13,561.2  13,726.1  13,787.4
Final expenditures by U.S. residents:
 Gross domestic purchases                 16,346.6  16,498.9  16,617.2
 Final sales to domestic purchasers (3)   16,255.4  16,409.2  16,529.2
 Final sales to private domestic
purchasers (4)                            13,428.3  13,569.8  13,700.8
Purchasing power of income: (5)
 Command-basis gross domestic product     15,857.0  16,027.5  16,116.4
 Command-basis net domestic product (2)   13,299.4  13,454.4  13,527.9
 Command-basis gross national product     16,093.1  16,276.2  16,358.6
 Command-basis net national product (2)   13,534.6  13,702.3  13,769.3
After-tax income received by the
personal sector:
 Disposable personal income               11,784.7  11,863.1  11,998.7

                                          Seasonally adjusted at
                                          annual rates
                                                 2015
                                             I         II

Production in the United States:
 Gross domestic product (GDP)             16,177.3  16,270.4
 Gross domestic income (GDI)              16,403.1
 Average of GDP and GDI (1)               16,290.2
 Net domestic product (2)                 13,573.0  13,651.9
 Net domestic income (2)                  13,798.0
Production by labor and capital
supplied by U.S. residents:
 Gross national product                   16,371.4
 Gross national income                    16,596.9
 Net national product (2)                 13,767.0
Final expenditures by U.S. residents:
 Gross domestic purchases                 16,720.8  16,809.0
 Final sales to domestic purchasers (3)   16,597.7  16,689.3
 Final sales to private domestic
purchasers (4)                            13,770.1  13,856.6
Purchasing power of income: (5)
 Command-basis gross domestic product     16,212.2  16,330.3
 Command-basis net domestic product (2)   13,609.0  13,713.4
 Command-basis gross national product     16,421.2
 Command-basis net national product (2)   13,817.4
After-tax income received by the
personal sector:
 Disposable personal income               12,110.8  12,155.0

(1.) The arithmetic average of gross domestic product and of gross
domestic income, deflated by the implicit price deflator for GDP.
(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 NIPA tables 1.8.3 and 1.8.6.

Table D. Gross Domestic Product, Gross Domestic Income, and Other Major
NIPA Aggregates

[Billions of dollars]



                                         Line    2013      2014


Production in the United States:
 Gross domestic product (GDP)              1   16,663.2  17,348.1
 Gross domestic income (GDI)               2   16,840.8  17,560.1
 Average of GDP and GDI (1)                3   16,752.0  17,454.1
 Net domestic product (2)                  4   14,030.3  14,601.4
 Net domestic income (2)                   5   14,208.0  14,813.4
Production by labor and capital
supplied by U.S. residents:
 Gross national product                    6   16,913.5  17,611.2
 Gross national income                     7   17,091.2  17,823.2
 Net national product (2)                  8   14,280.7  14,864.5
 National income (3)                       9   14,458.3  15,076.5
Final expenditures by U.S. residents:
 Gross domestic purchases                 10   17,171.6  17,878.1
 Final sales to domestic purchasers (4)   11   17,099.8  17,800.9
 Final sales to private domestic
 purchasers (5)                           12   13,985.5  14,648.8
After-tax income received by the
personal sector:
 Disposable personal income               13   12,395.6  12,913.9

                                         Seasonally adjusted
                                         at annual rates
                                           2014
                                            II       III        IV

Production in the United States:
 Gross domestic product (GDP)            17,270.0  17,522.1  17,615.9
 Gross domestic income (GDI)             17,457.0  17,746.1  17,877.8
 Average of GDP and GDI (1)              17,363.5  17,634.1  17,746.8
 Net domestic product (2)                14,537.2  14,760.6  14,831.7
 Net domestic income (2)                 14,724.2  14,984.6  15,093.5
Production by labor and capital
supplied by U.S. residents:
 Gross national product                  17,527.0  17,794.0  17,880.6
 Gross national income                   17,714.0  18,018.0  18,142.4
 Net national product (2)                14,794.3  15,032.5  15,096.3
 National income (3)                     14,981.3  15,256.5  15,358.2
Final expenditures by U.S. residents:
 Gross domestic purchases                17,800.9  18,036.6  18,161.1
 Final sales to domestic purchasers (4)  17,711.9  17,948.3  18,072.6
 Final sales to private domestic
 purchasers (5)                          14,565.7  14,770.9  14,910.1
After-tax income received by the
personal sector:
 Disposable personal income              12,858.7  12,982.7  13,116.8

                                         Seasonally adjusted
                                         at annual rates
                                                2015
                                            I         II

Production in the United States:
 Gross domestic product (GDP)            17,649.3  17,840.5
 Gross domestic income (GDI)             17,895.6
 Average of GDP and GDI (1)              17,772.4
 Net domestic product (2)                14,856.6  15,037.6
 Net domestic income (2)                 15,102.9
Production by labor and capital
supplied by U.S. residents:
 Gross national product                  17,876.8
 Gross national income                   18,123.1
 Net national product (2)                15,084.1
 National income (3)                     15,330.4
Final expenditures by U.S. residents:
 Gross domestic purchases                18,200.9  18,362.0
 Final sales to domestic purchasers (4)  18,073.6  18,238.1
 Final sales to private domestic
 purchasers (5)                          14,924.1  15,073.9
After-tax income received by the
personal sector:
 Disposable personal income              13,175.5  13,294.2

(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.) Equals gross domestic purchases less change in private inventories.
(5.) Final sales to domestic purchasers less government consumption
expenditures and gross investment.